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Hong Kong’s dollar millionaires swell at the slowest pace since 2014, as trade war-induced bear market crimped fortunes

The ranks of Hong Kong’s US dollar-denominated millionaires grew at their slowest pace since 2014, as the US-China trade war weighed on financial markets and depressed stock values all over Asia, according to a report by Citibank.The number of Hong Kong residents with at least HK$10 million (US$1.27 million) in assets, including property holdings, rose 3 per cent last year to a record 511,000, based on Citibank’s telephone survey and interviews with 4,192 respondents. Of these, the number of… Source link

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Global 

US-China trade war mean it’s ‘too soon to predict a turnaround in fortunes’ for regional manufacturing

Analysts warned that it was still too early to predict a turn in fortunes for the region’s manufacturing sectors because uncertainties continue to linger on the US-China trade talks, despite the first signs of stabilisation after a sluggish start to the year, as activity bounced back in several Asian economies in March.China’s Purchasing Managers’ Index (PMI) from both the official government data and the Caixin/Markit private survey beat economists’ forecasts. The official manufacturing PMI… Source link

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An amazing turnaround in fortunes as China’s stock market goes from the world’s worst to best in a matter of months

Hong Kong equity investors must be looking enviously across the border this year.The city’s two main benchmarks are hardly doing badly, but gauges on the mainland – after a grim 2018 – are eclipsing them and just about every other worldwide. The ChiNext in Shenzhen has led the charge with a 42 per cent rally. This renewed enthusiasm for yuan-denominated stocks means the Hang Seng Index is underperforming the Shanghai Composite Index by the most in a year.The gap in performance has widened… Source link

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A tea maker called Blockchain Group?! Hong Kong firms fail to revive flagging stock market fortunes with far-fetched name changes

What’s in a name? When it comes to Hong Kong-listed companies looking to boost their stock market performance by changing their name to something more fashionable, then not much, the evidence suggests.It is a common tactic deployed by firms looking to revive their flagging fortunes and bolster their share price. The chosen name is often an attempt to attract investors by signalling a connection with a boom industry, in many cases one that bears no relationship at all to the company’s business… Source link

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Money 

Fewer billionaires among China’s lawmakers as 2018 stock market rout crimps their ranks and fortunes

The opening session of the 13th National People’s Congress (NPC) at the Great Hall of the People in Beijing on March 5, 2019. The number of US dollar billionaires in the legislature dropped to 93, from 104 last year, while their combined wealth was crimped by 45 per cent due to a stock market rout. Photo: SCMP/Simon Song Source link

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A record number of Chinese billionaires fall off Hurun’s rich list as 2018 stock market rout ravaged their fortunes

A record 213 Chinese billionaires dropped out of the widely watched Hurun Global Rich List, as slumping stock markets worldwide wiped out a combined US$1 trillion from the fortunes of the world’s wealthiest individuals, a report released on Tuesday showed.Only 658 super-rich individuals living in the Greater China region made it to the 2019 list, down from 819 last year.The squeeze felt by Chinese billionaires was much deeper than their peers in other countries, as the country’s worst stock… Source link

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Chinese-born brothers build billion dollar fortunes in Silicon Valley with network security software firm Fortinet

Cybersecurity has unlocked riches for Ken and Michael Xie. The Chinese-born brothers are now billionaires from their stakes in Fortinet Inc., the Silicon Valley-based network security software firm they co-founded almost two decades ago, according to the Bloomberg Billionaires Index. Spurred by high-profile data breaches and malware attacks, cybersecurity has become a growing priority for companies. Cloud-focused firms including Fortinet and Palo Alto Networks Inc. have benefited as businesses update their computer infrastructures, posing a threat to more established network software providers such as Cisco Systems Inc. and Juniper Networks…

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Investment 

China’s new securities regulator must implement wide-ranging reforms to revive flagging market fortunes

The new head of China’s securities regulator has the unenviable task of overseeing a stock market that is in dire need of reforms as it struggles to claw its way out of its worst slump in a decade. The role of Yi Huiman, the former chairman of Industrial and Commercial Bank of China, is by no means going to be easy, according to analysts who say that he will need to introduce wide-ranging reforms, such as encourage listings of home-grown hi-tech companies, relax restrictions on derivatives and increase the representation…

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Singapore 

SIA moves up to 18th spot in Fortune’s Top 50 rankings, from 32nd place in 2018, Singapore, Business News

SINGAPORE – Singapore Airlines (SIA) has moved up the Top 50 rankings of Fortune magazine’s annual World’s Most Admired Companies to 18th spot this year. The Singapore carrier is also the highest-ranked Asian company and the only company from South-east Asia to make the list. SIA was ranked No. 32 last year and No. 33 in 2017. Toyota, Alibaba and Samsung are the other Asian companies to make the Top 50 this year. Fortune describes its ranking as the “definitive report card on corporate reputations”. It is based on a…

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Hong Kong’s struggling pay TV provider, iCable, enters China through deal with Guangdong CableTV Network in bid to revive fortunes

Hong Kong’s biggest pay TV operator, which has racked up losses of more than HK$2 billion (US$254.9 million) in the past decade, is set to broadcast its shows to viewers in China for the first time, thanks to a new partnership with Guangdong CableTV Network. The embattled i-Cable Communications said it has signed an agreement with Guangdong CableTV Network that will allow it to air programmes to 14 million mainland Chinese pay TV users. “We hope this agreement will bring our business back on track,” said Irene Leung Shuk-yee, the…

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