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Counting down 21 days, top-level globalization summit to be held in Shanghai

pandora
6 minutes

Shanghai, China, October 18, 2022 – (SEAPRWire) – The EqualOcean Summit for Globalization 2022 (ESG2022) will be held in Shanghai on November 8 during the 5th China International Import Expo (CIIE) by the globalization think tank EqualOcean. The summit will focus on the third generation of global entrepreneurs and respond to China’s promotion of high-level opening up from the perspective of industry research. ESG2022 will be the first cross-boundary communication platform for entrepreneurs, investors, scholars, and diplomats. It is of special significance to hold high-level market-driven activities during the “CIIE”. Other highlights include: The “2022 China Brand Globalization Index Report” will be released and the list of “Global Brand 100” will be announced;The “Chinese Brand Globalization Resource Handbook 2022” will be released, and representative service providers in each field will be promoted;“50 Global Young Leaders in China’s globalization ” and “50 Global Leaders in China’s globalization ” will be released to express a new voice of the global generation;Senior diplomats and well-known scholars of international relations will attend and give macro guidance to global entre...

ACN Newswire

CALB’s Listing on the Hong Kong Stock Exchange Injects Strong Positive Energy to China’s New Energy Industry

indie
5 minutes

HONG KONG, Oct 6, 2022 - (ACN Newswire via SEAPRWire.com) - On October 6, CALB Co., Ltd. ("CALB" or the "Company"; stock code: 3931.HK) was officially listed on the Hong Kong Stock Exchange. The number of H Shares of the Company under the Global Offering is 265,845,300, with issue price HK$38/share and proceeds HK$ 9,863.9 million (prior to the exercise of the Over-allotment Option). The successful listing of CALB has also made it the first enterprise of power battery in Hong Kong, representing the strong positive energy of China's new energy industry.Well-recognised investment value with leading edge product portfolioRecently because of the impact of multiple factors, Hong Kong stocks continue to be lukewarm. But the company still received the attention and support of many investors which include upstream and downstream of the industrial chain and long-term investors, and the company successfully completed the stock pricing process. At the same time, the IPO of the company is one of the largest public offering in Hong Kong stock exchange this year. In the current difficult capital market, the successful pricing of such a large IPO is a huge success which also reflect the company's...

ACN Newswire

Recbio Announces Proposed Listing on the Main Board of the Hong Kong Stock Exchange

indie
10 minutes

HONG KONG, Mar 21, 2022 - (ACN Newswire via SEAPRWire.com) - The China-based novel vaccines company - Jiangsu Recbio Technology Co., Ltd. ("Recbio" or the "Company", stock code: 2179.HK, today announced the proposed listing of its H Shares on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"). Recbio plans to offer 30,854,500 H Shares (subject to the Over-allotment Option), of which 27,769,000 H Shares will be International Placing Shares (subject to reallocation and the Over-allotment Option), representing approximately 90% of the initial Offer Shares; the remaining 3,085,500 H Shares will be Hong Kong Offer Shares (subject to reallocation), representing approximately 10% of the initial Offer Shares. Recbio will open for Hong Kong Public Offering in Hong Kong at 9:00 a.m., 21 March 2022 (Monday), and close at 12:00 noon, 24 March 2022 (Thursday). Dealings in H Shares of Recbio on the Main Board of the Hong Kong Stock Exchange is expected to commence on 31 March 2022 (Thursday). The H Shares will be traded in board lot of 500 H Shares each. The Company's stock code is 2179.HK.-- Morgan Stanley Asia Limited, CMB International Capital Limited a...

ACN Newswire
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Academics detail take-off of China’s ice and snow economy

indie
3 minutes

HONG KONG, Mar 8, 2022 - (ACN Newswire via SEAPRWire.com) - China has seen the fastest growth of its ice and snow economy in recent years and has become the world's largest market in the sector, according to a report released by Jilin University on Thursday.Jilin University Key Laboratory of Ice and Snow Tourism Resorts Equipment and Intelligent Service Technology releases the 2022 China Ice and Snow Economic Development Index Report on Thursday. (Photo by Xu Lihua/For chinadaily.com.cn)Xin Benlu, vice-dean of the School of Business and Management at Jilin University, oversees the release of the ice and snow report at a news conference on Thursday. (Photo by Xu Lihua/For chinadaily.com.cn)Jilin University's Key Laboratory of Ice and Snow Tourism Resorts Equipment and Intelligent Service Technology, took a year to complete its 2022 China Ice and Snow Economic Development Index Report, which aims to measure and forecast China's ice and snow economic development using several ice and snow indicators.The report proposed the "airplane theory" as a way to look at the ice and snow economy.The concept uses the growing and escalating ice and snow demand, and ice and snow technology as the "...

SeaPRwire

Beijing’s bid to rival US as debt haven at risk after crackdowns

elean
5 minutes

(BLOOMBERG) - To a world full of fixed-income investors starved of safe assets with attractive yields, China's government bonds had become a tempting sight in recent years. However, red flags are now being hoisted. A series of government crackdowns on everything, from property developers to technology firms, is triggering questions about whether a sudden change in regulations could harm foreign investment in the securities. While positive inflation-adjusted interest rates and relatively tame volatility are keeping some fund managers bullish on China's sovereign debt, the regulatory risk is combining with a lacklustre credit rating to dampen the allure. That is making Chinese bonds a less likely candidate to challenge US Treasuries as global haven assets, impeding Beijing's push to promote the renminbi's worldwide usage and dent the dollar's dominance. "I can't help but feel a higher regulatory risk for the nation's bonds," said Mr Akira Takei, a global fixed-income money manager at Asset Management One in Tokyo who has yet to buy the securities. "Although I don't expect any restrictions to be introduced in China's government bond market, I have to examine how tighter regulations ou...

SeaPRwire

China’s bid to rival US as debt haven at risk after crackdowns

elean
4 minutes

TORONTO (BLOOMBERG) - To a world full of fixed-income investors starved of safe assets with attractive yields, China's government bonds had become a tempting sight in recent years. However, red flags are now being hoisted. A series of government crackdowns on everything from property developers to technology firms is triggering questions about whether a sudden change in regulations could harm foreign investment in the securities. While positive inflation-adjusted interest rates and relatively tame volatility are keeping some fund managers bullish on China's sovereign debt, the regulatory risk is combining with a lacklustre credit rating to dampen the allure. That's making Chinese bonds a less likely candidate to challenge US Treasuries as global haven assets, impeding Beijing's push to promote the yuan's worldwide usage and dent the dollar's dominance. "I can't help but feel a higher regulatory risk for the nation's bonds," said Akira Takei, a global fixed-income money manager at Asset Management One in Tokyo who has yet to buy the securities. "Although I don't expect any restrictions to be introduced in China's government bond market, I have to examine how tighter regulations outs...

SeaPRwire

China’s economic data expected to show further signs of weakness

elean
4 minutes

BEIJING (BLOOMBERG) - China's economy likely continued to weaken across the board in October with little signs of bottoming out. A set of key economic data to be released on Monday (Nov 15) will be closely studied for signs that the slowdown is serious enough to prompt authorities to step up economic support. The weakness in the economy is coming from both the supply and demand sides, similar to when the economy was initially hit by Covid-19 in early 2020. But the causes of supply shocks have shifted to electricity shortages, Beijing's environmental curbs and a crackdown on financial risk which has hit the property market, while domestic demand continues to be hit by the Covid-zero strategy. To better gauge China's economic performance at the start of the last quarter of 2021, here's a guide to what to watch for in the data: Production The power rationing that started in September likely extended into October, while elevated cost pressures continued to squeeze corporate profits, with both limiting factory output. A higher base for comparison last year might also drive the reading lower. Economists expect industrial production to have expanded 3 per cent from a year ago, the slowest...

SeaPRwire

China and Evergrande ascended together – now one is about to fall

elean
8 minutes

HONG KONG - Xu Jiayin - or Hui Ka Yan in Cantonese - was China's richest man, a symbol of the country's economic rise who helped transform poverty-stricken villages into urbanised metropolises for the fledgling middle class. As his company, China Evergrande Group, became one of the country's largest property developers, he amassed the trappings of the elite, with trips to Paris to taste rare French wines, a million-dollar yacht, private jets and access to some of the most powerful people in Beijing. "All I have and all that Evergrande Group has achieved were endowed by the party, the state and the whole society," Mr Xu said in a 2018 speech thanking the Chinese Communist Party for his success. China is threatening to take it all away. The debt that powered the country's breakneck growth for decades is now jeopardising the economy - and the government is changing the rules. Beijing has signaled that it will no longer tolerate the strategy of borrowing to fuel business expansion that turned Mr Xu and his company into a real estate powerhouse, pushing Evergrande to the precipice. Last week, the company, which has unpaid bills totaling more than US$300 billion (S$407 billion), missed a...

SeaPRwire

Goldman, others cut China GDP growth forecasts on energy supply crunch

elean
2 minutes

SHANGHAI (REUTERS) - Goldman Sachs has cut China's economic growth forecast for 2021 to 7.8 per cent, from 8.2 per cent, as energy shortages and deep industrial output cuts add "significant downside pressures", it said in a note on Tuesday (Sept 28). The power supply crunch, brought about by environmental controls, supply constraints and soaring prices, has forced industries throughout the country to cut production, and left several provinces scrambling to guarantee electricity and heating for residents. Goldman Sachs estimated that as much as 44 per cent of China's industrial activity has been affected, leading to a 1-percentage point decline in annualised GDP growth in the third quarter, and a 2-percentage point cut from October to December, it said. Nomura earlier cut its third and fourth-quarter China GDP growth forecasts to 4.7 per cent and 3.0 per cent, respectively, from 5.1 per cent and 4.4 per cent previously, and its full-year forecast to 7.7 per cent from 8.2 per cent. "The power-supply shock in the world's second-biggest economy and biggest manufacturer will ripple through and impact global markets," analysts at Nomura said in a Sept 24 note, warning that global supplie...

SeaPRwire

Evergrande bondholders seek clarity on payments after hope fades on Thursday deadline

elean
5 minutes

HONG KONG (REUTERS) - Evergrande US dollar bondholders were still waiting for information about a key interest payment due Thursday (Sept 23) but the property developer was instead expected to provide more clarity in the coming month, a source familiar with the situation said. China Evergrande Group's payment obligations have captured global attention in recent weeks as fears have spread that its difficulties could pose systemic risks to China's financial system and possibly to other markets. Evergrande resolved one coupon payment on a Shenzhen-traded bond earlier in the week but was due to pay US$83.5 million (S$112.6 million) in interest on a US$2 billion offshore bond on Thursday and also has a US$47.5 million dollar-bond interest payment next week. Both offshore bonds would default if the company, which has outstanding debt of US$305 billion, fails to settle the interest within 30 days of the scheduled payment dates. Some holders had given up hope of getting a coupon payment on the US$2 billion offshore bond by Thursday, a source familiar with the matter said. A holder of the US dollar bond said that they had not received payment as of the close of Thursday in Asia. As the clos...

SeaPRwire

US stocks rally on Evergrande assurances, Fed decision

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks advanced on Wednesday (Sept 22) following reassurances from China's Evergrande over its finances, while the Federal Reserve kept interest rates low, as expected. The embattled Chinese property titan said it had agreed to a deal with domestic bondholders that should allow it to avoid missing one of its interest payments, somewhat mollifying a major source of market angst this week. Worries about the fallout from an Evergrande failure had slammed stocks on Monday. Later, the Fed kept interest rates low, while adding that it may nonetheless "soon" be ready to begin removing stimulus it provided during the pandemic. The Dow Jones Industrial Average finished up 1 per cent at 34,258.32. The broad-based S&P 500 gained 1 per cent to finish at 4,395.64, while the tech-rich Nasdaq Composite Index also won 1 per cent to close at 14,896.85. National Securities chief strategist Art Hogan attributed the rally to the better Evergrande news, saying, "it feels like we've reconciled that Evergrande is not going to be the start of a financial crisis". Mr Hogan said investors are not especially worried about the building debate in Washington over raising the debt ce...

SeaPRwire

China property crackdown alarms analysts as economic risks grow

elean
5 minutes

HONG KONG (BLOOMBERG) - Warnings that China's campaign to cool its property market will go too far are multiplying. Economists at Nomura Holdings are calling the curbs China's "Volcker Moment" that will hurt the economy. The credit squeeze in the property sector is "unnecessarily aggressive" and may weigh on industrial demand and consumption, wrote colleagues at Bank of America Corp. A prominent Chinese economist cautioned of a potential crisis should home values drop below mortgages. Stabilising China's housing market under the mantra of "housing is for living, not for speculation" is one of the many campaigns being waged by Xi Jinping as he seeks to reduce the cost of raising a family and defuse risks in the financial system. Yet it's also one of the toughest goals to achieve given the vital importance of the sector to the economy - the industry accounts for more than 28 per cent of gross domestic output. The regulatory tightening appears to be working, after monetary easing last year spurred price gains. Property loans rose at the slowest pace in eight years in the first seven months of the year, according to the banking and insurance regulator, while home price growth dipped to...

SeaPRwire

Alibaba pledges $20.8 billion to China’s ‘common prosperity’ drive

elean
2 minutes

SHANGHAI (REUTERS) - China's Alibaba Group Holding will invest 100 billion yuan (S$20.8 billion) by 2025 in support of "common prosperity", it said, becoming the latest corporate giant to pledge support for the initiative driven by Chinese President Xi Jinping. Beijing has been encouraging companies to share wealth as part of an effort to ease inequality in the world's second-largest economy. Other companies that have made similar announcements include Tencent Holdings, which also pledged 100 billion yuan, and Geely Automobile. The government-backed Zhejiang News website said Alibaba's funds will go towards areas such as subsidies for small and medium-sized enterprises and improving insurance protection for gig economy workers such as couriers and ride-hailing drivers. It will also set up a 20 billion yuan "common prosperity development fund", the newspaper said, with Alibaba confirming the report. The e-commerce giant and its tech rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behaviour to consumer rights. Alibaba was fined a record US$2.75 billion (S$3.69 billion) in April over monopoly violations. The sector has also attrac...

ACN Newswire

Li Jiaqi – China’s “King of Livestreaming E-commerce” – Goes Global

indie
4 minutes

HONG KONG, Aug 21, 2021 - (ACN Newswire via SEAPRWire.com) - Li Jiaqi, dubbed China's "King of Livestreaming E-commerce," is set to host a pioneering fashion show format at the iconic Shanghai K11 Art Mall on August 19-22. Li is taking Li Jiaqi WoW, his shopping information and recommendation program, offline for the first time, and will feature the involvement of five prominent Chinese designers, each based around the world. Through livestreaming, the audience will be able to communicate with the different designers as they open virtual "doors." The Shanghai show represents the beginnings of Li's grand vision as he looks to extend his influence on a global scale.Li is China's most popular key opinion leader (KOL) in the livestreaming e-commerce industry - with nearly 170 million fans - and has driven sales of more than$430 million (RMB2.8 billion) in a single live broadcast. Since 2016, livestreaming e-commerce has grown in popularity in China. Outperforming all other shopping channels, its user scale reached 388 million till December 2020, 66.2% of whom bought products via this channel, China Internet Network Information Center (CNNIC) says.Compared to traditional online shopping...

ACN Newswire

Livestreaming Mogul Li Jiaqi, International Brands Partner to Showcase New Products in Chinese Market

indie
4 minutes

HONG KONG, Aug 21, 2021 - (ACN Newswire via SEAPRWire.com) - The arrival and subsequent evolution of livestreaming technology, and its integration with e-commerce, has radically changed China's consumer market. Different from traditional online shopping, livestreaming e-commerce features better experience and more interaction that increasingly more consumers are gravitating toward. Amid this fast-growing medium, one man stands king: Li Jiaqi.Li, China's leading influencer in the livestreaming e-commerce space, has signaled his intentions for the future - the integration of online and offline elements. From August 19-22, Li will host a pioneering fashion show at the city's iconic Shanghai K11 Art Mall. The show, where Li Jiaqi WoW will be taken offline for the first time, will see Li invite five up-and-coming Chinese designers to interact with viewers. Aside from watching all the latest deals and products, viewers can also communicate with the participating designers via livestreaming screens, set behind interactive "doors." Li is China's most popular key opinion leader (KOL) in the livestreaming e-commerce industry - with nearly 170 million fans - and has driven sales of more than$...