Corporate Profiles

Corporate business news on companies from Hong Kong and overseas.
Companies - South China Morning Post
  1. Apple Inc said on Tuesday that a global chip shortage that has bit into its ability to sell Macs and iPads will start to affect iPhone production and forecasted slowing revenue growth, sending its shares lower.Apple executives said revenue for the current fiscal fourth quarter will grow by double-digits but be below the 36.4 per cent growth rate in the just-ended third quarter. Growth will also slow in Apple’s closely watched services business, they said.In a conference call with investors,…
  2. Hello Inc, the bike sharing firm backed by Ant Group, said on Wednesday that it would scrap its plans to go public in the United States, becoming the most high-profile offering to fall victim to a crackdown on technology firms by Chinese regulators.The Shanghai-based company, also known as Hello TransTech, filed for an initial public offering (IPO) in the US in April, as part of a wave of Chinese technology firms that rushed to the markets in one of the biggest first-half fundraising pushes in…
  3. Hong Kong’s Exchange Fund, the war chest used to defend the local currency from attacks by short sellers, earned HK$51.4 billion (US$6.6 billion) from its investments in the second quarter as it benefited from gains in overseas equity markets and on its bond portfolio, according to the Hong Kong Monetary Authority (HKMA).The fund’s investment income was in line with its first-quarter returns of HK$51.3 billion, but sharply lower than the HK$121.6 billion it earned in last year’s second quarter…
  4. Oyster sauce tycoon Lee Man-tat, chairman of Lee Kum Kee Group, has died. He was 91.The company said in a statement that Lee died on Monday, surrounded by family members.“Mr. Lee was an inspirational leader with a unique and forward-looking vision. He constantly brought new insight and momentum to the group and successfully transformed Lee Kum Kee into a world-renowned sauce and condiment brand,” the statement added.Lee, whose wealth propelled him to as high as third on the Forbes list of Hong…
  5. China Evergrande Group, the country’s biggest home builder and the world’s most indebted developer, unexpectedly scrapped a special dividend two weeks after announcing it, in a corporate U-turn that spooked investors about its financial standing.Evergrande’s board decided to forego the special payout announced on July 15, according to a surprise filing on Tuesday to the Hong Kong stock exchange, citing “the current market environment, the rights of the shareholders and creditors, and the long…
  6. Tesla is relying on its Shanghai factory to meet global demand for its vehicles, as its other plants grapple with shortages of automotive chips and other car components.The US carmaker, which is led by billionaire entrepreneur Elon Musk, said overnight on Monday that it had completed the transition of its US$2 billion Gigafactory 3 in Shanghai into a plant for deliveries around the world, 20 months after its inauguration in December 2019.“While we experienced minor interruptions due to supply…
  7. Intel Corp said its factories will start building Qualcomm chips and laid out a road map to expand its new foundry business to catch rivals such as Taiwan Semiconductor Manufacturing Co (TSMC) and Samsung Electronics by 2025.Amazon.com will be another new customer for the foundry chip business, said Intel, which for decades held the lead in technology for manufacturing the smallest, fastest computing chips.But Intel has lost that lead to TSMC and Samsung, whose manufacturing services have…
  8. Chinese companies listed on US stock exchanges must disclose the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations, a top US Securities and Exchange Commission (SEC) official said on Monday.Democratic commissioner Allison Lee’s comments are the first by an SEC official since Chinese regulators launched a massive cyber probe of ride-hailing giant Didi last week, just days after its US$4.4 billion (28,5 billion yuan) New York listing,…
  9. Chinese consumers emptied the inventory of China Hongxing Sports after it donated cash and goods to victims of floods in central Henan province, earning goodwill and an unexpected endorsement from smartphone billionaire Lei Jun.The sportswear maker donated 50 million yuan (US$7.7 million) to join scores of companies and billionaires to support efforts to rescue and alleviate the crisis, which killed at least 63 people and affected more than 11 million in the province.The combined effects of…
  10. Li Auto, the Chinese electric-vehicle maker backed by on-demand delivery service giant Meituan, has got the go-ahead from Hong Kong stock exchange for an initial public offering, just 12 months after its debut in New York.The EV start-up will join rival Xpeng, which became the first Chinese EV company to list in Hong Kong via a dual primary listing following its US$1.8 billion fundraising this month.The Beijing-based company plans to list on the main board through a dual primary listing, which…