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Hong Kong protests spook owners of co-working space operator The Executive Centre, who drop planned US$750 million sale

The boss of shared office-space operator The Executive Centre (TEC) said the decision to place on hold a planned sale of its shares for US$750-million was “sensible” given the uncertainty gripping Hong Kong amid unprecedented social unrest.“Placing a pause on the shareholder sales process is a sensible reaction to the unknown unknowns of the current political and social issues being played out in Hong Kong,” said Paul Salnikow, chairman and chief executive of the Hong Kong-based company.The… Source link

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Hong Kong stock exchange operator makes bid to buy London Stock Exchange for US$36.6 billion

Hong Kong Exchanges and Clearing offered to buy the London Stock Exchange for US$36.6 billion, the operator of Asia’s third largest market announced on Wednesday. “The proposed combination would strengthen both businesses, better position them to innovate across markets and geographies, and offer market participants and investors unprecedented global market connectivity,” the Hong Kong Exchanges and Clearing – the operator of the city’s stock market – said in a stock exchange filing. It would… Source link

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Hotel and leisure operator China Travel warns protests could be ‘catastrophic’ for the economy as tourists shun Hong Kong

The effects of the anti-government protests are reverberating across Hong Kong’s travel industry and could be “catastrophic” for the entire economy if it persists, according to a leading hotel and leisure operator.“In the second half of the year, our operations in Hong Kong have indeed been affected by the complicated circumstances in the city,” said Fu Zhuoyang, chairman and executive director of China Travel International Investment Hong Kong, during a press conference on Monday where he… Source link

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Cosco Shipping’s rising container volumes put it on course to overtake Hutchison Ports as world’s No 2 ports operator

Hong Kong-based Cosco Shipping Ports, a division of China’s state-owned shipping giant Cosco, is set to overtake city rival Hutchison Ports as the world’s second-biggest port operator as soon as this year, according to ports and shipping analytics firm Drewry.In a report last month, Drewry noted that Cosco Shipping Ports had grown its throughput by 32.2 per cent to 46.1 million twenty-foot equivalent units (TEU) in 2018 from a year earlier, just short of CK Hutchison Holdings-owned Hutchison… Source link

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China 

China’s belt and road cargo to Europe under scrutiny as operator admits to moving empty containers

Widespread waste and fraud associated with China’s Belt and Road Initiative has been unearthed after the country’s state railway group was forced to admit this month that a significant amount of cargo containers shuttling between Chinese factories and European cities were empty.The admission by the state-run China Railway – the sole operator of the lines – followed an investigation by the Chinese Business Journal, a newspaper supervised by the Chinese Academy of Social Sciences, which found… 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 

Hong Kong’s exchange operator posts record first-half earnings as global funds follow MSCI’s weightings into China’s stocks

Hong Kong Exchanges & Clearing Limited (HKEX) reported its best interim profit on record as more global funds used the city’s cross-border investment channel to invest in Chinese stocks, after MSCI quadrupled the representation of China’s A shares in its benchmarks.Revenue rose 5 per cent to HK$8.58 billion (US$1.1 billion) in the first half, while net profit increased 3 per cent to HK$5.2 billion, the highest since the bourse was established in 2000. Second-quarter profit advanced 5 per cent… Source link

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Sogo operator worried over outlook as extradition bill protests, trade war weigh on first-half sales

Lifestyle International Holdings, which operates Sogo department store, said the outlook for the rest of the year looks bleak after the Causeway Bay branch recorded a 4.8 per cent decline in sales in the first half, as protests reduced footfall by 3.7 per cent and mainland tourists spent less amid a slowing Chinese economy.“In June, the large scale protests and marches had a huge impact on consumer sentiment and the retail sector,” said Thomas Lau Luen-Hung, chairman of the group, said at a… Source link

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New Frontier agrees to buy China private hospital operator United Family Healthcare for US$1.44 billion

New Frontier Corp, the New York-listed investment arm affiliated with New Frontier Group, has agreed to buy United Family Healthcare for US$1.44 billion to create one of the biggest publicly traded health care service companies in China.New Frontier will buy the stake in United Family, one of the largest privately-held hospitals on the mainland from private equity firm TPG and Shanghai Fosun Pharmaceutical Group, according to a press release. New Frontier will use proceeds from its initial… Source link

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Hong Kong stock exchange operator tightens regulation of back-door listings with new rules

Bourse operator Hong Kong Exchanges and Clearing has tightened the regulation of so-called back-door listings with the introduction of rules that go into effect from October 1, according to the conclusion of a public consultation released on Friday.In a back-door listing, a company that has gone public sells its major assets or shareholding, enabling a new buyer to secure listing status without going through the application process. New buyers usually inject their businesses into the existing… Source link

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