Home 

Hong Kong watchdog issues record HK$15.2 million fine to Chinese broker over failure to report money laundering

The Securities and Futures Commission, Hong Kong’s securities watchdog, has fined mainland Chinese state-owned firm Guosen Securities (HK) Brokerage a record HK$15.2 million (US$1.9 million) for failure to report money-laundering activity, it said on Monday.An investigation found the Hong Kong unit of Shenzhen-based Guosen had processed 10,000 third-party deposits amounting to HK$5 billion for more than 3,500 clients during a 14-month period until December 2015.Hong Kong markets watchdog to sue… Source link

Read More
Home 

Hemp-related stocks surge after third Chinese province expected to legalise cultivation

The industrial hemp sector posted a big jump Monday morning on the Chinese stock market, as funds flew into the sector after local government media reported that northeastern Jilin province is expected to legalise its cultivation.Jilin would be the third province to cultivate the plant in China, which is the world’s largest hemp producing country. Yunnan and Heilongjiang provinces grow it already.Marijuana growth and consumption is illegal in China, but hemp – also part of the cannabis family –… Source link

Read More
China 

Chinese drivers switch lanes, follow US motorists in buying more used cars

Chinese consumers, whose penchant for frequent upgrades created the world’s largest automobile market in a generation, are discovering of late that new is not everything. They are switching gears to buy second-hand cars, eschewing first-hand models, as economic growth in mainland China weakens to its slowest pace in decades and an ongoing trade war with the United States spills over into uncertainties about investment and job prospects. Beijing, pushing its electric vehicle market, is making it harder for start-ups to enter as it fights overcapacity Consumer confidence in second-hand cars…

Read More
Home 

Chinese ride-hailing giant Didi Chuxing’s plans to conquer Uber in South America are revealed

Chinese ride-hailing giant Didi Chuxing is planning to take on US rival Uber in some of Latin America’s fastest-growing markets, recruiting managers in Chile, Peru and Colombia, according to job postings and a company official. Didi has moved senior executives from China to lead its expansion in markets like Chile and Peru, and began in recent weeks advertising for driver operations, crisis management, marketing and business development personnel in those countries, an analysis of LinkedIn postings show. Didi’s widening expansion, if successful, could make for a bumpier ride for San…

Read More
Home 

Chinese surveillance camera supplier Hikvision posts slowest profit growth in a decade

Hangzhou Hikvision Digital Technology, a key camera supplier for China’s surveillance system, reported the slowest annual pace of profit growth in more than a decade amid growing headwinds in overseas markets. Net income in 2018 rose 20.5 per cent to 11.3 billion yuan (US$1.76 billion), the Hangzhou-based company said in a filing to the Shenzhen Stock Exchange on Thursday. Revenue climbed 23 per cent to 51.2 billion yuan. The company said it maintained a high level of investment into research development while continuing to develop domestic and overseas markets. Its…

Read More
Home 

Remember that ‘Chinese boycott’ of Canada Goose down jackets because of Meng Wanzhou? Revenue numbers show it didn’t happen, with sales rising, and forecasts up

Canada Goose Holdings Inc boosted its annual forecast for the second time in six months, signalling its premium down parkas remain popular with Chinese shoppers amid a diplomatic spat between China and Canada and calls for a boycott of the brand. Based on the “strength” of the nine months ended on December 31, Canada Goose said revenue would rise in the mid-to-high 30s on a percentage basis, compared with a November forecast of at least 30 per cent. Last quarter, sales climbed 50 per cent to C$399.3 million (US$301 million),…

Read More
Home 

Hong Kong stocks open lower as market awaits Chinese economic data, US trade talks news

Hong Kong stocks opened lower, while Chinese equity benchmarks were mixed on Thursday morning. Investors were watching for developments coming out of Beijing today and tomorrow as they sized up positive remarks by US President Donald Trump about trade talks with China. The Hang Seng Index gave up some of the more than 300 points it gained on Wednesday, as it opened down 0.1 per cent, or 28.53 points, at 28,469.06. On Wednesday, President Trump told reporters at the White House that trade talks with China were “going along very…

Read More
Home 

Yield-hungry investors dig into offshore Chinese debt

At BEA Union Investment in Hong Kong, Pheona Tsang is getting creative. The head of fixed income is planning to fill 10 per cent of a yuan-focused portfolio this year with US dollar bonds, sold by Chinese companies outside the mainland market. She is not alone. Many money managers are being enticed by the same bonds, whose yields have been steadily rising thanks to years of rate hikes by the Federal Reserve. These dollar bonds in December yielded an average of 6.7 per cent, 2.8 percentage points above their onshore…

Read More
Home 

Chinese bond momentum remains strong, but don’t expect the yuan rally to last

The Chinese bond market got off to a solid start in 2019, building on the strong momentum from last year that saw China buck the global trend to deliver positive returns to investors.  The onshore rates rally continued in January, thanks to further easing by the People’s Bank of China and strong foreign demand for renminbi bonds – prompted, at least partly, by expectations that China would soon be included in the global fixed-income benchmark. However, the bigger price action occurred in the credit market, particularly hard-currency (US dollar) Chinese…

Read More
Home 

Former UK surveillance head says calls to freeze Chinese companies out of telecoms in Western countries are “short on technical understanding”

Britain’s former surveillance chief has characterised the “chorus of voices” calling for a blanket ban on Chinese companies like Huawei Technologies from telecommunication networks in Western countries amid perceived cyber threats as being “short on technical understanding” of cybersecurity and the complexities of 5G networks. While the Government Communications Headquarters’s National Cyber Security Centre “has been blunt about Huawei’s shortcomings in security engineering and in its general attitude to cybersecurity,” it has “never found evidence of malicious Chinese state cyber activity through Huawei,” Robert Hannigan, who was director of GCHQ…

Read More