Online broker Tiger to double Hong Kong headcount, targets offshore China wealth
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South China Morning Post
37 minutes ago
- South China Morning Post
TikTok owner ByteDance finds median service length of employees at about 3 years
Social media giant ByteDance , owner of TikTok and its Chinese sibling Douyin , says the median service length of existing employees was 2.9 years, while their average tenure was three years, the Beijing -based company disclosed at an internal meeting. According to two sources briefed on Thursday's town hall meeting that was led by co-founder, chairman and CEO Liang Rubo , about half of the firm's 120,000 employees have spent more than three years there. The median service length of former employees was estimated at 2.6 years, while their average tenure was 2.5 years, the sources said. The median tenure figures, if confirmed, would show that ByteDance was an attractive employer in mainland China's technology industry, where the turnover rate remained high because of the sector's infamous 996 work culture – which refers to working from 9am to 9pm, six days a week, or longer. 12:38 Why turning 35 feels like a career 'death sentence' for some Chinese tech workers Why turning 35 feels like a career 'death sentence' for some Chinese tech workers ByteDance's decision to reveal the numbers for median service length and average tenure to its employees followed online speculation that the company had mostly retained staff for an average of about seven months.
South China Morning Post
an hour ago
- South China Morning Post
US treasury secretary says meetings with Chinese have ‘advanced our talks'
US Treasury Secretary Scott Bessent said on Friday that meetings with his Chinese counterparts this week 'advanced our talks', but stopped short of confirming that US President Donald Trump approved the consensus that Beijing claimed they had reached. 'This week's negotiations in Stockholm have advanced our talks with China, and I believe that we have the makings of a deal that will benefit both of our great nations,' Bessent wrote on X. 'Thanks to the powerful bond between @POTUS and President Xi, I am optimistic about the path forward,' he added, without specifying where consensus stands following talks that ended on Tuesday. Since then, the US side is seen taking its time to confirm any new agreement reached with China, its third-largest trading partner, after neighbouring Mexico and Canada. China's vice-minister of commerce, Li Chenggang, who also took part in the talks, said before leaving Stockholm on Tuesday that a pause on new tariff increases – in place since May – would be extended, but neither Trump nor Bessent has made similar announcements. The Trump administration has instead delivered mixed messages.
South China Morning Post
an hour ago
- South China Morning Post
New university subsidy rules will benefit those committed to Hong Kong
Hong Kong is not known as a land of opportunity for nothing. The vibrant economy and good career prospects continue to draw many from overseas, as evidenced by the enthusiastic response to the talent admission scheme introduced in late 2022. But while the measure can improve the city's competitiveness and demographics, it also creates room for abuse. In a belated move, the authorities have rightly tightened rules to prevent the children of non-local talent from enjoying university education subsidies without settling in the city. Under the new arrangement, they need to stay for a minimum of two years to be eligible for subsidised tertiary education places – currently at a favourable annual fee of HK$44,500 (US$5,700) – or pay three times higher as non-local students. The adjustments came in response to claims that some people and intermediaries arranged for talent from the mainland who had no intention of settling in Hong Kong to apply for various admission schemes to obtain dependent visas for their children's tertiary education in the city. Some successful applicants also reportedly arranged for their children to continue living on the mainland and prepare for the city's university entrance exams. As of May, about 142,000 children were approved for entry as dependants under various talent admission schemes. They will add to future manpower and economic productivity, giving a needed boost to the city, with its low birth rate and ageing population. But there is a difference between those who just take advantage of the benefits of the scheme and those who have come and made Hong Kong their home. The number of dependants admitted to the annual 15,000 government-funded first-year first-degree places may be small. But the rising trend, up from 62 in 2022-23 to 68 in 2023-24 and 185 in 2024-25, clearly warrants attention.
