Miniso nets 1.17b yuan in interim, falling 22.6pc amid investment ramp-up
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South China Morning Post
34 minutes ago
- South China Morning Post
China's rise in biotech to potentially lower healthcare costs, life science investor says
China's rise in biotech innovation offers the world a potentially cheaper alternative to costly healthcare products from Western suppliers, but geopolitical tensions remain a major challenge for the country's globalisation efforts, according to a local investor in the sector. 'We can lower the cost of healthcare and benefit more people through technological innovation and efficiency improvement,' Da Liu, managing director of CR-CP Life Science Fund, said in an interview with the Post earlier this week. 'China's recent achievements in biotech show that it's possible.' The CR-CP Life Science Fund was launched in 2019 by the state-run China Resources Group and Thai conglomerate Charoen Pokphand Group, with US$170 million under management. Companies the fund has backed include Legend Biotech, which went public in New York in 2020, and Singapore-based Mirxes, which listed its shares in Hong Kong in May this year. Innovative drugs coming out of China's biotech firms have become increasingly popular licensing targets among multinational corporations (MNCs) in recent years, leading to what some are calling a 'DeepSeek moment' for the local industry. Da Liu, managing director of CR-CP Life Science Fund. Photo: Handout Multinationals have turned their attention to Chinese biotech companies and assets because of their 'cost efficiencies, accelerated timelines and promising quality', US investment bank Jefferies said in a report last month.
South China Morning Post
41 minutes ago
- South China Morning Post
Hong Kong luxury rents lead the world with 8.6% surge in second quarter: Knight Frank
Hong Kong's luxury home rents increased the most globally in the second quarter, according to Knight Frank, benefiting from an influx of high-net-worth individuals through the capital investment scheme. Advertisement A survey tracking 16 cities worldwide showed upscale residential rents climbed 8.6 per cent in the April to June period from a year earlier, the consultancy said. Tokyo came a close second with an 8.3 per cent increase, followed by New York at 6.9 per cent. Singapore ranked 13th with a 1.5 per cent gain. Over the last five years, Hong Kong's aggregate prime rental growth was the slowest at 6.3 per cent, according to the study. Miami topped the charts with 61 per cent, followed by New York at 46.7 per cent. Singapore came in fourth with 43 per cent. 'Prime global rental markets are beginning to see a move back to growth,' said Liam Bailey, global head of research at Knight Frank. Luxury homes in Redhill Peninsula, Tai May Tse He added that while affordability was tight in most markets, demand continued to outpace supply and would continue to rise until the end of the year. Advertisement Hong Kong's Capital Investment Entrant Scheme, commonly known as the investment-migration scheme, has been attracting wealthy individuals in droves. The scheme had drawn about HK$16.5 billion (US$2.1 billion) from 543 applicants over the 14 months to April, with two-thirds of the capital directed into mutual funds and the stock market, according to government data.
RTHK
2 hours ago
- RTHK
US, EU release details on tariff deal
US, EU release details on tariff deal The EU's trade commissioner said the deal for a 15-percent US levy on most European exports, is "the most favourable trade deal the US has extended to any partner." Photo: Reuters The US and EU released details of a trade deal on Thursday that foresees lower car tariffs but no relief for Europe's wine sector, but Brussels said it would push for further concessions. US President Donald Trump and EU Commission President Ursula von der Leyen clinched a framework accord in July for most EU exports to face a 15-percent US levy. But many aspects remained unclear, as the EU sought to win carve-outs for some sectors and Trump threatened higher tariffs on others. A joint statement on Thursday brought some clarity, although negotiations are not over and some moving parts remain. The "maximum, all-inclusive" 15-percent rate would apply to the vast majority of European exports, including cars, pharmaceuticals, semiconductors and lumber, the EU said. "This is the most favourable trade deal the US has extended to any partner," EU trade commissioner Maros Sefcovic told journalists in Brussels, explaining the levy will not come on top of existing tariffs. In recent weeks Trump had raised the possibility of additional tariffs hitting certain sectors such as pharmaceuticals, which account for 20 percent of the EU's exports to the United States, and semiconductors. Sefcovic said he was confident that the rate for cars, which is lower than the current 27.5 percent, will apply retroactively from August 1, having received assurances on the matter from his US counterpart. But this will happen only once the EU introduces legislation to eliminate its own tariffs on US industrial products, something Sefcovic said the commission was "working very hard" on. Welcoming the clarity provided by the joint statement, Sigrid de Vries, director of European auto lobby ACEA, urged the commission to implement its part of the deal "without delay, mitigating the tariff impact which already has cost automakers millions of euros in duties every day." The 15-percent rate will also apply to wine and spirits despite a push by France, Italy and other wine-making countries to win a zero tariff exemption. "Unfortunately, here we didn't succeed," Sefcovic said, adding negotiations would continue, but did not want to give "false promises". "These doors are not closed forever," he said. The French wine exporters federation said it was "hugely disappointed". France exports 25 percent of its wines and spirits to the United States and Agriculture Minister Annie Genevard said "the situation cannot remain unresolved". In a post on X, she called the agreement "unbalanced" and said European negotiators needed to make the issue a priority as a matter of urgency. She also expected "strong European measures to support producers". French trade minister Laurent Saint-Martin said his government would seek "additional exemptions" in the trade deal. The office of Italian Prime Minister Giorgia Meloni said the agreement was "not yet an ideal or final point" but a "trade war" had been avoided. Under the agreement, the EU committed to significantly improving market access to a range of US seafood and agricultural goods, including tree nuts, dairy products, fruits, vegetables, pork and bison meat. On the other hand, a special more favourable regime will apply as of September 1 to a number of EU exports to the US including "unavailable natural resources" such as cork, all aircraft and aircraft parts and generic pharmaceuticals. These would effectively face a "zero or close to zero" rate, the commission said. (AFP)
