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 Fri, 28 Jan 2022 19:04:06 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlWDH1b83wCQMb1naedg1wr Chinese smart electric vehicle makers have a chance to catch up with Tesla on the mainland with their ramped up car development plans, after the US carmaker said it does not plan to introduce new models this year, according to analysts.Tesla chief executive Elon Musk said in an earnings call on Thursday that the company would rather focus on coping with supply chain constraints this year than attract customers with new models.Tesla has not provided a timetable for the launch of the Cybertruck,…]]> Fri, 28 Jan 2022 14:30:10 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlWDH1b83wCQMb1naedg1wr https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlWDH1b83wCQOT5HJgy6HUf Hong Kong’s securities watchdog has fined a unit of the American banking giant Citigroup HK$348.25 million (US$45 million) for “pervasive dishonest behaviour” across its various trading desks over an 11 year-period.The Securities and Futures Commission reprimanded and imposed the fine on Citigroup Global Markets Asia (CGMAL) for making misrepresentations to institutional clients between 2008 and 2018.“The SFC considers that such pervasive dishonest behaviour would not have continued but for…]]> Fri, 28 Jan 2022 14:27:19 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlWDH1b83wCQOT5HJgy6HUf https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk7WSgfy8yFXKCY3L745TL_ Chinese regulators have granted approval for Advanced Micro Devices Inc to buy Xilinx Inc, clearing the way for one of the largest deals to emerge from the global semiconductor industry.The State Administration for Market Regulation has cleared the deal with certain conditions, the antitrust watchdog said in a statement. It asked AMD not to discriminate against Chinese clients and to continue supplying Xilinx’s products to the country, after determining the deal could exclude or limit…]]> Fri, 28 Jan 2022 05:10:15 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk7WSgfy8yFXKCY3L745TL_ https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk7WSgfy8yFXJVjH6qdYdAk Apple Inc rallied in late trading after quarterly revenue sailed past Wall Street estimates, marking a victory against a supply-chain crunch fuelled by the pandemic and chip shortages.Sales climbed 11 per cent to a record US$123.9 billion in the fiscal first quarter, the company said Thursday. Analysts had predicted US$119.1 billion on average. Profit also beat projections, and the company predicted that sales would grow by a double-digit percentage in the March quarter.The surprisingly strong…]]> Fri, 28 Jan 2022 04:03:03 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk7WSgfy8yFXJVjH6qdYdAk https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnwpP-jnVk-t-T5HJgy6HUf Tesla shares wiped out about US$109 billion off its valuation during a single day after the electric vehicle maker’s fourth-quarter earnings and outlook failed to impress investors.Shares of the Austin, Texas-based electric vehicle maker plunged nearly 12 per cent on Thursday after an earnings call the previous day that was long on a humanoid robot called Optimus and short on new vehicles.The stock closed at US$829 in New York, the lowest since October 14. The decline was the second biggest on…]]> Fri, 28 Jan 2022 03:11:21 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnwpP-jnVk-t-T5HJgy6HUf https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlj0Ylyw3JFups0ohxaO6Yr Wang Jianing never cares about the price tag when it comes to spending on her cat – a Russian blue named Doudou – and two dogs – a toy poodle and Maltese named Yomi and Neinei, respectively. Whether it is food, clothing, Italian-made shampoo, or the occasional spa visit, the 24-year-old pet owner in the eastern Chinese city of Hefei just opens her wallet and hands over the money “whenever there is a need”.The three pets’ most recent “need” is a feast for the upcoming Lunar New Year’s Eve on…]]> Fri, 28 Jan 2022 02:00:35 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tlj0Ylyw3JFups0ohxaO6Yr https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkv4chZKPOL4Xn9ye8UNv30 Property tycoon Ronnie Chan has urged the government to rethink Hong Kong’s tough stance on Covid-19 as the highly infectious Omicron variant appears to produce milder symptoms than its counterparts.The billionaire chairman of Hang Lung Properties said the city’s measures, which include strict social distancing rules and a lengthy quarantine period, make life extremely difficult for businesses.He compared the severity of the Omicron strain of the coronavirus to influenza.“It seems Omicron is…]]> Thu, 27 Jan 2022 13:42:39 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkv4chZKPOL4Xn9ye8UNv30 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmAZJe8qJGkPeT5HJgy6HUf Embattled China Evergrande Group has promised investors and creditors that it will roll out a debt restructuring plan in the next six months.The world’s most indebted developer with 1.97 trillion yuan (US$310 billion) of liabilities “will continue to listen carefully to the opinions and suggestions of the creditors” and will formulate a preliminary restructuring plan, it said in a filing to Hong Kong stock exchange late on Wednesday, after a call with investors.The Chinese real estate firm…]]> Thu, 27 Jan 2022 07:19:02 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmAZJe8qJGkPeT5HJgy6HUf https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmSPlhUEa7fj3n9ye8UNv30 HSBC and its Hang Seng Bank unit will set aside HK$15 million (US$2 million) between them to pay their 30,000 employees a ceremonial lai see on the eve of the Year of the Tiger in the lunar calendar, the first among Hong Kong’s banks to do so.Each HSBC and Hang Seng employee will receive HK$500 in the lai see on January 31, according to an internal memo on Thursday. The first three days of the Lunar New Year are public holidays and non-market days in Hong Kong, and most offices and businesses…]]> Thu, 27 Jan 2022 04:48:37 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmSPlhUEa7fj3n9ye8UNv30 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnNhD6NKrMT6qCY3L745TL_ Jidu Automotive, the smart electric vehicle (EV) arm of Baidu, has received nearly US$400 million in the latest round of financing to support the development and production of a car with level 4 (L4) autonomous driving technology.The company said on Wednesday that the capital was raised from its two shareholders – search engine and artificial intelligence firm Baidu and carmaker Zhejiang Geely Holding Group.It comes after a US$300 million capital injection in March when the smart EV builder was…]]> Wed, 26 Jan 2022 08:31:13 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnNhD6NKrMT6qCY3L745TL_ https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tksyKaqxLSTYqCY3L745TL_ Blockchain gaming giant Animoca Brands is betting that its new joint venture with start-up Hex Trust will usher in a milestone for the metaverse.It is looking to provide services to a new legion of affluent players who are hatching big plans for virtual property empires worth millions of dollars.The parent of Sandbox, a blockchain gaming platform which is building an open metaverse for users to create their own virtual world and potentially profit from it, hopes digital wallets will help it…]]> Wed, 26 Jan 2022 06:30:28 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tksyKaqxLSTYqCY3L745TL_ https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tksyKaqxLSTYilmFkX7M1Jw YouTube is exploring adding non-fungible token features for its video creators, chief executive officer Susan Wojcicki wrote to the site’s broadcasters on Tuesday.Although Wojcicki didn’t say exactly what her team is planning, or when, it marks the first time Alphabet Inc’s Google, YouTube’s owner, is becoming involved with the cryptocurrency collectibles. Several of YouTube’s rivals have already jumped on the trend. Twitter Inc began letting users post NFTs as profile photos and Instagram is…]]> Wed, 26 Jan 2022 06:30:12 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tksyKaqxLSTYilmFkX7M1Jw https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkzu2MlfZiC5ilmFkX7M1Jw The controversial cryptocurrency project that Mark Zuckerberg once defended in front of Congress is unravelling after regulatory pressure.The Diem Association, a cryptocurrency initiative once known as Libra backed by Meta Platforms Inc, is weighing a sale of its assets as a way to return capital to its investor members, according to people familiar with the matter. Diem is in discussions with investment bankers about how best to sell its intellectual property and find a new home for the…]]> Wed, 26 Jan 2022 05:05:19 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkzu2MlfZiC5ilmFkX7M1Jw https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkULrd-YKIUj3n9ye8UNv30 Nvidia Corp is quietly preparing to abandon its purchase of Arm Ltd from SoftBank Group Corp after making little to no progress in winning approval for the US$40 billion chip deal, according to people familiar with the matter.Nvidia has told partners that it doesn’t expect the transaction to close, according to one person, who asked not to be identified because the discussions are private. SoftBank, meanwhile, is stepping up preparations for an Arm initial public offering as an alternative to…]]> Wed, 26 Jan 2022 04:00:27 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkULrd-YKIUj3n9ye8UNv30 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmHoAiUKotiC3n9ye8UNv30 Embattled Chinese developer Kaisa Group has pledged to resume construction at a project in Foshan in the southern province of Guangdong after funds held in escrow accounts were returned to it.The development comes hot on the heels of reports last week that China was moving to ease a severe crash crunch in the property sector, giving developers much-needed breathing space.“After friendly negotiations with the government and regulatory banks, the presale payments [for the project] have been…]]> Tue, 25 Jan 2022 14:00:22 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tmHoAiUKotiC3n9ye8UNv30 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tl6t5dTzzQvVZVjH6qdYdAk JD Technology, the fintech unit of China’s e-commerce giant JD.com, is working with bankers on a Hong Kong listing this year that could help it raise between US$1 billion and US$2 billion, according to a person familiar with the transaction.The listing plan comes after the company, previously known as JD Digits and JD Finance, withdrew its listing application from Shanghai’s Star Market early last year.The company’s reduced IPO fundraising target will shrink its valuation by at least 35 per…]]> Tue, 25 Jan 2022 09:49:13 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tl6t5dTzzQvVZVjH6qdYdAk https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tloQarHpzk3mF1cWWor9YPv China Evergrande Group is asking its offshore creditors to refrain from taking hostile enforcement actions to recover their debt as the developer makes “unremitting efforts” to reorganise more than US$310 billion of liabilities.The group will need more time to evaluate the number of potential solutions before it can further engage in substantive negotiations with offshore creditors, it said in a stock exchange filing on Tuesday, citing the large number of stakeholders and debt complexities.The…]]> Tue, 25 Jan 2022 04:08:25 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tloQarHpzk3mF1cWWor9YPv https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk62iL3U66tCilmFkX7M1Jw Chinese carmaking giant Geely Automobile Group is setting up a joint venture to compete in the battery-swapping sector as the country’s motorists increasingly switch to electric cars.Geely has set up a 50-50 business with Lifan Technology, backed by total initial capital of 600 million yuan (US$94.86 million).The new company, Chongqing Livan Automotive Technology, has completed the registration procedures and obtained the necessary business license, Geely said in a stock exchanging filing on…]]> Mon, 24 Jan 2022 15:34:45 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tk62iL3U66tCilmFkX7M1Jw https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkC58j_bdEl2KCY3L745TL_ State-backed companies are coming to the rescue of embattled Chinese developers pushed to the edge of financial ruin by Beijing’s “three red lines” borrowing restrictions.Agile Group, one of the country’s top 20 home sellers, said it will sell its 26.7 per cent stake in a Guangzhou property joint venture for 1.84 billion yuan (US$300 million) to a unit of China Overseas Land & Investment (Coli).Hong Kong-listed Coli is a property arm of China State Construction Engineering, which is directly…]]> Mon, 24 Jan 2022 12:00:27 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tkC58j_bdEl2KCY3L745TL_ https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnPUpxDkKWNluT5HJgy6HUf GCL Poly Energy, one of China’s largest makers of raw materials for solar panels, is ramping up production of a new generation of cheaper and more cost-efficient products that it says could help the nation meet its climate change goals.The firm is on track to increase by 50 per cent its capacity to produce so-called granular silicon products next month, after installing its first commercial production lines recently, capable of churning out 20,000 tonnes annually of the raw material used in…]]> Mon, 24 Jan 2022 10:33:07 +0200 https://api.follow.it/track-rss-story-click/v3/R_MiAEQX1tnPUpxDkKWNluT5HJgy6HUf