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South China Morning Post
  1. I and millions more are counting down the minutes to Wednesday and the inauguration of US President-elect Joe Biden when the malignant Trump presidency will splutter to an end. His expulsion from Twitter has already brought a welcome silence and profound relief, but to imagine President Donald Trump’s dreadful legacy will die on January 20 could be wishful thinking and would be a huge mistake. Even as, beyond Biden’s inauguration, Trump fights impeachment through a complicit Senate, he will…
  2. The first major property launch of 2021 in Hong Kong set a promising bar for the year ahead, as hundreds of homebuyers jostled to snap up flats at Wheelock Properties’ new Monaco project in Kai Tak.Wheelock collected about HK$1.6 billion (US$206.45 million) by selling all 145 units available on Sunday, less than six hours after sales began, a spokeswoman said. All flats were sold because of relatively low prices and the project’s good location.“The sales of Monaco got a very strong response…
  3. Tencent-backed video-sharing app Kuaishou Technology said it was looking to expand its monetisation model and reverse losses, having won approval for a US$5 billion to US$6 billion initial public offering in Hong Kong.The Beijing-based company, which is the world’s second-largest such app, said in a filing with the Hong Kong stock exchange late on Friday that its profitability remained uncertain as it continued to struggle to find ways to make money from its huge user base, reach and engagement…
  4. Despite the challenging environment in 2020, the momentum of Southeast Asia’s digital economy has clearly not been derailed. Google, Temasek and Bain recently reported that Southeast Asians spent, on average, an hour more a day on the internet during pandemic-imposed lockdowns, accessing essential goods, health care, education and entertainment. The region added 40 million new internet users in 2020 and they are here to stay. More than 90 per cent of new digital service consumers intend to…
  5. Guangzhou-based restaurants operator Jiumaojiu International Holdings is pivoting to younger consumers, as it emerges from the economic dislocation caused by the coronavirus pandemic.The company, whose shares debuted in Hong Kong in January last year following a HK$2.08 billion (US$267.4 million) initial public offering (IPO), will double down on its Tai Er restaurants, which specialise in pickled sauerkraut fish and are popular among younger consumers. Jiumaojiu plans to open 100 to 120 Tai Er…
  6. Britain’s Lord Henry Pilkington of glassmaking fame once remarked proudly that he was a “thing maker” rather than a “moneymaker” – a comment that has reverberated as British industrial power declined in favour of finance and other services. His remark is relevant to the West-vs-China economic rivalry today.Britain became a “post-industrial economy”, a term popularised in the 1970s, while the Pilkington Brothers glass empire was still thriving. But as other great names in British industry…
  7. Hong Kong-based TAL Apparel, which has diversified into the production of highly protective washable masks for the United States, is setting its sights on growth in the city and globally.The city faces a glut of disposable masks and TAL’s face coverings represent a more sustainable option.“People should be well protected [against the coronavirus pandemic], but in a sustainable way,” Roger Lee, the company’s chief executive, said in an interview with the South China Morning Post.TAL in November…
  8. The recent public spat between Chinese internet giant Tencent Holdings and telecommunications equipment maker Huawei Technologies Co has highlighted a shift in the balance of power between game developers and distribution channels, as players increasingly focus their interest on a small number of popular games.The dispute spilled into public view on January 1 when Huawei announced it had removed Tencent’s mobile games from its app store, the Huawei AppGallery. The move shocked netizens as…
  9. Early morning on November 30, I turned on my computer to find – gobbledegook. Any sleepiness evaporated as I discovered that my server had been hacked into. All the files had been encrypted. Eventually, we found a ransom note inviting payment of US$3,000 in bitcoin if we wanted the key to “decrypt” the files on our server. Over the next two weeks, we struggled in vain to recover the files. We contacted Hong Kong’s cybercrime unit and spent a long but futile night in Tseung Kwan O police…
  10. The yuan replaced the US dollar as the most used currency in transactions between Hong Kong and Macau and the nine mainland Chinese cities that together make up the Greater Bay Area development zone, a local branch of the country’s central bank said.Transactions worth 17.2 trillion yuan (US$2.65 trillion) were cleared in the zone last year, the Guangzhou branch of the People’s Bank of China (PBOC) said on Thursday.The development zone, which includes Guangdong province’s largest economies,…