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Huawei increased first-half revenue despite US trade ban, chairman says

Huawei Technologies, the world’s largest telecommunications equipment supplier, increased revenue in the first half of this year, despite a US government-imposed trade ban and continued scrutiny overseas about the security of its 5G network products.“Huawei’s entire businesses ran smoothly [since that ban],” said rotating chairman Liang Hua, who declined to provide specific figures, at a press conference in Shenzhen on Friday.The privately held company, which is expected to announce its… Source link

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Stocks Blog: Traders wanted positive news on lower rates — and US Fed chairman Powell delivered

Good day, traders — So, what a difference a day makes. US Fed chairman Jerome Powell signalled a rate cut is coming later this month. US markets soared, with the S&P rising above 3,000 for the first time. So did gold. This is what Hong Kong and mainland traders have wanted to hear.  Some positive news. We’ve got you covered today. Please send any questions or feedback to deb.price@scmp.com . — Georgina Lee and Deb Price     Source link

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Future Land reports property sales gain in June; company chairman and property tycoon Wang Zhenhua under investigation

Future Land Development ­Holdings, the mainland developer which lost tens of billions in market capitalisation last week after its former chairman was arrested, reported a 19 per cent rise in ­contracted sales in June from the previous month, according to a stock market filing on Sunday.Contracted sales for the month totalled 29.5 billion yuan (US$4.28 billion), representing an area of 2.53 million square metres, up from 24.7 billion yuan and 2.03 million square metres in May, the Shanghai… Source link

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Foxconn chairman Terry Gou hands over reins ahead of Taiwan presidential bid

Foxconn Chairman Terry Gou said on Friday he will hand over the running of the world’s largest electronics contract manufacturer to a new operations committee as he prepares to contest Taiwan’s presidential elections next year.The 68-year-old Foxconn founder was speaking at the company’s annual general meeting in Taipei, where a few hundred shareholders and supporters had braved the heat to watch a live broadcast on big screens. The move was widely expected.The Apple supplier, whose full name… Source link

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Hong Kong regulator slaps a ban on Nuoqi’s former CFO for failing to stop his chairman from pilfering the company’s coffers

Hong Kong’s securities regulator will ban Fujian Nuoqi’s former chief financial officer from taking corporate directorships, alleging that he had failed to stop his chairman from pillaging the company’s coffers.Au Yeung Ho-yin failed to raise the alarm when someone withdrew 236.52 million yuan (US$34.23 million) from Nuoqi’s coffers, the Securities and Futures Commission (SFC) said in a June 4 statement. Au Yeung had failed to act despite the fact that he knew the withdrawals were a “red flag”,… Source link

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Hong Kong’s second-wealthiest man Lee Shau-kee to retire as Henderson Land’s chairman after shareholders meeting on Tuesday

Hong Kong’s second-wealthiest man Lee Shau-kee will retire as chairman of Henderson Land Development after the company’s annual shareholders’ meeting on May 28, according to a stock exchange filing by the property developer he founded.Lee, who turned 90 in March, is stepping away “due to his advanced age”, the filing said. The tycoon will be succeeded by his two sons Peter Lee Ka-kit and Martin Lee Ka-shing, who will take over Henderson’s rein as joint chairmen and managing directors, according… Source link

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Shui On chairman Vincent Lo’s daughter and designated successor calls the shots at the mainland-focused developer

Stephanie Lo Bo-yue, 36, has massive responsibilities. She is raising two young boys, aged two and four, and managing the day to day responsibilities of Shui On Land known for its famous Xintiandi Plaza in Shanghai.Both tasks are challenging, but as the likely successor to the HK$14.4 billion business empire founded by her illustrious father and chairman, Vincent Lo Hong-shui, she has massive shoes to fill.In less than a year after being named executive director, she is making her presence felt… Source link

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Huawei will commit to ‘no-spy agreements’ to win government contracts, chairman says

Huawei Technologies offices in Reading, England. On Tuesday, the company’s chairman, Liang Hua, told a conference in London that the Chinese telecommunications giant was prepared to include pledges in its government contracts not to facilitate “back door” espionage by Beijing. Photo: Reuters Source link

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Hong Kong’s stock indexes climb on China’s vow to further open financial sector as Mengniu Dairy cheers newly appointed chairman

Hong Kong stock indexes advanced on the Chinese government’s pledge to open up the country’s financial services sector to foreign competition, while electronic component makers rose on Apple’s better-than-expected quarterly earnings.The Hang Seng Index rebounded from early losses to close Thursday 0.8 per cent higher at a six-day high of 29,944.18, while the China Enterprises Index rose 0.1 per cent to 11,556.72, the third day of gains out of four. Turnover in Asia’s second-largest capital… Source link

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Chen Siqing named ICBC chairman as string of management changes at China’s top financial institution continues

China has named a new chief for Industrial and Commercial Bank of China, the world’s largest lender by assets, people with knowledge of the matter said.Chen Siqing, chairman of Bank of China, was appointed as party secretary of Beijing-based ICBC at an internal meeting on Monday, the people said, asking not to be identified as the matter is private.Chen is replacing Yi Huiman, who became chairman of the China Securities Regulatory Commission, the country’s top securities regulator, in January… Source link

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