Asia

30 Jan Chinese fintech giant Ant Group expands overseas payment service Alipay+ to serve visa-free, Lunar New Year travellers

Posted at 03:20h in Asia

Ant Group, an affiliate of e-commerce giant Alibaba Group Holding, is boosting its operations throughout Asia, as the Chinese fintech major seeks to capitalise on the country’s visa-free policy and an anticipated Lunar New Year travel boom.Ant recently expanded the availability of Alipay+, its cross-border...

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30 Jan Hong Kong stocks slip in worst January since 2016 on BYD earnings miss, weak China manufacturing outlook

Posted at 02:44h in Asia

Hong Kong stocks dropped, with the benchmark index heading for the worst January since 2016, amid renewed concerns about corporate earnings and China’s economic recovery outlook. EV maker BYD slumped after profits trailed market consensus.The Hang Seng Index fell 1.8 per cent to 15,794.32...

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30 Jan China urges breakthroughs in GPUs, robotics, quantum computing and brain interfaces to drive ‘future industries’

Posted at 01:00h in Asia

Chinese authorities have reiterated the need for technological breakthroughs in a range of hi-tech areas, including graphics processing units (GPUs), quantum computing, humanoid robots and brain-computer interfaces, in Beijing’s latest effort to seek control of “the industries of the future”.A document issued on Monday by...

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29 Jan China’s stimulus lifts stock markets in short-lived rally as geopolitical, economic and policy risks weigh

Posted at 23:30h in Asia

China’s efforts to support stocks in Shanghai, Shenzhen and Hong Kong has triggered a US$689 billion gain in market valuation last week following 2023’s brutal sell-off. This recovery may not be a long-lasting one as policymakers are still faced with the challenging task of attracting...

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29 Jan What does Evergrande’s liquidation order mean for China’s property sector? Why is the market cheering?

Posted at 22:00h in Asia

The winding-up order to the Guangzhou-based developer, however, still faces cross-jurisdictional challenges as most of the company’s assets are located in mainland China.Escalators are seen in an abandoned Evergrande commercial complex in Beijing on January 29, 2024. A Hong Kong court on January 29 ordered...

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29 Jan Tencent chairman Pony Ma sets confident tone for internet giant in 2024 amid WeChat’s improved business prospects, sources say

Posted at 13:26h in Asia

The 52-year-old Ma, who kept a low profile during China’s 32-month crackdown on Big Tech firms, delivered that positive message in a speech before Tencent’s annual staff meeting on Monday at a stadium in Shenzhen, the company’s home city in southern Guangdong province.Founded...

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29 Jan Shanghai businessman Richard Yan sought by New Zealand liquidators for US$60 million debt he owes to collapsed construction firm

Posted at 13:00h in Asia

Liquidators of collapsed Auckland-based construction company Mainzeal are pursuing Shanghai businessman Richard Yan, holding him liable for more than US$60 million owed to the company’s creditors, in a case that has implications for Chinese businesses operating in New Zealand.Andrew McKay, a partner with business advisory...

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29 Jan Why Evergrande’s Hong Kong liquidation order is just the start of an uphill battle for its offshore creditors

Posted at 11:50h in Asia

“The court has sent a strong message to financially stressed companies about the importance of developing a concrete restructuring plan,” said Jonathan Leitch, a restructuring lawyer and partner in Hong Kong at Hogan Lovells.“If a plan does not eventually emerge, the Hong Kong Court has...

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29 Jan Huawei’s car-making partner Seres expects reduced 2023 losses, with M7 and M9 EVs paving road to profitability

Posted at 11:08h in Asia

Seres said it expects the final tally of its 2023 losses to fall in the range of 2.1 billion yuan (US$295.6 million) to 2.7 billion yuan, which narrowed from its 3.8 billion yuan loss in 2022, according to the company’s earnings estimates last Thursday. It...

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29 Jan Sustainable aviation fuel: Hong Kong business group, Cathay Pacific lead coalition calling for policy support, collaboration on adoption

Posted at 10:30h in Asia

In his policy address last October, Chief Executive John Lee Ka-chiu tasked Airport Authority Hong Kong with formulating an action plan this year to promote SAF usage, coordinating the attainment of SAF sustainability standards certification and simplifying the approval process for SAF transport and storage.“Apart...

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