HK sets World Games record with six medals as Kwan claims drone racing silver
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South China Morning Post
an hour ago
- South China Morning Post
Leapmotor's stock and sales soar to become a new challenger in China's booming EV market
Zhejiang Leapmotor Technology, once a fringe player in China's electric vehicle (EV) industry, is beating all its start-up rivals by sales and stock gains this year and analysts say there is more to come. The carmaker's Hong Kong-listed shares have doubled since January – outpacing better-known peers XPeng and Xiaomi – and have surged more than 200 per cent from a low in August last year. The company has increased its 2025 sales target to 500,000 units, up from around 290,000 a year earlier, and is tipped to deliver its first annual profit. Ten-year-old Leapmotor has won over investors by outcompeting its peers in price, principally by producing a large proportion of components in-house. A big driver behind that is the electronics and software background of co-founder Zhu Jiangming, who has helped drive the company's R&D efforts. Leapmotor co-founder Jiangming has helped drive the company's R&D efforts. Photo: Reuters 'Leapmotor's price competitiveness is remarkable, they're offering large vehicles at mass-market prices, thanks to roughly 70 per cent vertical integration,' said Xiao Feng, co-head of China industrial research at CLSA Hong Kong. 'We see strong upside potential driven by a robust product cycle and exceptional capital efficiency.' The company's shares rose 1.7 per cent on Monday to HK$66.35, up from last year's low of HK$19.54 set in August. They are projected to climb to HK$74.89 in the next 12 months, based on a Bloomberg survey of analysts. Leapmotor was established in Hangzhou in 2015 by Zhu and co-founder Fu Liquan, who together had previously set up security-camera manufacturer Dahua Technology. The carmaker remained an underdog in its early years with sales volumes trailing far behind those of industry giant BYD and also earlier start-ups such as Xpeng and Li Auto. A key to Leapmotor's catchup since then has been Zhu's insistence that the company develop as many of its own electrical components as possible to keep costs down. That focus has seen the brand being described as a 'more affordable Li Auto', referring to the latter's mid-range and premium SUVs. By way of comparison, Leapmotor's family-oriented C11 SUV released in late 2020, retails for as little as 148,800 yuan (US$20,700). Li Auto's cheapest vehicle, the L6 SUV, starts at 249,800 yuan.
South China Morning Post
12 hours ago
- South China Morning Post
Hong Kong CEOs get crash course in AI to pass on skills to 5,000 students
More than a dozen CEOs and top-level executives in Hong Kong are taking a crash course in AI with the help of a non-profit to equip them with the skills to help 5,000 secondary school students learn the essentials of the technology. The CEO training on Sunday was a key component of the AI-5000 Initiative, a collaborative effort between Project Melo and Preface, a Hong Kong-based education technology company. The project garnered support from 17 top-level executives and leaders, including M+ museum chairman Bernard Chan, Link Reit CEO George Hongchoy, and Randy Lai, the CEO of McDonald's Hong Kong. 'We believe that Hong Kong secondary students absolutely have to focus on AI,' said Kenny Lam Kwok-fung, a co-founder of Project Melo, a local non-profit focused on empowering young people that is co-running the programme. Being held between September this year and March 2026, more than 50 schools are taking part in the programme. The courses will be delivered by Preface staff, students from Project Melo and the 15 participating CEOs. The training programme is being launched amid a wider push by the government to get young people interested in the technology.
South China Morning Post
13 hours ago
- South China Morning Post
Singapore beyond 60: Lawrence Wong vows to keep country ‘exceptional'
Singapore 's Prime Minister Lawrence Wong mapped out his vision for the city state on Sunday in his first National Day Rally since his ruling party won the general election in May, promising to expand on a cross-border economic initiative and inject new life to northern towns. Advertisement Noting that the country was at a critical juncture after marking its 60th year of independence on August 9, Wong outlined long-term policy plans to 'take charge of our own destiny' in an era of global uncertainty with international trust waning, nations prioritising self-interest and a United States in retreat. 'We are not going to sit back and resign ourselves to being mere bystanders in a world shaped by others,' Wong said, addressing his Cabinet colleagues and members of the establishment and grass roots in the Singapore equivalent of a state of the union address. 'We take pride in whatever we do, and strive to be the best possible versions of ourselves [ …] That's how we've achieved exceptional performance. That's how we will continue to stay exceptional – as a people and a country,' Wong added. The central business district skyline in Singapore in May. Prime Minister Lawrence Wong has outlined long-term policy plans to 'take charge of our own destiny' in an era of global uncertainty. Photo: Reuters Independent political observer Felix Tan called Wong's rally a 'rousing' speech that sought to 'make everybody feel that [ …] they all belong and they can contribute in some way or other'.
