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☆ Hong Kong hopes China Congress could revive economy, reverse IPO slump
▼ + stars: | 2022-10-13 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 13 (Reuters) - Hong Kong dealmakers expect China's 20th Party Congress next week to herald a shift in focus in Beijing back towards business and economic issues that could help revive the city's IPO issuance from nine-year lows. Hong Kong only recently began its own reopening, relaxing its tough virus policies which have tarnished its credentials as a global financial centre. There has been just $9.28 billion worth of IPOs in Hong Kong this year, down from $37.1 billion in the same period in 2021, according to Refinitiv figures. Moreover, more than 80% of the IPOs in Hong Kong this year are trading under water since their debut, according to Dealogic data. Mainland Chinese IPOs have raised $54.12 billion, down 33% from $80.89 billion in the first three quarters of 2022, according to Refinitiv data.

☆ UK extends deadline to remove Huawei from 5G networks after one carrier warned of outages
▼ + stars: | 2022-10-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

LONDON — The U.K. government extended a deadline for telecom companies to remove equipment from Chinese tech giant Huawei from their 5G mobile networks. They will still need to ban new Huawei 5G installments and completely eliminate it from their networks by the end of 2027. The order was enshrined in law last year with a piece of legislation called the Telecoms Security Act. Previously, telecoms groups like BT and Vodafone had been told to remove Huawei 5G equipment from their "core" by January 2023. Today I'm using these powers and making it a legal requirement for Huawei to be removed from 5G networks by 2027."

☆ Buffet-backed BYD taps India as latest market amid global push
▼ + stars: | 2022-10-11 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

BYD's Atto 3 electric SUV car is displayed during its launch in New Delhi, India, October 11, 2022. REUTERS/Adnan AbidiNEW DELHI, Oct 11 (Reuters) - Warren Buffet-backed Chinese electric carmaker BYD (002594.SZ) launched its first passenger car in India on Tuesday, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion. BYD launched the Atto 3 electric SUV, fitted with its renowned Blade battery technology, with a plan to corner 40% of the country's electric car market by 2030. "India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters. BYD's India push comes amid tight scrutiny of investments from bordering nations, including China.

☆ BYD enters India's passenger car market amid global push
▼ + stars: | 2022-10-11 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

NEW DELHI, Oct 11 (Reuters) - Warren Buffet-backed Chinese electric carmaker BYD (002594.SZ) launched its first passenger car in India on Tuesday, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion. BYD, which already sells electric buses and electric vehicles (EVs) for corporate fleets in India, launched the Atto 3 electric SUV, fitted with BYD's renowned Blade battery technology, in the world's fourth-largest car market where Tata Motors (TAMO.NS) dominates electric car sales. It launched the Atto 3 electric SUV in Thailand on Monday. BYD's push into India also comes at a time when the South Asian country continues to maintain tight scrutiny of investments coming from bordering nations, including China. BYD has two manufacturing plants in India, spread over 140,000 square metres with more than 3,000 employees, Zhang said.

A similar proposal failed last year, but as its woes worsen, Kaisa may reconsider. As with most holders of dollar bonds issued by Chinese developers, Kaisa’s investors are in a tough position. Register now for FREE unlimited access to Reuters.com RegisterBut this crisis looks more serious than 2015. Credit ratings agency Moody’s estimates property sales could contract another 20% by next June. Kaisa’s sales slumped 80% in the first eight months this year, per Chinese consultancy CRIC. Local governments are under increasing pressure from Beijing to ensure private developers’ stalled housing projects pre-sold to buyers are delivered to avoid social unrest.

☆ EXCLUSIVE Kaisa offshore creditors offer $2 bln to take over stalled projects - sources
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.

☆ Exclusive: Kaisa offshore creditors offer $2 billion to take over stalled projects
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ Hong Kong tech leads losses in Asia; China cuts rates ahead of Fed, Bank of Japan meetings this week
▼ + stars: | 2022-09-19 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Shares in the Asia-Pacific fell on Monday ahead of major central bank meetings this week. The Hang Seng index in Hong Kong was 0.89% lower in the final hour of trade, with the Hang Seng Tech index down 1.93%. In mainland China, the Shanghai Composite dipped 0.35% to 3,115.60 and the Shenzhen Component also declined 0.48% to 11,207.04. The People's Bank of China cut its 14-day reverse repo rates. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.59%.

☆ Self-driving robotaxis are taking off in China
▼ + stars: | 2020-12-03 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

On Thursday, AutoX, an Alibaba (BABA)-backed startup, announced it had rolled out fully driverless robotaxis on public roads in Shenzhen. Previously, companies operating autonomous shuttles on public roads in the country were constrained by strict caveats, which required them to have a safety driver inside. In Shenzhen, AutoX has completely removed the backup driver or any remote operators for its local fleet of 25 cars, it said. Race of the robotaxiWhile AutoX has claimed an edge in China, it’s not the first time fully driverless shuttles have hit public roads. In June, Didi, China’s biggest ride-hailing firm, began offering free rides in its autonomous vehicles within a designated area of Shanghai.

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