#hongkong
Economic downturn fuels claw machine entrepreneurship
- 2025-02-24
- Society
- The Young Reporter
- By: CHENG Tsz Sen Sean、SIU Tsz HangEdited by: Wing Chi HO
- 2025-02-24
Claw machines, once a niche type of amusement, require minimal investment and management to operate, and now they are driving a new wave of entrepreneurship in Hong Kong’s bustling malls amid economic uncertainty. Claw machine arcades can stay open around the clock for which obsessed claw game lovers never have to stop. Recently, these machines have found their way into many shopping malls across Hong Kong, occupying previously vacant shop spaces and offering players a chance to win big prizes, such as a vacuum cleaner or a Nintendo Switch gaming console, for HK$5. The rental index of the Hong Kong retail property market has dropped by over 20 points after peaking in 2019, and the average rent for retail has been decreasing since then, according to the Rating and Valuation Department. Despite the fall, many commercial spaces remain vacant and claw machine arcades have become a short-term solution for both landlords and business starters. Anyone who can afford the rent, the machines and the prizes can open a claw machine arcade, as they require minimal staffing and maintenance. Alan Tang, 30, owner of a claw machine arcade in Yuen Long said all the machines in his shop were rented out in 2020, but only 60% of them are rented out now. His monthly income peaked at nearly HK$100,000 in 2020, but since then Tang has seen a 60% drop in revenue. As of the beginning of this year, machine rent ranges from HK$3,500 to HK$4,500, a 25% decrease from 2020. By comparison, fewer machines are being rented out. “Claw machines require little management, more people are joining this business as it brings a decent amount of profit,” Tang said. Tang added that the monthly rent for his store is about HK$50,000. Operating 24 …
"Suede" Ignites Clockenflap Stage After Eight Years
- 2024-12-14
- Culture & Leisure
- By: Tsz Chiu MaEdited by: Ben Rong Li、Xiya RUI
- 2024-12-14
One of Hong Kong’s favourite Britpop bands, Suede is back with a vengeance at this year’s Clockenflap. Brett Anderson, the main vocalist of Suede, showcased his famous microphone swinging during the show. Their performance even broke through the generations as numbers of young audiences were also attracted to have a glimpse of them. In 1999, thousands of fans packed into the Hong Kong Convention and Exhibition Centre to watch their show, resulting in several injuries. Suede’s performance on the second night this year included songs such as “Beautiful Ones”, “Animal Nitrate” and “Trash”. They joined French electronica duo Air, British rapper Central Cee, Japanese hip-hop duo Creepy Nuts and others at the popular music festival from November 29 to December 1 in Central Harbourfront. Benson Chiu, a longtime Suede fan was excited to see the band play in Hong Kong again. “It was a precious moment when they performed ‘Saturday Night’ on a Saturday night,” he said. “I hope they will come to Hong Kong again in the future.” Another highlight of the festival was the community singalong of “Seven Nation Army” during American guitarist Jack White’s performance. As the greatest hit by The White Stripes, created by Jack White, “Seven Nation Army” has since become a famous stadium chant. The crowd in Clockenflap continued chanting the song after the show ended. Apart from big names and headliners, Clockenflap also showcased many hidden gems. Gloria Chan, who was at the festival for the third time, said she was surprised to discover the Japanese group Turtle Island. “Their performance was so amazing that they seamlessly blended lots of instruments together without any dissonance,” said Chan. Clockenflap sold out twice in 2023, but sales weren’t as good this year. Many participants felt that this year's festival was much less crowded than in …
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 …
Art Basel Hong Kong full-scale returns with an objective turnover
- 2024-04-01
- Culture & Leisure
- The Young Reporter
- By: YANG Haicen、WANG LudanEdited by: Lisheng CHENG
- 2024-04-01
The 11th edition of Art Basel Hong Kong was held from Mar. 28 to 30 at the Convention and Exhibition Center, with more than 80,000 visitors and totaling $39.4 million, recording a 4% increase in global turnover. Art Basel 2024 showcased the work from 242 of the world's leading galleries from 40 countries and territories. Lu Caiyun, Chairman of UBS Wealth Management Asia, said in a public address that art market sales in Mainland China and Hong Kong reached approximately US$12.2 billion, a 9% increase year-on-year. "While the cloud of high interest rates, inflation and political instability continues to slow down growth at the top end of the market, buyers are particularly active in the lower price points,” said Clare McAndrew, the founder of Arts Economics. This year, 23 galleries from Asia, Europe, Africa and the Americas exhibited in Hong Kong for the first time, with an increase of 65 galleries over 2023, according to Art Basel Hong Kong. “Our goal is to connect visitors from around the world with our home, Hong Kong, through the collaboration and innovation inspired by art and artists," said the director of Art Basel Hong Kong Sylvia Lok in public address.
Sales at Lunar New Year Fairs fail to match pre-pandemic level
- 2024-02-06
- Society
- The Young Reporter
- By: BO Chuxuan、LAI Uen LingEdited by: Yuqi CHU
- 2024-02-06
Hong Kong’s biggest Lunar New Year's Fair at Victoria Park is selling hot food and dry goods again after four years of restrictions, but some vendors said sales are not as good as they were before the pandemic. The fairs launched on Sunday at 15 locations across the city, such as Kwai Chung and Kwun Tong, are surrounded by crowds. Candice Li Man-shuen, a vendor selling dog accessories who joined the fair several years before the pandemic, said the atmosphere was less lively than she had expected. “People are here today mainly because it is Sunday and there are other nearby events, but they didn’t come here intentionally,” Li added. Wong Kin-fan, a vendor from the mochi stall who has had a stall at the fair for several years, had sold half of her mochi by the afternoon of the first day. That brought her roughly HK$10,000 in sales revenue by the afternoon of the first day. “Sales aren’t what they were before 2020,” Wong said. “However, the rental cost of the stall is correspondingly low. My boss decided to return to this fair again because it is cheaper.” Shirley Lau, 51, a local retailer visiting the fair every year, said there were fewer fast food stalls than before COVID-19. According to the Food and Environmental Hygiene Department, the size of the fast food stalls in 2019 was 56.48 square metres, compared to 40 square metres this year at Victoria Park. Liu Wing-ting, currently working in the hospitality industry, said she felt the variety of goods and food at this fair was less compared to last time when there were fast food stalls. Liu has visited Lunar New Year fairs many times in other districts, but it’s her first time at Victoria Park. She thought people weren’t buying much …
Siamese fighting fish competition adds a punch to Hong Kong Pet Show
- 2024-01-27
- Society
- By: YANG Shuyi、NG Natasha Goa ShengEdited by: Yau To LUM
- 2024-01-27
The “Hong Kong Pet Show 2024" returns on Jan. 25 with Hong Kong’s first-ever “IBC International Betta Show 2024” organized by the International Betta Congress, a worldwide union of Betta-lovers and breeders. Over 600 Siamese rumble fish from different countries are displayed at this year’s Hong Kong Pet Show for the global competition. The event is supposed to raise awareness on the conservation of fighting fish, otherwise known as rumble fish or betta. Eddy, one of the staff members in charge of the “IBC International Betta Show 2024”, said that Betta competition in the world has changed. “Nowadays Betta competition is no longer the same as before. We are now focusing more on their appearance,” he said. Before the start of the competition, all fish are separated into different groups based on their fins, breed, and colour. Then, a demerit point system is used to grade their score. It is expected to have 600-700 competitors before the registration deadline. “We hope that through this competition people could be aware of the increase of Betta breeds now and more people will know about them,” he said. Hong Kong Pet Show 2024 is bigger than in previous years, with more than 650 booths and offering all kinds of products, pet food, and pet insurance. But Gary Chiu Wai-lam, the Management Director of one of the exhibitors, Kangaroo Pet Nutrition, thought there were 10 percent fewer visitors to this year’s pet show on day one compared with last year. “Since we are agents for other pet shops, joining the pet show gives us a channel to tell our customers what our products are about and the advantages of different products.” Daisy Pun, the director of 1363 Natural Pet Home, is an exhibitor who hasn’t joined the pet show before. “Big exhibitions can help …
Hong Kong officials advise caution after Seoul Halloween tragedy
- 2022-10-31
- Society
- The Young Reporter
- By: Tsz Yin HOEdited by: Tiffany Ma
- 2022-10-31
Revellers gathered in the popular night spot, Lan Kwai Fong, to celebrate Halloween today. There is a special traffic arrangement in the area until early Tuesday morning. Several roads including D’Aguilar Street between Wyndham Street and Wellington Street, Wing Wah Lane, and Wo On Lane are closed from 2.00 pm on Sunday till 5.00 am on Tuesday, according to the government press release. Special traffic arrangement in Lan Kwai Fong during festivals was introduced after the 1993 New Year's Eve stampede in which 21 people were killed and 63 others were injured. This year, local officials have warned revellers in Hong Kong to be careful with safety after 154 people were killed in a stampede during Halloween celebrations in Seoul. On Sunday, Chief Executive John Lee Ka-chiu extended his condolences to the families of the victims and wished the injured a speedy recovery. He added that the government will pay close attention to the incident. Secretary for Security, Chris Tang Ping-keung said the Immigration Department will provide full help to Hong Kong residents abroad who seek assistance. “I believe the Itaewon tragedy will not happen ( in Hong Kong) because the crowd control is good, the people are disciplined and follow the directions made by the police,” said Cheng Wai-hing, a visitor to Lan Kwan Fong. who was there with his six-year-old son. Party-goers dressed up as different characters, such as Chinese hopping vampires and Covid-19 rapid antigen test indicator to celebrate Halloween. Kwok Ka-chuen, Regional Commander for Hong Kong Island said that the police will pay extra attention to crowd movement in response to the recent fatal stampede in Seoul. Chow Kwok-cheung, bar owner of J1 Pub said that business is quite good today. His bar has been fully-booked since last Friday. “It has been a while since we …
Largest outdoor cinema in Hong Kong reopens after one-year closure
- 2022-10-14
- Society
- The Young Reporter
- By: Zimo ZHONGEdited by: Karmen Li
- 2022-10-14
Hong Kong’s biggest outdoor cinema, The Grounds, welcomed guests again on Thursday after Covid-19 rules forced its suspension a year ago. The cinema is at Central AIA Vitality Park. “It’s very challenging to build this event and put it together in Hong Kong. We just try to reopen this cinema as soon as we can,” said Simon Wilson, managing director and co-founder of The Grounds. The government announced a relaxation of social distance measures starting from Oct. 20, including allowing live performances and outdoor eating at some premises such as theme parks. This cinema can accommodate up to 380 people in 100 upgraded private garden pods. The audience can remove face masks in their booths. But only up to four people are allowed in each booth in order to comply with social distancing rules. Guests can order food from a web-based app. The menu offers Vietnamese food, tacos and wines. Three different types of tickets are available, depending on the location and the types of seats, with prices ranging from HK$200 to HK$900. Only classic and nostalgic movies are playing this season, including Forrest Gump and the Harry Potter series. Wilson said that movies in different Languages would be shown this season. The Grounds collaborated with Golden Scene Cinema to start the outdoor shows in 2021, and has shown local movies, including Suk Suk. The cinema is opened for three months each year and the current season will end on Dec. 30. “Actually I have seen today’s movie before. It is a good romantic comedy,” said Angela Shih, who invited four of her friends along. “ We just planned to spend our girls’ night here. I am really excited and looking forward to it.” Wilson said they had a great response in ticket sales, especially for musicals and blockbuster films. …
Ghost nets haunt Hong Kong waters, killing marine life and endangering divers
- 2021-12-09
- The Young Reporter
- By: Malick GaiEdited by: LI Chak Ho Samuel
- 2021-12-09
It took Harry Chan Tin-ming and a group of ten divers two hours under the sea in Tai Po to find and haul out 800 kilograms of abandoned fishing nets. “90% of the time I go diving, I see ghost nets and it’s a big problem for marine life including fish, crabs, sea turtles and other marine life,” said Chan. The large number of abandoned fishing nets, also known as “ghost nets”, is alarming and has become a major issue for marine life, its habitat and even commercial fishermen. Chan, 68, known in Hong Kong as the “ghost net hunter”, has been diving for over 30 years and started regularly hunting for these nets more than eight years ago. “The ocean is a mystery,” he said. Ghost nets are dangerous because marine life becomes entangled, affecting the health of the ocean and even divers who try removing them. They haunt the oceans and are a major contributor to the wider ocean plastic crisis. Made from a range of synthetic fibers, including nylon, polystyrene and other plastic compounds, ghost nets can travel vast distances. "From the biggest fishing nets to the tiniest pellets, plastic pollution is impacting the ocean," said Dana Winograd, Director of Operations for Plastic Free Seas, a charity focused on solution-oriented awareness about plastic pollution in the ocean. It is also involved in regular beach cleanups around Hong Kong. In October, Winograd and a group of volunteers found ghost nets washed up on beaches in two of their last three beach cleanups at Butterfly Beach in Tuen Mun and Cheung Sha Lan on Lantau Island. "It's not easy to recycle the nets if they have been in the ocean for a long time. Most companies claiming to use recycled fishing nets in their products are only using a …
Greater transparency needed as Hong Kong aims to transform into a green finance hub
- 2021-12-09
- Business
- The Young Reporter
- By: WANG Jingyan 王婧言Edited by: Vikki Cai Chuchu
- 2021-12-09
“Greenwashing” is a new buzzword featured at the COP26 climate summit in Glasgow. It’s part of the slogan of teeanger climate activist, Greta Thunberg. Greenwashing refers to a false impression or providing misleading information about how environmentally friendly a business of a product might be. Hong Kong has been trying to reposition itself as an international green financial hub since 2018. But the process finally stepped out this year as the government and industries seek to address disclosure issues in the green and sustainable investment market as a way to stamp out “greenwashing”. Stephen Phillips, director-general of investment promotion in InvestHK, a department of the government responsible for foreign investment in Hong Kong, told The Young Reporter that the city “has an important role to play as a green finance centre”. “A number of listed companies also, very strongly committed to both raising green capital, but also being compliant around bringing standards,” he said, “ and Hong Kong obviously serves not only Hong Kong and the rest of China, but also a place in which companies raise money from across the whole of Asia.” A report conducted by Standard Chartered Bank in 2020 found that among 1085 respondents from Hong Kong, Singapore, the United Arab Emirate and the United Kingdom, 59% of them who put money in sustainable investment said they would consider investing 5% to 10% in sustainable investing, and 75% said they would consider increasing their investment to 25% or more due to the pandemic. However, Alvin Li, Group Financial Consultant of TAL Group, said many investors may take a wait-and-see attitude towards green investment mainly because it is still under development. “The green bond market is still relatively new, still in the embryonic stage, and the secondary market is not fully developed. Investors have doubts …