https://www.scmp.com/rss/322927/feed Jane Li is a reporter covering China’s economy and social trends. She graduated from the University of Hong Kong with a master's degree in journalism. Prior to SCMP, she worked for Bloomberg Businessweek and her stories have featured in MSNBC, Quartz and the Financial Times’ Chinese site. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Shares of “China’s No 1 butcher” WH Group, the world’s largest pork meat processor, plunged as much as 11 per cent on Thursday after news broke that mainland authorities shut down one of its slaughter houses where dead pigs had been infected with African swine fever. Officials of Zhengzhou city in central China suspended operations and sealed off the slaughter house, which is controlled by WH’s subsidiary Shuanghui Development, for six weeks. Hong Kong-traded shares of WH Group, which owns... https://www.scmp.com/business/china-business/article/2160052/shares-chinese-butchers-plunge-reports-african-swine-fever?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2160052/shares-chinese-butchers-plunge-reports-african-swine-fever?utm_source=rss_feed Thu, 16 Aug 2018 10:45:45 +0000 WH Group, the largest pork producer in China and the world, reported worse-than-expected results for the first half of the year, with its US operations coming under pressure as trade tensions between the world’s two largest economies began to escalate. The company reported a 7.7 per cent drop in net profit to US$514 million from US$557 million in the year-earlier period as its US and European operations were hurt by lower margins. Revenue reached US$11.17 billion, up 4.8 per cent from US$10.66... https://www.scmp.com/business/china-business/article/2159702/chinas-top-butcher-wh-group-posts-worse-expected-profit?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2159702/chinas-top-butcher-wh-group-posts-worse-expected-profit?utm_source=rss_feed Tue, 14 Aug 2018 12:00:15 +0000 Shares in Chinese companies selling regular priced foodstuffs including baijiu liquor and pickles are among the top performers this year, as consumers steer away from premium brands amid rising household expenses and the country’s expected economic slowdown. The so-called consumption downgrade trend has seen investors favour stocks like Shenzhen-listed Beijing Shunxin Agriculture, a maker of the baijiu fiery grain liquor. It has become the best performing distiller on the domestic stock market,... https://www.scmp.com/business/china-business/article/2159534/liquor-and-pickles-new-flavours-investors-chinas-consumers?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2159534/liquor-and-pickles-new-flavours-investors-chinas-consumers?utm_source=rss_feed Tue, 14 Aug 2018 01:00:46 +0000 A weakening yuan and possible slowdown in China’s economy could affect the spending of mainland tourists in the city in the second half of the year, Lifestyle International Holdings, the operator of the popular Sogo department stores, said in its outlook after profit plunged by nearly 50 per cent in the first six months on lower investment income. “It has been almost two months into the second half of the year and we see the growth momentum is still there despite the [yuan’s impact],” Thomas Lau... https://www.scmp.com/business/article/2159522/weakening-yuan-possible-china-slowdown-worry-sogo-store-operator-profit?utm_source=rss_feed https://www.scmp.com/business/article/2159522/weakening-yuan-possible-china-slowdown-worry-sogo-store-operator-profit?utm_source=rss_feed Mon, 13 Aug 2018 11:52:49 +0000 China Merchants Port Holdings and Bank of East Asia, long term constituents of Hong Kong’s benchmark Hang Seng Index, will be replaced by Sino Biopharmaceutical and Shenzhou International Group Holdings from September 10, index compiler Hang Seng Indexes Company said on Friday as part of its quarterly review that ended on June 29. Sino Biopharmaceutical, listed since 2000, the Chinese drug maker has been a constituent of the Hang Seng Composite Industry Index since 2010. It is a also part of... https://www.scmp.com/business/markets/article/2159253/bank-east-asia-and-china-merchants-port-kicked-out-benchmark-hang?utm_source=rss_feed https://www.scmp.com/business/markets/article/2159253/bank-east-asia-and-china-merchants-port-kicked-out-benchmark-hang?utm_source=rss_feed Fri, 10 Aug 2018 14:28:37 +0000 A Chinese state-owned steamed bun store made famous after receiving Chinese President Xi Jinping’s surprise visit in 2013, announced that it has raised investment from a key subsidiary of Chinese conglomerate Fosun International, the Chinese owner of Club Med, and two other investment parties, paving the way for a listing. The Qingfeng Steamed Dumpling Store restaurant chain is a unit of Beijing Huatian Restaurants Group, which is in turn owned by the Beijing government. The venture received 35... https://www.scmp.com/business/article/2159046/xi-jinpings-favourite-baozi-shop-gets-financial-lifeline-fosun-eyes-stock?utm_source=rss_feed https://www.scmp.com/business/article/2159046/xi-jinpings-favourite-baozi-shop-gets-financial-lifeline-fosun-eyes-stock?utm_source=rss_feed Fri, 10 Aug 2018 00:00:00 +0000 New borrowers in Hong Kong will have to cough up higher mortgage rates as more than a dozen top banks have raised the interest on home loans by 10 basis points, signalling an end to more than a decade of cheap home loans that has in part fuelled the dizzying rise of property prices in the city. Existing homeowners, who have an outstanding HK$1.258 trillion (US$163 billion), have not yet felt the pain but can expect to pay more too, with banks expected to increase their prime rate by the end of... https://www.scmp.com/business/banking-finance/article/2158879/homeowners-feel-pain-hong-kong-banks-across-board-raise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2158879/homeowners-feel-pain-hong-kong-banks-across-board-raise?utm_source=rss_feed Wed, 08 Aug 2018 22:31:45 +0000 British insurance giant Prudential’s operating profit from its Asian operations jumped 14 per cent in the first half, higher than the 9 per cent increase from its overall operations, as its strategy to focus on the region is paying off. The Hong Kong and London listed company said that overall operating profit amounted to £2.41 billion (US$3.1 billion) for the first half, while profit generated from Asia reached £1 billion. The insurer, which has 15 million life customers worldwide, has turned... https://www.scmp.com/business/china-business/article/2158859/prudentials-focus-asia-pays-region-generates-higher-profit?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2158859/prudentials-focus-asia-pays-region-generates-higher-profit?utm_source=rss_feed Wed, 08 Aug 2018 13:04:00 +0000 Sales at 50 major Chinese retailers fell by 3.9 per cent in July from a year earlier, raising concerns over whether Beijing can push through its plan to ramp up domestic consumption to offset the effects of the intensifying US-China trade war. Retailers of home appliances saw the biggest decline, with a 9.9 per cent drop, followed by daily necessities, which fell 5.7 per cent and clothing sales down 3.8 per cent, according to the China National Commercial Information Centre, a state-backed... https://www.scmp.com/business/china-business/article/2158813/china-retail-sales-fall-july-blow-government-plan-have?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2158813/china-retail-sales-fall-july-blow-government-plan-have?utm_source=rss_feed Wed, 08 Aug 2018 10:00:15 +0000 Dutch brewing giant Heineken NV announced on Friday it would give China Resources Beer, the country’s biggest brewer, exclusive rights to use its Heineken brand in mainland China, Hong Kong and Macau, in a deal worth US$3.1 billion. The region represents the world’s largest market for beer. Under the agreement, Heineken will take a 40 per cent stake in CRH Beer, China Resources Beer’s parent company, for HK$24.35 billion (US$3.1 billion). China Resources Enterprise, which owns CRH Beer, will... https://www.scmp.com/business/china-business/article/2158072/heineken-taps-china-market-signs-us31-billion-deal-countrys?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2158072/heineken-taps-china-market-signs-us31-billion-deal-countrys?utm_source=rss_feed Fri, 03 Aug 2018 02:22:12 +0000 China’s biggest maker of dairy products, Yili Group, said it plans to take a majority stake in Fauji Foods, a unit of a Pakistani fertiliser manufacturer, in a bid to expand its overseas presence. In a company filing on Tuesday, the Shanghai-listed company said it has submitted a letter of intent to acquire a 51 per cent stake in Fauji Foods, which is engaged in the processing and marketing of dairy products, juices and jams in Pakistan. It did not disclose any financial details about the... https://www.scmp.com/business/china-business/article/2157854/chinese-dairy-giant-yili-moves-pakistan-escape-ghost-milk?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2157854/chinese-dairy-giant-yili-moves-pakistan-escape-ghost-milk?utm_source=rss_feed Wed, 01 Aug 2018 23:33:13 +0000 Two months since the surprise short seller attack on Samsonite, which wiped out more than US$1 billion from its market value at the end of May, the company says that the incident has had no major impact on its operations and that it was still looking to expand. The Hong Kong-listed shares of the world’s largest luggage maker by volume lost more than 22 per cent of its value at the end of May after Blue Orca questioned its accounting practices. “The [short seller] attack hasn’t impacted our... https://www.scmp.com/business/china-business/article/2157420/samsonite-shrugs-short-seller-attack-it-plans-add-more?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2157420/samsonite-shrugs-short-seller-attack-it-plans-add-more?utm_source=rss_feed Mon, 30 Jul 2018 05:30:00 +0000 On paper, China’s latest epic movie Asura checked all the right boxes: The star-studded cast combined veteran Hong Kong actors with the latest mainland teenage heart throbs. It had dazzling action scenes, lavish costumes, technical and production support from the Hollywood crews that worked on Furious 7 and Deadpool. Still, the movie failed miserably, grossing 49 million yuan after it was screened in 118,000 sessions over three days in the world’s largest movie market, earning less than 10 per... https://www.scmp.com/business/china-business/article/2156025/costumes-effects-and-outsize-fees-how-asuras-record-budget?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2156025/costumes-effects-and-outsize-fees-how-asuras-record-budget?utm_source=rss_feed Thu, 19 Jul 2018 13:00:30 +0000 Lipstick sales in China almost doubled last year, exceeding growth in other key colour cosmetics categories, including eye and facial make-up, according to a report by Red Lab, a Chinese consultancy that focuses on cosmetics retailing. In general, growth in the cosmetics sector outstripped fast-moving consumer goods, which saw a growth of 4.3 per cent, while sales of lipsticks expanded by 97 per cent. Skincare products expanded by 16.95 per cent and ersonal care goods grew by 7.73 per cent. The... https://www.scmp.com/business/china-business/article/2155734/dont-read-too-much-chinas-lipstick-sales-surge-honestly?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2155734/dont-read-too-much-chinas-lipstick-sales-surge-honestly?utm_source=rss_feed Wed, 18 Jul 2018 05:01:45 +0000 Shares of Chinese lingerie maker Cosmo Lady, which surged on Monday following the appointment of former Victoria’s Secret CEO Sharen Jester Turney as its chief strategic officer, could not sustain its momentum. The shares closed 0.5 per cent lower in Hong Kong on Tuesday after jumping as much as 12 per cent in the previous session, after China’s top maker of intimate wear by market share, said Turney would oversee its operational issues including mergers and acquisitions as well as overseas... https://www.scmp.com/business/china-business/article/2155685/surge-chinas-top-lingerie-maker-short-lived-even-victorias?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2155685/surge-chinas-top-lingerie-maker-short-lived-even-victorias?utm_source=rss_feed Tue, 17 Jul 2018 11:00:58 +0000 The producers of Asura, the most expensive Chinese film ever made at 750 million yuan (US$112 million), decided to pull it from theatres on Sunday after a disastrous opening weekend when it only made 49.05 million yuan (US$7.3 million). The surprise announcement was posted on the film’s official Weibo account – the Chinese equivalent of Twitter – which did not give a specific reason for the decision. Instead the producers, Zhenjian Film Studio and Ningxia Film Group, said they wanted to extend... https://www.scmp.com/business/china-business/article/2155523/producers-chinas-most-expensive-film-asura-pull-it-cinemas?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2155523/producers-chinas-most-expensive-film-asura-pull-it-cinemas?utm_source=rss_feed Mon, 16 Jul 2018 12:52:48 +0000 A tropical monsoon packing wind gusts of 70km/h (43.5mph) failed to douse Hong Kong’s feverish demand for housing, with two developers reporting overwhelming response to their latest weekend property sales. Far East Consortium said it sold 106 of the 112 units on offer at The Garrison apartment complex in Sha Tin as of 8:30pm, while agents said Sun Hung Kai had sold more than 100 units of the second phase of it St Martin project in Tai Po. The near-complete sale of the two projects, coming a... https://www.scmp.com/business/article/2155295/downpour-fails-douse-citys-housing-fever-two-developers-post-near-complete?utm_source=rss_feed https://www.scmp.com/business/article/2155295/downpour-fails-douse-citys-housing-fever-two-developers-post-near-complete?utm_source=rss_feed Sat, 14 Jul 2018 14:28:23 +0000 China’s equities bourses will temporarily bar mainland Chinese investors from trading companies with multiple classes of stocks, in a move to prevent domestic capital from fleeing the country’s bear market to Xiaomi and other offshore-listed darlings of global finance. Foreign companies, stapled securities and stocks with so-called weighted voting rights (WVRs) listed in Hong Kong will be temporarily excluded from the pool of stocks that mainland Chinese investors are allowed to trade in, under... https://www.scmp.com/business/banking-finance/article/2155277/china-bars-access-offshore-tech-darlings-stock-connect-halt?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2155277/china-bars-access-offshore-tech-darlings-stock-connect-halt?utm_source=rss_feed Sat, 14 Jul 2018 10:00:00 +0000 A rust-belt region could become the first Chinese province to pay its people to have more babies. The northeastern province of Liaoning, which has been grappling with slow economic growth and a fast-ageing population, has vowed to double its birth rates by 2030. The region’s fertility rate – the number of children a woman is expected to have in her lifetime – was 0.9 in 2015, one of the lowest in the world. Countries generally need a fertility rate of 2.1 to maintain a steady... https://www.scmp.com/society/chinas-liaoning-province-plans-reward-people-having-more-children/article/2155157?utm_source=rss_feed https://www.scmp.com/society/chinas-liaoning-province-plans-reward-people-having-more-children/article/2155157?utm_source=rss_feed Fri, 13 Jul 2018 09:15:15 +0000 Ctrip, China’s largest online travel agency, will help its female executives with costs associated with pregnancies, including freezing of their eggs, the company said on Thursday. I think Ctrip’s move is a welcome first step for Chinese technology firms Grace Zhang, chapter director, Startup Grind Shenzhen The company will provide financial assistance ranging from 100,000 yuan (US$14,994) to 2 million yuan, along with seven days’ paid leave, to mid to senior level female executives, so that... https://www.scmp.com/business/china-business/article/2155031/chinese-online-travel-major-ctrip-assist-female-executives?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2155031/chinese-online-travel-major-ctrip-assist-female-executives?utm_source=rss_feed Thu, 12 Jul 2018 11:11:40 +0000 Could casinos in Macau get caught up in the crossfire of an escalating trade war between the United States and China? Beijing could put pressure on operators with a US parent in a number of ways, according to analysts. “The US casinos are sitting on a geopolitical fault line,” said Steve Vickers, a former head of the Royal Hong Kong Police Force’s criminal intelligence bureau for 18 years, and now chief executive of political and corporate risk consultancy, Steve Vickers and... https://www.scmp.com/business/article/2154881/macau-casinos-could-get-caught-us-china-trade-war-crossfire-say-analysts?utm_source=rss_feed https://www.scmp.com/business/article/2154881/macau-casinos-could-get-caught-us-china-trade-war-crossfire-say-analysts?utm_source=rss_feed Wed, 11 Jul 2018 23:03:15 +0000 Tencent-backed online health care solutions platform WeDoctor, valued at US$5.5 billion after its latest round of fundraising, said on Monday it was actively preparing for a flotation in Hong Kong, despite the recent bearish sentiment in the market. We believe online technology platforms, especially those focusing on health care like us … will be acknowledged and rewarded by the market Jerry Liao Jieyuan, CEO and founder, WeDoctor “We will choose an appropriate time for the listing,” Jerry Liao... https://www.scmp.com/business/china-business/article/2154514/tencent-backed-health-care-platform-wedoctor-shrugs-bear?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2154514/tencent-backed-health-care-platform-wedoctor-shrugs-bear?utm_source=rss_feed Mon, 09 Jul 2018 23:01:15 +0000 China’s decision to cut import tariffs and the rapid depreciation of the yuan pose a serious threat to Hong Kong’s status as a shoppers’ paradise for tourists from the mainland, say analysts. Visitors from the mainland account for a third of the total visitors to the city, and have been instrumental to the recovery of its retail sector since last year. The tax cut could affect the way Chinese tourists spend their money in Hong Kong. French luxury goods company LVMH Moet Hennessy Louis Vuitton... https://www.scmp.com/business/china-business/article/2153795/louis-vuitton-bag-costing-just-us100-more-china-will?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2153795/louis-vuitton-bag-costing-just-us100-more-china-will?utm_source=rss_feed Wed, 04 Jul 2018 13:00:45 +0000 Slick big-budget Chinese films and perfectly timed releases drew audiences to the cinemas in droves during the first half of the year. Domestic films accounted for 60 per cent or 19 billion yuan (US$2.85 billion) of the 32 billion yuan box office revenue in the first six months of the year, according to figures from Ent Group, which compiles industry data. China smashes world monthly box office record, as February takings top US$1.57 billion During the same period last year, foreign films... https://www.scmp.com/business/china-business/article/2153469/chinese-films-overtake-hollywood-box-office-first-half?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2153469/chinese-films-overtake-hollywood-box-office-first-half?utm_source=rss_feed Mon, 02 Jul 2018 21:03:49 +0000 World prices of cobalt, lithium and nickel are booming as China’s insatiable need for the battery packs used in electric vehicles drove up demand, recreating the economic bonanza that fuelled commodity-exporting countries a decade ago. The price of lithium, a soft silvery white metal usually mined from brines, has soared by more than 300 per cent in the past two years. The price of cobalt, mostly mined as a by-product of nickel and copper, surged 129 per cent last year while nickel surged 4.6... https://www.scmp.com/business/companies/article/2153154/cobalt-lithium-and-nickel-are-booming-due-chinas-insatiable?utm_source=rss_feed https://www.scmp.com/business/companies/article/2153154/cobalt-lithium-and-nickel-are-booming-due-chinas-insatiable?utm_source=rss_feed Sat, 30 Jun 2018 06:33:08 +0000 Chinese companies are scouring the world’s mines for lithium, cobalt and other minerals that go into battery packs used in electric vehicles, resuming the kind of voracious hunt for resources that added to economic booms in exporting countries a decade earlier. They were the first to get off the starting block in getting their hands on these vital minerals, crucial for China’s ambition to lead the world in the production and use of electric and new energy vehicles, where up to 2 million units... https://www.scmp.com/business/china-business/article/2153153/chinas-firms-are-scouring-world-mineral-ores-pursuit-nations?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2153153/chinas-firms-are-scouring-world-mineral-ores-pursuit-nations?utm_source=rss_feed Sat, 30 Jun 2018 00:01:18 +0000 Shares of Puxin, China’s third largest after-school education company, surged on its New York Stock Exchange debut on Friday, shrugging off concerns after another US-listed Chinese education company, TAL Education, was accused of inflating profit by a short seller. The shares rose 25 per cent as of 11:12am US time to US$21.24, higher than the opening price of US$17 per share. About 7.2 million American Depositary Shares were floated on the bourse, raising more than US$120 million. “We are aiming... https://www.scmp.com/business/investor-relations/ipo-quote-profile/article/2151089/chinas-third-largest-education?utm_source=rss_feed https://www.scmp.com/business/investor-relations/ipo-quote-profile/article/2151089/chinas-third-largest-education?utm_source=rss_feed Fri, 15 Jun 2018 15:34:08 +0000 Hong Kong developer Swire Properties said on Friday that it had agreed to sell two office towers at its development in the east of Hong Kong Island for HK$15 billion (US$1.9 billion), using the money for other projects in Hong Kong and Shanghai. It will sell the 21-storey Cityplaza Three and the 24-storey Cityplaza Four in the Taikoo Shing residential and commercial development in Quarry Bay to Henglilong Investments Limited, the company said in a filing to the Hong Kong stock exchange late on... https://www.scmp.com/business/article/2151082/hong-kongs-swire-sells-two-office-towers-cityplaza-development-us19-billion?utm_source=rss_feed https://www.scmp.com/business/article/2151082/hong-kongs-swire-sells-two-office-towers-cityplaza-development-us19-billion?utm_source=rss_feed Fri, 15 Jun 2018 13:05:48 +0000 Shares in a number of Chinese education companies dropped sharply in Hong Kong on Thursday, following on from declines in their US-listed peers the day before, after a report by short seller Muddy Waters said China’s TAL Education had inflated its net profit figures. Muddy Waters said TAL, one of China’s largest private education services providers, was combining “the old school China fraud playbook of simply pencilling in more favourable numbers with the more sophisticated asset parking fraud... https://www.scmp.com/business/companies/article/2150861/shares-chinese-education-firms-fall-wake-muddy-waters-attack-tal?utm_source=rss_feed https://www.scmp.com/business/companies/article/2150861/shares-chinese-education-firms-fall-wake-muddy-waters-attack-tal?utm_source=rss_feed Thu, 14 Jun 2018 12:45:01 +0000 Portugal has Cristiano Ronaldo, Argentina has Lionel Messi, and Egypt are hoping Mohamed Salah will bring them World Cup glory. China may not have qualified for football’s showcase event but an unlikely national hero has emerged nonetheless, carrying the hopes of the nation into the tournament as it kicks off in Russia tonight: the humble crayfish. In a bid to reverse a decline in overseas demand, a train carrying 100,000 crayfish recently left the central Chinese city of Wuhan for Moscow,... https://www.scmp.com/business/china-business/article/2150842/who-needs-ronaldo-chinas-world-cup-hopes-rest-crayfish?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2150842/who-needs-ronaldo-chinas-world-cup-hopes-rest-crayfish?utm_source=rss_feed Thu, 14 Jun 2018 10:58:15 +0000 Stanley Ho Hung-sun, the nonagenarian tycoon and founder of Asia’s largest casino empire, has officially ceded the reins of the company that monopolised gambling in Macau for four decades to his heirs. The retirement of Ho, who turns 97 in November, was formally approved today at the annual shareholders meeting of SJM Holdings in Hong Kong. The tycoon would become chairman emeritus, while the company’s board would be chaired by his daughter Daisy Ho Chiu-fung. Ho’s fourth wife, Angela Leong On... https://www.scmp.com/business/companies/article/2150441/sjm-shareholders-approve-casino-mogul-stanley-hos-retirement-he?utm_source=rss_feed https://www.scmp.com/business/companies/article/2150441/sjm-shareholders-approve-casino-mogul-stanley-hos-retirement-he?utm_source=rss_feed Tue, 12 Jun 2018 10:00:30 +0000 L’Occitane International, the first French company to go public in Hong Kong in 2010, on Monday reported a 27.1 per cent drop in annual net profit, as it was hurt by the US tax reform, increased outlay on marketing and one-off costs related to opening of new stores. Net profit for the financial year ended March 2018 reached €96.5 million (US$113.6 million) compared to €132.4 million a year earlier, the company said on Monday. Net sales fell by a marginal 0.3 per cent to €1.31 billion. “Despited... https://www.scmp.com/business/china-business/article/2150270/french-beauty-giant-loccitanes-profit-hurt-us-tax-reform?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2150270/french-beauty-giant-loccitanes-profit-hurt-us-tax-reform?utm_source=rss_feed Mon, 11 Jun 2018 12:39:04 +0000 Jane Li Jane Li French company Pernod Ricard, the world’s second largest distiller, sees digitalisation as one of the essential ways to connect with Chinese millennials. The firm held its 2018 capital market day this week in Shenzhen, an area known as China’s Silicon Valley, presenting before more than 60 analysts, investors, as well as journalists, many hailing from all over of the world. “We think it is a great idea for us to come back to China to hold the capital market day after five years, as the... https://www.scmp.com/business/investor-relations/article/2149800/makers-absolut-vodka-have-bold-new-strategy-reach-chinas?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/2149800/makers-absolut-vodka-have-bold-new-strategy-reach-chinas?utm_source=rss_feed Fri, 08 Jun 2018 00:30:15 +0000 The latest round of import tariff cuts by Beijing is a fresh reminder for Hong Kong to improve its quality of service as well as retail experience, if it wants to continue to attract Chinese tourism spending despite a rapid erosion of any price advantage it enjoys versus the mainland, said analysts. China announced last week it would reduce the average tariff rate for 1,449 imported products – ranging from cosmetics to home appliances – from 15.7 per cent to 6.9 per cent, effective July 1. This... https://www.scmp.com/business/china-business/article/2149406/what-hong-kong-retailers-must-do-maintain-edge-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2149406/what-hong-kong-retailers-must-do-maintain-edge-china?utm_source=rss_feed Tue, 05 Jun 2018 22:32:38 +0000 Samsonite, the world’s biggest luggage maker, has replaced its CEO, Ramesh Tainwala, after an activist investor accused him of lying about his academic background. The company’s shares plummeted last week and were later suspended after US short-seller Blue Orca Capital made that allegation and also accused Samsonite of “questionable accounting practises” and poor corporate governance. News of Tainwala’s departure sent Samsonite’s shares up 10 per cent in Hong Kong when they resumed trading on... https://www.scmp.com/business/companies/article/2148745/samsonite-ceo-ramesh-tainwala-steps-down-after-short-seller?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148745/samsonite-ceo-ramesh-tainwala-steps-down-after-short-seller?utm_source=rss_feed Fri, 01 Jun 2018 01:36:14 +0000 Shares of China’s top dairy maker Yili Group jumped by 10 per cent on Thursday, after video footage showing the company’s chairman and CEO Pan Gang attending its annual shareholder meeting in his first high-profile public appearance recently, squashing rumours that the chairman had been taken away for investigation. In a short video posted Thursday by Chinese media Sina Finance on Weibo – China’s equivalent of Twitter- Pan was seen stepping on stage in a black suit and white shirt- the... https://www.scmp.com/business/china-business/article/2148686/chinas-top-dairy-maker-yili-group-sees-shares-rocket-10pc?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2148686/chinas-top-dairy-maker-yili-group-sees-shares-rocket-10pc?utm_source=rss_feed Thu, 31 May 2018 10:24:42 +0000 Meinian Onehealth Healthcare Holdings, China’s largest medical examination centre operator, plans to open another 200 more centres in the country this year, adding to the more than 400 outlets it has nationally, the company’s founder and chairman Yu Rong said on Wednesday. It also plans to expand its presence in Hong Kong. “We will have some good news to announce very soon, within this year,” said Yu, without elaborating. The Shenzhen-listed but Shanghai-based company has a market capitalisation... https://www.scmp.com/business/china-business/article/2148541/meinian-onehealth-plans-open-200-more-medical-examination?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2148541/meinian-onehealth-plans-open-200-more-medical-examination?utm_source=rss_feed Thu, 31 May 2018 00:30:31 +0000 Shares in Tingyi Holding, China’s largest producer of instant noodles and drinks, were trading at a six-week high on Tuesday, after the company posted a better-than-expected first quarter late on Monday, on the back of robust sales of instant noodle products. Its shares jumped by about 9 per cent to an intraday high of HK$18.16 in Hong Kong, after the company reported a 64.26 per cent jump in its net profit to 712 million yuan (US$111 million) during the first three months of the year. Japanese... https://www.scmp.com/business/china-business/article/2148281/robust-quarterly-profit-chinas-largest-producer-suggests?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2148281/robust-quarterly-profit-chinas-largest-producer-suggests?utm_source=rss_feed Tue, 29 May 2018 08:30:26 +0000 Private early education providers, baby-caring companies, family-oriented lifestyle product producers, and children’s wear makers could be the biggest beneficiaries from a possible lifting in China of birth control limits, according to analysts. China is considering a plan to scrap all limits on the number of children a family can have, which could be implemented as early as end of this year, according to Bloomberg, citing unnamed official sources this week. The 1.4 billion population country... https://www.scmp.com/business/china-business/article/2147974/potential-winners-possible-scrapping-chinas-birth-limits?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2147974/potential-winners-possible-scrapping-chinas-birth-limits?utm_source=rss_feed Mon, 28 May 2018 00:32:13 +0000 Shares in Samsonite International, the world’s largest branded luggage maker, have slumped more than 11 per cent after trading in its Hong Kong listed shares resumed trading on Friday morning, extending its losing streak from Thursday after Texas short seller Blue Orca accused the company of “questionable accounting practises” and “poor corporate governance”. Shares in the Mansfield, Massachusetts-based firm, lost 11 per cent in their first four minutes of trading, ending the day down 12.05 per... https://www.scmp.com/business/china-business/article/2147732/shares-luggage-maker-samsonite-continue-slump-despite?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2147732/shares-luggage-maker-samsonite-continue-slump-despite?utm_source=rss_feed Fri, 25 May 2018 03:30:15 +0000 Shares in Hong Kong-listed branded luggage maker Samsonite International plummeted by more than 11 per cent in early trading in Hong Kong on Thursday, after being accused of “questionable accounting practises” and “poor corporate governance”, in a report by newly formed activist short-seller, Blue Orca Capital. Trading in the shares was halted at 11.18am. “We suspect Samsonite has concealed slowing growth through debt-fuelled acquisitions and that it has massaged earnings and inflated margins... https://www.scmp.com/business/article/2147544/luggage-giant-samsonite-accused-over-questionable-accounting-practises?utm_source=rss_feed https://www.scmp.com/business/article/2147544/luggage-giant-samsonite-accused-over-questionable-accounting-practises?utm_source=rss_feed Thu, 24 May 2018 05:00:15 +0000 What do investment guru Warren Buffett, US media giant Time Warner, storied British public school Eton College, South Korea’s Samsung and global law firm Baker & McKenzie have in common? The answer is they are all named in an expansive wish list put together by China’s southern province of Hainan, which wants them to come and invest as part of an ambitious plan to transform the sleepy sun, sea and sand tropical island into one of the biggest free-trade zones in the world. Last weekend the Hainan... https://www.scmp.com/business/article/2147398/sun-sea-sand-and-warren-buffett-chinas-tropical-hainan-wants-big-names-come?utm_source=rss_feed https://www.scmp.com/business/article/2147398/sun-sea-sand-and-warren-buffett-chinas-tropical-hainan-wants-big-names-come?utm_source=rss_feed Wed, 23 May 2018 07:15:37 +0000 Jane Li,Amanda Lee Jane Li,Amanda Lee Hong Kong’s millennials, fearing that they will soon be unable to afford property in one of the world’s most expensive cities, have joined the real estate rush. Buyers snapped up about 250 units in four projects with prices ranging from HK$19,975 to HK$28,235 (US$2,545 to US$3,600) per square feet during the past three days, proof that there is no sign of a slow down in the city where house prices have been rising for 24 consecutive months, according to real estate company Colliers International... https://www.scmp.com/business/article/2146978/hong-kongs-millennials-join-red-hot-property-party-snap-50pc-units-launched?utm_source=rss_feed https://www.scmp.com/business/article/2146978/hong-kongs-millennials-join-red-hot-property-party-snap-50pc-units-launched?utm_source=rss_feed Sun, 20 May 2018 12:34:07 +0000 Casino industry veterans said this week that it was unlikely Beijing would allow the construction of casinos in Hainan, the island known as “China’s Hawaii”. But international waters off the Hainan coast could see the launch of new kinds of sports lotteries, they said.   Beijing announced in April it would allow horse racing and new types of sports lotteries on the southern island as part of plans to turn the province into the mainland’s biggest pilot free-trade port, leading to gains by stock... https://www.scmp.com/business/china-business/article/2146828/casinos-hainan-dont-bet-it-says-industry-guild-cruise-based?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2146828/casinos-hainan-dont-bet-it-says-industry-guild-cruise-based?utm_source=rss_feed Fri, 18 May 2018 11:30:15 +0000 For Macau gaming mogul Lawrence Ho, the chief executive and chairman of Melco Resorts, winning is all about grabbing the “premium” mass market – instead of relying on the high rollers. The segment comprises big spenders that are not focused solely on gambling. This idea was reinforced when the 42-year-old said he was not going to use junket operators for his new hotel, Morpheus, a move that has surprised many industry insiders. Macau’s fortunes shine as April gaming revenues surge 28 per... https://www.scmp.com/business/companies/article/2146421/its-all-about-premium-mass-market-melco-ceo-lawrence-ho-gets?utm_source=rss_feed https://www.scmp.com/business/companies/article/2146421/its-all-about-premium-mass-market-melco-ceo-lawrence-ho-gets?utm_source=rss_feed Wed, 16 May 2018 10:47:24 +0000 The pastime of running is growing rapidly in China as a burgeoning middle class with higher disposable incomes takes up exercise as part of a healthier lifestyle. According to the Chinese Athletics Association (CAA), about five million runners took part in more than 1,000 competitive events in the mainland last year, roughly double the number in 2016. But the numbers are still small when compared to many western countries, leaving plenty of room for growth. That creates a golden opportunity for... https://www.scmp.com/business/china-business/article/2145928/chinas-running-craze-could-spawn-sportswear-unicorn-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2145928/chinas-running-craze-could-spawn-sportswear-unicorn-says?utm_source=rss_feed Sun, 13 May 2018 11:04:11 +0000 Foreign airlines that refer to Taiwan, Hong Kong or Macau as being independent from China could face punishment under a new social credit regulation issued by Beijing late last year. According to a report by The Washington Post, the Civil Aviation Administration of China sent a letter to 36 carriers last month saying that companies that failed to acknowledge the one-China principle may be subjected to closer administrative scrutiny or even given demerits on their credit records. The article... https://www.scmp.com/news/china/diplomacy-defence/article/2145038/us-china-fresh-row-beijing-tells-foreign-airlines-they?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2145038/us-china-fresh-row-beijing-tells-foreign-airlines-they?utm_source=rss_feed Mon, 07 May 2018 11:00:30 +0000 Macau casino operator Galaxy Entertainment Group, which posted a 36 per cent jump in earnings on Thursday, says it supports the Philippines government’s move to temporarily close Boracay for environmental reasons and will seek further clarification after announcing plans for a US$500 million resort on the island. “We support the Philippine Government’s decision to temporarily close Boracay and their restoration initiative for the island,” it said in a filing to the Hong Kong bourse on Thursday.... https://www.scmp.com/business/china-business/article/2144564/macau-casino-operator-galaxy-supports-closure-philippines?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2144564/macau-casino-operator-galaxy-supports-closure-philippines?utm_source=rss_feed Thu, 03 May 2018 10:23:22 +0000 Macau’s gaming revenues jumped 27.6 per cent year on year in April, helping the enclave record growth for 21 consecutive months. Revenues in April reached 25.7 billion patacas (US$3.2 billion) compared to 20.1 billion patacas a year earlier, according to figures from the city’s Gaming Inspection and Coordination Bureau on Tuesday. Total revenues for the first four months touched 102.2 billion patacas, up 22.2 per cent year on year. The figures handily beat China Renaissance estimates, which... https://www.scmp.com/business/china-business/article/2144225/macaus-fortunes-shine-gaming-revenues-surge-28pc-april?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2144225/macaus-fortunes-shine-gaming-revenues-surge-28pc-april?utm_source=rss_feed Tue, 01 May 2018 12:30:08 +0000 At the Poseidon Suite at Fosun Group’s new Atlantis resort in Sanya, several floor-to-ceiling windows in the submerged duplex offer views out into the undersea world of the Ambassador Lagoon, one of the world’s largest open-air aquariums, containing close to 100,000 marine animals. The 340-square metre (3,660 sq ft) suite, which will set its occupants back an auspicious 108,888 yuan (US$17,200) per night, is one of five completely submerged rooms under the lagoon, served exclusively by two... https://www.scmp.com/business/companies/article/2143966/will-poseidons-us17200-undersea-duplex-atlantis-resort-be-hainans?utm_source=rss_feed https://www.scmp.com/business/companies/article/2143966/will-poseidons-us17200-undersea-duplex-atlantis-resort-be-hainans?utm_source=rss_feed Mon, 30 Apr 2018 04:01:56 +0000