HK cements role as mediation capital with IOMed launch
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South China Morning Post
4 hours ago
- South China Morning Post
Ex-chairman of Hong Kong-listed Neo-China surrenders after 13 years on the run
A former top executive of a Hong Kong-listed company surrendered to the city's anti-corruption agency on Tuesday after more than a decade on the run. Advertisement Li Songxiao, the former chairman of Neo-China Group (Holdings), now known as Shanghai Industrial Urban Development Group (SIUD), handed himself over to the Independent Commission Against Corruption (ICAC) over his involvement in fraudulent property deals worth more than HK$330 million (US$42 million). Li had allegedly conspired with two then senior executives, Che Hanshu and Zhang Yaohui, to defraud shareholders and the Hong Kong stock exchange, by inflating the profit and assets of the developers through fraudulent transactions, according to a statement from ICAC. Warrants for the trio were issued in February 2011 by a magistrate, but by that time they had already left Hong Kong, ICAC said. Li, Che and Zhang had conspired with the company's secretary and financial controller to defraud shareholders between November 2003 and July 2007, it added. Li, 59, faces two common law charges of conspiracy to defraud. He is scheduled to appear at Eastern Magistrates' Courts for a mention hearing on Wednesday. Advertisement The charges centre on two property deals in which Neo-China allegedly misled investors – one involving the HK$210 million purchase of Top Fair, and another concerning the HK$123 million sale of its subsidiary, Noble Time Development, to Northwest Link.
South China Morning Post
4 hours ago
- South China Morning Post
Is EU's global clout fading amid gruelling stand-offs with China and the US?
After tense talks in Beijing and a bruising trade blow from Washington, EU bureaucrats are heading into their August break weary and short of wins, as doubts deepen over the bloc's global leverage. Last week's summit in Beijing went off without too much drama, seen as an achievement in itself, given how fraught EU-China ties had become in the run-up to the long-awaited event. But on some of their longest-standing complaints, the Europeans found that Beijing would not budge and was keen to display the confidence and swagger that European officials say has been on show since it forced a climbdown on US tariffs three months ago, according to sources familiar with proceedings. Talks on Ukraine , however, were said to have been open, frank and more meaningful than previous summits, during which European Union officials felt their concerns were dismissed out of hand. Over more than three hours of talks with Chinese President Xi Jinping, the Europeans pushed him again to rein in his Russian counterpart Vladimir Putin, only for Xi to point to US President Donald Trump's failure to deliver on a pre-election pledge to end the war in Ukraine in 24 hours as evidence of how little leverage anyone has over the conflict. A repeated motif of the Europeans' face-to-face engagement with Xi is the Chinese leader telling them that he has less leverage over Putin – whom he often describes as a 'good friend' – than they think. But whereas in previous years the EU complained that Xi had batted their assertions about China's support for Russia away, this time there was an in-depth debate.
South China Morning Post
5 hours ago
- South China Morning Post
Insta360's Antigravity challenges DJI with 8K 360-degree drone
The consumer drone industry is facing new competition from China, as Antigravity – a new brand from omnidirectional camera specialist Insta360, is set to unveil its first product. Advertisement Scheduled to be unveiled in August, the unmanned aerial vehicle weighs less than 249 grams and features a built-in 360-degree camera with 8K resolution, according to the company. That would make it the industry's first '360 drone': until now, users have resorted to attaching full-degree cameras to their flying machines. According to Antigravity's website, which launched on Monday, the new drone supports real-time data transmission and allows users to adjust shooting parameters during flights. After years of quiet development, the vehicle aims to cater to both experts and beginners, as well as 'everyone in between'. Antigravity, known as Yingling in Chinese, said that the industry had hit a bottleneck, with some users feeling 'tired of drones that looked good on paper but felt lifeless in the air'. A DJI store in Beijing. The company is set to face new competition from Insta360's new drone brand. Photo: EPA-EFE While Antigravity did not disclose its location, the company said it was incubated by Shenzhen-based Insta360 'in collaboration with third parties', and developed by 'a global team of engineers, designers, and creators'.
