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Alibaba logistics arm to come under separate listing at HKEX

  • By: Junzhe JIANGEdited by: Bella Ding
  • 2023-09-27

Alibaba Group Holdings (09988, BABA) announced on Tuesday that its logistics arm Cainiao Smart Logistics Network, will come under a separate listing. It will be the conglomerate’s first initial public offering on the Hong Kong Stock Exchange after its restructuring earlier this year. The proposed spin-off will comprise the Hong Kong public offering and international offering. According to the announcement, after its completion, Alibaba will still hold more than 50% of Cainiao’s shares, retaining Cainiao as a subsidiary. As of Tuesday, Alibaba holds 69.54% of Cainiao. Citi Group, JP Morgan Chase & Co. and CITIC Securities are joint sponsors of the offering, according to the preliminary prospectus on HKEX. “The proposed spin-off should better reflect the value of Cainiao Group on its own merits and increase its operational and financial transparency,” said Kevin Zhang, secretary of Alibaba Group Holding, in the filing, “through which investors will be able to appraise and assess the performance and potential of Cainiao Group separately and distinctly from those of Alibaba Retained Group.” Cainiao shares are expected to be the world’s second-largest initial public offering this year, following the US$5 billion listing of SoftBank-owned chip maker Arm Holdings. HKEX has approved the listing of Cainiao on the main board so far. However, the disclosed filing did not specify the date and price of Cainiao’s shares. It has yet to be approved by the  China Securities Regulatory Commission. The revenue of Cainiao Smart Logistics Network increased by 15% to 18.915 billion yuan (about HK$ 20.251 billion) in the first quarter, and 72% of it was from external customers.  According to Alibaba's latest financial report, the increased revenue is mainly because of the rising demand for logistics services and the price per order. The stock price of Alibaba increased 0.66% to HK$84.50 at the close of Wednesday.  …

Society

iPhone 15 resale premium drops; Pro Max 1TB Natural Titanium Color stays HK$2,451 more in resale market

  • By: Yi Yin CHOW、Runqing LI、Chi On LIUEdited by: Mei Ching LEE、Ka Tung NG
  • 2023-09-26

On Sept. 22, many people were inside the Apple Store in Shatin New Town Plaza to pick up their new iPhone 15. Some scalpers waited outside the Apple Store to buy iPhones from the customers at a premium price. The price of the iPhone 15 Pro Max, with a storage of 1TB, costs HK$13,599. On the first day of sale, the premium price for a new phone in the Natural Titanium color was listed by one resale outlet as an extra HK$2,401, according to the iPhonePriceHK. In the resale market, more profits were made compared to the past few years, some said. Kris Tsang, 30, bought two iPhone 15 Pro Max with 1TB storage in the Apple Store, one for personal use and the other for selling to the resale market.  "I saw that the maximum profit for reselling is HK$2,000," said Tsang. “iPhone 15 series are better selling than the iPhone 14 series,” said Nadjib, 35, an Indian reseller outside Sincere Podium.  He bought six iPhones and planned to sell them in India at a higher price. Derek Chung, 34, a reseller, bought two iPhones and earned HK$6,000 from reselling. "Prices are speculated to reach a new high due to the factors of titanium," said Chung. The latest iPhone series included a titanium shell, making the handsets the lightest the company has ever made and the case more durable.  "I heard that titanium production capacity is relatively low. Prices are speculated to be high due to the low supply," said Chung. Those who want to buy the new iPhone 15 from Apple can only do so after pre-ordering online.

Society

Hong Kong Disneyland pushes prices to record high with new ticketing system

  • By: Junzhe JIANG、Yuqi CHUEdited by: Bella Ding
  • 2023-09-20

Hong Kong Disneyland Resort has revealed price increases in certain ticket categories while rolling out a new tier of day passes for its most popular periods, effective from Wednesday. Disney created a four-tier ticketing system. The newly added Tier 4 day pass costs HK$879 for adults and HK$659 for children, a 15.8% hike over the previous highest "Peak Plus Days". “Select days that historically see high demand will be tiered as Tier 4 days. The Tier 4 days will start to kick in during the coming Christmas season,” said a spokesman, according to the press release. Tiers 2 and 3 tickets, or what used to be “Peak Plus Days” and “Peak Days”, now cost HK$799 and HK$719 respectively. The price of Tier 1, original “Regular Days”, remains the same. Prices for annual passes including silver, gold and platinum cards have also gone up. Students will no longer pay the same price as children and instead will pay an extra 15% for passes. Adult and children tickets have gone up by around 9%, while senior tickets remain unchanged. Local people and magic annual pass holders can renew their passes at the current prices before Nov. 15. Hong Kongers can also purchase annual passes at current prices before the date. Some mainlanders decided to buy annual passes ahead of the price hike. Summer Xia, a 23-year-old mainland student and her friends spent more than 45 minutes online before they could buy their tickets. During the process, Disney’s official page was overloaded and paralyzed several times. “Disney is going to launch its new Frozen-themed zone,” said Xia, “We were waiting for the Magic Access Group of 3 Special Offer but decided to purchase now to save money.” According to the Resort, the new tiered-pricing structure aims to effectively manage visits and market demand. …

Society

Local street dancer Bobby wins chance to represent Hong Kong in international competition

  • By: Sze Kei WONGEdited by: Ka Ki FUNG、Ming Min AW YONG
  • 2023-09-19

A local street dancer beat out 15 other hopefuls on Sunday afternoon, winning the chance to represent Hong Kong for the first time in an international dance competition in Germany.  Lam Yuet Wing, 32, who performs as Bobby, won a majority of audience votes at the Red Bull Dance Your Style competition at the Hong Kong Cultural Centre. He will compete against 29 international dance groups in Frankfurt in November. The audience selected the winner using different colored fans to show their vote. The outdoor competition was open to the public with a free after party for both dancers and registered audience members.  Lam started dancing in 2006 and is known for the dance style “popping”—a category of street dance that involves rapid contraction and relaxation of muscles, giving the dancer a pop feeling to match the beat. "My first competition was held at the Hong Kong Cultural Centre. I didn't even make it into the audition,” he said. “The second time I attempted battle in the venue was today, and I got the award." “Since I just injured my leg, now I will heal my wounds and equip myself to go to Germany for exchange," Lam said.   He also added, ”No matter if I lose or win, I will experience more abroad and bring more knowledge to Hong Kong”.  “The event was fun and we saw a lot of exciting battles today,”said Chu Yung Chuen, 25, an audience member who also is a dancer. “The atmosphere of the event was very good. Many people gathered here, and I enjoyed it very much,” said Tsui Tsz Hung, 24, an audience member.  

Society

“Night Vibes Hong Kong” aims to boost local economy

  • By: Wai Yan MIUEdited by: Yixin Gao
  • 2023-09-15

The government launched the "Night Vibes Hong Kong" Campaign yesterday at 6:30 pm at the West Kowloon Cultural District M+ Museum. The campaign aims to promote the city's nighttime economy and unite different sectors of the community. “Night Vibes Hong Kong” starts from the Mid-Autumn Festival in late September and continues through early 2024. There are four highlights: art & culture, harbourfront leisure, a vibrant festival, and diversified leisure.  Art and culture buffs can look forward to discounted tickets for evening screenings. The Hong Kong Museum of Art, the Hong Kong Science Museum, and the Hong Kong Space Museum will delay their closing time till 10 pm on Fridays, weekends, and public holidays to give visitors more time to experience cultural gems. M+ will also host activities and workshops at night. A night market featuring food stalls, activities, and exhibitions will be set up along the harbourfront as part of the campaign. The iconic Hong Kong Wine and Dine Festival will return to the Central Harbour Event Space, offering a wide array of global liquor assortments and tantalising delights. The campaign will bring a month-long citywide dining promotion from restaurants and bars. The festive season will be particularly vibrant with the resumption of beloved events. The Tai Hang Fire Dragon Dance, a traditional dance among Tai Hang residents which was cancelled during the pandemic, will make a comeback during the Mid-Autumn Festival. The traditional dance will be accompanied by a drone show organised jointly by Hong Kong and Shenzhen.  Other activities include Cantonese operas during the Lantern Carnival at Victoria Park and the fireworks for the National Day celebration. In addition, more than 80 shopping malls will extend their operating hours, host cultural and sports events, and outdoor night markets., These malls will also offer evening entertainment performances and dining …

Society

Hong Kong to revive nightlife? 70% say yes to night bazaars

  • By: Junzhe JIANG、Juncong SHUAIEdited by: Zimo ZHONG
  • 2023-09-13

A new survey released yesterday by the Hong Kong Department Stores and Commercial Staff General Union has found that 69.5% of the respondents supported establishing night markets in Hong Kong. Of the 1,862 people polled between Aug. 24 and Sep. 1, 77% said food was the great attraction in night markets, followed by retail goods at around 62%. Shows and live performances ranked third.  The study comes ahead of the launch of the “Night Vibes Hong Kong” campaign which aims to invigorate the local night economy after the pandemic. 73.6% of the respondents also said that the location and transportation accessibility at night markets matter and another 63.4% were concerned about hygiene. “I think this campaign is a wise move to revive the economy and tourism. Nightlife in Hong Kong has gradually faded away,” said Leung Wai-bing, 68, a retired vendor in Kwun Tong. Chief Executive John Lee Ka-chiu and finance chief Chan Mo-po have been telling the public that Hong Kong needs to revitalise its night time economy since last month and will launch the “Night Vibe Hong Kong” campaign on Thursday at West Kowloon. Chung Pok-man, general officer of Hong Kong Department Stores and Commercial Staff General Union, said at the press conference on Tuesday that the preference of mainland tourists, which make up  the largest proportion of visitors, has shifted from shopping to cultural tourism. The union recommended establishing long-term night markets which can gradually transform to tourist attractions and provide venues for young people to start new businesses. The report also proposed to organise short-term thematic bazaars near  popular activities such as sports events, festivals, and concerts. Night markets can be set up in different districts to boost the flow of people, since many tourist areas attract few visitors after 8 p.m., according to the union.  …

Society

Voice Our Soul, Hong Kong’s Christian music festival kicks off

  • By: KONG Tsz YuenEdited by: Tsz In Warren LEUNG
  • 2023-09-11

Christian music festival Hypersonic Fest kicked off at Kowloon Bay International Trade & Exhibition Centre on Sunday, a day after record heavy rain flooded the city. Thirty-five bands performed on four stages, attracting more than 1,000 festival goers on the first day, according to organisers. The only Christian music festival in Hong Kong included a 50-minute musical worship. Lee Man Hei, 33, an electronic DJ known as Simon Girl who performed at the festival, said she wishes to promote electronic music to the public. “My goal is to make music for the future,” said Lee, adding that she is inspired by other local indie bands, such as The Hertz. "The Hertz also knows how to bring up the scene's atmosphere, interact with the audience,” she said. “This is what performers should do. Pursue something instead of repeating what others do and stay in your comfort zone”.  “Hypersonic Fest is a good music festival because it contains different forms and styles of Christian music. Also, the audience on this platform can interact with the artists and worship together,” said Esther Choy, 20, who attended the event. The festival also included an art fair with ten artists from Hong Kong and Taiwan, said Harold Chan from festival organiser Hypersonic Lab. “Through art, including music and paintings, we can express our inner values ​​and concepts and communicate with each other,” Chan said.

Society

The new horse racing season kicked off today without COVID-19 restrictions

  • By: Ngai Fung NG、Tsz Wing CHANEdited by: Ming Min AW YONG
  • 2023-09-10

  Today, the 2023-2024 Horse Racing season kicked off at the Sha Tin Racecourse. This is the first racing session without COVID-19 restrictions after three years.  However, the recent weather conditions have not favoured the new season due to typhoon Saola striking Hong Kong last week, forcing the Hong Kong Observatory to issue hurricane signal No. 10, resulting in limited training.  During the past two days, Hong Kong released a black warning rain signal due to the low pressure from the remnants of typhoon Haikui. Over 400mm of rain have been recorded in Sha Tin, and the racecourse premises experienced minor flooding.  This morning, the Observatory issued the Amber Rainstorm Signal and claimed that a trough of low pressure will continue to bring heavy showers and thunderstorms. However, this did not dampen the supporters’ spirits.  Vereni Bicks, 25, a fan of horse racing, said she watches the training videos of the horses to get a better understanding of their performance. “I have no strategies this time, but luck is part of the game sometimes,” she said, adding that the lack of training clips made it hard for her to bet on the race. The winner of this year’s horse racing season is 33-year-old Karis Teentan, who also participated in last year’s season and made 586 appearances. Teentan and Danny Shum-trained Victor won the Class One HKSAR Chief Executive’s Cup (1200m). Teentan has finished in the top three 162 times so far. Chief Executive John Lee did not attend today’s award ceremony. “I think my horse has shown me that he has improved a lot since last season, and after I saw the rain today, I think it’s gonna make it hard for him, with that weight, and with the way the track is, but I think we took our chance …

Society

Black rainstorm leaves Hong Kong a flooding mess

  • By: Elif Lale AYHAN、Ka Man WongEdited by: Ming Min AW YONG
  • 2023-09-08

The  Hong Kong Observatory issued the black rainstorm warning last night at 11:05 pm and it remained in effect for a record-breaking time of more than 12 hours. All rainstorm warnings were cancelled at 4:45 pm today. The rain bands of Typhoon Haikui brought more than 145.5 millimetres of rain in one hour, the highest hourly rainfall since 1884. The downpour caused flooding in many districts.  The worst affected  areas included Kowloon Tong  and  Wong Tai Sin.  Much of the lower floors of Wong Tai Sin’s Temple Mall, was under water. Rainwater poured into some  MTR stations, forcing trains to skip certain stops because of flooded platforms. At around 6 a.m. today, the government announced that all schools would suspend classes for the day. Employers were told to implement typhoon 8 work arrangements. Kubi Liu, a local 20-year-old student at Hong Kong Shue Yan University, stayed at home in Lee Uk Village in Fanling, New Territories. “I have seen heavy rain like this before. It’s common in Hong Kong, but rain which causes great damage at such short notice, like last night, is rare. Although the heavy rain brought me joy, the follow-up action and clean-up will take some time and money,” Liu said. A bus stop was flooded in her neighbourhood. She thought drainage management in the city could be better to avoid severe flooding. According to Liu, vehicles at Mei Lam, a low-lying area in Sha Tin, were submerged. At some villages in Fanling, minibuses came to a halt because of the flood. By 11:41 pm, a total of 144 people were treated in public hospitals for flood related injuries, according to the Hospital Authority. Chief Executive John Lee said that authorities would “review the way announcements were made” to the general public during extreme weather. “In dealing …

Society

28-year-old university student arrested for suspected sexual assault and voyeuristic acts at multiple university orientation camps

  • By: Ngai Fung NGEdited by: Aruzhan ZEINULLA
  • 2023-09-07

  The police announced yesterday the arrest of a 28-year-old student from the Education University of Hong Kong on allegations of sexual assault and voyeurism during six different university orientation camps. Basil Tang, an assistant police commander of the Hong Kong police force, said in a press briefing, that four female students reported being victims of the suspect’s illicit behavior.  The suspect, identified as a top-up degree student at Education University, is believed to have sexually assaulted an 18-year-old freshman during a joint orientation camp hosted by the Hong Kong Red Cross in mid-July. However, the suspect's alleged criminal conduct did not cease there. In mid-August, a month after the first reported incident, he was accused of raping a 19-year-old female student when driving her home from a university camp. In the same camp, an 18-year-old female student alleges she was indecently assaulted by the same individual. Further allegations involve the suspect reportedly observing a 22-year-old female student while she was showering during a joint photography and engineering orientation camp in late August. Assistant Commander Tang also revealed that the suspect had previously been arrested in early July for a sexual assault case unrelated to university orientation camps. These distressing incidents have raised significant concerns and prompted attention from the academic community and beyond. Ahead of the weekly Executive Council gathering, Hong Kong's leader John Lee commented on the recent sexual assault cases within university camps, stating, “If such behavior does not breach the law but is in conflict with campus regulation, schools have a responsibility to ensure discipline.” According to data provided by the Hong Kong Police Force, there were 20 reported rape cases in 2022, and 21 in 2023.  As the new academic year begins, universities, including Hong Kong Baptist University, actively promote student participation in various society-organized …