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Is short-video start-up Kuaishou too ‘Zen’ for China's internet culture? Its founders think so

Kuaishou operates one of China’s most popular short-video sharing apps with more than 200 million users logging in every day. Yet its founders worry that the Beijing-based start-up is at risk of sliding into irrelevance.In a call to arms to its more than 8,000 employees on Tuesday, Kuaishou’s founders, Su Hua and Cheng Yixiao, set a target for the company to reach 300 million daily active users by February 2020 and to shake off a laid-back corporate culture that sets it apart from its peers in… Source link

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Chinese consumers buy more domestic brands in midyear shopping festival amid trade war

Consumers in China, the world’s largest e-commerce market, have shifted to buying more goods from domestic brands in the country’s annual midyear online shopping festival amid the escalating trade war with the US.Chinese home appliance brands Supor from Hangzhou, Shenzhen-listed Midea Group and Joyoung from Jinan, in Shandong province, saw their combined sales increase fourfold during this week’s 618 shopping festival, compared with a year ago, according to popular group-buying platform… Source link

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Singapore Airlines slips to second best, Cathay Pacific up to fourth in Skytrax World Airline Awards

What’s the world’s best airline? According to the 2019 Skytrax World Airline Awards, revealed at the Paris Air Show on Tuesday, it’s Qatar Airways. This is the fifth time the state-owned flag carrier of Qatar has earned top spot in the prestigious awards. Last year’s winner, Singapore Airlines, slipped to second. AirAsia was named World’s Best Low-Cost Airline.In an almost flawless night for Qatar Airways, the Middle Eastern carrier also scooped the awards for World’s Best Business Class, World… Source link

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Chinese terminal operator Rizhao Port Jurong’s shares skyrocket in Hong Kong trading debut after retail investors rejected them

Shares of Rizhao Port Jurong, a spin-off of one of China’s largest port operators, skyrocketed by 167 per cent on their Hong Kong trading debut on Wednesday – even after selling just a quarter of its retail shares.The stock soared by 267 per cent to HK$5.5 from its offer price of HK$1.5 at one point in the afternoon, before falling back to end the session at HK$4. The company raised a total of HK$546.7 million (US$69.8 million) of capital through the listing.The stunning debut performance is in… Source link

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Hong Kong to lag behind NYSE, Nasdaq in 2019 as extradition bill, trade war weigh on listings, says Deloitte

Hong Kong’s stock market is expected to rank third, and Shanghai fourth, in global IPO market rankings for the first half this year, according to latest analysis by Deloitte China’s National Public Offering Group. Both markets have been hit hard by macroeconomic turbulence caused by the US-China trade war as well as political uncertainties.The New York Stock Exchange and Nasdaq are expected to occupy the top two places with mega IPOs in the period under review, Deloitte said on Wednesday.Based… Source link

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What’s in a name? It’s plenty for China’s hoteliers and property developers, if the brand is too ‘big, foreign or weird’

China’s property developers and hoteliers are bearing the brunt of a government edict to standardise location names, as tens of thousands of apartment projects, hotels, townships, communities and office towers across several provinces are forced to rename and rebrand themselves.The edict was the result of a 2018 policy by six government departments to get rid of “Big, Foreign, Weird” names, and names that played on homonyms. The policy required the country’s provincial and county authorities to… Source link

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HSBC scraps minimum-balance fee for 3 million Hong Kong customers, other lenders expected to follow suit as they brace for threat from virtual banks

HSBC is to scrap the minimum balance fee that applies to 3 million customers in Hong Kong in a move likely to be followed by other big lenders as they brace for fierce competition from a wave of virtual banks due to come online later in the year.The monthly charge of HK$50 for small depositors with a passbook savings account and other basic accounts with a balance below HK$5,000 (US$640), has long been viewed as a penalty on some of the bank’s most loyal customers. It was introduced 18 years……

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London calling: Huatai Securities blazes trail for Chinese companies seeking to reach beyond New York and Hong Kong

The successful listing of Huatai Securities on the London Stock Exchange will encourage more Chinese companies to raise funds via the Shanghai-London link and align stock pricing with international practice, according to analysts.The Nanjing, Jiangsu province-based brokerage has risen 7.3 per cent from its offer price after a second day of trade in London, after raising US$1.54 billion from selling global depository receipts. It was the first Chinese company to list depository receipts through… Source link

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First tech company gets green light to price its IPO before trading debut of Shanghai’s new STAR Market, as analysts predict buying frenzy

The Shanghai Stock Exchange has given the green light for the first company to start book building ahead of its listing on the eagerly-awaited technology innovation board.It is likely to trigger a buying frenzy among investors keen to back promising young firms due to list on the new STAR Market, analysts said.Suzhou HYC Technology, a manufacturer of display and touch testing equipment, said on Wednesday morning that it would begin price consultation with institutions for its initial public… Source link

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Huawei promises consumers in the Philippines a full refund if Gmail and Facebook won’t work on its devices

Huawei Technologies, China’s leading smartphone vendor, has promised to fully refund the cost of its smartphones and tablets in the Philippines in the event the devices are unable to support popular apps from US companies such as Google and Facebook, after the company was put on a blacklist by the US government.The full-refund program allows consumers in the Philippines to get back the price of a Huawei smartphone if apps such as Google’s Gmail and YouTube, and Facebook, Instagram and WhatsApp… Source link

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