Sunday, September 23, 2018

Meet Daniel Zhang, the ‘free and unfettered spirit’ who will succeed Jack Ma as Alibaba’s chairman

Meet Daniel Zhang, the ‘free and unfettered spirit’ who will succeed Jack Ma as...

Among the 86,000 employees who work at Alibaba Group Holding, chief executive Daniel Zhang Yong is not known as Daniel, or Mr Zhang, or even boss. Instead, employees refer to him as xiaoyaozi, or the “free and unfettered one”. The nom de guerre, after a character from a Louis Cha wuxia novel, has appeared on his…
Trade war will not derail China’s promise to open up its financial markets, central bank chief says

Trade war will not derail China’s promise to open up its financial markets, central...

China is committed to opening up its financial services markets to foreign players irrespective of the trade war with the United States, the head of its central bank said on Sunday, countering claims it had suspended licence applications as a result of the dispute. The People’s Bank of China (PBOC) would “implement” agreed plans for…
China’s home prices rise at fastest rate for 2 years

China’s home prices rise at fastest rate for 2 years

China’s home prices rose at their fastest pace in almost two years in August, adding to the likelihood of more government tightening in the housing market. New-home prices gained 1.49 per cent from the previous month, according to Bloomberg calculations based on data for 70 cities released by the National Bureau of Statistics on Saturday.…
China’s top ‘butcher’ WH Group posts worse-than-expected profit as trade war hurts US business

China’s top ‘butcher’ WH Group posts worse-than-expected profit as trade war hurts US business

WH Group, the largest pork producer in China and the world, reported worse-than-expected results for the first half of the year, with its US operations coming under pressure as trade tensions between the world’s two largest economies began to escalate. The company reported a 7.7 per cent drop in net profit to US$514 million from…
US House passes defence bill while keeping a wary eye on Chinese investments

US House passes defence bill while keeping a wary eye on Chinese investments

The US House of Representatives on Thursday passed a US$716 billion defence appropriations bill that includes language to tighten regulations on Chinese investments in the United States and prohibit the US government from buying products from major Chinese telecoms firms, including ZTE. The John S. McCain National Defence Authorisation Act passed the House by a…

Officials discuss remote opening of mainland bank accounts by Hongkongers

Hong Kong residents may soon be able to open mainland bank accounts remotely, following in-depth talks between financial authorities on both sides of the border. “It would make their lives easier if they opt for living or retiring in the mainland such as in the Greater Bay Area,” said Norman Chan Tak-lam, chief executive of…
JD.com shares plunge in US trading after billionaire CEO Richard Liu’s arrest on sexual misconduct claim

JD.com shares plunge in US trading after billionaire CEO Richard Liu’s arrest on sexual...

JD.com’s shares plunged to a 19-month low in US trading on Tuesday as investors weighed the possible impact of billionaire founder Richard Liu Qiangdong’s weekend arrest in the United States on suspicion of criminal sexual conduct, a term that covers a range of non-consensual sexual acts. The company’s American depository receipts fell 6 per cent…
China’s leveraged asset buyers must now brace for discounts in their forced fire sales

China’s leveraged asset buyers must now brace for discounts in their forced fire sales

China Energy Finance Corporation (CEFC), the biggest Chinese investor in the Czech Republic, will be bailed out from its debt-fuelled shopping spree in Europe with a haircut, the first of a trio of mainland asset buyers that are being forced into holding fire sales for their acquisitions. CEFC is negotiating to sell its Czech portfolio…
Jack Ma to unveil Alibaba’s succession plan, paving the way for younger talent to take over

Jack Ma to unveil Alibaba’s succession plan, paving the way for younger talent to...

Jack Ma, who co-founded the world’s largest e-commerce platform, will unveil a succession strategy next week, part of a management plan 10 years in the making for grooming a generation of younger executives to take over the reins of Asia’s most valuable company. Ma, the executive chairman of Alibaba Group Holding and public face of…

Tencent-backed health care platform WeDoctor shrugs off bear market concerns, prepares for Hong Kong...

Tencent-backed online health care solutions platform WeDoctor, valued at US$5.5 billion after its latest round of fundraising, said on Monday it was actively preparing for a flotation in Hong Kong, despite the recent bearish sentiment in the market. We believe online technology platforms, especially those focusing on health care like us … will be acknowledged…
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