Hong Kong expands self-driving car trials in Tung Chung
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South China Morning Post
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South China's Guangdong province has announced its ambition to join the country's commercial space sector race, promising financial and policy support for companies wanting to build low-orbit satellite constellation systems and promote their application in futuristic industries including space mining and space tourism. Advertisement Guangdong plans to use government procurement to support key innovative products and application scenarios for satellite constellation systems, which also include telecommunications and logistics, according to a commercial space policy statement released by the provincial government on Tuesday. 'Companies will be supported in continuously scaling up the satellite application industry and in purchasing computing power services, while relevant local governments are encouraged to provide rewards in accordance with regulations,' it said. As part of a three-year development plan, the provincial government will also push companies to expand overseas in the fields of satellite navigation and remote sensing. Guangdong has pledged to provide a fast track for approving satellite constellation projects, promising specially designated government funding to help with rocket and satellite development, as it tries to play catch-up with peers such as Beijing and Shanghai. Advertisement Beijing pioneered the construction of the state-backed Guowang national network , and Shanghai is leading the efforts to build Qianfan, which means 'a thousand sails', with the Chinese Academy of Sciences. But Guangdong, which boasts the country's biggest provincial-level economy, has yet to produce a local champion in satellite constellation systems or the space economy in general.
South China Morning Post
an hour ago
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Hong Kong stocks fall for fifth day amid US-China tariff fears, Wall Street sell-off
Hong Kong stocks fell for a fifth straight session on Wednesday, tracking an overnight sell-off on Wall Street and lingering concerns that tariffs on China will stay in place after US Treasury Secretary Scott Bessent suggested no imminent change. The Hang Seng Index declined 0.4 per cent to 25,018.01 at 9.50am local time, adding to the 0.2 per cent loss on Tuesday. The Hang Seng Tech Index dropped 0.8 per cent. On the mainland, the CSI 300 Index eased 0.2 per cent and the Shanghai Composite Index lost 0.1 per cent. Short-video sharing platform Kuaishou Technology slumped 5.1 per cent to HK$70.70, while drug maker Hansoh Pharmaceutical Group slid 6.5 per cent to HK$36.30. Home-appliance maker Midea Group dropped 2.1 per cent to HK$80.85 and digital health services provider JD Health International retreated 3.3 per cent to HK$64.35. Limiting the losses, Sunny Optical Technology jumped 6 per cent to HK$79.45 and Wuxi Biologics added 3.8 per cent to HK$30.92. Hong Kong developer Sun Hung Kai Properties advanced 0.9 per cent to HK$91.40, while smartphone and carmaker Xiaomi added 0.7 per cent to HK$52.80. Overnight, the S&P 500 closed 0.6 per cent lower while the Nasdaq 100 fell 1.4 per cent. The rout was led by Nvidia, which slid 3.5 per cent and wiped billions off its market capitalisation. Bessent highlighted the importance of the revenue from the tariffs on Chinese goods, which implied that the levies could remain at the current level for a while, triggering traders' fears about no imminent relief.
The Standard
an hour ago
- The Standard
Hang Seng Index falls below 25,000 points at the open
China's iQIYI hires banks for up to US$300 million second listing in Hong Kong, sources say
