logo
Hong Kong stocks open down marginally

Hong Kong stocks open down marginally

RTHK26-05-2025

Hong Kong stocks open down marginally
Trading volumes across Asian markets are expected to be thin given that US and UK markets are closed on Monday due to public holidays. File photo: RTHK
The Hang Seng Index fell 167 points or 0.71 percent to open at 23,434 points on Monday.
Mainland stocks opened lower, with the benchmark Shanghai Composite Index down 0.05 percent to open at 3,346 points.
The Shenzhen Component Index opened 0.17 percent lower at 10,114 points. (Xinhua)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

'Shopping festival can help boost silver consumption'
'Shopping festival can help boost silver consumption'

RTHK

time13 hours ago

  • RTHK

'Shopping festival can help boost silver consumption'

'Shopping festival can help boost silver consumption' Commerce chief Algernon Yau says a shopping festival in the city will be a good chance for retailers to grasp the silver economy. Photo: RTHK Annie Yau Tse says retailers must embrace new technology to break through the extreme challenges facing the industry. Photo: RTHK Secretary for Commerce and Economic Development Algernon Yau on Wednesday called on retailers to take the opportunity of a shopping festival later this year to boost consumption for silver-haired residents. His remark came after authorities last week rolled out 30 measures to tap into the "silver economy" to spur growth, of which half were related to boosting consumption for senior residents. Speaking at the Hong Kong Retail Summit 2025, Yau said the third edition of the Hong Kong Shopping Festival in the third quarter will be a good chance to put the measures into practice. "I encourage the business community to take this opportunity to offer exclusive discounts, products, as well as a combination of services for the elderly, to create a pleasant silver consumption atmosphere in the market, and to attract more silver-haired consumers," he told summit participants, many of them retail professionals. "I also hope that retailers such as supermarkets, department stores, pharmacies and personal care stores will classify the products clearly and concisely at their physical stores, and to place some common and popular silver products at places that are easy to access, so as to enhance the consumption experiences for them and their families and caregivers," he added. The commerce chief also said the government will ramp up certifications for relevant products and services to ensure their reliability. Echoing Yau, Annie Yau Tse, chairwomen of the Hong Kong Retail Management Association (HKRMA), said local retailers must embrace new technology and channels to break through the extreme challenges facing the sector. "New retail must embrace the artificial intelligence and innovative technologies, attach importance to the consumer experience, and seize the development opportunities in different fields, such as the mega event economy, low-altitude economy and silver economy, to break through the limitations of our Hong Kong retailers and open a new chapter," she said. "Hong Kong brands still have unique advantages, and we can look around and explore new markets, such as first establishing themselves in the Greater Bay Area market, before tapping into markets of other provinces and cities on the mainland." The retail veteran's remarks came as the city's retail sales fell for the 14th month in a row, dropping by 2.3 percent year on year last month to HK$28.9 billion, as changing consumption patterns continued to weigh on the industry. Yau Tse earlier estimated that the sector will see flat growth for this year, saying she hopes the April data "reached a bottom" and that the industry will stabilise in the coming months.

Security risks put paid to communications tender
Security risks put paid to communications tender

RTHK

timea day ago

  • RTHK

Security risks put paid to communications tender

Security risks put paid to communications tender Chris Tang says tendering can still be adopted to procure items that don't have any national security implications. Photo: RTHK Secretary for Security Chris Tang said on Tuesday the government has decided to skip the tendering process in procuring a next-generation communications system for the police force after taking into consideration national security risks. The force began parallel tendering to select a service provider to upgrade its communication system with 5G capabilities two years ago. However, the open tender process has since been abandoned, with the force citing geopolitical risks affecting supply chains and concerns over information security. According to papers submitted to Legco, authorities said they opted to directly approach a "reliable" service provider of their choice. In a Legislative Council security panel meeting, Tang said the decision on next-generation communications does not mean that all police procurements will skip the tendering process. 'We believe national security considerations are necessary but they do not mean every procurement exercise has to place them as our top priority,' he said. 'For example, we would also have to procure stationery and other products. So as long as they don't have any national security implications, we believe we should still adopt the conventional method of putting procurements up for tender.' The project's estimated cost has also substantially reduced to HK$2 billion, a more than 60 percent decrease compared to the original estimate of HK$5.2 billion. Tang assured lawmakers that this would not affect the system's functionality. 'We have already enhanced the design," he said. "For example, initially we were supposed to have two sets of hardware, and now we can have one with built-in firewalls. "All these have been adopted without affecting our operational efficiency. Therefore it's now cheaper and still equally efficient.' The proposed system also adopts a hybrid model, whereby the government will build and operate the core network and base stations, which will be complemented by commercial services for broader coverage and cost-effectiveness. Tang said the police will have priority in using the 5G network in congested areas, such as during fireworks shows. Annual expenditure for the proposed system will be about HK$40 million higher than current costs, but Tang stressed the higher expenditure incurred in upgrading the system is necessary to enhance efficiency. Lawmakers agreed to allow the proposal to proceed to the finance committee stage this month.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store