South China Morning Post - Companies

China auto show to provide much-needed boost for industry slowly recovering from coronavirus ...

Fri, 25 Sep 2020 10:00:11 GMT

As the Auto China 2020 kicks off in Beijing on Saturday, industry observers expect the only major international car show this year to revive buying interest in the world’s largest market that is seeing signs of a recovery after a two-year slump.The biennial event, originally expected to be held in April, was postponed because of the Covid-19 pandemic. The Chinese government’s go-ahead for the show is a sign of confidence that Beijing has successfully contained the pandemic and is determined to…

Ant Group launches blockchain based-platform to help SMEs with cross-border trade

Fri, 25 Sep 2020 06:45:08 GMT

Ant Group, China’s largest digital payments provider by volume, has launched a blockchain-backed smart contract platform for cross-border trade by small and medium enterprises (SMEs), helping them and banks to speed up the secure processing and settlement of orders.Ant, the operator of mobile payments app Alipay, launched Trusple at the INCLUSION Fintech Conference in Shanghai on Friday.“Just like when Alipay was introduced in 2004 as the online escrow payment solution to build trust between…

Douyin, China’s TikTok, scores exclusive short video content partnership with Manchester City

Fri, 25 Sep 2020 06:00:28 GMT

While short video app TikTok is facing troubles in international markets such as the US and India, its mainland Chinese version Douyin is proving to be as popular as ever, recently adding another European football giant to its collection of official partners.English Premier League club Manchester City signed a two-year deal starting in August for Douyin to run exclusive content such as interviews, match highlights and documentaries as its “official short video partner”, the team said in a…

China set to lure billions of dollars in funds as sovereign debt enters FTSE index amid ...

Fri, 25 Sep 2020 05:16:51 GMT

Chinese government debt will be included in yet another benchmark bond index, potentially drawing more money from global fund managers amid heightened concerns about economic decoupling with the US in recent months.FTSE Russell will start adding the sovereign debt into its World Government Bond Index from October next year, the latest milestone in the opening of the country’s US$16 trillion bond market to foreign capital. JPMorgan Chase and Bloomberg Barclays previously unveiled programmes to…

Li Ka-shing, Victor Li buy US$490 million worth of CK Asset, CK Hutchison shares, but investors ...

Fri, 25 Sep 2020 02:30:07 GMT

Li Ka-shing, Hong Kong’s richest man, is known to his admirers as “superman” for his knack for picking assets on the cheap. But that magic touch has not been working on his own companies lately.Li and his elder son Victor Li Tsar-kuoi – who now runs the ports-to-property empire – have spent about HK$3.8 billion (US$490 million) since August last year to buy the flagging shares of CK Asset Holdings and CK Hutchison Holdings. Despite the series of purchases, CK Asset’s stock is sinking towards…

Judge orders US to delay TikTok ban or file arguments supporting it by Friday

Thu, 24 Sep 2020 18:02:45 GMT

A US judge directed the Trump administration on Thursday either to delay its ban of the Chinese video-sharing app TikTok, set to go into effect on Sunday night, or file a brief on Friday defending its position.The ruling by Federal District Judge Carl Nichols came at a hearing requested by TikTok’s owner ByteDance for a preliminary injunction halting the ban as it seeks approval from the government for its proposed deal with Oracle Corp and Walmart for its US operations.TikTok and WeChat file…

Xinjiang cotton, WROs, Entity List and how to overcome US sanctions

Thu, 24 Sep 2020 13:30:07 GMT

The US has enacted several legislations aimed at countering alleged human rights violations in Xinjiang Uygur autonomous region, in China’s far west bordering India, Pakistan and Afghanistan.This year, the Trump administration has ramped up an array of political, financial and economic sanctions against officials, state-owned enterprises, and private companies for ethnic minorities to a gulag of internment camps and for profiting from their “vocational training.”Under the Tariff Act of 1930,…

Evergrande rues speculative attack amid cash woes ahead of January 31 deadline while takeover ...

Thu, 24 Sep 2020 13:21:24 GMT

China Evergrande Group’s shares and bonds sank to a four-month low after a speculative attack on its financial standing, amid concern that the world’s most indebted property developer may be overwhelmed by its borrowings.The Shenzhen-based developer, with 835.5 billion yuan (US$122 billion) of debt as of June 30, must repay 15 per cent of its borrowings by January 31 if it doesn’t secure regulatory approval for its plan to take over Shenzhen Special Economic Zone (SEZ) Real Estate & Properties…

Thailand takes first legal action against Facebook, Twitter over content

Thu, 24 Sep 2020 07:54:57 GMT

Thailand began legal action on Thursday against Facebook and Twitter for ignoring requests to take down content, in its first such move against major internet firms.The digital ministry filed legal complaints with cybercrime police after the two social media companies missed 15-day deadlines to fully comply with court-issued takedown orders from August 27, according to Puttipong Punnakanta, Thailand’s Minister of Digital Economy and Society.No action was taken against Alphabet’s Google as…

China’s biggest banks may follow HSBC in trimming dividend payout amid biggest earnings ...

Thu, 24 Sep 2020 06:32:34 GMT

Chinese banks may have to trim or even skip dividend payout this year, in the footsteps of some western banks, because of the biggest earnings setback since the global financial crisis in 2008.Report cards from some of the nation’s biggest lenders this quarter have pointed to the worst slump in more than a decade. Lenders have been asked to perform national service by sacrificing their profitability to support the country’s economic recovery.Shrinking profit is likely to prompt lenders to shore…

TikTok sale: ByteDance applies for China tech export licence amid uncertainty over ...

Thu, 24 Sep 2020 03:56:20 GMT

ByteDance said on Wednesday that it has applied for a technology export licence to comply with China’s recently revised tech export rules, amid uncertainty from both the Trump administration and Beijing over its proposed deal with Oracle and Walmart for its US TikTok assets.The company has submitted an application to Beijing’s municipal commerce bureau and is awaiting a decision, it said in a statement posted on its news aggregator Jinri Toutiao late on Wednesday night.It is unclear when…

Tesla's Nevada plan to produce lithium from clay faces stark obstacles on path to production

Thu, 24 Sep 2020 01:52:57 GMT

Tesla’s plan to produce lithium for electric vehicle batteries close to its Nevada Gigafactory faces stark challenges from the outset, including an onerous permitting process, uncertain access to water and questions about unproven methodologies.Chief executive officer Elon Musk told shareholders on Tuesday that Tesla has secured rights to 10,000 acres in Nevada where it aims to produce lithium from clay deposits using a process developed internally.The move would make Tesla the first company in…

Hong Kong could expand investment menu on mainland stocks to attract US$5. ...

Wed, 23 Sep 2020 22:00:10 GMT

Hong Kong could attract as much as US$5.6 billion of global funds into the mainland stock markets by expanding its menu of investment to include equity derivatives or structured products, according to a government think tank.Introducing hedging instruments linked to the 70.3 trillion yuan (US$10.4 billion) equities listed in Shenzhen and Shanghai is one way to enhance the city’s role as a bridge between global funds and many of mainland China’s market or industry leaders.The Financial Services…

Hong Kong exchange set to vet Ant Group’s IPO application early next week, as it plays ...

Wed, 23 Sep 2020 12:15:09 GMT

Hong Kong’s stock exchange plans to vet Ant Group’s listing papers early next week, as staff work overtime to catch up with Shanghai’s speedy examination of what could be the world’s largest initial public offering, according to people familiar with the matter.The Hangzhou-headquartered company is preparing an IPO in Hong Kong and Shanghai’s fledgling new board, the Star Market. It has already received the go ahead for the mainland leg of its bumper stock offering.At stake is Hong Kong’s long…

Taiwanese chip maker TSMC warns US-China deleveraging will drive up costs

Wed, 23 Sep 2020 11:00:19 GMT

The deleveraging of US-China supply chains and protectionism on both sides of the Pacific will only drive up costs and limit the flow of ideas, the chairman of Taiwan Semiconductor Manufacturing Co (TSMC) said on Wednesday.The Trump administration has limited supplies to major Chinese tech firms like Huawei Technologies, viewing them as a security threat, and is encouraging US factories in mainland China to move home, part of a broader US-China trade war.China, for its part, is trying to…

Bank of East Asia to sell life insurance business following strategic review

Wed, 23 Sep 2020 09:00:17 GMT

The Bank of East Asia (BEA) said it would sell its life insurance business and seek potential partnerships to grow its core business following a months-long strategic review prompted by a long-running shareholder battle with Paul Singer’s Elliott Management over the lender’s direction.Hong Kong’s largest independent and family-run bank said the sale of BEA Life would enhance the value of its business, improve the lender’s financial position and enable management to focus on its core banking…

Oil giant Chevron asks global employees to delete WeChat after Trump ban

Wed, 23 Sep 2020 08:30:20 GMT

Chevron Corp has asked its global employees to remove Tencent Holdings’ WeChat from their work phones, making it one of the first US companies to heed the Trump administration’s executive order banning the Chinese social app because of national security risks.The American oil giant identified WeChat as a “non-compliant application” in a staff email, asking those who have installed the app on their work handsets to delete it within days – or they will be disconnected from the company’s network,…

Ant Group’s nine-month gross profit may jump as much as 73 per cent year-on-year

Wed, 23 Sep 2020 07:40:22 GMT

Ant Group, China’s largest digital payments provider by volume, estimated that its gross profit has risen by as much as 73 per cent in the first nine months from a year earlier, as the digital economy boomed in its domestic market.Gross profits were probably within a range of 66.8 billion yuan (US$9.83 billion) to 69 billion yuan between January and end-September, up between 67 per cent and 73 per cent from the same period a year earlier, Ant Group said in its latest prospectus to the Shanghai…

Huawei says it has enough chips for equipment businesses but not for its smartphones

Wed, 23 Sep 2020 06:22:14 GMT

Huawei Technologies, the Chinese tech giant at the epicentre of a US-China tech war, said it has enough chips for its communications equipment businesses but not for its smartphones, and is looking to buy new supplies from US companies provided they can gain the relevant licences from US authorities.The Shenzhen-based company, which has faced a US trade blacklist and escalating US export restrictions in recent months, said it was still evaluating the impact of US action on its chip supplies…

GeneHarbor plans Hong Kong IPO to fund new medicinal products, widen anti-ageing supplements line

Wed, 23 Sep 2020 06:05:17 GMT

A home-grown Hong Kong company plans to join a growing list of firms tapping the city’s stock market for capital for health care-related investment amid the Covid-19 pandemic.GeneHarbor (Hong Kong) Biotechnologies, which produces anti-ageing supplements, plans to make an initial public offering before June next year for funds to develop compounds to treat neurological diseases such as Alzheimer’s, chief executive officer Wang Jun said.“We are [already] a profitable company,” he told the Post in…