Page 9 - Hong Kong

Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange

Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. after April 24, according to people familiar with the matter

Hong Kong publishes new national security law bill, raising rights concerns

The bill includes sentences of up to life imprisonment for treason, 20 years for espionage and 10 years for offences linked to state secrets and sedition

Hong Kong court affirms sedition conviction for pro-democracy activist

Criticizing laws or chanting anti-government slogans can be enough to jail someone for sedition in Hong Kong, an appeal court ruled Thursday in a landmark case brought under a colonial-era law increasingly used to crush dissent. Hong Kong's Court of Appeal upheld a 40-month sentence for pro-democracy activist Tam Tak-chi, the first person tried under the city's sedition law since Hong Kong returned to Chinese rule in 1997. Tam's lawyers had argued that his conviction should be overturned because the prosecution did not show he meant to incite violence. The prosecution is widely seen as part of Beijing's clampdown on dissent in the former British colony, following widespread anti-government protests in 2019. Tam was convicted on 11 charges in 2022, including seven counts of uttering seditious words." A judge at the lower court took issue with him chanting the popular protest slogan Liberate Hong Kong, revolution of our times words the government says imply separatism and criticisin

Carlyle, CVC, KKR show interest in potential takeover of Samsonite

The investment funds may consider teaming up and forming a consortium if Samsonite decides to move forward with a plan to go private, in that case, more bidders could emerge

Hong Kong ups salaries tax for high earners to 16% to tackle fiscal deficit

A two-tier tax system will be introduced from April, with income of up to HK$5 million ($640,000) taxed at a maximum of 15%, and anything higher than that being taxed at 16%

China's Country Garden gets winding-up petition in Hong Kong from creditor

The first hearing date is scheduled for May 17 at Hong Kong's High Court, after Ever Credit Ltd. filed its so-called winding-up petition dated Tuesday

Hong Kong lifts curbs on property market after home prices fell to 7-yr low

Hong Kong's government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory's woes. Finance minister Paul Chan announced the move in a speech presenting the territory's budget, which also raised spending on tourism promotion. He said all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect. Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. Meanwhile, Hong Kong's tourism has not fully rebounded after it reopened to foreign travellers following the COVID-19 pandemic. China's slowing economy has also impacted Hong Kong's recovery. Chan said the limits on property transactions were no longer necessary amid the current economic and market conditions. The government lifted a 15 per cent stamp duty imposed on non-permanent residents who buy property in Hong Kong

7 held by HK customs for $1.8 bn money laundering case linked to India

At least seven persons were arrested by Hong Kong customs authorities on Friday in connection with the territory's biggest money-laundering case involving a whopping HKD 14 billion (USD 1.8 billion) some of it was linked to a mobile app scam case in India. The syndicate used stooge bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said. The operation was linked to a mobile app scam in India and two jewellery companies in the country, which allegedly handled about HKD2.9 billion (USD 371 million) of the funds, Suzette Ip Tung-ching, the head of customs' financial investigation bureau told the media in Hong Kong. Ip described the amounts laundered as astonishing with one of the accounts receiving as much as HKD100 million (USD 12.8 million) a day and carrying out as many as 50 daily transactions. Some of those arrested were non-Chinese residents of Hong Kong, she said without .

Trading turnover: Indian markets at highest ever against Hong Kong

Analysts say trend underscores the shift in investor sentiment

Anger over Lionel Messi's behaviour grows in China before Japan game

Many commentators drew comparisons between Messi's behaviour in Hong Kong and his demeanor in Japan, where he is scheduled to play in a friendly on Wednesday evening.

Deepfake video scams multinational company out of $26 million: Report

The swindlers fabricated representations of the firm's CFO and other people in the call using public footage and convinced the victim to make 15 transfers to five accounts

Alibaba considers sale of consumer assets including Freshippo, RT-Mart

Alibaba announced a plan in March to split into six units and explore fundraisings or listings for most of them. It has since filed a Hong Kong listing application for the logistics arm Cainiao in Sep

Hong Kong begins public consultation to implement national security law

Hong Kong begun public consultation on Tuesday on enacting its own national security law, beginning a process to implement legislation that for years was widely opposed by residents who feared the erosion of their civil liberties. Beijing imposed a national security law on Hong Kong in 2020 and a crackdown on dissent followed. Many of the city's leading pro-democracy activists have been arrested, silenced or forced into self-exile. Dozens of civil society groups have been disbanded, and outspoken media outlets like Apple Daily and Stand News have been forced to shut down. Both the Hong Kong and Beijing governments have hailed the law for restoring stability after the massive pro-democracy protests in 2019. But the Basic Law, Hong Kong's mini-constitution, requires the city to enact its own national security law. I want to say that legislation for Article 23 of the Basic Law is something that we need to do and have to do as soon as possible because it is our constitutional ...

Questions on China

Evergrande liquidation would be keenly watched

Statsguru: How India fares in stock mkt metrics after overtaking Hong Kong

Investors were willing to buy Hong Kong-listed shares at 21 times their earnings in March 2019. This price-to-earnings ratio fell to under 15 by the end of 2023

Stock market of Hong Kong bounces after PBOC announces rate RRR cut

Mounting hopes that Chinese authorities would come to the rescue of the battered market with more measures and news of Jack Ma scooping up Alibaba Group shares also lifted overall market sentiment

In a first, India overtakes Hong Kong as world's fourth-largest stock mkt

The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday's close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg

US sanctions Hong Kong, UAE firms over 'financial support' to Houthi rebels

The two companies sanctioned by the US Treasury Department on Friday were Hong Kong-based Cielo Maritime and UAE-based Global Tech Marine Services

China's Harvest Fund cuts Hong Kong staff in pullback from offshore biz

Harvest is one of the first Chinese asset managers to make sizable layoffs in Hong Kong in recent years

HK activist Jimmy Lai pleads not guilty to sedition, collusion charges

Prominent activist and publisher Jimmy Lai on Tuesday pleaded not guilty to three charges of sedition and collusion with foreign countries in a landmark national security trial in Hong Kong. Lai, a media tycoon who founded the now-defunct Apple Daily newspaper, faces one count of conspiring to print seditious publications to incite hatred against the Chinese and Hong Kong governments, as well as two counts of collusion with foreign countries to call for sanctions and other hostile actions against China and Hong Kong. Flanked by three prison officers, Lai formally pleaded not guilty to the charges read to him, shortly after the court rejected a last-ditch attempt by his counsel to throw out a sedition charge against him. The court began hearing opening statements from the prosecution on Tuesday. Dressed in a navy blazer and a white shirt, Lai smiled and waved at his family members as he entered the courtroom ahead of the start of the court session. Lai, 76, was arrested during the .