Corporate Profiles

Corporate business news on companies from Hong Kong and overseas.
South China Morning Post
  1. BYD, China’s largest carmaker, plans to raise HK$29.9 billion (US$3.9 billion) from the sale of new shares in Hong Kong.The electric vehicle (EV) maker, which is listed in Hong Kong as well as Shenzhen, said in a filing to the city’s stock exchange on Thursday that it plans to place 133 million new shares at HK$225, or a 7.8 per cent discount on the closing price on Wednesday of its current stock. The new shares will account for 14.5 per cent of its existing shares currently traded in Hong Kong…
  2. Hours after Joe Biden was sworn in as the 46th president of the United States, China’s three telecommunications companies filed requests with the New York Stock Exchange (NYSE) to review their delistings, seeking to reverse the November 2020 executive order by Donald Trump to expel them.China Mobile, China Telecom and China Unicom said they asked for the trading suspension and delisting of their American depositary shares (ADSs) to be reversed while their review request is being considered…
  3. Hong Kong stock advanced as traders greeted the inauguration of President Joe Biden by driving the benchmark index past the 30,000-point level for the first time since May 2019, before surrendering gains in late-trading.The Hang Seng Index slips 0.1 per cent to 29,927.76 at the close of trading, after mounting a third attempt at 30,000-point level this week. The gauge earlier rose to as high 30,135.50, a level not seen since May 2019, before a pullback in technology stocks set in on overheating…
  4. Chinese companies raised a record US$281.6 billion from stock markets worldwide last year – but none of it was from Australia.China buys about a third of Australia’s annual exports and is its biggest trading partner. The Australia Stock Exchange (ASX) was among the first overseas exchanges to host Chinese companies after they were allowed to list overseas 27 years ago.But relations have frayed after Australian Prime Minister Scott Morrison called for an independent investigation into the…
  5. Strong sales for Burberry in China and Korea were not enough to offset a weak performance in Europe and the Americas as the iconic British fashion brand reported lower revenues in the October to December period.The brand known for its tan trench coats and tartan patterns said on Wednesday retail revenues came to £688 million (US$936.7 million) in the third quarter of its fiscal year, down by 5 per cent with exchange rates kept constant.Comparable store sales declined 9 per cent from a year…
  6. China’s electric car assemblers and battery producers are setting a new goalpost in their battle for supremacy in the world’s largest vehicle market: a driving range of up to 1,000 kilometres (621 miles) on a single charge.Their new weapon is the solid-state battery, deemed a better option because the electricity from solid electrodes and a solid electrolyte is safer, more reliable and more efficient than the liquid or polymer gel electrolytes found in existing lithium-ion or lithium polymer…
  7. R&F Properties has raised US$1.1 billion by selling a majority stake in its huge urban logistics park in the Greater Bay Area in a sign that heavily indebted mainland Chinese developers are gearing up to offload assets.The sale of a 70 per cent stake in Guangzhou International Airport R&F Integrated Logistics Park to Blackstone Real Estate has been completed, according to a statement from Blackstone on Wednesday. The mainland developer still holds the remaining 30 per cent.Savills predicted…
  8. Near-sighted planning, supply chain complexities and a tradition of keeping inventories low caused the semiconductor shortage that is now forcing carmakers to idle production lines and straining their relationship with chip manufacturers.Seeds of the imbroglio were sown almost a year ago as the virus outbreak led to plunging car demand, prompting auto-chip companies to slash orders. But when they wanted to increase supply toward the end of 2020, they struggled to secure capacity at Taiwan…
  9. Paul Singer’s Elliott Management plans to close its Hong Kong office and shift its remaining staff to Tokyo and London, as the downsizing by one of the biggest foreign financial firms amid the city’s worst recession culminates in its exit.The US hedge fund has been winding down its operations in the city for several years and stopped investment activities in Hong Kong at the beginning of the year, according to people familiar with the matter, who were not authorised to discuss the matter…
  10. Hong Kong stocks rose for a fifth day, lifting the benchmark index closest the 30,000 level for the first time since May 2019 amid a rush of mainland funds. Technology and pharmaceutical stocks rallied while Alibaba Group Holding surged.The Hang Seng Index closed 1.1 per cent higher at a 20-month high of 29,962.47. The gauge earlier reached 29,993.47, taking it to within less than 0.1 per cent of breaking the psychological level last seen on May 3, 2019. The market has risen 10 per cent this…