
China's cross-dressing 'Red Sister' lurid tale takes the Internet by storm

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South China Morning Post
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Shenzhen-based UBTech Robotics, China's top maker of humanoid robots, plans to raise about HK$2.41 billion (US$307 million) through a share placement in Hong Kong, according to a filing on Tuesday. The company, which became the first robotics maker on the Hong Kong stock exchange in 2023, is offering 30,155,450 new shares at HK$82 per share, representing a discount of about 9 per cent to the closing price of HK$90.25 on Monday. The new shares would represent around 6.39 per cent of the company's enlarged issued share capital after the placement, it said. UBTech planned to use the proceeds for business operations and development, including working capital, investments, project construction and renovation, as well as for repayment of loans and interest, according to the filing. Since its listing at the end of 2023, the company has carried out a series of follow-on fundraisings, including nearly HK$2 billion in the past 12 months. UBTech shares dropped by about 5.6 per cent to HK$85.15 on Tuesday morning.


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Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Australian Prime Minister Anthony Albanese's recently concluded visit ('How deals are trumping port dispute on Australian PM Albanese's China visit', July 17 ) is a welcome breath of fresh air in Canberra's approach to China. Since the early 2000s, Australia's economic prosperity has been closely linked with China – Australians became wealthy selling China iron ore, coal and other natural resources that helped power China's extraordinary economic growth and societal transformation. Under the previous Liberal-National coalition government, Australia took an unwise turn in its foreign policy by uncritically siding with the United States and needlessly antagonising China – which culminated in Canberra effectively blaming China for Covid-19 by calling for an independent inquiry into its origins. The past year has shown a world undergoing seismic changes. It is becoming clear that China will emerge as a dominant, if not the dominant, country that masters the industries of the future – such as renewable energy, electric vehicles, biotechnology and artificial intelligence, as most vividly demonstrated by the splashy emergence of DeepSeek's AI model to public awareness.