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Chinese developer faces Hong Kong court hearing today over winding up company
Livemint
·
1y ago
Medial
China Evergrande Group, the world's most indebted developer, faces a critical court hearing in Hong Kong as creditors request to wind up the company. Failure to present a concrete debt restructuring plan could result in liquidation, leading to further chaos in Evergrande's operations and denting sentiments in the housing market. A group of offshore creditors is also demanding controlling equity stakes in the developer and its two Hong Kong-listed units. Evergrande has been struggling to salvage its multi-billion dollar debt overhaul since its default in December 2021.
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China Evergrande liquidation sends shockwaves through financial markets
Livemint
·
1y ago
Medial
A Hong Kong court has ordered the liquidation of China Evergrande Group, causing concern in China's financial markets. Trading of Evergrande related shares was halted and the Hang Seng Index rose 1.2%. Analysts agree that the delay in liquidation is surprising and clearing out Evergrande is seen as positive, but doubts remain about the impact on the property sector. There are concerns about the downturn in China's property sector and the effect on the progress of fixing it. The liquidation may also impact confidence among mainland creditors and potential buyers. Offshore creditors will depend on mainland courts recognizing or enforcing the winding-up order from Hong Kong to claim assets. Evergrande, the world's most indebted developer, has $300 billion liabilities and $240 billion assets. The liquidation petition was filed by an investor in June 2022 due to Evergrande's failure to honor an agreement.
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Evergrande Unit Tianji Ordered to Liquidate by HK Court
Livemint
·
5m ago
Medial
A Hong Kong court has ordered Tianji Holding Ltd., a crucial unit of China Evergrande Group, to liquidate amid efforts to access the assets of the world's most indebted developer. This follows Evergrande's own liquidation and highlights ongoing challenges in the Chinese property sector. The company’s court-approved liquidators continue to navigate complex legal and jurisdictional issues related to Evergrande’s vast network of assets and subsidiaries, aiming to recover significant debts and funds.
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China's BYD raises $5.59 billion in share sale, Hong Kong's largest in four years
Economic Times
·
5m ago
Medial
Chinese electric vehicle maker BYD raised $5.59 billion in a primary share sale, the largest in Hong Kong in four years. The company increased the share size to 129.8 million, up from the initially planned 118 million. Shares were sold at a 7.8% discount. This move reflects positive sentiment in Hong Kong and China’s tech sector. BYD aims to invest in R&D, expand abroad, and support its business with the proceeds.
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Shein to File Hong Kong IPO Prospectus in Weeks After London Plan Stalls, Eyes $50 Billion Valuation | DeepNewz VC
deepnewz
·
2m ago
Medial
Shein plans to file a draft prospectus for an IPO in Hong Kong after its London listing plans stalled due to the lack of Chinese regulatory approval. The fast-fashion company, originally targeting a London public listing, now aims to proceed in Hong Kong, with hopes to go public by the end of the year.
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Hong Kong allows China's digital yuan to be used in local shops
Reuters
·
1y ago
Medial
Hong Kong will allow mainland China's digital yuan to be used in shops, a move aimed at promoting the internationalization of the Chinese currency. The program, backed by Beijing, will enable residents of mainland China and Hong Kong to open digital yuan wallets and make payments in retail shops and some online stores. The digital currency has gained popularity in China, with transactions reaching 1.8 trillion yuan ($249.27 billion) as of June 2023. The expansion of the e-CNY pilot in Hong Kong will facilitate merchant payments in mainland China by Hong Kong residents.
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Chinese investors' rush for offshore assets spurs Hong Kong wealth inflows
Livemint
·
1y ago
Medial
Wealthy Chinese individuals are increasingly turning to Hong Kong investment products such as insurance and high-yield time deposits to protect their returns amid a domestic economic downturn and a weaker currency. This trend has been accelerated by China's relaxation of investment rules for the 'wealth connect' program, which allows residents of certain cities to purchase investment products sold in Hong Kong and Macau. The surge in demand is sparking competition among financial firms in Hong Kong and reaffirming the city's status as a wealth hub. Ultra-rich individuals from China and Southeast Asia are also exploring their options in Hong Kong.
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CATL’s Outsized Share of World’s EV Cell Market Highlights Risks
Livemint
·
7m ago
Medial
Contemporary Amperex Technology Co. Ltd. (CATL), a dominant supplier in the electric vehicle battery market, faces scrutiny after being blacklisted by the US Pentagon over alleged links to the Chinese military. CATL's extensive presence in global automobile supply chains, supplying major automakers like Tesla and Ford, underscores potential risks if alternatives are needed. Despite the reputational hit, CATL continues its operations, eyeing a significant public offering in Hong Kong amid fluctuating stock market performance.
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China's Pony.ai eyes robotaxi services in Hong Kong, joining Baidu
Economic Times
·
7m ago
Medial
Pony.ai, a Guangzhou-based autonomous driving company, plans to launch robotaxi services in Hong Kong, initially targeting airport staff, before expanding city-wide. This move comes amidst competition from Baidu, which also aims to introduce driverless taxis in Hong Kong after obtaining trial approval. Pony.ai, already licensed for services in major Chinese cities, is also exploring opportunities in South Korea, Luxembourg, the Middle East, and other regions for future business expansion.
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Hillhouse to buy Dulwich schools in Asia for around $600 mn
VCCircle
·
11m ago
Medial
Hong Kong-based investment firm Hillhouse Investment is reportedly set to acquire the Asian operations of Dulwich College International schools in a deal worth approximately $600 million. Hillhouse has emerged as the leading bidder and has reached an agreement with Education in Motion (EiM), the company that owns and operates Dulwich College International schools in China, South Korea, and Singapore. The deal also includes the sale of shares held by Chinese private equity firm CPE. The purchase comes as the Chinese education industry faces increased government regulation.
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China AI chip firm Biren raises new funds, plans Hong Kong IPO - The Economic Times
Economic Times
·
1m ago
Medial
Chinese AI chip company Biren Technology has secured approximately 1.5 billion yuan in new funding and is preparing for a Hong Kong IPO amid China's push to develop domestic semiconductor alternatives due to U.S. export restrictions. The funding round, largely backed by state-linked investors, underscores China's focus on building homegrown graphics processing units critical for AI. Previously planning a mainland listing, Biren shifted its IPO focus to Hong Kong, aiming to file by late third quarter.
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