Low-budget tours to Hong Kong costing as little as 68 yuan (US$9.35) have been a popular option among mainland visitors over the Labour Day “golden week” holiday, sparking concerns about how such minimal spending by tourists in the city would benefit the local economy. A search by the Post on China’s leading online travel booking…
Low-budget tours to Hong Kong costing as little as 68 yuan (US$9.35) have been a popular option among mainland visitors over the Labour Day “golden week” holiday, sparking concerns about how such minimal spending by tourists in the city would benefit the local economy. A search by the Post on China’s leading online travel booking…
The Hong Kong Monetary Authority (HKMA) has stepped into the financial market again to rein back the local currency, which had been pushed above its trading band against the US dollar amid the recent influx of capital in the city’s bourse. In its first market intervention in two years, the city’s de facto central bank…
Ant Group has bought control of Hong Kong’s largest retail stock brokerage, as mainland China’s dominant online-payment operator stakes out a foothold in Asia’s third-largest capital market amid a resurgence of initial public offerings (IPOs) and transactions. Ant Group agreed to pay HK$2.81 billion (US$362.2 million) for 50.55 per cent of Bright Smart Securities &…
Ant Group has bought control of Hong Kong’s largest retail stock brokerage, as mainland China’s dominant online-payment operator stakes out a foothold in Asia’s third-largest capital market amid a resurgence of initial public offerings (IPOs) and transactions. Ant Group agreed to pay HK$2.81 billion (US$362.2 million) for 50.55 per cent of Bright Smart Securities &…
The United States and China are not only locked in a growing tariff war that could drag the world economy into a recession but also stuck in an increasingly fierce competition in the field of artificial intelligence. So far, the US is seen as the leader in AI technologies but that does not necessarily mean…
E-commerce platform operator PDD Holdings and securities brokerage Futu Holdings are among 27 US-listed Chinese firms that could meet the listing requirements in Hong Kong, leaving at least 170 others at risk of being ejected from American stock exchanges, Goldman Sachs said. These 27 firms, which have a combined market capitalisation of US$191 billion, could…
Alibaba Group Holding’s revamped artificial intelligence (AI) assistant app, Quark, which offers a user-friendly interface, has surpassed ByteDance’s Doubao to become China’s most popular AI app in March, showing its appeal among local users. Quark ranked at the top among Chinese AI apps with nearly 150 million monthly active users (MAUs) worldwide, followed by ByteDance’s…
BlackRock, the asset manager at the centre of a deal to buy US$23 billion in port assets from Li Ka-shing’s CK Hutchison Holdings, has about US$15.5 billion invested in Hong Kong and mainland-listed stocks through its China-focused funds, with its portfolios concentrated on technology and financial companies. According to its website, the world’s largest money…
Microsoft has closed its IoT & AI Insider Lab in Shanghai’s Zhangjiang hi-tech zone, marking the latest sign of the US tech giant’s retreat from China amid rising geopolitical tensions. The Shanghai lab, meant to help with domestic development of the Internet of Things (IoT) and artificial intelligence (AI) technologies, closed earlier this year, according…