Corporate Profiles

Corporate business news on companies from Hong Kong and overseas.
Companies - South China Morning Post
  1. Wines have replaced Scotch whisky and Hermes handbags as the best performing luxury investment during the pandemic, according to Knight Frank.The average price of investment grade wines rose 13 per cent in the 12 months to June, while the average price of the coveted handbag declined by 3 per cent in the period, according to a report by the London-based consultancy that primarily covers real estate.Wines were followed by luxury watches and cars, which recorded gains of 5 per cent and 4 per cent…
  2. China’s central bank has intensified its crackdown on cryptocurrency activities, warning on Friday that anyone involved in providing support to an offshore exchange could come under investigation.It is in one of the country’s most explicit warnings to date targeting foreign platforms.In its latest reiteration of its ban on cryptocurrency trading activities, the central bank said virtual tokens such as bitcoin and ether are not legal tender. Cryptocurrencies “should not, and are not capable of…
  3. Two top executives of HNA Group have been detained by China’s police, days after one of the country’s largest private conglomerates was broken down into four separate businesses following its bankruptcy restructuring.HNA’s founder and former chairman Chen Feng, and the former chief executive Adam Tan Xiangdong have been detained by police on “suspected crimes,” the group said in a statement in its official WeChat account. “HNA Group and its member enterprises are operating in a stable and…
  4. Big banks and fund managers have been heading for the exit and reducing their exposure to China Evergrande Group in recent weeks as the outlook has soured for the world’s most indebted property developer.As a result, many financial companies sought to reassure investors and downplay their exposure as questions lingered about whether Evergrande managed to make an US$83.5 million coupon payment due on Thursday.The Shenzhen-based company had some US$300 billion in liabilities at the end of the…
  5. FWD Group, the Hong Kong-based insurer backed by tycoon Richard Li Tzar-kai, has made public its plans for a US initial public offering, which is expected to raise as much as US$3 billion.The new filing overnight with the US securities watchdog did not disclose the number of American depositary shares (ADS) to be sold as it seeks to list on the New York Stock Exchange and FWD said in a press release that the offer price range has not yet been determined.As reported by the Post, the insurer…
  6. The White House is pressing carmakers, chip companies and others to cooperate in a bid for more information about the ongoing semiconductor crisis that has forced cuts to US auto production, but made clear on Thursday that the industry needs to take the lead to solve the problem.Secretary of Commerce Gina Raimondo, who along with Brian Deese, director of the National Economic Council, met on Thursday with semiconductor industry participants, told Reuters that strong action was needed to address…
  7. US Commerce Secretary Gina Raimondo said on Thursday the Biden administration will take further action against Chinese telecoms firm Huawei Technologies if necessary, after some Republican lawmakers pressed for more steps.Washington says Huawei is a national security threat on a variety of grounds and has aggressively lobbied other countries not to use Huawei equipment in next-generation 5G networks.Citing Huawei’s ties to the Chinese government and military, Washington says this makes the…
  8. As China Evergrande Group fights for survival under more than 1.97 trillion yuan (US$305 billion) of liabilities, speculation is mounting that a painful restructuring is inevitable.The stock has plunged 82 per cent this year, wiping out some US$20 billion of market value, while its offshore bonds are trading at distressed or near-default levels. None would have suffered more than its 62-year old founder Hui Ka-yan who owns 76 per cent of the company and has bought a large chunk in its own…
  9. Hong Kong restaurant operator Tam Jai International, which owns the popular TamJai and SamGor chains, has launched a HK$1.4 billion (US$180 million) initial public offering as the city’s stock market staged a recovery.The company, which has 156 restaurants, mainly in Hong Kong, said it would use a major part of the money raised to expand its restaurant network in the city, mainland China, Singapore and new markets like Australia and Japan.“We want to promote the brands to overseas market,” said…
  10. Airbus is growing increasingly confident it can build a hydrogen-powered plane that is ready to enter service by its target date of 2035. The European planemaker is likely to produce short or medium-range aircraft at first, and then scale up, chief executive officer Guillaume Faury said on Wednesday. Engine makers have significantly changed their views, “which is very positive”, he said on a panel at a sustainability event in Toulouse, France.“Every day we become more confident,” Faury said in…