Meituan, Alibaba burn 16b yuan in weekend food delivery subsidy battle
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South China Morning Post
21 minutes ago
- South China Morning Post
Regulatory changes have built momentum in Hong Kong IPOs
Hong Kong stock exchange (HKEX) reported a surge in IPO activity in the first quarter of the year, with 17 new listings attracting a total of HK$18.7 billion (US$2.38 billion), nearly quadrupling year-on-year figures. The growth follows regulatory reforms implemented in 2024 that helped the city strengthen its role as a global financial hub. 'The Hong Kong IPO market has picked up its momentum after a slowdown in previous years,' said Edward Au, southern region managing partner for Deloitte China. 'We have expanded our forecast for the Hong Kong IPO market in 2025, expecting around 80 listings to raise approximately HK$200 billion over the year if the market situation continues to be conducive.' Hong Kong's capital market overhaul comes at a time when global financial hubs are competing more fiercely than ever, with sustainable investments gaining significant traction. Au said that the government's 2025-26 Budget builds on this momentum, proposing further reforms to optimise primary and secondary listing thresholds, and streamline post-listing obligations. 'These changes, if implemented promptly, could lower the entry barriers for high-quality overseas issuers and enhance certainty in the listing journey,' he said. Edward Au, southern region managing partner, Deloitte China. Photo: Handout Miguel Latorre, managing director of consulting firm Acclime, described the changes to Chapter 18C for specialist technology companies and the Technology Enterprises Channel as 'definitely a step in the right direction'. 'It sends a clear signal that Hong Kong wants to support innovation and align itself with global environmental, social and governance (ESG) capital flows,' said Latorre. 'By allowing earlier-stage, R&D-heavy companies – especially in green tech – to list before reaching profitability, it lowers a big barrier for companies building long-term solutions.' According to Au, current market momentum has been driven by several key factors. 'We observed a sustained inflow of funds, spurred by renewed global interest in China-related opportunities, particularly in AI and innovation,' he said. Mainland Chinese investors are increasingly participating as they enhance their offshore portfolios, while 'relatively modest' IPO pricing has helped maintain investor interest, he added. The robust pipeline reflects the momentum. Au revealed that HKEX was processing over 170 active IPO applications as of June 18 – a figure that excludes both confidential submissions under the new pathway for specialist technology and biotech companies, as well as secondary listing applicants.
South China Morning Post
21 minutes ago
- South China Morning Post
Has the Qianfan satellite network – China's Starlink rival – run into trouble?
A Chinese mega-constellation of communications satellites is facing serious delays that could jeopardise its ambitions to compete with SpaceX's Starlink for valuable orbital resources. Only 90 satellites have been launched into low Earth orbit for the Qianfan broadband network – also known as the Thousand Sails Constellation or G60 Starlink – well short of the project's goal of 648 by the end of this year. Under international regulations to prevent spectrum hoarding, satellite operators must deploy a certain proportion of their constellation within set times after securing orbits and radio frequencies. Shanghai Yuanxin Satellite Technology, the company leading the project, plans to deploy more than 15,000 satellites by 2030 to deliver direct-to-phone internet services worldwide. To stay on track, Yuanxin – which is backed by the Shanghai municipal government – would have to launch more than 30 satellites a month to achieve its milestones of 648 by the end of 2025 for regional coverage and 1,296 two years later for global connectivity. At the heart of the delay is a severe shortage of rockets, as China's manufacturing and launch capacity struggle to keep pace with the explosive demand for satellite deployment, according to a rocket engineer based in Beijing.
RTHK
21 minutes ago
- RTHK
Nasdaq ends six-day streak of records
Nasdaq ends six-day streak of records The S&P 500 inched to another record on Tuesday following some mixed profit reports, while the Nasdaq slipped 0.4 percent. Photo: Reuters The Nasdaq retreated from a record on Tuesday on a mixed day for stocks as markets looked ahead to upcoming earnings reports from Google parent Alphabet and Tesla. The two reports on Wednesday are the first of Wall Street's "Magnificent Seven" equities to report this season. The group was mixed, with drops in Nvidia and other semiconductor equities consistent with profit taking after earlier gains, analysts said. The Nasdaq fell 0.4 percent to 20,892, snapping a six-day streak of record high finishes. But the S&P 500 edged up 0.1 percent to 6,309, finishing at a record, while the Dow Jones climbed 0.4 percent to 44,502. Art Hogan of B Riley Wealth Management described the market as in a "wait and see" mode ahead of earnings from the most influential equities. Stocks are priced for perfection, Hogan added. "It's a difficult earnings season where expectations are really low but stocks are already priced very high," he said. Among individual companies, General Motors dropped 8.1 percent despite reporting better than expected quarterly earnings. While the automaker confirmed its full-year forecast, it said profitability in the second half of 2025 would lag the first part of the year, in part due to the increased impact of tariffs. Lockheed Martin was another big loser, shedding 10.8 percent after its results were dented by around US$1.7 billion in one-time costs. But DR Horton surged 17 percent after the homebuilder's results topped estimates. said the homebuilder's earnings outperformed competition, establishing it as "a potential leader in navigating the challenging housing market." (AFP)
