China 

US seeking to ‘colonise’ China’s economy with trade deal, says veteran economic policymaker Li Deshui

A veteran Chinese economic policymaker has revealed certain United States demands made during trade negotiations with China that were later rejected by Beijing, confirming previous media reports and shedding light on mainstream thinking about US policy among China’s economic officials.Li Deshui, a former chief of China’s statistics bureau, wrote the US side had specifically demanded that China amend its domestic laws and proposed to establish a permanent bilateral office to debate Beijing’s… Source link

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Chinese billionaire Li Shufu’s Geely invests in German flying-car start-up Volocopter

Billionaire Li Shufu’s Zhejiang Geely Holding Group agreed to invest in flying-car developer Volocopter as the Chinese car giant diversifies into technologies that eventually could supplant the traditional gas guzzler.Geely, which owns Volvo Cars and a stake in Daimler, led a round of investment that raised €50 million (US$55 million) to help the VoloCity air taxi launch commercially within the next three years, the companies said on Monday. Geely and Bruchsal, Germany-based Volocopter agreed… Source link

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Singapore’s Straits Times Index kicks out Li Ka-shing’s port trust as US-China trade war crimps stock’s value by 84 per cent

Hutchison Port Holdings Trust will be removed from Singapore’s Straits Times Index after a dramatic fall in its market value amid rising global trade tensions, the index provider said in a statement.The move marks the end of an era for the Li Ka-shing backed container port trust in Hong Kong, whose initial public offering in 2011 was among the biggest that year.The market capitalisation has dropped 84 per cent since the IPO to around US$1.4 billion, the lowest among the 30 constituents of the… Source link

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Hong Kong tycoon Richard Li takes out newspaper ads in support of ‘One Country, Two Systems’ principle, calls for end to protests

Richard Li Tzar-kai, the Hong Kong telecoms tycoon and younger son of Li Ka-shing, the city’s richest man, backed the “One Country, Two Systems” principle in full-page adverts in seven newspapers on Thursday.First among local industry captains to speak after Chief Executive Carrie Lam Cheng Yuet-ngor said on Wednesday she would formally withdraw the controversial extradition bill and set up a platform to examine the causes behind the unprecedented and sometimes violent protests the city has… Source link

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Smartphone giant Xiaomi to spend US$1.5 billion in biggest shares buy-back of the year as it joins Li Ka-shing in growing wave of repurchases

Xiaomi plans to spend up to HK$12 billion (US$1.53 billion) on its own shares in what would be the biggest buy-back of the year by Hong Kong-listed companies at a time when the city’s stock market is being rattled by the most serious civic upheaval in more than two decades.The biggest maker of smartphones in China said it will buy back no more than 10 per cent of the company’s stake in the secondary market, in a statement filed to the bourse on Tuesday.So far in 2019, CK Asset Holdings,…

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Chinese sportswear maker Li Ning’s shares jump to nine-year high as former Uniqlo executive Kosaka Takeshi appointed joint CEO

Li Ning, the Chinese sportswear maker whose shares have more than quadrupled in the past two years, may get another boost to its stock-market performance.The Beijing-based company, which was founded by the Olympic gold medal-winning gymnast of the same name, said it has hired Kosaka Takeshi from Japanese clothing retailer Uniqlo as its joint chief executive officer, alongside Li Ning himself.Kosaka, a Japanese-Chinese, was formerly the chief operating officer of the Chinese unit of Uniqlo, Asia… Source link

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Li & Fung sees more disruptions to global supply chains from US friction with trading partners, as its interim results miss estimates

Li & Fung, the world’s biggest supplier of consumer products, said ongoing adjustments in global supply chains could be disrupted by new spats between the United States and its trading partners, further complicating the commercial relations that have taken decades to build.“While the US-China tension has taken centre stage now, uncertainties also loom between the US andmultiple production countries, which may cause new disruptions in the future,” said the Hong Kong company’s chairman William… Source link

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Investment 

Li Ka-shing’s CK Asset to buy UK pub operator Greene King for US$3.27 billion

CK Asset Holdings, the flagship of tycoon Li Ka-shing, said it has reached an agreement to buy Greene King, which operates 2,700 pubs, restaurants and hotels in the UK, for £2.7 billion (US$3.27 billion). CK Asset said in a Hong Kong stock exchange announcement late on Monday that it has bought a 2.9 per cent stake in Greene King through a wholly-owned subsidiary, and has proposed to buy out the entire issued share capital of the London-listed company for 850 pence (HK$80.8) each. CK Asset… Source link

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Money 

Chinese tycoon Li Jianhua fights daughter over Canada real estate fortune in lawsuits depicting knife violence, fraud and corporate turmoil

Tycoon Li Jianhua once planned to live next door to his daughter in Vancouver after he retired from a career that has brought him political prestige and great wealth in China.Two multimillion-dollar mansions were built on a steep and wooded hillside overlooking Vancouver and the Salish Sea, side by side in the exclusive British Properties neighbourhood.It was a fitting location for the former deputy in the National People’s Congress, China’s parliament – in a corporate profile he called himself… Source link

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How savvy Li Ka-shing profits from this loss-making firm’s ‘healthy ageing’ product

Li Ka-shing, one of Hong Kong’s best known tycoons in his nineties, puts his money where his mouth is when it comes to fighting ageing.He has been taking Tru Niagen, a “healthy ageing supplement” made by one of his investees, since he was first introduced to it more than two years ago, according to Frank Jaksch, the co-founder and chairman of ChromaDex.Li’s private venture capital unit Horizons Ventures ploughed US$25 million into Nasdaq-listed ChromaDex in April 2017 and is now its largest… Source link

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