Issuing “several thousand” licences to ride-hailing vehicles under a proposed regulatory framework will be insufficient to meet demand, a Hong Kong government transport advisory body has said, calling for a quota that will not compromise existing services. Speaking after meeting government officials on Monday, Professor Wong Sze-chun, chairman of the Transport Advisory Committee, said members…
Hong Kong taxi industry leaders and Uber have both voiced concerns over a looming quota for ride-hailing vehicles, despite transport authorities promising to consult stakeholders before settling on a figure. The concerns were raised in response to the Transport and Logistics Bureau’s submission to lawmakers on Monday regarding regulatory details, which cited suggestions that between…
Uber Hong Kong has warned that a proposed cap of up to 15,000 ride-hailing permits could trigger a 70 per cent increase in fares and result in 40 per cent of peak-hour bookings being unsuccessful. Secretary for Transport and Logistics Mable Chan stressed on Tuesday that the government did not currently have a “specific preference”…
Hong Kong authorities should issue about 20,500 licences in the first phase of regulating ride-hailing platforms, lawmakers and experts have said, arguing that the city needs at least 15,000 active cars daily to meet existing demand and avoid worsening transport shortages. The proposal came as several lawmakers told the South China Morning Post, on condition…
Uber has announced it is acquiring the Hong Kong-based online cab-hailing platform FlyTaxi to expand its taxi services, ahead of the implementation of a regulatory regime for ride-hailing services later this year. In a statement on Friday, Uber said that its acquisition of FlyTaxi was part of its commitment to help grow the taxi industry…
Victory Giant, a Chinese manufacturer of printed circuit boards (PCBs) for artificial intelligence and high-performance computing, rose by 57.23 per cent in its trading debut in Hong Kong on Tuesday, as investors rushed to tap into surging global demand for the hardware powering the AI infrastructure boom. Shares in the Guangdong-based company, a supplier to…
More than 40,000 Hong Kong taxi drivers have adopted major electronic payment platforms AlipayHK and WeChat Pay HK, easing a protracted pain point for mainland Chinese visitors who are expected to arrive in droves during the coming Ching Ming Festival break. AlipayHK, a joint venture of Ant Group, an affiliate of Alibaba Group Holding, which…
More than 47,000 taxi drivers have adopted the commercial version of the Octopus app or equipped their cabs with mobile card readers ahead of new electronic payment regulations taking effect in Hong Kong on Wednesday, transport authorities have said. The new measures require cab drivers to provide at least two e-payment options, as part of…
Hong Kong Exchanges and Clearing (HKEX) has unveiled its biggest listing reforms since 2018, broadening its special listing regime for innovative companies and opening the door for smaller and more diverse firms to list in the city, the bourse operator said on Friday. HKEX proposed lowering the minimum threshold for companies to list under the…
Overseas expansion and a commodity boom have put Chinese companies trading on the mainland in a position to beat their offshore-listed peers in earnings, cementing the outperformance of yuan-denominated stocks since the outbreak of Middle East hostility. The 300 largest mainland-traded companies may post average 2025 profit growth of 6.3 per cent during the coming…