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South China Morning Post
  1. Hong Kong-based entrepreneur Alex Fang, co-founder of private equity firm eGarden Ventures, has paid about HK$601 million (US$77.4 million) to be the new owner of a luxury home at The Peak developed by Wheelock Properties, according to a person familiar with the situation who declined to be identified because the information is not public. Fang paid HK$90,000 per square foot for the 6,676 sq ft property at 77B Peak Road, arguably the most exclusive address in the city, in the latest sign that…
  2. Zhejiang Geely Holding, one of China’s biggest carmakers and the owner of Sweden’s Volvo Cars, has entered the fray against Tesla by launching an electric car it describes as a vehicle to excite rather than commute in.The Zeekr 001 car, a four-door sedan with a driving range of 700km (435 miles), is priced at 281,000 yuan (US$43,098), a little higher than the Shanghai-made Tesla Model 3’s starting price of 249,900 yuan.It will offer air suspension that automatically adjusts ground clearance,…
  3. International criticism of China’s alleged human rights violations has grown louder in recent months, putting downward pressure on Beijing’s efforts to attract foreign capital into its financial markets to support the economy, analysts said.Social issues and corporate governance have become important factors for North American and European fund managers screening their securities investments, and this is taking place amid increasing scrutiny over environmental, social and governance (ESG)…
  4. Customers of Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chip maker, are facing an extended semiconductor shortage because of short-term geopolitical tensions and escalating demand for chips in the long term.TSMC chief executive C.C. Wei said in a conference call on Thursday that clients’ rush to stockpile chips was the product of geopolitical tensions, “creating short-term imbalance in the supply chain”. The company’s chief financial officer, Wendell Huang,…
  5. Foreign direct investment in China grew at the fastest pace in more than a decade during the first quarter of 2021, according to data released by the Ministry of Commerce on Thursday.The news came amid lingering concerns that pandemic disruptions and rising international tensions could accelerate a supply-chain exodus from the world’s second-largest economy.Foreign direct investment – excluding financial sectors such as banking, securities and insurance – surged 43.8 per cent during the January…
  6. More than 60,000 Hongkongers, or one in every 125 residents, have a net worth of at least US$5 million, making the city one of the most affluent in the world, according to a new report.Hong Kong was placed fifth in a list of 10 cities ranked by the density of very rich people in their populations by the American wealth information and insights provider Wealth-X.It is the only Asian city that made the list, now in its second edition, which counts those sitting on a fortune of between US$5…
  7. Property and casualty insurers face increased volatility because of climate-related issues globally, according to Moody’s Investors Service, and Chinese insurance providers are particularly vulnerable because of their relatively low reinsurance coverage.“Insurers’ earnings and capital volatility will increase because such losses tend to be unpredictable, and [they] are prone to mispricing risk as a result of climate change,” the rating agency said in a report published on Thursday. “Chinese…
  8. SoftBank Group Corp’s Vision Fund profit may reach an unprecedented US$30 billion in the March quarter, almost quadrupling the record it had just set, according to people familiar with the matter.Profit in the unit was supercharged by the successful initial public offering of Coupang, the South Korean e-commerce leader which debuted in New York last month. That will account for the lion’s share of what is expected to be between US$25 billion and US$30 billion in reported gains for the three…
  9. The Communist Party leadership in China’s eastern coastal province of Zhejiang, home to Alibaba Group Holding, has pledged to “supervise and guide” the e-commerce giant and its fintech affiliate Ant Group to complete “rectification” after months of scrutiny by the central government. The Standing Committee of the Zhejiang Communist Party held a special meeting this week to declare their intention to implement Beijing’s order to tame the “platform economy”, an umbrella term that encompasses most…
  10. Internet giant Tencent Holdings is merging its two video platforms in a major reorganisation to buttress its efforts against ByteDance-owned Douyin, the Chinese version of TikTok, according to sources familiar with the matter.Tencent Video, the company’s long-form video platform, and short video service Weishi are being combined into a new online video operation under the Hong Kong-listed firm’s platform and content group (PCG), one of its six business units. Shenzhen-based Tencent, which runs…