https://www.scmp.com/rss/501469/feed Yaling Jiang is a Shanghai-based technology reporter at the Post. She previously covered consumer-facing businesses that include fashion, beauty, art and food with a focus on China. Before graduating from Columbia Journalism School, she had been a translator in her previous career. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Organised by the Shanghai Museum and supported by Cartier, the exhibition “Cartier, the Power of Magic” creates a cultural dialogue between the maison’s high jewellery collection and ancient Chinese artworks. The show is running at Shanghai Museum East until February 17, 2025. The curatorial team selected over 300 creations from the Cartier Collection and nearly 40 Chinese artworks from museums at home and abroad. The dialogue stands out as a cherished exchange, and showcases the striking... https://www.scmp.com/magazines/style/luxury/luxury-news/article/3286005/cartier-blends-high-jewellery-ancient-chinese-artworks-and-ai-its-power-magic-exhibition-shanghai?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/luxury-news/article/3286005/cartier-blends-high-jewellery-ancient-chinese-artworks-and-ai-its-power-magic-exhibition-shanghai?utm_source=rss_feed Mon, 11 Nov 2024 05:00:09 +0000 Swiss luxury watchmaker Rolex recently honoured Liu Shaochuang, a visionary who uses remote sensing to save wild camels from extinction, with a coveted Rolex Award for Enterprise. This accolade, a first for a mainland Chinese national, falls under the Rolex Perpetual Planet Initiative that supports individuals and organisations committed to safeguarding the planet. Liu is one of five laureates receiving awards for the year 2023, among 160 laureates since the programme’s launch in 1976. The... https://www.scmp.com/magazines/style/people/icons-influencers/article/3253689/meet-first-rolex-award-enterprise-laureate-china-liu-shaochuang-using-technology-he-developed?utm_source=rss_feed https://www.scmp.com/magazines/style/people/icons-influencers/article/3253689/meet-first-rolex-award-enterprise-laureate-china-liu-shaochuang-using-technology-he-developed?utm_source=rss_feed Fri, 01 Mar 2024 10:00:20 +0000 Prada’s Pradasphere II, a public exhibition that delves into the illustrious 110-year history of the Italian fashion house, debuts this Thursday at Shanghai’s West Bund art hub, set against the scenic backdrop of the Huangpu River. The brand’s co-creative directors Miuccia Prada and Raf Simons curated the multisensory exhibition that showcases Prada’s engagements beyond fashion. More than 400 physical and digital artefacts from the archives across art, architecture, culture and sport, as well as... https://www.scmp.com/magazines/style/fashion/fashion-news/article/3244192/pradas-pradasphere-ii-opens-shanghai-exhibition-showcases-italian-luxury-houses-reach-beyond-fashion?utm_source=rss_feed https://www.scmp.com/magazines/style/fashion/fashion-news/article/3244192/pradas-pradasphere-ii-opens-shanghai-exhibition-showcases-italian-luxury-houses-reach-beyond-fashion?utm_source=rss_feed Thu, 07 Dec 2023 07:04:31 +0000 Joshua Li has had a challenging year after joining German toy company Playmobil last summer to spearhead its China growth. The Brandstätter Group-owned brand is a household name on the level of Lego in Europe, but is little-known in China. Its extensive product lines – based on smiling, 7.5-cm-tall human figures who come in sets with a huge array of accessories, vehicles, and structures based on themes ranging from medieval castles to space pirates – mainly target kids from 3 to 12 years old. As... https://www.scmp.com/business/article/3199255/zero-covid-policy-has-foreign-firms-re-evaluating-chinas-role-their-global-operations-trade-group?utm_source=rss_feed https://www.scmp.com/business/article/3199255/zero-covid-policy-has-foreign-firms-re-evaluating-chinas-role-their-global-operations-trade-group?utm_source=rss_feed Sat, 12 Nov 2022 01:00:09 +0000 Chinese companies agreed to buy goods and services worth US$73.5 billion from foreign exhibitors at the world’s largest import trade fair, echoing President Xi Jinping’s pledge to further open up the country’s vast market. The value of the transactions sealed during the six-day China International Import Expo (CIIE) that ended in Shanghai on Thursday rose 3.9 per cent from last year, despite fewer exhibitors and visitors because of stringent virus-prevention measures. “The fifth CIIE was the... https://www.scmp.com/business/china-business/article/3199168/chinese-companies-sign-us735-billion-deals-ciie-despite-fewer-foreign-exhibitors-and-visitors?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3199168/chinese-companies-sign-us735-billion-deals-ciie-despite-fewer-foreign-exhibitors-and-visitors?utm_source=rss_feed Thu, 10 Nov 2022 13:30:08 +0000 Foreign companies are increasingly working with Chinese brands and incorporating cultural elements into their products, but some have gone a step further, joining hands with state-owned enterprises to target the nation’s 1.4 billion consumers. At the ongoing China International Import Expo (CIIE) in Shanghai, companies such as US leather goods maker Coach, Swedish furniture brand Ikea, Danish toymaker Lego and Austrian jewellery brand Swarovski showcased their latest or upcoming local... https://www.scmp.com/business/china-business/article/3198920/global-brands-think-local-they-tie-state-owned-entities-woo-customers-china-centric-products?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198920/global-brands-think-local-they-tie-state-owned-entities-woo-customers-china-centric-products?utm_source=rss_feed Wed, 09 Nov 2022 00:30:11 +0000 German exhibitors at China’s largest import trade fair said they expect Chancellor Olaf Scholz’s visit to Beijing to bolster trade between the two countries. The rising optimism comes after Scholz’s one-day visit last Friday, along with a delegation that included representatives from major German companies including BioNTech, Volkswagen, BMW and Deutsche Bank. Scholz’s first to China as leader took place just one day before the opening of the annual China International Import Expo (CIIE) in... https://www.scmp.com/business/china-business/article/3198792/german-exhibitors-import-trade-fair-expect-business-ties-china-improve-after-chancellor-scholzs?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198792/german-exhibitors-import-trade-fair-expect-business-ties-china-improve-after-chancellor-scholzs?utm_source=rss_feed Tue, 08 Nov 2022 01:59:18 +0000 Sustainability seems to be the predominant theme at the China International Import Expo (CIIE) in Shanghai, with companies taking part echoing Chinese President Xi Jinping’s pledge to reach carbon neutrality by 2060. But for some visitors sustainability does not play an important role in their product purchases. Multinational corporations such as Uniqlo, McDonald’s, Thyssenkrupp and Siemens have made sustainable living and green products a key focus at this year’s expo. The Japanese apparel... https://www.scmp.com/business/china-business/article/3198785/japans-uniqlo-highlights-sustainability-shanghai-trade-expo-not-all-visitors-buy-idea-green-living?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198785/japans-uniqlo-highlights-sustainability-shanghai-trade-expo-not-all-visitors-buy-idea-green-living?utm_source=rss_feed Tue, 08 Nov 2022 00:30:12 +0000 Tesla demonstrated its deepening appeal for Chinese customers at the world’s largest import trade fair, shrugging off the soured relationship between Beijing and Washington. The US carmaker stole the show once again at the China International Import Expo (CIIE) that started on Saturday, even though its new models on display are not yet available to mainland customers. Though there were fewer people at the event than usual because of Covid-19 pandemic curbs, Tesla’s booth drew a huge crowd on... https://www.scmp.com/business/china-business/article/3198666/tesla-steals-limelight-shanghai-trade-expo-proving-chinese-consumers-and-us-products-are-still?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198666/tesla-steals-limelight-shanghai-trade-expo-proving-chinese-consumers-and-us-products-are-still?utm_source=rss_feed Mon, 07 Nov 2022 02:28:57 +0000 Alexandre Cerret will never forget the phone call he received three years ago, when what was supposed to be a regular evening turned into a nightmare. He was living in central Paris at the time, waiting for his girlfriend to come home from a night out near the Eiffel Tower. She was late and he was worried. When he finally received her call, she told him that she had been stopped by a stranger as she walked to her car, who then attacked and raped her. Unfortunately, Cerret says the police... https://www.scmp.com/business/china-business/article/3198517/frenchman-designs-smart-bracelet-aimed-protecting-women-assault-inspired-painful-personal-experience?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198517/frenchman-designs-smart-bracelet-aimed-protecting-women-assault-inspired-painful-personal-experience?utm_source=rss_feed Sun, 06 Nov 2022 09:00:07 +0000 Yaling Jiang,Daniel Ren Yaling Jiang,Daniel Ren Western auction houses are strengthening their presence in China, the world’s second-largest art market, to woo the growing horde of collectors on the mainland. They are opening or expanding their headquarters, taking part in an increasing number of exhibitions, holding auctions and curating artwork to cater to millennial collectors. The world’s top three auction houses – Christie’s, Sotheby’s and Phillips – are taking part in the China International Import Expo (CIIE) alongside luxury groups... https://www.scmp.com/business/china-business/article/3198613/christies-sothebys-and-phillips-target-chinas-millennial-art-collectors-market-grows-35-cent-us134?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198613/christies-sothebys-and-phillips-target-chinas-millennial-art-collectors-market-grows-35-cent-us134?utm_source=rss_feed Sun, 06 Nov 2022 07:17:35 +0000 China’s president has pledged to open the country’s markets further as he reaffirmed his commitment to globalisation ahead of the world’s largest import trade fair, in Shanghai. “We have been offering big opportunities for the world economy by opening up China’s huge market,” Xi said in a televised speech to kick off the fifth edition of the China International Import Expo (CIIE), the government’s tentpole annual event for promoting a consumption-led economic development model. “The opening [of... https://www.scmp.com/business/china-business/article/3198508/president-xi-pledges-further-open-chinas-markets-offering-big-opportunities-world-ahead-trade-fare?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3198508/president-xi-pledges-further-open-chinas-markets-offering-big-opportunities-world-ahead-trade-fare?utm_source=rss_feed Fri, 04 Nov 2022 12:51:18 +0000 Top French luxury brand Louis Vuitton has chosen the southwestern city of Chengdu for its first restaurant in China as purveyors of luxury goods expand their focus beyond the ultra-competitive first-tier cities and put more effort into providing experiences alongside their pricey products. Luxury brands have notably ventured into what some refer to as “new first-tier cities” – a reference to prefecture-level cities with strong commercial activity. Known for its laid-back culture and hotpot... https://www.scmp.com/business/article/3198265/louis-vuitton-debuts-first-china-restaurant-chengdu-luxury-brands-target-spending-power-lower-tier?utm_source=rss_feed https://www.scmp.com/business/article/3198265/louis-vuitton-debuts-first-china-restaurant-chengdu-luxury-brands-target-spending-power-lower-tier?utm_source=rss_feed Thu, 03 Nov 2022 12:30:14 +0000 Rental charges are falling in Shanghai, with some landlords offering discounts of up to 20 per cent, as expatriate residents and high-income salaried workers rushed for the exit amid lingering zero-Covid controls in China’s commercial hub. Shanghai’s average monthly home rent fell 5.6 per cent last month to 102.71 yuan (US$14.20) per square metre, from August, according to creprice.cn, a real estate industry data provider. Average charges may fall another 1 per cent to 101.59 yuan, it said,... https://www.scmp.com/business/china-business/article/3197583/home-rents-drop-20-cent-shanghai-expats-and-wealthy-mainlanders-leave-city-due-psychological-scar?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3197583/home-rents-drop-20-cent-shanghai-expats-and-wealthy-mainlanders-leave-city-due-psychological-scar?utm_source=rss_feed Sun, 30 Oct 2022 02:00:12 +0000 China’s travel restrictions and quarantine rules to wipe out the Covid-19 disease have hurt business confidence, driving revenue forecasts to the lowest in a decade, hundreds of US businesses said in Shanghai. “China is becoming less competitive for foreign investments,” said Sean Stein, the chairman of the American Chamber of Commerce (AmCham) in Shanghai, during the launch of its China Business Report survey. “It needs to act soon to rebuild confidence from companies. Otherwise, investment can... https://www.scmp.com/business/china-business/article/3197495/us-companies-sales-forecasts-drop-10-year-low-amcham-shanghais-2022-poll-zero-covid-rules-upend?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3197495/us-companies-sales-forecasts-drop-10-year-low-amcham-shanghais-2022-poll-zero-covid-rules-upend?utm_source=rss_feed Fri, 28 Oct 2022 00:30:09 +0000 Shrew Chi had her first taste of coffee, or more precisely, instant coffee granules, 20 years ago in middle school. She was instantly hooked by the bitter flavour, although her classmates thought it tasted worse than unpalatable Chinese medicine. Growing up in the tea culture of the Wuyi Mountains, known as the origin of Lapsang Souchong tea, the now 36-year-old opened one of the first independent cafes in Pingyao, a tourism city in China’s Shanxi province, in 2013. As the proprietor of Shrew... https://www.scmp.com/business/article/3196778/starbucks-gave-china-taste-coffee-now-must-brew-growth-pandemic-altered-market-where-rivals-smell?utm_source=rss_feed https://www.scmp.com/business/article/3196778/starbucks-gave-china-taste-coffee-now-must-brew-growth-pandemic-altered-market-where-rivals-smell?utm_source=rss_feed Sun, 23 Oct 2022 04:30:07 +0000 Apple added six new Chinese suppliers and cut seven previous contractors on the mainland during its past financial year to September, signalling the iPhone maker’s slow and gradual move to diversify its manufacturing supply chain in Asia. Mainland China remains the US tech giant’s primary production base, where about half of the factories run by its top 190 disclosed suppliers are located, according to a South China Morning Post analysis of the firm’s contractor list for its financial year ended... https://www.scmp.com/tech/big-tech/article/3194819/apple-adds-six-chinese-suppliers-cuts-seven-mainland-contractors?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3194819/apple-adds-six-chinese-suppliers-cuts-seven-mainland-contractors?utm_source=rss_feed Tue, 04 Oct 2022 15:00:08 +0000 When Austin Jiaqi Li, China’s “Lipstick King”, returned to live-streaming after a three-month hiatus in late September, his studio backdrop carried a new slogan: “shop consciously”. The new slogan went against the very idea that had made him a household name in the first place. When Li appeared in the public eye in 2020 amid the coronavirus pandemic, his catchphrase – yelled into the camera – was: “Buy, buy, buy!” The change in Li’s tone aligns with a narrative that Beijing has been trying to... https://www.scmp.com/business/article/3194706/lipstick-king-changes-tune-shanghai-fashion-week-holds-five-day-panel-toe?utm_source=rss_feed https://www.scmp.com/business/article/3194706/lipstick-king-changes-tune-shanghai-fashion-week-holds-five-day-panel-toe?utm_source=rss_feed Tue, 04 Oct 2022 01:00:16 +0000 Yaling Jiang Yaling Jiang When Wu Caizeng lost a 20,000-yuan (US$2,800) non-fungible token (NFT) to a phishing scam in September, he sought help on Twitter, where he publicised his thief’s public blockchain address. However, the anonymous nature that characterises much of the crypto world left him with no practical way to recoup his losses. “I’m so stupid,” he said in his post, chastising himself for clicking on a fraudulent link pretending to be from the official Twitter account of a game he played. “I made a super... https://www.scmp.com/tech/tech-trends/article/3194406/web3-security-companies-emerge-china-amid-mounting-crypto-thefts?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3194406/web3-security-companies-emerge-china-amid-mounting-crypto-thefts?utm_source=rss_feed Mon, 03 Oct 2022 04:00:08 +0000 Chinese tech billionaire Richard Liu Qiangdong has reached a settlement with former University of Minnesota student Liu Jingyao, who accused the JD.com founder of rape in 2018, a day before a jury trial was to start in Hennepin County District Court in the state of Minnesota. “The incident between Ms Jingyao Liu and Mr Richard Liu in Minnesota in 2018 resulted in a misunderstanding that has consumed substantial public attention and brought profound suffering to the parties and their families,”... https://www.scmp.com/tech/big-tech/article/3194579/chinese-billionaire-richard-liu-settles-civil-suit-over-alleged-rape?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3194579/chinese-billionaire-richard-liu-settles-civil-suit-over-alleged-rape?utm_source=rss_feed Sun, 02 Oct 2022 10:00:25 +0000 Yaling Jiang Yaling Jiang China’s central bank declared victory in cracking down transaction of virtual assets as part of the effort of maintaining financial stability on Monday, as preparations for the 20th Communist Party’s national congress enter their final stages. The People’s Bank of China (PBOC), which regards cryptocurrencies as a potential threat to financial security and capital controls, is grappling with some of the most challenging economic conditions in the country in years, as growth has slowed to its... https://www.scmp.com/tech/policy/article/3193975/chinas-central-bank-declares-victory-cryptocurrency-crackdown-ahead?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3193975/chinas-central-bank-declares-victory-cryptocurrency-crackdown-ahead?utm_source=rss_feed Tue, 27 Sep 2022 13:30:08 +0000 Alex Liang stared at the posters and wondered what had happened. The bar in Shanghai he had frequented every month for years was still shut and the windows that used to glint in the candlelight were now covered with posters featuring smiley emojis with crossed out eyes. “It’s been three months since the lockdown was lifted, it does not make sense,” he said. He was walking his dog with a friend on Thursday night and hoped they could grab a drink on the way. He went home without a plan B. Bar No.... https://www.scmp.com/business/china-business/article/3193724/shanghais-night-economy-faces-uphill-struggle-four-months?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3193724/shanghais-night-economy-faces-uphill-struggle-four-months?utm_source=rss_feed Sun, 25 Sep 2022 02:21:40 +0000 Chinese internet tycoon Richard Liu Qiangdong, the billionaire founder of e-commerce giant JD.com, recently relinquished his equity interests in two affiliated companies to boost their administrative efficiency, while continuing a trend among major tech entrepreneurs to step back from corporate roles. Liu, 48, has agreed to transfer his 45 per cent equity stakes in both Suqian Tianning and Xian JD to Miao Qin, a vice-president at Beijing-based JD.com, according to separate filings last Friday by... https://www.scmp.com/tech/big-tech/article/3193309/jdcom-founder-richard-liu-gives-equity-stakes-two-affiliated-firms?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3193309/jdcom-founder-richard-liu-gives-equity-stakes-two-affiliated-firms?utm_source=rss_feed Wed, 21 Sep 2022 11:00:24 +0000 China Vanke, the nation’s third-biggest property developer by sales, has attracted six cornerstone investors including Temasek Holdings and hedge funds managed by UBS Group to the initial public offering (IPO) by its property services unit in Hong Kong. The Shenzhen-based developer is seeking to raise as much as HK$6.15 billion (US$784 million) by selling 116.7 million shares in its unit Onewo Inc, according to a stock exchange filing on Monday. The shares are being marketed at HK$47.10 to... https://www.scmp.com/business/article/3192977/china-vankes-us784-million-ipo-spin-attracts-temasek-ubs-hedge-funds?utm_source=rss_feed https://www.scmp.com/business/article/3192977/china-vankes-us784-million-ipo-spin-attracts-temasek-ubs-hedge-funds?utm_source=rss_feed Mon, 19 Sep 2022 05:02:47 +0000 As in the rest of the world, the metaverse is generating marketing buzz in China. Unlike the rest of the world, China does not allow metaverse activities that involve cryptocurrency or trading in non-fungible tokens (NFTs). Yet brands are still finding ways to be creative in the developing arena. For example, Kering-owned Italian jewellery brand Pomellato recently commissioned crypto artist Sun Bohan to develop an NFT series based on the jewellery collection Nudo. The brand issued digital... https://www.scmp.com/business/article/3192752/china-nft-and-metaverse-marketing-requires-tiffany-other-global-luxury?utm_source=rss_feed https://www.scmp.com/business/article/3192752/china-nft-and-metaverse-marketing-requires-tiffany-other-global-luxury?utm_source=rss_feed Sun, 18 Sep 2022 02:00:08 +0000 Angela Lee may stay home in Shenzhen when China’s weeklong National Day holiday comes around in October, just as she did during last week’s Mid-Autumn Festival, because the country’s draconian zero-Covid controls have put her off travelling. Her last trip – an August visit with her boyfriend to Hainan, an idyllic island with the reputation as China’s Hawaii – ended in a mad dash for the airport, only to be plucked from the departure gate straight into quarantine at a government-assigned hotel,... https://www.scmp.com/business/article/3192729/chinas-covid-lockdowns-snuff-out-whim-travel-leaving-domestic-tourism?utm_source=rss_feed https://www.scmp.com/business/article/3192729/chinas-covid-lockdowns-snuff-out-whim-travel-leaving-domestic-tourism?utm_source=rss_feed Sat, 17 Sep 2022 02:00:07 +0000 Hangzhou Hikvision Digital Technology, China’s top surveillance camera maker, said Washington’s recently announced export ban on some Nvidia and Advanced Micro Devices (AMD) chips to the mainland would have “no impact” on its operations. A board secretary of Hikvision made the comment in response to questions on the investor relations management platform of the Shenzhen Stock Exchange on Thursday. In doing so, it has become the second Chinese company that felt compelled to speak out on the US... https://www.scmp.com/tech/tech-war/article/3192792/tech-war-chinese-ai-surveillance-gear-maker-hikvision-plays-down?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3192792/tech-war-chinese-ai-surveillance-gear-maker-hikvision-plays-down?utm_source=rss_feed Fri, 16 Sep 2022 13:30:14 +0000 A Shanghai graphics processing unit (GPU) start-up – whose chairman is under investigation for corruption – has received a state-backed award for innovation, prompting speculation that it is being groomed as a potential domestic substitute after US suppliers Nvidia and Advanced Micro Devices were restricted from exporting high-end GPUs to China. Iluvatar Corex, whose Tiangai 100 chip claims to be the only Chinese-made GPU in mass production, was recognised as a second place getter, along with... https://www.scmp.com/tech/tech-war/article/3191978/tech-war-shanghai-ai-chip-maker-disgraced-chairman-now-chinas-new?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3191978/tech-war-shanghai-ai-chip-maker-disgraced-chairman-now-chinas-new?utm_source=rss_feed Fri, 09 Sep 2022 11:00:22 +0000 Simon Fu, a 32-year-old Shanghai fashionista, used to hang out at the city’s most popular luxury shopping centre every week before Covid-19 struck. This year, he has not been to Plaza 66 even once. In early 2020, he returned from Tokyo with suitcases full of luxury fashion items, a habit cultivated and shared by most Chinese consumers of luxury products shopping abroad to take advantage of tax arbitrage. But then lockdowns and work-from-home arrangements kicked in, and a realisation dawned on Fu... https://www.scmp.com/business/china-business/article/3191068/will-covid-19-chills-and-slumping-economy-keep-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3191068/will-covid-19-chills-and-slumping-economy-keep-china?utm_source=rss_feed Sun, 04 Sep 2022 02:00:23 +0000 Liu Hong and her parents own four homes in different cities across mainland China. At any one time, as many as three of them are unoccupied. The 36-year-old, who works as an auditor in Shanghai, bought a flat in her hometown of Harbin in northern Heilongjiang province 13 years ago for 320,000 yuan (US$47,500). It stands just two blocks away from her parents’ place, which was given to her father for free by the school he taught at three decades ago – a common practice in mainland China at the... https://www.scmp.com/business/china-business/article/3188781/fifty-million-empty-flats-threaten-plunge-chinas-troubled?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3188781/fifty-million-empty-flats-threaten-plunge-chinas-troubled?utm_source=rss_feed Sun, 14 Aug 2022 02:00:20 +0000 Put aside the “white horses,” the local parlance for blue-chip stocks in mainland China. The nation’s army of mom-and-pop traders with US$3.55 trillion buying power are enchanted by “demon stocks”, and regulators are presumably not too happy about it. Like AMTD Digital, the little-known Chinese fintech company that surged as much as 21,426 per cent over three weeks in New York, retail traders want to find and own the next Andon Health, Zhongtong Bus and Huitong Construction – three of the stocks... https://www.scmp.com/business/markets/article/3188006/chinas-retail-traders-covet-demon-stocks-wild-gains-ready-crash?utm_source=rss_feed https://www.scmp.com/business/markets/article/3188006/chinas-retail-traders-covet-demon-stocks-wild-gains-ready-crash?utm_source=rss_feed Sun, 07 Aug 2022 23:30:29 +0000 The 21,426 per cent surge in AMTD Digital, a Chinese financial technology company that listed in New York on July 15, has thrust its founder and former UBS Group investment banker into the limelight. Billionaire Li Ka-shing’s CK Hutchison wants to distance itself from the upstart. “CK Group sold a majority of its shares in AMTD Group, which is the parent company of AMTD Digital, nearly ten years ago,” CK Hutchison said in a statement, adding that it has entered into negotiations to sell its... https://www.scmp.com/business/markets/article/3187689/li-ka-shings-ck-group-shuns-link-amtd-digital-whose-meteoric-rally?utm_source=rss_feed https://www.scmp.com/business/markets/article/3187689/li-ka-shings-ck-group-shuns-link-amtd-digital-whose-meteoric-rally?utm_source=rss_feed Thu, 04 Aug 2022 08:03:36 +0000 Stocks in Hong Kong, Shenzhen, Shanghai and Taipei suffered one of their heaviest blows on Tuesday as US House Speaker Nancy Pelosi’s Taiwan visit fanned cross-strait tensions. The impending stopover will have long-term implications, analysts said. The Hang Seng Index slumped 2.4 per cent to 19,689.21, the lowest level since May 12, with 67 of 69 members posting losses. The Tech Index tumbled 3 per cent while the CSI 300 Index of biggest onshore stocks sank 2 per cent to the lowest since June 2.... https://www.scmp.com/business/markets/article/3187443/cross-strait-tensions-are-bad-news-hong-kong-chinese-stocks-no?utm_source=rss_feed https://www.scmp.com/business/markets/article/3187443/cross-strait-tensions-are-bad-news-hong-kong-chinese-stocks-no?utm_source=rss_feed Tue, 02 Aug 2022 09:15:27 +0000 Bona Film Group, China’s top-grossing movie producer and distributor, is about to list its yuan-denominated shares after a five-year wait, following a nod for its initial public offering (IPO) from the Shenzhen Stock Exchange. The Beijing-based group, which counts Alibaba Group Holding and Tencent Holdings among its investors, will start taking orders from investors for about 275 million new shares on August 9, according to its prospectus released on Monday. The IPO price will be decided on... https://www.scmp.com/business/markets/article/3187286/chinese-studio-bona-film-maker-battle-lake-changjin-set-shenzhen?utm_source=rss_feed https://www.scmp.com/business/markets/article/3187286/chinese-studio-bona-film-maker-battle-lake-changjin-set-shenzhen?utm_source=rss_feed Mon, 01 Aug 2022 07:03:55 +0000 Thousands of service providers in Shanghai are facing a make-or-break moment as they struggle to sustain operations because of the city’s virus control measures. Owners of frequently visited entertainment venues, from coffee shops to karaoke bars and restaurants to nightclubs, said they may either exit the mainland’s most developed metropolis or seek new avenues to deal with Covid-19 pandemic curbs that continue to dog them since reopening after a two-month lockdown in June. Pu Na, founder and... https://www.scmp.com/business/companies/article/3187202/thousands-shanghais-small-businesses-struggle-survive-virus?utm_source=rss_feed https://www.scmp.com/business/companies/article/3187202/thousands-shanghais-small-businesses-struggle-survive-virus?utm_source=rss_feed Mon, 01 Aug 2022 00:30:12 +0000 The corporate reporting season in mainland China is firing an early warning to investors: results so far suggest it may be worth waiting for signs of stronger recovery before playing the economic reopening theme. The second-half recovery is not a given, JPMorgan Private Bank said. Only 42 per cent of 1,766 companies have provided positive guidance on their first-half earnings, while 58 per cent warned of weaker results from a year earlier, according to data compiled by Wind Information based on... https://www.scmp.com/business/china-business/article/3187190/warning-shot-chinas-earnings-season-stock-bulls-ubs?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3187190/warning-shot-chinas-earnings-season-stock-bulls-ubs?utm_source=rss_feed Sun, 31 Jul 2022 23:30:36 +0000 Miniso Group plunged in Hong Kong trading after US-based short-seller Blue Orca Capital alleged the firm misrepresented its business model. The Chinese consumer-goods retailer is investigating the claim while calling the attack “without merit.” The stock slumped 10.9 per cent to HK$12.46 on Wednesday, slipping below the initial public offering price of HK$13.80 barely two weeks ago. The Hang Seng Index slipped 1.5 per cent. The rout erased HK$1.93 billion (US$246 million) of market value from... https://www.scmp.com/business/china-business/article/3186735/miniso-loses-us265-million-stock-market-rout-short-seller?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3186735/miniso-loses-us265-million-stock-market-rout-short-seller?utm_source=rss_feed Wed, 27 Jul 2022 06:04:13 +0000 NetEase, China’s second-largest video gaming company by revenue, quietly launched its anticipated Diablo Immortal mobile game in the country after a month-long delay. The mobile game, the latest sequel to the 25-year-old Diablo franchise co-created by US game developer Blizzard Entertainment, landed on Apple’s App Store on the Chinese mainland and several local Android app stores on Sunday midnight. Last month, NetEase announced it would postpone the game’s debut in the country just days ahead... https://www.scmp.com/tech/big-tech/article/3186537/netease-quietly-launches-diablo-immortal-china-after-month-long-delay?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3186537/netease-quietly-launches-diablo-immortal-china-after-month-long-delay?utm_source=rss_feed Mon, 25 Jul 2022 13:00:32 +0000 Hong Kong-listed firms from Tencent Holdings to SenseTime Group are pushing stock buy-backs in the city to a 10-year high after a rocky start to the year as valuations slid to near their lowest in a decade. Those repurchases have amounted to HK$39.5 billion (US$5.03 billion) this year through July 21, according to data from Wind Information. That has already surpassed the US$5 billion recorded in all of 2021, the most since 2011. The Hang Seng Index has lost almost 12 per cent in value in... https://www.scmp.com/business/markets/article/3186520/hong-kong-listed-firms-tencent-sensetime-push-stock-buy-backs-new?utm_source=rss_feed https://www.scmp.com/business/markets/article/3186520/hong-kong-listed-firms-tencent-sensetime-push-stock-buy-backs-new?utm_source=rss_feed Mon, 25 Jul 2022 10:09:04 +0000 Investors who profited from bets on rock-bottom property stocks have realised the new-found optimism in the industry is simply too fragile. A mortgage boycott against stalled projects has swiftly wiped out all of this year’s winnings. An index tracking 112 listed mainland developers including China Vanke, Poly Developments and China Merchants Shekou Industrial Zone has surrendered all of the gain this year, after rising as much as 25 per cent between January and early April, according to data... https://www.scmp.com/business/china-business/article/3186393/buy-chinese-developers-mortgage-boycott-suggests-stock?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3186393/buy-chinese-developers-mortgage-boycott-suggests-stock?utm_source=rss_feed Sun, 24 Jul 2022 23:30:34 +0000 The St Petersburg Exchange, Russia’s second-largest bourse, recorded more than HK$87 million (US$11.2 million) worth of trades from the first batch of Hong Kong-listed technology stocks under its trial programme since last month. The volume, which equaled 0.14 per cent of the total trades generated on the exchange, was within expectations, according to Stanislav Martyushev, head of business intelligence at the bourse operator known as SPB. “The recorded trading volumes are in line with our... https://www.scmp.com/business/markets/article/3186189/russian-bourse-records-us11-million-worth-trades-alibaba-other?utm_source=rss_feed https://www.scmp.com/business/markets/article/3186189/russian-bourse-records-us11-million-worth-trades-alibaba-other?utm_source=rss_feed Fri, 22 Jul 2022 06:30:18 +0000 Alibaba Group Holding and Chinese tech peers drove Hong Kong stocks to a one-week high as risk appetite recovered on bets the US will temper the pace of its rate increases on recession concerns. The Hang Seng Index jumped 1.1 per cent to 20,889.20 at the close of Wednesday trading. The Tech Index advanced 1.6 per cent while the Shanghai Composite Index added 0.8 per cent. Alibaba climbed 2.3 per cent to HK$103.20 while Meituan added 3 per cent to HK$194.70. JD.com advanced 2.4 per cent to... https://www.scmp.com/business/china-business/article/3185878/alibaba-tech-peers-drive-hong-kong-stocks-one-week-high?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3185878/alibaba-tech-peers-drive-hong-kong-stocks-one-week-high?utm_source=rss_feed Wed, 20 Jul 2022 02:48:32 +0000 Hong Kong stocks retreated from a one-week high as Apple parts suppliers in mainland China and Macau casino operators suffered from poorer earnings outlook. Alibaba Group led losses in tech stocks. The Hang Seng Index slipped 0.9 per cent to 20,649.43 at close, after surging 2.7 per cent on Monday in the biggest gain in six weeks. The Hang Seng Tech Index declined 1.6 per cent while the Shanghai Composite Index was little changed. AAC Technologies and Sunny Optical tumbled 3.1 and 4 per cent, to... https://www.scmp.com/business/markets/article/3185747/hong-kong-stocks-drop-macau-casino-operators-weaken-earnings?utm_source=rss_feed https://www.scmp.com/business/markets/article/3185747/hong-kong-stocks-drop-macau-casino-operators-weaken-earnings?utm_source=rss_feed Tue, 19 Jul 2022 02:37:28 +0000 Gary Wang, 25, could not pay for all his purchases, but he kept buying anyway. The smartphones and clothes that appeared on the Chinese apps he used for watching short videos or ordering takeaways seemed too good to miss, and the platforms offered easy credit. “It is a lot easier to borrow from platforms than acquaintances,” said Wang, a software tester living in the landlocked Hubei province, who earns a monthly income of 8,000 yuan (US$1,191). By the time he realised he could not afford his... https://www.scmp.com/tech/big-tech/article/3185463/too-easy-borrow-debt-plagues-young-people-despite-chinas-scrutiny?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3185463/too-easy-borrow-debt-plagues-young-people-despite-chinas-scrutiny?utm_source=rss_feed Sat, 16 Jul 2022 02:00:19 +0000 Global funds are turning China’s uncorrelated stocks into a one-way bet by banking on monetary easing while other major central banks are tightening, opening themselves to risks from policy and regulatory shocks and lockdown jitters. AllianceBernstein, Amundi and Credit Suisse are among a horde of money managers and investment banks calling for a bullish second half. Goldman Sachs predicts Chinese stocks will climb by 16 to 19 per cent by year end from here, while UBS Wealth Management sees a... https://www.scmp.com/business/china-business/article/3185259/chinas-uncorrelated-stocks-are-turning-one-way-bet-money?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3185259/chinas-uncorrelated-stocks-are-turning-one-way-bet-money?utm_source=rss_feed Thu, 14 Jul 2022 23:30:19 +0000 Shanghai International Airport Co has denied mainland social media posts that it would be cancelling flights in and out of the city’s two main gateways amid renewed speculation about another bout of Covid-19 lockdown. The state-controlled firm said reports that 80 per cent of the flights at Pudong and Hongqiao airports would being cancelled on Wednesday were “not true”, according to an exchange filing. It also rejected reports that all flights in Pudong after 11am and those in Hongqiao after 3pm... https://www.scmp.com/business/china-business/article/3185143/shanghai-airport-operator-says-reports-about-mass-flight?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3185143/shanghai-airport-operator-says-reports-about-mass-flight?utm_source=rss_feed Wed, 13 Jul 2022 08:47:07 +0000 Tianqi Lithium, Hong Kong’s biggest initial public offering (IPO) in 2022, ended its first day of trading on par, erasing a drop of as much as 11.4 per cent after the company said industry fundamentals support its earnings outlook. The stock closed at HK$82, unchanged from the offer price, at the close of trading. It earlier slumped to as low as HK$72.65, deeper than the HK$75.50 level indicated by grey-market prices on Tuesday. The Hang Seng Index flipped to lose 0.2 per cent. A two-day rout in... https://www.scmp.com/business/banking-finance/article/3185047/tianqi-lithium-seen-losing-8-cent-hong-kongs-biggest-ipo?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3185047/tianqi-lithium-seen-losing-8-cent-hong-kongs-biggest-ipo?utm_source=rss_feed Wed, 13 Jul 2022 00:30:23 +0000 Hotpot chain Haidilao International is considering spinning off its restaurant business outside Greater China amid weak consumer sentiment and a stringent zero-Covid policy that continues to batter its core business in mainland China. The stock advanced on the news. The operations involving its restaurants outside mainland China, Hong Kong, Macau and Taiwan, will be placed under Super Hi International Holding, the company said in an exchange filing late on Monday. A listing of Super Hi by way of... https://www.scmp.com/business/china-business/article/3184954/chinese-hotpot-chain-haidilao-mulls-spinning-overseas?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3184954/chinese-hotpot-chain-haidilao-mulls-spinning-overseas?utm_source=rss_feed Tue, 12 Jul 2022 03:26:40 +0000 Hong Kong stocks fell by the most in a month after Shanghai and Macau saw flare-ups in coronavirus cases, reigniting worries of restrictions weighing down growth. Casino stocks fell sharply, while Chinese tech stalwarts sank on penalties imposed by regulators. The Hang Seng Index retreated 2.8 per cent to 21,124.20 at the close of Monday trading, its biggest drop since June 13, adding to last week’s 0.6 per cent decline. The Tech Index fell 3.9 per cent, while the Shanghai Composite Index lost... https://www.scmp.com/business/markets/article/3184811/hong-kong-stocks-see-sharpest-drop-two-weeks-amid-shanghai-macau?utm_source=rss_feed https://www.scmp.com/business/markets/article/3184811/hong-kong-stocks-see-sharpest-drop-two-weeks-amid-shanghai-macau?utm_source=rss_feed Mon, 11 Jul 2022 02:41:50 +0000 Soho China, one of the biggest commercial landlords in China, took a hit in the stock market after the companmy said its chief financial officer was being probed for insider trading while other officers were helping with information. The stock slipped as much as 3.5 per cent to HK$1.39 before closing at HK$1.40 in Hong Kong on Thursday. It has declined 6 per cent since last Friday, set for the worst week since April 22, according to Bloomberg data. “The Company is aware that Ni (Kuiyang) is... https://www.scmp.com/business/china-business/article/3184425/soho-china-takes-hit-hong-kong-stock-market-company-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3184425/soho-china-takes-hit-hong-kong-stock-market-company-says?utm_source=rss_feed Thu, 07 Jul 2022 06:30:48 +0000