https://www.scmp.com/rss/308483/feed Sijia is a business reporter in charge of the Post’s coverage of the Greater China aviation industry. She also writes about consumer and technology sectors. She joined the Post through its cadet programme after graduating from the University of Cambridge with a Master of Philosophy in Politics. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hong Kong Polytechnic University (PolyU) will be the first local university to offer a government-funded bachelor’s degree in aviation management from next year, helping to fill in an educational void in Hong Kong. PolyU has been approved to offer a Bachelor of Business Administration (Hons) in Aviation Management and Logistics commencing September 2017. The programme will launch as a non-Jupas, two-year top-up programme for higher diploma and associate degree holders, and may evolve into a... https://www.scmp.com/news/hong-kong/education-community/article/1998238/polyu-announces-new-programmes-give-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/education-community/article/1998238/polyu-announces-new-programmes-give-hong-kong?utm_source=rss_feed Wed, 03 Aug 2016 00:03:26 +0000 The burgeoning new market for drones in the agricultural industry – a sector actively encouraged by the Chinese government, unlike the more contentious consumer drones – is attracting first movers to all facets of the value chain, from design and manufacturing to pilot training and leasing. The market for plantation unmanned aerial services in China is worth 30 billion yuan per annum with the government pushing to increase standardisation and automation in the agricultural sector, Guotai Junan... https://www.scmp.com/business/companies/article/1994543/drones-agricultural-use-taking-china?utm_source=rss_feed https://www.scmp.com/business/companies/article/1994543/drones-agricultural-use-taking-china?utm_source=rss_feed Mon, 25 Jul 2016 08:52:32 +0000 China, the world’s biggest auto market, will allow foreign firms to set up wholly-owned electric vehicle battery manufacturing plants and foreign wholly-owned petrol stations in four pilot zones as the State Council relaxed rules on foreign direct investment. The measures apply to the free trade zones of Shanghai, Guangdong, Tianjin and Fujian, according to a State Council circular dated July 1 and publicised on Tuesday. China is the world’s largest and fastest-growing electric vehicle market,... https://www.scmp.com/business/companies/article/1991946/foreign-electric-vehicle-battery-makers-get-greenlight-chinas?utm_source=rss_feed https://www.scmp.com/business/companies/article/1991946/foreign-electric-vehicle-battery-makers-get-greenlight-chinas?utm_source=rss_feed Tue, 19 Jul 2016 14:42:45 +0000 New York hedge fund Acacia Partners, a major shareholder in search engine Baidu, has requested the Chinese firm’s chairman Robin Li withdraw his bid to take online video site iQiyi private, claiming the proposed sale price was “far too low”. In an open letter to Li dated Monday, Acacia said: “We strongly believe the purchase by you of iQiyi is against the best long-term interest of Baidu and its shareholders.” And it accused Li of turning Baidu into “an extension of the pocketbook of one... https://www.scmp.com/tech/china-tech/article/1991828/major-baidu-shareholder-challenges-sale-iqiyi-chairman-robin-li?utm_source=rss_feed https://www.scmp.com/tech/china-tech/article/1991828/major-baidu-shareholder-challenges-sale-iqiyi-chairman-robin-li?utm_source=rss_feed Tue, 19 Jul 2016 09:37:53 +0000 Cathay Pacific Airways warned shareholders on Monday that its performance in the first half of this year was “below expectations”. In a statement to the Hong Kong Stock Exchange ahead of its interim results in August, chief executive Ivan Chu said passenger revenue had been adversely affected by a reduced load factor and intense pressure on yield [a measure of unit profitability]. “Cargo tonnage has stabilised but yield continues to decline. Foreign currency movements have also been adverse,”... https://www.scmp.com/business/companies/article/1991420/cathay-pacifics-first-half-performance-below-expectations?utm_source=rss_feed https://www.scmp.com/business/companies/article/1991420/cathay-pacifics-first-half-performance-below-expectations?utm_source=rss_feed Mon, 18 Jul 2016 14:39:56 +0000 China’s largest power producer Huaneng Power International said its power generation in the country shrank 8.6 per cent in the first half, amid a slowing economy. Huaneng said in a notice to the Hong Kong Stock Exchange on Friday evening that its total power generation by power plants within China dropped 10.43 per cent in the second quarter compared with the same period last year. Total electricity sold dropped 10.06 per cent in the period. “The whole nation saw sluggish growth in power... https://www.scmp.com/business/companies/article/1990345/chinas-largest-power-producer-sees-86pc-drop-output-first-half?utm_source=rss_feed https://www.scmp.com/business/companies/article/1990345/chinas-largest-power-producer-sees-86pc-drop-output-first-half?utm_source=rss_feed Fri, 15 Jul 2016 14:58:29 +0000 China Vanke said in an announcement late on Wednesday that a unit of its largest shareholder had pledged all of its Vanke A-shares, or 8.39 per cent of Vanke’s total share capital. The property developer, deeply embroiled in a corporate ownership battle, said it had been informed by Jushenghua, a unit of Baoneng Group, that it pledged 37.36 million Vanke A-shares on Tuesday to Galaxy Securities. Jushenghua holds 926 million Vanke shares as of Tuesday, all of which are pledged, according to the... https://www.scmp.com/business/companies/article/1989521/baoneng-unit-pledges-839-cent-vanke-shares?utm_source=rss_feed https://www.scmp.com/business/companies/article/1989521/baoneng-unit-pledges-839-cent-vanke-shares?utm_source=rss_feed Wed, 13 Jul 2016 15:16:06 +0000 Investors ploughed into defence industry-related stocks in Hong Kong and the mainland markets on Wednesday, for the second day running, after an international tribunal court ruled on Tuesday against Beijing’s claims to contested areas of the South China Sea. The boost to sentiment came as the government also announced the formation of a new national aircraft engine company, that will become the heart of the country’s future aerospace and defence ambitions. China Aerospace International Holdings... https://www.scmp.com/business/companies/article/1989520/investors-pile-defence-stocks-after-south-china-sea-ruling?utm_source=rss_feed https://www.scmp.com/business/companies/article/1989520/investors-pile-defence-stocks-after-south-china-sea-ruling?utm_source=rss_feed Wed, 13 Jul 2016 14:27:45 +0000 Large jetliners appear to be going out of fashion, according to the world’s two largest aircraft makers. At the annual Farnborough International Airshow this week, the two manufacturing giants both logged huge orders from Asian airlines for smaller planes. They included a knockout US$12.6 billion order for 100 Airbus single-aisle A321neos from budget carrier AirAsia, and a US$7.7 billion order for 72 A320neos from Indian low-cost carrier, GoAir. Boeing, which also announced a series of accords... https://www.scmp.com/business/companies/article/1989477/large-planes-falling-out-fashion?utm_source=rss_feed https://www.scmp.com/business/companies/article/1989477/large-planes-falling-out-fashion?utm_source=rss_feed Wed, 13 Jul 2016 13:09:54 +0000 An Indonesian airline is to become the world’s first to operate a fleet made up entirely of Chinese-built jets. Hong Kong-listed China Aircraft Leasing Group has confirmed that it and its substantial shareholder Friedmann Pacific Asset Management will buy 30 ARJ21-700 jets with an option to buy 30 more, from state-owned Commercial Aircraft Corp of China, or Comac. The US$2.3 billion deal was signed on Monday at the Farnborough International Airshow in England, Comac confirmed. Friedmann Pacific... https://www.scmp.com/business/article/1989044/indonesian-airline-will-be-first-fly-fleet-entirely-arj21s?utm_source=rss_feed https://www.scmp.com/business/article/1989044/indonesian-airline-will-be-first-fly-fleet-entirely-arj21s?utm_source=rss_feed Tue, 12 Jul 2016 12:36:09 +0000 Mainland electric car manufacturer BYD said the bulk of a 1.8 billion yuan (HK$2 billion) deal that it only just won from a Shenzhen government-owned bus operator last week has been cancelled. The company said in announcements to the Hong Kong and Shenzhen stock exchanges late on Monday that Shenzhen Western Bus Co. has terminated a procurement plan for 2,228 10-metre long electric buses from its subsidiary BYD Auto Industry. “Due to capacity adjustment, the procurement plan for 2,919 new energy... https://www.scmp.com/business/companies/article/1988554/shenzhen-cancels-18-billion-yuan-deal-byd-electric-buses?utm_source=rss_feed https://www.scmp.com/business/companies/article/1988554/shenzhen-cancels-18-billion-yuan-deal-byd-electric-buses?utm_source=rss_feed Mon, 11 Jul 2016 14:23:47 +0000 Flight delays in mainland China are so bad that air travellers and insurance companies have lost interest in betting against them. Insurers are either moving away from the product or tightening the claim conditions as delays happen so frequently, while customers are deterred from buying the insurance by the complex compensation procedures. Shanghai Pudong International Airport, the mainland’s ­second-busiest airport after Beijing and the worst when it comes to delays, would continue to be banned... https://www.scmp.com/business/article/1988068/flight-delay-insurance-china-not-high-flying-business?utm_source=rss_feed https://www.scmp.com/business/article/1988068/flight-delay-insurance-china-not-high-flying-business?utm_source=rss_feed Sun, 10 Jul 2016 13:14:30 +0000 Mainland internet giant Tencent is awarding 14.93 million new shares to 7,068 employees in order to recognise their contribution and attract and retain talent. The company said in a notice to the Hong Kong stock exchange on Wednesday evening that its board resolved to issue the new shares under a 2013 award scheme. About 41.28 million shares have been awarded to 3,315 people under the scheme from August 2015 to June 2016, Tencent said in the notice. There remains 138.5 million award shares... https://www.scmp.com/business/companies/article/1986626/tencent-awards-hk26bn-worth-shares-7068-employees?utm_source=rss_feed https://www.scmp.com/business/companies/article/1986626/tencent-awards-hk26bn-worth-shares-7068-employees?utm_source=rss_feed Thu, 07 Jul 2016 06:14:54 +0000 Hangzhou, the Zhejiang province capital gearing up to hosting the G20 summit in September, has seen property prices soar in the districts around the newly-built event venue amid a massive facelift for the city. Housing prices near the Hangzhou Olympic and International Expo Centre, where the G20 summit and the 2022 Asian Games will be held, have increased around 40 per cent since the second half of last year, according to local property agents. They are set to rise more next year, with... https://www.scmp.com/property/article/1985764/hangzhou-property-prices-soar-face-lift-ahead-g20-summit?utm_source=rss_feed https://www.scmp.com/property/article/1985764/hangzhou-property-prices-soar-face-lift-ahead-g20-summit?utm_source=rss_feed Tue, 05 Jul 2016 12:30:00 +0000 An ongoing drama in the board room of a Spanish company that has seen the overthrow of its co-chairman and three directors appointed by Chinese shareholder HNA Group signals a new kind of challenge faced by Chinese companies seeking to go global through aggressive mergers and acquisitions while sticking to a Chinese style of management control. The odd situation that has left mainland aviation and property conglomerate HNA stripped of board representation at Spain’s NH Hotel Group – where it... https://www.scmp.com/business/companies/article/1982998/hnas-spanish-troubles-lesson-all-chinese-firms-going-global?utm_source=rss_feed https://www.scmp.com/business/companies/article/1982998/hnas-spanish-troubles-lesson-all-chinese-firms-going-global?utm_source=rss_feed Wed, 29 Jun 2016 05:45:00 +0000 A combination of military drills and bad weather in eastern China left thousands of passengers headed for Shanghai and nearby cities stranded at Hong Kong International Airport for more than 12 hours. At least 13 flights scheduled for Shanghai Pudong International Airport from 10.55am were still grounded at the airport by 9pm. Passengers with Cathay Pacific, Dragonair, Hong Kong Airlines, China Eastern Airlines, Juneyao Airlines, and Spring Airlines were affected. No flights departed for... https://www.scmp.com/news/hong-kong/education-community/article/1982904/flights-resume-after-massive-delay-shanghai?utm_source=rss_feed https://www.scmp.com/news/hong-kong/education-community/article/1982904/flights-resume-after-massive-delay-shanghai?utm_source=rss_feed Wed, 29 Jun 2016 01:04:05 +0000 China’s second-largest online travel platform Qunar is the latest US-listed Chinese company to go private, in a wave of such firms’ returning to the home market for higher valuations. Nasdaq-listed Qunar Cayman Islands said in a regulatory filing on Thursday that it has received a non-binding offer from Ocean Management to buy all its outstanding shares at a price that is a 15 per cent premium to the closing price of its American depositary receipts on June 22. Ocean Management is an entity... https://www.scmp.com/business/companies/article/1980563/chinese-travel-site-qunar-joins-delisting-bandwagon?utm_source=rss_feed https://www.scmp.com/business/companies/article/1980563/chinese-travel-site-qunar-joins-delisting-bandwagon?utm_source=rss_feed Fri, 24 Jun 2016 01:33:24 +0000 Aircraft landing at Hong Kong International Airport could be paying up to 27 per cent more in landing fees within three years, after a new charging scheme aimed at funding the Third Runway comes into force from September. According to a new scheme of charges gazetted on Friday, the rise in landing fees — calculated using a formula based on aircraft weight — will be spread over three years from September 1. A rise of around 17 per cent in parking fees will take immediate effect from then. The fee... https://www.scmp.com/news/hong-kong/economy/article/1976956/hong-kong-airport-landing-charges-soar-27?utm_source=rss_feed https://www.scmp.com/news/hong-kong/economy/article/1976956/hong-kong-airport-landing-charges-soar-27?utm_source=rss_feed Fri, 17 Jun 2016 13:15:00 +0000 Cathay Pacific Airways has laid off the head of its information technology department and 16 other staff, a week after chairman John Slosar said there were no plans for staff cutbacks in a cost-cutting campaign involving a hiring freeze announced last month. In an emailed response to the Post, Cathay confirmed it had laid off director of information technology Joe Locandro and 16 other IT staff on Monday, saying it was a “realignment” of its IT organisation aimed at raising productivity. “This... https://www.scmp.com/business/companies/article/1976526/cathay-pacific-eliminates-17-jobs-its-it-department-amid?utm_source=rss_feed https://www.scmp.com/business/companies/article/1976526/cathay-pacific-eliminates-17-jobs-its-it-department-amid?utm_source=rss_feed Thu, 16 Jun 2016 12:50:05 +0000 Ping An Securities, the brokerage arm of China’s second-largest insurer, is the latest of a string of mainland securities companies seeking to list in Hong Kong in an effort to raise funds and boost their international exposure. Ping An Securities and other mainland brokerages are looking to Hong Kong in spite of the weak market performance this year as the primary listing channels on the mainland have effectively been shut. “The mainland has suspended IPO approvals in recent months and there... https://www.scmp.com/business/markets/article/1976191/ping-securities-becomes-latest-mainland-brokerage-seeking-tap-hong?utm_source=rss_feed https://www.scmp.com/business/markets/article/1976191/ping-securities-becomes-latest-mainland-brokerage-seeking-tap-hong?utm_source=rss_feed Thu, 16 Jun 2016 05:37:30 +0000 Aircraft landing and parking fees in Hong Kong will go up from September as the city’s Airport Authority seeks more funding options for its proposed Third Runway. The double-digit hike is expected to worsen passenger traffic at the Hong Kong International Airport as passengers already face an extra levy of up to HK$180 per flight from August. The government said on its website on Tuesday afternoon that it would gazette the new schedule of charges proposed by the Airport Authority on Friday and... https://www.scmp.com/business/article/1975350/hong-kong-airport-hikes-fees-top-new-passenger-levy-amid-stalled-traffic?utm_source=rss_feed https://www.scmp.com/business/article/1975350/hong-kong-airport-hikes-fees-top-new-passenger-levy-amid-stalled-traffic?utm_source=rss_feed Tue, 14 Jun 2016 14:08:44 +0000 At the annual Hong Kong International Airport Career Expo over the weekend, one can easily find the Cathay Pacific cadet pilot programme booth - that is by far the busiest booth besieged by young men - and a few young women. Standing in the middle are Cathay pilots Allen, Clive and Michael, who are bombarded with questions on how to get into the programme that trains people with zero aviation experience how to fly, expenses paid. That was also the corner in the exhibition hall offering the... https://www.scmp.com/business/article/1973656/hong-kong-has-aviation-labour-shortage-because-companies-dont-pay-enough?utm_source=rss_feed https://www.scmp.com/business/article/1973656/hong-kong-has-aviation-labour-shortage-because-companies-dont-pay-enough?utm_source=rss_feed Sun, 12 Jun 2016 10:22:50 +0000 Chinese firms are rushing into the global sports business, drawn by the prospect of a trillion yuan market at home for broadcast content and merchandise as well as the political bonus of helping the country’s goal of becoming a sports powerhouse. Analysts see more deals, especially in Europe, to follow the latest move by Baofeng Technology, a Shenzhen-listed video-streaming firm, which unveiled on Tuesday details of its new subsidiary, Baofeng Sports. The new unit will provide live casts and... https://www.scmp.com/business/companies/article/1968654/top-league-whats-behind-rush-chinese-firms-global-sports-business?utm_source=rss_feed https://www.scmp.com/business/companies/article/1968654/top-league-whats-behind-rush-chinese-firms-global-sports-business?utm_source=rss_feed Tue, 07 Jun 2016 13:15:15 +0000 Shenzhen is looking to build three new airports – one each for commercial airliners, seaplanes and helicopters – as part of plans to make it southern China’s transport hub. However, the plan risks bringing even more underutilised airports into the Pearl River Delta. The airports are part of a 1.4-trillion-yuan (HK$1.66 trillion) blueprint to shift the city’s development eastward. “Shenzhen will build the ‘One Belt, One Road’ transportation hub in southern China and study the plausibility of... https://www.scmp.com/business/china-business/article/1966232/shenzhen-plans-three-new-airports-international-flights-city?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1966232/shenzhen-plans-three-new-airports-international-flights-city?utm_source=rss_feed Sun, 05 Jun 2016 10:15:00 +0000 Asia’s largest aircraft lessor BOC Aviation made its trading debut on the Hong Kong stock exchange Wednesday, after raising HK$4.52 billion from cornerstone investors including Boeing. The company’s shares ended the session unchanged at HK$42, equal to its offer price, after trading as much as 4.4 per cent higher during intraday trade. The Bank of China subsidiary’s Hong Kong public offering was 38.6 times oversubscribed. A total of 31.23 million shares, or 15 per cent of its global offering,... https://www.scmp.com/business/article/1961944/boc-aviation-ends-unchanged-after-raising-hk452-billion-hong-kong-debut?utm_source=rss_feed https://www.scmp.com/business/article/1961944/boc-aviation-ends-unchanged-after-raising-hk452-billion-hong-kong-debut?utm_source=rss_feed Wed, 01 Jun 2016 13:34:52 +0000 A newly forged alliance between HNA Group and Virgin Australia through a new share issue worth A$159 million (HK$894 million) may pave the way for more deals to come from the mainland’s most acquisitive conglomerate. Virgin Australia on Tuesday morning announced the equity investment by and partnership with the Chinese company holding a vast aviation portfolio including Hainan Airlines and Hong Kong Airlines. The deal, which will make HNA an initial 13 per cent and up to 19.9 per cent... https://www.scmp.com/business/companies/article/1960912/finally-deal-takes-flight-hna-agreement-20pc-stake-virgin?utm_source=rss_feed https://www.scmp.com/business/companies/article/1960912/finally-deal-takes-flight-hna-agreement-20pc-stake-virgin?utm_source=rss_feed Tue, 31 May 2016 14:07:13 +0000 Cathay Pacific Airways said on Thursday that Algernon Yau, chief executive of subsidiary Dragonair, will “take leave for personal reasons” from July 11, and Cathay’s director of corporate affairs James Tong will become acting chief executive of Dragonair. The announcement comes after Cathay in January launched a rebranding of Dragonair as Cathay Dragon, which will put an end to the more than three-decade-old brand. Cathay Pacific set to rebrand Dragonair as ‘Cathay Dragon’ in bid to strengthen... https://www.scmp.com/business/companies/article/1955752/dragonair-ceo-algernon-yau-goes-indefinite-leave?utm_source=rss_feed https://www.scmp.com/business/companies/article/1955752/dragonair-ceo-algernon-yau-goes-indefinite-leave?utm_source=rss_feed Thu, 26 May 2016 12:24:15 +0000 Economic headwinds are about to usher in a wave of airline industry consolidation globally, said John Slosar, chairman of Cathay Pacific Airways. Speaking at an industry gathering on Wednesday, Slosar said industry consolidation, the emergence of Chinese airlines as international brands, and investment into data analytics are among the ongoing trends in the industry. His remarks comes as a pending stake sell by Air New Zealand in Virgin Australia has attracted a slew of Chinese suitors including... https://www.scmp.com/business/article/1954454/cathay-pacific-chairman-says-global-airlines-facing-consolidation-pressure?utm_source=rss_feed https://www.scmp.com/business/article/1954454/cathay-pacific-chairman-says-global-airlines-facing-consolidation-pressure?utm_source=rss_feed Wed, 25 May 2016 11:45:08 +0000 Google and Apple, two of the world’s most powerful technology giants, respectively unveiled deals with major Chinese technology companies Xiaomi and Didi Chuxing in the past week, fuelling speculation about their China market strategy - or, in the case of Google, China market comeback strategy. The two respective giants controlling the Android and iOS mobile operating systems are in a hurry to find the next growth drivers, as China, the world’s largest smartphone market saturates, with handset... https://www.scmp.com/business/article/1947489/what-recent-deals-tell-us-about-apple-and-googles-future-china?utm_source=rss_feed https://www.scmp.com/business/article/1947489/what-recent-deals-tell-us-about-apple-and-googles-future-china?utm_source=rss_feed Thu, 19 May 2016 12:00:00 +0000 The public offering (IPO) of shares in Asia’s largest aircraft lessor BOC Aviation will start in Hong Kong on Thursday with an offer price 1.25 times the company’s 2015 post-money price-to-book ratio. Robert Martin, the company’s chief executive, said in an interview that the firm is coming to the Hong Kong stock market because of an abundance of cash-rich investors, insurances companies and funds looking for a fixed return. Aircraft leasing — where a company purchases planes at a price... https://www.scmp.com/business/companies/article/1947173/aircraft-leasing-us-dollar-game-says-boc-aviation-boss-ahead-hong?utm_source=rss_feed https://www.scmp.com/business/companies/article/1947173/aircraft-leasing-us-dollar-game-says-boc-aviation-boss-ahead-hong?utm_source=rss_feed Wed, 18 May 2016 13:21:08 +0000 Chinese internet giant Tencent Holdings saw net profit rise 33 per cent in the first quarter to 9.2 billion yuan (HK$10.9 billion), but China’s slowing economy may take its toll on the firm’s online advertising revenue. “Our brand advertising business could face near-term challenges due to the uncertainties of the macroeconomic environment in China,” chairman Ma Huateng said. Tencent’s total revenue rose 43 per cent to 32 billion yuan in the first three months of the year. Advertising revenue... https://www.scmp.com/tech/enterprises/article/1947124/tencent-profit-rises-33-cent-chinas-slow-economy-clouds-advertising?utm_source=rss_feed https://www.scmp.com/tech/enterprises/article/1947124/tencent-profit-rises-33-cent-chinas-slow-economy-clouds-advertising?utm_source=rss_feed Wed, 18 May 2016 10:15:30 +0000 Cathay Pacific Airways’ chief executive has called on all departments in the company to curb spending by “stopping all non-essential discretionary expenditure,” freeze hiring or replacing “non-operationally critical staff,” and to review operational budgets. “It is now necessary for us to contain costs further,” chief executive Ivan Chu Kwok-leung told staff, according to the company’s internal magazine CX World released on Tuesday. Chu said business challenges have become more acute in recent... https://www.scmp.com/business/companies/article/1946617/under-intense-pressure-cathay-pacific-chief-calls-hiring-freeze?utm_source=rss_feed https://www.scmp.com/business/companies/article/1946617/under-intense-pressure-cathay-pacific-chief-calls-hiring-freeze?utm_source=rss_feed Tue, 17 May 2016 14:10:25 +0000 China’s state council on Tuesday issued a guideline that promised to open up airspace below 3,000 metres to general aviation and to cut the advance notice of flight plans for light aircraft to as little as one hour. The guideline on the development in the general aviation industry comes as the biggest policy boost yet to a trillion-yuan sector that has not been able to take off due to the military’s tight control of the lower-altitude airspace. The number of aircraft such as helicopters and... https://www.scmp.com/business/china-business/article/1946614/china-open-lower-airspace?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1946614/china-open-lower-airspace?utm_source=rss_feed Tue, 17 May 2016 13:41:09 +0000 A seismic shift from petrol and diesel vehicles to electric ones, especially in China, could mean the world would enter an era of oil surplus in as early as a decade, says French bank BNP Paribas. The planned initial public offering of Saudi Aramco could be the first of a series as more oil giants turn to alternative growth drivers, it predicts. “It might be there, one last cycle of oil demand. After that I won’t be talking about oil anymore, I would be talking about electric vehicles,” said... https://www.scmp.com/business/commodities/article/1946109/oil-giants-doomed-china-pushes-electric-vehicles-says-bnp?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1946109/oil-giants-doomed-china-pushes-electric-vehicles-says-bnp?utm_source=rss_feed Tue, 17 May 2016 04:32:47 +0000 The Bank of China’s aircraft leasing subsidiary BOC Aviation, has attracted a slew of investors including China’s sovereign wealth fund, mainland industrial conglomerate Fosun and US aerospace company Boeing in its US$1.1 billion initial public offering in Hong Kong. The company, headquartered in Singapore, is expected to debut on the Hong Kong stock exchange on June 1st after nearly a dozen cornerstone investors agreed to purchase 52 per cent of the shares being offered at a fixed price of... https://www.scmp.com/business/companies/article/1946051/boc-aviation-set-trading-debut-early-june-after-raising-more?utm_source=rss_feed https://www.scmp.com/business/companies/article/1946051/boc-aviation-set-trading-debut-early-june-after-raising-more?utm_source=rss_feed Mon, 16 May 2016 13:15:45 +0000 Homebuyers yesterday snapped up 85 per cent of 362 flats unveiled at a new development in Tseung Kwan O that were up to 10 per cent cheaper than some second-hand homes in the area. The first batch of flats at Savannah, developed by Wheelock Properties, were offered with discounts of up to 19.5 per cent in the biggest opening sale of new homes in six months. The flats ranged from 288 sq ft to 748 sq ft and cost between HK$3.51 million and HK$9.56 million after applying the maximum discounts. That... https://www.scmp.com/property/hong-kong-china/article/1945103/biggest-opening-sale-six-months-does-trick-homebuyers-swarm?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/1945103/biggest-opening-sale-six-months-does-trick-homebuyers-swarm?utm_source=rss_feed Sat, 14 May 2016 14:45:30 +0000 Shareholders of HNA-Caissa Travel Group — a Shenzhen-listed travel agency owned by the HNA Group that has been one of China’s most acquisitive companies — said the firm’s plan to issue 8-billion yuan worth of new shares dilutes their holdings and threatens to further damage the value of their investment. The stock has dropped by the daily limit of 10 per cent for the third straight day since trading resumed this week after a 6-month hiatus pending a deal to acquire Beijing Capital Airlines. The... https://www.scmp.com/business/companies/article/1943651/hna-units-8-billion-yuan-share-issue-plan-riles-shareholders?utm_source=rss_feed https://www.scmp.com/business/companies/article/1943651/hna-units-8-billion-yuan-share-issue-plan-riles-shareholders?utm_source=rss_feed Wed, 11 May 2016 13:09:26 +0000 Shareholders of Cathay Pacific Airways came down heavily on the management at its annual general meeting for its declining image as Hong Kong’s premium airline and the big bonuses received by its management despite the poor performance of the company’s stock. One shareholder and frequent flyer alleged the company’s cost-cutting measures have reduced Cathay “from a premium airline to a not-so-premium airline”. He also questioned the rationale for Cathay’s expensive rebranding of Dragonair and its... https://www.scmp.com/business/companies/article/1943573/shareholders-slam-cathay-pacific-declining-premium-image-and-fat?utm_source=rss_feed https://www.scmp.com/business/companies/article/1943573/shareholders-slam-cathay-pacific-declining-premium-image-and-fat?utm_source=rss_feed Wed, 11 May 2016 06:00:30 +0000 It is often hard to quit one’s job, especially a high-paying one. But the reasons are different for China’s pilots, who are overly in demand but not in a free market. Captain Y, a pilot with a major state-owned airline who does not wish to be identified, is counting down his last days with the current employer. He is among the lucky ones who managed to reach a release agreement with his airline, though the process still took more than one year from the time he applied to end his contract. Last... https://www.scmp.com/news/china/economy/article/1941960/just-cannot-let-em-go-why-it-so-hard-chinas-pilots-quit?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/1941960/just-cannot-let-em-go-why-it-so-hard-chinas-pilots-quit?utm_source=rss_feed Sun, 08 May 2016 06:01:38 +0000 Captain Park Kil-Jae, 53, has been flying A320s for Shanghai-based Spring Airlines for 10 years. “It’s much better than flying in Korea,” he said. When he decided to take the job that made him the first Korean pilot to join a Chinese airline, he didn’t expect it to be the start of a seismic change that has resulted in a shortage of experienced pilots in his home country. Korea has become the biggest source of foreign captains in China. In 2006, Park had just lost his job at South Korea’s second... https://www.scmp.com/news/china/economy/article/1942045/china-lures-foreign-pilots-mainland-big-paychecks-korea-becomes?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/1942045/china-lures-foreign-pilots-mainland-big-paychecks-korea-becomes?utm_source=rss_feed Sun, 08 May 2016 06:00:45 +0000 Aviation stocks rose the most among A shares on Wednesday, even though Chinese travel fervour during the Labour Day holidays was not strong enough to keep planes as full as they were last year. China Southern Airlines rose by the daily limit of 10 per cent while five other airlines listed in Shanghai rose at least 6.29 per cent. Airline and airport stocks as a whole rose 6.9 per cent, compared with a 0.05 per cent dip in the Shanghai Composite Index. But Chinese airlines did not do particularly... https://www.scmp.com/business/china-business/article/1941142/aviation-stocks-fly-despite-emptier-planes-during-labour-day?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1941142/aviation-stocks-fly-despite-emptier-planes-during-labour-day?utm_source=rss_feed Wed, 04 May 2016 10:09:07 +0000 FedEx, the world’s biggest express delivery company with more than 600 planes, is not too hot on the idea of drone delivery even though some Chinese companies including SF Express and Taobao are toying with the idea. “The thing with drones is that they’re very good at catching headlines. But the challenge...is how you take a neat gadget and make it a technology that is sustainable, scalable and delivers real benefits to the customer,” FedEx’s Asia-Pacific president Karen Reddington told the... https://www.scmp.com/business/article/1940339/chinese-couriers-may-love-it-idea-drones-doesnt-fly-fedex?utm_source=rss_feed https://www.scmp.com/business/article/1940339/chinese-couriers-may-love-it-idea-drones-doesnt-fly-fedex?utm_source=rss_feed Sun, 01 May 2016 11:28:46 +0000 Shipping giant China Ocean Shipping Group (Cosco) swung into the red with a net loss of 4.48 yuan in the first quarter, as the shipping industry worldwide hit a new low on weak trade and falling commodities prices. Cosco, which has just formed the world’s largest shipping alliance with three other major players this month to buffer the protracted downturn in the industry, blamed the loss on a steady decline in rates due to “severe imbalance of supply and demand”. It had incurred a loss of 1... https://www.scmp.com/business/companies/article/1940048/chinas-cosco-bleeds-more-shipping-pain-worsens?utm_source=rss_feed https://www.scmp.com/business/companies/article/1940048/chinas-cosco-bleeds-more-shipping-pain-worsens?utm_source=rss_feed Fri, 29 Apr 2016 10:04:16 +0000 The aviation industry has benefitted from plunging oil prices which has saved them billions. The exception has been the helicopter industry which has suffered because of less business from offshore oil and gas companies — their biggest clients — that have curbed investment. Some relief may be at hand, though, after crude prices climbed back above the US$40 a barrel mark. The shares of Citic Offshore Helicopter, China’s largest operator with a 63 per cent market share in offshore oil... https://www.scmp.com/business/companies/article/1939554/helicopter-industry-awaits-recovery-oil-price-rebounds-over-40?utm_source=rss_feed https://www.scmp.com/business/companies/article/1939554/helicopter-industry-awaits-recovery-oil-price-rebounds-over-40?utm_source=rss_feed Thu, 28 Apr 2016 08:33:53 +0000 The chairman of China’s biggest defence and aerospace manufacturer Aviation Industry Corporation of China (Avic) has not been seen at office since early last week, say sources in the company, hanging a question mark on the management at the state-owned juggernaut that has more than 500,000 employees and 26 listed units. Lin Zuoming, who shot to fame for attacking “malicious foreign short sellers” during last year’s stock market crash – only to find out that his subordinates had shorted the... https://www.scmp.com/business/china-business/article/1938464/boss-chinas-biggest-defence-and-aerospace-manufacturer-avic?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1938464/boss-chinas-biggest-defence-and-aerospace-manufacturer-avic?utm_source=rss_feed Mon, 25 Apr 2016 13:45:15 +0000 State-owned China Eastern Airlines and China’s largest online travel booking platform, Ctrip, are joining forces, in a surprising twist to the war between the country’s airlines and online travel agencies. China Eastern Airlines Group on Thursday introduced Ctrip as a possible 10 per cent stakeholder, after the latter promised to invest 3 billion yuan in the airline’s upcoming private placement. Ctrip plans to buy with its own capital the yuan-denominated A shares to be issued by China Eastern... https://www.scmp.com/business/companies/article/1937608/china-eastern-airlines-online-travel-agency-ctrip-call-ceasefire?utm_source=rss_feed https://www.scmp.com/business/companies/article/1937608/china-eastern-airlines-online-travel-agency-ctrip-call-ceasefire?utm_source=rss_feed Thu, 21 Apr 2016 12:17:10 +0000 As China’s 400 million and growing online shoppers get ever-more demanding for rapid delivery, an increasing number of express delivery companies are seeking to build their own freighter fleets. That makes these companies the new growth markets for Boeing at a time of muted global freighter demand. Boeing forecasts China will need 400 narrow-body freighters in the next 20 years, and express delivery firms will account for the vast majority of that demand. “This is literally driven by the... https://www.scmp.com/business/companies/article/1937556/boeing-about-emerge-huge-winner-chinas-online-shopping-boom?utm_source=rss_feed https://www.scmp.com/business/companies/article/1937556/boeing-about-emerge-huge-winner-chinas-online-shopping-boom?utm_source=rss_feed Thu, 21 Apr 2016 09:32:41 +0000 Cathay Pacific Airways’ planes were emptier this March than last despite a 19 per cent surge in Hongkongers’ air travel, while the latest traffic figures from mainland China’s ‘Big Three’ state-owned airlines also showed falling capacity utilisation. Cathay Pacific and subsidiary Dragonair’s planes were 83.9 per cent filled in March, down 3.4 percentage points compared from last March, the company said on Wednesday. It recorded a modest traffic increase of 2.6 per cent in the month, compared to... https://www.scmp.com/business/companies/article/1937423/more-seats-passengers-chinese-airlines-expand-too-fast?utm_source=rss_feed https://www.scmp.com/business/companies/article/1937423/more-seats-passengers-chinese-airlines-expand-too-fast?utm_source=rss_feed Wed, 20 Apr 2016 14:00:30 +0000 Underutilised Zhuhai airport is trying for a permit that would allow it to share some of the international business jets and helicopters struggling to find space at overcrowded Hong Kong airport. Zhuhai airport, in which the Hong Kong Airport Authority owns a 55 per cent stake, aims to get the clearance by next year, said its general manager Albert Yau. “That would mean business jets coming from anywhere could land and offload passengers in Zhuhai directly, instead of having to wait for hours... https://www.scmp.com/business/article/1936970/zhuhai-offers-take-load-congested-hong-kong-airport?utm_source=rss_feed https://www.scmp.com/business/article/1936970/zhuhai-offers-take-load-congested-hong-kong-airport?utm_source=rss_feed Mon, 18 Apr 2016 13:30:15 +0000 Fred Tan has been looking to buy a second-hand private jet for more than a year now but is yet to make a deal. Not because of a lack of choice. Options are aplenty and the prices keep falling. “I am waiting for prices to drop further,” said the Singaporean businessman with a chuckle. “No rush.” China’s business jet buyers are turning into sellers, and there are too many of them. So the prices of the jets they are looking to sell are not expected to fly anytime soon. Chinese business jet firms... https://www.scmp.com/business/money/wealth/article/1936697/business-jets-china-are-now-buyers-market-no-buyers?utm_source=rss_feed https://www.scmp.com/business/money/wealth/article/1936697/business-jets-china-are-now-buyers-market-no-buyers?utm_source=rss_feed Sun, 17 Apr 2016 09:45:45 +0000