hong kong | Business Upturn

Indian Railway Finance Corporation conducts ECB roadshow in Taiwan and Hong Kong

Business Desk — Thu, 12 Mar 2026 05:06:03 +0000

Indian Railway Finance Corporation (IRFC) successfully concluded a two-day External Commercial Borrowing (ECB) roadshow in Taipei, Taiwan, and Hong Kong, aimed at engaging Asia Pacific investors for funding diversification.

The roadshow, held on 10th and 11th March 2026, was led by senior IRFC executives, including Executive Director (HR) Mr. Manish Chandra, Chief General Manager (Admin) Mr. Shwet Ketu Mishra, and General Manager (Finance) Mr. Nav Goel. The initiative sought to broaden IRFC’s lender base and access diversified global capital pools to support India’s infrastructure growth, particularly in railway projects.

During the event, IRFC highlighted its strategic diversification into funding infrastructure projects linked to the railways, emphasising its strong sovereign linkages, NIL NPA status, and low operating costs. Investors showed interest in IRFC’s diversification into high-quality PSU and infrastructure exposures beyond the Ministry of Railways, including funding for dedicated freight corridors, Metro Rails, and Ports.

The roadshow was supported by Sumitomo Mitsui Banking Corporation and Mitsubishi UFJ Trust and Banking Corporation, who facilitated investor engagements. Potential lenders expressed confidence in IRFC’s credit profile and business strategy, indicating support for future ECB borrowings.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

5 exciting places to visit in Hong Kong for a fun vacation

Aman Shukla — Sat, 04 May 2024 05:10:47 +0000

Hong Kong offers some of the finest tourist destinations, which include peaceful islands to amazing skyscrapers. The attractions here give the breathtaking beauty of both man and nature, while the lanes are glossed with a wonderful view of the vibrant hues and island buildings.

Here are 5 exciting places to visit in Hong Kong for a fun vacation

1. Disneyland Hong Kong

Disney Land is a well-known tourist destination in Hong Kong that offers visitors excitement and thrills in equal measure. Popular among families with children, the location is perfect for adding excitement to your trip and taking you back to your childhood days.

2. Victoria Peak

One of the most visited tourist destinations in Hong Kong is Victoria Peak, which offers breathtaking views of the harbour and the city skyline. Admire the view that complements Hong Kong’s breathtaking skyscrapers that are lit by sparkling lights. The Victoria Peak, commonly known as Mount Austin or The Peak, is nestled towards the western half.

3. Star Ferry

One of the world’s most beautiful ferry rides, the Star boat was first inaugurated in 1888 and is an absolute must-visit when visiting Hong Kong. The ferries connect Kowloon and Hong Kong Island and are a part of the public transportation network in the city, serving both locals and visitors

4. Tian Tan Buddha Statue

The Tian Tan Buddha, also referred to as the “Big Buddha” because of its enormous size, is a magnificent sight to see and is situated on Lantau Island, west of Hong Kong. The bronze statue, completed in 1993, sits atop a hill surrounded by trees.

5. Hong Kong Museum Of Art

One of the greatest places for tourists to learn about the culture, history, artwork and handicrafts of the city is the Museum of Arts, a well-known destination in Hong Kong. This museum, known as the City Hall Museum, houses a great collection of paintings and antiques, as well as calligraphy and artwork by artists from every corner.

Top 10 indigenous companies of Hong Kong

Aishi Saha — Mon, 29 Apr 2024 13:50:33 +0000

Hong Kong, a global financial hub, is not only home to numerous multinational corporations but also boasts a thriving ecosystem of indigenous companies that have carved out a significant presence in various sectors. From real estate and banking to telecommunications and retail, these homegrown companies have made a mark in the world.

Here are some of the indigenous companies of Hong Kong:-

CK Hutchison Holdings

Founded by the renowned entrepreneur Li Ka-shing, CK Hutchison Holdings is a global conglomerate with diverse business interests spanning retail, energy, ports, and telecommunications. With operations in over 50 countries, CK Hutchison has become a household name in Hong Kong.

Sun Hung Kai Properties

One of the largest real estate developers in Hong Kong, Sun Hung Kai Properties has played a pivotal role in shaping the city’s iconic skyline. With a portfolio that encompasses residential, commercial, and retail properties, the company has expanded its footprint beyond its home market, establishing a presence in mainland China and other parts of Asia.

Hang Seng Bank

Established in 1933, Hang Seng Bank is one of Hong Kong’s oldest and most respected financial institutions. Offering a wide range of banking services, including retail, corporate, and private banking, Hang Seng Bank has become a trusted name in the city’s financial landscape.

PCCW

Formerly known as Pacific Century CyberWorks, PCCW is a leading telecommunications and media company in Hong Kong. With a strong focus on innovation, PCCW has been at the forefront of providing cutting-edge services, including broadband internet, mobile networks, and pay-TV offerings.

Wheelock and Company

Founded in 1857, Wheelock and Company is a diversified conglomerate with interests spanning real estate, logistics, and retail. With a rich history and a commitment to quality, the company has played a significant role in shaping Hong Kong’s business landscape.

Jardine Matheson

Tracing its roots back to the early days of Hong Kong’s trading history, Jardine Matheson is a multinational conglomerate with a diverse portfolio that includes real estate, retail, and transportation services. Despite its global reach, the company remains firmly rooted in its Hong Kong heritage.

Li & Fung

A global leader in supply chain management solutions, Li & Fung has its origins in Hong Kong, where it was founded in 1906. With a vast network spanning over 300 offices across 40 economies, Li & Fung has become a vital link in the global supply chain, serving major brands and retailers worldwide.

Vitasoy

Established in 1940, Vitasoy is a beloved Hong Kong brand that has become synonymous with its iconic soy milk products. With a strong commitment to innovation and sustainability, Vitasoy has expanded its product range beyond beverages, venturing into plant-based food products and exporting its offerings to various markets around the world.

Hongkong Land

A member of the Jardine Matheson Group, Hongkong Land is a leading real estate investment, management, and development company with a significant presence in Hong Kong and other parts of Asia. The company’s portfolio includes iconic landmarks such as the Mandarin Oriental hotel and the Prince’s Building in Hong Kong’s Central district.

Watsons

Founded in 1841, Watsons is one of the oldest and most recognized retail chains in Hong Kong, specializing in health, beauty, and personal care products. With a strong foothold in Asia, Watsons has expanded its presence to over 25 markets, becoming a trusted brand for millions of consumers worldwide.

These top 10 indigenous companies of Hong Kong showcase the city’s entrepreneurial spirit, business acumen, and ability to compete on the global stage. As Hong Kong continues to nurture its business ecosystem, these companies serve as an inspiration for the next generation of entrepreneurs aspiring to leave an indelible mark on the global business landscape.

The article has been modified using artificial intelligence (AI) tools.

Hong Kong to adopt cautious land sales strategy despite anticipated market boost, says development chief

Jennifer Philip — Thu, 29 Feb 2024 14:43:38 +0000

Hong Kong’s Development Minister announced a cautious land sale approach for the upcoming year, despite expecting the removal of property cooling measures to boost the market. Bernadette Linn Hon-ho revealed plans for the 2024-25 land sale program, featuring eight residential sites estimated to yield around 5,690 flats. Notably, the sale of a prime commercial site, Queensway Plaza shopping centre in Admiralty, may face further delay due to unfavourable market sentiment. Six of the residential sites are carried over from the previous year, while two new sites are located in Siu Lek Yuen, Sha Tin.

The expected supply of flats in 2024-25, including from various sources such as urban redevelopment and private development, is forecasted to surpass the government’s annual target of around 13,000 homes for private housing land supply. The 2024-25 program also includes two commercial sites in Kai Tak and Shek Mun, offering floor areas of approximately 80,000 square meters and 40,000 square meters, respectively. Despite being part of last year’s program, Queensway Plaza, initially proposed for redevelopment in 2016, has been omitted from this year’s plan due to market conditions, according to Linn.

Financial Secretary Paul Chan Mo-po surprised the market during his budget speech on Wednesday by immediately lifting decade-long property curbs. Development Secretary Linn expressed caution regarding the impact of these measures on the property market and land sales interest. While she believes that removing the stamp duties will stimulate the market to some extent, she noted that various factors, including developers’ strategies and financial capabilities, will also play a significant role. Linn emphasized the uncertainty in predicting the exact effect of removing the stamp duties on the land sale program, acknowledging that it could contribute to a slight market uplift.

In the upcoming 2024-25 period, an industrial site in Hung Shui Kui, located in the western New Territories, will also be available for sale. The government anticipates that the program this year will generate approximately HK$33 billion in land premium. In the previous 2023-24 financial year, the government intended to sell off 12 residential sites, three commercial plots, and three industrial areas. However, only five residential plots were tendered by February, and two were subsequently withdrawn due to failing to meet their reserve price. Despite the cancellation of the tender process, the administration allocated a site in Tsuen Wan, designated for a starter home project, to the Hong Kong Housing Society, the city’s second-largest provider of public housing.

The government previously stated its intention to sell an industrial site in the last quarter of the financial year, concluding on March 31. Despite initially anticipating raising HK$65.6 billion in land premium fees for the 2023-24 financial year, the budget statement disclosed that only HK$19.4 billion was collected, falling short of the target by HK$46.2 billion.

China hits back at sanctions over Russia

Aishi Saha — Mon, 26 Feb 2024 16:00:29 +0000

In a bold and assertive move, China has vehemently opposed recent sanctions imposed by the United States, the European Union, and the United Kingdom on Chinese companies allegedly linked to Russia-related activities. The U.S. Commerce Ministry issued a stern rebuke, asserting its unwavering commitment to defending the legitimate rights and interests of Chinese enterprises. This development follows the Biden administration’s announcement of trade curbs affecting 93 entities from Russia, China, Turkey, the United Arab Emirates, Kyrgyzstan, India, and South Korea, sparking global controversy. Subsequently, the EU and UK also imposed their own punitive measures, including sanctions on Chinese firms and a Hong Kong-based company.

China’s Commerce Ministry issued three statements on its website, firmly rejecting what it perceives as unjust sanctions and warning of potential negative repercussions on economic and trade relations. Notably, China refrained from directly criticising the U.S. in its official response.

The latest sanctions aim to thwart attempts by companies worldwide to bypass existing restrictions on Moscow’s access to military equipment and other essential resources for its military operations. These developments coincide with the second anniversary of Russia’s military intervention in Ukraine, which commenced on February 24, 2022.

China’s resolute stance underscores its determination to safeguard its economic interests amid escalating tensions with Western nations over the Ukrainian conflict. The situation remains fluid, with potential ramifications for global trade and diplomatic ties.

As geopolitical tensions continue to escalate, the implications of China’s stance on the broader international community are significant. The standoff between China and Western powers adds a new layer of complexity to an already volatile global landscape. With diplomatic channels strained and economic relations at risk, the need for dialogue and diplomatic resolution has never been more urgent.

Furthermore, the fallout from these sanctions could reverberate across various sectors, impacting businesses, consumers, and investors worldwide. As such, policymakers and stakeholders must navigate these challenging waters with caution, seeking to find common ground while upholding their respective interests.

China’s firm opposition to recent sanctions underscores the growing geopolitical tensions surrounding the Ukraine conflict. The international community must tread carefully to prevent further escalation and work towards peaceful resolution through dialogue and diplomacy.

EU imposes sanctions on Russia over Ukraine conflict

Aishi Saha — Wed, 21 Feb 2024 16:38:27 +0000

The European Union has unanimously approved its 13th package of sanctions against Russia in response to Moscow’s aggression towards Ukraine. The latest measures target nearly 200 entities and individuals allegedly involved in aiding Russia’s procurement of weapons and the abduction of Ukrainian children.

Belgium, currently holding the EU presidency, announced the approval of the sanctions on social media, describing them as one of the most extensive measures endorsed by the EU. While the sanctions focus primarily on adding entities and individuals to the existing travel and business restrictions list, no additional measures against specific economic sectors have been introduced.

The targeted entities include those affiliated with Russia’s military industrial complex and individuals involved in the trafficking and kidnapping of Ukrainian children. Notably, the sanctions also extend to a North Korean and a Belarusian firm, reflecting the international scope of the measures.

The decision to impose sanctions comes amid ongoing accusations against Russia regarding the abduction of Ukrainian children from orphanages and care homes in occupied regions. The International Criminal Court has indicted Russian officials, including President Vladimir Putin, for these alleged war crimes, although Moscow denies any wrongdoing.

Furthermore, the sanctions aim to disrupt the procurement network supporting Russia’s military activities, particularly in the realm of drone technology. European firms are prohibited from selling dual-use goods to 27 newly listed companies, primarily Russian entities, alongside three mainland Chinese firms and one Hong Kong-based company.

These measures, set to be formally approved ahead of the second anniversary of Russia’s invasion of Ukraine on February 24, underscore the EU’s commitment to curbing Russian aggression and supporting Ukraine’s sovereignty. European Commission President Ursula von der Leyen emphasised the importance of degrading Russia’s military capabilities and limiting its access to advanced weaponry.

In addition to imposing new sanctions, EU ambassadors have also renewed the existing sanctions regime targeting approximately 2,000 individuals and companies for another six months. However, concerns persist over the effectiveness of these measures in deterring Russian aggression, particularly as Russia continues to exert control over Ukrainian territory and escalate tensions in the region.

The latest sanctions represent the EU’s ongoing efforts to hold Russia accountable for its actions in Ukraine and signal solidarity with the Ukrainian people amidst ongoing conflict and instability in the region.

Cameron raises Human Rights concerns in talks with Chinese counterpart at Munich Security Conference

Aishi Saha — Sat, 17 Feb 2024 09:26:50 +0000

British Foreign Secretary David Cameron engaged in discussions with Chinese Foreign Minister Wang Yi during the Munich Security Conference, conveying the UK’s stance on several critical matters, as per statements from the UK Foreign Office.

Cameron urged China to utilise its influence over Iran to address the actions of Houthi militants in the Red Sea region. Additionally, he reiterated the UK’s deep concerns regarding human rights violations in Xinjiang and Hong Kong, drawing attention to the plight of British parliamentarians sanctioned by China and advocating for the release of media magnate Jimmy Lai.

In response, Wang stressed the significance of bolstering strategic communication between the two nations and assuming constructive roles in advancing security and peace initiatives. He underscored the necessity of expanding areas of mutual interest and effectively managing differences to enhance bilateral relations.

The appointment of Cameron, a former British Prime Minister, as Foreign Secretary under Prime Minister Rishi Sunak’s administration, sparked apprehension among certain members of the Conservative Party regarding the government’s stance towards China. While Cameron had previously lauded a “golden era” in UK-China relations in 2015, Sunak’s leadership has signalled a departure from this narrative, prioritising the balancing of national security interests with cooperation on trade and climate change.

Despite this shift in rhetoric, Cameron affirmed in December of the previous year that the UK would persist in engaging with China where such engagement aligns with British interests.

The exchange between Cameron and Wang underscores the ongoing diplomatic endeavours aimed at addressing crucial bilateral and global issues, notwithstanding the existing disparities between the two nations. Against a backdrop of persistent geopolitical tensions and heightened scrutiny of human rights violations, dialogue and cooperation remain indispensable for navigating the complexities of international relations.

As the international community grapples with an array of challenges, including geopolitical rivalries and humanitarian crises, concerted efforts towards dialogue and cooperation are imperative for fostering stability and advancing shared interests on the global stage.

Hong Kong launches CBDC Pilot as many fintech companies sign up for e-HKD trial

Sakshi Vats — Fri, 19 May 2023 19:15:11 +0000

One of the most significant financial developments to be recorded is the launch of central bank digital currency (CBDC) by central banks around the world. Hong Kong has now joined the group of nations pursuing advanced research and evaluating of their individual CBDCs, which also includes Nigeria, China, Japan, and India. This week, the Hong Kong e-HKD CBDC entered its pilot phase so that its use cases could be accessible and properly tested prior to its commercial roll out.

CBDCs, which were developed on blockchains, are digital versions of fiat currencies that do away with the necessity for paper-based physical notes while also storing the specifics of every transaction in an irreversible format on the blockchain.

The pilot programme for the e-HKD CBDC was officially launched this week by the Hong Kong Monetary Authority (HKMA).

Tokenized deposits, full-fledged transactions, programmable transactions, offline transactions, settlement of Web3 transactions, and settlement of tokenized assets are just a few of the potential use cases for Hong Kong’s CBDC that will be explored in the coming months by the financial authorities of Hong Kong in collaboration with industry leaders.

An official blog post by the HKMA stated that, “Through this iterative process, the outcomes and insights gained from each pilot would help enrich the HKMA’s perspective and refine the HKMA’s approach to the possible implementation of e-HKD. The HKMA is not yet at a point where a firm decision can be made to introduce e-HKD.”

Hong Kong has invited a total of sixteen companies from the financial, technological, and payment processing industries to take part in its CBDC trials.

At the gathering where the HKMA introduced the launch of the e-HKD, the heads of these 16 groups all disclosed their plans to test the CBDC as part of its trial procedure.

The HKMA’s Chief Executive, Eddie Yue, stated in the blog post that, “We are excited to kick-start the e-HKD Pilot Programme. By fostering government-industry-academia collaboration in CBDC research, we aim to ensure the relevance of our research and development efforts, and enable the translation of such outcomes into viable business opportunities.”

The HKMA hopes to boost government involvement in the CBDC trials in the upcoming months. The HKMA will also create a CBDC Expert Group made up of academics and researchers from nearby universities.

Hong Kong has left it up to the banks to discuss and determine whether they want to retain the e-HKD decentralised, where the CBDC would be dispersed in small fractions away from a central, authoritative place, or centralised, under their control.

Hong Kong wants to keep the process more in the hands of the authorities, in contrast to the UK and the US, who have adopted a more democratic approach and welcomed proposals on CBDCs from their citizens.

The nation has also updated its Anti-Money Laundering (AML) & Counter-Terrorist Financing (Amendment) Bill 2022 to add crypto exchanges as well, in light of the increased interest in cryptocurrencies among its residents.

John Lee elected as Chief Executive of Hong Kong

Aryan Jakhar — Sun, 08 May 2022 06:55:39 +0000

The single candidate for Hong Kong’s top job, Beijing loyalist John Lee, was chosen for a sixth term as the city-chief state’s executive. Lee is a former Hong Kong security chief. Who is noted for his unwavering support for the Chinese government.

According to the Hong Kong Free Press, the 64-year-old former police officer. And chief secretary will take over on July 1. (HKFP). Carrie Lam will be replaced as Hong Kong’s chief executive by Lee.

Lee received 1,416 votes from the newly-revamped Election Committee, according to the report.

The committee, which Lee personally screened last year. Assembled on Sunday at Wan Chai’s Convention. And Exhibition Centre to vote in the small-circle election.

By the time polling ended at 11:30 a.m. (local time), 1,428 members of the 1,461-strong committee had cast ballots. Hence, marking a turnout rate of 97.74 percent, according to HKFP.

The 64-year-old former Hong Kong security head was a pivotal factor in putting down the protests in 2019.

John Lee was the security chief for four years until being named chief secretary, the government’s second-highest position, last year.

He also supported the Hong Kong authorities in putting an end to political unrest. Moreover, he made certain that anyone who spoke out was imprisoned or exiled.

TikTok owner ByteDance aims for Hong Kong IPO amid China’s tech crackdown

Sneha Sengupta — Mon, 09 Aug 2021 10:27:55 +0000

TikTok owner ByteDance Ltd. is revamping strategies to get listed in Hong Kong by early next year despite China’s decision to prolong the crackdown on the country’s technology companies, reported by the Financial Times reported. The listing is probable to occur during the next quarter or in early 2022.

According to the Financial Times, the company declined to comment on this stance. China’s Business Herald also stated that ByteDance denied the report of a revived Hong Kong IPO as “untrue.”

ByteDance has been constantly working on the security grounds raised by the Chinese regulators, as reported by the Financial Times. The company is going through a sturdy review process and have submitted filings to the Chinese authorities, wherein, the final word is expected from ByteDance by September. In July, Dow Jones stated that “ByteDance put on hold indefinitely its intentions to list offshore earlier this year after government officials told it to focus on addressing data-security risks.”

President Xi Jinping launched a sweeping regulatory reform, last month for the $100 billion education tech sector, in a motive to selloff at $1.5 trillion from Chinese stocks. Since July, the Chinese government has effectually stopped listings from overseas to promote data security about the ride-hailing company Didi Global Inc.’s controversy of $4.4 billion generated IPO.

Officials also shocked investors with fresh guidelines ordering online food delivery firms to ensure that workers earn at least the local minimum wage. Last week, Tencent Holdings Ltd., China’s one of the best corporations, faced an overwhelming defeat at the stocks just after the Chinese state media ranted the “spiritual opium” of online games.

Britain, U.S. among others concerned by possible new media laws in Hong Kong

Nishita Sharma — Fri, 09 Jul 2021 15:11:13 +0000

On Friday, Britain, the United States, and a coalition of other nations said that they were concerned about the further legislation in Hong Kong, which may be used to curtail media and its freedom.

As per Reuters, in the statement which was published by Britain said, “We are highly concerned by the possible introduction of new legislation that is intended or could risk being used to eliminate scrutiny and criticism by the media of the government’s policies and actions.”

The collaboration is made up of Australia, Austria, Canada, Czech Republic, Denmark, Estonia, Finland, France, Germany, Iceland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, New Zealand, Slovakia, Switzerland, the United Kingdom, and the United States.

According to the censorship given by Hong Kong in the Britain media laws is such as, refers to the suppression of speech or other public communication, raises issues regarding the freedom of speech. By law, censorship is usually practiced under the distribution of certain materials, particularly child pornography, obscene images, and reports on court cases which may lead to an unfair trial.

In 2020 under the Hong Kong national security law enacted by the Chinese central government, the Commissioner of Police was granted the authority to compel cooperation or the removal of content by service providers.

China accuses G7 of ‘manipulation’ after criticism over Xinjiang and Hong Kong

Aryan Jakhar — Mon, 14 Jun 2021 06:59:39 +0000

The Chinese embassy in the United Kingdom has responded angrily to the communique and accused the G7 of ‘interfering’. China has accused the G7 of “political manipulation” after it criticized Beijing over its human rights record in Xinjiang and Hong Kong.

In a communique after a three-day summit in England, G7 leaders criticised China over abuses against minorities in the Xinjiang region and pro-democracy activists in Hong Kong, while US President Joe Biden called for Beijing to “start acting more responsibly in terms of international norms on human rights”.

The Chinese embassy in the United Kingdom responded angrily on Monday, and accused the G7 of “interfering”.

“The Group of Seven (G-7) takes advantage of Xinjiang-related issues to engage in political manipulation and interfere in China’s internal affairs, which we firmly oppose,” an embassy spokesman said in a statement. The statement accused the G7 of “lies, rumours and baseless accusations”

Human rights groups say China has rounded up an estimated one million Uyghurs and other minorities in Xinjiang into internment camps, which Beijing says is to eradicate Islamic extremism.

“We will promote our values, including by calling on China to respect human rights and fundamental freedoms” the G7 communique read.

At their first physical summit in nearly two years, leaders of the seven nations announced a number of pledges on Covid-19 vaccinations, climate change, rights and trade.

They also called for a new investigation in China into the origins of COVID-19 – prompting a response from the Chinese embassy that the work needs to be done in a “scientific, objective and fair manner”, without agreeing to a new probe.

“The current epidemic is still raging around the world, and the traceability work should be carried out by global scientists and should not be politicized,” the embassy said.

The coronavirus first emerged in central China in late 2019, and the World Health Organization sent a team of international experts in January to probe its origins.

But their long-delayed report published in March drew no firm conclusions, and the investigation has since faced criticism for lacking transparency and access.

The G7 also announced a new infrastructure fund which President Biden said would be “much more equitable” than China’s massive Belt and Road Initiative.

The Chinese embassy statement complained in response that the “accusations against China on economic and trade issues in the communique are inconsistent with the facts and are unreasonable.”

SpiceXpress airlifts 800 oxygen concentrators from Hong Kong to Delhi

Shreejit Shelar — Sat, 24 Apr 2021 16:38:00 +0000

SpiceXpress, the air cargo arm of SpiceJet on Saturday airlifted 800 oxygen concentrators from Hong Kong to Delhi amid the nation’s crippling shortage of medical oxygen triggered by the second wave of coronavirus pandemic.

“The oxygen concentrators will reach Delhi via Kolkata, where the aircraft landed at around 7 pm (on Monday),” SpiceXpress, the cargo arm of SpiceJet, said in a statement, reported the news agency ANI.

SpiceXpress’s B737 freighter aircraft airlifted the consignment.

The recent ANI report stated that the oxygen concentrators reached Delhi via Kolkata, where the aircraft landed at around 7 pm.

Ajay Singh, the Chairman and Managing Director of SpiceJet, said that the company is firmly committed to the service of our fellow Indians in these most trying and difficult times and mentioned that they are looking forward to bring more 10,000 oxygen concentrators.

“Along with SpiceHealth, we have airlifted 800 oxygen from Hong Kong for emergency use in India and we are looking at bringing more than 10,000 oxygen concentrators in the coming days from across the globe,” he said.

“We carried medicines and medical equipment and fruits and vegetables to all corners of India and the world when the pandemic hit us last year helping our country and our fellow citizens when they needed it the most and we will continue to serve with the same vigour. We have transported a record 88,802 kg of Covid vaccine shipment with a total dosage of 34 million Covid vaccines between January 12-April 12, 2021 and our efforts will only grow stronger from here” he added, as quoted by the news agency ANI.

SpiceHealth, a healthcare company launched by the promoters of SpiceJet, has been actively involved in the nation’s fight against Covid-19. Since its launch in November 2020, it has conducted more than two million RT-PCR tests and has spread its operations across five states including – Delhi, Haryana, Maharashtra, Kerala, Uttarakhand, according to a company release.

The company holds a network spanning 63 domestic and 50 international destinations and a fleet of 19 cargo planes. SpiceXpress is reported to be capable of flying over 600 tonnes of cargo daily to domestic and international destinations.

On the other hand, SpiceJet has transported more than 1.5 lakh tonnes of cargo since March 25, 2020.

The ANI report also quoted a release shared by SpiceJet, reading, “To ensure seamless delivery of the COVID-19 vaccine both within and outside the country, SpiceJet has tied up with multiple partners including Brussels Airport, GMR Hyderabad Air Cargo (GHAC), Adani Ahmedabad International Airport among others.”

The airline also has tie-ups with the global leaders in cold chain solutions offering active and passive packaging and has the capability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40 degrees Celsius to 25 degrees Celsius, it said.

THIS country bans passenger flights from India after confirm cases of mutant strain of Coronavirus

News Desk — Mon, 19 Apr 2021 08:39:15 +0000

A spokesman for the Hong Kong government said late Sunday in a statement that confirmed cases involving the N501Y mutant strain of coronavirus were detected for the first time in the community in Hong Kong. Also, India, Pakistan and the Philippines all had seven-day cumulative number of relevant cases that reached the relevant criteria in the past 14 days triggering the government action of suspending flights from these places.

People already in quarantine in Hong Kong from those three nations will be ordered to take a further test on the 26th day after arriving in the city.

Earlier on Sunday, the Hong Kong administration had prohibit Indian carrier Vistara from flying there till May 2 after its flight from Mumbai on April 18 had three passengers who tested positive upon arrival. In addition, according to a data from the Hong Kong Centre for Health Protection (CHP), 47 passengers on Vistara’s April 4 flight from Delhi tested positive upon arrival.

The government also said the CHP was investigating 30 additional Covid-19 cases on Sunday, one of which was locally transmitted, and among the imported cases, 22 arrived from India, while others were from Indonesia, the Philippines, Egypt and Canada.

Wall Street Journal reports actual reason of China’s shut down Alibaba IPO

Arnav Dogra — Wed, 17 Feb 2021 08:22:24 +0000

When Jack Ma’s historic IPO release had been shut down at the last moment by Chinese regulators last year, it was being speculated that this was a strong comeback that the Chinese leader Xi Jinping had delivered after Jack Ma’s public criticism of China’s economic structures.

Ma had in a public speech, criticized China’s regulation system saying that it was preventing innovation and was mediocre compared to international banking rules.

However, Chinese government officials and financial experts had presented that the real reason for the suspension of the IPO was the Party’s scepticism of the complex ownership structures of the company, which they have said would go on to allow some politically ambitious individuals in China to increase their assets and power, thereby posing as a threat to the leadership of Xi Jinping.

According to the report by the Wall Street Journal, the decision to shut down this IPO was not a result of China’s intolerance towards criticism but rather its cautiousness towards powerful figures.

These figures, along with Jack Ma and his prime subordinates, would have been able to add billions of dollars to their net worth’s overnight in an IPO that would’ve resulted in the company being valued at $300 billion.

Amid WhatsApp’s privacy policy criticism, ‘Signal’ to roll out new features

Ruchira Sonawat — Tue, 12 Jan 2021 11:43:11 +0000

Messaging app ‘Signal’, on Tuesday, announced that it will introduce a range of new features in its app in India over the next few days. Signal also provided a sneak peek of some of the features that would be included in the platform.

New features include chat wallpapers and animated stickers and an ‘about’ field for users’ Signal profile. For iOS users, Signal will add new media auto-download settings and full-screen profile photos to match the Android version.

The messaging app has also raised the group call limit on the platform from five to eight.

Signal has gained significant popularity over the last week, witnessing a surge in new downloads following endorsement from Tesla CEO Elon Musk, who while replying to a Twitter user’s suggestion to invest in Signal said, “Already donated to Signal a year ago. Will donate more.” This came in amid concerns related to WhatsApp’s new privacy policy update.

The app had topped the list of free apps on Apple’s App Store charts in India, Austria, France, Finland, Germany, Hong Kong, and Switzerland last week.

Signal Messenger, a similar app like WhatsApp, was founded in 2018. The app aims to provide its users with an encrypted messaging app. The application is open source, and in fact, WhatsApp currently uses Signal’s end-to-end encryption protocol.

Alibaba shares drop by 9% as buyback plan fails to halt stock

Divya Joyce — Tue, 29 Dec 2020 09:41:40 +0000

Alibaba shares dropped 9% to lowest since June on Monday, as the firm’s upsized $10 billion buyback programme failed to ease concerns about a regulatory crackdown on co-founder Jack Ma’s e-commerce and financial empire. A sharp sell-off over two sessions has knocked almost $116 billion off the tech giant’s Hong Kong-listed shares.

“The antitrust investigation into Alibaba has yet to specify the penalties, which is worrying investors a lot,” said Zhang Zihua, a chief investment officer of Beijing Yunyi Asset, adding a probe outcome could “greatly change” the company valuations.

The downward spiral intensified when Chinese regulators announced on Thursday the launch of an antitrust investigation into Alibaba and said they would summon its Ant Group affiliate to meet. Alibaba’s U.S. shares sank more than 15% during the day.

Putting investors more on edge was news over the weekend that China’s central bank had asked Ant to shake up its lending and other consumer finance operations.

Last month, Chinese regulators abruptly suspended Ant’s blockbuster $37 billion initial public offerings in Shanghai and Hong Kong, which was on track to be the world’s largest, just two days before its planned debut.

“The new regulations are hurting big internet platforms, so you see Tencent and other tech companies are also seeing their share prices going down,” said Li Chengdong, a Beijing-based tech analyst.

“Alibaba now is the target of the regulators so the reaction is stronger.”

These developments are part of a crackdown on monopolistic behaviour in China’s booming internet space in general, but Ma’s business empire in particular after he publicly criticized the regulatory system for stifling innovation.

Regulators have warned Alibaba about the so-called “choosing one from two” practice under which merchants are forced to sign exclusive cooperation pacts preventing them from offering products on rival platforms.

The State Administration for Market Regulation said on Thursday that it had launched a probe into the practice.

The gloom due to the regulatory crackdown overshadowed Alibaba’s decision, announced on Sunday to raise its share repurchase programme to $10 billion from $6 billion, effective for a two-year period through the end of 2022.

Alibaba shares could trade lower in the near term due to the “regulatory overhang”, Nomura said in a note on Monday.

But the cheaper value will be attractive for long-term investors, Nomura added as it kept a “buy” rating on Alibaba’s U.S.-listed stock and retained a target price of $361. The stock closed at $222 on Thursday.

China’s Xiaomi raises $3.9 billion in equity deal

Shalmali Bhagwat — Wed, 02 Dec 2020 05:34:36 +0000

According to a term sheet seen by Reuters, Chinese smartphone maker Xiaomi Corp has secured a capital of $3.91 billion as part of a deal that includes Hong Kong’s largest top-up placement. Under this arrangement, the major shareholders place their existing shares with independent persons, then subscribe for additional new shares. Potential investors have been informed that the price should be set at HK$23.70 for the 1 billion shares that are being sold down in the deal, the term sheet reflected. Xiaomi did not immediately respond to a request for comment.

The price is at the lower end of the range decided by the company on Tuesday when it said the deal would be between HK$23.70 and HK$24.50. Xiaomi’s deal is the biggest top-up placement in Hong Kong to date, overtaking one by CNOOC Ltd which raised $1.9 billion in 2006 as reflected by the Dealogic data. The indicative price range is a 9.4% discount to Xiaomi’s closing price of HK$26.15 on Tuesday. Xiaomi witnessed a 19% jump in third-quarter net profit on Nov. 24, as the Chinese smartphone maker’s shipments soared up by 45.3% from a year earlier. Top shareholder Smart Mobile Holdings Ltd, which presides over ownership of about 27% of the company and is connected to Chairman Lei Jun, according to the term sheet, is selling the Class B type shares.

The company reported to have occupied a major market share in China and Europe as its rival Huawei Technologies’ supply chains are said to have suffered post U.S. sanctions. Xiaomi’s stock has boosted up 147.5% this year, which Aequitas Research analyst Zhen Zhou Toh said made the company expensive when assessed in relation to its major rivals. The placement, he said, was unlikely to flood the market with new stock. “Even though it is a large deal size by the absolute amount the deal only represents 4.7 days of average daily volume which should be fairly easy for the market to absorb,” he wrote on the Smartkarma platform.

According to Reuters, trading in shares of Xiaomi Corp was halted on Wednesday on the company’s request pending a statement, the Chinese smartphone maker said in a filing to the Stock Exchange of Hong Kong. The Hong Kong bourse had issued a notice of the suspension before the market opened but gave no details. The Beijing-based company reported that the shares were suspended pending an announcement regarding an issue of convertible bonds and placing of existing shares and top-up subscription of shares under a general mandate. No further details were furnished.

China’s CITIC plans to buy AsiaInfo tech at a deal of $1.8 billion

Divya Joyce — Wed, 25 Nov 2020 07:28:06 +0000

Chinese private equity firm CITIC Capital plans to acquire private AsiaInfo Technologies Ltd in a deal that could value the telecom software provider at about $1.8 billion, two people with direct knowledge of the matter told Reuters.

AsiaInfo’s largest shareholder with a 23.4% stake is talking with banks to finance the deal, but CITIC aims to pursue the deal in partnership with China Mobile Communications Group Co Ltd – AsiaInfo’s second-biggest shareholder with a 19.9% stake and parent of leading network provider China Mobile Ltd, the sources told.

The goal is to eventually list AsiaInfo on the mainland to take advantage of higher valuations, said one of the people, who declined to be identified due to confidentiality constraints.

A prospective offer from the flagship alternative investment arm of financial conglomerate CITIC Group Corp would represent a premium of about 30% to AsiaInfo’s average share price over the past month of HK$11.5 ($1.48).

CITIC said the information about its plans for taking AsiaInfo private, the deal’s financing and partnering with China Mobile Communications is inaccurate. AsiaInfo and China Mobile did not respond to requests for comment.

Beijing-based AsiaInfo was established in 1993 and currently provides services such as cloud consulting and operation to over 200 telecoms, including state-owned majors China Mobile, China Telecom Corp Ltd and China Unicom. Its stock price has fallen 14% since a mid-September peak while the benchmark Hang Seng Index has gained 9% in the same period.

Hong Kong-listed firms have been involved in $21.5 billion worth of take-private deals in 2020, versus $8.6 billion for all of last year, Refinitiv data showed. Buyers often cited undervalued shares as a reason for the deals.

An abundance of funds at private equity firms and other long-term investors coupled with few avenues to earn worthwhile returns have pushed average premiums paid to 43% this year from 34% in 2018, the data showed.

Last year, CITIC raised $2.8 billion in its fourth and biggest China buyout fund. Founded in 2002, the private equity firm has invested in over 200 portfolio companies totalling $32 billion worth of assets, with investments including courier SF Express and the Chinese unit of McDonald’s Corp.

($1 = 7.7515 Hong Kong dollars)

Alibaba’s shares tumble by 9.6 percent post Ant Group’s IPO suspension

Shalmali Bhagwat — Wed, 04 Nov 2020 05:00:52 +0000

Alibaba Group’s US-traded shares dropped by 9.6 percent on Tuesday as Ant Group said its listings in both Shanghai and Hong Kong have been suspended. Shanghai Stock Exchange announced the suspension late on Tuesday, less than 48 hours before shares were to begin trading and one day after Jack Ma and senior executives at Ant Group were summoned by the Chinese.

The Shanghai Stock Exchange cited “Major issues such as changes in the fintech supervisory environment raised concerns over whether Ant Group could now meet listing requirements.” The initial public offering (IPO) was set to be the world’s biggest set at 34 billion dollars.

The Chinese state media warned about potential financial instability due to Ant Group’s rapid upward surge which might have acted as a precursor for this shocking move.

The government had imposed new regulations to keep China’s growing online lending industry under check to reduce the threat of runaway debt, a sector Ant Group has aggressively progressed in the recent period. Ant Group has revolutionized commerce and personal finance in China with more than 700 million active users and has also regulated finance sector by venturing into personal and business lending, wealth management and insurance.

Same-sex couples legally win over inheritance law in Hong Kong

Disha Deepa Jani — Fri, 18 Sep 2020 10:59:29 +0000

Hong Kong’s high court on Friday gave a verdict on same-sex couples, stating that they should receive equal treatment under inheritance law, a step forward for LGBT rights in the finance hub.

On the same day, a separate legal bid for full recognition of foreign same-sex marriages was bashed down, emphasizing what campaigners say is a lack of progress on equality issues.

As per the law in Hong Kong, same-sex marriage are not permitted and it does not recognise foreign unions. Although, limited recognition has been granted in recent years in several landmark rulings.

Last year, a gay citizen of Hong-Kong, Edgar Ng launched a legal challenge against the city’s inheritance and intestacy laws, claiming discrimination on the basis of sexual orientation. In 2018 he bought a government-subsidised flat which happend after him marrying his partner in London, according to court documents.

Hong Kong’s housing policy refrains his husband to be recognised as the joint homeowner, and Ng was concerned that if he die without a will, his property would not be passed to his partner.

In the judgement made on Friday, Judge Anderson Chow stated that the exclusion of spouses in same-sex marriages from their legal prerogatives “constitutes unlawful discrimination”.The judge further added, “differential treatment is not justified”.

LGBT rights activists with campaign group Hong Kong Marriage Equality described the ruling as an “important victory”.
“The government should grab this opportunity to work with the LGBT+ community to implement marriage equality in the city,” the association said.

However, all the excitement about the legal win was interfered by a separate ruling on Friday, that rejected an application for a judicial review into Hong Kong’s law on recognising overseas gay marriage.

In 2018, Hong Kong had announced that overseas same-sex partners would qualify for the right to live and work in the city but other rights are still denied to same-sex couples.

Hong Kong to ease some COVID-19 measures from August 28

News Desk — Mon, 24 Aug 2020 20:53:46 +0000

On Tuesday, Hong Kong announced to ease some COVID-19 measures from August 28, as the government warned against complacency despite a steady decrease in new cases.

Although Hong Kong had seen a resurgence of locally transmitted cases since the beginning of July, the daily count has decreased in recent weeks to low double digits.

Monday’s infection count was 9 new cases that was the lowest in the span of last two months.

Meanwhile, COVID-19 is continuing its spread across the world, with over 23 million confirmed cases worldwide. More than 800,000 people have lost their lives. The United States has the highest number of confirmed cases followed by Brazil and India.

US suspends extradition, tax exemption agreements with Hong Kong

Ashutosh Jadia — Thu, 20 Aug 2020 08:48:03 +0000

US on Wednesday terminated three bilateral agreements with Hong Kong covering extradition and tax exemptions followed by China’s imposition of a controversial National Security Law in the Asian trading hub to curb autonomy and democratic freedoms. This move came after a month of US President Donald Trump ended Hong Kong’s special status with the US and signed a legislation to sanction Chinese officials responsible for cracking down on political dissent in Hong Kong.

State Department Spokesperson Morgan Ortagus said, “As part of the ongoing implementation measures, we notified the Hong Kong authorities on August 19 of our suspension or termination of three bilateral agreements. These agreements covered the surrender of fugitive offenders, the transfer of sentenced persons, and reciprocal tax exemptions on income derived from the international operation of ships”.

Hong Kong bans Air India flights for two weeks

Aditi Swarup — Tue, 18 Aug 2020 09:14:55 +0000

Air India’s Vande Bharat mission flights have been banned from flying to two Hong Kong for two weeks. According to a report by South China Morning Post, Hong Kong took these steps because Air India was “carrying too many passengers infected with COVID-19”.

This action was taken after the Chinese authorities linked 11 imported COVID-19 cases to an Air India flight that arrived at Hong Kong on the 14th of August.

In response, Air India tweeted the following-

#FlyAI : #ImportantUpdate
Due to restrictions imposed by Hong Kong Authorities,
AI 310/315, Delhi – Hong Kong – Delhi of 18th August 2020 stands postponed. Next update in this regard will be intimated soon. Passengers may please contact Air India Customer Care for assistance.

— Air India (@airindia) August 17, 2020

No other statement has been made by the airlines.

Australia suspends extradition treaty with Hong Kong, offers extended visas and citizenship

Akul Puri — Thu, 09 Jul 2020 10:36:39 +0000

In view of the recent National Security Law passed by China in Hong Kong, Australia has suspended its extradition treaty with Hong Kong. “China’s new security legislation for Hong Kong constitutes a fundamental change in our circumstances with respect to our extradition agreement with Hong Kong”, said Australian Prime Minister Scott Morrison.

The prime minister has also ordered for updating the travel advisory for Hong Kong. He warned the citizens to be cautious and prevent any possibility which could lead to their detention under the “vague” Chinese law.

Apart from that, Morrison also announced the extension of visas for Hong Kong nationals, especially students currently studying and living in Australia. The extension could be granted for five years after which people can apply for a permanent residency to stay in the country.

Along with these measures, the Australian government is also urging international financial services, consulting and media businesses to relocate their offices to Australia. These companies have been offered incentives and visa packages to relocate their staff.

The Chinese embassy in Australia made a statement asking Australia to stop “meddling”. “It will lead to nothing but lifting a rock only to hit its own feet”, it added.

With this announcement, Australia becomes the third country after Canada and the UK to help the Hong Kong nationals. Canada is also on the verge of suspending its extradition treaty with Hong Kong and promised to boost immigration from the country. The United Kingdom has offered citizenship to the Hong Kong nations in the view of this situation.

Towards the end of June, The People’s Republic of China passed the National Security Law in Hong Kong. This law focused on extending the clutches of the Chinese draconian legal system to get a hold on Hong Kong. From establishment of a Chinese security office in Hong Kong to labeling vandalism as terrorism, the law promises a severe impact on the freedom of all sorts for the citizens of Hong Kong.

TikTok will exit from Hong Kong markets after China’s Security Laws

News Desk — Tue, 07 Jul 2020 11:14:14 +0000

TikTok will exit from Hong Kong markets after China’s Security Laws. China based company Dance Byte which owns Tik-Tok will exit. Hence, a short dance video making app has announced that it will leave Hong kong soon. They have to take this decision after China’s implementation of new national security laws in the semi- autonomous city. As told to Ruters. As a result TikTok will exit.

Other technological companies like Facebook Inc too has halted processing government requests for user’s data in the region.

Tik-Tok has assured its users. In the past that it will not that it will not obey any of the Government’s request. to share user’s data. Nor it will censor any of its content. It has also said that the government has not ever asked any information about its users.

The company is now runned by former Walt Disney Co executive Kevin Meyer. He has already said that the data isn’t stored in china.

“In light of recent events, we’ve decided to stop operations of the TikTok app in Hong Kong,” a TikTok spokesman said in response to a Reuters.

Tik- Tok has been popular in many countries, according to Sensor Tower it was downloaded more than 2 billion times. The app runs in both android and ios.

Tik-Tok has no access in mainland China, instead ByteDance operates Douyin app. Tik- Tok has access all across the world including HongKong.

However recent establishments of laws and policies by China. Which has taken Hong Kong under its complete jurisdiction has led the company to leave the markets of Hong Kong.

India takes up Hong Kong at UN, “Keeping close watch on recent developments” it says

Akul Puri — Thu, 02 Jul 2020 12:08:50 +0000

India’s ambassador and permanent representative to the UN, Rajiv K. Chander expressed concern at the 44th session of the United Nations Human Rights Council over the passing of the Chinese security law in Hong Kong. He urged the UN to address its concern “seriously and objectively” over the situation in Hong Kong.

The Hong Kong Special Administrative Region of the People’s Republic of China comprises a huge chunk of Indian population. “Given the large Indian community makes the Hong Kong Special Administrative Region its home, India has been keeping close watch on recent developments” he said.

#WATCH Given the large Indian community that makes #HongKong its home, India has been keeping a close watch on recent developments… : Rajiv K Chander,India's ambassador&permanent representative to the UN in Geneva pic.twitter.com/qeu5huexRm

— ANI (@ANI) July 1, 2020

As reported by NDTV and sourced by the Consulate General of India in Hong Kong, there are over 38000 Indians living in the region.

This statement was made after the new Chinese Security law, 66 articles of which were kept from the public, came into effect on Tuesday, this week. The law expands Beijing’s power over the legal systems of Hong Kong and enables them to investigate, prosecute and convict the criminals in Hong Kong.

The Chinese mainland is known for its draconian legal system and has been trying to spread its claws to fetch Hong Kong into it since the publishing of the 2019 Extradition Bill, which was later scrapped by Hong Kong.

This statement by the Indian representative to the UN comes amidst a great level of tension between India and China on all fronts. After the June 15 standoff at the Galwan Valley, India, only last week banned 59 Chinese apps in the country as a tool to fuel the anti-China sentiment. Meanwhile, China has been trying to penetrate into the Indian territory in the Ladakh region and has been successful in getting 423 metres inside.

This is the first time that India has delivered an open statement cautioning China. It is clear that in the ongoing legal invasion that China has conducted in Hong Kong, India will not leave any opportunity to backlash in its fight against the Mainland.

Hong Kong sinks deeper into Chinese Expansionist Quagmire

News Desk — Tue, 30 Jun 2020 05:24:13 +0000

Even as the world continues to battle the COVID19 pandemic, China’s National People Congress has exacerbated the condition of Hong Kong, by jeopardizing its freedom and liberty even further, as it passed the more stringent Hong Kong security law. This, as the populace of the former British territory, has been indulged protests against another draconian law, passed a month ago, criminalizing any act of secession, subversion, terrorism, or collusion with foreign forces.

The protests were deemed illicit and dangerous to public health by the authorities, as the COVID19 protocols still seem to be in place. The Chinese Government’s move is seen as strategically planned to not allow a rebellion to come to pass, these restrictions would impeach any form of large civilian movement on the streets. This particular law is said even deeper ramifications, as, the judiciary of the country is undermined in the process, thereby destroying the idiosyncratic ecosystem of freedom that the territory enjoys, unlike any other disputed province, under partial or complete Chinese control.

At the same pint and time china, ostensibly seem to be misusing the prevailing circumstances, as apart from Taiwan (Officially the Republic of China), an island of the west coast of China, it has also tried to encroach and entrench its hegemony in the Galwan Valley region along the Galwan River, situated in the disputed region, between India and China on its Line of Actual Control (LAC).

Hong Kong was transferred to China from British control in 1997, but under a special agreement that distinguished the equation between the countries as one country two systems, which granted the citizens of Hong Kong, some special rights until 2047.