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One of the more telling smartphone memes that has been doing the rounds is the one that looked like a WhatsApp page that began by saying, “China created the group Covid-19”. The next message on the screen was, “China added You”. Then came, “China added the World”. The final punchline was, “China left”. Most comedy is funny because of an element of truth running through the gag. China this week reported its purchasing managers’ index (PMI), a leading indicator of how the economy might perform…
Luckin Coffee – touted as China’s rival to Starbucks – has suspended its chief operating officer for alleged misconduct as part of an ongoing internal investigation, causing its share price to plummet on the Nasdaq.The Xiamen-based start-up has formed a committee to lead an internal investigation into misconduct related to "fabricating transactions" last year by chief operating officer Liu Jian, and several employees working under him, Luckin said in a statement.The company’s turnover was...
Singapore’s government urged residents to consider ordering their groceries online rather than going to the shops. That just became tougher.Alibaba Group Holding’s Lazada Group, Southeast Asia’s leading e-commerce services provider, is temporarily suspending new grocery orders in Singapore after strict physical distancing measures and rising coronavirus cases triggered a surge in orders. Alibaba is the parent company of the South China Morning Post.RedMart, Lazada’s online grocer unit, will not…
Property giants China Vanke and Dalian Wanda Commercial Management have unveiled a combined 16 billion yuan (US$225 million) in funding initiatives to help people affected by the coronavirus epidemic.The Vanke Founding Shareholders’ Equity Management Centre, which manages 200 million Vanke shares owned by its employees, has decided to donate all of them to one of Tsinghua University’s education funds to finance the establishment of a public health research institute.Shenzhen-based China Vanke,...
The joint venture between The Vanguard Group and Ant Financial Services is rolling out a new robo-adviser to target the Chinese fintech giant’s 900 million users, a first step in winning a slice of the nation’s fast-growing asset management business.Their venture started offering an automated service called Bang Ni Tou, which translates as "Help You Invest", to capture people with at least 800 yuan (US$113) to place in mutual funds, the companies said on Thursday."
From retirees to global insurers and investment managers, outraged shareholders in Hong Kong have wiped billions of dollars in value off HSBC’s and Standard Chartered’s shares after the banks axed dividends and suspended share buy-backs on Wednesday.Over the course of two days, HSBC’s shares in Hong Kong have lost 12 per cent of their value, plumbing their lowest level since the depths of the global financial crisis in March 2009.
Innovent Biologics, the first company whose immunology-based PD-1 anti-cancer drug is covered by China’s national health insurance scheme, has joined the race to find a cure for the coronavirus epidemic sweeping the globe, according to its chairman.The company, based in Suzhou, Jiangsu province, is working to identify antibodies that could potentially "neutralise" the deadly virus, by studying antibodies drawn from people who have recovered from the virus that causes the Covid-19 respiratory...
Fitness-tracking gadgets are selling out, home exercise classes have never been more popular and industrial robot designers are pivoting to making sanitation bots. The Covid-19 pandemic has triggered a seismic wave of health awareness and anxiety, which is energising a new category of virus-fighting technology.The fear of infection has accelerated the adoption of apps and wearables as a means to feel better protected. “Having accurate and immediate feedback about our body temperature, blood…
The slump in the world’s biggest airport operator is dividing traders and analysts about the value of one of the market’s favourite picks, as the coronavirus pandemic causes unprecedented damage to travel and trade.Shanghai International Airport, the operator of the Shanghai Pudong International Airport, has fallen 21 per cent on the local bourse this year to 61.66 yuan, while 14 analysts tracked by Bloomberg lowered its 12-month price target by only 7.6 per cent on average to 80.89 yuan.
Chinese artificial intelligence (AI) start-up 4Paradigm raised US$230 million in its latest funding round, bringing its net valuation to about US$2 billion, despite a slowdown in investments in China amid the coronavirus pandemic.The funding round has attracted new strategic investors including American technology conglomerate Cisco Systems and the world's largest PC maker Lenovo, according to a company statement on Thursday.
The world’s largest automotive market is poised for a third year of declining sales in 2020, as the Chinese government’s incentives and tax breaks fail to convince buyers to make large financial commitments during a global economic slump and the coronavirus pandemic.The State Council, China’s cabinet, announced on Tuesday it will extend subsidies and tax breaks for new-energy vehicle purchases by two years to boost the sluggish market.
Elon Musk’s rocket company SpaceX has banned its employees from using video conferencing app Zoom, citing "significant privacy and security concerns," according to a memo seen by Reuters, days after US law enforcement warned users about the security of the popular app.Use of Zoom and other digital communications has soared as many Americans have been ordered to stay home to slow the spread of coronavirus.SpaceX’s ban on Zoom Video Communications illustrates the mounting challenges facing...
Asia markets slid Thursday, following a sell-off on Wall Street sparked by growing worries about global economic damage by the coronavirus pandemic.The US key benchmarks all fell 4.4 per cent, as US factory activity hit its lowest level since August 2009 and President Donald Trump floated the idea of air travel restrictions for hotspot cities, which sent US airline stocks into a tailspin."
Hong Kong’s property market continues to be battered from all sides as the worsening coronavirus pandemic takes a toll on sales, prices, rents and even government land sales.New home sales in March sank 40.4 per cent month on month to 594 units, the lowest since December 2018 while overall transaction volume in the first quarter fell to a four-year low at HK$100.09 billion, according to data from Centaline Property Agency.
Good day traders --. The US is accusing China of faking its number of dead and infected by the coronavirus, according to Bloomberg, and the US markets saw a sell-off overnight. We've got you covered on the latest here. So visit us throughout the day. And, hey, are you getting your Live Stocks Blog every morning via email? You can! Don't miss out on our coverage of Hong Kong and mainland markets each trading day! If you would like the Live Stocks Blog emailed to you each morning, click here…
Apple’s most important manufacturing partner, Foxconn Technology Group, has reassured investors it can still get the latest 5G-enabled iPhones ready for an autumn launch, despite the global Covid-19 upheaval.Foxconn, formally known as Hon Hai Precision Industry, told investors it has lost time to travel restrictions and other disruptions caused by the coronavirus pandemic.But with months to go before the first trial assembly lines start up in June, Foxconn can still make the deadline, said...
Parts of Asia and Europe were drenched in a bloodbath of manufacturing data on Wednesday, but economists warned that an even greater pummelling lies ahead, as the coronavirus pandemic paralyses global demand.Surveys released on Wednesday painted a dire picture of some of the world’s key manufacturing hubs, while tumbling sentiment in the Eurozone, home to many companies sourcing parts from East Asia, laid bare the demand shock facing the region."
The judicial system in China is set for a hi-tech shake-up, as artificial intelligence (AI) will soon automate the traditional job performed by clerks in courtrooms across the country.That initiative started on Wednesday under a pilot programme in Shanghai, where 10 courts replaced clerks with AI assistants to transcribe case notes, pull out files and present digitised evidence, according to a report by Lega l Daily."
Fosun International has started exporting its test kits for Covid-19 to Europe and aims to start clinical trials from this month in search of a vaccine for the deadly disease. The fast-paced expansion in biotechnology and pharmaceuticals business offers an avenue for growth to the Chinese conglomerate as a substantial part of its assets acquired across Europe in recent years hit the skid amid the worsening coronavirus pandemic. Guo Guangchang, chairman and co-founder, said the group would...


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