Follow South China Morning Post - Companies, filter it, and define how you want to receive the news (via Email, RSS, Telegram, WhatsApp etc.) https://follow.it/scmp29 Sun, 17 Oct 2021 02:55:58 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tm-Z_YAeLajt-zdsCmHakzH Three former executives of Convoy Financial Service Holdings and a local broker were sentenced to up to seven months in prison, as Hong Kong wrapped up its four-year investigation into the city’s biggest financial malfeasance in decades.Convoy’s former executive director Mak Kwong-yiu was jailed for seven months, while former Gransing Securities general manager Lee Yick-ming was sentenced to five months in prison, Hong Kong’s Independent Commission Against Corruption (ICAC) said in a statement…]]> Sat, 16 Oct 2021 11:00:16 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tm-Z_YAeLajt-zdsCmHakzH https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tn1yJqM9sGzxpVjH6qdYdAk Sunny Peninsula, a seaside development in Guangzhou, Guangdong province, southern China, was supposed to house 5,000 families in dozens of towers spread across an area the size of 30 football pitches. Many of the buyers were white-collar workers benefiting from the fastest urbanisation in human history.But the project now looks more like the set of a disaster movie. Half-finished residential blocks stand empty and abandoned. Untouched for months in the humid summer weather, piles of steel bars…]]> Sat, 16 Oct 2021 05:15:10 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tn1yJqM9sGzxpVjH6qdYdAk https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmk4dhL6ZRACZs0ohxaO6Yr The first of a three-part series on battery packs looks at the world’s largest producer CATL and how it occupies the apex of a technological revolution to assemble cheaper and more durable cells to power electric cars.Ningde in southeastern China’s Fujian province, known primarily for its tea plantations, seldom rolls off the tongue in automotive circles or the technology industry.But on a rainy Friday in late May, the city of fewer than 3 million people was the epicentre of a major…]]> Sat, 16 Oct 2021 05:00:23 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmk4dhL6ZRACZs0ohxaO6Yr https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tn_4WECGMJzDnn9ye8UNv30 China Evergrande has failed to sell its single largest asset to state-backed Yuexiu Property, Reuters reported, a huge blow to the debt-stricken developer’s frantic efforts to raise the funds it needs to survive.Guangzhou government-backed Yuexiu Property dropped a proposed US$1.7 billion offer to buy Evergrande’s 26-storey office tower in Wan Chai. Reuters cited two sources saying Yuexiu’s board had opposed the move over worries that Evergrande’s unresolved indebtedness would create potential…]]> Fri, 15 Oct 2021 13:45:37 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tn_4WECGMJzDnn9ye8UNv30 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk4GM3UJL6CPezdsCmHakzH Chinese companies are getting cold feet from stringent stock-listing requirements in Shanghai, after personal-computer maker Lenovo and carmaker Geely Automobile pulled their applications, cooling “home-listing” momentum.The two industry giants, with US$75 billion in combined annual sales and US$2 billion in earnings, withdrew their initial public offering (IPO) plans this year as regulators sought to burnish the Star Market credentials as a board for “hard technology enterprises”.A new rule in…]]> Fri, 15 Oct 2021 06:06:27 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk4GM3UJL6CPezdsCmHakzH https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmw0enGawvTEV1cWWor9YPv Greenland Hotel and Tourism Group, a unit of Chinese developer Greenland Holdings, is setting up its Asia hub in Singapore as international travel and tourism gradually resumes.The company, which operates more than 50 hotels in 60 cities globally, including Bangkok and Chiba, this week announced the launch of its overseas operations centre in the Lion City. The centre, which will operate as the group’s Asia-Pacific hub, will provide hotel management and advisory services.“Our job is to make…]]> Fri, 15 Oct 2021 01:30:12 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmw0enGawvTEV1cWWor9YPv https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkgV4aid0mScCejEQ2Mq9rY Futu Holdings said it is checking its use of client information after state media questioned the ability of online brokers to handle Chinese investors’ personal data for cross-border trading of stocks.Nasdaq-listed Futu told the South China Morning Post on Thursday that it was studying the new Personal Information Protection Law (PIPL) in China, and had arranged a team to check and optimise its own operations.“Futu has also maintained regular self-examination and self-inspection to further…]]> Thu, 14 Oct 2021 15:31:06 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkgV4aid0mScCejEQ2Mq9rY https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkUHHF8c6iqscb1naedg1wr The Task Force on Climate-Related Financial Disclosures (TCFD) has released new guidance asking companies to change the way they report their greenhouse gas emissions, posing a challenge for businesses in Hong Kong as the city aims to align its listed firms with the framework by 2025.The international organisation of 32 members, set up by the Basel-based Financial Stability Board in 2015 to develop guidelines for voluntary climate-related financial disclosures across industries, updated its…]]> Thu, 14 Oct 2021 12:58:14 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkUHHF8c6iqscb1naedg1wr https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tn19wD6wiaEU5s0ohxaO6Yr Sotheby’s typhoon-battered Hong Kong autumn sales brought in HK$3 billion (US$400 million), 20 per cent less than the auctioneer’s spring auction series, despite earlier expectations of strong Asian demand for works by big-name Western artists.Among the lots were paintings by Vincent van Gogh, Pablo Picasso, Pierre-Auguste Renoir and Jean-Michel Basquiat.Sotheby’s autumn series comprised 17 sales covering various categories. They were held as scheduled at the Hong Kong Convention and Exhibition…]]> Thu, 14 Oct 2021 11:43:41 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tn19wD6wiaEU5s0ohxaO6Yr https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnbK0nNosptApVjH6qdYdAk Apple Inc on Wednesday ramped up its criticism of EU draft rules that would force it to allow users to install software from outside its App Store, saying that would boost the risk of cybercriminals and malware.But the Coalition for App Fairness, which includes Spotify, Match Group and Epic Games, dismissed Apple’s arguments, saying that built-in security measures such as encrypted data and antivirus programs provide security to devices, not its App Store.The group wants regulators to loosen…]]> Thu, 14 Oct 2021 04:36:51 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnbK0nNosptApVjH6qdYdAk https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tndZVCnHn3FHl1cWWor9YPv Cryptocurrencies are “here to stay” and have an important role to play in financial markets going forward, according to Standard Chartered CEO Bill Winters.However, they are likely to be surpassed in terms of growth and importance by other types of digital assets in the future, such as stablecoins, central bank digital currencies or, even, non-fungible tokens (NFTs).“I think there’s a role for non-fiat currencies, especially when parts of the market are concerned about inflation,” Winters said…]]> Thu, 14 Oct 2021 03:30:16 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tndZVCnHn3FHl1cWWor9YPv https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlJwM5lKJdpqaCY3L745TL_ General Motors has scored a second hit in China with a petrol-guzzling sports-utility vehicle (SUV) powered by an internal combustion engine even as it went against the herd in a market that is embracing electric cars at a breakneck pace.The Xingchen SUV, with a catalogue price between 69,800 yuan (US$10,830) and 99,800 yuan, sold more than 10,000 units since its launch on September 27, according to a statement by General Motors’ venture SAIC-GM-Wuling, adding that there is a “buying euphoria”…]]> Thu, 14 Oct 2021 01:30:24 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlJwM5lKJdpqaCY3L745TL_ https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnkEK98Khio8OT5HJgy6HUf Binance, the world’s largest cryptocurrency exchange that has attracted multiple warnings from regulators, said it would stop offering its peer-to-peer trading service in China by the end of 2021 in a move that would represent a clean break from a market it largely withdrew from in 2017.The move was made “in response to regulatory and policy demand”, the company said in an announcement on its website on Wednesday. The peer-to-peer service has enabled mainland China residents to buy and sell…]]> Wed, 13 Oct 2021 14:00:14 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnkEK98Khio8OT5HJgy6HUf https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnAE17-7V7mtSejEQ2Mq9rY Sustainable investment is gaining momentum among asset owners and has become the “market standard” in Asia-Pacific, with climate change and carbon emissions the main focus areas for most of them in the region, according to a survey conducted by index provider FTSE Russell.Nearly 85 per cent of asset owners globally were implementing or evaluating socially responsible or environmental, social and governance (ESG) investment considerations this year, up from 53 per cent in 2018, the joint study…]]> Wed, 13 Oct 2021 11:15:11 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnAE17-7V7mtSejEQ2Mq9rY https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlFJbr-vuVsvpVjH6qdYdAk Hyphen Group, a financial technology firm backed by Hong Kong billionaire Richard Li Tzar-kai, is in advanced talks to go public through a merger with blank-cheque company Provident Acquisition, according to people familiar with the matter.A transaction could value the combined company at about US$1 billion, the people said, asking not to be identified because the matter is private. The deal may include a private investment in public equity, or PIPE, of about US$100 million anchored by…]]> Wed, 13 Oct 2021 06:48:52 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlFJbr-vuVsvpVjH6qdYdAk https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnqLlKy1GsBaF1cWWor9YPv Beijing is facing “challenging trade-offs” as it seeks to address the crisis surrounding embattled developer China Evergrande Group and the pressure it is placing on the country’s property sector, according to the International Monetary Fund (IMF).As part of its Global Financial Stability Report released overnight, the IMF said China has the tools in place to contain and manage any potential financial stress associated with the potential collapse of Evergrande, the world’s most indebted…]]> Wed, 13 Oct 2021 06:00:14 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnqLlKy1GsBaF1cWWor9YPv https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkmNVc5MpVGZF1cWWor9YPv Apple Inc is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units as prolonged chip shortages hit its flagship product, according to people with knowledge of the matter. The company had expected to produce 90 million new iPhone models in the last three months of the year, but it’s now telling manufacturing partners that the total will be lower because Broadcom Inc and Texas Instruments Inc are struggling to deliver enough components, said the people…]]> Wed, 13 Oct 2021 04:35:33 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkmNVc5MpVGZF1cWWor9YPv https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmcyAsI-sC4nnn9ye8UNv30 Harbin, in China’s northeastern Heilongjiang province, is providing subsidies of up to 100,000 yuan (US$15,497) for homebuyers under 35.The city, a provincial capital, said it would also encourage developers with good credit profiles to re-embark on presale activity sooner than allowed earlier. Such companies can now apply for presale permits for each block, as long as work on one floor of a tower higher than eight storeys or two floors of a tower less than eight storeys has been completed…]]> Wed, 13 Oct 2021 01:30:19 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmcyAsI-sC4nnn9ye8UNv30 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tl6SJrZlTe6wyejEQ2Mq9rY Honor, previously the budget smartphone unit of Huawei Technologies Co, will soon launch new flagship handsets outside China with Google apps, breathing new life to the brand since US sanctions barred its former parent from selling phones pre-installed with the American giant’s software.“Honor has succeeded in confirming cooperation with a number of supplier partners in the early stage. #HONOR50 series will be equipped with Google Mobile Services, which will provide a more comprehensive…]]> Tue, 12 Oct 2021 13:00:18 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tl6SJrZlTe6wyejEQ2Mq9rY https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tl-EjTDGZVeQZVjH6qdYdAk Sinic Holdings Group has become the latest Chinese developer to warn of imminent default, as rising contagion risk leaves investors guessing on who else may face a credit crunch.The Shanghai-based developer said in a Hong Kong stock exchange filing it does not expect to repay a US$250 million dollar bond due on October 18 and that may trigger cross-default on its two other notes. The firm has US$694 million in dollar bonds outstanding, according to Bloomberg-compiled data. The firm missed…]]> Tue, 12 Oct 2021 09:35:27 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tl-EjTDGZVeQZVjH6qdYdAk