Hong Kong stocks fall at the open
The number of family offices in Hong Kong is expected to surge to 3,000 soon
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South China Morning Post
an hour ago
- South China Morning Post
Family offices shift assets to Hong Kong, China and Europe from the US: BNP Paribas
Global family offices have allocated more of their assets to Hong Kong, China, Japan and Europe at the expense of the US amid market uncertainties triggered by American tariffs, BNP Paribas Wealth Management said. Advertisement Arnaud Tellier, the Asia CEO of the French bank's wealth-management unit, said its family office clients shifted their investment strategies after US President Donald Trump rolled out his slate of tariffs in April. 'Many are actively diversifying away from US dollar assets, increasing allocations to Europe and Asia, especially Hong Kong, China and Japan, due to concerns over US dollar weakness, high US equity valuations and ongoing geopolitical risks,' Tellier said in a written interview on Thursday. 'This move is both a response to the US economic uncertainty and a strategic effort to capture better value and growth in other global markets.' Family offices are entities set up by wealthy families to manage their succession plans, investments and charitable endeavours. Advertisement Tellier said interest from global family offices in Chinese technology stocks has grown since Hangzhou-based artificial intelligence (AI) start-up DeepSeek launched two powerful and cost-effective large language models earlier this year, catching many investors by surprise. 'We have definitely seen stronger interest in China tech stocks from family office clients after the DeepSeek moment,' he said. 'This enthusiasm has expanded beyond just AI, with clients now looking at hardware, AI application software, power infrastructure, and the broader tech value chain.'
South China Morning Post
an hour ago
- South China Morning Post
China building strong foundation for next wave of AI, robotics: Unitree CEO
As the head of China's humanoid robotics start-up Unitree disclosed its annual revenue has passed one billion yuan (US$139.4 million), entrepreneurs and scholars said the country's strong data infrastructure, mature supply chain and vast market position it as a potential leader in the next wave of development for artificial intelligence (AI). 'The rising attention on our industry, along with increasing demand and support, has created the essential conditions for leading companies to grow rapidly,' Wang Xingxing said during a panel discussion on Thursday at the Annual Meeting of the New Champions in Tianjin, where he announced the milestone. The Unitree founder and CEO said support from the government of Zhejiang province, where the company is based, along with its favourable business environment and rich talent pool , all contributed to his firm's success since its founding in 2016. Li Haitao, dean of the Cheung Kong Graduate School of Business, said at the same panel China has 'tremendous potential' in AI. 'Only two countries can lead the AI revolution in the next decade so far,' Li said during the World Economic Forum event, also known as 'Summer Davos'. 'One is America. One is China.'
South China Morning Post
an hour ago
- South China Morning Post
An hour swimming class with China star Fu Yuanhui auctioned for US$14,000 for charity
A one-hour swimming class with top Chinese athlete Fu Yuanhui has been auctioned for 100,001 yuan (US$14,000), with the proceeds donated to a local charity. Advertisement The auction, which garnered significant attention on mainland China's social media, took place on June 18 on a leading platform, according to Elephant News. Zhejiang Ruoque Group, a hi-tech firm based in Hangzhou, secured the winning bid after 19 rounds of competitive bidding for the exclusive package, which includes a one-hour swimming lesson taught by Fu, as well as meet-and-greet activities like group photos and her autograph on souvenirs. At 29, Fu is an elite swimming star who enjoys immense popularity in China. She gained widespread fame in 2016 for her naturally animated and expressive demeanour during an interview with state media at the London Olympics. Fu graduated last year from Beijing Sport University with a master's degree and was hired by the prestigious Zhejiang University as a sports instructor. Photo: Baidu After competing in the 100m backstroke semi-final, Fu was informed by a reporter of her impressive score, which astonished her, as it was the best result she had achieved. 'Did I swim that fast? I am quite satisfied,' Fu exclaimed.
