News
Hong Kong stock market ends six-day rise after the Chinese rate cut
- 2024-09-23
- Business
- By: Haoming Zhou、ZHAO RuntongEdited by: Runqing LI
- 2024-09-23
Hong Kong's stock market twisted the six-day increase and closed lower as China’s central bank slashed the short-term rate after the US interest rate eased the yuan’s pressure. The Hang Seng Index edged down by 0.06% to 18,247.11 at the close, snapping the six-day streak to last Friday, and the Hang Seng Tech Index decreased by 0.15% due to the drop in mainland electric vehicle stocks. XIAOMI-W Holdings jumped by 3.37% to HK$20.55 after announcing the official launch of the latest Redmi Note 14 series on Sept. 26. Chinese Aoyuan Group surged by 126.89% as the UAE-based investment firm, Multi Gold Group, became its main shareholder. The Chinese Biotech company Wuxi AppTec dropped by 3.65% at the close, and WuXi Biologics, its subsidiary, slipped by 5.08%. CHINA RES Power Group rallied 3.33% to its five-day high of HK$19.84 after the company published its financial report. LENOVO Group surged 2.56% to HK$9.63, and GEELY AUTO Group added 2.11% to HK$10.18 on its first trading day after launching its new car last Friday night. “The cut of US interest rate last week made Hong Kong’s stock gain rapidly,” said Herald van der Linde, the head of equity strategy, Asia Pacific at HSBC.“But this week, as initial excitement and confidence at first hearing the interest rate cut have passed, people are considering whether the market could meet their expectations.” Financial Secretary Paul Chan Mo-po reminded investors the pace of cuts in the prime rate used by commercial banks ‘may be slower’ than those in the US on Sept. 19. The People’s Bank of China cut the 14-day reverse repurchase rate to 1.85% from 1.95% on Monday to maintain the liquidity of the banking system, according to the statement on its website. The weak outlook of the US economy leads to the interest rate …
Guo Pei’s haute couture exhibition debuts in East Asia at M+
- 2024-09-23
- Culture & Leisure
- By: YANG Haicen、WANG LudanEdited by: Ka Man Wong
- 2024-09-23
Chinese haute couture designer, Guo Pei’s thematic exhibition launched on September 21 at the M+ Museum, showcasing multiple iconic designs in East Asia for the first time. "We hope to guide the audience to feel and reflect on the artistry of contemporary fashion and its connection with contemporary visual culture," said Ikko Yokoyama, lead curator of Design and Architecture at M+. Titled "Couture Fantasy," the exhibition features 11 collections by Guo Pei, with over 40 haute couture pieces, including the yellow gown worn by pop singer Rihanna at the 2015 Met Gala in New York. "This dress is very challenging to wear, it’s large and the heels are high," Guo said in public talk. "I was worried Rihanna wouldn’t be able to walk on the red carpet," she said. When Rihanna stepped onto the red carpet, Guo heard a gasp from the crowd. "I had only one thought: I've succeeded," she said. This piece has become a landmark in Chinese haute couture and has made Guo Pei a household name in international fashion. "I was deeply impressed when I saw this dress on a red carpet video for the first time. I thought we finally have an Asian fashion brand that can stand alongside Dior and Chanel," said Wesley Yu, 18. "Seeing it in person today, I can't help but marvel again at how exquisite and beautiful it is!" Yu said. Guo Pei tailored the big red dress displayed prominently in the exhibition hall for American supermodel, Carmen Dell'Orefice as the finale of the legendary collection. “The red colour represents blood, life and passion, sacrifice and dedication, and I'm especially grateful that Carmen Dell’ Orefice was able to wear this gown for me at 87, " Guo said. “She has dedicated her life to modelling, so I feel like she's a role …
Tourist arrivals surge during Mid-Autumn Festival
- 2024-09-20
- Society
- The Young Reporter
- By: CHEN Yik Nam、CHAN Wing YiuEdited by: Yau To LUM
- 2024-09-20
More than 423,000 tourists came to Hong Kong on Sept 16 during the Mid-Autumn Festival, according to the Immigration Department figures. That’s an increase of by 45 percent over the same period last year.Among the arrivals, 140,370 were from mainland China, and 29,853 from other countries, a 48 percent and a 23 percent increase respectively. To celebrate the moon festival, the government set up three large-scale lantern carnivals in Tsim Sha Tsui, Tsing Yi Park, and Victoria Park in Causeway Bay. The Carnivals showcased a variety of colorful lanterns that combined traditional and modern designs in clothing, food, housing and travel, The four themes symbolise the prosperity of Chinese civilization and the authentic style of Hong Kong while praying for good health and a better future. Zheng Jialing, 24, and Liu Shixing, 24, both from Guangdong Province were visiting Hong Kong during the moon festival for the first time. “People of different ages and genders come to the carnivals and it’s different from my hometown where we won't have such a huge event,” Zhang said.“They usually stay at home to eat mooncakes and watch television with their families rather than go outside,” Zhang explained.“I think Hong Kong put a lot of effort into such a traditional festival,” she said. “ We definitely want to spend another Mid-Autumn Festival in Hong Kong,” said Liu. “Many people invite us to take a photo with them because of our costumes, we really enjoy it there because it is lively and joyful,” she said. Jean Joanason and Kyra Smith, both from the United Kingdom, said the lantern display grabbed their attention when they arrived at the carnival in Victoria Park. “The lanterns make me a bit confused about where I should start,” Smith said . “First time in Hong Kong and so far so …
Hong Kong banks trim prime rates firstly in five years after the US rate cut
- 2024-09-19
- Business
- By: BO Chuxuan、Yichun FangEdited by: Junzhe JIANG
- 2024-09-19
Hong Kong lenders have lowered their prime rates for the first time since 2019 to boost the local economy just after the US Federal Reserve’s interest rate cut. HSBC cut the prime lending rate by a quarter of a point to 5.625% effective Friday, and the deposit rate over HK$5,000 will be decreased by the same margin to 0.625% per year, according to the bank. Bank of China (Hong Kong), also reduced the loan rate for its best customers by the same amount to 5.625%, starting from Sep. 23, the bank said. The action echoed the US Federal Reserve’s decision to cut the base rate by 50 basis points on Thursday. Hong Kong Monetary Authority, the city’s de facto central bank, followed the decrease to 5.25% to maintain the exchange rate with the US dollar. “By now various indicators show that inflationary pressure in the US has eased,” said Howard Lee, the acting chief executive at HKMA. “With signs of labour market cooling down, the Fed’s 50-basis-point rate cut is largely in line with market expectations.” During the Fed’s rate-hike cycle since March 2022 in response to inflation, interest rates were raised 11 times by a 5.25 percentage point, according to the HKMA. Chong Tai-leung, the executive director of Lau Chor Tak Institute of Global Economics and Finance, said the Interest rate cut will release money from fixed deposits, and most of this money will go back to the stock market, which simulates stocks upwards first. “If all the money from fixed deposits comes back, the stocks could be pushed to over 30,000; even half of it comes back, our stocks could also soar to about 24,000.” The Japanese stock market tops the increase of 2.1% among major Asian markets on Thursday. The Hang Seng Index reached a two-month high …
Mid-Autumn Fun: Thousands gather for annual Tai Hang Fire Dragon Dance
- 2024-09-17
- Society
- The Young Reporter
- By: MAO Anqi、LI Sin TungEdited by: James Ezekiel Kalaw MODESTO
- 2024-09-17
Thousands of revellers gathered along Wun Sha Street in Tai Hang in Causeway Bay yesterday for the first night of the annual Tai Hang Fire Dragon Dance. This year’s event includes a 20-metre-long LED fire dragon held by around 100 children, a first for the annual night-time event. The fire dragon dance route also extends to Causeway Bay Road, passing souvenir booths for event-goers to visit and take photos. “The participation of children can help promote the younger generation's understanding of the Tai Hang Fire Dragon Dance and better inherit our culture,” said Deputy Financial Secretary Michael Wong Wai-lun at the opening ceremony. A small area with old public housing estates, Tai Hang livens when the dragon dance attracts a tide of admirers. Dancers manoeuvred the dragon while carrying over 30,000 burning incense sticks. The event included performances accompanied by traditional drumming and gongs. Among the thousands in attendance was Gao Junyang, who creates and sells hand-made dragon lanterns. His first time visiting, the 17-year-old described the atmosphere as "full of life" "Every corner is teeming with excited people, who stretch their necks and hold phones above their heads,” he said. Zoe Wong, one of the Lotus Sisters, a team consisting of little girls dressed in pink cheongsams and carrying pink lotus lanterns, in this year’s show said her excitement overwhelmed her feelings of exhaustion. “I can play with friends, and grab some incense sticks for fun and fortune,” the 7-year-old said. “I would love to come and perform again next year.” Linda Chen, 23, from Fujian Province in mainland China, also enjoyed the fire dragon dance. “Seeking happiness, health and unity with family not only means a lot to me but also follows the tradition,” she said. However, Chen said the horde of people made it difficult to see …
Midea’s Hong Kong IPO drives the market to a two-week high in its first-day trading
- 2024-09-17
- Business
- By: XIA Fan、WANG RuoshuiEdited by: Junzhe JIANG
- 2024-09-17
Midea Group pushes the Hang Seng Index to reach its highest in the past fortnight as the city’s biggest initial public offering in over three years amid the sluggish local market. Under code 0300, the shares of the global electronic appliance giant opened at HK$ 59.2, an 8% increase from its listing price of HK$ 54.8, and closed at HK$59.1. The Hang Seng Index reached a two-week high and closed at 17660.02 accordingly. The Company’s Shenzhen-listed shares climbed by 1.83% last Friday, while the CSI300 index, which indicates the performance of the Top 300 Chinese companies, dropped by 0.42% compared with the previous close. The Shanghai and Shenzhen stock markets are closed today due to the Mid-Autumn Festival. Midea Group's IPO this time received 5.31 times oversubscription for the public offering and 8.06 times oversubscription for the international offering. It sold 566 million shares after exercising the option to expand its offering by 15% due to the excess demand, according to the company’s filing to the Hong Kong Stock Exchange. The Foshan-based Midea priced its share at the top of the marketed range of HK$54.8 to raise $4 billion (around HK$31.2 billion), which made it the city’s biggest debut after Kuaishou Technology since early 2021. The Chinese manufacturer introduced 18 cornerstone investors who subscribed to 179.0327 million shares, approximately $1.258 billion (around HK$9.811 billion) of the offered shares. The list includes COSCO Shipping Hong Kong, UBS AM Singapore, and BYD’s subsidiary Golden Link, according to its IPO documents. Despite its strong performance today, Renee Wu, 28, an insurance agent at AIA Group and individual stock trader, remains sceptical about purchasing Midea’s shares. “I won't touch Chinese concept stocks anymore. I feel they lack investment value,” Wu said. “The risks they bring outweigh what they can provide. Chinese concept stocks are …
Huawei unveils world’s first tri-fold phone
- 2024-09-11
- Business
- The Young Reporter
- By: YANG HaicenEdited by: Ji Youn Lee
- 2024-09-11
Chinese tech giant Huawei unveiled the first tri-fold smartphone, priced at 19,999 yuan (HK$22,000), yesterday at a launch ceremony in the southern tech hub of Shenzhen. Pricier than earlier models such as Huawei’s double-fold phone Mate X5, the newly launched Mate XT is more than double the starting price of Apple’s iPhone 16 Pro Max, which was unveiled just hours ahead. Huawei's foldable phone Mate XT allows users to fold it into three sections like an accordion screen door. According to Yu at the launch, prices for the new smartphone start at 19,999 yuan for 256 gigabytes, with higher memory versions available for 21,999 yuan and 23,999 yuan. The phone comes in red and black colours. “The average consumer has limited knowledge of smartphones, let alone the benefits and value of the products,” said Will Wong, a senior researcher at IDC Consulting. “Therefore, they may be put off by its high price.” New products from both Apple and Huawei will be available from 20 September. Jene Park, an analyst at research firm Counterpoint, said the upcoming new Huawei products are not expected to have a major impact on Samsung's and Apple's business in terms of volume. “With a starting price of 20,000 yuan, more than double the starting price of the comparable iPhone 16 Pro Max, and limited production, the tri-fold phone is likely to be more of a symbol of Huawei's tech prowess than a major sales driver,” said Wong. Although Apple has shown strong demand in China as a mobile phone producer, a recent report released by Canalys in the second quarter shows it has fallen out of the top five in terms of sales for the first time in China, dropping from third to sixth place. “Huawei's new product may not have a huge impact on sales …
Diverse sailors make splashes at Hong Kong Race Week
- 2024-07-23
- Society
- The Young Reporter
- By: YANG HaicenEdited by: Jemima Badajos
- 2024-07-23
The 2024 Hong Kong Race Week drew to a close on Feb.4. The six day event was the second time it was held since the Covid-19 lockdown in 2019. Ten classes of the event including both professional and amateur levels competed in Repulse Bay, Deep Water Bay, Stanley, Tai Tam and Lo Chau. This year’s Hong Kong Race Week was co-organised with the 29er Asian Sailing Championships, attracting 273 local and overseas sailors. Asia's top ranked sailors, Hangzhou Asian Games medallists and the winners in the last Hong Kong Race Week also gathered at Middle Island to compete. Many junior athletes from Shenzhen, Nanjing and Qingdao travelled to Hong Kong accompanied by their club coaches or parents to participate in the juniors category, a first for the event.
How is Cantonese opera inherited and evolving in modern society
- 2024-07-22
- The Young Reporter
- By: Yuqi CHU、Yuhan WANG、Jiaxing LiEdited by: Ziyu Bruce Zhao、Yuqi CHU
- 2024-07-22
Cantonese opera is an important part of Hong Kong's historical and cultural heritage. Despite the challenges this art form faces, many people are still dedicated to promoting and preserving it. At the same time, the Cantonese opera industry has also been adapting to the pace of the new era.
Taiwan Presidential Election 2024: Canvassing Inside the Temples
- 2024-07-21
- The Young Reporter
- By: Yuqi CHU、Juncong SHUAI、Lisheng CHENGEdited by: Yuqi CHU、Juncong SHUAI、Lisheng CHENG
- 2024-07-21
On the afternoon of January 8, nearly 2,000 people gathered at a small venue in front of Jinlian Temple in the Madou District of Tainan. They had been waiting in an orderly fashion for more than two hours. Suddenly, there was a thunderous cheer from the street corner as the person they had been waiting for appeared. TPP's Presidential Candidate Ko Wen-Je was ushered into Jinlian Temple amidst guards, media reporters, and the exuberant public. It was five days before the voting day for Taiwan's presidential election. Ko Wen-Je had come to Jinlian Temple to pray and canvass for votes, just like all the other candidates. Whenever there is an election, candidates in Taiwan will actively visit numerous temples, not only to bai bai (pray) but also as a significant step to win votes. As temples represent a fusion of religious and political life in Taiwan, they are valued by candidates as a political strategy. Two weeks before the election, three presidential candidates had already shuttled between different temples all over Taiwan. DPP's President Lai Ching-te had visited temples 184 times since he declared his candidacy on November 20 of the previous year, closely followed by Kuomintang's Hou Yu-ih with 162 visits. Ko Wen-je from the new force TPP lagged behind his two competitors with only 93 visits. Itineraries related to temples increased nearly 30% compared to the last election. Lai's lead was not surprising since the DPP has always maintained close contact with temples and was the first party to establish the Committee on Religion in 2017, which collaborates with other departments to arrange the itineraries of electoral campaigns. Huang Yuanyuan, 70, Chairman of the Lion Choan Temple, sees these visits as more than mere tradition. "Candidates come here seeking blessings for peace and health, and it's a way …