Latest news with #Hang
RTHK
5 days ago
- Business
- RTHK
HK stocks end day up in relief at US tariffs ruling
HK stocks end day up in relief at US tariffs ruling The Hang Seng Index closed trading for the day up 315.07 points, or 1.35 percent, at 23,573.38 on news of the US court's move to block the Trump tariffs. File photo: RTHK Mainland Chinese and Hong Kong stocks ended for the day on the front foot on Thursday as sentiment improved after a US trade court blocked President Donald Trump's sweeping tariffs, which had weighed on global trade and roiled financial markets. Key Chinese stock indexes snapped a five-day losing streak, while the US dollar rallied and gold sank, as risk appetite sharply improved following the court decision. In Hong Kong, the benchmark Hang Seng Index was up 315.07 points, or 1.35 percent, at 23,573.38, while the Hang Seng China Enterprises index rose 1.37 percent to 8,559.71 and the Hang Seng Tech index jumped 2.46 percent at 5,301.92. The gains across a broad swathe of markets came after a US trade court blocked Trump's tariffs from going into effect in a sweeping ruling that found he overstepped his authority by imposing across-the-board duties on imports from US trading partners. The benchmark Shanghai Composite index closed up 0.7 percent at 3,363.45, while the blue-chip CHI 300 was up 0.59 percent at 3,858.70. Both indexes booked their first daily gain since May 21. The smaller Shenzhen index ended up 1.4 percent and the start-up board Chi Next Composite index was higher by 1.368 percent. However, gains in Chinese shares were capped as uncertainty around bilateral relations between Washington and Beijing lingered, traders and analysts said. "The ruling gives an interim boost to risk sentiment which saw US equity futures, bond yields and the dollar higher," said Frances Cheng, head of FX and rates strategy at OCBC Bank. "Development on tariff and trade relations remains fluid. Investors may be reluctant to load heavy positions on either side of the trade." "We don't believe that the latest ruling reduces any uncertainty related to tariff developments," said David Chaos, global market strategist for Asia Pacific at Investcorp. "It's possible that we could see Trump escalate trade tensions further in response to the court's ruling against him." The US has ordered companies that offer software used to design semiconductors to stop selling to China without first getting an export license, sources said. However, Beijing-based Empyrean Technology, considered to be China's primary alternative to US giants like Cadence, Synopses, and Siemens in the electronic design automation market, jumped 14.7 percent. A sub-index tracking Chinese semiconductor and equipment companies ended 2.1 percent higher. In Tokyo, Japan's Nikkei ended trade at the highest point in more than two weeks on news of the US ruling, while a weaker yen and a rally in chip-related stocks also supported the benchmark index. The Nikkei climbed 1.88 percent to 38,432.98, its highest close since May 13. The broader Topix rose 1.53 percent to 2,812.02. (Reuters/Xinhua)
Forbes
14-05-2025
- Business
- Forbes
Meet The Tech Innovators On The 2025 30 Under 30 Asia: Consumer & Enterprise List
Forbes Asia Turing Space CEO Hu Yao-chieh and chief technology officer Hang Meng-tse are taking aim at the rising problem of identity fraud with their flagship product, tamper-proof digital certificates. The company's motto: Turing proves you are you. Hu and Hang are among the tech entrepreneurs who made this year's Forbes 30 Under 30 Asia: Consumer & Enterprise Technology list. Hang, a software engineer, was among Hu's eight hires for a blockchain consultancy he started in 2018 after undergrad studies in computer science and engineering in Hong Kong. Two years later, Hu finished a master's degree in engineering from the University of California, Berkeley and returned home to launch Turing Space, a subscription-based service that uses blockchain technology to provide customized electronic certificates for paper documents, such as diplomas, health reports and real estate contracts. Hu convinced Hang to come on board as a technical advisor and subsequently as cofounder in 2023. 'I make the final call on business and public relations decisions,' says Hu by text, 'while Meng-tse decides the technical and product decisions.' Forbes Asia According to Hu, Turing can reduce the time-consuming process of verifying credentials and its online certificates are easily shared (helpful for students applying to multiple graduate programs). The company says it counts the Taipei city government, the National Taiwan University and the World Health Organization among its clients. Next up is building a secure cross-border digital identity ecosystem with the Asia-Pacific Digital Identity Consortium, which it formed last year with printing giant DNP Group. In November, Turing raised over $3 million in a funding round led by Taipei-based ProFederal that will be used for product development and overseas expansion; the company shifted its headquarters to Delaware in 2022 from Taipei and opened an office in The Hague in March. Like Hu and Hang's Turing Space, other startups on this year's list are using blockchain technology to solve problems. Cofounded by Abhishek Aggarwal, Apurv Kaushal and Sambhav Jain in 2022, India-based Intract is a platform for learning about new technologies related to blockchain and Web3. Users are incentivized with crypto, NFTs and loyalty points after completing tasks such as product exploration and taking quizzes. Aware that some users cheated by using multiple accounts, Intract developed a digital identity platform to verify if a user is human, thereby preventing fake accounts and bots. In December 2023, Intract raised $3 million in a funding round led by Alpha Wave Global, BITKRAFT Ventures and Gumi Cryptos Capital. In Hong Kong, Jack Shing Ngai Man founded D-Engraver, which uses blockchain technology for data storage and transactions. The company's LawIntelliChain platform leverages blockchain and AI to speed up legal research and document drafting as well as perform compliance and administrative tasks. Founded in 2018, D-Engraver has received several accolades, including the Hong Kong ICT Awards 2021 and the Fintech Award 2022. EVs On The Rise Compared to conventional motorcycles, EV bikes offer not just better fuel efficiency, but added on smart fleet management and data collection. Entrepreneurs on this year's 30 Under 30 Asia list is harnessing these advantages. Saivya Chauhan founded Blitz Electric Mobility in 2019, offering last-mile and instant delivery services in 20 Indonesian cities using trackable electric bikes instead of conventional motorcycles. Blitz's clients include e-commerce, F&B and logistics brands such as Blibli, Domino's Pizza and DHL. Besides delivery services, Blitz partnered with coffee chain Janji Jiwa to allow its drivers to earn extra income by selling coffee on the streets using its fleet. Following last year's $1.6 million seed funding, Blitz raised a $4 million in pre-series A round in March led by Vynn Capital. Born in India, Chauhan has lived in Indonesia for 15 years. Abhijeet Saxena, Anubhav Sharma, Karan Singla and Shubham Srivastava, cofounders of Baaz Bikes. In India, IIT alumni Abhijeet Saxena, Anubhav Sharma, Karan Singla and Shubham Srivastava cofounded Baaz Bikes, which offers subscription-based electric scooters and battery swapping for last-mile delivery workers in the country. Founded in 2019, the company claims to have done over 1.5 million battery swaps and that its fleet has booked more than 41 million kilometers. Baaz raised $8 million in a series A round led by Singapore-based BIG Capital in November 2023, bringing total funding to over $10 million. Listees in this category are also making quality education more accessible and affordable. In the Hong Kong, Peggy Yuen cofounded MakeOmnia, which is developing innovative ways to advance STEM education using 3D printers. Established in 2015, MakeOmnia builds affordable and user-friendly products, enabling schools and students to access and print various shapes and objects to understand STEM concepts better and think differently. Backed by Hong Kong's Cyberport Incubation Programme, MakeOmnia has won several accolades, including from City University of Hong Kong's HK Tech 300 Angel Fund in 2021 and first prize for Best STEM Teaching Tools at the 23rd Hong Kong Youth Science & Technology Innovation Competition in 2021. Chong Ing Kai and Huh Dam, cofounders of Stick 'Em. In Singapore, Chong Ing Kai and Huh Dam want to make STEAM education accessible and affordable for everyone. They cofounded Singapore-based Stick 'Em, which makes innovative chopsticks kits containing enough geometric connectors, wooden chopsticks and plug-and-play electronics to build numerous experiments and robot designs. Its Stick 'Em Academy website provides over 40 self-guided lessons for teachers. The cofounders say they have trained 770 schoolteachers in 11 countries. Read our complete Consumer & Enterprise Technology list here – and be sure to check out our full Forbes 30 Under 30 Asia 2025 coverage here.
CNA
03-05-2025
- Politics
- CNA
Vietnam opposes China, Philippines' moves on South China Sea reef
HANOI: Vietnam has sent diplomatic notes to China and the Philippines to protest against their activities in contested South China Sea waters, and urging them to respect its territorial claims, it said on Saturday (May 3). The statement follows activities by China and the Philippines in Sandy Cay, which Vietnam considers part of its territory, Vietnam's foreign ministry spokesperson Pham Thu Hang said. Chinese state broadcaster CCTV last week said its coast guard had landed on Sandy Cay as part of maritime control operations to exercise its sovereignty, while the Philippines sent a team to the sandbars and found no one there. "Vietnam requests that relevant parties respect Vietnam's sovereignty, comply with international law, and contribute to maintaining peace and stability in the East Sea," Hang said in the statement, using Vietnam's name for the South China Sea. "Vietnam has communicated and sent diplomatic notes protesting relevant countries regarding activities that violate Vietnam's sovereignty over Sandy Cay and related entities of the Truong Sa," she said. Truong Sa is the Vietnamese name for the Spratly Islands. The Chinese and the Philippine embassy in Vietnam did not immediately respond to Reuters' requests for comments during the weekend. Sandy Cay is close to Thitu Island, the largest and most strategically important of the nine features the Philippines occupies in the Spratly archipelago, where China, Malaysia, Taiwan and Vietnam also have a presence. China claims more than 90 per cent of the potentially energy-rich South China Sea via a U-shaped "nine-dash line" on its maps that stretches into Southeast Asia and cuts into the exclusive economic zones of Brunei, Indonesia, Malaysia, Vietnam and the Philippines.
Reuters
03-05-2025
- Politics
- Reuters
Vietnam opposes China, Philippines acts on disputed South China Sea reef
HANOI, May 3 (Reuters) - Vietnam has sent diplomatic notes to China and the Philippines to protest against their activities in contested South China Sea waters, and urging them to respect its territorial claims, it said on Saturday. The statement follows activities by China and the Philippines in Sandy Cay, which Vietnam considers part of its territory, Vietnam's foreign ministry spokesperson Pham Thu Hang said. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Chinese state broadcaster CCTV last week said its coast guard had landed on Sandy Cay as part of maritime control operations to exercise its sovereignty, while the Philippines sent a team to the sandbars and found no one there. "Vietnam requests that relevant parties respect Vietnam's sovereignty, comply with international law, and contribute to maintaining peace and stability in the East Sea," Hang said in the statement, using Vietnam's name for the South China Sea. "Vietnam has communicated and sent diplomatic notes protesting relevant countries regarding activities that violate Vietnam's sovereignty over Sandy Cay and related entities of the Truong Sa," she said. Truong Sa is the Vietnamese name for the Spratly Islands. The Chinese and the Philippine embassy in Vietnam did not immediately respond to Reuters' requests for comments during the weekend. Sandy Cay is close to Thitu Island, the largest and most strategically important of the nine features the Philippines occupies in the Spratly archipelago, opens new tab, where China, Malaysia, Taiwan and Vietnam also have a presence. China claims more than 90% of the potentially energy-rich South China Sea via a U-shaped "nine-dash line" on its maps that stretches into Southeast Asia and cuts into the exclusive economic zones of Brunei, Indonesia, Malaysia, Vietnam and the Philippines.
Straits Times
03-05-2025
- Politics
- Straits Times
Vietnam opposes China, Philippines acts on disputed South China Sea reef
HANOI - Vietnam has sent diplomatic notes to China and the Philippines to protest against their activities in contested South China Sea waters, and urging them to respect its territorial claims, it said on Saturday. The statement follows activities by China and the Philippines in Sandy Cay, which Vietnam considers part of its territory, Vietnam's foreign ministry spokesperson Pham Thu Hang said. Chinese state broadcaster CCTV last week said its coast guard had landed on Sandy Cay as part of maritime control operations to exercise its sovereignty, while the Philippines sent a team to the sandbars and found no one there. "Vietnam requests that relevant parties respect Vietnam's sovereignty, comply with international law, and contribute to maintaining peace and stability in the East Sea," Hang said in the statement, using Vietnam's name for the South China Sea. "Vietnam has communicated and sent diplomatic notes protesting relevant countries regarding activities that violate Vietnam's sovereignty over Sandy Cay and related entities of the Truong Sa," she said. Truong Sa is the Vietnamese name for the Spratly Islands. The Chinese and the Philippine embassy in Vietnam did not immediately respond to Reuters' requests for comments during the weekend. Sandy Cay is close to Thitu Island, the largest and most strategically important of the nine features the Philippines occupies in the Spratly archipelago, where China, Malaysia, Taiwan and Vietnam also have a presence. China claims more than 90% of the potentially energy-rich South China Sea via a U-shaped "nine-dash line" on its maps that stretches into Southeast Asia and cuts into the exclusive economic zones of Brunei, Indonesia, Malaysia, Vietnam and the Philippines. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
