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Shanghai planning US$13.8 billion fund of funds in pursuit of ‘several world-class industry clusters’, with eye on AI, biotech and semiconductors

29 Mar Shanghai planning US$13.8 billion fund of funds in pursuit of ‘several world-class industry clusters’, with eye on AI, biotech and semiconductors

Posted at 10:01h in Asia

The fund will underpin promising start-ups in the fields of artificial intelligence, biotechnology and semiconductors, and is expected to attract more technology firms to Shanghai, the municipal government said in a statement on Friday.The local state-owned assets watchdog will be responsible for the fund’s establishment...

29 Mar Chinese education giant XJ International hit with winding up petition after defaulting on US$324 million bond

Posted at 09:00h in Asia

One of China’s largest private education operators, XJ International, formerly Hope Education Group, is facing a winding up petition brought by international bondholders after it failed to meet a repayment deadline earlier this month.The Bank of New York Mellon London branch, acting for a group...

29 Mar Huawei posts 9.63% rebound in sales for 2023, driven by popularity of Mate 60 series 5G smartphones that defied US sanctions

Posted at 08:45h in Asia

Huawei Technologies reported a rebound in sales growth for 2023, driven by its comeback in the high-end 5G smartphone segment with the popular Mate 60 series, as the sanctions-hit company faces further US scrutiny for the chip breakthrough that powered its resurgence.The privately held firm...

Hong Kong cultivated seafood start-up Avant Meats seeks funds to expand Singapore pilot plant to grow groupers, snappers, eel meat from cells

29 Mar Hong Kong cultivated seafood start-up Avant Meats seeks funds to expand Singapore pilot plant to grow groupers, snappers, eel meat from cells

Posted at 07:19h in Asia

Avant Meats, a cultivated seafood company that started life in Hong Kong, is planning a 30-fold expansion in its capacity to make sustainable seafood for global markets after positive response from consumers at a recent tasting event.Global fishing practices have resulted in nearly 90 per...

29 Mar China Vanke boss acknowledges ‘pressure’ as 2023 profits slump amid liquidity distress rumours

Posted at 04:33h in Asia

Net profit came in at 12.16 billion yuan (US$1.7 billion) versus 22.68 billion yuan in the same period of 2022, according to a filing by Vanke made to the Hong Kong stock exchange on Thursday night.Core profit, which excludes the impact of foreign exchange and...

29 Mar China stocks gain in rally fuelled by banks following steady earnings reports; eyes on PMI data

Posted at 02:58h in Asia

Chinese stocks rose, on track for a second straight month of gains, led by state-owned banks which rose on steady earnings reports. Investors remain watchful ahead of official PMI data due this weekend, which is expected to show manufacturing activity improved after contracting for five...

29 Mar Hong Kong’s IPO market struggles after slowest start since 2009 as jumbo deals vanish amid tighter regulations, poor valuations

Posted at 00:30h in Asia

China’s major stock exchanges are facing a tough start to the year as proceeds from initial public offerings (IPOs) in Hong Kong, Shanghai and Shenzhen dwindled. Tighter regulations and the loss of two potential jumbo deals from Alibaba Group Holding suggest no relief any time...

29 Mar What a one-night journey costs

Posted at 00:01h in Europe

Reservations for Italy's new "La Dolce Vita Orient Express" train open Tuesday.Luxury train enthusiasts may want to lock in the current rate now — before it climbs any higher.Starting rates for a one-night journey on the luxury train increased from 2,000 euros ($2,168) per person...

29 Mar Alibaba’s Taobao cuts fees for merchants and subsidises content as it seeks to protect its market lead, reports say

Posted at 00:00h in Asia

Alibaba’s Taobao cuts fees for merchants and subsidises content as it seeks to protect its market lead, reports sayTaobao, the main e-commerce platform of Alibaba Group Holding, has decided to increase subsidies and cut fees for merchants as China’s largest online marketplace moves to defend...

28 Mar Sam Bankman-Fried, FTX founder, sentenced to 25 years in prison in crypto fraud case

Posted at 15:56h in Canada

Former crypto mogul Sam Bankman-Fried was sentenced Thursday to 25 years in prison for his role in the 2022 collapse of FTX, which once was one of the world's most popular platforms for trading digital currency.Bankman-Fried, 32, was convicted on seven charges in November related...

Author: admin