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BUSINESSAug 30Legal battle over Hong Kong tycoon Lim Por-yen’s HK$2.9b estate set to rumble onA 15-year legal battle over late tycoon Lim Por-yen’s HK$2.9 billion (US$371.8 million) estate is set to continue, with rival parties preparing for further legal action after a Hong Kong court ruled that his third wife and children were entitled to inherit part of his estate. Lim’s estate lodged an appeal after losing the legal battle last year, while Pearl Ling Meng-chu, daughter of Lim’s third wife, told the South China Morning Post that she had not ruled out taking further action. “She is...South China Morning Post
BUSINESSAug 30JD.com’s US$1.3b expansion could test Hong Kong’s footfall-driven retail property modelJD.com’s rapid expansion in Hong Kong could challenge the property model that has long made the city’s busiest streets and shopping centres its most valuable, analysts say. The Chinese e-commerce giant has invested more than HK$10 billion (US$1.3 billion) in Hong Kong property over the past two years, building a network of stores, warehouses and other assets that analysts said could reduce the importance of footfall for some retailers while increasing the value of logistics hubs and other...South China Morning Post
BUSINESSAug 29Several ride-hailing firms express interest in Hong Kong licences: ministerSeveral ride-hailing firms have expressed an interest in offering services under the new regulatory regime in Hong Kong, one day after the government opened licence applications setting out nine requirements, the transport chief has revealed. Secretary for Transport and Logistics Mable Chan said on Saturday that two to three firms had expressed an interest in offering ride-hailing services, emphasising that operators were capable of meeting the requirements. “Just one day after our announcement,...South China Morning Post
BUSINESSAug 29Hong Kong’s long-term wealth hub status safe from mainland investment curbs: JPMorgan execBeijing’s recent curbs on cross-border investment and a tax shift targeting overseas insurance gains may create short-term uncertainty, but they will not undermine Hong Kong’s long-term competitiveness as a major wealth management hub, according to a senior executive at JPMorgan Chase. Kwang Kam-shing, Hong Kong CEO and chairwoman of North Asia at the biggest bank by assets in the United States, said she remained optimistic about the long-term outlook for Asia’s financial sector, citing...South China Morning Post
BUSINESSAug 28Chinese robot maker Micbot looks to woo Aramco while chasing Hong Kong IPOA Chinese robotics firm is accelerating its overseas strategy, with a fleet of AI-powered industrial quadrupeds being primed for Saudi Aramco facilities, while revving up its bid for a listing in Hong Kong next year. Heavy-duty, explosion-proof robots from Micbot are tipped to join similar products from other suppliers at oilfields, petrochemical bases and mines operated by Aramco, according to Micbot’s chief marketing officer, Huang Ziyan. Unlike consumer-focused companies that make educational...South China Morning Post
BUSINESSAug 28SoftBank-backed surgical robotics firm eyes Hong Kong listing to power mainland China pushSoftBank-backed surgical robotics company Noah Medical has begun preparations for a Hong Kong initial public offering, joining a wave of cutting-edge technology firms tapping the city’s international fundraising pool. The US-headquartered company aimed to raise more than US$100 million and planned to file its listing application as early as next year, according to founder Zhang Jian. “We want to expand our business in [mainland] China, and Hong Kong – as an international financial centre with a...South China Morning Post
BUSINESSAug 28Ride-hailing platforms seeking Hong Kong licence must have handled 100,000 orders a dayHong Kong authorities have opened licence applications for ride-hailing platforms under a new regulatory scheme, saying operators must have a proven track record of providing legal services in cities with a population of more than 7.5 million, while handling over 100,000 daily orders in at least two cities. Announcing the licensing terms on Friday, the Transport Department said the eligibility criteria also included using technology such as facial recognition for due diligence checks to ensure...South China Morning Post
BUSINESSAug 28Hong Kong home prices end 13-month upswing as mainland Chinese tax fears weigh on demandHong Kong’s lived-in home prices fell 0.46 per cent in July, halting a 13-month upswing, according to the latest official data. The index tracking second-hand homes slipped to 321.5 in July from 323 in June, Rating and Valuation Department (RVD) data showed on Thursday. It was the first decline in 16 months – since April last year. Prices were flat in May last year before climbing steadily for 13 months from June. “As residential property prices have increased by 7.3 per cent year to date,...South China Morning Post
BUSINESSAug 27Hong Kong Exchanges and Clearing explores merging GEM with main board, source saysBourse operator Hong Kong Exchanges and Clearing (HKEX) is exploring merging the GEM board with its main board by creating a new chapter of its listing rules, according to a source familiar with the discussions. The proposal to create Chapter 18D, which would be a core part of the second phase of the review of the listing regime, would be subject to a public consultation by the end of the year, the source told the South China Morning Post. Merging it with the main board was an option to reboot...South China Morning Post
BUSINESSAug 27Hong Kong gold imports fall 18% in July as mainland giants rush to build vaultsGold flows into Hong Kong eased to about 107 tonnes in July despite mainland corporate buyers pouring capital into new bullion vaults, as they bet on the city’s strategic ambition to establish itself as Asia’s premier hub for the precious metal. The city’s non-monetary gold imports fell about 18 per cent from June, a month that registered a decade-long high as banks built up inventory ahead of the trial launch of the city’s gold clearing and settlement system that opened on July 7. The value of...South China Morning Post
BUSINESSAug 27Hong Kong remains most international city in Asia, widening lead over SingaporeHong Kong has widened its lead over Singapore as Asia’s most international city, buoyed by gains in innovation and ideas, but still trails in attracting technology investment, a leading business chamber study has found. The Hong Kong General Chamber of Commerce’s annual Asian Cities Internationality Index, released on Thursday, ranked Hong Kong first among 11 Asian cities with 74.6 out of 100 points in a measure of seven key areas. Its lead over Singapore widened to two points, up from 0.2...South China Morning Post
BUSINESSAug 26China’s robotics IPO wave gains steam as 2 more firms eye Hong Kong listingsAnother two Chinese robotics start-ups have confirmed plans to launch initial public offerings in Hong Kong as early as next year, boosting the city’s role as a prime fundraising hub for China’s fast-growing technology sector. The two Hangzhou-based firms – both founded by former executives at Alibaba Group Holding – are part of a wave of Chinese embodied artificial intelligence start-ups looking to go public as the industry rushes to scale up production. Infiforce Technology Group, the...South China Morning Post
BUSINESSAug 26Shein valuation plunges to $27 billion in Hong Kong IPOThe valuation of Shein has significantly dropped to $27 billion during its Hong Kong IPO. This indicates a major financial development for the company and its investors.philippinetimes.com · Philippines
BUSINESSAug 26Shein valuation plunges to $27 billion in Hong Kong IPOShein's valuation has significantly dropped to $27 billion during its Hong Kong IPO. This represents a notable financial development for the company in the global market.nepalnational.com · Nepal
BUSINESSAug 26Shein valuation plunges to $27 billion in Hong Kong IPOShein's valuation has reportedly dropped to $27 billion during its Hong Kong IPO. This indicates a significant shift in the company's market assessment.singaporestar.com · Singapore
BUSINESSAug 26Shein valuation plunges to $27 billion in Hong Kong IPOShein's valuation has significantly dropped to $27 billion during its Hong Kong IPO, indicating a notable change in the company's market assessment.parisguardian.com · France
BUSINESSAug 26‘Squeezed further’: calls for SME energy subsidies as Hong Kong power fuel surcharges soarAn industry leader and a lawmaker have called for subsidies for small and medium-sized enterprises after fuel surcharges imposed by Hong Kong’s two power suppliers rose by nearly 80 per cent and 15 per cent, respectively, since March, amid the Middle East conflict. HK Electric, which mainly supplies Hong Kong Island and Lamma Island, announced that its fuel clause charge would increase by 5.9 per cent from August to 60.7 HK cents per kilowatt-hour (kWh) in September. The increase is the fourth...South China Morning Post
BUSINESSAug 26As more expats flock to Hong Kong, luxury home rents poised for further upswingHong Kong’s growing number of expatriates is boosting the city’s residential property leasing market with luxury rents likely to rise by about 5 per cent this year and continue their upswing in 2027, according to property consultancy JLL. The private residential rental index by the Rating and Valuation Department had surged by 18.5 per cent as of June to 205.8 from the Covid-19 pandemic trough in January 2023, which was 173.6, marking the first sustained breach of the 200 threshold. “Hong Kong’s...South China Morning Post
BUSINESSAug 25How mainland Chinese engineers can help Hong Kong firms bridge talent gapMainland China’s vast pool of engineers can help Hong Kong companies expand, bridge their talent gap and scale up operations, industry leaders have said. They shared their insights during a six-day media tour of the Greater Bay Area organised by the Hong Kong and Macau Affairs Office. The itinerary included a research institute in Guangzhou’s Nansha district, a cargo facility and a university in Dongguan, a major industrial city in Guangdong province. Among the key stops was the Guangzhou HKUST...South China Morning Post
BUSINESSAug 25Hong Kong jewellery shop slapped with 30-day tour group ban over coerced salesHong Kong’s tourism watchdog has suspended a jewellery shop from receiving tour groups for 30 days after finding it failed to stop a guide from coercing mainland Chinese visitors into making purchases. The Travel Industry Authority (TIA) said on Tuesday that Kaiser Jewellery International would be barred from receiving any inbound tour group visitors from Wednesday until September 24. “The authority adopts a zero-tolerance approach towards coerced shopping and any conduct that damages the...South China Morning Post
BUSINESSAug 25Hong Kong power firms to raise fuel charges from September amid geopolitical tensionsHong Kong’s two electricity suppliers will raise fuel-related charges from next month, citing geopolitical tensions and volatility in international energy markets. As electricity costs rise, CLP Power and HK Electric have introduced rebate and relief schemes as grass-roots households face higher air-conditioning expenses after a summer with an unusually large number of very hot days. HK Electric, which supplies electricity mainly to Hong Kong Island and Lamma Island, said on Tuesday that its...South China Morning Post
BUSINESSAug 25Hong Kong exports jump 50.7% in July, driven by growth in AI-related electronicsHong Kong exports surged by 50.7 per cent year on year in July, driven by “impressive growth” in artificial intelligence-related electronic products, with the government expecting the robust demand to continue supporting trade development despite geopolitical risks. Provisional figures released by the Census and Statistics Department on Tuesday showed that the value of exports jumped to HK$672.5 billion (US$86.2 billion) last month after a 53.4 per cent rise in June. A government spokesman...South China Morning Post
BUSINESSAug 24Chinese tech, pharma firms eye Hong Kong as springboard for global expansionMainland Chinese technology and pharmaceutical companies are using Hong Kong as a launching pad for global expansion, industry leaders have said, as a major state-owned drugmaker weighs whether to invest in the city’s Northern Metropolis megaproject. The comments highlighting the city’s international background and professional expertise were made during a six-day trip to the rest of the Greater Bay Area, which was arranged by the Hong Kong and Macau Affairs Office and started on Sunday. “Hong...South China Morning Post
BUSINESSAug 24Shein seeks up to $1.77B in Hong Kong IPO at $27B valuationSeeking Alpha Tech
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