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By: Malick GaiEdited by: Kylie Wong


Hongkongers flock to Sai Kung during Chinese New Year

Every weekend, Sang Poon plays saxophone at the Sai Kung waterfront. Poon used to work in a bar playing jazz and pop music, but lost his job during the pandemic and turned to busking. He says Sai Kung is a hotspot for visitors. “I love the view here. I have fun playing music and I get to make some money," said Sang Poon. Despite Hong Kong encountering the largest Covid-19 wave of the pandemic, residents are flocking to Sai Kung as travel restrictions kept most home for the Lunar New Year. "It's been busy for the past week. Business is okay because of the Chinese New Year holidays. It is especially busy on Sundays," said Tim Fung, a staff member at the Chuen Kee seafood restaurant in Sai Kung. Sai Kung has become a preferred destination for Hongkoners looking to sightsee, hike and eat as well as escaping the busy city. "There's beautiful scenery here with a relaxed atmosphere. It's really a nice holiday vibe and we enjoy it," said Kathryn Troy and Stephen Troy, a couple walking with their 15-month old daughter. The Troys live in nearby Sha Kok Mei village and visit the waterfront regularly. While seafood restaurants at the waterfront hustle, nearby grocery shops closer to Sai Kung square are not as busy. Timothy Ng owns Butcher King, a fresh vegetable and meat store on Yi Chun street, which has been operating for 31 years. “The last two to three years have been the hardest because of the pandemic," said Ng.  

Education University of Hong Kong derecognises student union, keeps HK$ 9 million reserve

  • 2022-01-21

The Education University of Hong Kong announced yesterday it will derecognise its student union. It also said it would keep the union’s HK$9 million reserve. Representatives of the former Student’s Union of the Education University bow to express gratitude towards their supporters in a screenshot of yesterday’s press conference. The university sent an email to teachers and students stating the Student’s Union has governance problems and fails to represent students. Representatives of the Student’s Union said in a press conference yesterday it did not deprive or exclude any student from applying for membership and elected and appointed officers in accordance with established instructions and procedures. In 2016, the university revised the union constitution, resulting in a decrease of members. The university said the union has been run by a temporary administrative committee for more than four years. The representatives questioned the university’s justification and legal basis to confiscate the reserves, also asking why the university did not raise concerns in previous years. “The HK$ 9 million reserve of the Student Union should belong to the students. I hope the university will discuss with us how the money will be managed,” said Yeung Yat-ming, the president of the Student’s Union. The union is now prohibited from using the name of the university, collecting membership fees, governing campus facilities or managing its university online accounts and services. “The university is abusing its power. Without the student union, there are fewer chances for us to express our opinions,” said Jocelyn Kong, a 20-year-old student at the Education University. The Student Affairs Office, which will take up the function of the union, “obviously couldn’t represent the students and deliver our concerns to the university,” said Kong. The Finance Office of the Education University said it will keep the union’s HK$9 million reserve in custody. …


Hong Kong stocks fall three trading days in a row

Hong Kong stocks continued to drop as technology stocks shrank and the market was concerned about upcoming tighter monetary policy in the U.S., in light of inflation. The Heng Seng Index closed at 24112.78, showing a 0.43% decrease. Though the market grew 0.69% to today’s peak, 24385.05, from its previous close in the morning trading session, the growth was erased by the drop at noon. The lowest of the day was 24009.71. The market was dragged down by losses in the technology sector. Tencent recorded a decreased 2.75% reduction to HK$HKD 452.8 from yesterday’s HK$HKD 465.6. This was followed by Meituan and Alibaba, declining 0.375% to HK$HKD 215.8 and 1.63%to HK$126.4 respectively. Several financial media reported that Morgan Stanley cut the target price of Tencent from HK$650 to HK$600 as the broker predicted that Tencent’s revenue will report a slower growth of 6% for the last quarter in 2021. This is due to delays in revenue recognition of new games. Regulatory policies regarding games and advertisements also came into play. Country garden from the property industry is the best performing blue chip of the day. It displayed a 4.94% growth, reaching HK$ 6.16. The company announced on Monday that it has repurchased US$ 10 million senior note (HK$ 389 million) from the market. HSCE fell 0.18%. The SSE Composite Index and CSI 300 Index inched up 0.80% and 0.97% respectively.


Chinney Investments’ first-half net profit inches up while revenue hits

Chinney Investments (00216.HK) saw an increase in net profit in the first half of the year while revenue fell. Net profit increased 6.79% to HKD 350 million from HKD 328 million the previous year, owing to an increase in property rental income contribution after the data center building was put into use. Meanwhile, revenue fell 18% to HKD 609 million as property sales from the Group's development project in mainland China tumbled. Earnings per share increased from HKD 0.10 to HKD 0.11 per share. Profit attributable to shareholders increased 9.31% to HKD 58 million, up from HKD 53 million the previous year. Investment property reached HKD 15.31 billion, inching up 0.71%. HKD 15.21 billion was recorded previously. No interim interest will be given out. Despite facing challenges brought by the pandemic and inflation, the property company predicts increased local opportunities as a result of high housing demands.   “We should sit back and observe obstructions caused by political tension between China and the US, ” Wong Sai-wing, chairman of Chinney Investments said in the report. The company closed at HKD 1.55 on Tuesday.


Hong Kong stocks close higher, blue chips performance varies

Hong Kong stocks rose for the fourth day in a row on Friday, with the blue chip index ending the week above the 25,000 mark boosted by technology stocks, while other blue chips recorded diverse performance. The Heng Seng Index opened up 1.09 percent but gains were pared at noon. The benchmark index was up 0.32% to end the day at 25,327, the highest close of the week in a four days winning streak.  Technology stocks led the market rally as Tencent surged 1.59% to HK$458.2. Meituan followed by jumping 2.6% to HK$289.8. rose 5.17% to HK$329.4 as it’s sales during the Double Eleven Event achieved a record high of 349 million yuan. Alibaba dropped 0.49% to HK$162.4 as gross merchandise volume from its online shopping platform, Tmall, dropped. Mobile device stocks recorded diverse performances. Sunny Optical was the best performing blue chip stock, rocketing 4.72% to HK$226.0. Meanwhile, Semiconductor Manufacturing International Corporation (SMIC) dropped 3.8% to HK$22.6. SMIC’s deputy chairman of the board and executive director Chiang Sheung-yee announced his resignation on Thursday. Haidilao decreased 9.01% to HK$20.2, making it the biggest loser among all blue chips. The economy in mainland China remains weak due to inflation. This might affect enterprises’ profitability, Yiu Ho-yin, managing director of Cash Wealth Management told Oriental Daily News. HSCE and the SSE Composite Index grew 0.73% and 0.18% respectively, while the CSI 300 Index fell 0.21%.