1 hour ago Debt crunch at NWD stokes downside risk in Hong Kong home prices, S&P says

The liquidity crunch at New World Development (NWD), one of Hong Kong’s biggest developers, is a blemish on the resurgent housing market, threatening to shake confidence among homebuyers and trigger a “downside scenario” in home prices, according to S&P Global Ratings. The developer deferred coupon payments on four series of perpetual bonds after months of speculation about its finances, sending a poor signal to creditors about its default risk. It surprised investors last month by not redeeming...

Economics

1 hour ago China grants export permits to rare earth giant for US, Europe shipments

A top Chinese rare earth exporter, which hosted President Xi Jinping during a 2019 inspection, said it had obtained export permits for several destinations, including the United States. Investors welcomed the news, sending the company’s shares higher. JL MAG Rare-Earth said on Wednesday that it had also been granted licenses for Europe and Southeast Asia, and that it would export magnetic materials, components and motor rotors. “After the export controls imposed on medium and heavy rare earth...

Politics

2 h. ago DJI launches US$10,000 enterprise drone that can avoid power lines at night

DJI, the world’s biggest maker of consumer drones, this week launched a US$10,000 enterprise flagship model, the Matrice 400, with extended flight time and an obstacle-sensing system to avoid buildings, mountains and high-voltage power lines at night. The new enterprise drone offers a 59-minute flight time, a payload capacity of up to 6kg, and a powerful lidar and mmWave radar-based obstacle-sensing system that makes this a versatile drone for applications such as emergency air response, power...

Events

3 h. ago ‘Panda fever’ created 19% attendance boost at Hong Kong’s Ocean Park: official

“Panda fever” has translated into a significant boost in business for Hong Kong’s Ocean Park, with the debut of several new bears leading to a 19 per cent surge in attendance year on year since their debut, according to the city’s tourism minister. Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui also said in a written reply on Wednesday to lawmakers’ questions that an additional HK$121 million (US$15.4 million) had been secured from the Hong Kong Jockey Club Charities Trust to...

Politics

3 h. ago iFlytek says using local chips in AI models extends development time by 3 months

A senior Chinese tech executive admits that using mainland-produced semiconductors could delay the development of artificial intelligence (AI) models by three months, but insisted that his company would continue to use these chips and push improved processes. Liu Qingfeng, chairman and founder of Chinese voice recognition solution provider iFlytek, said that the extended AI model development process was due to the need for additional computing resources, compared with using Nvidia chips and...

Politics

3 h. ago Global shares climb after China and the US say they have a framework for seeking a trade deal

Global shares climb after China and the US say they have a framework for seeking a trade deal  AP News

Economics

3 h. ago From AI to chips: China courts private tech firms to help drive next 5

China has signalled growing support for the private sector, as the head of the government department that oversees economic reform sat down with representatives of the tech industry to gather input ahead of Beijing’s next five-year development blueprint, analysts said. Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC), met leaders from five private enterprises to “gather opinions and suggestions for the scientific formulation of the ‘15th Five-Year Plan’, with a...

Economics

4 h. ago Is acceptance by India’s Modi to attend G7 summit in Canada a ‘Pyrrhic victory’?

Canadian Prime Minister Mark Carney’s invitation to his Indian counterpart Narendra Modi last week to attend the G7 summit starting on Sunday has sparked debate on whether the last-minute request came amid pressure from other countries in the group of rich nations or a sign of a thaw in ties with India. Carney extended the invitation to Modi in a phone call between the two leaders on Friday. Modi has accepted the invitation, saying his meeting with Carney will lead to “renewed vigour” in...

Politics

5 h. ago China working to add C919 certification to agenda for July EU summit

China will push for civil aviation to be a topic of discussion at a summit with European Union leaders in July, with particular focus on the certification of the domestically produced C919 aircraft, according to a source with knowledge of the matter. High-level negotiations on the safety evaluation process would be likely to fast-track ratification of the airliner, the source said, and a rumoured order of hundreds of Airbus aircraft from Beijing would only help speed things along. Next month’s...

Politics

7 h. ago China plans to turn Shenzhen into AI and aviation hub amid US sanctions

China has outlined a string of reforms to accelerate the development of hi-tech emerging industries in the city of Shenzhen, as the tech hub in southern China grapples with a barrage of US trade restrictions. The plan focuses on boosting Shenzhen’s ability to create scalable business models in industries such as artificial intelligence and aviation that can be replicated across China, by helping the city cultivate a larger talent pool, expand local companies’ access to financing, and speed up...

Politics

8 h. ago GoPro rival Insta360 eyes global expansion after strong Shanghai IPO

Insta360, the Chinese action camera maker challenging GoPro, surged 285 per cent in its trading debut on Shanghai’s Star Market after raising 1.9 billion yuan (US$264.5 million) in the city’s largest initial public offering (IPO) in 17 months. Max Richter, who co-founded the company with 34-year-old Chinese entrepreneur Liu Jingkang in 2015, said Insta360 is “committed to expanding [its] global presence and elevating brand influence to boost [its] market share worldwide”. He identified China,...

Politics

9 h. ago Top US envoy in Hong Kong may be headed for senior role in Beijing embassy

The top US diplomat in Hong Kong is likely to be heading north to take up a leading role in the United States’ Beijing embassy, the South China Morning Post has learned. Gregory May, who arrived to serve as the US consul general for Hong Kong and Macau in September 2022, is tipped to be a top candidate for a ministerial role in the US embassy in Beijing, according to sources. It is a critical time in the relationship as Beijing and Washington engage in a series of high-stakes talks to manage...

Politics

10 h. ago Haitian eyes US$1.22 billion Hong Kong IPO, one of the year’s largest

Foshan Haitian Flavouring and Food Company, the largest listed condiment producer in mainland China, is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong, marking one of the city’s largest initial public offerings (IPOs) this year and giving a boost to its status as a world-leading fundraising hub. The company is offering 263.2 million H shares at a maximum price of HK$36.30 each, with the final offer price to be determined on or before June 17, Haitian said in a statement to...

Economics

13 h. ago Chinese EV battery maker Eve Energy jumps on Hong Kong IPO bandwagon

Eve Energy, China’s fifth-largest producer of electric vehicle (EV) batteries, plans to raise fresh capital on the Hong Kong stock exchange, following the lead of its bigger rival Contemporary Amperex Technology (CATL) as international investors show a growing appetite for the country’s industrial gems. The Shenzhen-listed company said on Tuesday that its board had endorsed a fundraising plan aimed at bolstering its international expansion, but details about the share offering were still in the...

Science

14 h. ago ‘Making a dent’: race is on to reap rare earths elsewhere amid China’s dominance

Beijing’s imposition of rare earth export restrictions from April – playing its trump card in the face of Washington’s intensifying tariffs and tech curbs – helped send a message to Washington ahead of this week’s discussions over bilateral export-control issues. Considered a trump card because rare earths have an outsized impact on auto, electronics and defence industries, and China dominates the supply chain, the trade in such critical minerals is widely expected to be among the key topics...

Politics

17 h. ago China, US officials agree to ‘framework’ that will need approvals by Xi, Trump

China and the United States wrapped up two days of high-level trade talks in London with an agreement “in principle to a framework” that each side will bring home for review by their top leaders. “The two sides agreed in principle a framework for implementing the consensus” that Chinese President Xi Jinping and US President Donald Trump reached in their phone call last week, and the consensus of high-level bilateral negotiations in Geneva last month, China’s top trade negotiator Li Chenggang...

Politics

21 h. ago How Apple helped China become a world leader in electronics manufacturing

How Apple helped China become a world leader in electronics manufacturing  WBUR

Politics

23 h. ago Beijing symposium celebrates Hong Kong security law's 5th anniversary as model of stability

Beijing symposium celebrates Hong Kong security law's 5th anniversary as model of stability  Dimsum Daily

Events

23 h. ago Chinese academy launches automated system to speed up chip design

The Chinese Academy of Sciences (CAS), the nation’s premier science institution, has unveiled a chip design system driven by artificial intelligence (AI) that has the potential to significantly accelerate semiconductor development and replace human programmers. Developed by the State Key Laboratory of Processor and the Intelligent Software Research Centre, both under CAS, and the University of the Chinese Academy of Sciences, the fully automated integrated circuit design system is called QiMeng,...

Politics

25 h. ago India expected to maintain robust growth despite Pakistan tensions, trade woes

India is poised to remain the world’s fastest-growing major economy this year, analysts have said, with a recent jumbo rate cut by its central bank expected to boost consumption and investment, even as the country contends with fresh military tensions with Pakistan and an uncertain global trade environment. The Reserve Bank of India (RBI) last week delivered a larger-than-expected interest rate cut of 50 basis points and reduced the cash reserve ratio – the minimum amount of capital banks must...

Events