Thursday, June 21, 2018

Shares in Chinese education firms fall in wake of Muddy Waters’ attack on TAL...

Shares in a number of Chinese education companies dropped sharply in Hong Kong on Thursday, following on from declines in their US-listed peers the day before, after a report by short seller Muddy Waters said China’s TAL Education had inflated its net profit figures. Muddy Waters said TAL, one of China’s largest private education services…

Who needs Ronaldo? China’s World Cup hopes rest on the crayfish

Portugal has Cristiano Ronaldo, Argentina has Lionel Messi, and Egypt are hoping Mohamed Salah will bring them World Cup glory. China may not have qualified for football’s showcase event but an unlikely national hero has emerged nonetheless, carrying the hopes of the nation into the tournament as it kicks off in Russia tonight: the humble…

Hang Seng slammed for 375-point loss in afternoon trade as the higher cost of...

Hong Kong stocks were slammed more than 375 points lower in mid-afternoon trading on Thursday, led down by losses in the property sector on concerns about tighter mortgage lending after the city’s monetary authority matched the Federal Reserve in lifting its base lending rate by 25 basis points. The Hang Seng Index dropped 1.2 per…

The CEO of 51job, China’s top job site, is now worth US$1.5 billion at...

The head of China’s hottest job site never has to work again. Rick Yan, the chief executive officer of 51job Inc, has amassed a $1.5 billion fortune, according to the Bloomberg Billionaires Index. Yan, who has never appeared on an international wealth ranking, owns 20.8 per cent of the Shanghai-based company, which operates one of…

French beauty giant L’Occitane’s profit hurt by US tax reform

L’Occitane International, the first French company to go public in Hong Kong in 2010, on Monday reported a 27.1 per cent drop in annual net profit, as it was hurt by the US tax reform, increased outlay on marketing and one-off costs related to opening of new stores. Net profit for the financial year ended…

Gen-Zs in their 20s are fastest-growing group of loan borrowers, spurred by cheap and...

Generation Z, the section of the population born in the mid-90s, was the fastest-growing segment of borrowers in Hong Kong during the first quarter, according to data by the credit report company TransUnion. Loans by Gen-Z borrowers, the oldest of whom is 23 this year, soared by 78.5 per cent from last year, according to…

Beijing’s tight grip on economy leaves tycoons on a tightrope

By some estimates, China already has more US dollar billionaires than the United States and is gaining new ones at a faster rate than any other country. Many of these billionaires sit on the National People’s Congress, the country’s legislature, and the Chinese People’s Political Consultative Conference, the national advisory body, where they rub shoulders…

Macau money chiefs order UnionPay clampdown over illicit mainland China cash fears

A new crackdown on UnionPay cards has been launched by Macau monetary chiefs, as fresh concerns surface over illicit capital flows out of mainland China. Monetary regulators in the world’s most lucrative casino destination have issued a warning to financial institutions to tackle the illegal use of UnionPay cards to evade strict exchange controls. The…

China’s love affair with oak a mixed blessing for France

Times are good for oak tree growers in France. Exports of oak logs have soared and so have prices, largely because of demand from China. Beijing banned commercial timber harvests last year and Chinese millennials have developed a taste for high-quality wooden floors and furniture from Europe. But a boom for France’s exporters could mean…

This is what Hong Kong retailers must do to maintain edge as China announces...

The latest round of import tariff cuts by Beijing is a fresh reminder for Hong Kong to improve its quality of service as well as retail experience, if it wants to continue to attract Chinese tourism spending despite a rapid erosion of any price advantage it enjoys versus the mainland, said analysts. China announced last…
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