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South China Morning Post
2 hours ago
- South China Morning Post
Chinese start-up joins NetDragon-owned Cherrypicks to push AI solutions overseas
Beijing -based Zhongke WengAI, whose services are used by various Chinese ministries and state media outlets, will also jointly develop with Cherrypicks – owned by Hong Kong -listed NetDragon Websoft – enterprise AI solutions for industries such as finance and healthcare, the partners said in a statement on Friday. This collaboration 'exemplifies the convergence of China's AI 'go-global' strategy with Hong Kong's innovation strengths', said Simon Leung Lim-kin , vice-chairman at NetDragon. He also pointed out that the strategic partnership would help 'further cement Hong Kong's position as an international innovation hub '. Shares of NetDragon closed unchanged at HK$11.61 on Friday. NetDragon Websoft vice-chairman Simon Leung Lim-kin. Photo: Jonathan Wong The partnership reflects efforts by Chinese AI firms to expand the reach of their operations beyond the mainland, while bolstering Hong Kong's campaign to reposition itself as an international innovation and technology hub.
South China Morning Post
2 hours ago
- South China Morning Post
IPO allotment rule changes make market healthier as a whole
The initial public offering (IPO) game has never much favoured small retail investors. With red-hot IPOs, they usually only receive a small allotment, if at all. With less-popular IPOs, woe to those who manage to get all their subscribed lots as that pretty much signals a price fall at debut. New rules now in place mean allotment chances for retail investors will get even smaller, especially with popular IPOs. Market insiders and experts, however, argue that this is not necessarily a bad development. Bigger chunks for institutional investors will mean more stable prices, less volatility and higher liquidity for new stocks. From August 4, IPO candidates have had to allocate at least 40 per cent of the shares to institutional investors, including family offices. That is up from no guaranteed allocation previously. The rules reduce the IPO shares that retail investors can get from the so-called clawback mechanism to 35 per cent, down from 50 per cent previously in the event of a heavily oversubscribed offer. The IPO company may also not offer a clawback, in which case no more than 10 per cent is required to be allotted to retail investors. The new formula translates to a 50 per cent cap on IPOs for cornerstone investors, who face a six-month lock-up period. Institutional investors will enjoy more certainty in getting shares at a time when the IPO market in Hong Kong is hot again, having catapulted the city back to the global No 1 ranking. IPOs of 42 firms raised US$13.5 billion in the first half of this year. The full year could reach HK$250 billion (US$32 billion), according to KPMG. Many retail investors offload their hot shares at debut to make a quick buck. Institutional investors tend to hold shares longer and help with price discovery, as well as stabilising prices, but it also means fewer retail investors can partake in a debut rally.
South China Morning Post
7 hours ago
- South China Morning Post
Jockey Club enters long-term Xinjiang partnership in another positive mainland move
The Hong Kong Jockey Club has begun a long-term partnership with the Sports Bureau of the Xinjiang Uygur autonomous region in Urumqi with the goal of modernising the region's equine industry. The partnership was announced on Tuesday, with the aim of leveraging the resources of both the Jockey Club and the Bureau to promote the upgrading of Xinjiang's equine industry. Jockey Club chief executive Winfried Engelbrecht-Bresges visited the site alongside Executive Director Andrew Harding and members of the Club's expert team, meeting representatives of the government, university, industry and sports organisations. Xinjiang holds the largest horse population in China and is home to one of its most celebrated horse breeds, the Yili horse – a small breed native to Xinjiang. The region has a rich history of horse sports and is implementing strategic objectives set out in the National Equine Industry Development Plan and the Xinjiang Modern Equine Industry Development Plan to aid horse breeding, training, racing and horse culture tourism. The Jockey Club will support Xinjiang in celebrating its horse racing festivals, cultivating equine talent with an international perspective and improving veterinary and horse standards – among other objectives. Engelbrecht-Bresges said that the Jockey Club is committed to national development and will leverage the advantages of the 'one country, two systems' framework – along with the Club's extensive experience and global connections – to help promote China's horse culture internationally. He was also keen to highlight Conghua racecourse in Guangzhou, which will be instrumental in supporting the development of equine industry talent, clinical veterinary care, health standards, racing tourism and other cultural activities in Xinjiang. HK Racing News Get updates direct to your inbox Sign up Best Bets Racing News By registering you agree to our T&Cs & Privacy Policy Error: Please enter a valid email. The email address is already in use. Please login to subscribe. Error, please try again later. THANK YOU You are one the list. Engelbrecht-Bresges added that the Club is confident that Yili horses have the potential to become a global symbol of China's equine culture, while highlighting the Club's commitment to supporting the development of a robust equine industry value chain in Xinjiang and the nation through sports, cultural and tourism initiatives. Conghua opened in August 2018 and has become integral to Hong Kong racing and is currently used as a training centre for a large portion of the racing population. Racing is scheduled to begin at the venue in October 2026 in conjunction with Sha Tin and Happy Valley racecourses. An exhibition meeting at the course was held in March 2019. The Jockey Club began supporting the China Horse Industry Association in developing high-quality domestic horses last year, running 45 Yili horse assessment races held in Xinjiang.
