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Business - South China Morning Post
  1. Hong Kong stocks climbed from an eight-month low as technology and private education firms rebounded after state-run Chinese media said the market is functioning well and chances of further stock declines are small.The Hang Seng Index rose 0.9 per cent to 25,311.71 as of 9.57am local time, reversing a slide of almost 10 per cent over three days. The Shanghai Composite Index fell 0.8 per cent to 3,355.07.The Hang Seng Tech Index added 1.9 per cent, after losing a record 8 per cent on Tuesday. JD…
  2. 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,…
  3. 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…
  4. Home prices in Shenzhen, mainland China’s most expensive residential property market, have finally declined, falling by as much as 15 per cent, after about 300 rounds of cooling measures were introduced across the country in the first six months of the year.Towards the end of June, the average price of a second-hand home stood at 61,500 yuan (US$9,488) per square metre, or about 15 per cent below a peak of 72,436 yuan per square metre recorded in January this year, according to E-House China R…
  5. Foreign funds are making a beeline for logistics and data-centre assets in mainland China as the coronavirus pandemic burnishes their appeal as a key property in the booming e-commerce industry.Goldman Sachs Asset Management and New Ease, a new economy infrastructure investor, earlier this month jointly bought two collections of logistics real estate projects in gateway cities throughout China in a transaction worth US$488 million.China logistics transactions reached a record of about US$7…
  6. This is the third in a series of stories on China’s job market, looking at its history, the role of migrant workers, inequality and the future for its graduates entering the workforce.After riding out the worst of the Covid-19 pandemic, Chinese factory owner Cai Zhongpeng is turning his attention to another, arguably more dangerous long-term threat: a shortage of workers.The 37-year-old businessman, who makes infrared heating bulbs for livestock, is one of scores of small manufacturers dotted…
  7. The US dollar has been doing well on the foreign exchanges recently but that doesn’t mean investors have fallen in love with the greenback. It feels more like a marriage of convenience. The currency market looks to have concluded that, for now, the US dollar is the cleanest shirt in a dirty laundry basket.That narrative might give a crumb of comfort to those who see the greenback weakening in due course, but US dollar strength may persist for a while.Markets have become skittish in the face of…
  8. Gaotu Group, a Beijing-based education and training firm, has seen its New York stock price plummet to US2.50 from US$149 in the span of just six months, exemplifying the vulnerability of Chinese stocks to regulatory risks in the wake of the latest crackdown that has upended the country‘s private tutoring market.Gaotu, formerly GSX Techedu, was among the hardest hit in a regulatory overhaul initiated last week by Beijing, which has banned profits at tutoring firms catering to schoolchildren,…
  9. 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…
  10. China is considering imposing more tariffs on steel exports as it seeks to achieve twin goals of capping domestic production and taming the surging prices that have fanned concerns about inflation.Potential rates being discussed range from 10 to 25 per cent and products include hot-rolled coil, according to two people familiar with the matter, who asked not to be identified because they are not authorised to speak to the media.Officials are seeking to implement the levies in the third quarter,…