Business
Hong Kong stocks fall three trading days in a row
- 2022-01-18
- Business
- The Young Reporter
- By: Kylie WongEdited by: Serena Kong
- 2022-01-18
Hong Kong stocks continued to drop as technology stocks shrank and the market was concerned about upcoming tighter monetary policy in the U.S., in light of inflation. The Heng Seng Index closed at 24112.78, showing a 0.43% decrease. Though the market grew 0.69% to today’s peak, 24385.05, from its previous close in the morning trading session, the growth was erased by the drop at noon. The lowest of the day was 24009.71. The market was dragged down by losses in the technology sector. Tencent recorded a decreased 2.75% reduction to HK$HKD 452.8 from yesterday’s HK$HKD 465.6. This was followed by Meituan and Alibaba, declining 0.375% to HK$HKD 215.8 and 1.63%to HK$126.4 respectively. Several financial media reported that Morgan Stanley cut the target price of Tencent from HK$650 to HK$600 as the broker predicted that Tencent’s revenue will report a slower growth of 6% for the last quarter in 2021. This is due to delays in revenue recognition of new games. Regulatory policies regarding games and advertisements also came into play. Country garden from the property industry is the best performing blue chip of the day. It displayed a 4.94% growth, reaching HK$ 6.16. The company announced on Monday that it has repurchased US$ 10 million senior note (HK$ 389 million) from the market. HSCE fell 0.18%. The SSE Composite Index and CSI 300 Index inched up 0.80% and 0.97% respectively.
Greater transparency needed as Hong Kong aims to transform into a green finance hub
- 2021-12-09
- Business
- The Young Reporter
- By: WANG Jingyan 王婧言Edited by: Vikki Cai Chuchu
- 2021-12-09
“Greenwashing” is a new buzzword featured at the COP26 climate summit in Glasgow. It’s part of the slogan of teeanger climate activist, Greta Thunberg. Greenwashing refers to a false impression or providing misleading information about how environmentally friendly a business of a product might be. Hong Kong has been trying to reposition itself as an international green financial hub since 2018. But the process finally stepped out this year as the government and industries seek to address disclosure issues in the green and sustainable investment market as a way to stamp out “greenwashing”. Stephen Phillips, director-general of investment promotion in InvestHK, a department of the government responsible for foreign investment in Hong Kong, told The Young Reporter that the city “has an important role to play as a green finance centre”. “A number of listed companies also, very strongly committed to both raising green capital, but also being compliant around bringing standards,” he said, “ and Hong Kong obviously serves not only Hong Kong and the rest of China, but also a place in which companies raise money from across the whole of Asia.” A report conducted by Standard Chartered Bank in 2020 found that among 1085 respondents from Hong Kong, Singapore, the United Arab Emirate and the United Kingdom, 59% of them who put money in sustainable investment said they would consider investing 5% to 10% in sustainable investing, and 75% said they would consider increasing their investment to 25% or more due to the pandemic. However, Alvin Li, Group Financial Consultant of TAL Group, said many investors may take a wait-and-see attitude towards green investment mainly because it is still under development. “The green bond market is still relatively new, still in the embryonic stage, and the secondary market is not fully developed. Investors have doubts …
Shares in Hong Kong Technology Venture hit new low despite launch of online shopping site
- 2021-12-02
- Business
- The Young Reporter
- By: KOO Chi Tung 顧知桐Edited by: Sara Cheng
- 2021-12-02
Hong Kong Technology Venture (1137), also known as HKTV, rumbled to a one-year low on Wednesday. It hit HK$8.680 per share, followed by a slight rebound to close at HK$8.780, down 2.02%. That’s despite the launch of the company’s new online shopping platform EESE the same day. “Regardless of whether the platform is good or not, it will not be so easy to have an impact on the stock,” said stock commentator Ivan Li. “Unless its business achieves explosive success.” The drop followed a warning by HKTV on Monday that its unaudited profit for the first three quarters in 2021 slumped by about 78.5% compared to last years’ HK$186.3 million. Its adjusted earnings before interest, taxes, depreciation, and amortization dropped by 57% from HK$281.1 million. The company said the fall was due to a lack of government subsidies this year. The company also gave away approximately HK$84.4 million in coupons to customers in its “$350 for $500 eGift Voucher Program” to sustain the shopping momentum. HKTV’S e-commerce website EESE is developed by Shoalter Technology Limited, a subsidiary of HKTV, in cooperation with fashion giant I.T. It offers a wide range of products including clothing and furniture from over 300 stores, such as I.T-owned brands AAPE, double-park and IZZUE, as well as brand partners SKECHERS, PUMA and Logitech. “We are a dynamic platform that values synergies between brands,” the company said on its website. Hidee Chow, a YouTuber who posts videos of her unboxing purchases from local and overseas online shopping sites, said she would wait for reviews first before buying on EESE. Shadow Hui, a communication manager in her forties, buys groceries, clothes and electrical appliances online at least twice a week. “The layout of its website is simple and clear,” she said. “I will consider buying on the platform …
Hong Kong Park blooms with over 600 plants from the rose family
- 2021-12-02
- Health & Environment
- The Young Reporter
- By: KOO Chi Tung 顧知桐Edited by: Sara Cheng
- 2021-12-02
More than 600 flowering plants and 50 species from the Rosaceae, or rose, family are in bloom at the Forsgate Conservatory in Hong Kong Park, including the rugosa rose, China rose, loquat, peach and Hong Kong hawthorn. The exhibition hosted 600 visitors on its first day yesterday, a spokesman for the Leisure and Development Department told The Young Reporter in an email reply. It will be open to the public for free until Jan.9, 2022.
Chinney Investments’ first-half net profit inches up while revenue hits
- 2021-11-26
- Business
- The Young Reporter
- By: Kylie WongEdited by: CHUNG Yee Men
- 2021-11-26
Chinney Investments (00216.HK) saw an increase in net profit in the first half of the year while revenue fell. Net profit increased 6.79% to HKD 350 million from HKD 328 million the previous year, owing to an increase in property rental income contribution after the data center building was put into use. Meanwhile, revenue fell 18% to HKD 609 million as property sales from the Group's development project in mainland China tumbled. Earnings per share increased from HKD 0.10 to HKD 0.11 per share. Profit attributable to shareholders increased 9.31% to HKD 58 million, up from HKD 53 million the previous year. Investment property reached HKD 15.31 billion, inching up 0.71%. HKD 15.21 billion was recorded previously. No interim interest will be given out. Despite facing challenges brought by the pandemic and inflation, the property company predicts increased local opportunities as a result of high housing demands. “We should sit back and observe obstructions caused by political tension between China and the US, ” Wong Sai-wing, chairman of Chinney Investments said in the report. The company closed at HKD 1.55 on Tuesday.
World’s most expensive handbag: Hermès crocodile diamond bag sells at auction house Christie’s for HK$4 million today, hitting a world record
- 2021-11-26
- Business
- The Young Reporter
- By: Nicholas ShuEdited by: AMALVY Esten Carr Claude Ole Eriksen
- 2021-11-26
A rare Himalaya Kelly bag from French luxury brand Hermès sold at a Christie’s auction in Hong Kong for HK$4 million, breaking the world record of the most expensive bag ever sold at auction. Made of crocodile hide and decorated with diamonds, “it is one that collectors are always looking for,” Jerry Zhang Yi-jie, handbag expert at Christie’s said. “It is not the first time this model breaks the world record,” Zhang said. The same model bag was sold in 2019 for HK$3.375 million, breaking a previous record from 2017. “The price is becoming crazy these years,” Steven Hao Shi-wen, a handbag collector and seller who attended the auction today, said. Christie's auction week starts from Nov. 26 in Hong Kong, showcasing collectibles including handbags, accessories and artworks worldwide.
Hong Kong stocks close higher, up 5 consecutive days
- 2021-11-15
- Business
- The Young Reporter
- By: Serena KongEdited by: Zhu Zijin Cora 朱子槿
- 2021-11-15
Hong Kong stocks rose slightly on Monday, with the blue-chip index closing higher for five consecutive trading days after China’s announced better than expected October retail sales but trading volume remained thin. The Hang Seng Index ended at 25,390, up 62 points or 0.25% on turnover of about HK$118.6 billion. The index moved between within a narrow range of 253 points for the day. China’s industrial production rose 3.5 percent year-on-year in October and retail sales increased 4.9 percent, both were slightly better than market expected, according to the South China Morning Post. The Hang Seng technology index edged up 0.5% to 6,601, while Tencent rose more than 1%. Mainland property and property management stocks fell, while the performance of financial stocks was mixed. Shares of HSBC eased 0.22% but AIA rose more than 2%. The Beijing Stock Exchange started its first day of trading on Monday and the total trading volume of 9.573 billion yuan. At the close, 59 stocks or nearly three quarter of the 81 listed stocks, closed lower and three were suspended. The Shanghai and Shenzhen stock markets fell. Lithium battery stocks weakened while meta-universe concept stocks and food and beverage stocks rose. The Shanghai Composite Index closed at 3,533, down 0.16%. The Shenzhen Stock Exchange Composite Index eased 0.19% to 2,462.39.
Hong Kong stocks close higher, blue chips performance varies
- 2021-11-12
- Business
- The Young Reporter
- By: Kylie WongEdited by: Vikki Cai Chuchu
- 2021-11-12
Hong Kong stocks rose for the fourth day in a row on Friday, with the blue chip index ending the week above the 25,000 mark boosted by technology stocks, while other blue chips recorded diverse performance. The Heng Seng Index opened up 1.09 percent but gains were pared at noon. The benchmark index was up 0.32% to end the day at 25,327, the highest close of the week in a four days winning streak. Technology stocks led the market rally as Tencent surged 1.59% to HK$458.2. Meituan followed by jumping 2.6% to HK$289.8. JD.com rose 5.17% to HK$329.4 as it’s sales during the Double Eleven Event achieved a record high of 349 million yuan. Alibaba dropped 0.49% to HK$162.4 as gross merchandise volume from its online shopping platform, Tmall, dropped. Mobile device stocks recorded diverse performances. Sunny Optical was the best performing blue chip stock, rocketing 4.72% to HK$226.0. Meanwhile, Semiconductor Manufacturing International Corporation (SMIC) dropped 3.8% to HK$22.6. SMIC’s deputy chairman of the board and executive director Chiang Sheung-yee announced his resignation on Thursday. Haidilao decreased 9.01% to HK$20.2, making it the biggest loser among all blue chips. The economy in mainland China remains weak due to inflation. This might affect enterprises’ profitability, Yiu Ho-yin, managing director of Cash Wealth Management told Oriental Daily News. HSCE and the SSE Composite Index grew 0.73% and 0.18% respectively, while the CSI 300 Index fell 0.21%.
Hong Kong retail sales continue to rise supported by consumption voucher, government says
- 2021-11-02
- Business
- The Young Reporter
- By: WANG Jingyan 王婧言Edited by: Vikki Cai Chuchu
- 2021-11-02
Hong Kong retail sales as of September have grown for the eighth straight month as residents spend their HK$5,000 consumption vouchers intended to boost the local economy, announced the government today. Retail sales in September rose 7.3% from a year earlier to HK$28 billion. August also saw 11.9% growth from last year, the data showed. “The stable local epidemic and improving employment and income conditions, together with the Consumption Voucher Scheme, should remain supportive to the retail sector in the near term,” the announcement said. For the first nine months of this year, before the consumption vouchers were given out, retail sales increased 8% in value and 6.8% in volume with an estimated increase of 43.5% in online retail sales from last year, according to the report. Sales of jewellery, watches, clocks and valuable gifts, which heavily depended on tourists from mainland China before the pandemic, continued to recover, as the value of sales climbed 16.2% from a year earlier, compared with 28% growth in August, the report said. “However, the virtually frozen inbound tourism will continue to constrain the extent of revival. To pave the way for a broader-based recovery of the retail sector and the overall economy, it is essential for the community to strive towards more widespread vaccination,” the spokesperson added. The government started allowing fully vaccinated non-residents from medium and low risk countries to enter Hong Kong in August. Previously only residents were allowed to enter the city. Hong Kong’s economy saw a “more moderate” growth in the third quarter of this year as the GDP increased 5.4% compared with last year, as the local pandemic stabilized and global economic activities continued to revive, said the government report. The government disbursed the second consumption vouchers of HK$2,000 and HK$3,000 to around 810,000 eligible residents on …
Despite Bright Figures in Food Delivery Industry, Staff are Facing Uncertainties
- 2021-10-21
- Society
- The Young Reporter
- By: Kylie WongEdited by: Vikki Cai Chuchu
- 2021-10-21
Every day, Edward Wong, 26, who is a freelance lifeguard and nursing assistant, spends a few hours delivering food in Tsuen Wan. “I usually deliver food during my lunch time. Though the golden hours for taking orders are 7:30am-10am, 11:30am-1pm and 6:30pm-8:30pm, the frequency of orders highly depends on the location. For example, in Mong Kok and Sheung Wan, as long as you want, there will be orders to take,” said Wong, who works for both Foodpanda and Deliveroo, two of Hong Kong’s most popular food delivery services. Wong is one of tens of thousands new food delivery drivers as demand for the service surged during the pandemic. Hongkongers are hungry. Hong Kong’s major delivery companies, Foodpanda, Deliveroo and Uber Eats, all reported significant increases in delivery demand. A Deliveroo survey in January showed a 21% increase in spending and it predicted three-fourths residents are using the service more frequently. Uber Eats said active users per month nearly tripled last year while total orders doubled, according to a Mingpao article. Foodpanda reported a 60% surge in orders during the first quarter of 2021. Companies are hiring thousands of delivery staff to meet the orders. Last spring, the food delivery industry created 48,000 jobs, according to Hong Kong Business Times. But Wong said the number of delivery orders he gets has dropped because of a flood of new workers, and he plans to find another job soon. “More people are becoming food delivery staff as they think the market is growing during the pandemic. However, the increase in staff is faster than the increase in orders in most areas,” said Wong, adding that his income has dropped by one-third from around HK$40,000 per month when he started. While demand for food delivery surges, job positions open up. However, rising figures does …