China’s President Xi Jinping praised the tech-hub city of Shenzhen in a landmark speech on Wednesday, leaving some puzzling over the future of nearby Hong Kong, as China’s traditional global foothold.
Xi said Shenzhen, often dubbed China’s Silicon Valley and home to tech giants Huawei and Tencent, was making “historic leaps” and “achieving miracles.”
He also announced that the area would be given more leeway to pursue opening-up reforms and become a “model city for a strong socialist country.”
Once a small fishing village adjacent to Hong Kong, Shenzhen is now home to about 13 million and was transformed in 1980 by veteran Chinese leader Deng Xiaoping, after he designated it a “Special Economic Zone,” carving out capitalist privileges in the staunchly communist country.
Retracing Deng’s footprints 40 years later during his own southern tour this week, Xi announced Shenzhen would again become a testing ground for foreign investment and
Easyship, a logistics startup that allows e-commerce sellers to add multiple carriers to their stores, announced it has joined the Shopify Plus Technology Partner Program. Easyship is headquartered in Hong Kong and New York. Co-founder Tommaso Tamburnotti told TechCrunch it is the only shipping app in Asia for Shopify Plus, the e-commerce platform’s solution for large companies and high-volume shippers.
Founded in 2015 by Tamburnotti and Augustin Ceyrac, both veterans of Southeast Asia e-commerce giant Lazada, and former banker Paul Lugagne Delpon, Easyship’s platform is includes more than 250 shipping options from carriers including UPS, FedEx and DHL, pre-negotiated discounted rates and the automation of tasks like taxes and duty charges. So far, Easyship says it has served more than 100,000 clients.
According to a report from the Organisation for Economic Co-operation and Development (OECD), volumes of international postal packages dispatched have grown during the COVID-19 pandemic, especially for things
(Bloomberg) — Hong Kong’s boom in initial public offerings is set to be prolonged as companies given a boost by the pandemic outbreak follow China’s technology giants in selling shares, the bourse’s head of listings said.
Companies from the technology and biotechnology sectors could continue to fill the IPO pipeline in the near future as Covid-19 has boosted investments in research and development, Hong Kong Exchanges & Clearing Ltd.’s Head of Listing Bonnie Chan said in an interview on Friday.
“We thought 2020 would be a disappointment, but it has turned out to be a busy year,” Chan, 50, said. “I believe the IPO rush will continue.”
Hong Kong this year has seen a rush of listings from Chinese companies including JD.com Inc. and Netease Inc., which are selling shares
Hong Kong’s finance sector has remained ‘vibrant’ despite the health crisis, as unemployment in the sector remained below 3 per cent. Photo: EPA
Hong Kong’s financial sector, its use of financial technology and role as a fundraising centre for the cities of southern China have weathered the coronavirus outbreak and even thrived in some areas, according to a panel of industry players.
The city’s finance sector has remained “vibrant” despite the health crisis, as unemployment in the sector remained below 3 per cent, much better than the overall figure of 6.1 per cent , said Rocky Tung, head of policy research on the Financial Services Development Council, a government advisory body.
“The development of the (Greater Bay Area) has been continuous. The financial sector is relatively less affected by Covid. In terms of trading (and) IPOs, we are also very vibrant,” said Tung.
HONG KONG (Reuters) – Hong Kong-listed shares of Semiconductor Manufacturing International Corp fell more than 7% on Monday after the United States imposed restrictions on exports to China’s biggest chip maker, citing a risk of military use.
SMIC’s shares fell as much as 7.9% to HK$17.12 ($2.21), the lowest since May 29, and were last down 6.7%.
The company said it had not received any official notice of the restrictions and added it has no ties with the Chinese military.
Suppliers of certain equipment to SMIC will now have to apply for individual export licenses, according to a letter from the U.S. Commerce Department dated Friday and seen by Reuters.
Earlier this year SMIC raised $6.6 billion in a secondary listing on Shanghai’s tech-centric STAR market.
(Bloomberg) — A Swedish firm that supplies law enforcement and government agencies with technology to extract data from mobile phones said it has pulled its business from Hong Kong.
The decision by Stockholm-based Micro Systemation AB came after a White House executive order on July 14 stripped Hong Kong of its special trading status, said Mike Dickinson, deputy executive officer. That status had granted Hong Kong more favorable treatment than China.
Dickinson said in an email that his company, known as MSAB, would no longer “supply solutions” to the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force, nor any other government agencies in the territory. He said the executive order “impacts our U.S. legal entity and presence in the U.S.A.”
MSAB had pulled its business from China earlier in 2020 due to changes in “regulatory regimes and restrictions” related to export control laws, Dickinson