Hong Kong stocks edge down as investors eye funding conditions
Hong Kong benchmark Hang Seng was down 0.1%. (EPA Images pic)
SHANGHAI : Hong Kong shares were slightly down today, as investors assessed the potential for tighter cash supplies and monitored tensions in the Middle East for a likely hit to sentiment.
China stocks were mixed. China's blue-chip CSI300 Index was down 0.2% by the lunch break, while the Shanghai Composite Index gained 0.2%. Hong Kong benchmark Hang Seng was down 0.1%.
The Hong Kong dollar slipped to 7.85 per US dollar today, hitting the weak end of its trading band for the second time since May 2023.
The move may prompt the Hong Kong Monetary Authority to drain liquidity from the banking system to support the currency.
'Hong Kong market liquidity is unlikely to ease further and may even tighten as Hong Kong Interbank Offered Rates (HIBOR) have likely bottomed out and southbound inflows have slowed,' said Kevin Liu, strategist at China International Capital Corporation (CICC).
The overnight HIBOR, a key barometer of liquidity, hovered near a record low at 0.01777%.
'Short-term liquidity tightening, uncertainties surrounding tariff negotiations, weakening economic data, and delays in policy support could all contribute to increased market volatility,' Liu said.
Risk sentiment was further limited as global investors waited to see if Iran would retaliate against US attacks on its nuclear sites, with resulting risks to global activity and inflation.
China's Coal Index rose 1.3%.
Maritime shipping and port shares broadly rose, with Nangjing Port up to 10%.
Hua Hong Semi listed in Hong Kong jumped 7%, after media reported that the US government weighs additional restrictions on China, including revoking waivers that allow global chip makers to access American technology in China.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
17 minutes ago
- Free Malaysia Today
DeepSeek aids China's military and evaded export controls, says US official
US lawmakers said DeepSeek transmits American users' data to China through 'backend infrastructure' connected to China Mobile. WASHINGTON : Artificial intelligence (AI) firm DeepSeek is aiding China's military and intelligence operations, a senior US official told Reuters, adding that the Chinese tech startup sought to use Southeast Asian shell companies to access high-end semiconductors that cannot be shipped to China under US rules. Hangzhou-based DeepSeek sent shockwaves through the technology world in January, claiming its AI reasoning models were on par with or better than US industry-leading models at a fraction of the cost. 'We understand that DeepSeek has willingly provided and will likely continue to provide support to China's military and intelligence operations,' a senior state department official told Reuters in an interview. 'This effort goes above and beyond open-source access to DeepSeek's AI models,' the official said, speaking on condition of anonymity in order to speak about US government information. The US government's assessment of DeepSeek's activities and links to the Chinese government have not been previously reported and come amid a wide-scale US-China trade war. Among the allegations, the official said DeepSeek is sharing user information and statistics with Beijing's surveillance apparatus. Chinese law requires companies operating in China to provide data to the government when requested. However, the suggestion that DeepSeek is already doing so is likely to raise privacy and other concerns for the firm's tens of millions of daily global users. The US also maintains restrictions on companies it believes are linked to China's military-industrial complex. US lawmakers have previously said that DeepSeek, based on its privacy disclosure statements, transmits American users' data to China through 'backend infrastructure' connected to China Mobile, a Chinese state-owned telecommunications giant. DeepSeek did not respond to questions about its privacy practices. 'The company is also referenced more than 150 times in procurement records for China's People's Liberation Army and other entities affiliated with the Chinese defense industrial base,' said the official, adding that DeepSeek had provided technology services to PLA research institutions. Reuters could not independently verify the procurement data. The official also said the company was employing workarounds to US export controls to gain access to advanced US-made chips. The US conclusions reflect a growing skepticism in Washington that the capabilities behind the rapid rise of one of China's flagship AI enterprises may have been exaggerated and relied heavily on US technology. 'DeepSeek has access to 'large volumes' of US firm Nvidia's high-end H100 chips,' said the official. Since 2022 those chips have been under US export restrictions due to Washington's concerns that China could use them to advance its military capabilities or jump ahead in the AI race. 'DeepSeek sought to use shell companies in Southeast Asia to evade export controls, and DeepSeek is seeking to access data centres in Southeast Asia to remotely access US chips,' the official said. The official declined to say if DeepSeek had successfully evaded export controls or offer further details about the shell companies. DeepSeek also did not respond to questions about its acquisition of Nvidia chips or the alleged use of shell companies. When asked if the US would implement further export controls or sanctions against DeepSeek, the official said the department had 'nothing to announce at this time'. China's foreign ministry and commerce ministry did not respond to a Reuters request for comment. 'We do not support parties that have violated US export controls or are on the US entity lists,' an Nvidia spokesman said in a prepared statement, adding that 'with the current export controls, we are effectively out of the China data centre market, which is now served only by competitors such as Huawei'. Access to restricted chips DeepSeek has said two of its AI models that Silicon Valley executives and US tech company engineers have showered with praise – DeepSeek-V3 and DeepSeek-R1 – are on par with OpenAI and Meta's META.O most advanced models. AI experts, however, have expressed skepticism, arguing the true costs of training the models were likely much higher than the US$5.58 million the startup said was spent on computing power. Reuters has previously reported that US officials were investigating whether DeepSeek had access to restricted AI chips. DeepSeek has H100 chips that it procured after the US banned Nvidia from selling those chips to China, three sources familiar with the matter told Reuters, adding that the number was far smaller than the 50,000 H100s that the CEO of another AI startup had claimed DeepSeek possesses in a January interview with CNBC. Reuters was unable to verify the number of H100 chips DeepSeek has. 'Our review indicates that DeepSeek used lawfully acquired H800 products, not H100,' an Nvidia spokesman said, responding to a Reuters query about DeepSeek's alleged usage of H100 chips. In February, Singapore charged three men with fraud in a case domestic media have linked to the movement of Nvidia's advanced chips from the city state to DeepSeek. China has also been suspected of finding ways to use advanced US chips remotely. While importing advanced Nvidia chips into China without a license violates US export rules, Chinese companies are still allowed to access those same chips remotely in data centres in non-restricted countries. The exceptions are when a Chinese company is on a US trade blacklist or the chip exporter has knowledge that the Chinese firm is using its chips to help develop weapons of mass destruction. US officials have not placed DeepSeek on any US trade blacklists yet and have not alleged that Nvidia had any knowledge of DeepSeek's work with the Chinese military. Malaysia's ministry of investment, trade and industry said last week that it was investigating whether an unnamed Chinese company in the country was using servers equipped with Nvidia chips for large language model training and that it was examining whether any domestic law or regulation had been breached.
Malay Mail
18 minutes ago
- Malay Mail
Australia's ‘solar godfather': Vietnam leads Southeast Asia's clean energy transition
Prof. Martin Green, 2023 VinFuture Prize Laureate and Member of the VinFuture Prize Council, commended VinFuture and Vingroup's efforts in accelerating Vietnam's leading position in the global race to renewable energy. HANOI, VIETNAM - Media OutReach Newswire - 23 June 2025 -With the invention of solar cells using Passivated Emitter and Rear Contact (PERC) technology, Prof. Martin Andrew Green from the University of New South Wales (Australia) and his team made a groundbreaking contribution to green energy production. Two years after receiving the 2023 VinFuture Grand Prize, he continues to push the boundaries of solar innovation, working to improve efficiency and help pave the way for a future of productive renewable energy as the "godfather of solar," Prof. Martin Green has spent over five decades advancing solar energy technologies. In 2023, Prof. Green's revolutionary development of Passivated Emitter and Rear Contact (PERC) technology, now used in over 90% of solar panels worldwide, earned him the VinFuture Grand Prize. Through the VinFuture Prize, Prof. Green has also had a unique perspective on Vietnam's progress toward global sustainability, as he continues to become a member of the VinFuture Prize Council.," he Green also expressed deep appreciation for the VinFuture Prize, noting that winning such a significant award had undoubtedly enhanced his research group's ability to attract the necessary resources to develop new this year, his pioneering work was honored with a clean-energy ferry named after him in Australia. While he felt "," Prof. Green emphasized that this recognition propelled him toward a broader movement for a global solar energy revolution.," he urged, pointing to the stark evidence already unfolding in Australia, including massive bushfires followed by widespread flooding that falls well outside the norm. "," Prof. Green "godfather of solar" also shared that the path forward hinges on international collaboration and government leadership. The global exchange of knowledge and talent has allowed innovations from his lab to influence commercial solar production in China, which in turn benefits countries like Australia that import these cost-effective solar of that progress, Prof. Green added, has been made possible by falling prices driven by technologies like PERC, as well as support from international organizations such as the United Nations (UN). One of the UN's key Sustainable Development Goals is to ensure universal access to energy by 2030 and solar offers the most viable path to get recent years, Prof. Martin Green and his team have continuously challenged the boundaries of what photovoltaic technology can achieve. One of the most compelling directions in his current research revisits a landmark theoretical paper he wrote about 40 years ago, regarding the limits on the energy conversion efficiency of silicon cells.," he said, suggesting that 25% efficiency was a feasible insight became a key motivation for his team to explore greater efficiency gains. They set a practical goal of 25% efficiency, which they ultimately reached around the turn of the century. Today, many commercial solar cells already operate at this level of efficiency, getting closer to the 29-30% limit he proposed years second area of focus involves stacking cells made from different materials on top of each other to capture more energy from sunlight. Sunlight can be regarded as a stream of particles called photons. Silicon cells respond to photons of all colors in sunlight, from blue to red and even to the lower-energy infrared ones that our eyes can't see. However, blue photons contain much more energy than needed, and in standard silicon cells, that excess energy is is the key reasons behind the limits on the energy conversion efficiency of silicon material showing strong potential in lab settings is a special kind of perovskite, made with heavy elements like lead and iodine. Still, there is no guarantee that perovskites will meet the stability standards required for widespread commercial use, which is why researchers are also investigating alternative materials. Though these alternatives don't currently match perovskites in performance, they may offer better long-term approaches, aiming to increase efficiency, have opened a door for the large-scale deployment of the solar to Prof. Green, it has been a key driver in the dramatic cost reductions in photovoltaics over the past few decades. "" he down the cost of cell production will be a key to expanding the interest in using them. According to the International Energy Agency, solar power delivers some of the cheapest electricity in said. "."However, one of the biggest near-term challenges is finding a cell that can be used in these stacks. Silicon is an ideal material for photovoltaics as it is abundant, non-toxic, and stable. What's missing is a complementary material that matches these qualities while offering additional performance this search, artificial intelligence can provide a much wider scanning of possibilities than traditional methods permit. The whole material system will be canvassed, and perhaps some new materials will be the global race to renewable energy and net-zero emissions accelerates, Vietnam is not standing on the sidelines. In terms of photovoltaics, he cited the data suggesting that over 10% of Vietnam's electricity has been generated from solar in recent the adoption scales up, the uptake needs to match the electricity network's ability to absorb solar power. This requires parallel investment in battery storage systems and other stabilizing technologies, and Prof. Green believed Vietnam is progressing well on this front." he remarked,."In Southeast Asia, where two-wheeled vehicles dominate urban transportation, the shift toward electric scooters is also crucial. Drawing parallels with China, where the replacement of fossil-fueled bikes with electric versions has reduced pollution and CO₂ emissions, he believed that Southeast Asian nations could see similar environmental benefits by following this this front, Prof. Green was impressed by VinFast's electric vehicles when visiting Vietnam in 2023.," he stated. "," he VinFuture Prize has also enabled Prof. Green to build valuable connections with experts in clean technology and beyond. "", he on the diversity of fields represented, he noted:"."Hashtag: #VinFuture The issuer is solely responsible for the content of this announcement. VinFuture The VinFuture Foundation, established on International Human Solidarity Day on December 20th, 2020, is a non-profit organization co-founded by billionaire Mr. Pham Nhat Vuong and his wife, Madam Pham Thu Huong. The Foundation's core activity is awarding the annual VinFuture Prize, which recognizes transformative scientific and technological innovations capable of making significant positive changes in the lives of millions of people worldwide. The VinFuture Prize is now accepting nominations for the 2026 VinFuture Prize. Submit your nominations here: . Outstanding nominators will be honored through the VinFuture Nominator Recognition Program. The VinFuture Prize consists of four prestigious awards presented each year. The most esteemed is the VinFuture Grand Prize, valued at US$3 million, making it one of the largest annual prizes globally. Additionally, there are three Special Prizes, each valued at US$500,000, specifically dedicated to honoring Women Innovators, Innovators from Developing Countries, and Innovators with Outstanding Achievements in Emerging Fields.
Free Malaysia Today
18 minutes ago
- Free Malaysia Today
Chinese exports of rare-earth magnets plummet in May
Chinese customs data revealed that China's rare-earth magnet exports plummeted by 70% year-on-year in May. (AFP pic) BEIJING : Chinese exports of rare-earth magnets continued their downward slide in May, official data showed today, reflecting restrictions imposed by Beijing during its trade war with the US. China is the world's leading producer of rare earths, used to make magnets essential to the automotive, electronics and defence industries. Since April, Beijing has required traders to obtain licences before they export the strategic materials, a move seen as retaliation for US curbs on the import of Chinese goods. Many manufacturers, particularly in the automotive sector, have bewailed what they view as sporadic licence issuances. Chinese customs data revealed today that the country's rare-earth magnet exports plummeted by 70% year-on-year in May, following an initial slowdown observed in April. Exports fell below the US$60 million mark, hitting their lowest level since 2015, excluding the Covid-19 pandemic, according to Bloomberg News. After talks between China and the US in London this month, Beijing said it had issued a 'certain number' of export licences for rare earths. US President Donald Trump said last week on his Truth Social platform that 'any necessary rare earths… will be supplied, up front, by China'. Beijing also said it would launch a 'green channel' to facilitate rare earth exports to the EU. However, its exports of rare-earth magnets to the EU in May plunged by 81% year-on-year, according to the customs figures. Exports of small parcels to the US dropped by half compared to the previous month. Last month, Washington ended a tariff exemption previously enjoyed by low-value parcels shipped from China and Hong Kong. The measure dealt a severe blow to platforms shipping low-cost items from China, such as Shein and Temu. The decline was offset by a rise in China's total small parcel exports to the rest of the world, which were up 40% year-on-year, with particularly notable increases to Singapore, Russia, Europe and Australia. Besides the US, several countries have been trying to limit the rise of platforms sending cheap products made in China. This month, France adopted a bill that aims to curb fast fashion by banning advertising and imposing an additional tax on small parcels.
