Politics
Key takeaways of 2023-2024 Budget
- 2023-02-23
- Politics
- By: Bella Ding、Yixin Gao、Kin Hou POONEdited by: Bella Ding
- 2023-02-23
Paul Chan Mo-po, the Financial Secretary of Hong Kong, delivered the 2023-2024 Budget speech on Wednesday, announcing policies to support the economic recovery of the city while considering the financial affordability of the government. Here are the key takeaways you should know about this year’s budget plan.
Prosecutors in Hong Kong’s largest national security trial allege unofficial political election could have harmed stability
- 2023-02-08
- Politics
- By: Junzhe JIANG、Juncong SHUAIEdited by: KOO Chi Tung 顧知桐
- 2023-02-08
Prosecutors on Tuesday said the unofficial 2020 Hong Kong pro-democracy legislative primaries diminished the city’s livelihood and stability in the trial of 47 defendants charged with subversion. Prosecutors listed the details of how defendants organized the Legco primaries in May 2020 and showed videos and posts in their opening remarks during the first two days of Hong Kong’s largest national security trial. The prosecutor said the 47 defendants were inspired by Hong Kong legal scholar Benny Tai Yiu-ting’s article outlining 10 steps of lam chau, a slogan used by democracy activists often translated as “burn together”, to control the Legislative Council through the pre-election. Deputy director of public prosecutions Anthony Chau Tin-hang said the objective of the group was to snatch at least 35 out of 70 Legco seats and then vote down the government budgets, forcing Carrie Lam Cheng Yuet-ngor to resign. Evidence shown in court on Tuesday included a statement signed by some of the accused from Kowloon East and New Territories West asking the then-Chief Executive to respond to the “five major demands”. Sixteen out 47 defendants pleaded not guilty on Monday. Of the defendants who have not pleaded guilty, six are on remand, four of whom have spent more than 700 days in custody. Former member of the Yuen Long District Council Ng Kin-wai and founder of local retail chain AbouThai Mike Lam King-nam plead guilty on Monday. Lam will testify for the prosecution with three other organizers of the primary. In August, Security for Justice Paul Lam Ting-kwok ordered a non-jury trial because of “involvement of foreign factors” and “the protection of personal safety of jurors and their family members”. From midnight, hundreds waited outside the court for public seats. Long queues caused the judiciary to extend the trial to the entire fourth floor and …
Five arrested after yelling in store linked to 47 democrats case
- 2023-02-07
- Society
- By: KOO Chi Tung 顧知桐Edited by: Yu Yin WONG
- 2023-02-07
Police arrested five men over the past 48 hours for alleged disorderly behaviour at the Mong Kok branch of AboutThai grocery store. The chain store was founded by Mike Lam, one of 47 defendants currently being tried for a national security law case. The five, aged 14 to 28 years, were taken away by police on Monday night and early Tuesday morning in Kwai Chung, Kowloon City, and Hung Hom. Staff at AbouThai told police that the five were yelling and harassing customers last Friday and two of them returned on Sunday. An online video shows one entering an AbouThai store and yelling Mike Lam King-nam’s name. “Lam King-nam, come out! Where are you, betrayer?”, the man in the video said. Lam was charged in February 2021 with 46 other pro-democracy activists under the national security law after he stood for election in an unofficial 2020 Hong Kong pro-democracy primaries. He pleaded guilty on Monday and has agreed to be a prosecution witness at the West Kowloon Magistrates Court. Some businesses which claimed to be on the pro-democratic side announced that they would no longer trade with AbouThai. “MeeApp”, an application which provides rewards for people spending at “pro-democratic” stores and restaurants, announced on their Facebook page on Monday that they would remove AbouThai from their platform. “AbouThai is one of the most popular businesses on the platform and Mee purchased their vouchers with money for members to redeem. We have spent tens of thousands of dollars,” the statement reads. “As fellows, we could understand each other’s hardships and circumstances.” “However, this should not include pointing your knife at fellows as it is the foundation for being ‘fellows’.” Chapman To, a Hong Kong actor with a food importing business, said on Facebook that he won’t be selling his products at …
Hong Kong stock market plunges as Sino-US tension rises
- 2023-02-06
- Politics
- By: Yixin Gao、Kin Hou POONEdited by: Bella Ding、Mei Ching LEE、Zimo ZHONG
- 2023-02-06
Hong Kong stocks slumped on Monday amid growing concerns over the spy balloon incident between China and the US and the bet on Chinese full border reopening. The Hang Seng Index opened 311 points lower this morning and dropped 2.1% to 21,222 at the close of Monday trading with a HK$136.02 billion turnover. The Hang Seng Technology Index went down by 3.7%. The Hang Seng China Enterprises Index dipped by 2.7%. A US military fighter jet shot down a suspected Chinese spy balloon on Saturday, while the Chinese government said it was a stray civilian airship blown off course. “The Hang Seng Index had been rising since November last year, once up over 8,000 points. Therefore, the market is sensitive to adverse news. Friday's incident about China's ‘spy balloon’ made investors feel uneasy, leading to a fall in today’s stock market,” said Sam Chi-yung, Strategist at Patrons Securities limited. Bilibili(09626) decreased by 5.4% to HK$186.6. Meituan(03690) dropped 5% to HK$164.1. Tencent(00700) slid 2.1% to HK$376.8. Southbound Stock Connect trading funds, however, bucked the trend, buying a net of nearly HK$2 billion for the day. The Chinese authorities announced on Feb. 3 that mainland China would fully reopen the borders with Hong Kong and Macau from today. The travel and tourism industry performed a 0.5% increase under the overall negative performance of the stock market, according to AASTOCK. Feiyang Group(01901) increased by 10.1% to HK$1.31. Guangdong Nan Yue Logistics Company Limited(03399) went up 5.5% to HK$1.15. Global MasterMind Securities Limited(08063) rose 4.6% to HK$0.068. “There will be more opportunities for both personal and corporate business travel. With relatively weak business operating dynamics in the previous three years affected by COVID-19, the industry should see a more pronounced upturn in the future,” said Harris Wan Kong-sing, Vice President of iFast Global Market.