Corporate Profiles

Corporate business news on companies from Hong Kong and overseas.
  1. As the severe acute respiratory syndrome (Sars) epidemic reached its height in 2003, corporate finance activity fell sharply with the volume of initial public offerings (IPO) dropping to levels not seen since the September 11 terrorist attacks in 2001.But, activity snapped back when the outbreak abated later that year, with the value of mergers and acquisitions (M&A) nearly doubling and the number of IPOs exploding in a year.Deal makers, however, said the current coronavirus pandemic that…
  2. Hiring of technology and innovation talent is expected to accelerate across sectors as businesses face uncertain economic prospects amid the Covid-19 pandemic, according to KPMG.“Digitalisation has become an urgent priority for businesses to adapt to the uncertain overall global economic prospects, and more recently as part of business continuity planning in view of the Covid-19 pandemic,” said Murray Sarelius, partner and head of people services at KPMG.According to the accounting and…
  3. You probably know that Hong Kong’s population is ageing. But are you aware of the true scale of the phenomenon?According to the Census and Statistics Department, Hong Kong’s elderly population will double from 1.16 million to 2.37 million between 2016 and 2036, when one in three people in Hong Kong will be 65 or older.What’s more, many of them are already wealthy. A 2018 Citibank survey revealed that over 511,000 people in Hong Kong have net assets of more than HK$10 million (US$1.3 million)…
  4. State-owned China Three Gorges Renewables Group is seeking to raise 25 billion yuan (US$3.5 billion) in what could be one of the country’s biggest initial public offerings this year.The company plans to sell as many as 8.57 billion shares in Shanghai, according to a prospectus posted on the website of the China Securities Regulatory Commission (CSRC). The assets to be listed are mainly domestic solar and wind farms, as well as small hydro power plants, with a total capacity of almost 10…
  5. Samsung Electronics said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs.The South Korean tech giant is bracing for a bigger hit from the coronavirus which has led to a series of suspensions of factories and retail stores in Europe, India and the United States.Samsung said operating profit was expected to be 6.4 trillion won (US$5.2 billion)…
  6. Even as popular video conferencing app Zoom pledges to improve in response to privacy and security concerns, experts warn that the platform is just one example of larger security threats looming due to the global wave of remote working and learning caused by the novel coronavirus pandemic.“Companies have dramatically altered the way they work, which is leading to security problems,” said Ben Wootliff, head of Control Risks Cyber Security practice in Asia, adding that mitigation measures and…
  7. A group of lenders is seeking to sell more than 76 million shares of Luckin Coffee, pledged as loan collateral, after an entity controlled by the start-up’s chairman defaulted on a US$518 million margin loan, according to Goldman Sachs.Goldman, which is acting as a “disposal agent”, said a syndicate of lenders is preparing to sell some 76.4 million shares pledged to secure the loan held by an entity controlled by a family trust of Lu Charles Zhengyao, an angel investor and chairman of Luckin,…
  8. Incensed by HSBC’s decision to cancel its dividend at the request of regulators last week, a group of more than 3,000 investors in Hong Kong demanded on Monday that the lender reinstate its final payout for 2019 and instead eliminate compensation for top management for a year.From retirees to large pension funds, cutting the cash dividend has been particularly harsh for Hong Kong investors, who have come to rely on it as a steady source of income. About a third of the bank’s shareholders in…
  9. While most billionaires have seen their fortunes shrink drastically amid a stock market rout brought on by the Covid-19 pandemic and containment measures launched by governments, a handful have seen their wealth rise – significantly.According to research by Hurun Report calculating the pandemic’s impact on billionaires’ fortunes, Eric Yuan, the US-based founder and chief executive of Zoom, the video conferencing software company, saw his net worth skyrocket by US$3.5 billion – or 77 per cent –…
  10. Asian consumers are unlikely to go back to their old habits of frequently dining out, and will instead prefer takeaways and eating at home once life goes back to normal after the Covid-19 pandemic, according to a study.“Consumer across Asia have signalled their eating habits may change permanently once the world moves beyond the impact of the novel coronavirus,” an online survey by market researcher Nielsen found. Over 6,000 respondents in 11 markets – China, Hong Kong, Taiwan, Japan, South…