Latest news with #NongfuSpring
South China Morning Post
26-05-2025
- Health
- South China Morning Post
Ex-head of Hong Kong Consumer Council denies quitting due to Nongfu Spring debacle
The former head of the Hong Kong Consumer Council has denied her departure was prompted by the watchdog's unusual backdown over its controversial verdicts on a mainland brand of 'natural drinking water'. Gilly Wong Fung-han, who stepped down as chief executive of the council earlier this month at the end of her term, said she had done so after suffering from two serious bouts of cold that left her 'reflecting on life' and needing to 'take a rest'. But she conceded that the council had wronged Nongfu Spring, China's leading bottled water company, when it listed the brand in an incorrect category last year after warning of high levels of bromate in one of its products. 'It has always been our policy that we should be fair and objective, open and honest, and assume accountability,' Wong said in a radio interview on Monday. 'We handled the [Nongfu Spring] case in the same manner …. So, when we discovered that we made mistakes, we took a responsible step to rectify and make corrections.' Last July, the watchdog suggested consumers avoid buying bottled water after tests on various brands, including Nongfu Spring.
South China Morning Post
22-05-2025
- Business
- South China Morning Post
Hong Kong stocks retreat from 2-month high as Baidu slumps on AI concerns
Hong Kong stocks fell from a two-month high on Thursday, snapping two days of gains, with Chinese search engine operator Baidu slumping on concerns over the outlook of its artificial intelligence business. The Hang Seng Index eased 0.6 per cent to 23,693.91 as of 10.13am local time. The Hang Seng Tech Index declined 0.5 per cent. On the mainland, the CSI 300 Index slipped 0.1 per cent and the Shanghai Composite Index was little changed. Baidu slid 3 per cent to HK$83.55 after reporting a 20 per cent decline in adjusted first-quarter profit. Bottled-water maker Nongfu Spring lost 3.9 per cent to HK$37.05 and short-video platform Kuaishou Technology retreated 2.4 per cent to HK$49.15. Alibaba Group Holding lost 1.7 per cent to HK$121. Other major Asia-Pacific markets fell following a disappointing auction of US Treasuries. Japan's Nikkei 225 slipped 0.9 per cent, while South Korea's Kospi retreated 1.2 per cent and Australia's S&P/ASX 200 lost 0.5 per cent. Advertisement
South China Morning Post
10-02-2025
- Business
- South China Morning Post
China's super-rich have a new must-have possession: their own university
Even for China's richest man, it was a bold investment. Last month, beverage magnate Zhong Shanshan raised eyebrows when he announced plans to spend 40 billion yuan (US$5.5 billion) over the next decade to set up a private university called Qiantang University. Zhong, the founder of bottled drinks giant Nongfu Spring, said the new institution would have a clear vision: to advance scientific research, drive the application of new technologies and cultivate top-tier talent in strategic fields. His initiative is the latest in a growing wave of entrepreneur-funded universities in China, a product of a shift in how the country's business elite channels its wealth amid Beijing's intensifying push to develop national self-sufficiency in a slew of hi-tech industries. Just days before Zhong's announcement, the Ministry of Education granted approval to Fuyao University of Science and Technology (FYUST) – a new institution founded with a US$10 billion donation from Cao Dewang, the chairman of glass manufacturer Fuyao Group – to begin enrolling students this year. Meanwhile, the Eastern Institute of Technology (EIT), a university in the eastern port city of Ningbo funded by semiconductor mogul Yu Renrong, is preparing to welcome its first undergraduates later this year, after admitting its first batch of doctoral candidates in 2022. The 2024 China Philanthropy List, a report from the Hurun Research Institute that tracks the donations of wealthy Chinese, found that 70 per cent of the country's top donors prioritised education last year, up from 58 per cent in 2023.
South China Morning Post
09-02-2025
- Business
- South China Morning Post
Why China's super-rich are spending billions to set up universities
Even for China's richest man, it was a bold investment. Last month, beverage magnate Zhong Shanshan raised eyebrows when he announced plans to spend 40 billion yuan (US$5.5 billion) over the next decade to set up a private university called Qiantang University. Advertisement Zhong, the founder of bottled drinks giant Nongfu Spring, said the new institution would have a clear vision: to advance scientific research, drive the application of new technologies and cultivate top-tier talent in strategic fields. His initiative is the latest in a growing wave of entrepreneur-funded universities in China, a product of a shift in how the country's business elite channels its wealth amid Beijing's intensifying push to develop national self-sufficiency in a slew of hi-tech industries. Just days before Zhong's announcement, the Ministry of Education granted approval to Fuyao University of Science and Technology (FYUST) – a new institution founded with a US$10 billion donation from Cao Dewang, the chairman of glass manufacturer Fuyao Group – to begin enrolling students this year. Meanwhile, the Eastern Institute of Technology (EIT), a university in the eastern port city of Ningbo funded by semiconductor mogul Yu Renrong, is preparing to welcome its first undergraduates later this year, after admitting its first batch of doctoral candidates in 2022. Advertisement The 2024 China Philanthropy List, a report from the Hurun Research Institute that tracks the donations of wealthy Chinese, found that 70 per cent of the country's top donors prioritised education last year, up from 58 per cent in 2023.
South China Morning Post
05-02-2025
- Business
- South China Morning Post
Chinese stocks lose ground in Hong Kong and mainland amid tariff uncertainty
Mainland China's markets dipped on Wednesday along with Hong Kong stocks as investors weighed trade tensions with the US and hype around the domestic artificial intelligence (AI) sector. The Hang Seng Index fell 1 per cent to 20,586.54 at 9.50am local time, surrendering some of Tuesday's strongest gain in three months. The Hang Seng Tech Index dropped 1.2 per cent. Mainland benchmarks opened up before losing ground, with the CSI 300 Index falling 0.2 per cent and the Shanghai Composite Index declining 0.3 per cent. Technology stocks in both indices outperformed. Among Hang Seng Index constituents, Apparel maker Shenzhou International Group Holdings sank 5.6 per cent to HK$59.40, while Nongfu Spring dipped 4.7 per cent to HK$35.70 and Haidilao International Holding dropped 4.4 per cent to HK$14.30. Tech stocks were largely weaker, with Beijing-based computing platform Kingsoft Cloud slumping 9.3 per cent to HK$7.78 and Meitu, a maker of smartphones and selfie apps, dipping 6.4 per cent to HK$4.40. Trimming losses, Lenovo Group rose 3.8 per cent to HK$10.90, and electric car maker BYD Electronic climbed 1.8 per cent to HK$44.65. Shipping carrier Orient Overseas International gained 1.7 per cent to HK$104.40, while pork processor WH Group advanced 1.1 per cent to HK$6.27.
