A Hong Kong court has ordered the liquidation of a scandal-plagued Christian charity for failing to repay HK$61 million (US$7.8 million) granted by the government to renovate a defunct boarding school for drug addicts. In a written judgment on Monday, the High Court granted the Department of Justice’s petition to wind up the Christian Zheng…
A Hong Kong court has ordered the winding-up of a bakery chain and declared a co-founder of a now-closed congee restaurant group bankrupt, highlighting the plight of the local retail and catering sectors amid shifting consumption patterns. The High Court on Monday granted a petition to liquidate Vast Luck Company Limited, the parent company of…
Hong Kong-based accounting firms plan to continue expanding their workforce in 2026, hoping to attract newly minted accountants, even as the industry steps up the adoption of artificial intelligence, according to industry players. “We do not believe AI is a replacement for humans, and we have not seen any reduction in hiring in the past…
U.S. fashion and firms are in good shape, compared with other categories when it comes to corporate bankruptcies. Thus far in 2025, there’s been just two fashion firm bankruptcies with liabilities over $1 billion — Claire’s Holdings LLC in August and Forever 21’s U.S. store operator and brand licensee F21 OpCo LLC in March —…
The owners of a Hong Kong congee restaurant chain that closed abruptly, leaving about 100 unpaid workers in limbo, have broken their silence, saying they made the difficult decision after selling their own assets and borrowing money in a bid to stay afloat. The city’s Labour minister said on Saturday that the government had been…
A popular 33-year-old congee restaurant chain has announced the closure of all its locations due to worsening operating and financial conditions, joining a growing wave of shop shutdowns in Hong Kong. Ocean Empire Food Shop, held by Ocean Empire International Limited, informed its staff members of its decision in a letter on Wednesday night. “The…