Corporate Profiles

Corporate business news on companies from Hong Kong and overseas.
  1. CK Asset Holdings, the developer founded by Hong Kong’s best known tycoon, has been given the green light from the UK government to start work on a £1 billion (US$1.26 billion) project offering 3,500 homes in London 15 years after it bought the site.Approval for the first phase of the development in Deptford, southeast London, came within days of Prime Minister Boris Johnson offering Hongkongers a path to British citizenship in the wake of the controversial national security law imposed by…
  2. Taiwan Semiconductor Manufacturing Co. posted monthly revenue that suggested June-quarter sales surpassed analysts’ estimates, underscoring how its technological lead is helping the chip maker weather the pandemic and US curbs on its No 2 customer Huawei Technologies.Apple’s main iPhone chip maker reported sales of NT$120.88 billion (US$4.1 billion) for June on Friday. That likely means TSMC’s revenue grew about 29 per cent to NT$310.7 billion last quarter, based on previously reported figures,…
  3. Vanguard Group, the New York Stock Exchange and Nasdaq are pushing back on an escalating risk to their bottom lines: threats from Capitol Hill and the Trump administration to dramatically curtail US investments in Chinese companies.During a Thursday panel discussion hosted by the Securities and Exchange Commission (SEC), the firms’ executives questioned a bill under consideration on Capitol Hill that could lead to Alibaba Group Holding, Baidu and other Chinese businesses getting kicked out of…
  4. China Bohai Bank, which counts Standard Chartered as one of its founding shareholders, priced its initial public offering late Thursday in a deal that would raise a total of HK$13.8 billion (US$1.78 billion).The IPO priced at HK$4.80 a share, according to a person familiar with the transaction. That was near the bottom of the indicative price range of HK$4.75 to HK$4.98 a share sought by the Tianjin-based lender earlier this month.The deal would be the biggest listings by a Chinese bank on the…
  5. Hong Kong saw one of its busiest IPO listing days ever, with seven stocks debuting and two shooting up more than 150 per cent, as investors continue to pour money into the city’s hot stock market.The debut of seven stocks on the main board marked a tie for the second-largest number of IPOs in one day that was set in January. The record high was eight IPOs in a single day on July 12, 2018, according to the Hong Kong Exchanges and Clearing, the city’s stock exchange operator.Ophthalmic therapy…
  6. Biel Crystal Manufactory, whose touch-screen cover glass is used in one out of every two smartphones sold globally, has revived plans for an initial public offering (IPO) and aims to raise between US$2 billion and US$2.5 billion in Hong Kong or mainland China next year.The Hong Kong-based manufacturer has restarted the listing process as orders for smartphones recover globally after a slowdown in the first two quarters caused by the coronavirus pandemic. Biel put its IPO on hold in 2018 to…
  7. A US regulator said on Thursday talks with China about improving oversight of US-listed Chinese companies will be futile until Chinese authorities accept fundamental US principles.Over the past decade, “there have been near constant discussions with Chinese authorities,” said William Duhnke III, chairman of Public Company Accounting Oversight Board (PCAOB), the group that inspects the audits of the listed foreign companies.“These efforts have failed to result in a viable model for cooperation…
  8. BT Group and Vodafone Group told British lawmakers they would need at least five years to swap out equipment from China’s Huawei Technologies if the government decides on strict rules that would ban the company’s products from being used in 5G mobile networks.It would cost Vodafone on the lower end of “single-figure billions” to swap out its thousands of Huawei base stations and antennas across the country, according to Andrea Dona, Vodafone’s head of UK networks, speaking to the British…
  9. The husband of Veronica Yip Yuk-hing, a former Hong Kong actress best known for her roles in adult films, has filed for bankruptcy in the US where he runs a vast wholesale food and supermarket business.Grocery tycoon Jeffrey Wu made the application at the US Bankruptcy Court for the Eastern District of New York on Wednesday, owing nearly US$50 million out of his own pocket, according to the filing.The 56-year-old, also known as Myint J. Kyaw, owns Mon Chong Loong Trading Corp, one of the…
  10. A potential exodus of American companies from Hong Kong to avoid sanctions from US legislation that seeks to punish those who undermine the city’s freedom is likely to put pressure on landlords to reduce rents of prime office space, analysts said.The fallout could be as much as a 30 per cent cut in rents, given that American companies are now the single largest occupier of prime office space in the city, according to one estimate. If the scenario plays out, it will further damage an office…