Home 

Hong Kong reclaims crown as global hub for high-end Bordeaux wine

Hong Kong has become the top export destination for high-end Bordeaux wine for the first time since 2011, knocking China from the No 1 spot.In 2018 Hong Kong accounted for 16 per cent of wine sales by value from Bordeaux, the famed wine growing region in southwestern France, according to the Bordeaux Wine Council (CIVB).Hong Kong ranked top of the league tables for high-end Bordeaux in 2011, before being overtaken by the UK for one year, and then the mainland from 2013 through 2017.The… Source link

Read More
Home 

Hong Kong set to lose IPO crown to Nasdaq, thanks to ride-hailing app Lyft

Nasdaq is set to dethrone Hong Kong as the world’s No 1 market for initial public offerings, thanks to Thursday’s US$2.4 billion listing of ride-hailing firm Lyft, just as the world’s biggest maker of bitcoin mining rigs, Bitmain Technologies, called off its application to list in the city on Tuesday. Lyft, the second-largest ride-hailing company in the United States, would bring total funds raised through new share listings this year on the New York bourse to US$4.1 billion. The firm could… Source link

Read More
Home 

Huawei targets 50 per cent smartphone market share in China on way to wresting global crown from Samsung

An employee shows a Mate X foldable 5G mobile device at the Huawei Technologies Co. pavilion on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. At the wireless industry’s biggest conference, over 100,000 people are set to see the latest innovations in smartphones, artificial intelligence devices and autonomous drones exhibited by more than 2,400 companies. Photographer: Stefan Wermuth/Bloomberg Source link

Read More
Money 

Australia’s biggest casino company, Crown Resorts, hit hard as Chinese VIPs spend less

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years.Crown, which is owned 47 per cent by billionaire James Packer, also posted a weaker than expected profit for the six months to December. Turnover from VIPs – largely Chinese tourists on package holidays – fell 12 per cent compared to a 16 per cent rise in the year-ago period… Source link

Read More
Home 

Hong Kong regains global IPO crown from New York in 2018 thanks to its listing reforms

The Hong Kong stock exchange reclaimed its crown as the No 1 IPO market in the world in 2018, beating last year’s winner New York, as listing reforms led to the highest fundraising in eight years, according to Refinitiv data. Hong Kong’s main board had a 17.6 per cent share of the global IPO market this year as of December 21, with 125 companies raising US$36.5 billion. This was the highest since 2010 and up 175.5 per cent from last year, according to the data provider formerly known as Thomson…

Read More
Home 

Baidu to start producing self-driving cars with FAW, Volvo in race for next crown in world’s biggest market

Baidu pushed deeper into autonomous driving with plans to start producing self-driving passenger cars with FAW next year, with similar plans to develop models with Volvo Cars for China, the world’s biggest passenger vehicle market. The Beijing-based internet search giant, which has in recent years invested heavily in its Apollo autonomous driving platform, unveiled a joint developed self-driving model with FAW at the Baidu Tech 2018 conference on Thursday. The car is expected to become the first mass-produced driverless car in China when large-scale production takes place in 2020, according…

Read More
Home 

ByteDance founder Zhang Yiming bounces back with new funding round to win world’s most valuable start-up crown

It was looking pretty grim for ByteDance founder and chief executive Zhang Yiming back in April. He had issued a “self reflective” public apology after China’s central government ordered its news aggregation unit to close a popular app known for off-colour jokes. “We let our users down by over emphasising growth and scale over quality and responsibility,” Zhang said in an open letter reminiscent of the “self criticism” of “wrongdoers” during the era of Chinese leader Mao Zedong. Meet the 35-year-old engineer behind world’s most valuable start-up Zhang said Jinri…

Read More