Economy /
In detail: China’s struggle to stabilize its economy
China’s efforts to stabilize economic growth are hitting new speed bumps, disrupting an already weak recovery.
The current wave of Covid-19 outbreaks – the worst since early 2020 – have infected more than 50,000 people across the country and measures to contain the spread of the virus have led to city lockdowns, halted some factory production and pressured tourism and hospitality set branches. The impact on China’s first-quarter GDP growth could be a loss of 0.3 to 0.8 percentage points, some analysts said.
Upbeat economic data for the first two months of 2022 is also no cause for celebration, as many analysts said the outlook was bleaker than it seemed and that economic activity could slow in March.
covid19 /
Hong Kong health expert downplays city’s Covid death toll
As Hong Kong’s worst-ever Covid-19 outbreak continues to weaken, a local health expert has sought to downplay the city’s death rate.
As of Tuesday, the latest outbreak has sickened 1.13 million people and killed 7,358, government data shows. Based on the official figures, the city’s fatality rate for Covid – a measure of the fatality rate for confirmed cases – was around 0.65%.
Commentary: How Shanghai can chart a new path for China’s Covid policy
FINANCE & ECONOMY
shanghai /
Shanghai offers support to import Covid medicines and vaccines in fight against outbreak
Shanghai, half of which is currently in lockdown, is trying to keep its local economy thriving through a series of new measures, including one to boost imports of Covid-19 vaccines and medicines.
The aim of the policy is to ensure the city can continue to function normally while battling the worst outbreak of Covid-19 since the pandemic began, according to a statement (link in Chinese) released by the local government on Tuesday became.
HKEX /
The Hong Kong Stock Exchange wants to trial a platform for digital assets
Hong Kong Exchanges and Clearing Ltd. (HKEX) plans to launch a digital asset trading platform, with a pilot version set to launch later this year, the exchange announced on Tuesday.
The platform, dubbed Diamond, will be a one-stop shop for data trading and custody with instant settlements, said Glenda So, co-head of markets at HKEX. The cloud-based system will use smart contract and blockchain technology, So said in a speech during HKEX’s Corporate Day event.
HKEX appoints new sales manager to lead expansion in Southeast Asia
ETFs /
Hang Seng Investment appointed new manager of $14.25 billion Hong Kong fund
hang seng investment management ltd was selected to sell State Street Global Advisors Asia Ltd. as manager of Hong Kong’s largest and most popular exchange-traded fund (ETF), the Tracker Fund of Hong Kong (TraHK) announced on Tuesday.
The change of manager was preceded by a technical review by the fund’s supervisory board. Hang Seng Investment has been identified as the most suitable company to manage the fund based on its experience, expertise and significant presence in Hong Kong, as well as recent market developments and future development of TraHK, said the Board of Directors.
quick hits /
CSRC denies rumors of IPO restrictions by Xiaomi-related companies
Deputy governor of Liaoning province falls under transplant investigation
BUSINESS & TECHNOLOGY
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Photo: VCG |
Property /
Troubled Chinese developer Sunac sweetens proposed bond extension plan
Debt-ridden real estate giant Sunac China Holdings Ltd. offered investors better terms in a new payment extension plan released Wednesday as part of its effort to secure the payment of a June 1 payment.
In the new proposal, Sunac China, the third largest Chinese developer by revenue, offered to shorten the payment period to a year and a half. It also proposed paying the bond’s annual interest due on April 1 as planned, in contrast to the 20-day interest payment delay outlined in its previous plan, according to a company filing (link in Chinese). The Hong Kong stock closed up 18.4% on Wednesday.
electric cars /
Xpeng electric vehicle sales near 100k despite mounting losses
Electric vehicle newcomer Xpeng Inc. surpassed domestic rivals with nearly 100,000 sales in 2021 despite mounting losses.
Xpeng delivered 98,200 vehicles last year, up 263% year-on-year. That figure surpassed Nio Inc.’s 91,400 units and Li Auto Inc.’s 90,500 units, according to the latest company data.
Drink /
Nongfu Spring is seeing profit surge as beverage industry recovers from pandemic
Chinese bottled water giant Nongfu Spring Co. Ltd. reported an increase in revenue and profits for 2021 as the beverage industry continued to recover from the effects of the pandemic.
Hong Kong-listed Nongfu’s revenue totaled 29.7 billion yuan (US$4.7 billion) in 2021, up 29.8% year on year, as some of its products were transported and sold by The twin burden of sporadic Covid-19 outbreaks and flooding have hit disasters in several provinces, according to the company’s latest financial report released on Monday. It marked the highest sales growth in four years.
quick hits /
Expensive ingredients, expansion cost Chinese tea chain Nayuki its profitability
Kuaishou sales to top estimates despite China slowdown
US plane crash investigators travel to China for 737 probe
GALLERY
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Russia vows to ease Kyiv as shelling continues |
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