Home 

HSBC scraps minimum-balance fee for 3 million Hong Kong customers, other lenders expected to follow suit as they brace for threat from virtual banks

HSBC is to scrap the minimum balance fee that applies to 3 million customers in Hong Kong in a move likely to be followed by other big lenders as they brace for fierce competition from a wave of virtual banks due to come online later in the year.The monthly charge of HK$50 for small depositors with a passbook savings account and other basic accounts with a balance below HK$5,000 (US$640), has long been viewed as a penalty on some of the bank’s most loyal customers. It was introduced 18 years……

Read More
Home 

Huawei scraps first product launch as US trade ban bites

In this May 26, 2016, photo, a man walks past a Huawei logo during a launch event for the Huawei Matebook in Beijing. As trade disputes simmer, Chinese telecommunications giant Huawei, the No. 3 smartphone brand, is shifting its growth efforts toward Europe and Asia in the face of mounting obstacles in the US market. (AP Photo/Mark Schiefelbein) Source link

Read More
Home 

Chinese electric vehicle maker Nio scraps Shanghai factory plan after losses double to US$1.4 billion

Chinese electric vehicle start-up Nio cancelled a plan to build its second factory in Shanghai after reporting a full year 92 per cent year-on-year increase in net losses to US$1.4 billion.The US-listed Nio has partnered with Chinese state-owned carmaker JAC Motors to produce its ES8 electric model since 2016. The company said on Tuesday that the decision would allow Nio to focus on the joint manufacturing model in the long term, which was in line with the government’s new policy issued last… Source link

Read More
China 

China scraps valuation limit to kick-start Xi Jinping’s technology board for home-grown companies to raise capital

Shanghai’s stock exchange, tasked by Chinese president Xi Jinping last November to create a technology board for the country’s most valuable start-ups to raise capital, has fine tuned its listing rules and upped the ante with Hong Kong in the race for the title of Asia’s fundraising hub.Initial public offerings ((IPOs) on the tech board will be priced through “interactions with eligible offline investors,” the exchange said late on Friday. That essentially removes the implicit valuation limit –… Source link

Read More
Property 

Hong Kong scraps sale of The Peak land plot after bids failed to meet US$5.1 billion expected price

A luxury residential site on The Peak has been withdrawn from sale on Tuesday, a sign that developers are increasingly cautious about the Hong Kong market outlook as a sliding stock market, rising interest rates and the escalating US-China trade war could further dampen buying interest. The Lands Department announced that it had rejected all five tenders received for the purchase of the plot on Mansfield Road, The Peak, after the tender closed on Friday as “the tendered premiums did not meet the government’s reserve price for the site”. The…

Read More