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Hong Kong’s MPF managers lobby for access to Shanghai and Shenzhen stocks to avoid missing out on the world’s biggest bull run

Fund managers have urged Hong Kong’s pension regulator to include the Shanghai and Shenzhen stock markets in its list of approved exchanges so as to allow the Mandatory Provident Fund (MPF) to invest more of its HK$813 billion (US$103.6 billion) assets in mainland-listed companies.The MPF is a compulsory retirement scheme in Hong Kong covering 2.9 million people. An employer and an employee each contribute 5 per cent of the monthly income up to a combined HK$3,000 minimum mandatory contribution… Source link

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China 

Head of China’s biggest state firm in Hong Kong urges Beijing to deepen market reforms

The head of China’s largest and oldest state-owned company in Hong Kong has recommended that the government should let competitive forces play a bigger role in certain market-oriented industries.The government should continue to dominate industries monopolised by state entities, such as power distribution and transmission, whereas industries that are already populated by private enterprises or quasi-state companies should be allowed to compete.“Let the fittest survive,” said Fu Yuning, chairman… Source link

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Meet the man behind one of China’s biggest agricultural drone makers

On a road trip through Xinjiang in 2012, Peng Bin saw how ageing farmers laboured in vast cotton fields with heavy tanks of pesticides strapped to their backs, spraying the chemicals without any protection.“I could smell the acrid stench of pesticide from afar and I thought maybe my unmanned aircraft could help,” said Peng, 37, founder and chief executive of XAG, one of China’s biggest makers of agricultural drones. “At least drone spraying would limit the farmers’ exposure to the chemicals.”It… Source link

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China stocks limp through Friday’s session, suffer biggest weekly decline this year

China stocks ended little changed on Friday, yet they suffered their biggest weekly decline this year, while the Hang Seng managed a modest gain to snap a two consecutive day losing streak.The Shanghai Composite closed a bumpy trading session down 0.04 per cent to 3,188.63, moving the benchmark down 1.78 per cent for the week. The largest previous weekly fall was the week of December 21, 2018, when it lost 2.99 per cent.The CSI 300 finished the session down 0.22 per cent to 3,988.62.Shares… Source link

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Hong Kong’s first-quarter IPOs generate biggest returns in four years as bull market builds up

Hong Kong’s initial public offering market has been delivering the best returns in years.Eleven companies that sold IPOs worth at least U$S100 million rose by an average of 11 per cent one month after first-day trading, the biggest such gains for any first quarter in four years, according to data compiled by Bloomberg. The last time IPO shares sold on Asia’s third-largest stock market did as well in a first quarter was back in 2015.Investors’ demand for new shares has been improving, as the… Source link

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Southeast Asia’s biggest budget carrier plans to turn airasia.com into online mall for travellers

AirAsia, whose website is used by 65 million customers every month, is considering a plan to sell tickets of non-competing carriers on airasia.com, using its size to give online travel agents a run for their money.The Kuala Lumpur-based carrier, Southeast Asia’s largest airline group, which already sells car rentals, accommodation at half a million hotels and serviced apartments worldwide and holiday packages in five regional destinations, thinks it can do a better job of selling these services… Source link

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‘Grateful and happy’: MacKenzie Bezos keeps US$36 billion in world’s biggest divorce deal, after surrendering Amazon control to husband Jeff Bezos

MacKenzie Bezos, wife of Amazon founder Jeff Bezos, announced Thursday they had finalised their divorce, and that she would surrender 75 per cent of the couple’s shares in the tech giant.MacKenzie Bezos also said she would give all of her stake in The Washington Post and the space exploration firm Blue Origin to her soon-to-be-ex-husband – the world’s richest man – as well as voting control of her remaining Amazon shares, in what is easily the world’s biggest divorce deal.pic.twitter.com… Source link

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Global 

US-China trade war is the ‘biggest threat’ to Asian economies as growth forecasts slashed

The US-China trade war is the biggest risk to the Asian economy, with the prolonged conflict threatening to “undermine investment and growth in developing Asia”, the Asian Development Bank has said.The bank’s chief economist Yasuyuki Sawada downgraded his growth forecasts for the region to 5.7 per cent this year and 5.6 per cent next year, down from 6.2 per cent in 2017 and 5.9 in 2018.The Asian Development Bank (ADB) report, launched in Hong Kong on Wednesday, cited “uncertainties stemming… Source link

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Money 

That curious Chinese regulation about IPO sponsors also owning stakes? It’s ‘temporary,’ says nation’s biggest investment bank

A new regulation that compels initial public offering (IPO) sponsors on China’s technology board to also take up stakes is merely a temporary requirement that is subject to amendment, said the country’s largest investment bank.“We understand that this arrangement is temporary,” said Bi Mingjian, chief executive officer of China International Capital Corporation (CICC), during a press conference in Hong Kong. “It should be handled in the proper manner” by the regulator, he said.The new rule,… Source link

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Revealed: How Tony Fernandes’ distaste for acquisitions drove AirAsia’s growth into Southeast Asia’s biggest passenger carrier

AirAsia, the region’s biggest budget airline, said it prefers to pursue organic growth instead of expansion through acquisitions, partly explaining why it declined to buy Hong Kong’s sole low-cost carrier Hong Kong Express Airways (HK Express).Cathay Pacific Airways, Hong Kong’s flagship premium carrier, this week offered HK$4.93 billion (US$628 million) to buy its budget competitor from the indebted HNA Group.AirAsia looked at the proposal to buy HK Express and its full-service sibling Hong… Source link

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