The Young Reporter
Baidu raises up to HK$28 billion in Hong Kong secondary listing
- 2021-03-12
- Business
- The Young Reporter
- By: Vikki Cai ChuchuEdited by: Zhou Yichen Gloria 周奕辰
- 2021-03-12
Baidu Inc. (9888), China's search engine giant, plans to issue 95 million shares at a maximum global offering price of $38 (HK$295) each, raising up to $3.6 billion (HK$28 billion) in a Hong Kong offering starting today till 12:00 noon on Mar. 17. Baidu (NASDAQ: BIDU) shares, which were listed on the Nasdaq in August 2005 in terms of American Depositary Shares (ADSs), increased 12% to $272.38 (HK$2113.82) overnight boosted by its secondary listing plan in Hong Kong. Each ADS represents eight ordinary shares to be listed in Hong Kong. The ADS hit a record of $339.91 (HK$2637.33) on Feb. 19. The company will sell a total of 95 million shares under the global offering. The final pricing of Hong Kong shares will be fixed on Mar. 17. Dealing in shares on the Hong Kong Stock Exchange is scheduled to start at 9 am on Mar. 23, Baidu said in its listing document. Baidu generated a net income of 22.5 billion yuan (HK$ 26.92 billion), 2.1 yuan billion (HK$ 2.51 billion), and 27.6 billion yuan (HK$33.02 billion) in 2020, 2019, and 2018 respectively. The 21-year-old company has three main growth engines: mobile ecosystem, AI cloud and intelligent driving. The core of Baidu Mobile Ecosystem is Baidu App with a monthly active user of 544 million in December 2020. “We intend to pursue the following strategies to further grow our business: continue to invest in technology; continue to scale our AI Cloud; further develop and commercialize intelligent driving and other growth initiatives; continue to grow our Mobile Ecosystem; and selectively pursue M&A and strategic investments,” said in its prospectus. Baidu’s listing will make it one of the Chinese technology companies that are listed in the US and have secondary offerings in Hong Kong, joining Alibaba, JD.com and NetEase. The joint sponsors of …
Japan commemorates 10th anniversary of earthquake Sendai
- 2021-03-11
- Society
- The Young Reporter
- By: LI Chak Ho SamuelEdited by: Shameel Ibrahim
- 2021-03-11
Japan commemorated the event by a minute of silence for those who lost their lives in the earthquake. The Sendai earthquake, also known as the Tohoku earthquake with a magnitude of 9.1, triggered a tsunami that swept across the prefecture, making it one of the worst earthquakes since modern records began.
Hong Kong priority groups get first doses of BioNTech vaccine today
- 2021-03-10
- Health & Environment
- The Young Reporter
- By: AMALVY Esten Carr Claude Ole EriksenEdited by: Simran Vaswani
- 2021-03-10
Priority group Hongkongers were given access to the German-made BioNTech vaccine today for the first time since the first 585,000 doses arrived in Hong Kong on Feb. 27. In addition to the elderly, priority groups include food and beverages servers, food delivery workers, transportation operators, construction workers, property management staff, teachers, and tourism staff. Priority group Hongkongers can schedule bookings at any of the 29 community vaccination centres spread throughout the city, which opened their doors at 9 am. At the EDB Kowloon Tong Education Service Center, people showed up in droves to receive their first shots. EDB Kowloon Tong Education Service Center is one of 29 vaccination centres in Hong Kong. “I got it this morning and at least for me I've had the whole morning already and I feel fine nothing feels any different I guess," said Priyanka, a local woman on site this afternoon to accompany her father to get his first vaccine. Both Priyanka and her father opted for the BioNTech vaccine against the widely available Chinese-made Sinovac vaccine, as distrust of the Sinovac vaccine spreads among Hongkongers. “According to all the available information, I think this is one of the most reliable, safe, and protective vaccines that we can get worldwide,” said Dr Y. K Lo, who also made his way to the Kowloon Tong Education Service Center this afternoon to receive his vaccine. Dr Y. K Lo stands outside the Education Centre in Kowloon Tong after having received a BioNTech vaccine today. Distrust in the Sinovac vaccine started when a local woman, 55, and a man, 73, died this past week after receiving their first shot. Although Hong Kong health authorities have ruled out the vaccine as the main cause of death, Hong Kongers are not convinced. The efficacy rate for the Chinese vaccine varies …
Cotton trees in bloom and the best places to see them
- 2021-03-09
- Culture & Leisure
- The Young Reporter
- By: SHI RuoshuiEdited by: Bowie Tse
- 2021-03-09
Hong Kong’s cotton trees are in full bloom. The flame-colour flowers mark the height of Spring in the city, especially along the road named after it: Cotton Tree Drive in the mid-levels. Native to India, Malaysia and the Philippines, cotton trees are widely cultivated in South China, Taiwan, Indo-China Peninsula and Malaysia by immigrants. According to Mr. Ken K. Y. So, arborist and t Chief Executive of The Conservancy Association, cultivation of cotton trees has been recorded in Hong Kong since the Qing Dynasty. Today, there are more than 8,000 trees according to Greening, Landscape & Tree Management Section of Development Bureau. Colloquially known as “hero trees”, cotton trees get the name for their straight and sturdy trunk., They are also named after the legendary hero of the Lizu people, one of the 56 ethnic groups indigeous to Hainan island in southern China. The late Hong Kong pop icon Roman Tam also had a song called Hung Min, the Cantonese name for cotton trees, in which he used the plant as a metaphor for the lofty and unyielding character of Chinese people. It also carries the connotation of cherishing and the promise of wealth and well-being. In 2015, a Wong Tai Sin District Councillor proposed to sterilize the cotton trees around town because he thought the kapok the plants produce was a nuisance. But the proposal was eventually dropped because there was no medical evidence that the white kapok affected the respiratory system. The scientific name of cotton trees is Bombax ceiba. It can be found all over the city, and there is a cotton tree lovers map marking out more than 40 places to admire the bloom. Many are in Tuen Mun and Mei Foo. The most famous place to see cotton trees blossom is along the Shek Kong …
China Two Sessions: proposal to cancel English as a main high school subject
- 2021-03-09
- Society
- The Young Reporter
- By: GOH KylanEdited by: Editor
- 2021-03-09
A member of the National People's Congress, Liu Weichao has proposed to drop English as a compulsory subject in primary and junior high schools in mainland China. In the annual meeting that is currently held in Beijing, Mr Liu said " foreign language education has a serious impact on mother tongue learning and imposes an undue pressure on students". Mr. Liu suggested that schools should only offer English subjects from high school and put more effort on training students' practical skills such as speaking and listening. The proposal has gone viral on the Chinese internet. Some netizens said it is more important to have English rather than mathematics. "As an international language, I think English is still very important now. I hope my children can learn English well and have the opportunity to explore the world in the future," Binting Cai, a mother of a four-year-old child, said on WeChat. English is currently a compulsory subject in primary and secondary schools across China. Students are required to attend at least one class everyday. "I think this is very unreasonable, because elementary and junior high schools are the golden age of learning English," said Edward Liao, an English tutor in New Oriental, one of China's biggest private tutorial centres. "If students start to learn letters and phonetic symbols from high school, this will increase the workload of high school teachers," Mr Liao added. This is not the first time deputies at the annual Two Sessions propose to cut back on English education. On March 4, Xu Jin, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) said it is unnecessary for students to learn a language that he described as "useless" for most people. In an interview with Beijing News, Mr Xu said that less than …
Another Covid-19 ambush lockdown at Tsim Sha Tsui Mansion
- 2021-03-08
- Health & Environment
- The Young Reporter
- By: Simran VaswaniEdited by: Editor
- 2021-03-08
Yet another ambush-style lockdown is being implemented tonight at Tsim Sha Tsui Mansion, Nathan Road. The lockdown comes after the Centre for Health Protection reported nine new Covid-19 cases citywide on Monday, one of which was from the building. The case from Tsim Sha Tsui Mansion is a 41-year-old housewife who developed a blocked nose on March 4 and tested positive for the virus the next day. Tsim Sha Tsui Mansion consists of many subdivided homes, guest houses, hotels, stores and restaurants. Before Chinese New Year, several ambush-style lockdowns were implemented as a way to mass-test residents overnight in buildings with untraceable or growing cases. In early February, Chief Executive Carrie Lam announced that all lockdowns would be on hold ahead of Chinese New Year as cases decreased. Social distancing measures were also loosened after the holidays as the fourth coronavirus wave came to a gradual end.
Ethnic minority women: race and gender in "Asia's world city"
- 2021-03-08
- Society
- The Young Reporter
- By: Simran VaswaniEdited by: Editor
- 2021-03-08
Unkind looks on the MTR, judged for not looking like or having the same skin colour as the majority and even getting turned away from jobs solely because of ethnicity. Ethnic minorities face discrimination on almost every corner of Hong Kong's streets. More than 80% of ethnic minorities said they face discrimination on a day to day basis, such as in shops, markets or restaurants in a study done by the City University of Hong Kong. It can be even tougher for ethnic minority women, who may face both racial and gender discrimination. On top of that, the city has seen a big change over the past year from its usual buzzing atmosphere amid an ongoing pandemic and over a year of social unrest that fills the air with unwavering tension. Ethnic minority women account for more than 100,000 of the 7.4 million population, with the majority being South Asian. This excludes foreign domestic helpers, who make up a large chunk of the female population according to the 2016 Population By-Census. Marium Fatima Awan, 22, a Hong Konger by nationality says she's been turned away from jobs because of her Pakistani ethnicity. Born and raised in Hong Kong, with the ability to read, write and speak Cantonese fluently, Ms Awan says that’s done anything but work to her advantage. In fact, it’s proven a double standard. Employers expect her to speak more than two languages because of her ethnic background. But not all ethnic minorities can pick up the local language that easily. Ms Awan says more needs to be done to include and inform them about what goes on in the city. The younger generations were reported to have a better understanding of Cantonese, according to data from The Census and Statistics Department. In 2016, almost 65% of ethnic …
Hong Kong excluded from Index of Economic Freedom, Singapore climbs as top
- 2021-03-05
- Business
- The Young Reporter
- By: Yoyo Kwok Chiu TungEdited by: Vikki Cai Chuchu
- 2021-03-05
Hong Kong was excluded for the first time by an influential index that ranks the freedom of the world’s economies while the city’s official and scholar said the move was based on “political bias” and would not affect the economic development of Hong Kong. Hong Kong and Macau were removed from The Heritage Foundation's 2021 Index of Economic Freedom released on Thursday. Before that, the city was ranked as the world’s freest economies for 25 years straight before 2020 when it was taken over by Singapore, which also topped the list this year. "Developments in Hong Kong and Macau in recent years have demonstrated unambiguously that the policies are ultimately controlled from Beijing,” said Heritage Foundation in its report. The Washington-based research and educational institution said classifying Hong Kong and Macau economies under China was a reflection of Beijing’s “ultimate control” over the cities. Financial Secretary Paul Chan Mo-po said the move made by The Heritage Foundation was unjustified. During a webinar organised by the South China Morning Post, Mr Chan said, “It seems to me when they arrived at that decision, it must have been clouded by their ideological inclination and political bias.” A Hong Kong Government spokesperson said Heritage Foundation’s ranking is ill-conceived in the press release yesterday. "We take strong exception to the Foundation's claim that Hong Kong's economic policies are 'ultimately controlled from Beijing,” Hong Kong government spokesperson added in the press release. The Heritage Foundation’s ranking cannot be valid, because it was evaluated from a different perspective, it should not be generalised as a whole, said Dr Chong Tai-Leung, the director of Economics and Executive Director of Lau Chor Tak Institute of Global Economics and Finance of the Chinese University of Hong Kong. The Fraser Institute of Canada ranked Hong Kong as the world’s freest …
New covid rule requiring dedicated table cleaning staff leaves small restaurants short handed
- 2021-03-04
- Society
- The Young Reporter
- By: LAM Tsz YauEdited by: Sara Cheng
- 2021-03-04
All eateries have to assign dedicated staff members to clear and disinfect used tables and eating utensils starting from Thursday. Small restaurants say the new requirement makes them short-handed. The measure was introduced after a Covid-19 outbreak at a Chinese restaurant in K11 Musea shopping mall in Tsim Sha Tsui that involved a “superspreader,” infecting more than 50 people. Eateries are also required to meet new ventilation regulations of at least six air changes per hour. Yeung Ho-yin, the owner of a cart noodle eatery, said he was short-handed after moving a staff member from helping with ordering to clearing tables. “We have a lot of take-away orders, so it was quite busy,” said Mr Yeung. Staff members sometimes had to clear seats in front of customers who were eating to let other guests in, Mr Yeung said, which he found “less appropriate.” Wong Kit-lung, who runs 39 chain Chinese restaurants under the LH Group, was among the first restaurateurs to create the position “Table Clearing Commissioner” last July. “Unless there is only one or two staff, it is actually achievable. We are just separating the work from staff members’ duties,” said Mr Wong. Eateries can provide safety vests for staff specialising in clearing tables to make them distinguishable, Mr Wong said, adding that employees should educate all staff about hygiene.
Hong Kong authorities probe death of 63-year-old after receiving COVID-19 jab
- 2021-03-03
- Health & Environment
- The Young Reporter
- By: WANG YichunEdited by: Shameel Ibrahim
- 2021-03-03
The death of a 63-year-old man on Sunday after receiving a Covid-19 vaccine will be investigated, the Department of Health said today in a press conference at Queen Elizabeth Hospital. The man complained of shortness of breath two days after receiving the Sinovac vaccine at the Kwun Chung Sports Center in Jordan on Feb. 26. He went to the hospital at 1:30am Sunday and was diagnosed with bronchitis.His condition deteriorated, and he died at 6am after failed resuscitation attempts by healthcare workers,according to a press release by Queen Elizabeth Hospital. “At the moment, the causal relationship with the vaccination cannot be ascertained,” the health department said in a statement. A hospital spokesperson said that the man was suffering from underlying diseases. “Patients with severely allergic reactions to vaccines and uncontrolled chronic diseases should not be vaccinated, or consult family doctors or medical staff,” Dr Ronald Lam Man-kin, controller of the Center for Health Protection, said at the press conference. As of Mar 2, 18,000 people have reserved spots for the first and second doses of a vaccine. More than 254,000 people have registered for vaccinations since the start of the drive on Feb 23.