T U E S D A Y , J U L Y 1 1 , 2 0 2 3
C O M
FEARS GROW OVER
FUKUSHIMA WATER
Seafood, catering industries warn of
risk of disruption and price increases
> PAGE A3
On shaky ground
A rare land subsidence (right) yesterday causes the Man Kam To border crossing to
be partially closed, forcing truck drivers heading from Hong Kong to the mainland to
use other checkpoints and spend an extra hour on the road. The disruption will have
a limited impact on the city’s fresh food supply, according to a government minister.
Photos: Dickson Lee, Handout > FULL STORY A3
ENVIRONMENT
HOUSEHOLD RUBBISH-CHARGING
SCHEME DELAYED UNTIL APRIL
Government agrees plan cannot start this year as surge in winter holiday waste may prove too much
Ezra Cheung
ezra.cheung@scmp.com
A scheme to charge residents for
each bag of rubbish they throw
away has been pushed back to
next year, delaying yet again a
plan first floated nearly 20 years
ago to transform Hong Kong’s
household waste management.
Charging would begin on April
1 instead of at the end of the year,
the environment bureau told law-
makers yesterday, admitting more
time was needed to work out the
logistics of the scheme after waste
collectors raised concerns over an
expected surge in rubbish during
the winter holidays.
“Some sectors, such as the
cleansing service providers, have
been appealing for postponing
the implementation, in view of the
expected large quantity of waste
that will be disposed of around
Christmas and Chinese New Year,
as well as the manpower shortage
during Chinese New Year,” the
bureau said in a paper submitted
to the Legislative Council.
“We therefore propose to
implement municipal solid waste
charging on 1 April 2024, which
signifies a major milestone in
waste management in Hong
Kong.”
An average three-person
household is expected to pay
HK$33 a month for the
EMPLOYMENT
Boost for city as talent schemes receive more than 100,000 applications
Willa Wu
willa.wu@scmp.com
Hong Kong has received more
than 100,000 applications to
various talent schemes so far this
year and approved over 60 per
cent of them, nearly double the
number targeted, authorities have
revealed.
Chief Executive John Lee
Ka-chiu yesterday said the enthu-
siastic response showed that pro-
fessionals remained drawn to the
city, which would explore new
areas of growth such as serving as
a matchmaker between global
capital and green projects.
An average household is expected
to pay HK$33 a month for waste
disposal under the scheme.
If authorities
continue to drag on,
the daily disposal
amount will
continue to pile up
BEATRICE SIU, GREENERS ACTION
government-approved bags,
based on the assumption they
produce 13 litres of rubbish daily.
But a number of residents will
be spared the expense for the first
six months of the scheme.
Authorities will hand out 20
bags, sized at 15 litres, to 1.05 mil-
lion families living in public flats,
rural areas and residential blocks
with no owners’ corporations.
While the Housing Authority
Addressing a forum on the
future of Hong Kong, Lee gave an
update on the success of the
government’s different schemes
to attract workers and offset a
brain drain, revealing more than
100,000 applications had been
received by the end of June.
“This is almost three times the
annual target of importing 35,000
workers. It fully demonstrates
Hong Kong’s attractiveness to
talent around the world,” he said.
The Immigration Department
later told the Post that 61 per cent
of the applications had been
approved. The government had
initially planned to lure 35,000
workers to the city this year.
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PRIVATE SECTOR
TAKES THE STRAIN
State-supported businesses have huge
advantage in post-Covid recovery
will help distribute them to public
flat tenants, the bureau has yet to
finalise with the Home Affairs
Department how the other
families covered by the free bag
scheme will receive them.
More refuse collection points
will be established in rural areas,
while large collection bins are to
be set up near private housing
blocks covered by the free bag
scheme.
Prices for bags will depend on
size – about 11 HK cents per litre
– and after six months residents
will face a HK$1,500 fine for using
ones not designated by the gov-
ernment. Large waste that cannot
be put into the bags will require a
special label costing HK$11.
“Frontline staff at relevant
waste reception points will
conduct visual screening as to
whether the waste handed over to
them has been properly wrapped
in designated bags … and will
reject any non-compliant waste,”
the bureau said.
“For severe black spots with
significant adverse impact to the
community, ad hoc enforcement
actions may be conducted even
during the phasing-in period.”
The government will also pro-
vide a HK$10 monthly subsidy to
each recipient of Comprehensive
Social Security Assistance or Old
Age Living Allowance.
Authorities are currently
building a citywide network of
In December, the government
launched the Top Talent Pass
Scheme, lowered certain
requirements for existing
admission schemes and set up
teams at its overseas offices to lure
61%
This proportion of more than
100,000 applications for the
city’s talent schemes have
been approved, according to
the Immigration Department
PUBLISHED SINCE 1903 / VOLUME 79 / NO 190 SEE LIVE UPDATES AT WWW.SCMP.COM
> PAGE A4
supermarkets, convenience
stores, pharmacies, homeware
stores and online platforms to
make it easier to buy the bags.
The Environment and Ecology
Bureau said authorities had
received requests from 19 retail
chains and online retailers to sell
the bags and labels, covering 2,000
outlets and 11 digital platforms.
In its Waste Blueprint for Hong
Kong 2035, published in 2021, the
government laid out plans to
gradually reduce the per capita
disposal rate by as much as 45 per
cent and increase the recycling
rate to about 55 per cent.
Only about 30 per cent of the
4.15 million tonnes of municipal
solid waste the city handled in
2021 was recycled, with the rest
sent to landfills.
Taipei has been charging for
municipal waste since 2000, and
Seoul since 1995. Both have seen
at least 30 per cent reductions in
waste.
A garbage levy in Hong Kong
was first floated in 2004, with the
government elaborating on how it
would treat waste over the follow-
ing decade. The administration of
then chief executive Donald
Tsang Yam-kuen proposed using
economic incentives to encour-
age residents to recycle more and
dispose of less.
The idea of charging for dis-
posal was entertained by the
administrations that followed. A
professionals to the city. The chief
executive said Hong Kong’s
position as an international
financial centre remained strong,
thanks to the advantages
bestowed by the “one country,
two systems” governing
principle.
The city’s stable financial
system also remained highly
attractive amid wider global
uncertainties, he added, pointing
to a recent assessment by the
International Monetary Fund that
praised the peg of the Hong Kong
dollar to the United States’
currency.
The city would continue to rely
on its traditional advantages in
bill was drafted in 2018 and passed
by lawmakers in 2021, but author-
ities were given 18 months to
prepare for the switch.
The scheme was to take effect
at the end of this year, but last
week representatives of the
waste-collecting sector warned
the city would throw out more
rubbish over the winter holiday
than they could handle.
The Environmental Services
Contractors Alliance, which rep-
resents seven business groups
and about 200 cleaning service
companies, called the postpone-
ment good news. “It is ideal tim-
ing for the industry to learn a new
waste management paradigm
when the workforce is the most
abundant,” alliance spokesman
Raymond Yau Pui-lam said.
“Garbage volume peaks from
October to March, but reaches its
trough between April and June.”
He also called on authorities to
hold more workshops so the
industry could better understand
the new system.
But Beatrice Siu Wing-yin, a
senior public affairs officer at
environmental group Greeners
Action, was disappointed by the
delay. “We have been discussing
the garbage levy for more than a
decade,” she said. “The average
daily waste disposal volume in
Hong Kong has reached 11,300
tonnes. If authorities continue to
drag on, the daily disposal amount
will continue to pile up.”
> HARRY’S VIEW A2
finance, trade and shipping while
exploring new economic engines
through innovation and
technology, culture and arts, he
said.
Green projects were one area
that should be tapped for growth,
he argued.
“With advantages in the
financial industry, Hong Kong
must play an important role in
guiding international capital to
match with high-quality green
projects and make positive
contributions to green businesses
in both the country and Asia,” he
said.
Speaking at the same forum,
Financial Secretary Paul Chan
‘NEW MISSION’
FOR CARDINAL
Stephen Chow calls for closer ties
between diocese and mainland
CRIME
6 dead, including 3
children, in attack
at kindergarten
Guangdong authorities say 25-year-old man has
been detained in a case of ‘intentional assault’
Amber Wang and Yuanyue Dang
Six people were killed and one
wounded in an attack at a
kindergarten in Guangdong
province yesterday morning,
according to municipal
authorities.
The Lianjiang Public Security
Bureau said the “intentional
assault case” happened at about
7.40am in Hengshan township,
Lianjiang. A male suspect,
surnamed Wu, 25, was detained at
about 8am by police.
A notice posted on the
bureau’s WeChat account did not
give a motive for the attack and
did not reveal the identities of the
victims.
According to several media
reports, the attacker used a knife.
A report by news platform
Hubei Jingshi quoted unverified
“online information” as saying the
dead were a teacher, two parents
and three students.
A video circulating online
showed what appeared to be at
least two victims lying on the
ground near the gate of a
kindergarten.
The police notice said Wu was
a resident of Lianjiang, a city of
about 1.8 million in southwestern
Guangdong about 500km west of
Hong Kong.
The privately run kindergarten
has been operating since February
2021 in Hengshan, a township of
130,000 people under the admin-
istration of Lianjiang, according to
media outlet Caixin.
A staff member from the
municipal propaganda depart-
ment told the Post that the inves-
tigation was ongoing.
The attack was one of the top
trending topics on social media
platform Weibo, with more than
460 million views as of yesterday
evening.
In recent years, there have
been several vicious incidents in
The suspect, a man surnamed Wu, is arrested and taken away by police
after an attack that killed six people and wounded one. Photo: Weibo
Mo-po predicted the city’s
economy would perform better in
the second half of the year, given
the increase in the number of
wealthier tourists and stronger
local consumption.
But the economy would be
primarily driven by finance and
innovation and technology in the
future, he said.
Zheng Yanxiong, director of
the central government’s liaison
office in Hong Kong, told the
forum the city had sailed through
globally challenging times
brought on by technological and
industrial changes, geopolitical
conflicts and the onslaught of the
pandemic, he said.
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C O P Y R I GH T
W W W . S C M P .
> PAGE A5
primary and secondary schools
on the mainland.
In June, police in Beijing’s
Haidian district arrested a
26-year-old man who drove a car
onto a high school campus after a
rare hostage-taking incident in
the capital, during which one
student was wounded.
In April 2021, two children
were killed and 18 others
wounded in a knife attack at a
kindergarten in the southern
region of Guangxi.
In June 2018, a 29-year-old
man used a knife to kill two
primary school students in
Shanghai. The killer was executed
in December 2020.
One of the most horrific
attacks in recent years took place
in April 2018 in Shaanxi province
when a man attacked students
with a knife outside a secondary
school at the end of a school day,
killing nine.
The court said the attacker was
“angry at innocent people
because his work and life were not
going well, and he sought revenge
by stabbing students with a knife”.
He was executed later that year.
Following the incident in
Guangxi, the Ministry of
Education advised authorities to
“effectively strengthen the safety
of primary and secondary school
and kindergarten campuses”.
The ministry said at the time
that all schools in the country
should “deeply understand the
extreme importance of maintain-
ing school safety and student
safety” and ensure police were
stationed at school entrances
during “key times”.
The ministry also launched a
“safety education week” in
primary and secondary schools
across the country in March to
“enhance students’ ability to
protect themselves” and to
“prevent and reduce the occur-
rence of various types of safety
incidents”.
“Every rise of Hong Kong has
been achieved amid changes in
the world,” he said. “Every change
in the world is to Hong Kong’s
advantage, bringing to it a new
chapter,” Zheng said.
As a “super-connector”
between China and the world, the
city had been given its most
important role by the central
government, one which would
further strengthen its unique
position and advantages, he
added.
Zheng is scheduled to attend a
lunch with the city’s lawmakers
on Friday, at the invitation of
Legislative Council president
Andrew Leung Kwan-yuen.
$14
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A2 Day by Day

TUESDAY, JULY 11, 2023

MY TAKE - ZHOU XIN HARRY’S VIEW

China must grow its middle class

even as headwinds take their toll
As the country tries to achieve its vision of common prosperity, a wave
of job cuts and falling home prices are badly undermining confidence

T
he concept of “middle class” has never
been officially adopted in China because of
its political implications. Instead, the
government uses the economic term
“middle-income group” as a substitute.
It remains a debate how “middle income”
should be defined and, therefore, how big
China’s middle-income group is.
Li Shi, a researcher, estimated in a recent
paper that 460 million people in the country
belong to the middle-income group, making up
about a third of the total population. He came to
the conclusion by adopting a low threshold: a per
capita monthly income of at least 3,000 yuan
(HK$3,250) within a household is counted as a
middle-income family.
That is similar to the standard used in 2020 by
the Chinese Academy of Social Sciences, which
defined a three-person middle-income family as
one with an annual income of between 100,000
yuan and 500,000 yuan. China’s statistics bureau
has also said that middle-income households
accounted for over 30 per cent of the country’s
population.
Headwinds faced by China’s
middle class are also set to
grow stronger because of …
falling house prices
In reality, however, families require a much
higher income to attain a middle-class lifestyle in
China, particularly in large cities, and the official
threshold is often ridiculed by the public as being
too detached from reality.
In Shanghai, the wage floor for calculating
social welfare payments was raised to 7,310 yuan
per month from July, based upon the city’s
average monthly salary of 12,183 yuan last year.
As such, the real size of China’s
middle-income group could be smaller than
official calculations.
But rather than asking how big this group is,
the more important question is how much it can
grow. There is little doubt that China’s economic
rise has created a sizeable middle class, which
includes affluent urban residents in major cities
and coastal areas. And there are hopes that more
Chinese people will become modern consumers.
If we take the experience of other developed
economies as a reference, such as Japan, where
middle-income people account for two-thirds of
the population, then China’s group has the
potential to double from its current size.
The prospects of a single country with
between 800 million to 900 million middle-class
spenders will make China an irresistible market
for multinational companies.
Still, the optimistic forecast that China will
turn most of its population into middle-income
people faces scepticism, particularly after it
removed its draconian pandemic controls and
reopened its economy. Consumer spending,
which had been expected to be a strong engine
for growth, has instead become a weak link.
A particularly worrying phenomenon is that
China’s middle class is bearing the brunt of
economic changes. The typical middle-class
lifestyle, which includes buying a nice flat with a
big mortgage, and sending children to expensive
schools, has quickly become unachievable as a
wave of job cuts hits urban families. The fall in
high-paying private-sector jobs has also burned
the social ladder for many families who were on
their way to becoming part of the middle class.
VIDEO HIGHLIGHTS
In sum, it is very easy for an existing middle- Scan the QR codes to watch the videos
income household to get kicked out of the club,
and very hard for a poor household to join in.
The headwinds faced by China’s middle class
are also set to grow stronger because of another
factor: falling housing prices.
According to a survey of 30,000 urban Chinese
households, conducted by the central bank in
2019 before the pandemic, property accounted
for 70 per cent of average household wealth. On
the liability side, mortgages made up 76 per cent
of total household debts.
While China is unlikely to encounter a
subprime crisis at the moment, there are already
anecdotal cases of foreclosures pushing typical US Treasury Secretary Janet Yellen Floods and landslides kill least 19 South Koreans stock up on sea salt
middle-income households into poverty. hails ‘progress’ in US-China ties in northern India ahead of Fukushima water release
As their income prospects dim and family
wealth becomes endangered, China’s middle- US Treasury Secretary Janet Yellen Torrential monsoon rains have Supermarkets across South Korea run
income families have to take a defensive stance concludes her four-day visit to Beijing, flooded parts of northern India, killing out of sea salt as households stock up
in spending. In the long run, a shrinking and saying the trip has helped put relations at least 19 people. The area is also hit ahead of the planned release by
timid middle class will do nothing to help the between the two biggest economies by landslides triggered by the deluge, neighbouring Japan of contaminated,
country leap over the “middle-income trap” or on a “surer footing”. But Washington and the country’s capital, New Delhi, but treated, cooling water from the
achieve its vision of common prosperity. It is will continue to take actions needed to reportedly witnesses its heaviest crippled Fukushima Daiichi nuclear
imperative that China find ways to expand its protect its national security, she says. recorded rainfall in decades. plant into the sea.
middle-income group and boost its confidence.

POSTS FROM THE PAST

AUCTION OF TRADITIONAL
VEHICLE REGISTRATION MARKS
Date: 15 July 2023 (Saturday) | Place: Meeting Room S221, L2,
Old Wing, Hong Kong Convention & Exhibition Centre, Wanchai
Time: 9:25 a.m. | 160 marks will be put up for auction in the following order:
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7 ,: 53 ,5 , Peace Prize laureate Liu Xiaobo, shows bringing him back to life in a whisky
( 4 48 ( 4.
her elation at Helsinki airport, en route to commercial – because he abstained from
'6 (5 99 )5 8
3 . 5 . Berlin after she is finally allowed to leave drinking alcohol. Several say the advert,
)9 ' 44 )8 for Germany after nearly eight years of featuring computer graphics that recreate
8) :' .4 88 :' .5
house arrest. Her release comes just three the kung fu legend’s likeness, is in bad
9 88 77 ( 81
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5 88 4 8. husband’s death in custody from cancer. says he finds it “disgraceful”.
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Time: 2:25 p.m. | 180 marks will be put up for auction in the following order:
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.. '' 55 )) ) dramatic victory over the government, the vehicle off the edge of Tuen Mun Road
) 88 8 7 lawmakers are unanimous in support. The as it hovered momentarily on safety rails
88 44 (8 ..
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page A10 yesterday, the financial penalties imposed Hong Kong A5, China A6-A7, Asia A8, World A9,
: 4( 4 '. 88 :(
on businesses since 2015 amounted to HK$29 Editorials A10, Letters A10, Insight A11
' 64 86 6 (. 8
: 88 : ' 3 million, not the HK$179 million as stated. This is BUSINESS (Section B): Business News B1-B3,
88 ) : 77 because the HK150 million fine relating to a 2022 Directory B4-B6 Mutual Funds B7, Stocks B8,
. (1 5( 7 1 plea bargain deal has yet to be sanctioned by the Diversions B9, Life B10-B11, Racing B12, Sport B13-B14
86 8) 4 88 Competition Tribunal.
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NEWS HOTLINE 2565 2252 CLASSIFIED ADS 2565 8822
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SUBSCRIPTIONS & DELIVERIES 2680 8822

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

U.S.-CHINA RELATIONS
Beijing calls for end
to sanctions and
more cooperation
China’s development will help both sides, finance
ministry says, but differences likely to persist
Wendy Wu
wendy.wu@scmp.com
Beijing urged Washington to
remove economic sanctions on
Chinese companies and called for
joint efforts to address global
challenges, in talks with US
Treasury Secretary Janet Yellen.
“China’s development is an
opportunity, rather than a
challenge, to the US. It means
benefits, not risks,” the Ministry of
Finance said in a statement
yesterday to wrap up China’s
position in the talks with Yellen
during her four-day visit.
It marked the second
senior-level visit by US President
Joe Biden’s cabinet officials to
China in less than one month, as
the world’s largest two economies
are struggling to avoid missteps as
they try to prevent impaired rela-
tions from further deteriorating.
Frank exchanges
are needed between
the two countries to
reach a consensus
on important issues
MINISTRY OF FINANCE
“During the talks, China reiter-
ated its requests for the US to
remove tariffs, stop containing
Chinese companies, ensure fair
treatment in bilateral investment,
loosen export controls, and lift
bans on Xinjiang-related prod-
ucts,” the ministry statement said.
“China hopes the US will take
concrete measures in response to
[Beijing’s] major concerns in
bilateral economic relations.
“It is practical, and the correct
choice, to beef up bilateral
cooperation.”
Yellen said on Sunday before
her departure that the 10-hour
bilateral talks with China’s new
TRANSPORT
Truck drivers face delay
as land subsidence causes
disruption at control point
Edith Lin
edith.lin@scmp.com
Truck drivers heading from Hong
Kong to the mainland faced an
extra hour of travel yesterday after
the Man Kam To border crossing
was partially closed due to an
“emergency situation” caused by
a rare land subsidence.
But Secretary for Transport
and Logistics Lam Sai-hung said
the disruption would have a
limited impact on the city’s fresh
food supply despite the control
point being a major crossing used
for transferring such goods from
the mainland.
“While vehicles heading north
will use other checkpoints …
southbound traffic remains
unaffected, so there is little impact
on the city’s fresh food supply,” he
said.
Lam added that the city had to
wait for the mainland to announce
when the checkpoint would fully
resume services.
Photos from Sunday showed
the roads had cracked and debris
spread across three of the
crossing’s northbound lanes. The
surface in front of three booths
had also sunk, causing the roofs of
two to break.
A video also revealed a water
leakage at a vehicle checkpoint.
Chan Dik-sau, chairman of
the Container Transportation
Em ployees General Union,
yesterday said truck drivers had
switched to using the Heung Yuen
Wai crossing, which was a 20-
minute drive from the Man Kam
To checkpoint.
“The border checkpoint had
congested traffic [yesterday]
morning. Drivers will need an
extra hour to complete their trip to
the mainland,” he said.
“The incident has not affected
the fresh food supply from the
mainland to Hong Kong …
Drivers can still complete their job
within the day.”
The Transport Department
described the incident as an
economic officials during her visit
had helped lay the groundwork
for surer footing to stabilise ties,
and she expected more engage-
ment onwards.
Despite her upbeat assess-
ment, rifts still persist, and the
United States will continue to
impose national security restric-
tions on China’s access to
advanced technology.
The US has put more than
1,000 Chinese firms on sanction
lists or under export controls, and
is mulling new restrictions on US
investment in China.
Beijing has repeatedly lashed
out at Washington’s alleged
abuses of national security, and
broad bilateral relations have
plumbed new lows in recent years
amid a raft of hot-button issues,
including tech restrictions,
national security, human rights
and Taiwan.
Yellen reiterated that the US
did not seek to decouple from
China, as doing so would be
disastrous for both countries.
The finance ministry state-
ment added that the US said it was
“not intent on forcing countries to
take sides, as doing so would lead
to fragmentation in the global
economy”.
“Frank exchanges are needed
between the two countries to
reach a consensus on important
issues in bilateral economy and to
inject stability and positivism into
economic relations,” the state-
ment added.
It also called for coordination
to tackle global challenges such as
the economy, climate change and
debt relief.
“Confronted with severe
global challenges, China hopes
developed countries including the
US will take on responsibilities,
and be mindful of concerns in the
developing world,” it said.
“Differences should not lead to
estrangement but should serve as
the impetus for closer exchange
and communication.”
> ‘WARMER’ WELCOME A7
> EDITORIAL A10
“emergency situation” and said
cross-border coaches travelling
north would be diverted to the
Heung Yuen Wai control point. It
also revised the wait time between
buses from 30 minutes to about 45
minutes.
Freeman Cheung Kim-ping,
secretary for the Hong Kong
Guangdong Boundary Crossing
Bus Association, said the change
would affect business for coach
companies running the cross-
border service as travellers would
seek alternative routes.
“Passengers might consider
taking public transport to Heung
Yuen Wai instead,” he said. “It
costs only about HK$10, while a
cross-border coach ride costs over
HK$20.”
But he noted that coaches
travelling through the Man Kam
To control point had relatively
fewer passengers compared with
other cross-border bus routes,
which were more convenient for
those heading to Shenzhen’s core
districts.
Chu Wai-lam, principal of
Fung Kai No 1 Primary School,
said the incident had little effect
on cross-border students
because yesterday was a school
holiday.
Only students from certain
years would need to return to
campus before the summer break
started, including Primary Six
pupils who would get their
secondary school allocation
results today, Chu said.
“As the incident does not affect
southbound travel, students can
still take school buses and other
public transport to school,” Chu
said.
“But they will need extra time
to head back home. Normally it
only takes 10 minutes to arrive at
the checkpoint, but they will need
20 to 30 minutes to go to another
checkpoint.”
The principal added that he
hoped the northbound lanes
could be fixed during the summer
holiday to reduce the impact on
pupils crossing the border.
Sunflower power
The hot summer is when sunflowers get their time to shine and here visitors pose for
a picture as they take a stroll through a field of the stunning yellow blooms in Shun
Sum Yuen Farm in San Tin, Yuen Long, yesterday.
ENVIRONMENT
BUSINESSES WARN OF PRICE RISES
IF JAPAN DUMPS TOXIC WATER
Catering and seafood sectors say import curbs and public worries over seafood safety will hurt trade
Sammy Heung and Harvey Kong
The city’s catering and seafood
industries have said they fear that
potential tightening up on
imports of Japanese products in
the wake of the country’s plan to
discharge radioactive waste water
into the ocean could lead to price
increases.
Some sector figures yesterday
said business had already dropped
off amid customers’ worries about
seafood safety sparked by the
Japanese proposal to dump water
from the Fukushima nuclear plant
disaster into the sea.
Simon Wong Ka-wo, the pres-
ident of the Hong Kong Federation
of Restaurants and Related
Trades, said if the city enforced
the same restrictions on Japanese
imports as the mainland,
Japanese-style restaurants could
take a hit.
“If all food imports have to be
inspected, the shipping can be
delayed. As seafood are fresh food
and cannot be stored for too long,
they will also be affected,” he said.
“The catering industry is also
worried that the restrictions can
reduce the supply of seafood, and
raise the prices.”
Overseas media have reported
that Japan was preparing to
release treated radioactive waste
EDUCATION
Two-thirds secure first choice of secondary school
William Yiu
william.yiu@scmp.com
Two-thirds of applicants have
secured their first choice of
secondary school through the
central allocation system, a slight
drop compared with last year,
education authorities have said.
Pupils were to be told their
results today, but families who
were disappointed might find it
more difficult this year to directly
approach their preferred schools
– known as “door-knocking” –
after the Education Bureau
announced last week it would
reduce the number of places
available because of falling school
pupil numbers.
The bureau yesterday said
50,508 Primary Six children, 1,060
more than last year, had joined
the secondary school places
allocation system for the coming
academic year.
Pupils were allocated places in
LEADING THE NEWS
water from the Fukushima
nuclear plant disaster into the sea
as early as August.
It is expected to take up to 30
years to dispose of the 1.37 million
tons of contaminated water, a
long-term process which sparked
fears in the Hong Kong govern-
ment and among lawmakers over
potential health and environmen-
tal effects.
The mainland announced
plans last week to ban imports
from 10 Japanese prefectures,
including Fukushima, and all
shipments from other regions of
the country will have to be fully
screened, instead of undergoing
spot checks.
Authorities in Hong Kong said
more risk assessments would be
made on the discharge plan,
despite a UN nuclear watchdog
giving the go-ahead.
Secretary for Environment
and Ecology Tse Chin-wan last
month warned that a potential
ban on Japanese seafood imports
could cover more than five prefec-
tures already under restrictions.
He added authorities would boost
screening resources.
The five prefectures are
Fukushima, Chiba, Gunma,
Ibaraki and Tochigi, which at
present can export some types of
food to Hong Kong if they can
provide radiation certificates.
two stages. The first group were
granted places based on discre-
tionary factors, such as academic
and interview performance.
Pupils could apply directly to any
two schools and the results were
released in March.
Children who failed to secure
a place at the discretionary
stage were placed in the
computer-based central alloca-
tion system, where they could
pick up to 30 institutions in their
“school net” – catchment area –
based on their home addresses.
80%
This proportion of pupils
either received offers at the
discretionary stage or their
top pick in the later central
allocation process
One of the Instagram hotspots in the New Territories during summer time, the tall
and colourful sunflowers are said to have originated from Japan and the Netherlands,
hence the addition of a decorative windmill in the field of floral finery. Photo: Elson Li
Wong said, although Japanese
restaurants in the city were less
likely to import seafood from the
Fukushima area even before the
potential discharge, customers
might still have concerns about
food safety.
Japanese restaurant operator
Lam Shing-sheung said
higher-end dining places that
served Omakase – a type of meal
involving dishes selected by the
chef and made from ingredients
fresh that day – had seen business
drop by as much as 30 per cent.
“The restaurants that are
affected the most are those
Local protesters and South Korean lawmakers demonstrate in Tokyo
against plans to release toxic waste water into the ocean. Photo: AP
About 66 per cent of pupils got
their first pick through the central
allocation system, down from last
year’s record high of 71 per cent.
Eighty per cent of pupils either
received offers at the discretionary
stage or their top pick in the cen-
tral allocation, down from 83 per
cent last year. About 91 per cent
were given one of their two discre-
tionary place choices or one of
their top three picks by central
allocation, down from last year’s
figure of 94 per cent.
Meanwhile, the bureau, con-
firming an earlier report by the
Post, said last Wednesday that
schools could only use one of the
two places reserved in Secondary
One classes for pupils who had to
repeat a year to enrol children
unhappy with their allocated
institutions.
“After careful consideration
and listening to the opinions of
stakeholders, the Education
Bureau decided that only one
repeater quota in each Secondary
Tuesday, July 11, 2023
serving Omakase,” he told a radio
show yesterday. “It is because
they mainly use seafood directly
shipped from Japan by air. These
customers usually prefer sashimi
with a very high quality.”
Lee Choi-wah, the chairman of
the Hong Kong Chamber of
Seafood Merchants, also warned
prices for Japanese seafood might
rise if the government
implemented restrictions.
“After the mainland
announced a ban on food imports
from 10 Japanese prefectures, I
saw that seafood from other parts
of the country had increased ….
One class can be used to admit
non-repeaters starting from the
2023-24 school year,” it said.
Schools said the reduction in
door-knocking places would help
to prevent a “musical chair effect”
where pupils switched schools,
threatening the survival of some
education institutions because of
a decline in numbers.
Chu Kwok-keung, the princi-
pal of a school near the border and
a lawmaker for the education
constituency, said the return of
pupils from mainland China after
travel restrictions were dropped in
February was one of the reasons
the rate of those getting their top
choices had gone down.
“After the pandemic, some
students across the border applied
for Primary Six in the North dis-
trict,” he said. “More than 200
Primary Six students in our dis-
tricts were allocated their second-
ary school places in Kowloon due
to keen competition, and the
number is more than last year.”
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C O P Y R I GH T
A3
by less than 10 per cent,” he said.
He added the media coverage of
the controversy might trigger con-
sumer concerns, which could put
people off consumption of
Japanese seafood products.
But he highlighted only about
3 per cent of seafood served in the
city was imported from Japan and
a very small proportion of that,
mostly conpoy and abalone, came
from the Fukushima area.
Alvin Lam Chin-cheung, 39,
the owner of Hirou Tsuki izakaya,
which serves Japanese food and
drinks in San Po Kong, said his
business was not affected so far.
But he admitted he was
worried that the price of seafood
might rise due to the drop in
supply if further restrictions on
Japanese imports were imposed.
He predicted, however, that
Hongkongers’ demand for
Japanese food would not be
lessened, even with price
increases.
Professor Kenneth Leung Mei-
yee, the chairman of the Advisory
Council on Food and
Environmental Hygiene, also
raised concerns about a report
published by the International
Atomic Energy Agency last week
on the plan to discharge water
from the Fukushima plant into the
Pacific Ocean.
“Our concern is that we have
no data on whether sea creatures
are really safe even at low radiation
doses,” Leung said.
Chu added that another rea-
son for the rate coming down was
more parents and pupils were
being aggressive in their choice of
traditionally popular schools as
they may have thought the emi-
gration wave meant there would
be less competition.
Polly Chan Suk-yee, principal
of Yaumati Catholic Primary
School (Hoi Wang Road) and
vice-chairwoman of the Hong
Kong Aided Primary School Heads
Association, said the children of
successful applicants through the
Top Talent Pass Scheme had
increased school rolls.
She said the scheme, launched
by the government last December,
had boosted the number of
Primary Six pupils entering the
allocation process.
The bureau said all pupils in
the central allocation process
should visit their primary schools
today to collect their results and
admission slips for secondary
education.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A4 Tuesday, July 11, 2023
FOCUS
Bruised private sector
takes the strain
State-owned businesses benefit more from government support than those that are
privately run, and experts warn this threatens to slow China’s post-Covid recovery
He Huifeng and Mandy Zuo
Despite receiving more orders
than last year, a door maker in
China’s southwest is struggling to
open enough figurative doors to
make ends meet.
Besides cutting labour costs,
the company – a privately held
industry leader in the region – has
opted to cut profit margins to grab
a bigger market share amid an
uneven recovery of the world’s
second-largest economy.
Though its revenue had been
growing so far this year, the
company’s profits remained
extremely low, said a manager
surnamed Liao.
Funds flying into SOEs …
have been much more
than those to private firms
LIN CAIYI, CHINA CHIEF ECONOMIST FORUM RESEARCH INSTITUTE
“We’ve got no other option.
The goal now is to survive,” she
said.
In sharp contrast with these
types of private plights, strong
cash flow and greater loan capac-
ity have helped state-owned
enterprises (SOEs) recover rela-
tively faster this year after Beijing
put an abrupt end to zero-Covid
controls in December.
Jason Liang, who manages a
state-owned trading company in
Guangdong, pointed to a recent
deal that illustrates how state
firms continue to have a leg up on
their private counterparts.
“A very simple example – we
are now able to send more than
US$10 million worth of products
to the warehouse of a big buyer [a
supermarket chain] in Australia,
where they sell the products first,
and then we collect the final pay-
ment after 90 or 120 days,” he said.
“Few private company peers can
make such big concessions, which
means they can’t compete for
orders from such big customers.”
As the backbone of China’s 121
trillion yuan (HK$131 trillion)
economy, the private sector – a
major source of employment and
contributor of fiscal revenue – was
hit hardest under zero-Covid and
continues to point to worrisome
uncertainties about what the
future holds.
Despite officials from all levels
of government continually trying
to sweet-talk and reassure private
firms and investors since late last
year, many continue to flag sub-
optimal conditions including
weakened demand, potential
policy changes, weak support and
poor growth prospects.
Already this month, Zheng
Shanjie, director of the National
Development and Reform
Commission (NDRC), has held
two discussions with private
entrepreneurs to “listen to the real
situation [of private companies]
from various sides”, including
different industries and regions.
And in response to specific
appeals and suggestions raised by
enterprises, China’s top economic
planner has vowed to assess the
current policies and unveil new
supportive measures to help the
private sector.
Meanwhile, from industrial
output to investment totals and
revenue, a recovery in the private
sector has been slower than at the
state level.
For the first five months of this
year, fixed-asset investment by
private firms fell 0.1 per cent from
the previous year, in sharp con-
trast with the rise of 8.4 per cent
among their state-owned rivals.
Profits of private industrial
enterprises with annual revenues
of at least 20 million yuan fell 21.3
per cent to 683.8 billion yuan in
the first five months of this year,
compared with a drop of 17.7 per
cent to 962.5 billion yuan by SOEs.
According to the latest data
from the State Administration for
Market Regulation, the number of
A worker makes towels for export, but private firms
are struggling to find sufficient support. Photo: AFP
37.6%
Percentage of small firms that closed or
suspended operations in the first quarter of
2023, according to a Peking University survey
registered private enterprises in
China surpassed 50 million in
early April and reached 50.9 mil-
lion by the end of May – a 3.7-fold
increase from 10.86 million at the
end of 2012.
And private enterprises now
account for 92.4 per cent of all
companies in China, the official
figures show.
Experts and analysts said that
only increased fairness in access
to resources and financing, with
certain and stable policies, were
likely to quell the current confi-
dence crisis among private enter-
prises. And in the absence of such
measures, some said China’s
recovery outlook may be delayed.
“The lack of confidence in
private capital has been an issue
of great significance that may lead
to systemic impacts,” said Liu
Yuanchun, president of Shanghai
University of Finance and
Economics, in an interview with
the Finance 40 Forum think tank.
“In particular, we should pay
attention to the existence space
for the private sector, its availabil-
ity to funds and whether it can
enjoy fair competition. We should
also aim to help SMEs effectively
obtain orders and reverse the
worsening of profits and balance
sheets.”
Even in the most promising of
private sectors, such as new
energy, investors are not immune
to the effects of policy
uncertainties.
Earlier this year, Billy Wang
leased a piece of land spanning
nearly half a square kilometre in
Guangdong province to install
centralised photovoltaic power
panels.
Wang registered the solar-
energy project with local authori-
ties but was told two months ago
to put plans on hold as the author-
ities had tightened restrictions on
land use to ensure enough crop-
land was available – in line with a
nationwide campaign to ensure
that China can feed its people.
Now Wang is at risk of losing
his nearly 20 million yuan invest-
ment if the project ends up having
to be axed.
Lin Caiyi, vice-president of the
China Chief Economist Forum
Research Institute, said the lack of
resources and confidence were
behind the disparity in a post-pan-
demic recovery, and that support
for the private sector should not
be merely lip service.
“The most important thing is
to ensure the rule of law. At the
beginning of China’s reform and
opening up, policies were very
stable, thus giving people strong
confidence, which led to prosper-
ity in the private sector,” Lin said.
“However, in recent years,
private enterprises have seen
great instability and unstable pol-
icies. Funds flying into SOEs, such
as in property financing, have
been much more than those to
private firms. The private sector is
underprivileged in obtaining
resources. Despite pledges to treat
them equally and fair, concrete
moves are still lacking.
“On the other hand, SOEs can
rely on state support as a last
resort in difficulties, while entre-
preneurs have to take risks and
bear losses all by themselves. Only
once they are confident, will they
be willing to invest. Currently,
however, the general expectations
are quite unsettling.”
According to a Fitch report
released in early May, steady new
contract signings and a large
backlog of orders in water
resources management, hydro-
power, renewable energy, envi-
ronmental protection and
municipal development have
helped ensure that state-owned
engineering and construction
companies are achieving
above-industry-average growth
rates in 2023.
That would lead to private
peers ceding more market share
to state-owned enterprises, Fitch
expected.
Zhang Wenkui, a researcher
with the Development Research
Centre of the State Council,
warned that this imbalance in
recovery would affect China’s
overall economic growth and
potentially hinder the nation’s
long-term modernisation plans.
He said in an interview with
Illustration: Lau Ka-kuen
Thepaper.cn in late May that the and small businesses by the
prolonged delay of payments by Centre for Enterprise Research at
local governments to private com- Peking University.
panies became more severe dur- The survey findings, released
ing the pandemic. in May, said that more business
“In addition, endless inspec- owners were confronted with high
tions and rectification conducted costs and fierce competition,
by some local governments, while calls were on the rise for
which were random but compul- supportive policies to reduce
sory, would harm basic rights and costs.
interests of private enterprises “We had been very optimistic
and individuals,” Zhang said. at the beginning of this year,
Market-oriented reform based expecting sales to at least double
on the rule of law should be the last year,” said Jeff Jiao, a sales
very core of China’s efforts to engineer of a Shenzhen-based
build a business-friendly market consumer robots company, “but
environment, he said. … there was no any growth in
sales in the first half of the year.”
Zeng Zhao, who runs a
Shenzhen-based tech company
developing educational software,
We should have new channels said the current state of China’s
economy also affected innova-
to directly inject lifeblood and tion, as small tech firms found it
“very difficult” to acquire
subsidies into private sectors financing.
LIU YUANCHUN, SHANGHAI UNIVERSITY OF FINANCE AND ECONOMICS “Domestic demand is no
longer an attractive selling point
to lure investors,” he said.
Amid disparities in the busi- “Private enterprises do not
ness recoveries, coupled with a have enough qualifications nor
beleaguered property market and collateral for bank loans and it is
weak export outlook, many pri- not easy to get a loan, so the capi-
vate entrepreneurs are bracing for tal ends up going to state-owned
fierce competition in the second enterprises.”
half of the year. In his Finance 40 Forum inter-
“2023 is the most difficult year view, Liu with the Shanghai-based
since I started my business,” said university called for a “redefining
Joe Li, who has run an under- of fiscal policy” to directly subsi-
Staff work on a wear-manufacturing business in dise the private sector while fur-
production line Guangdong for 25 years. ther cutting taxes.
at an electric “Competition in the second half of “We should have new chan-
bicycle firm in the year will be fiercer.” nels to directly inject lifeblood and
Hebei province. Despite bouncing back with subsidies into private sectors, in
However, many their best performance since the addition to indirectly aiding
small private first quarter of 2021, 37.6 per cent them,” he said.
firms have of small firms still closed or sus- He also suggested that author-
gone under this pended operations in the first ities should place more orders
year. quarter of 2023, according to a with the private sector in govern-
Photo: Xinhua, survey of more than 11,000 micro- ment procurements, and be more
innovative in setting laws and
regulations.
David Fang, who runs a busi-
ness making and exporting baking
tools in Yiwu, Zhejiang province,
said his company’s operations
had “turned out to be harder”
despite a strong inflow of poten-
tial buyers to the city this year and
a rise in orders.
“Competition is fiercer, while
profits are falling,” Fang said.
Like China’s most dynamic
market players, Fang is trying to
do his homework while weather-
ing the headwinds. This includes
cutting jobs, prioritising innova-
tion, shifting away from low-
profitability products, and turning
inward with an eye on the domes-
tic market.
“It is a market worth billions of
yuan, and it’s worth taking great
effort to explore and expand,”
Fang said.
Additional reporting by Beata Mo
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

TOURISM
City travellers take
to skies with more
trips, longer stays
People make up for lost time after Covid curbs by
planning frequent and extended visits, poll finds
Wynna Wong
wynna.wong@scmp.com
City residents are taking more
frequent and longer trips and
spending is also up compared
with pre-pandemic levels despite
sky-high air fares, a survey has
found.
Online travel agency Klook
said the public had made up for
lost time after travel restrictions
were dropped in February.
Kenny Sham Ho-ki, general
manager of Klook, said a
prolonged spell of high airfares as
airlines continued to recover from
the pandemic did not seem to
have deterred people from
travelling.
96%
This share of 3,412 people
surveyed by online travel
agency Klook said they
planned to go abroad at least
once in the next 12 months
“Hongkongers are very smart.
They have many ways of counter-
ing this. For example, they may
choose less popular times to
travel,” he said. “Or, if it is during
peak season, they will choose
under-the-radar cities so the fight
for tickets is less fierce.”
Klook surveyed 3,412 respond-
ents last month and 96 per cent of
them said they planned to travel
at least once in the next 12 months
while 40 per cent said they
expected to go abroad three times
or more.
The top pick for travel was
Japan – 66 per cent of those sur-
veyed said they planned a trip
there in the next year.
It was followed by Taiwan,
Thailand and South Korea, while
Europe took fifth place.
LEGISLATURE
Legco to launch search for
new head of secretariat to
replace retiring veteran
Jeffie Lam
jeffie.lam@scmp.com
A recruitment exercise will be
launched to find a new head for
the secretariat of the city’s
legislature to replace incumbent
Kenneth Chen Wei-on who retires
next year.
Legislative Council president
Andrew Leung Kwan-yuen
yesterday acknowledged Chen’s
efforts in leading the 600
secretariat staff over the past 11
years, especially in overcoming
“numerous challenges” during
the sixth term of the legislature.
Kenneth Chen has led secretariat
staff for the past 11 years.
He was referring to the
previous term, which was marked
by several controversies, including
the disqualification of six
lawmakers over their oath-taking
antics in 2016 and the storming of
the Legco complex during the
2019 anti-government protests.
“Chen has led his team to
overcome numerous challenges,”
Leung said. “He has also promoted
the modernisation of the
legislature during his term and
adopted various digital services to
The survey respondents said
they were prepared to spend at
least HK$10,000 a head on each
trip.
“Before the pandemic,
Hongkongers tended to spend
around HK$5,000 to HK$6,000
each when they went on holiday,”
Sham said. “This shows they are
currently more willing to spend
on travel, compared with pre-pan-
demic times.”
Most of those polled – 78 per
cent – said food and dining were
the most important activities, fol-
lowed by seeing the sights.
Travellers said they were look-
ing for more in-depth, local expe-
riences and were more inclined to
leave the beaten path.
The answers were in line with
another result from the poll,
where respondents said shopping
was no longer the main objective
of travel.
Sham said the survey showed
69 per cent of tourists still pre-
ferred short breaks of four to seven
days.
But he highlighted that about
25 per cent of travellers wanted to
increase their time away to eight
to 15 days at a stretch – a 92 per
cent increase in those who opted
for longer trips compared with
pre-coronavirus times.
Sham said people aged 18 to
26 were a significant group who
wanted to spend longer stretches
abroad.
Steve Huen Kwok-chuen, the
executive director of EGL Tours,
said a “major difference” he had
noticed with city travellers was
that they wanted to spend longer
periods away.
“For example, before the
pandemic, a majority of
customers who signed up for our
East Asian destinations chose the
five-day tours. But now, many of
them pick six days or more,” he
said.
“Actually, the ratio of people
who choose five days nowadays
has fallen to just about 10 per
cent.”
boost its effectiveness and
transparency.”
Leung said Chen, 58, would
retire in August next year, adding
the legislature would hire a
consultancy firm to lead the
recruitment exercise to look both
internally and externally for a new
secretary general. The Legco
Commission would consider the
shortlisted candidates and make
its choice, he added.
Leung stressed Chen’s
successor had to be familiar with
the work of both the executive and
legislative branches, excel in
leadership and have rich
experience in public
administration.
Chen said it had been an
honour to serve the legislature.
“We have encountered quite a
lot of unprecedented challenges
over the past 11 years. I am
grateful the whole secretariat
could overcome them one after
another in unity,” he said.
In the coming year, he would
continue to push the legislature to
make greater use of technology
and oversee the Legco complex’s
expansion, he said.
Chen, a former deputy
education minister, succeeded
Pauline Ng Man-wah as secretary
general in 2012, despite having no
experience in the secretariat
before. The secretariat provides
administrative support and
services to Legco.
In 2019, Chen faced calls to
resign from the opposition camp,
which accused him of exceeding
his powers to help the pro-Beijing
bloc unseat a pan-democratic
lawmaker from presiding over the
panel vetting a controversial
extradition bill, which triggered
the months-long protests. Chen
said at the time his decision was
based on the Legco rule book and
its conventions.
RELIGION
Bishop Stephen Chow will be one of 21 new cardinals appointed by Pope Francis, the fourth to come from Hong Kong. Photo: Jelly Tse
‘NEW MISSION’ AS CHOW
BECOMES A CARDINAL
Churchman highlights importance of healing social divisions and calls for
closer relations between city diocese and counterparts on the mainland
Harvey Kong
harvey.kong@scmp.com
Newly appointed Cardinal
Stephen Chow Sau-yan has said
the elevation has given him a
“new mission” and called for
greater reconciliation in the city.
Chow, who remains a Catholic
bishop until his installation at the
end of September, said he felt a
sense of responsibility with his
new role.
“It feels like this is a mission
given to me by God through the
pope,” he said.
Chow, who is widely seen as
politically neutral, also high-
lighted the importance of healing
divisions in society.
“I think Hong Kong should
have more reconciliation, so
Hong Kong people can have a
chance to take a break, reconcile
and calm down. This is what I
hope to do,” he said. “This will
require the cooperation of many
parties to happen.”
Asked whether he would con-
ENERGY
CLP’s new system predicts tree growth near cables
Workers from CLP prepare to prune branches growing near overhead
cables at Lei Muk Shue substation in Kwai Chung. Photo: Jonathan Wong
tinue to call for lenient treatment
of those involved in the 2019
anti-government protests, Chow
said it was crucial to give young
people hope, particularly those
who had committed offences.
The 63-year-old was meeting
the press for the first time since his
elevation to cardinal was revealed
by Pope Francis on Sunday during
his weekly public appearance at St
Peter’s Square in Rome.
He will be the fourth cardinal
from Hong Kong, following the
late John Baptist Wu Cheng-
chung, 91-year-old Joseph Zen
Ze-kiun and 83-year-old John
Tong Hon.
The pontiff appointed Chow
as bishop of the Catholic diocese
of Hong Kong two years ago, fol-
lowing the death of Michael
Yeung Ming-cheung in 2019,
making him one of the youngest
to hold the position since the first
Chinese prelate was appointed in
1969.
Chow’s elevation comes as ties
between China and the Vatican
have come under fresh strain. In
April, Beijing named Joseph Shen
Bin as the new bishop of Shanghai,
the country’s biggest Catholic
diocese, in an apparent violation
of the agreement between the two
states reached in 2018.
The Vatican is the only
European state to have formal
diplomatic links with self-ruled
Taiwan, which Beijing says is a
renegade province that must be
reunited with the mainland.
Chow paid a five-day visit to
Hong Kong should
have more
reconciliation, so
people can have a
chance to take a
break, reconcile
and calm down
STEPHEN CHOW
Ezra Cheung
ezra.cheung@scmp.com
A power company has worked
with scientists to develop a model
that predicts the growth rate of
trees near overhead cables in an
effort to prevent them from
disrupting electricity supply in the
New Territories, Lantau Island
and parts of Kowloon.
The monitoring system was
introduced last April, and CLP
Power’s vegetation management
team carried out 80,000 pruning
works based on alerts issued over
the past year.
“The system’s most significant
feature is the ability to predict the
growth of trees … to identify those
that may pose a potential risk to
nearby overhead cables,” said
Michael Lau Ho-yin, a north
region director at CLP Power.
“When CLP Power’s vegeta-
tion management team carried
out tree maintenance in the past,
it was difficult to grasp the growth
of trees within the range of over-
head cables.”
He added that the new system
could save more than HK$1.5
million in annual operating costs
as it would help allocate resources
and labour more efficiently.
The power company created a
Tuesday, July 11, 2023 A5
Accountant
swindled in
HK$1m
cyber deal
Woman responding to
online post transfers
digital coins into
designated e-wallet
Clifford Lo
clifford.lo@scmp.com
Police are hunting fraudsters who
swindled an accountant out of
HK$1 million in digital money in a
bogus cryptocurrency deal at a
shop in Tsim Sha Tsui.
Detectives are investigating
whether the fraud syndicate set
up in the basement of Chevalier
House on Chatham Road South to
cheat the 29-year-old woman.
The accountant saw an
Instagram post about trading
digital coins at a higher exchange
rate with contact details provided,
a source familiar with the case
said yesterday.
She wanted to sell Tether digi-
tal coins and contacted a fraudster
who posed as a shop employee.
She was asked to visit the store to
carry out the transaction on
Sunday night.
“During the meeting in the
shop, a scammer posing as a staff
member put a bundle of HK$1,000
banknotes on the counter for
payment of the transaction,” the
source said.
The woman then transferred
128,040 Tether coins as instructed
to a designated e-wallet account
in exchange for HK$1 million.
“After she completed the
transfer, the ‘employee’ asked the
victim to wait outside the shop
because he needed to go to the
toilet,” the source said.
She realised she had been
Beijing in April after being invited conned when the man failed to
by Bishop Joseph Li Shan of the return and she was unable to con-
Beijing diocese, marking the first tact him. She then called police at
time a senior Catholic clergyman about 10pm on Sunday.
from Hong Kong had visited the The “banknotes” were left on
capital since the handover from the counter, another source said.
British to Chinese rule in 1997. “Except for two genuine bank-
He said at the time the visit notes on the top and bottom of
underlined the mission of the the bundle, the others were bogus
Hong Kong church to act as a bills,” the source said.
bridge and promote exchanges The bills, known as training
between the faithful on the two notes, look genuine aside from
sides. three Chinese characters for
Chow also called for closer ties “practice coupon” printed on
between the city’s diocese and them. They bear no security fea-
churches and their counterparts tures and are said to be used by
on the mainland. bank staff for training and count-
Reverend and lawmaker Peter ing practice.
Koon Ho-ming described Chow Officers combed the area and
as an “ideal mediator” to repair pored over security camera foot-
relations between Beijing and the age, but no arrests were made.
Holy See, and predicted greater Police classified the case as decep-
communication between the two
sides in the future.
“His appointment shows that
tion. Detectives from the Yau
Tsim criminal investigation unit
are handling the case.
he is trusted by the pope. And his
invitation to Beijing earlier shows
On May 4 last year, a crypto-
currency trader was lured into
that he is welcomed on the main-
land. One can serve as a bridge
transferring HK$1.5 million in
digital money in a bogus transac-
only when he or she is accepted by tion in a Nathan Road shop.
both sides,” Koon said. Between January and March
Chow’s elevation also demon- this year, police handled 8,886
strated the pope’s support for an reports of deception, up 65 per
estimated 12 million Catholics cent from 5,378 cases logged in
over the border, he added. the same period last year.
database using geographic infor- University, who co-led the pro-
mation system (GIS) technology ject, said it was the first time the
to record information on more system was being used in the city,
than 170,000 trees, including their and its predictive function was
species, age and pruning history. advanced and detailed.
More than 200 species, includ- The project began in 2019 to
ing kapok, camphor wood, bau- monitor the growth rate of trees
hinia and Chinese banyan, have along CLP Power’s overhead
been identified along the power cables in the New Territories,
lines in the New Territories, Lantau Island and parts of
Lantau Island and parts of Kowloon.
Kowloon. In the following year, the
Liu Wai-lung, a senior techni- research team conducted experi-
cal supervisor in the vegetation ments to analyse the effect of
management team, said the sys- weather, temperature, sunlight
tem had improved work efficiency and rainfall on pruned trees.
since they could prioritise pruning The findings revealed that the
work according to the risk of dis- higher the sun intensity, temper-
turbing the overhead cables. ature and rainfall, the faster a
“It’s easier for us to identify the pruned tree developed epicormic
location of the tree because the shoots, an abnormal structure
system will tell us the GPS position that grows on its trunk, stem or
as well as the cable’s location and branch in response to adverse
name,” he said. events such as fires or fungal
Lau said the model also helped infections.
reduce paper consumption by 70 The closer the tree is to an
per cent as data obtained on-site overhead line, the more likely it is
could be directly added to the to cause power to discharge to the
system. ground, leading to voltage insta-
Countries such as Britain, the bility, the vegetation manage-
United States and Canada have ment team explained.
used such technology for more Jim said the system helped the
than a decade to monitor tree team carry out pruning work in a
growth and collect spatial data. “more scientific, accurate and
Jim Chi-yung, a research chair objective” way, since it was largely
professor of geography and envi- based on experience and knowl-
ronmental science at Education edge from past training.
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A6 Tuesday, July 11, 2023
DIPLOMACY
XI PLEDGES AID FOR SOLOMON ISLANDS
President vows assistance with no preconditions for Beijing’s first security partner in South Pacific
Hayley Wong
hayley.wong@scmp.com
President Xi Jinping has pledged
economic and technical aid with
“no political preconditions” for
Solomon Islands – Beijing’s first
close security partner in the stra-
tegically important South Pacific.
Meeting Solomons’ Prime
Minister Manasseh Sogavare in
Beijing yesterday, Xi said:
“Although our friendship arrived
belatedly, it is leading the way in
relations between China and the
Pacific Islands.”
State broadcaster CCTV
quoted Xi as saying: “China
Nation ‘needs
time to heal
scars left by
pandemic’
Beijing should increase
fiscal deficit but not bail
out local governments,
ex-finance minister says
Amanda Lee
amanda.lee@scmp.com
Beijing should not bail out its
indebted local governments, and
an increase in its fiscal deficit is
needed to speed up the country’s
economic recovery, according to
former finance minister Lou Jiwei,
who said a “process” was needed
to heal the “scars” left by the
coronavirus pandemic.
In an interview with the
state-backed China Daily, as well
as in an article published by the
Shanghai-based The Paper over
the weekend, Lou said policymak-
ers needed to adjust their priorities
“in time” to “restore” the
economy.
Lou was China’s finance
minister between 2013 and 2016
and has been vocal about the
country’s economic problems.
“The scarring effect caused by
the pandemic is relatively
serious,” he said.
“Enterprises, residents and
local governments are all repairing
their balance sheets, and it is a
process to restore confidence.
Only when the balance sheet
returns to normal and confidence
is restored, can companies dare to
invest.
“Residents dare to consume
only when the employment
situation improves and they have
confidence in their future income.
Correspondingly, fiscal revenue
will also increase.”
China’s slower-than-expected
recovery and mounting local
government debt have also
caused concern among investors
and businesses. Several local
authorities recently said they were
not able to meet their debt
repayments, raising fears over the
risk of a major default.
“It is not expected that there
will be a large-scale default in local
government debt … The tendency
to exaggerate the risk of local
government debt and put
pressure on [policymakers] is on
the rise,” Lou told China Daily.
A debt swap by Beijing to
relieve the local government debt
burden was a “moral hazard”, and
regional economies should
instead sell-off their own assets to
meet funding deficits, he said.
Lou also suggested expanding
the fiscal deficit – the shortfall in
the government’s income
compared with its spending – by
between 1.5 trillion yuan (HK$1.62
trillion) and 2 trillion yuan to
subsidise rents and utilities, as
well as the interest rate payments
for small companies.
Beijing should also drop its
policy of restricting property loans
and purchases, as well as lift the
limits put on the rise and fall of
housing prices, he said.
He said an “appropriate rise”
of the fiscal deficit for local
governments should be used to
make up for the funding gap for
existing rather than new projects.
“If scientifically it shows that
short-term fiscal policy needs to
be expanded, it is necessary to
increase the fiscal deficit in time to
restore the economy to a normal
state as soon as possible. This
approach will cost the least,” he
said in an op-ed in The Paper.
supports more Chinese enter-
prises to invest in Solomon Islands
and will continue to provide eco-
nomic and technical assistance
with no political preconditions.”
He said China was willing to
share in the development of the
Pacific nation and in the opportu-
nities brought by modernisation,
“expand cooperation in all sectors
… and assist Solomon Islands to
revive development and achieve
long-term stability”.
Xi and Sogavare also
announced the setting up of a
“comprehensive strategic
partnership” and signed a joint
statement for “mutual respect
and co-development”.
Playing it cool
People enjoy a game of mahjong while cooling off in the river in Chengdu as
temperatures soar. The capital of Sichuan province is shoring up its electricity
supplies ahead of the FISU Summer World University Games later this month as
CYBERSECURITY
Google AI researcher warns of ‘data poisoning’
Chinese scientists are planning measures to guard against emerging threat
Zhang Tong
richard.zhang@scmp.com
A Google researcher has warned
that attackers could disable
artificial intelligence systems by
“poisoning” their data sets, but
experts in China are already work-
ing to come up with counter-
measures to guard against the
emerging threat.
At an AI conference in
Shanghai, Google Brain research
scientist Nicholas Carlini said by
manipulating just a tiny fraction
of an AI system’s training data,
attackers could critically compro-
mise its functionality.
MILITARY
A cover over the electromagnetic catapult system on China’s third
aircraft carrier Fujian appears to have been taken off. Photo: Weibo
“Developing diplomatic ties
was the right choice … China has
become the largest infrastructure
partner of Solomon Islands and a
reliable partner for development,”
CCTV reported Sogavare as
saying.
Soon after Solomon Islands
switched diplomatic recognition
from Taiwan to Beijing four years
ago, it joined the Belt and Road
Initiative – Beijing’s flagship mul-
tinational infrastructure strategy
under which it offers loans and
invests in projects such as rail-
ways, highways and ports.
Sogavare, who led the switch
soon after coming to power in
April 2019, will also open his
“Some security threats, once
solely utilised for academic exper-
imentation, have evolved into
tangible threats in real-world
contexts,” Carlini said during the
Artificial Intelligence Risk and
Security Sub-forum at the World
Artificial Intelligence Conference,
according to financial news outlet
Caixin.
In one prevalent attack
method known as “data poison-
ing”, an attacker introduces a
small number of biased samples
into the AI model’s training data
set. This deceptive practice
“poisons” the model during the
training process, undermining its
usefulness and integrity.
country’s embassy in Beijing later
this week.
This is Sogavare’s second visit
to China, but the first since the
signing of a landmark bilateral
security deal last year that had
provoked strong rebukes from the
United States and its South Pacific
allies, Australia and New Zealand.
He arrived on Sunday for a
week-long, Chinese-funded trip
aimed at “further strengthening
bilateral ties”, an official state-
ment from his government said.
After meetings with senior
officials, Sogavare will visit
Chinese enterprises in Beijing and
later travel with his delegation to
the economically powerful coastal
power grids nationally are being stretched to capacity in the sweltering heat.
Temperatures in Chengdu at the weekend reached 41 degrees Celsius for the first
time this year, driving up electricity demand for cooling. Photo: VCG
“By contaminating just 0.1 per
cent of the data set, the entire
algorithm can be compromised,”
Carlini said.
A model will perform poorly if
it is trained on data contaminated
with malicious images. For exam-
ple, if an algorithm designed to
identify animals is fed an image of
a dog that is mislabelled as a cat, it
might mistake other dog images
for cats.
Some poisoning attacks are
very subtle. Poisoned models
perform normally on clean data –
identifying a cat image as a cat, for
instance – but produce incorrect
results on data specifically tar-
geted by the attacker.
Fujian ready to test catapult take-offs soon, analysts say
Minnie Chan
minnie.chan@scmp.com
A shelter covering part of an
advanced plane launch system on
the country’s newest aircraft
carrier appears to have been
removed, suggesting catapult
take-off tests on the vessel could
start soon, according to military
analysts.
Photos posted by a military
enthusiast on Weibo, China’s
equivalent of Twitter, yesterday
also showed an array of radar
systems had been installed in the
control tower island of the Fujian.
Lu Li-shih, a former instructor
at the Taiwanese Naval Academy,
said installation of the electro-
magnetic catapult system was
completed a few months ago,
providing a stable power supply
for the ship.
“The next step should be
The scarring effect caused by the pandemic
is relatively serious. Enterprises, residents
and local governments are all repairing
their balance sheets
FORMER CHINA FINANCE MINISTER LOU JIWEI ADDRESSES
THE STATE OF THE NATION’S ECONOMIC RECOVERY
provinces of Jiangsu and
Guangdong. Guangdong set up a
sister-province relationship with
Guadalcanal, an island in the
Solomons, in May.
The state visit is also the latest
sign of closer bilateral economic
and trade cooperation, after last
year’s security pact paved the way
for Chinese police to take an
increasing role in training and
equipping the Royal Solomon
Islands Police Force.
The US and its allies reacted
strongly to the deal over concerns
about Beijing’s naval ambitions in
the region with decades of strong
American military presence,
especially given the secrecy over
the details of the agreement.
The “lack of transparency”, as
the US put it, has added to worries
This type of attack, which
makes the AI model yield errone-
ous results on select data, could
cause substantial damage or even
grave security breaches.
For a long time, poisoning
attacks were deemed impractical
because inserting malicious data
into a rival’s machine learning
model was a complex task.
Additionally, data sets used for
machine learning in the past were
manageable and uncontami-
nated compared to today’s
standards.
To address these security con-
cerns, Li Changsheng, a professor
at the Beijing Institute of
Technology, proposed a method
of reverse-engineering AI to bol-
ster defences against training data
that has been tampered with.
testing of the J-15T fighter jets,” Lu
said. He also said the radar sys-
tems in the photo included
advanced active electronically
scanned arrays, or AESAs.
“That is the same one used on
the Type 055 cruiser and the Type
052D destroyer, meaning that a
sea trial may start anytime,” Lu
said.
The J-15T is an updated ver-
sion of the J-15 fighter jet and has
been equipped to work with the
new catapult system.
The aircraft is the country’s
only active carrier-based fighter
jet and has been deployed on
China’s two other aircraft carriers,
the Liaoning and Shandong.
Military enthusiasts have fol-
lowed the development of J-15T
since 2021 when photos of the
aircraft began circulating on
Chinese social media platforms.
Ground-based flight tests of
the J-15T are understood to have
that China might be able to station
military equipment or personnel,
or even set up a military base, in
the Pacific Islands.
Honiara has sought to dispel
those fears, saying last year it
would not allow a Chinese mili-
tary base on its soil and was “con-
scious of security ramifications”.
About a week before the trip by
Sogavare to China, Australian
deputy prime minister and
defence minister Richard Marles
visited the Solomons for security
talks, and emphasised “the deep-
ening partnership between our
two countries”.
Australia has been the
Solomons’ largest aid donor
and the two countries also have
a decades-old security
relationship.
In a paper published in the
Journal of Software, Li and his
team introduced a technique
known as member inference.
In this process, when the algo-
rithm receives data, an auxiliary
algorithm initially uses this data
for a preliminary training exercise
and compares the training results
to determine if the data qualifies
as reasonable training data. This
can eliminate harmful data before
it enters the algorithm.
“Compared to regular artificial
intelligence tasks, reverse intelli-
gence tasks are considerably more
challenging, demanding higher
computational resources and
potentially a new architecture or
greater bandwidth,” Li said.
> A.I. WORLD A12
started many years ago in the
People’s Liberation Army Navy’s
training base in Xingcheng,
Liaoning province.
Zhou Chenming, a researcher
with the Beijing-based Yuan
Wang military science and tech-
nology think tank, said Chinese
engineers had continued to mod-
ify the electromagnetic catapult
system since its launch a year ago.
“After more than one year of
calibration, now it’s time to make
sure that the flight test of the J-15T
can be completed by the end
of this year,” Zhou said, adding
the schedule could be between
August and October.
“Ensuring safety is still the top
priority for such a highly sophisti-
cated weapon system, and if it is
not ready by August, then [the
PLA] can aim for [National Day
on] October 1.”
Fu Qianshao, a Chinese
military aviation analyst, said the
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C O P Y R I GH T
Biggest solar
and salt
farm begins
operation
Vast array of panels
in Tianjin can meet
power needs of 1.5m
households, firm says
Victoria Bela
The world’s biggest combined
solar power station and salt farm
has been plugged into the grid on
the mainland, with a capacity to
meet the electricity needs of 1½
million households, according to
its operator.
State-owned China Huadian
Corporation said the Huadian
Tianjin Haijing power station was
connected to the grid in Tianjin on
Saturday.
The station comprises a vast
array of solar panels erected over
more than 13 sq km of the Changlu
salt fields, one of the country’s
oldest coastal salt farms.
The “salt-light complemen-
tary” system generates both
electricity and salt, using double-
sided solar panels that absorb
direct sunlight from above as well
as sunlight reflected from the
water below.
[The facility is
an] industrial
model of floating
photovoltaic power
generation
YANG FAN, PROJECT CHIEF
China Huadian said the station
had an installed capacity of 1 giga-
watt and would generate 1.5
billion kilowatt-hours of electricity
each year.
The green electricity produced
would help reduce carbon
emissions without affecting the
environment of the salt fields,
according to the company.
State broadcaster CCTV said
the panels were spaced farther
apart than other plants to optimise
energy and salt production and
tilted to minimise shading of the
water surface.
The salt fields are also used to
breed shrimp, an aquaculture
business that will continue in
conjunction with the solar
project.
The project’s chief, Yang Fan,
told CCTV that the facility was a
“new composite industrial model
of floating photovoltaic power
generation, brine evaporation,
and aquaculture”.
State news agency Xinhua said
the annual yield of a shrimp farm
in the city of Binzhou, Shandong
province, increased after a solar
project was built on top of the
farm.
According to the report,
production increased because the
panels shaded the shrimp ponds,
lowering the water temperature
between 1 and 2 degrees Celsius.
China Huadian chairman
Jiang Yi said the project increased
the company’s installed capacity
to over 200GW.
Jiang said the firm was operat-
ing other “gigawatt projects”,
including a solar hydrogen plant
designed to produce 600 cubic
metres of hydrogen per hour.
J-15T flight test would only take
place if the Fujian’s maiden sea
trial went smoothly.
The Fujian is China’s third
aircraft carrier and the most
advanced so far. It is expected to
play a key role in the PLA’s anti-
access and area denial strategy if
the United States intervenes in a
conflict over Taiwan, according to
Lu.
Beijing sees the island as part
of China and has not ruled out the
use of force to take it back into its
fold.
Lu said the progress on the
Fujian could suggest the PLA was
stepping up its efforts to meet its
short-term goal of becoming “a
fully modernised military” by
2027, the centennial of its found-
ing. The other two goals are com-
pleting its military modernisation
by 2035 and becoming a “world-
class” military on a par with the
US by mid-century.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW

Leap of faith at blazing homes
A resident jumps to safety as a fire engulfs two wooden houses in
Xijiang Qianhu Miao village in Leishan County, Guizhou province,
yesterday.
The blaze started at around 9.50am and was extinguished 30
minutes later, according to local authorities. They said no one was
DIPLOMACY
Berlin envoys in plea over agriculture
Germans warn of challenges ahead while eyeing lifting of pork import ban
Ji Siqi
siqi.ji@scmp.com
China and Germany should
deepen agricultural collaboration
amid worsening climate change
issues and global supply chain
disruptions, said German diplo-
mats, who are also hoping Beijing
will relax its pork import ban.
Germany had the social
responsibility to share the experi-
ences and expertise of its highly
digitised agriculture sector, while
China played an important role
due to its size and population, said
Hendrik Barkeling, head of the
economic department and minis-
ter counsellor at the German
embassy in Beijing.
“There is no industry suffering
[from climate change] as much as
agriculture,” said Barkeling during
the China (Gansu)-German Agri-
Future Cooperation Conference
in the northwestern city of Lan-
zhou, Gansu province, last Friday.
“Every country has a particular
responsibility to combat these
challenges to further increase
efficiency in agricultural produc-
tion, and at the same time to
ensure the conservation of natural
resources,” he added during the
event co-hosted by the German
Agricultural Society, German
embassy in China and China
Council for the Promotion of
International Trade.
DEFENCE
Joint air drill to boost military ties with Thailand begins
Zhao Ziwen
ziwen.zhao@scmp.com
An annual joint air combat drill
between China and Thailand has
started to “strengthen military
cooperation between the two
countries and maintain regional
peace and stability”, according to
state news agency Xinhua.
The defence ministry said the
drills in Thailand, known as
Falcon Strike 2023, would involve
People’s Liberation Army fighter
jets, bombers, airborne early
warning aircraft and ground-to-
air missile installations.
Xinhua said the two countries’
air forces would conduct training
on joint air defence, air support
and large-scale deployments.
An opening ceremony for the
exercises was held on Sunday at
Udorn Royal Thai Air Force Base
located about 30km from Bangkok
and less than 50km from the Gulf
of Thailand.
The annual drill was first held
in 2015. Last year, China sent its
JH-7A fighter bomber, Shaanxi
KJ-500 early warning and control
aircraft, and six Chengdu J-10 C/S
fighters – the most advanced
line-up in the exercise’s history.
injured in the accident. The cause of the fire in the village, which
can trace its history back more than 2,000 years, is still under
investigation. The village has more than 1,200 wooden Diaojiaolou,
or houses on stilts, and is home to more than 5,000 people from the
Miao ethnic minority group. Photo: Reuters
Chinese representatives from
more than a dozen German com-
panies in the agricultural sector
attended the conference, which
was held in tandem with the
annual Lanzhou Investment and
Trade Fair, together with numer-
ous firms from across Gansu
province and local officials.
“[Such exchanges are] espe-
cially important as the Covid pan-
demic in the past three years has
blocked human exchanges and
disrupted supply chains. And
because of Russian aggression in
Ukraine, one of the world’s big-
gest grain exporters is cut off from
the world,” said Barkeling.
There have been no direct
Western sanctions on the Russian
grain trade, but restrictions on
banks and other logistical hurdles
caused by the war have made it
harder for exporters to ship agri-
cultural products and also arrange
payments.
“And that’s why in Germany
30
Since the start of the Ukraine
war in 2022, more than this
many countries had limited
food exports, according to
President Xi Jinping
“The joint training adheres to
the principles of mutual benefit
and the standard of real and
practical combat training, which
will further improve the training
level of the Chinese and Thai air
forces,” said Chen Jun, com-
mander of the Chinese troops,
according to Xinhua.
Boripat Ratchaneepun, an
officer with the Thai air force’s
directorate of operations, said the
drill would improve “mutual trust
and friendship” between the Thai
and Chinese air forces.
China has been shoring up its
The opening ceremony of the annual joint exercise, Falcon Strike 2023,
at Udorn Royal Thai Air Force Base near Bangkok. Photo: PLA Air Force
there is increasing discussion
about de-risking, there is the same
discussion in Europe,” Barkeling
said.
He said China’s rising focus on
security and self-sufficiency –
which was not limited to the agri-
cultural sector – shared similar
logic, and the key was to raise the
reliability of future economic rela-
tions between the two countries.
This could include the re -
sumption of Chinese imports of
German pork, which were banned
in September 2020 due to African
swine fever.
Germany has been trying to
persuade China to accept the
“regionalisation concept”, which
stops imports only from the
region where the disease has been
detected instead of a blanket ban
on the whole country.
“Germany would like to export
to China again,” Barkeling added.
“The outbreak has been success-
fully contained.”
defence ties with Southeast Asian
countries this year as Beijing and
Washington bolster their military
presence in the region.
China held its first naval drills
with ally Cambodia in March and
conducted exercises with
Singapore and Laos in May. It also
took part in Indonesian military
exercises off the coast of Makassar
in South Sulawesi, along with the
United States and other forces,
last month.
The US, meanwhile, con-
ducted several drills in the first
half of the year with regional allies
Friederike Dorfler, agriculture
and food counsellor at the Ger-
man embassy in Beijing, said that
China was one of the most impor-
tant countries for German exports
outside the European Union.
Germany exported around a
third of its agricultural products,
while China faced the challenge of
feeding almost 20 per cent of the
world’s population with less than
10 per cent of the arable land, she
added.
“This shows us that trade is
important, that we have to share
our resources, share our work and
trade goods,” she also said during
the conference in Lanzhou.
President Xi Jinping has re-
peatedly made strong calls for
China’s food self-sufficiency in
recent years, especially after the
Ukraine war.
At the annual central rural
work conference in December, Xi
said agriculture was the founda-
tion of national security and that
weak links – including low pro-
ductivity – must be addressed.
Xi said that, since the start of
the Ukraine war in 2022, more
than 30 countries had limited food
exports, and some had experi-
enced social turmoil or even
regime change.
“Once something’s wrong
with agriculture, our bowls will be
held in someone else’s hands and
we’ll have to depend on others for
food. How can we achieve mod-
ernisation in that case?” he said,
according to a full transcript of his
speech released in March.
including Japan, South Korea,
India, Indonesia and the
Philippines.
During the Shangri-La
Dialogue in Singapore last month,
Defence Minister General Li
Shangfu declined Washington’s
request for a formal meeting with
his US counterpart Lloyd Austin.
Thai Prime Minister Prayuth
Chan-ocha has maintained close
ties with President Xi Jinping on
various issues, including security.
Thailand was among the few
countries Xi visited last year before
China abandoned its zero-Covid
policy and reopened its borders.
During Xi’s visit to Bangkok in
November, Prayuth agreed to
explore cooperation under
China’s Global Security Initiative
to “address traditional and
non-traditional security
challenges”.
China was Thailand’s biggest
trading partner last year, with a
bilateral trade value of 3.69 trillion
baht (HK$819 billion), accounting
for about 18 per cent of Thailand’s
total foreign trade volume,
according to the Ministry of
Commerce in Beijing.
Thailand will begin the first
round of voting to select its next
prime minister on Thursday.
DIPLOMACY
‘ NXIETY’ SEEN AS
A
DRIVING EFFORTS
FOR BETTER TIES
Experts believe Beijing push to improve relations
with South Korea and Japan is an attempt to stop
regional neighbours tilting more to Washington
Seong Hyeon Choi
vincent.shchoi@scmp.com
China is expected to focus on
economic cooperation to improve
strained ties with South Korea and
Japan, but it is unlikely to stop its
two neighbours from tilting
further towards the United States,
observers have said.
The assessment came after
China’s top diplomat, Wang Yi,
last week stressed the need for
Seoul and Tokyo to “regroup and
restart” cooperation with Beijing
and urged them not to be swayed
by “a certain major power outside
the region”.
“Asia is our common home,
and the three countries are close
neighbours that cannot be moved
away,” Wang told a trilateral
forum in Qingdao.
“China, Japan and South
Korea should maintain strategic
focus, grasp the trend of the times,
draw on historical wisdom, and
firmly maintain the correct direc-
tion of trilateral cooperation.
“The key is our emphasis on
peaceful development … and
understanding the different paths
chosen by each other.”
Wang’s attendance at the
forum was unusual as Beijing
usually sends its foreign minister
or ambassador to the event.
That reflected Beijing’s con-
cern over China’s worsening eco-
nomic situation and pressure
from the US, according to Choo
Jae-woo, a professor of Chinese
studies at Kyung Hee University in
Seoul. “[This] does not fit his
level,” Choo said. “It clearly shows
China’s anxiety and impatience
[with the situation].”
It was the first time a member
of the Politburo has attended
since the first forum in 2011.
Wang also focused on trilateral
ties when he met former Japanese
foreign minister Yohei Kono in
Beijing on Thursday, emphasising
the need to “eliminate external
interference” and jointly maintain
peace and stability in Asia, accord-
ing to the foreign ministry.
On Tuesday in Beijing, foreign
vice-minister Sun Weidong met
his South Korean counterpart
Choi Young-sam, with the two
sides agreeing to strengthen ties
based on “mutual respect and
DIPLOMACY
Yellen welcome ‘warmer than
reception received by Blinken’
Xinlu Liang
xinlu.liang@scmp.com
There was no red carpet for US
Treasury Secretary Janet Yellen
when she visited China, but to
many, she did receive a very warm
welcome – compared to her
colleague, US Secretary of State
Antony Blinken, who was in
Beijing weeks earlier.
During a four-day visit, Yellen,
arguably the most dovish official
in the Biden administration, met
many senior economic and
financial officials, including
Premier Li Qiang, finance chief
Liu Kun, central bank governor Yi
Gang and Vice-Premier He Lifeng.
She also met Liu He, a retired
economic heavyweight, but did
not meet President Xi Jinping,
who was in Jiangsu for a provincial
inspection.
Yellen’s high-level reception
amid a tight schedule was seen as
a signal that Beijing was intent on
stabilising bilateral relations and
deepening collaboration despite
growing friction on multiple
fronts, including Taiwan, the war
in Ukraine and US-led technology
curbs.
When Yellen stepped off her
plane in Beijing on Friday, she was
greeted by finance ministry repre-
sentative Yang Yingming, who
shook hands with her for about 20
seconds, while smiling and point-
ing to a rainbow.
The heavenly sign was
mentioned again during her
meeting with the premier, who
told Yellen: “I think it can apply to
the US-China relationship too:
after experiencing a round of
winds and rains, we surely can see
Tuesday, July 11, 2023
CHINA
reciprocity”, according to South
Korea’s foreign ministry.
China’s push to improve trilat-
eral cooperation with South Korea
and Japan comes as they both
move closer to Washington as it
seeks stronger security and eco-
nomic ties to counter Beijing’s
influence in the region.
Last month, China’s ambassa-
dor to South Korea Xing Haiming
was summoned by Seoul after he
warned in a speech that those
who bet against China losing out
to the US “will certainly regret it
later”. Beijing responded with a
diplomatic dressing down of
South Korea’s envoy in China.
China also criticised South
Korean President Yoon Suk-yeol
in April after he said rising ten-
sions between Taipei and Beijing
were caused by “attempts to
change the status quo by force”.
I don’t believe that
this kind of appeal
at this time will
have any lasting
positive result
SHI YINHONG, RENMIN UNIVERSITY
Japan’s plan to discharge radi-
oactive water from the Fukushima
nuclear power plant into the
Pacific Ocean has also caused
friction with China and South
Korea. While Seoul on Friday said
the plan met global standards,
Beijing remains doubtful.
“Japan has not fully consulted
with the international commu-
nity, especially stakeholders,”
foreign ministry spokesman
Wang Wenbin said, adding that
this reflected “the selfishness and
arrogance of the Japanese side”.
“China once again urges Japan
to take a responsible attitude
towards the marine environment
and human life and health, stop
forcing the plan to discharge
nuclear-contaminated water into
the sea, and refrain from imposing
unpredictable risks on the inter-
national community,” he said.
Relations have also been
strained over the case of a
a rainbow.” Video clips of the
meetings from mainland media
showed Yellen sitting beside Li
and opposite He.
Three weeks earlier, Blinken –
who did meet Xi – was shown
seated on one side of two long
tables taking notes while Xi gave a
speech at the head of a table.
The images were in contrast to
a meeting three days earlier
between Xi and Bill Gates,
Microsoft’s co-founder. Both men
were shown sitting side by side
with Xi occasionally leaning in
I think it can apply
to the US-China
relationship too:
after experiencing
a round of winds
and rains, we surely
can see a rainbow
PREMIER LI QIANG
towards Gates. Xi called Gates “an
old friend” – a diplomatic term
reserved for foreign entities who
are seen as having contributed to
China’s development.
Across mainland social media
platforms, online users seemed
generally satisfied with Yellen’s
visit.
Some compared it with
Blinken’s reception, and observed
that the protocols were similar,
with no red carpets or flowers.
Many considered the friendly
“rainbow reception” at the airport,
Printed and distributed by NewspaperDirect
Copyright© 2010, South China Morning Post Publishers Limited
• ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY • ORIGINAL COPY •
C O P Y R I GH T
A7
Japanese businessman detained
in Beijing in March over his
alleged involvement in espionage
activities in China. Tokyo has
called for the man’s release.
Observers have said that
Washington’s growing influence
on its Asian allies is driving
Beijing’s efforts to ease tensions
with Seoul and Tokyo.
Shi Yinhong, an international
relations professor at Renmin
University in Beijing, said China
wanted to boost ties with its two
neighbours to prevent them from
moving closer to the US, but that
was unlikely to happen.
“China has always appealed
for cooperation among these
countries, but if you consider the
increasing confrontation between
China, Japan and South Korea, I
don’t believe that this kind of
appeal at this time will have any
lasting positive result,” Shi said.
“If you look at the situation
between China and Japan and
between China and South Korea,
you will immediately realise that
it’s not possible to achieve any
substantial and lasting progress.”
Still, Beijing is expected to
push economic cooperation at a
trilateral summit South Korea has
proposed could be held this year
in Seoul. It was last held in 2019.
“South Korea and Japan are
willing to improve ties because of
their economic dependence on
China,” Choo said, adding that
areas including free-trade agree-
ments were likely to be on the
agenda at the summit.
But he noted it was still uncer-
tain to go ahead, and that fraught
ties with its neighbours were ham-
pering Beijing’s efforts.
“Trilateral cooperation in the
future will be challenging. The
South Korean government is seek-
ing a breakthrough but it’s still
struggling,” he added.
China’s changing economic
relationship with South Korea and
Japan could also be a challenge.
While they used to occupy differ-
ent parts of the value chain, they
are starting to overlap and China
is becoming a competitor in areas
such as cars and shipbuilding.
Shi said there was also a stale-
mate because of Beijing’s stance
on South Korean and Japanese
foreign policy. “China doesn’t
want this kind of situation, but at
the same time it does not want to
make any concessions,” Shi said.
“The situation will continue on
this course, and the objective of
sustainable and lasting coopera-
tion will move further away.”
Yellen’s dinner with Chinese
women economists, and meetings
with senior officials as “high-level
receptions” and therefore hopeful
signs of improvements in bilateral
ties.
“We are quite sincere. This
time Yellen came, and we received
her ‘beyond the standard’,” wrote
one Weibo user, who argued that
US demands should not be
overbearing and unacceptable for
the Chinese people.
The post received thousands
of likes on China’s Twitter-like
platform.
When she was secretary of
state, Hillary Clinton was
welcomed to China with a red
carpet. Western observers called
the protocol to receive Blinken –
who was greeted by a mid-level
official, without flowers or a red
carpet – a plan by Beijing to
“humiliate” Blinken as part of its
“diplomatic snub”.
But the welcome for Blinken
was not a total break from past
receptions.
The protocol – and even the
conference room – was the same
when then US trade representa-
tive Robert Lighthizer and then
treasury secretary Steven
Mnuchin visited China in
February 2019, when they met Xi
for economic and trade
consultations.
Past meetings have been more
relaxed. In 2013, days after Xi
became president, Xi met then US
Treasury secretary Jacob Lew at
the Great Hall of the People.
It was Lew’s first trip abroad in
the role. State media showed the
men chatting while sitting in arm-
chairs with a flower basket in
between them.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A8 Tuesday, July 11, 2023
VIETNAM
CALL TO BOYCOTT
BLACKPINK GIGS
IN ROW OVER MAP
Pop culture takes hit from geopolitics as Korean
group’s promoter comes under fire for featuring
Beijing’s disputed ‘nine-dash line’ on its website
Michael Tatarski
First it was a scribbled map in the
Warner Bros’ Barbie film, now
Blackpink are facing the ire of
Vietnamese nationalists calling
for a boycott of the K-pop super-
group’s coming tour dates in
Hanoi, as pop culture increasingly
takes collateral damage from
geopolitics.
Eagle-eyed social media users
noticed last week that the website
of iMe Entertainment, the Chinese
company organising the Black-
pink concerts in Vietnam slated
for July 29 and 30, featured a map
showing Beijing’s controversial
“nine-dash line” claim in the
South China Sea.
The line, depicting China’s
territorial claims over much of the
disputed waterway, has become a
lightning rod for anger from other
countries – most notably Vietnam
and the Philippines – that hotly
dispute it.
The issue often provokes out-
rage, especially among Vietnam’s
nationalists, as the Blackpink
concert organisers are finding out
the hard way.
“Get the f*** out of our country
… we don’t need a show that
doesn’t respect the sovereignty of
the sea and islands. Please get out
of Vietnam,” said one person in
comments on Blackpink’s official
Facebook announcement of their
Hanoi visit.
“Stop spreading the illegal
map,” said another, while a third
user commented: “I also heard
that [the organising] company is
Chinese and is supporting Viet-
namese enemies … I intended to
save money to go to the concert
but now I’m not going any more.”
A 2016 United Nations-backed
arbitral tribunal in The Hague
repudiated Beijing’s nine-dash
line claim as having no legal basis.
China rejected the ruling.
Hanoi has a long, contentious
history with Beijing in this area,
largely focused on the Spratly, or
Truong Sa in Vietnam, and Para-
cel, or Hoang Sa, archipelagos.
In 1988, the two sides fought a
brief naval skirmish over part of
NORTH KOREA
Pyongyang warns US that it
may shoot down spy planes
Reuters in Seoul
North Korea accused the United
States yesterday of violating its
airspace by conducting surveil-
lance flights and warned that,
while Pyongyang was exercising
restraint, such flights might be
shot down.
Provocative military actions by
the US were bringing the Korean
peninsula closer to a nuclear con-
flict, said an unnamed spokesman
of North Korea’s Ministry of
National Defence in a statement
carried by the official KCNA news
agency.
The report also cited the use of
US reconnaissance planes and
drones and said Washington was
escalating tensions by sending a
nuclear submarine near the
peninsula.
“There is no guarantee that
such a shocking accident as the
downing of a US Air Force strate-
gic reconnaissance plane will not
happen” in waters east of Korea,
the spokesman said.
The statement cited past inci-
dents of the North shooting down
or intercepting US aircraft at the
border with South Korea and off
the coast. North Korea has often
complained about US surveil-
lance flights near the peninsula.
There was no immediate
response from the US military
stationed in South Korea to a
request for comment.
The moves by the US to intro-
duce strategic nuclear assets to
the Korean peninsula is “the most
the Spratly Islands, with Vietnam
losing 64 soldiers and control of
several reefs and atolls.
In the years since, the Viet-
namese government has emerged
as one of the sharpest critics of
China’s activities in the South
China Sea.
Pham Thu Hang, spokes-
woman for Vietnam’s foreign
ministry, called the map on pro-
moter iMe’s website “unaccept-
able” and a “hot button issue”.
“The promotion and usage of
products or publications featuring
the nine-dash line in Vietnam is in
violation of the laws,” she said.
The iMe website has been
down for maintenance since the
issue surfaced. Last Thursday, a
day before tickets were due to go
on sale, Brian Chow, CEO of iME,
apologised for the “unfortunate
misunderstanding”.
iME … committed to
replace the images
that are not suitable
for Vietnamese
BRIAN CHOW, CEO, IME ENTERTAINMENT
“The image of the map on the
website does not represent the
territory of any country and we are
aware of respecting the sover-
eignty and culture of all the coun-
tries” where iME had a presence,
he said in a statement.
“iME quickly reviewed and
committed to replace the images
that are not suitable for Viet-
namese,” he added.
The outcry has put the Viet-
namese government in a tough
spot, as it is adamant about the
country’s sovereignty over the
Paracel and Spratly Islands but
has close economic and political
ties to China.
Before the iMe controversy
began, tourism officials were play-
ing up the potential positive
impact of Blackpink’s concerts –
especially for a country that rarely
hosts major international music
undisguised nuclear blackmail”
against North Korea and regional
countries and presented a grave
threat to peace, KCNA said.
“Whether the extreme situa-
tion, desired by nobody, is created
or not on the Korean peninsula
depends on the future action of
the US, and if any sudden situa-
tion happens … the US will be
held totally accountable for it,” it
said.
There is no
guarantee that such
a shocking accident
as the downing
of a US … plane
will not happen
NORTH KOREA’S DEFENCE MINISTRY
US and South Korean forces
have been conducting air and
navy drills this year that involved
a US aircraft carrier and heavy
bombers.
A US nuclear-powered cruise
missile submarine also made a
port call at Busan in South Korea
last month.
The North’s statement
denounced what it called a US
move to deploy a strategic nuclear
submarine carrying nuclear war-
heads to the Korean peninsula for
the first time since 1981.
stars – while a comment reading
“WELCOME TO VIETNAM” with
several celebratory emojis was left
on the K-pop group’s Facebook
page by the government’s official
account.
By July 5, however, the Viet-
namese Ministry of Culture had
ordered an inspection of iMe’s
website to verify the presence of
the nine-dash line.
But there has been no indica-
tion of a boycott, yet. Tickets for
the concerts went on sale last
Friday as scheduled, with more
than 122,000 people joining the
digital queue within minutes. By
midday on Sunday, many ticket
categories were already sold out.
The Barbie movie was not so
fortunate.
Vietnam’s National Council
for Film Appraisal and Clas-
sification banned the film on July
3 “for scenes depicting China’s
nine-dash line”.
The star-studded blockbuster
was scheduled for release on July
21, but cinema chains quickly
removed it from their “coming
soon” pages.
The film has come under fire
in the Philippines as well, with one
senator calling for a disclaimer
saying that the nine-dash line is
“fiction” to be included before
screenings. Manila’s Movie and
Television Review and Classifi-
cation Board is currently looking
into the matter.
While Hanoi has been widely
ridiculed for reacting so strongly
to a movie like Barbie, Nguyen
Khac Giang, a researcher of Viet-
namese politics at the ISEAS –
Yusof Ishak Institute in Singapore,
said the response was under-
standable as Vietnam battled
China’s geopolitical narrative.
“Exposure to the line may not
make people support China’s
disputed claim, but it makes them
aware of it,” he said.
“This is not the first time such
a thing has happened in a
Hollywood movie,” Nguyen said,
adding its “presence is not just
annoying, but it is believed by
Hanoi to be part of a carefully
crafted plan by China to establish
a narrative and create a percep-
tion of legitimacy”.
The ban was well-received in
Vietnam, where people called out
Warner Brothers, the main studio
behind Barbie, for “pandering” to
China’s Communist Party.
In April, the leaders of South
Korea and the US agreed a US
Navy nuclear-armed ballistic mis-
sile submarine would visit South
Korea for the first time since the
1980s but no timetable has been
given for such a visit.
It was part of a plan to boost
the deployment of American
strategic assets aimed at a more
effective response to North
Korea’s threats and weapons tests
in defence of its ally South Korea.
In June, a US B-52 strategic
bomber took part in air military
drills with South Korea in a show
of force following North Korea’s
failed launch of a spy satellite at
the end of May.
South Korean President Yoon
Suk-yeol said it was time to show
“the international community’s
determination to deter North
Korea’s nuclear weapons pro-
gramme is stronger than North
Korea’s desire to develop nuclear
weapons”, in written comments
published yesterday.
Yoon is scheduled to attend
the Nato summit in Lithuania this
week where he is expected to seek
greater cooperation with Nato
members over North Korea’s
nuclear and missile threats, his
office has said.
North Korea has fired off more
than 90 ballistic missiles over the
past 18 months as leader Kim
Jong-un rolls out new weapons
capable of delivering a nuclear
attack on the US mainland and
America’s key allies in the region,
South Korea and Japan.
Additional reporting by Bloomberg
2 dead as heavy rain lashes Japan
Rescuers search for survivors in houses hit by a mudslide in
Karatsu, Saga prefecture, following torrential rain that has been
pounding southwestern Japan, leaving two people dead and at
MALAYSIA
At 98, Mahathir keeps Anwar feud alive
Former PM faces questions over motives behind his ‘Malay Proclamation’
Joseph Sipalan in Kuala Lumpur
joseph.sipalan@scmp.com
Mahathir Mohamad, who marked
his 98th birthday yesterday, has
refused to leave the political stage
despite a humiliating defeat in the
general election last year, instead
returning to champion Malay
rights in time for key state polls
that may challenge his nemesis –
Prime Minister Anwar Ibrahim.
Soon after his former protégé
rose to the premiership at the
helm of a multiracial administra-
tion, Mahathir launched a “Malay
Proclamation”, to outline the
“dire situation” facing the coun-
try’s ethnic Malay majority.
The document has become a
rallying point for Malay national-
ists, with leaders of the Perikatan
Nasional coalition – a formidable
and exclusively Malay opposition
bench in parliament – giving their
stamp of approval.
With two stints as premier and
an untouchable legacy, Mahathir
is facing mounting questions over
the motivation for a campaign
that is bound to whip up anxiety
among Malays – and Malaysia’s
other religious and ethnic groups.
The answer appears to be
Anwar, observers say.
“There is a side of Mahathir
ECONOMY
Lack of Chinese visitors hurting tourism-reliant nations
Bloomberg
Southeast Asian nations that were
counting on Chinese travellers to
drive tourism revenues and their
economies after the Covid-19
pandemic are finding the flow of
visitors far from the flood they
were hoping for.
China’s slower-than-expected
economic recovery has left its
population more hesitant to
spend money heading abroad.
As a result, the number of
Chinese arrivals in five Southeast
Asian countries in May was
between 14 per cent and 39 per
cent of the 2019 numbers, accord-
ing to latest official data compiled
by Bloomberg.
The visitor statistics suggest
that Southeast Asia’s economic
recovery this year will be muted,
amid a dimming global growth
outlook from tighter monetary
policies and China’s faltering
growth momentum.
Although Thailand, among
the most tourism-reliant econo-
mies in the region, is benefiting
from a rebound in post-pandemic
travel demand, Chinese visitor
arrivals are expected to miss the
original official seven million
What Mahathir has been doing is his way of
undermining the unity government
ADIB ZALKAPLI, OF GOVERNMENT AFFAIRS AND PUBLIC POLICY CONSULTANCY BOWERGROUPASIA,
ON FORMER MALAYSIAN LEADER MAHATHIR MOHAMAD’S REFUSAL TO LEAVE THE POLITICAL STAGE
which is genuinely concerned
with what he perceived as the
erosion of Malay supremacy,
which he and many Malays hold
to be sacrosanct,” said Oh Ei Sun,
a senior fellow at the Singapore
Institute of International Affairs.
“There is also a side of
Mahathir which is obsessed with
hating and thus attempting to
detach Anwar from the premier-
ship. So what we are witnessing
now is the interplay between
these two sides of Mahathir.”
The rancour between the two
stems from Mahathir’s decision to
sack Anwar as his deputy in 1998,
during his first tenure as prime
minister, over disagreements at
the height of the Asian financial
crisis. Anwar was eventually jailed
for corruption and sodomy –
charges he insists were politically
motivated.
Before serving time, Anwar
launched his Reformasi move-
ment that served to unite the
opposition and slowly chip at the
foundations of the long-ruling
Umno party that Mahathir was
leading at the time.
Talking to reporters yesterday,
Anwar showed the enmity had not
faded on his side either, describ-
ing Mahathir as desperate to
remain relevant after his dismal
poll showing. “I am going to make
target for this year by at least two
million.
The nation’s gross domestic
product forecast for this year was
cut by Nomura Holdings econo-
mists to 3.4 per cent from the
previously seen 4 per cent on
lower-than-expected tourism
spending.
Bali, one of the most popular
holiday destinations that accounts
for the bulk of Indonesia’s total
number of foreign visitors, saw
demand for luxury hotels drop in
the January-May period amid a
Tourists walk around Seminyak in Bali. The resort island accounts for
the bulk of Indonesia’s total number of foreign visitors. Photo: EPA-EFE
least six others missing. Hundreds of thousands of people have
been urged to evacuate their homes as forecasters yesterday
warned of the “heaviest rain ever” in the region. Photo: Kyodo
him irrelevant,” Anwar was
quoted as saying by online news
portal Malaysiakini.
Mahathir is also being investi-
gated for allegedly trying to under-
mine parliamentary democracy
through his Malay Proclamation,
which warns Anwar’s multiracial
administration will erode the
rights of Malays, who account for
nearly two-thirds of voters.
“The Malays have already lost
so much territory … [they] will
disappear from their country and
from the world,” he said last week.
Malays voted in droves for the
Malay nationalist alliance of
Bersatu and PAS amid deep-
seated anger over decades of
alleged corruption and misman-
agement by Umno. Public senti-
ment was also soured by rising
living costs and prolonged finan-
cial strain caused by the pains of
the Covid-19 pandemic.
And with six states going to
polls on August 12, the pressure is
on Anwar and his unity govern-
ment to do what they can to at
least staunch the bleed in Malay
support.
“What Mahathir has been
doing is his way of undermining
the unity government,” said Adib
Zalkapli, of government affairs
and public policy consultancy
BowerGroupAsia.
substantial decline in tourists
from China, according to securi-
ties firm PT Bahana Sekuritas.
Even Singapore, which had
credited the travel boom for ruling
out a recession this year, has seen
numbers disappoint. Chinese
visitors during January to May
totalled 310,901, compared to 1.55
million during the same period in
2019, according to data from the
city state’s tourism board.
Southeast Asia is not alone in
hosting fewer Chinese visitors.
Japan, too, is experiencing a lower
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C O P Y R I GH T
“There is no space for him to
compete in the elections after a
humiliating defeat at the last gen-
eral election, but Mahathir is still
very influential, there are seg-
ments of the Malay community
that look up to him.”
Mahathir has a long record of
going after leaders who he deems
have failed to uphold the rights
and privileges of the Malays.
He had an infamously bad
relationship with Malaysia’s first
prime minister, Tunku Abdul
Rahman, who Mahathir blamed
for allowing the wealth disparity
between Malays and ethnic
Chinese, which officials say was
the reason behind the deadly riots
of May 13, 1969.
After stepping down from
office in 2003, Mahathir contin-
ued to exert influence, backing the
rise of Najib Razak.
Ultimately, Mahathir and
Najib also clashed, as the former
leader balked at government
attempts to liberalise the market
and potentially ease pro-Malay
affirmative action policies that
had been in place for decades.
In the 2018 national polls, he
returned as prime minister for a
second time, albeit briefly – he fell
to a political coup. But he has said
quitting politics would be “selfish”
with so much relying on him.
“If I’m only thinking about
myself, I will not be in politics
now.”
turnout of Chinese travellers
compared to pre-pandemic years.
Still, the Asian nation is seeing a
new group of shoppers that are
replacing the once-dominant
Chinese spenders.
Retail giant Takashimaya
recently said non-Chinese tourists
accounted for almost 70 per cent
of its total sales between March
and May from tourists, compared
with just 20 per cent during
pre-pandemic days.
That trend is a cue for
Southeast Asian nations, includ-
ing Malaysia, that went all out to
woo Chinese travellers this year,
to diversify their target markets
and end their reliance on visitors
from the world’s second-biggest
economy.
Summer tour bookings by
Chinese people for Southeast
Asian destinations did not have
significant improvements from
the first half of the year, said Qiu,
of Guangzhou-based GZTC
International Tour Company.
Even the most popular desti-
nations, such as Singapore and
Malaysia, only saw about 30 per
cent of the pre-pandemic demand
during the summer holiday, while
others including Thailand were at
10 per cent, he said.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW

It’s very sad to see how a country whose
vaccination programmes set an example
for the world can suddenly suffer from
an anti-vaccine movement
NATALIA PASTERNAK, HEAD OF THE QUESTION OF SCIENCE INSTITUTE THINK TANK, ON FALLING
VACCINATION RATES IN BRAZIL THAT LEAVE MILLIONS EXPOSED TO ONCE-ERADICATED DISEASES
Health fears
as vaccine
rates plunge
in Brazil
Anti-vax movement
blamed amid concern
that diseases once
eradicated may return
Agence France-Presse in Brasilia
Two years after Brazil began
emerging from its pandemic hor-
ror show thanks to a massive
immunisation campaign, officials
face a paradoxical predicament:
vaccination rates have plunged,
and not just for Covid-19.
The troubling trend has left
millions exposed to once-eradi-
cated diseases.
Doctors, public officials and
Unicef have sounded the alarm
over collapsing immunisation
rates in Brazil, where overall vac-
cination coverage has fallen from
an impressive 95 per cent in 2015
to just 68 per cent last year,
according to official figures.
For polio, the figure fell from
85 per cent to 68 per cent, trigger-
ing warnings that the disease
could make a comeback in Brazil,
where it was eradicated in 1989.
The figures are similar for
other vaccines, allowing diseases
to spread. Measles, officially elim-
inated in Brazil in 2016, returned
two years later. There are fears
diphtheria is making a resur-
gence, too.
Health experts say vaccine
hesitancy is a growing problem
worldwide. But it is particularly
worrying in Brazil, a country of
203 million people that until
recently was hailed as a champion
of mass vaccination drives.
Then an anti-vax movement
started spreading around 2016,
soon gaining outsize influence via
a powerful ally: far-right leader Jair
Bolsonaro, president from 2019 to
2022, who refused to be vacci-
nated against Covid-19.
“It’s very sad to see how a
country whose vaccination pro-
grammes set an example for the
world can suddenly suffer from an
anti-vaccine movement,” Natalia
Pasternak, head of the Question of
Science Institute, a public policy
think tank, said.
Covid-19 highlighted the
shots-in-arms capacities of
Brazil’s struggling but lauded uni-
versal public health system.
Experts credit the campaign’s
success with stopping a far bigger
tragedy in Brazil, where more than
700,000 people have died of
Covid-19, second only to the
United States.
Despite a slow start, Brazil had
by early last year vaccinated 93 per
cent of adults against Covid-19.
Then rates fell, not only for
Covid-19 vaccines but across the
board.
Many factors are driving the
decline, experts say. They include
failure to catch up on vaccines
delayed during the pandemic,
inaccessible healthcare and
declining awareness of the dan-
gers of once-ubiquitous diseases.
In Brazil, despite Bolsonaro
losing a divisive 2022 election to
veteran leftist Luiz Inacio Lula da
Silva, the anti-vax movement still
thrives.
“We’re facing a post-trust sce-
nario, in which families are being
attacked by disinformation and
lies. It’s not just the occasional
fake news story, it’s very struc-
tured,” said Isabella Ballalai of the
Brazilian immunisation Society.
“The consequences of that
‘infodemic’ will be worse than the
pandemic itself.”
MEXICO
Military to run airports in anti-corruption drive
Associated Press
Mexico’s armed forces are taking
control of the capital’s main air-
port, and the government plans to
give the military control of nearly
a dozen more across the country
as the president takes aim at cor-
ruption and mismanagement.
President Andres Manuel
Lopez Obrador has been using the
armed forces in a wide range of
non-traditional tasks since he was
elected in 2018, creating concerns
about the separation of the mili-
tary from civilian life.
A new airport was built by the
army outside Mexico City a year
ago at a cost of US$4.1 billion. It is
run by the military but little used.
Dancing in the streets
Revellers throng the streets of Brooklyn in New York to watch
the annual Dancing of the Giglio and Boat Parade. The event,
which centres around a group of men carrying a giant float with
WAR IN UKRAINE
KYIV GOES ON OFFENSIVE
FOR NATO MEMBERSHIP
Two-day summit is expected to focus on how to bring Ukraine closer to the
alliance and what security guarantees it can be given after the war ends
Agencies
Ukraine has gone on the offensive
in its push to join the Nato defence
alliance ahead of this week’s Nato
summit.
Ukrainian President
Volodymyr Zelensky told US
broadcaster ABC News that he
wants “all the decisions to be
made during the summit” not
ahead of time.
“I don’t want to go to Vilnius
for fun if the decision has been
made beforehand,” he said.
The two-day Nato summit
begins in Vilnius, the Lithuanian
capital today and will focus, in
part, on how to bring Ukraine,
which is under attack from Russia,
closer to the alliance and what
security guarantees it can be given
after Moscow’s war of aggression
ends.
“Ukraine should get clear
security guarantees while it is not
in Nato,” Zelensky told ABC.
“And this is a very important
point. Only under these condi-
tions would our meeting make
sense.”
Zelensky returned from
Turkey on Saturday – the 500th
day of Russia’s full-scale invasion
– after a regional tour to drum up
Lopez Obrador says the old air-
port, the country’s busiest, will be
run by the navy.
The navy took charge of secu-
rity at Mexico City International
Airport, or Benito Juarez, more
than a year ago. It will soon have
control of everything else, from
customs and immigration to han-
dling luggage and cleaning bath-
rooms, with the imminent
publication of a presidential order
to make that official.
The list of problems at the air-
port has long included drug ship-
ments and illegal migration.
Infrastructure was in disrepair,
and a number of close calls were
reported on the runways in recent
years as the airport increasingly
had trouble handling flights.
support ahead of the summit with
Western allies, who have pledged
billions in military aid.
A formal invitation to join the
31-member defence alliance is
not likely to happen in Vilnius
however.
US President Joe Biden, who
arrived on Sunday in Britain on
his way to the Nato summit, said
he hoped the military alliance
leaders would “lay out a rational
path for Ukraine to be able to
qualify to be able to get into Nato”.
I don’t want to go to
Vilnius for fun if the
decision has been
made beforehand
VOLODYMYR ZELENSKY,
UKRAINIAN PRESIDENT
He said there were also “other
qualifications that need to be met,
including democratisation”.
“I don’t think there is unanim-
ity in Nato about whether or not to
bring Ukraine into the Nato family
now, at this moment, in the
middle of a war,” he added.
The airport also had a reputa-
tion for stolen luggage, mis-
managed airline schedules,
business without contracts and
corruption.
Benito Juarez, which is used by
some 4 million travellers each
month, will be “a company within
a naval military entity”, Rear
Admiral Carlos Velazquez
Tiscareno, the airport’s 73-year-
old director, said in a recent inter-
view. But, he said, “this is not
going to look like a military
department”.
Unlike the capital’s other air-
port, Felipe Angeles, where
National Guard troops take pas-
senger tickets at the gate, at Benito
Juarez the only uniformed mili-
tary are the 1,500 marines
a band on top, is a tradition that originated in the Italian town of
Nola, near Naples, and was brought to the United States by
Italian immigrants in the 1800s. Photo: EPA
Bringing Ukraine in now,
Biden said, would mean “war with
Russia” because of the Nato com-
mitment to collective defence.
Also in the spotlight in Vilnius
will be Turkish President Recep
Tayyip Erdogan, the main
obstacle to Sweden’s attempts to
join Nato alongside neighbour
Finland.
Erdogan accuses Sweden of
being too lenient on anti-Islamic
demonstrations and militant
Kurdish groups that have waged a
long insurgency in Turkey.
Sweden recently changed its
anti-terrorism legislation and
lifted an arms embargo on Turkey.
But a man burned a Koran outside
a mosque in Stockholm last week,
and Erdogan signalled that this
would pose another hurdle.
He equated “those who
permitted the crime” to those who
perpetrated it.
Turkey and the United States
are also at an impasse over the
sale of F-16 fighter jets. Erdogan
wants the upgraded planes, but
Biden says Sweden’s Nato mem-
bership has to be dealt with first.
Underscoring the prominence
of Turkey at the summit, Biden
held a lengthy call with Erdogan
aboard Air Force One on the way
to London. During the conversa-
deployed since February 2022 for
security.
The rest of the airport person-
nel would be civilians but “with
clearer rules … that govern with
more order and discipline”,
Velazquez Tiscareno said.
The navy would form a com-
US$4.1b
The cost of a new airport
outside Mexico City built by
the army a year ago. The
facility is also run by the
military but is little used
tion, Biden “conveyed his desire
to welcome Sweden into Nato as
soon as possible”, according to
the White House.
It is not the first time that
Erdogan has sought to use a Nato
summit for Turkish gain. In 2009,
he held up the nomination of
Anders Fogh Rasmussen as
secretary general but agreed after
securing some senior posts for
Turkish officials at the alliance.
Max Bergmann, a former State
Department official who leads the
Europe Programme at the Centre
for Strategic and International
Studies, said there was growing
frustration among allies towards
Erdogan, building on concerns
about his ties to Russian President
Vladimir Putin, democratic back-
sliding and sanctions evasion.
Hungary’s prime minister,
Viktor Orban, is also delaying his
country’s approval of Sweden’s
membership. In response, Idaho
Senator Jim Risch, the top
Republican on the Senate Foreign
Relations Committee, is blocking
a US$735 million US arms sale to
Hungary.
At least one potentially difficult
issue is off the summit agenda.
Rather than seek consensus on a
new Nato leader, members agreed
to extend the tenure of Jens
Stoltenberg, who has held the job
since 2014, for a year. It is his
fourth extension.
Deutsche Presse-Agentur, Agence
France-Presse and Associated Press
pany called Casiopea to run the
airport and six others that had
“deficiencies” and were “in the
hands of organised crime”,
Velazquez Tiscareno said.
Lopez Obrador has already
said that he plans to have a dozen
airports in the hands of the army
or navy by the end of his adminis-
tration in 2024. By the end of this
year, the military is scheduled to
begin operating its own commer-
cial airline.
The Benito Juarez takeover ran
contrary to international aviation
recommendations that clearly
distinguished between military
and civilian, said Rogelio
Rodriguez Garduno, an aviation
law expert at Mexico’s National
Autonomous University.
Tuesday, July 11, 2023 A9
SCIENCE
Scientists to reveal
‘golden spike’ of
Anthropocene era
After years of research, geologists set to name
location of ground zero for epoch of humans
working group scientists in Lille,
Agence France-Presse
France.
Presented as recommenda-
Since 2009, a cloistered band of tions, the fruit of the Working
hard-rock geologists and other Group’s long labours must now
scientists have toiled on a mission be validated by a gauntlet of
of great consequence. sceptical, hard-nosed scientists at
Today, they will deliver the last the International Commission on
of their findings – the location Stratigraphy and, higher up the
of ground zero for the food chain, the International
Anthropocene, the proposed Union of Geological Sciences.
geological epoch borne of The chances of that happening
humanity’s outsized impact on are slim, according to almost
the planet. everyone involved.
In essence, the Anthropocene At one level, the issues under
Working Group was mandated by debate are narrow to the point of
the high priests of Earth’s pedantry – rock experts quibbling
geological timeline to answer over whether the Anthropocene
three questions. merits inclusion in the
The first, roughly, is this: would International Chronostratigraphic
aliens sifting through Earth’s Chart, the planet’s official
layered rocks and sediment a 4.6-billion-year timeline.
million years from now discern a Some geologists say it does not
human signature distinctive meet the technical criteria, even
enough to mark a clear geological as they acknowledge a rupture
boundary? with the past.
If they did, when would it start? At the same time, marking the
Yes, the Working Group end of the Holocene and the start
concluded, human appetites and of a new epoch would force us to
activity have evicted the planet – ponder humanity’s devastating
and its inhabitants – from the impact. For the first time in Earth’s
stability of the Holocene epoch, history, a single species has not
which began 11,700 years ago as only radically changed the
the last ice age ended. planet’s morphology, chemistry
The world is getting uncom- and biology, but is aware of having
fortably hot and its life-support done so.
systems are failing. Crutzen, who earned a Nobel
The threshold for the “epoch for identifying the man-made
of humans” first proposed in 2002 chemicals destroying the
by chemistry Nobel laureate Paul protective ozone layer, hoped the
Crutzen, they said, should be the concept and reality of the
mid-20th century. Anthropocene would focus minds
This is when a sharp surge in on the challenges ahead.
greenhouse gas concentration, “It could well be a paradigm
microplastic pollution, invasive shift in scientific thinking,” he said
species, radioactive traces from at a symposium in 2011.
atomic bomb testing, and a dozen
other markers of our species’
growing influence added up to
what scientists now call the Great
Acceleration.
A dozen years later, many of
the scientists who look at how the
strands of the Earth system inter-
sect agree.
“It’s the recognition that, ‘Oh
That leaves the question of the my God, we have tipping points.
“golden spike” – the single lake Oh my God, the Holocene is the
deposit, coral reef, ice core or only state that can support us’,”
other geological repository of Johan Rockstrom, head of the
evidence that best embodies the Potsdam Institute for Climate
Anthropocene. Impact Research, said.
The “winner” will be “The paradigm shift is the
announced today in joint press realisation that we’re leaving the
conferences at the Max Planck Holocene and entering the
Society in Berlin and a meeting of Anthropocene.”
Scientists take samples of sediment in Beppu Bay, southern Japan, to
determine the impact of human activity on the planet. Photo: AFP
CHICKEN ON THE MENU OF LIFE
When aliens or our distant progeny sift through layers of sediment
500,000 years from now to decode the Earth’s past, they will find
unusual evidence of the abrupt change that upended life half-a-
million years earlier: chicken bones.
That is the conclusion of scientists whose findings are offered as
proof that rapid expansion of human appetites and activity so
radically altered natural systems as to tip Earth into a new geological
epoch called the Anthropocene, or the “era of humans”.
To begin with, chickens are a human invention.
“Modern meat chicken is unrecognisable compared to its
ancestors or wild counterparts,” said Carys Bennett, a geologist and
lead author of a 2017 study in Royal Society Open Science laying out
the evidence for the animal as a “marker species” of the
Anthropocene. “Body size, the shape of the skeleton, bone chemistry
and genetics are all distinct.”
Their very existence, in other words, is evidence of humanity’s
capacity to hack nature and intervene in natural processes.
The modern chicken’s origins are in the jungles of Southeast Asia,
where its forebear, the red junglefowl (Gallus gallus), was first
domesticated some 8,000 years ago, but its engineered breeding
into the rotund, short-lived creature found in supermarkets the
world over started only after World War II.
Another line of evidence is the omnipresence of chickens:
virtually anywhere on Earth there are people, there will also be
copious remains of our species’ favourite source of animal protein.
Today, there are an estimated 33 billion of the flightless birds
worldwide at any given time, and at least 25 million are culled every
day, whether for chicken tikka in the Punjab, yakitori in Japan, poulet
yassa in Senegal or McDonald’s nuggets everywhere.
“Chickens are a symbol of how our biosphere has changed and is
now dominated by human consumption and resource use,” said
Bennett, formerly a researcher at the University of Leicester, and
now an officer at People for the Ethical Treatment of Animals in
Britain. “The enormous number of distinctive chicken bones
discarded worldwide will leave a clear signal in the future geological
record.”
Agence France-Presse
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A10 Tuesday, July 11, 2023

Yellen takes first step

to better China-US
Auckland’s example
ties with Beijing talks Nicholas Spiro says the New Zealand city’s bold planning reforms designed to
encourage medium-density housing offer a way forward for Australian cities
detached homes – in established suburbs
well-served by public infrastructure.
The findings of a paper published by Greenaway-
McGrevy in May also showed that the reforms

C
improved rental affordability, with rents for two- and

A
hina and the United States badly need to put a floor
t first glance, Australia’s housing market Sydney. The upwards pressure on rental prices is three-bedroom dwellings currently 14 to 35 per cent
under a troubled great-power relationship that remains
is performing significantly better than mainly attributable to the persistent undersupply of lower than they would have been in the absence of
in free fall since the US shot down a Chinese “spy New Zealand’s. Both countries’ central medium-to-high-density housing, a key factor changes to the planning system.
balloon” in February. This is not just a growing serious banks have been among the most behind the decline in the stock of social housing. Although New Zealand’s rental market remains
concern for both sides, but for other countries, including hawkish in advanced economies, raising Unfortunately, the deterioration in rental tight, rents are growing at an annual pace of roughly
American allies. Very few allies can see any benefit in open hostility interest rates aggressively to tame inflation at the affordability, particularly for lower income 4 per cent, a much slower rate than in Australia. Nick
cost of inducing a recession. households, has become politicised. Last month, Goodall, head of research at CoreLogic New Zealand,
between Washington and Beijing. The two need to find a supporting This makes the sudden recovery in Australian opposition parties delayed legislative approval of the said rental gains were more in line with “household
base for stabilising their ties. In that regard, Beijing’s hosting of a house prices this year all the more striking. Since ruling Labor Party’s signature A$10 billion (HK$52.4 incomes rather than landlords’ costs”. Still, despite
four-day visit by US Treasury Secretary Janet Yellen is encouraging. bottoming out in February, home values have risen billion) social and affordable housing fund, mainly the progress made in boosting supply, it has been
Yellen, also a former chairwoman of the US Federal Reserve, is the 3.4 per cent, reducing the peak-to-trough decline to because of the Green Party’s insistence on the “very difficult to undo the damage stemming from
just 5.7 per cent. In Sydney, prices have shot up 6.7 imposition of a two-year nationwide freeze on rents. years of undersupply”, Goodall said.
most dovish member of President Joe Biden’s cabinet. She is expected per cent, according to CoreLogic data. Rent controls would only make matters worse by This is all the more reason for Australia to
to be followed later this month by White House climate envoy John In New Zealand, by contrast, house prices have disincentivising investment, thereby reducing the embrace Auckland-style planning reforms. The
Kerry, also seen by some China hawks as a “dove”. The visits, yet to find a floor, having fallen for 15 straight supply of rental accommodation even further. Yet, Grattan Institute in Melbourne notes that Australia is
therefore, will cover two areas – the global economy and global months. Last month, they fell at their sharpest pace the political divisions over Australian housing policy one of only a handful of countries among advanced
in eight months, taking the decline in the past year to have sharpened the focus on delays and economies in which housing stock per capita has
warming – in which a measure of cooperation between China and 10.6 per cent. In Auckland, prices have plunged 16.8 inefficiencies in the planning system, which are at stagnated during the past two decades.
the US is seen as most likely to prevail in the current climate. per cent since their peak, according to CoreLogic. the root of the country’s housing crisis. In a submission to the upper house of parliament
Even if the two sides do find a supporting base for arresting the Yet, while Australia’s housing market has proved In this context, the zoning reforms introduced by in the state of Victoria this month on ways to tackle
deterioration, this does not necessarily mean the relationship will more resilient, the rebound in prices has only served Auckland’s government, designed to encourage the the housing crisis, the Grattan Institute urged
to heighten concerns about affordability. development of medium-density housing, is Victoria’s government to liberalise its planning laws
improve, so long as the US defines China as a strategic threat and
One of the main reasons for the short downturn is eye-catching. A uniform set of land use rules known by permitting more medium-density housing.
enemy, and China sees the US as its biggest existential threat. This is the lack of supply. Last month, new listings in capital as the Auckland Unitary Plan in 2016 led to the This requires a major shift in urban planning and
not to say that Yellen’s visit was meaningless. It may help find a basis cities were 10 per cent below their previous five-year upzoning of much of the city’s residential land, the political will to take on the Nimby crowd who
for both sides to develop a better idea of where they will continue to average while inventory levels were more than a ushering in a residential construction boom that have so far succeeded in stymieing medium-to-high-
compete and where they will try to work together. quarter below the average for this time of year. spared the city from the dramatic rise in rents and density housing in popular suburbs.
Supply constraints are particularly acute in the prices in the rest of the country. Even in New Zealand, the cross-party consensus
Yellen’s message that the US is not seeking to decouple from China rental market, where the steep rise in interest rates Research undertaken by Ryan Greenaway- on housing is crumbling ahead of a parliamentary
but to diversify critical supply chains – dubbed “de-risking” – is code has dampened demand for purchases of properties McGrevy of the University of Auckland revealed that election in October. This makes Auckland’s planning
that Beijing would understand, even if it sees little difference in the for investment purposes. In April, there were just the liberalisation of the city’s zoning laws not only reforms look even bolder. Australian cities would do
two. De-risking in this case refers to the hi-tech sector, in which the under 92,000 rental listings nationwide. led to a surge in building in upzoned areas, but also well to follow suit.
Rents in the capital cities increased 16.2 per cent shifted the focus of construction to attached
US sees China’s rise as its biggest security risk. Yellen held out no hope in the past year, and by as much as 18.8 per cent in multifamily housing – as opposed to single-family Nicholas Spiro is a partner at Lauressa Advisory
of concessions on technology, while the US was willing to work with
China on a range of other important issues. That is why she said
decoupling would be disastrous. It remains to be seen whether that
stance can be fashioned into a supporting basis for cooperation on
other areas important to both sides.
Yellen said she believed her visit was a step towards putting the
bilateral relationship on a surer footing. That may be problematical,
with a US presidential election campaign coming up and Biden’s
decision to supply cluster bombs to Ukraine – just two examples of
factors that could affect China-US ties. Meanwhile, within a few
months the focus will shift to the Asia-Pacific Economic Cooperation
(Apec) leaders’ summit and hopes for a meeting on the sidelines
between Xi Jinping and Biden. But even a summit of summits like
that is no guarantee of a sustained improvement in ties. But
reciprocal working visits such as those of Yellen and Kerry may be
positive for laying the right foundations.

Taxi demerit points

the right way to go

T
axis continue to lose market share to ride-hailing
services such as Uber. Hong Kong is no exception. The
industry has been shrinking. Drivers are ageing.
Passengers complain about their behaviour and their
vehicles. Safety is an issue. If owners and drivers want to “Spider-Man” drops in yesterday at the M+ museum in West Kowloon. Photo: Sam Tsang
turn the industry’s fortunes around, they could take their cue from
the government’s proposed shake-up. A positive response to a
demerit points system covering common customer complaints about
drivers and cabs would be a good start.
Eleven kinds of behaviour are covered in a proposal to go before
Share your views with us and other Post readers in a Letter to the Editor.
lawmakers. They can attract three, five or 10 demerit points. Drivers Include your full name and address, plus a phone number for verification.
who accumulate 15 or more in two years face three months’ Please keep your letter to a maximum of 400 words. Email us at letters@scmp.com.
suspension the first time, and six months in subsequent cases. More Address: 19/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
common offences include overcharging (10 demerits), refusing a hire

True peace requires more than the suppression of violence

(10), and not taking the most direct practicable route (five). It remains
to be seen how the system will be applied and enforced effectively.
It is also proposed that taxi owners should be allowed to form
urban fleets of 300 to 1,000 cabs – 100 to 350 in the New Territories – to
The government generally considered the 2019 violence, more needs to be done to completely However, when violence aims to force and threaten
provide enhanced services. The inclusion of luxury vehicles could be
social movement to be violent. Not only were public eliminate the seeds of violence. This idea is not new. people, it directly breaks the social harmony within a
good for business, but the fare structure needs addressing. The infrastructure and facilities destroyed, violence Back in 1963, during the civil rights movement community. How can we enforce positive peace?
industry and union representatives have generally welcomed the was also directed against people, which greatly in the United States, Dr Martin Luther King Jnr had To me, positive peace can never be achieved
demerit points proposal, except for the severity of penalties. “Bad challenged our conscience and moral intuition. already differentiated between negative peace and unless our society recognises the problems of
behaviour such as overcharging should be regulated,” said Chow To control the chaotic political situation, the positive peace in his “Letter from Birmingham Jail”. violence. Those who use violence have a reason for
central government passed the national security Later, the father of peace studies, Johan Galtung, doing so. We need spaces for those reasons to be
Kwok-keung, chairman of the Taxi and Public Light Bus Association. law for Hong Kong in 2020. However, we may have used the same idea in his research. Both argued that addressed so we can rethink and then discuss the
The government also proposed tougher penalties for drivers who overlooked the need for a rational discussion of solely getting rid of violence or some sort of tension limitations of violence. It is true some laws can stop
provide illegal ride-hailing services by doubling the maximum fine why violence is a problem and how it will affect our can only achieve negative peace that is uncertain violence in society, but the seeds of violence still need
for first-time offenders to HK$10,000 and raising it to HK$25,000 for society. Our government is using legal measures to and unstable. Violence will return one day if positive to be reckoned with. Only by giving people the space
deter violent movements, but real peace requires not peace has not been achieved. to engage with the perspectives of the other side, and
subsequent convictions. The vehicle licence will also be suspended just management, but transformation to roll back Positive peace, which I would term true or real thereby understand the problems of violence, can we
for six months on the first conviction, and 12 months for additional and prevent violence. peace, requires the presence of harmony, which truly roll back violence and achieve positive peace.
infractions. Chow asked the government to help fight such In other words, apart from passing and enforcing includes our ability not only to suffer from the
unlicensed services. “They are the reason the taxi industry is ageing,” laws and carrying out political reform to stop suffering of others but also to enjoy the joy of others. Patrick Kwok King-on, Cheung Chau
he said. That may be so; however, the reality is the government has
already taken the fight to ride-hailing services under the law without
suppressing public support and demand for them. It is time for the
US’ cluster bombs Ukrainians that these abominations will
not be used in areas populated by civil-
(July 8). She should receive the highest
award posthumously, for as the Bible
by the authorities are adjudged. No leg-
islature, be it parliament or authorities
industry itself to take up the fight by lifting its game. The demerit plan is abominable ians is an utterly meaningless piece of says, “Greater love has no one than this, empowered by it, can make a law con-
state speak, or am I supposed to believe that one lays down his life for his friends” trary to the constitution. No governmen-
points plan is a step in the right direction.
With the US’ recent announcement of that when the first child has their arm (John 15:13). The Hong Kong government tal authority or agency can act contrary
its intention to supply cluster munitions or leg blown off by an unexploded clus- should rectify this oversight. to the constitution.
to Ukraine, any remaining pieces of the ter bomb lying in a field that Ukrainian The judiciary is obliged to see that
West’s morality lie in tatters. Watching President Volodymyr Zelensky and US Joan Miyaoka, Sha Tin the provisions of the constitution are not
US officials struggle to justify this utterly President Biden will offer themselves up violated by any organ of the government.
immoral action simply shines the spot- as war criminals? Give me a break. This function of the judiciary entitles it
Tammy Tam Editor-in-Chief light on the West’s utterly bankrupt to be called the “guardian” of the con-
“rules-based international order”. Bob Rogers, Sai Kung The judiciary guards stitution. It is the function of the court to
Chow Chung-yan Executive Editor Zuraidah Ibrahim Executive Managing Editor
Yonden Lhatoo Managing Editor, Content Eugene Tang Managing Editor, Business & Projects
A ny one w ho h a s t r av el le d to
Cambodia will have seen first-hand the
Malaysia’s democracy declare an act as unconstitutional.
L et Dr Ma hat h i r Moha mad,
ongoing damage to people – often chil- I refer to your report “A multiracial Malaysia’s former, two-time and long-
Editorial office 19/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong dren – and animals as a result of the Malaysia would be unconstitutional, est-serving prime minister, assert the
Editorial feedback, general inquiries 2565 2222, news@scmp.com
Advertising Enquiry 2565 2435, advertising@scmp.com
thousands of cluster bombs dropped Bravest of them all says Mahathir in swipe at Anwar’s gov- unconstitutionality of promoting a mul-
Reprint permission and back copies 2680 8180, reprint@scmp.com
Place a classified or recruitment ad 2565 8822, classified@scmp.com
by the Americans in their illegal war
on Cambodia during the Vietnam war.
deserves recognition ernment” (July 4).
The Malaysian federal constitution is
tiracial country before the court for its
declaration as such.
Subscription and delivery hotline 2680 8822, printsupport@scmp.com
Online / digital inquiries 2680 8822, digitalsupport@scmp.com Go visit the museum in Luang Prabang, Thank you Yonden Lhatoo for pointing the supreme law of the land. This means
Charity giving 2680 8159, osc@scmp.com Laos, to see evidence of these horrors. out the obvious in your column “Why that it is under the constitution that all Mohamad Hafiz Bin Hassan, lecturer,
Events and conferences 2680 8160, conferences@scmp.com
The efforts by US officials to claim can’t Hong Kong honour the bravest of laws are made and executed, and it is by Faculty of Law, Multimedia University,
Both SOUTH CHINA MORNING POST ® and 南華早報 ® are registered in the People’s Republic of China. they have “written assurances” from the them all after she died in a knife attack?” the constitution that the validity of acts Malaysia

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CONTACT US
Agree or disagree with the opinions on this
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Obstacles to detente
Richard Heydarian says Yellen and Blinken meetings in China will not fix weakening relations
“W
e believe that it is in the
best interests of both
countries to make sure
we have direct and
clear lines of
communication at senior levels,” US
Treasury Secretary Janet Yellen said ahead
of a four-day visit to Beijing last week. In her
first visit to China, she vowed to help
facilitate a “stable and constructive
relationship” in spite of disagreements over
a whole host of issues.
Yellen has made it clear that there is
“ample room” for bilateral US-China trade
as well as globally consequential coopera-
tive initiatives, especially against climate
change. She said the United States was not
pursuing a zero-sum approach to China
but instead was committed to a long-term
trade and investments relationship.
Her trip, which came not long after
Secretary of State Antony Blinken’s visit to
Beijing last month, underscored growing
efforts towards stabilising the world’s most
consequential bilateral relationship. The
top US climate envoy John Kerry is expected
to visit later this month as the two sides
explore restoration of bilateral dialogue on
areas of shared concern.
A long-term detente between the two
superpowers remains a tall order, though,
thanks to tit-for-tat sanctions, an increas-
ingly protectionist turn in US economic
strategy and growing mistrust towards
China among the American people.
In fairness, Yellen’s visit was encourag-
ing for many. Although striking a defiant
note on the need to protect the interest of
American businesses in China, she held
cordial meetings with top technocrats.
These included meeting Premier Li Qiang,
Fame and success are no protection from mental struggles
Yunyu Xiao and Paul Yip say we need to create a supportive environment for people in distress
P
op star Coco Lee’s death by suicide
has been a shock to fans in Hong
Kong, across Asia and beyond.
Reports suggest there were signs of
common risk factors for suicide in her life,
such as her long struggle with depression,
recovery from major surgery and the
aftermath of her divorce.
All these factors are known to have an
adverse effect on a person’s mental health.
Lee’s death is another reminder of the
impact of depression. Early prevention
and intervention are crucial. In this case,
societal expectations were also a factor
affecting self-acceptance, personal growth
and mental health.
We often perceive celebrities like Lee
through their moments on the stage –
their smiles, talent and seemingly
unfaltering strength. However, such
societal expectations can exert crushing
pressure. Regrettably, it is often only in the
wake of a crisis that we begin to question
the impact of these expectations and how
they can be prevented.
It is not just celebrities who are at risk,
either. Similar incidents have occurred
within other high-risk populations.
Studies show an increase in suicide
attempts among youth who think they are
not meeting their parents’ high standards.
Healthcare workers – who are
frequently described as “angels” and
“heroes” – are another high-risk group.
This “angel” narrative has intensified
during the Covid-19 pandemic, but this
well-intentioned praise can lead to an
unrealistic belief that these professionals
who spoke of a potential rainbow in
bilateral relations after a stormy year, as
well as economic tsar and Vice-Premier He
Lifeng, who is known for his advocacy for
greater openness to foreign investment.
Crucially, Yellen underscored how the
US will “seek to diversify and not to
decouple” from China’s economy, instead
focusing on enhancing its supply-chain
resilience and national security through a
more calibrated “de-risking” strategy. The
ultimate purpose of her visit was to arrest a
perilous spiral in interactions between the
world’s two leading powers.
There are three … factors
which place significant
limits on the ability of
both leaders to negotiate
a long-term detente
Although no diplomatic breakthroughs
were announced, her visit paved the way for
a bilateral summit between US President
Joe Biden and President Xi Jinping. That
could come as soon as September’s Group
of 20 summit in New Delhi or during the
Asia-Pacific Economic Cooperation
gathering in San Francisco in November.
Even on the economic front, there are
three interrelated factors which place
significant limits on the ability of both
leaders to negotiate a long-term detente. To
begin with, the US has drifted towards an
“America First” economic strategy which
can cope with adversity without needing
support. We must acknowledge that these
“angels” are human, too, and deserve our
care and attention.
According to our calculations based on
data from the US National Violent Death
Reporting System, more than 77 per cent
of people who died by suicide did not
disclose their intention. Among those who
did, 31 per cent still died despite receiving
mental health treatment.
Likewise, a study of coroners’ reports
in Hong Kong suggested that only 25 per
cent of those who died by suicide had
received psychiatric treatment. These
findings debunk several myths
surrounding suicide.
The myth that suicide is not
preventable isn’t accurate. Often, the
person’s intent is simply not recognised or
addressed. Some of the early signs can
easily be overlooked. And psychiatric
treatment only is not sufficient.
Contrary to the belief that all suicidal
individuals are depressed, there are other
social determinants of health. Factors
such as family relationships and self-
perception can also act as risk factors.
The notion that only certain types of
people can become suicidal is also
misleading as various predisposing
conditions, especially when they intersect,
can lead to suicide attempts or deaths.
Finally, the myth that effective suicide
intervention can only come from
professional therapists is a misconception.
We need to move beyond a medical care
model to a population health model.
goes beyond the antics of the Trump
administration.
The Biden administration, meanwhile,
has embraced a more protectionist
approach to economics. As early as 2020,
National Security Adviser Jake Sullivan,
then a top Biden aide, co-authored a report
on how the US needed to embrace an
aggressive economic strategy which both
protects the middle class as well as ensures
the country will maintain as large a lead as
possible in cutting-edge industries.
Since coming to power, the Biden
administration has overseen the passage of
three key pieces of legislation: the Bipartisan
Infrastructure Law, the Chips and Science
Act and the Inflation Reduction Act, all of
which mobilise trillions of dollars to
enhance US economic foundations. Just
passing such legislation in a polarised
political environment is a testament to the
rare consensus on the supposed need for
the US to meet the challenge from China.
Aside from strengthening its economic
foundations, the Biden administration has
unleashed a wave of sanctions targeting
China’s cutting-edge industries. As a 2022
report from the Centre for Strategic and
International Studies put it, what we are
witnessing is nothing less than a “new US
policy of actively strangling large segments
of the Chinese technology industry”.
Even if the Biden administration loses
power next year, there is little indication of
a major reboot in US economic strategy.
Republican strategists such as Elbridge
Colby, who played a role in shaping the
Trump administration’s national defence
strategy, are calling for a whole-of-nation
strategy that targets the foundations of
China’s economic and military power.
The pandemic’s impact on mental
health came from more than just the virus
itself. Our studies show a variety of social
determinants of worsening mental health,
including food insecurity, financial
disruptions, vaccinations, social isolation
and more. We need to create and cultivate
a more supportive and connected
environment for people who are in
distress. They need to feel like they have
not been forgotten and left behind.
The myth that effective
suicide intervention
can only come from
professional therapists
is a misconception
Everyone within the social networks of
at-risk individuals can help. Holistic
interventions involving families, friends
and the community are crucial to building
a protective shield around those in need.
It is also important to pay attention to
the reporting around celebrity suicides as
copycat attempts could follow.
Sensational or excessive reporting should
be avoided. Print media has become
better at handling such incidents with care
in the past decade, but social media is
more difficult to control. It is important for
people to express their sadness, but social
This brings up the second major
structural challenge: deepening public
scepticism towards Sino-American detente
in the near future. It appears the US policy
elite’s view on China is shared by the
broader populace. A Gallup poll published
in March found that only 15 per cent of US
respondents viewed China either very
favourably or mostly favourably, with two-
thirds of respondents seeing China as a
“critical threat” to vital US interests.
The current sentiment towards China is
even lower than the American public’s
views of the Soviet Union during the Cold
War. With an election next year, the Biden
administration will come under pressure to
maintain a tough stance on China.
The third, and perhaps most crucial,
factor is the impact of US economic strategy
on the geopolitical front. Beijing has
repeatedly insisted that restoring
institutionalised bilateral dialogue hinges
on the removal of US sanctions which have
not only targeted Chinese economic
champions but also defence leadership.
In response, the Biden administration
has maintained that diplomacy should
come without preconditions, giving little
indication of a significant compromise.
The upshot is the continued absence of
fully functional military-to-military
diplomacy even as the two superpowers
continue to ramp up their naval presence
in the South China Sea, Taiwan Strait and
the broader Western Pacific. In short,
leaders in both the US and China will have
to expend significant political capital for a
desperately needed diplomatic
breakthrough in the near future.
Richard Heydarian is a Manila-based
academic and author of Asia’s New Battlefield:
US, China and the Struggle for Western Pacific,
and the forthcoming Duterte’s Rise
media posts could have unintended
consequences for others, especially
people who are emotionally or otherwise
vulnerable.
There are many ways to cope with
events such as this. Hopefully more
encouraging examples of celebrities being
public about their struggles and working
to fight depression will emerge. Lee’s
death should galvanise awareness around
the societal norms and “angel” narratives
that can unintentionally harm the people
they are meant to celebrate.
It can be difficult to understand how
successful people can struggle so
profoundly that suicide appears to them
to be the only way out. We must
remember that mental health issues can
affect anyone, and that words and actions
from friends, family or the media can have
a profound impact. We should make use
of this opportunity to pay more attention
to people who might be affected by this
sort of news.
To achieve a “Happy Hong Kong”, we
must be kind to the “angels” among us,
asking not just “Are you OK?” but “Is there
something you need to let out, do you
want to cry?” We need a systematic
change in our understanding of mental
health and to destigmatise mental illness
to improve the wellness of Hongkongers.
Yunyu Xiao is an assistant professor of
population health sciences at Weill Cornell
Medical College. Paul Yip is the founding
director of the Centre for Suicide Research
and Prevention and an associate dean
(knowledge exchange and development) of
the Faculty of Social Science at the University
of Hong Kong
Tuesday, July 11, 2023 A11
Dhaka’s ‘frugal
innovation’ helps
boost education
Asfaq Zaman says while the rich
world agonises over the latest
technology, such as AI, Bangladesh is
getting on with smart learning using
low-cost, high-impact digital tools
T
he world is being swept away by the latest
technological craze again. Artificial intelligence
(AI) is being marked as the great turning point,
with many assuming it will lead to a new era of either
abundance or destruction.
This hysteria has swept over educational circles as
a moral panic descended on institutions; ChatGPT has
become to writing and researching what the calculator
was to arithmetic. Equally, commentators pronounce
AI a silver bullet for learning personalisation that
could level the playing field across the world.
The true impact of AI on education is yet to be
seen. As an adviser to Bangladesh’s innovation
initiative a2i, I can’t help but feel deja vu.
Before AI mania, there was blockchain, billed as
the great disruptive force that would redistribute
wealth and bring trust and ownership online. In
education, blockchain was seen as the panacea for
many ills, from certification authentication to
examination verification. Yet the impact of blockchain
on education, while real, has been modest.
Rather than fixate on the latest hyped-up
technology, we should direct our attention towards
simple, cost-effective implementations that can
genuinely transform the way we approach education.
In Bangladesh, we have a philosophy of “frugal
innovation”, which requires low-cost changes to our
education systems that deliver disproportionate
results. One example was seen over the pandemic.
Even though schools were closed for 18 months,
lessons were not stopped for more than two weeks.
As soon as schools shut, the government set about
turning the free-to-air parliamentary TV channel into
a remote learning channel. The result was astounding.
Before Covid-19, Bangladesh had a one-size-fits-all
learning programme. Shifting education online meant
each student’s learning became personalised.
Bangladesh moved much faster in adapting its
public services for education than many developed
nations. The reason is simple. In Bangladesh, as with
other emerging economies, the stakes are far higher.
With a well-educated and digitally ready workforce, a
nation can leapfrog stages of development.
Schools are pivoting towards
assessing students in real time,
and not simply under stressful
examination conditions
Bangladesh has over 45 million young people aged
15 to 29. In line with its vision to become a digitalised
nation by 2041, building a solid base of future-proof
skills today will prove crucial. It should come as no
surprise that nine out of 10 jobseekers in Bangladesh
today are required to have digital skills.
The shift towards a blended learning approach in
Bangladesh did not start with the pandemic. The
initiative to move towards a digitally enabled
approach to learning started as far back as 2010.
The need to raise a digitally literate generation led
to an approach to learning that focuses more on
problem-solving than memorising facts. Schools are
pivoting towards assessing students in real time, and
not simply under stressful examination conditions.
This helps to improve learning feedback and allows
teachers to provide a more personalised programme.
The approach extends to teachers and their
training too. Reaching the large number of teachers
across the country, especially those in rural areas, can
be a challenge. Blended approaches have therefore
been introduced, including online training through
the MuktoPaath e-learning platform.
Training dissemination is monitored through a
real-time dashboard, and it has been observed that
more teachers from rural areas completed the courses
compared to urban areas.
While Bangladesh is a leader in pushing for an
innovative, blended learning approach, it is by no
means alone. Rwanda’s blended approach in training
its healthcare workers has boosted HIV/Aids care.
Students from Kenya’s Bridge International
Academies, low-cost private schools that use a
blended learning approach, achieve much better
results than the national average in their primary
school leaving examinations. Blended education uses
simple digital tools to achieve real social mobility.
The point is simple. In many instances, developing
nations have no choice but to accelerate towards an
educational system fit for the future. Yet this has not
been fuelled by an obsession over one particular
technology. Rather, it has been achieved by a low-cost
yet high-impact fusion of a range of digital tools.
When it comes to education, there is no silver
bullet, not even for AI. Instead, nations like mine are
focusing on the solutions that have been proven, not
merely promised, to work.
Asfaq Zaman is communications adviser to Aspire 2
Innovate, the innovation arm of Bangladesh’s civil service
Bangladesh is a leader in pushing for an innovative,
blended learning approach in schools. Photo: Reuters
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A12 Tuesday, July 11, 2023

From left: a China Electronics Corporation product; liquid cooled servers at

the Enflame Technology booth; and visitors at the MetaX LLC booth.

Welcome to an AI world

The World Artificial Intelligence Conference in

Shanghai is a showcase for innovation, a platform
for business deals and an opportunity to hear from
experts at forums. More than 400 companies took
part this year with purchasing and investment
contracts worth billions of yuan signed on site.
The conference, with a 50,000-square-metre
exhibition space, also witnessed the debuts of more
than 30 cutting-edge products. Photographers with
AP, Reuters, Bloomberg and AFP joined the visitors
Visitors take photos of a Tesla robot at the conference and (below) a line
of robots on display at the CloudMinds Technology booth. getting a glimpse of the future.

Main picture: a worker sets up a display at the booth for supercomputer

manufacturer Sugon. From top: a virtual reality space; visitors examine a
screen; and a woman looks mesmerised while testing a VR product.

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

Tuesday, July 11, 2023
ECONOMY
Produce at a supermarket in Shandong province. Fruit and vegetables bucked the general trend of falling or stagnant prices. Photo: Xinhua
DEFLATION RISKS GROW
AMID WEAKER DEMAND
China’s consumer price index remained flat in June year on year, while the
producer price index fell by 5.4 per cent last month as recovery slows
Mia Nulimaimaiti
miyasha.nulimaimaiti@scmp.com
Deflation risks in China height-
ened in June amid weak demand,
with consumer prices remaining
flat and a factory-gate price fall
deepening further, underlining a
slowing economic recovery.
The consumer price index
(CPI) was unchanged from a year
earlier, down from 0.2 per cent
growth in May, according to the
National Bureau of Statistics. It
marked the lowest reading since
February 2021.
Meanwhile, dragged down by
a sharp fall in raw material prices,
the producer price index (PPI) –
which reflects the prices that fac-
tories charge wholesalers for
products – fell by 5.4 per cent in
June from the previous year. This
was the steepest fall since
December 2015.
“The data is weaker than
expected. Further evidence that
domestic demand is weak,” said
Larry Hu, chief China economist
at Macquarie Group.
A weak real estate sector and
low market confidence were the
DEBT
Kaisa Group faces winding-up petition
Enoch Yiu
enoch.yiu@scmp.com
Chinese developer Kaisa Group
Holdings is facing an attack from
a Singapore hedge fund, one of an
array of its offshore creditors,
while it pursues a restructuring
plan to address more than US$15
billion of borrowings.
Broad Peak Investment
Advisers filed a court petition in
Hong Kong on July 6 to wind up
the company for non-payment of
yuan-denominated debt issued
by its Shenzhen subsidiary, Kaisa
Group said in a stock exchange
filing yesterday. The petition will
be heard on September 13, it
added.
The Singapore-based firm is
suing for repayment of a 170 mil-
lion yuan (HK$184 million) bond
issued by its unit Kaisa Group
(Shenzhen), the filing said. Kaisa
Group tumbled 16 per cent to 17.5
HK cents in Hong Kong trading
after the disclosure.
Chairman and founder Kwok
Ying-shing said Kaisa Group
ROAD TO RECOVERY
Didi Global losses narrow as domestic demand for
ride-hailing services picks up > COMPANIES B3
main reasons for the low CPI fig-
ure, Hu added.
This could mean a weaker
performance in the second-quar-
ter economic data, with gross
domestic product growth likely to
be 7 per cent or lower compared
to last year, when the figure stood
at just 0.4 per cent, he said.
“The predicted 7 per cent
growth is less than 4 per cent on a
two-year basis, which is a very
weak figure,” Hu added.
The economic performance in
the third quarter depends on the
strength of Beijing’s policies, with
more support expected from the
coming Politburo meeting, Hu
added.
The data is weaker
than expected.
Further evidence
that domestic
demand is weak
LARRY HU, MACQUARIE GROUP
would seek legal advice to oppose
the petition and protect its legal
rights. The creditor’s action does
not represent the interests of
other stakeholders and may
impair the value of the company,
he added.
Kaisa Group had almost 110
billion yuan of borrowings at the
end of 2022, and defaulted on
bank loans or other borrowings
totalling almost 58 billion yuan,
according to its annual report
published in late April. Its shares
had earlier plunged on trading
resumption in March, following a
year of suspension for failing to
release its accounts on time.
Some 50 Chinese developers
have defaulted on about US$100
billion worth of offshore bonds
over the past two years, according
to a JPMorgan report in
December, with 39 of them seek-
ing debt workout plans with cred-
itors on US$117 billion of stressed
debt.
The industry crisis has eased
amid policy and market improve-
ments since November. Beijing
Analysts at Japanese invest-
ment bank Nomura said the mar-
ket was braced for further negative
consumer inflation in July as
“disinflationary pressures stay
highly entrenched”, which called
for further monetary easing from
the central bank.
They forecast China’s CPI
would fall by 0.5 per cent in July,
while it would rise by just 0.3 per
cent in 2023 overall, far behind
Beijing’s annual target of 3 per
cent.
The “ultra low” readings were
likely to prompt the central bank
to further cut policy rates and
banks’ reserve requirement ratio
later this year to release liquidity
from the banking system as part of
efforts to prop up the economy,
the Nomura analysts added.
Within the CPI, food prices in
China increased by 2.3 per cent
from a year earlier in June, com-
pared with a rise of 1 per cent in
May, while non-food prices
decreased last month year on
year, falling by 0.6 per cent after
having remained flat in May.
Prices for pork decreased by
7.2 per cent in June compared
with a year earlier, while fruit
rolled out a series of measures to
alleviate a liquidity crunch, by
pushing bank loans, bond sales
and equity financing. Those
measures may only help develop-
ers buy time to fend off creditors,
according to KGI Securities.
“The key issue is that property
sales remain weak,” said Kenny
Wen, head of investment strategy
at KGI Asia in Hong Kong.
“If mainland developers can-
not sell assets [at a good price] or
get a white knight to inject new
capital, we are going to see more
winding-up petitions in the near
future.”
¥110b
The amount owed by Kaisa
Group as at the end of 2022.
It has defaulted on 58 billion
yuan of loans or other
borrowings
prices increased by 6.4 per cent
year on year, and vegetable prices
increased by 10.8 per cent.
China’s core consumer infla-
tion rate, excluding food and
energy, increased by 0.4 per cent
in June compared with a year
earlier, down from 0.6 per cent
growth in May.
“Producer price deflation
deepened further last month to its
lowest point in more than seven
years, and consumer price infla-
tion dropped to a 28-month low of
zero per cent,” said economists at
Capital Economics.
“Core inflation continued to
fall as the initial impact of reopen-
ing faded. We expect inflation to
rise gradually later this year, but
the upside will be limited, leaving
room for further policy easing.”
Domestic demand was yet to
fully recover and households’
income expectations were unsta-
ble, Citic Securities said.
Despite the increase in bank
loans to the corporate sector,
manufacturing activity remained
weak and companies had not
used all loans for production, it
added.
The long-tail effect of unem-
ployment and cut in incomes
during the coronavirus pandemic
also will not disappear over the
short term, which makes house-
holds reluctant to spend.
Kaisa Group incurred a cumu-
lative net loss of 26 billion yuan in
2021 and 2022 amid a slump in
contracted sales nationwide. It
has sold a number of assets to
raise funds, including 18 projects
in Shenzhen worth 81.8 billion
yuan in late 2021, and some floor
space in The Center office tower
in Central.
In November 2021, Kaisa sold
a project at the former Kai Tak
airport site to a venture between
New World Development and Far
East Consortium for HK$1.9 bil-
lion in cash and HK$6 billion in
assumed debt, a steep discount to
its HK$9.8 billion valuation.
Kwok said Kaisa would keep
communicating and working with
its offshore creditors on the
group’s debt restructuring, with-
out giving a timeline. It plans to
talk to Broad Peak Investment to
seek an amicable approach,
including persuading the hedge
fund to drop the legal action.
“The company encourages all
stakeholders to maintain their
confidence and support,” he said.
A look at previously popular direct flights to and
from Hong Kong that have not restarted > LIFE B10
PROPERTY
New mortgage rules to have
limited impact, experts say
Sales of larger flats may receive boost, but change
is not expected to make big difference overall
Enoch Yiu
enoch.yiu@scmp.com
The easing of mortgage policies in
Hong Kong from Friday has
piqued the interest of potential
homebuyers and current owners,
but will not make a big difference
to the overall property-market
outlook, brokers and bankers say.
Mortgage broker mReferral
received about 10 per cent more
inquiries from customers over the
weekend and yesterday, com-
pared with the week before the
changes were announced.
The Hong Kong Monetary
Authority (HKMA) on Friday
tweaked mortgage rules for the
first time since 2009 to help first-
time buyers and those wanting to
upgrade to bigger flats.
Loan eligibility for homes cost-
ing more than HK$10 million,
previously limited to 50 per cent,
has been refined into three tiers:
up to 70 per cent financing for
homes of up to HK$15 million for
the owners’ own use, 60 per cent
loans for homes valued between
HK$15 million and HK$30 mil-
lion, and 50 per cent financing for
those priced over HK$30 million,
according to the HKMA and Hong
Kong Mortgage Corporation.
“We got a lot of inquiries in the
past three days ranging from new
homebuyers to those who want to
trade up, as well as those who
want to refinance with their exist-
ing mortgage to get a higher
amount of loan under the new
policies,” said Eric Tso Tak-ming,
chief vice-president at mReferral.
COMPANIES
Ant Group’s IPO plan under the spotlight
after regulatory fine and share buy-back
Ant Group’s latest market valuation is about 567.1 billion yuan, according to Alibaba. Photo: Bloomberg
Ann Cao and Tracy Qu
The listing plans and revised
valuation of Ant Group, the
fintech giant founded by
billionaire Jack Ma, have come
under the spotlight after Beijing
ended a 2½-year regulatory
investigation by fining the
company nearly US$1 billion.
While Ant has kept its cards
close to its chest about plans to
resume its listing, which was
called off at the last minute after
Ma made a controversial speech
criticising China’s financial
regulation in late 2020, Beijing’s
pledge to “normalise” manage-
ment of Ant and other fintech
firms has fanned speculation that
the obstacles for Ant’s offering
have been lifted.
“Ant might be reconsidering
its listing plans after the crack-
down ended,” said Bai Wenxi,
chief economist at IPG China.
However, even if Ant is back on
track to float shares in Hong Kong
or Shanghai, its valuation would
be significantly lower than
October 2020, when the Alibaba
Group Holding spin-off was
aiming for a US$37 billion listing,
giving it an estimated valuation of
US$300 billion.
In the latest share buy-back
plan covering up to 7.6 per cent of
+0.62
Close: 18,479.72 Up: 114.02
STILL OFF THE RADAR
Tso said the new policies
would help those wanting to trade
up into bigger flats as they can
borrow a higher percentage of the
selling price, while other people
may prefer to refinance their exist-
ing mortgage to get extra cash.
But experts foresee a limited
impact on overall outlook.
“The new mortgage policies
will increase property transac-
tions, but the increase will not be
substantial because there are still
other measures to curb specula-
tion in the property market and
interest rates remain high,” Tso
said.
13%
The proportion of total
transactions in Hong Kong in
the first half of the year that
involved properties valued at
HK$12 million or above
Bank of China (Hong Kong)
also reported inquiries about the
new loan rules.
“Our bank has received cus-
tomer inquiries about the new
mortgage policies,” a spokes-
woman said.
“We will provide the informa-
tion needed to help the customers
to get the mortgage loans they
need.”
Analysts believe the new
measures may boost sales in some
projects with bigger flats.
its total equity, Ant’s offered price
represented a nearly 75 per cent
discount on the US$300 billion
valuation. Alibaba, which owns
the Post and has a 33 per cent
equity stake in Ant, said it was
considering whether to take part
in the repurchase plan.
Meanwhile, Ant’s fintech
business, along with rivals like
Tencent Holdings’ fintech arm,
are under stricter regulatory over-
sight, making it harder to grow the
lucrative credit business and to
earn high profit margins. Ant has
also drifted further away from
Alibaba in terms of data sharing,
management and personnel to
comply with Beijing’s
requirements.
“It seems possible that the
fintech businesses of Ant and
Tencent will be listed separately in
the capital market in the future,”
said John Dong, a securities
lawyer at Joint-Win Partners in
Shanghai.
Ma relinquished his ultimate
control over Ant in a corporate
restructuring early this year,
which ended an acting-in-concert
pact with company chairman Eric
Jing Xiandong, former chief exec-
utive Simon Hu and Alibaba
Group veteran Jiang Fang. The
restructuring meant Ma gave up
his 53.46 per cent voting power,
Ant said in January.
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C O P Y R I GH T
%
Hang Seng Index:
“Select high-lump-sum pro-
jects, such as in Kai Tak and Wong
Chuk Hang, could see better sell-
through with the loan-to-value
relaxation,” investment bank
Jefferies said in a research note.
Entry-level projects would not
benefit directly from the relaxa-
tion, but the new measures,
including reducing the mortgage
insurance payment for first-time
buyers, would alleviate some
pressure on buyers in a rising rate
environment, Jefferies said.
Home prices would be largely
stable in the second half of this
year, it added, as banks might
increase the prime rate again from
July to September, after raising it
four times by a total of 75 basis
points since September.
“Developers are likely to con-
tinue to prioritise destocking over
aggressive pricing. Home prices
should see more positive signs in
2024, with rates peaking, immi-
gration supporting demand and
supply normalising.”
Large banks could see stronger
mortgage loan growth ahead via
remortgaging, whereas smaller
banks with relatively weak fund-
ing franchises might struggle to
compete given high costs for time
deposits and wholesale funding,
the note said.
Citibank equity analyst Ken
Yeung also said the change would
have only a small impact on prop-
erty demand. Transaction volume
for properties valued at HK$12
million or above represented only
13 per cent of all deals in the first
half of the year, Yeung said.
“We maintain our cautious
views on Hong Kong developers,
and expect home prices to drop 6
per cent in the second half of this
year,” Yeung said in a research
note on Friday.
Li Min, senior partner at
Shanghai Hansheng Law Firm,
said the punishment was “an
important action to severely crack
down on the chaos” in the
financial industry, adding that
regulators still want to encourage
financial innovation.
For example, the 7.123 billion
yuan (HK$7.71 billion) fine
imposed on Ant was smaller than
the US$2.8 billion antitrust
penalty slapped on Alibaba in
April 2021 by the State
Administration of Market
Regulation.
Wang Pengbo, a finance
analyst with consultancy BoTong
Analysys, said the fine would
speed up Ant’s listing process,
although an offering may not
happen in the short term.
“I don’t think a quick listing is
likely to happen. [Ant] needs to
recover,” Wang said.
Ant’s latest market valuation
was about 567.1 billion yuan,
according to Alibaba, and analysts
said that a certain degree of regu-
latory oversight would still loom
over the company, putting a limit
on Ant’s market valuation.
“Financial regulation will
always exist,” Dong said. “For the
entire platform economy, compli-
ance requirements are very high,
which will inevitably lead to an
increase in compliance costs.”
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B2 Tuesday, July 11, 2023

BUSINESS
INVESTMENT THE INFORMER

RULES RAISE STATUS OF PRIVATE FUNDS
‘Milestone’ regulatory framework will promote innovation while protecting interests of investors
Zhang Shidong
shidong.zhang@scmp.com
“Milestone” rules governing the
mainland’s private investment
funds will inject more vigour into
the 21 trillion yuan (HK$22.7 tril-
lion) industry, by officially
acknowledging a sector that is
playing an increasingly important
role in supporting the economy
and technological innovation,
fund managers and analysts say.
The 62-clause regulatory
framework, which covers both
funds investing in listed compa-
nies and private-equity funds
focused on unlisted start-ups, was
promulgated on Sunday and will
come into effect from September
1. It covers a range of issues from
the responsibility of money man-
agers, fund sales and operators to
supervision management.
The sweeping rules represent
the latest effort by Premier Li
Qiang to tap the vast pool of pri-
vate funds to revive growth and
widen funding access for technol-
ogy companies.
They also come as downwards
pressure on the economy has
been piling up, with the latest data
showing that producer deflation
deepened and with the United
States set to impose more sanc-
tions to curb the country’s hi-tech
industries.
At the same time, more regula-
tory control is expected to better
protect the interests of fund hold-
ers and defuse any risks that could
roil the financial system.
“Private funds have been offi-
cially included in [China’s] regula-
tory supervision,” said Dai Ming,
a fund manager at Huichen Asset
Management in Shanghai.
“We’ll see more detailed rules
going forward to regulate the
industry’s information disclosure
and marketing [practices], etc, for
more transparency.
“It also signals an elevated
status for the industry, which used
to operate in the grey and, to some
degree, unregulated area.”
The opening-up and reform of
capital markets have fuelled a
boom in the private investment
fund industry, which raises
money only from wealthy inves-
tors instead of the public.
Over the past decade, the com-
bined value of China’s onshore
stock markets has more than tri-
pled to US$10 trillion. The funds
industry hosted 22,000 firms that
managed 153,000 products by the
end of May, according to data
from the China Securities
Regulatory Commission (CSRC).
A number of top money man-
agers have left mutual-fund firms
to tap opportunities in the bur-
geoning industry by setting up
their own firms. The most promi-
nent is Wang Yawei, who founded
Qianhe Capital in Shenzhen in
2012 after quitting China Asset
Management the same year.
The size of the private funds
sector is closing in on that of the
mutual-fund industry, which
manages assets worth 28 trillion
yuan.
Mutual funds are available for
public subscription with the min-
imum purchase as low as 1 yuan.
In a related development over the
weekend, the CSRC asked mutu-
al-fund firms to slash manage-
ment and custodian fees, which
could save fund investors about
20 billion yuan a year.
Under the new rules, to
encourage investment in the early
stages of businesses, private funds
that put money into start-ups will
EVENTS
Thursday, July 13: Hong Kong-
Shenzhen Investment Forum –
Commerce and Trade. Conrad Hong
be given special treatment, such Kong.
as simplified registration proce-
dures, less frequent on-site checks Wednesday, September 13: Belt
and easier investment exits. and Road Summit (until September
By the first quarter, private- 14). Hong Kong Convention and
equity funds had ploughed a Exhibition Centre.
combined 11.6 trillion yuan into
unlisted companies and invested BIOHK 2023 (until September 16).
almost 5 trillion yuan in strategi- Hong Kong Convention and Exhibition
cally important industries, Centre.
ranging from computers and
semiconductors to biopharma- Thursday, September 14: ReThink
Premier Li Qiang is keen to tap ceuticals, according to the CSRC. HK 2023 (until September 15). Hong
the vast pool of private funds. The regulator has reserved the Kong Convention and Exhibition
right to close businesses, replace Centre.
directors and executives and
order third-party audits, if money
managers are found to have made RESULTS
The industry … moves deemed harmful to funds’
operations and the interests of
used to operate investors, according to the rules. Tomorrow Interim: abc Multiactive
“[The new rules are] a hall- Final: LX Technology Group
in the grey and, mark of the official implementa-
to some degree, tion of basic rules and laws for the July 13 Interim: Mindtell Technology
industry,” said Yang Yiling, an 3rd Quarter: Fast Retailing
unregulated area analyst at Orient Securities.
“That’s a milestone for the July 14 3rd Quarter: K Group
DAI MING, SHANGHAI FUND MANAGER
industry.” Holdings, Linocraft Holdings
Final: GOME Retail Holdings

July 17 AGM: LeSaunda Holdings

TECHNOLOGY
Rolling along nicely July 19 Interim: NagaCorp, Vinda
International Holdings

China has biggest number of AGM: Link Real Estate Investment

Trust, Vtech Holdings

July 20 AGM: Lenovo Group,

AI start-ups to get funding Zhongzheng International

July 21 AGM: Oriental Payment Group

Mainland tech giants pour money into sector as
new firms scramble to catch up with peers in US
Xinmei Shen
xinmei.shen@scmp.com
China has led a surge of global
investment into generative
artificial intelligence (AI) in the
first half of the year, with the
country reporting the largest
number of start-ups in the sector
to receive funding, according to a
research report.
During the first six months of
this year, 51 generative AI
start-ups around the world raised
about 100 billion yuan (HK$108.3
billion), 10 times the funding the
sector received in 2022, according
to Zhidongxi, an AI-focused
research firm in China.
China had 22 generative AI
start-ups receive funding in the
period, while the United States
had 21 and Britain had four,
according to the Zhidongxi report.
Although China had the most
generative AI start-ups to receive
funding, US firms received more
money, the report showed.
Eighteen generative AI firms
received more than 100 million
yuan in funding in the first half,
and of these 12 were from the US,
while only three were in China,
according to the report.
China’s big tech firms and
start-ups are jockeying to catch up
with their peers in the US after
ChatGPT was launched by
Microsoft-backed OpenAI last
year. While tech giants including
Tencent Holdings, Baidu and Post
owner Alibaba Group Holding are
developing their own large lan-
guage models (LLMs), they are
also pouring money into
start-ups.
During the first half, Tencent
invested in three generative AI
start-ups, DeepLang AI, Light Year
and MiniMax, according to the
Zhidongxi report.
The start-up that received the
biggest round of funding on the
mainland was Light Year, which
was established in February by
Wang Huiwen, co-founder and
ex-director at Chinese food
delivery services giant Meituan.
The firm reportedly raised
Tencent has invested in three
start-ups, including DeepLang AI.
22
This many generative AI
start-ups received funding on
the mainland in the first six
months of 2023, while the
United States had 21
Holdings, Topsports International
Holdings
more than 1.6 billion yuan in June
from investors including Source July 24 Interim: San Miguel Brewery
Code Capital and Tencent, before Hong Kong
being acquired by Meituan late
last month. July 25 1st Quarter: New Oriental
Lee Kai-fu, a prominent Education & Technology Group Inc.
venture capitalist and former
president of Google China, also July 28 AGM: Asia Grocery
unveiled his own start-up, Lingyi Distribution, Echo International
Wanwu. The company, helmed Holdings Group, Mi Ming Mart
by the former head of metaverse Holdings, MS Concept, Novacon
operations at Baidu, Ma Jie, is Technology Group, Shentong Robot
aiming to build its own LLM from Education Group, Willas-Array
scratch, a move that Lee described Electronics (Holdings)
as “the most difficult path”.
With interest in generative AI July 31 Interim: Hang Lung Group,
remaining high on the mainland, Hang Lung Properties, Mindtell
the debate over how companies Technology
can benefit from the technology is Final: Bortex Global, QPL
heating up. International Holdings
Zhou Hongyi, founder of AGM: ITE (Holdings), Oi Wah
cybersecurity firm 360 Security Pawnshop Credit Holdings, Satu
Technology, said this month that Holdings, Shi Shi Services
government bodies and enter-
prises should take a cautious August 1 Interim: The Hongkong and
approach towards adopting LLMs Shanghai Hotels
as they were still “unreliable”. AGM: Greater Bay Area Dynamic
They should “keep LLMs in a Growth Holdings, Jacobson Pharma
cage” by having them independ- Corporation, JBM (Healthcare), Steed
ent and separate from existing Oriental (Holdings), Taste • Gourmet
businesses, he suggested. Group, Quantum Thinking
Allen Zhu Xiaohu, managing
partner at venture capital firm August 2 Interim: Lifestyle China
GSR Ventures, reportedly said at a Group
conference in Beijing in March AGM: Winson Holdings Hong Kong
that ChatGPT could be a curse for
AI start-ups, as the service was so August 3 Interim: AsiaInfo
powerful that it could perform
better than many of their existing
functions.
Fu Sheng, CEO of internet
Technologies
AGM: CL Group (Holdings), Global Link
Communications Holdings, Hong Kong
Economic Times Holdings, PF Group
company Cheetah Mobile and a Holdings
well-known entrepreneur, later
said in a WeChat post that Zhu’s August 4 AGM: Goldway Education
comments showed he was “fear- Group, Good Fellow Healthcare
lessly ignorant” about the Holdings, Grand Ming Group Holdings
business potential that ChatGPT
could unlock.
CONTACT US

Business News Desk

Telephone 2565 2653
Employees work on a production line valued at US$5.03 billion, with the main Fax 2565 1624
surrounded by rolls of aluminium foil at destinations being Thailand buying US$483 Email bizpost@scmp.com
SU LR RI U Anhui Limu New Material Technology in Suixi million of the product, followed by Japan, If you have information on events that
county in Anhui province. India, South Korea and the United Arab should be included here, email
Mr Chow Wai Shing Daniel of FTI Consulting (Hong Kong) Limited was appointed In 2021, China exported aluminium foil Emirates. Photo: VCG business.diary@scmp.com
as the Receiver and Manager ( F L U ) of the entire issued shares in an
investment holding vehicle ( U ) incorporated in the British Virgin Islands
( R S ). LISTINGS
The Company through its subsidiaries in the British Virgin Islands has an indirect
shareholding interest in a group of companies incorporated in Singapore
( U UR S ). The Target Group is operating preschool business under
Wuxi Biologics plans to spin off global unit in city IPO
well-established and award-winning brand names with 14 childcare centres, a mix of
gic investments and acquisitions Morgan Stanley, Goldman a string of biotech companies file
34 franchises and self-operated schools across Singapore ( L ). The Mia Castagnone
as well as working capital and Sachs and JPMorgan have been to list their shares in Hong Kong.
Target Group generated approximately HK$89.33 million in the financial year of 2022 mia.castagnone@scmp.com
other general corporate purposes, named joint advisers for the offer. Insilico Medicine, which is based
and achieved a revenue of approximately HK$22.74 million in the first quarter of 2023. according to the exchange filing. Shares of parent company in the city, has set its sights on a
Wuxi Biologics, the mainland’s Wuxi XDC saw net profit rise Wuxi Biologics, which listed in US$200 million float, according to
largest biologic drugs services by 16.5 per cent in the first quarter Hong Kong in 2017, jumped by as sources, while Sichuan Kelun-
The Receiver is now seeking expressions of interest for the acquisition of the Shares.
company, is planning to spin off of the year to 80.7 million yuan much as 3 per cent in early morn- Biotech Pharmaceutical is ready
The Receiver, the Company and the Target Group will not provide any representations its international business, Wuxi (HK$87.4 million) compared to ing trading yesterday. to list today, with the aim of rais-
and warranties in relation to the Shares and the Business. Interested parties are XDC, in an initial public offering in the same period last year. The announcement comes as ing US$208.6 million.
expected to conduct and rely on their own due diligence. Hong Kong. The city’s biotechnology eco-
Wuxi Biologics holds a 60 per system had grown significantly
cent controlling stake in Wuxi since the introduction of legisla-
The deadline for submission of an expression of interest is 5 p.m. (Hong Kong XDC, which will remain its subsid- tion called Chapter 18A, which
time) on . Interested parties who wish to submit an expression iary after the spin-off, according to allowed pre-revenue biotech
of interest or obtain further information, please contact Mr Joe Tam on a filing submitted to the stock companies to list, said Louis Lau,
+852 3768 4635 (email: joe.tam@fticonsulting.com) or Mr Alex Chan on +852 3768 exchange. The company did not a partner at KPMG China.
disclose the amount it hopes to “The city has become a very
4722 (email: alex.chan@fticonsulting.com). raise. attractive option for IPO
Wuxi planned to expand its applicants engaged in specialist
2 8 offering beyond so-called anti- technologies,” Lau said.
Level 35 Oxford House body-drug conjugates (ADCs) to He said this was also attributa-
“strengthen our in-house discov- ble to Hong Kong’s position as
Taikoo Place ery and development capabilities “connector” to the mainland and
979 King’s Road and manufacturing capacity”, the international markets.
Quarry Bay, Hong Kong filing said. ADCs are biopharma- Hong Kong is the world’s sec-
ceutical drugs designed as a tar- ond-largest fundraising hub for
Disclaimer: The information contained in this document or the sources from which it has been obtained have not geted therapy for treating cancer. biotechnology after the Nasdaq,
been audited or independently verified by FTI Consulting (Hong Kong) Limited (“FTI Consulting”). No representation of Capital raised from the offer- and the largest such centre in Asia.
warranty, express or implied, is made with respect to, and no reliance should be placed on, the accuracy, completeness
or fairness of the information set out in this document. Neither FTI Consulting, its Senior Managing Directors or its staff,
ing will go towards building new Lau said uncertainty arising
nor its instructing parties (including, without limitation, any legal advisors) shall have any liability whatsoever for any loss manufacturing facilities in from tensions between the United
arising from any actions taken or otherwise in connection with this document. Singapore, expanding production Wuxi Biologics, the mainland’s largest biologic drugs services company, States and China gave Hong Kong
capacity on the mainland, strate- holds a 60 per cent stake in its global arm Wuxi XDC. Photo: Handout an edge over the US market.

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

Circular motion
An employee works on the production line at a car parts manufacturer in Binzhou,
Shandong province. The mainland’s passenger vehicle sales fell last month,
according to data from the China Passenger Car Association (CPCA). Car sales in June
COMPANIES
DIDI NARROWS LOSSES DESPITE
RISE IN DOMESTIC COMPETITION
First-quarter revenue jumps 19.1pc to 42.7b yuan, driven by a rapid recovery in daily transactions
Iris Deng and Ben Jiang
Chinese ride-hailing giant Didi
Global has substantially narrowed
its losses in the first quarter on the
back of improved demand, several
months after regulators slapped it
with an 8.03 billion yuan (HK$8.69
billion) fine for data violations and
amid increased domestic
competition.
Didi recorded a net loss of 1.2
billion yuan in the first three
months of this year, a 93 per cent
improvement from its 16.3 billion
yuan loss in the same period in
2022, the Beijing-based company
reported.
First-quarter revenue reached
42.7 billion yuan, up 19.1 per cent
from 35.8 billion yuan a year
earlier, driven by a rapid recovery
in daily transactions after a period
of lacklustre demand during the
Lunar New Year holiday in
January.
Operations on the mainland,
which account for Didi’s primary
revenue source, rose 18.7 per cent
year on year to 39 billion yuan,
while international business grew
40.7 per cent to 1.7 billion yuan.
CRYPTOCURRENCY
Hong Kong plan to regulate stablecoins ‘positive’
Matt Haldane
matt.haldane@scmp.com
Jeremy Allaire, co-founder and
CEO of the USDC stablecoin oper-
ator Circle, says he is under no
illusions about mainland China
opening its markets to cryptocur-
rencies, but he remains optimistic
about Web3 development in
Hong Kong and the local mone-
tary authority’s move towards
regulating stablecoins.
“The reality is that every other
major financial market in the
world is also embracing digital
assets, and the biggest financial
institutions in the world are
embracing digital assets. So for
Hong Kong to be relevant, it has
to,” Allaire said in an interview
with the Post last Friday, the final
day of his two-week trip to Asia,
which included an appearance at
the World Economic Forum in
Tianjin last week.
“I think there is Chinese gov-
ernment support for that,” he
added. “That’s different than
feeling like it says something
about opening up the trading of
crypto on the mainland. I don’t
think there’s anything there.”
Didi’s adjusted earnings
before interest, taxes, deprecia-
tion and amortisation for its
domestic operations showed a
gain of 1 billion yuan, compared
to a 6.2 billion yuan loss in the first
quarter last year, which was the
period when it booked the hefty
fine for data violations imposed
by internet regulator, the
Cyberspace Administration of
China (CAC).
The fine was announced
publicly last July.
The company’s strong
performance this first quarter
showed how it continues to
dominate China’s ride-hailing
market, despite going through a
year-long cybersecurity
¥1.2b
Didi recorded a net loss of
this much, in yuan, in the
first three months of 2023, a
93 per cent improvement
from the same period in 2022
While some government offi-
cials from mainland China, where
cryptocurrencies are banned,
have made statements in the past
suggesting support for Hong
Kong’s moves to court the indus-
try, there has been no indication
that Beijing itself is warming to
crypto, as some have hoped.
Allaire acknowledged this, but he
said stablecoins – cryptoassets
that are typically pegged to fiat
currency – were unique in that
they could offer a more immedi-
ate solution for the government’s
goal to internationalise the yuan
than the central bank digital cur-
rency (CBDC) eCNY.
“If eventually the Chinese gov-
ernment wants to see the RMB
used more freely in trade and
commerce around the world, it
may be that stablecoins are the
path to do that more than the
central bank digital currency,” he
said.
Allaire referred to a stablecoin
pegged to the offshore yuan
(CNH) as an example of how this
might work. Members of the team
behind the stablecoin CNH Coin,
which makes another pegged to
the Hong Kong dollar called HKD
Coin, were detained in Shanghai
totalled 1.91 million units, down 2.9 per cent from last year, CPCA data showed. It was
the first monthly contraction since January. However, sales rose 2.5 per cent to 9.65
million units in the first half of the year. Photo: Getty Images
investigation and efforts to
“rectify” its operations. The CAC
said in July last year that Didi had
committed 16 offences involving
the illegal collection of data from
drivers and passengers.
This first quarter marked
Didi’s first earnings result since it
returned to mainland app stores
and resumed new user sign-ups.
Didi was only able to resume
registrations of new users and
make its main app available for
download again on the mainland
in January this year, nearly 18
months after it was ordered to halt
customer enrolment in line with
the CAC’s investigation.
Didi, which conducted its ini-
tial public offering on the New
York Stock Exchange under the
name Didi Global in June 30, 2021,
started trading on the over-the-
counter market in June last year,
following a shareholder vote to
delist the company from the NYSE
where it raised US$4.4 billion in a
public listing that angered Beijing.
The firm’s return to local app
stores this year was marred by
weak macroeconomic conditions
and fresh competition from a
number of big tech companies,
in May, according to Chinese
media. Authorities have yet to give
an explanation for the detention.
Stablecoins are the next front
in Hong Kong’s bid to regulate
crypto markets and become a
global virtual asset hub.
The Hong Kong Monetary
Authority (HKMA) has promised
to roll out regulations on stable-
coins by 2024, noting the potential
impact such products could have
on financial markets. The Securi-
ties and Futures Commission has
also said it is working on its own
complimentary regulations for
stablecoins, which comes after the
regulator’s rules on licensing sell-
ers of other types of cryptocurren-
cies went into effect last month.
USDC, or USD Coin, is the
second-largest US dollar-backed
stablecoin in the world by market
capitalisation, after Tether
(USDT). Boston-based Circle calls
itself the world’s largest “regulated
dollar stablecoin issuer”, as USDC
is considered a “stored-value
instrument” in the US. Tether Ltd,
which manages USDT, is owned
by Hong Kong-based iFinex.
Allaire said Circle was encour-
aged by plans from the HKMA,
which in January released a con-
including on-demand delivery
platform operator Meituan,
telecommunications equipment
giant Huawei Technologies,
Tencent Holdings’ WeChat and
ByteDance-owned Douyin.
A total of 313 ride-hailing
platform companies had obtained
licences to operate by the end of
May this year, compared to 236 in
June 2021 before Didi was put
under a cybersecurity investiga-
tion, according to data from the
Ministry of Transport.
A growing number of main-
land cities – including Dongguan
and Zhuhai in Guangdong,
Wenzhou in Zhejiang province,
Jinan in Shandong province and
Sanya in Hainan province – have
issued a raft of notices in April and
May that state how their ride-
hailing markets are either
saturated or would soon be in
such a state.
The local transport agency in
Sanya, for example, has stopped
issuing permits to new drivers
since May 5, citing the “nearly
saturated capacity after the rapid
increase of ride-hailing platforms
and cars in recent years”.
Ride-hailing platforms also
clusion on its discussion paper for
cryptoassets and stablecoins.
“We’re excited that this is a real
priority for the HKMA,” Allaire
said. “That’s tremendously posi-
tive and is really motivating for us
to want to be able to grow our
business here.”
Central banks around the
world have expressed concern
about the potential for stablecoins
to impact financial stability. As a
possible mitigation measure for
this, the HKMA said in its conclu-
sion paper that the “value of
reserve assets … should meet the
Jeremy Allaire says Hong Kong
has to embrace digital assets.
BUSINESS
faced a deluge of new drivers, as
the country’s macroeconomic
environment weakened.
The mainland had 5.1 million
registered online taxi drivers at the
end of last year, up 76 per cent
from 2.9 million in 2020, accord-
ing to the transport ministry. By
contrast, the number of ride-
hailing passengers grew just 20
per cent in the same span to 437
million last year from 365 million
in 2020, according to the China
Internet Network Information
Centre.
A Didi driver in Beijing
surnamed Zhang, who joined the
platform in March after being laid
off four months earlier, said his
daily orders and pay have steadily
declined.
“There are just lots of people
like me who started driving Didi
after losing jobs in the last two
years, making it hard for especially
new [Didi] drivers to get enough
orders,” said Zhang, who is in his
late 20s.
The jobless rate for people
aged 16 to 24 recorded another
high of 20.8 per cent in May,
according to the latest data
released by the National Bureau of
Statistics. Meanwhile, nearly 11.6
million college graduates are set to
enter the workforce later this year.
value of the outstanding stable-
coins at all times”.
The HKMA has also been
researching a possible digital
Hong Kong dollar. The city is
already part of a cross-border trial
for the eCNY using a blockchain
referred to as the mBridge.
Thailand and the United Arab
Emirates are also part of the trial.
There have been some ques-
tions about the future role of sta-
blecoins in a well-regulated
environment once CBDCs are
available. For Allaire, CBDCs
are complementary and private
coins still have a role to play in
innovation.
“If central banks are going to
upgrade their own systems to
move away from legacy technol-
ogy into more modern distributed
ledger technology, that’s great,”
he said. “There’s a whole bunch of
things that are useful from that,
but I view that as very different
than the work that the private
sector does to innovate on the
public internet.”
Much of Circle’s business
activity today is in Asia, its largest
non-US market and where it has
about 125 employees, according
to Allaire.
Tuesday, July 11, 2023
COMPANIES
Beijing urged to
extend tax breaks
for expat workers
Foreign investors may reduce China assignments
in absence of exemptions, EUCham official warns
Daniel Ren
ren.wei@scmp.com
The European Chamber of
Commerce (EUCham) in China is
lobbying Beijing to extend tax
exemptions on a range of
employee benefits such as hous-
ing and children’s education amid
fears their expiry could exacerbate
an exodus of foreign talent.
At the end of 2018, China
announced that tax breaks for
certain expatriate allowances
would be phased out by the begin-
ning of 2022. Under pressure from
multinational companies, the
government made a last-minute
decision in late 2021 to extend the
exemptions for two more years.
It is estimated that a foreign
company would have to pay an
extra 800,000 yuan (HK$866,848)
in taxes for a foreign employee
with two children if the
exemptions were scrapped.
Some European firms might
choose to reduce their headcount
in the country if Beijing refused to
retain the policy, said Carlo Diego
D’Andrea, vice-president of the
EUCham in China and chairman
of its Shanghai chapter.
“As the extension will expire at
the end of this year, the European
Chamber has continued to advo-
cate for the continuation of this
policy at both a central and local
level,” he said. “Foreign investors
would likely reconsider or signifi-
cantly reduce the number of
cross-border assignments to
China due to the additional finan-
cial burden.”
He said the group had sent a
letter to the Ministry of Finance in
May, urging it to consider the
EUCham’s recommendations.
The chamber’s Shanghai
chapter had also urged local
authorities to provide timely
updates on the tax policy during
INVESTMENT
Shanghai’s Pudong to pour
100b yuan into tech firms
Pudong will chase faster and higher-quality economic growth, the
district’s Communist Party Secretary has said. Photo: Bloomberg
Daniel Ren
ren.wei@scmp.com
Shanghai’s Pudong New Area, a
major testing ground for China’s
economic reforms, is eyeing a
total 100 billion yuan (HK$108.4
billion) of capital inflow into the
district’s technology firms after it
set up three government-guided
funds of funds.
Zhu Zhisong, Communist
Party secretary of Pudong, told a
press conference yesterday that
the 1,200 sq km district on the
eastern bank of Shanghai’s
Huangpu River was adamant
about driving the growth of
hi-tech firms to bolster the local
economy.
“We want to mobilise public
resources to join our three guid-
ance funds in investing [in pro-
spective firms],” he said. “We
predict guidance funds will play a
leading role in directing a total
investment of 100 billion yuan
from angel investors, ven-
ture-capital groups and industrial
investment funds.”
A fund of funds refers to a mul-
ti-manager investment, which
allows broad diversification and
appropriate asset allocation with
investment expertise in a variety
of fund categories. The concept
was created in the US in the 1960s,
with pension funds being a major
source of capital.
The Pudong government
launched three funds of funds,
one in February and two in June,
worth a combined 15 billion yuan.
The first has 7.1 billion yuan of
assets under management, while
the others have 4 billion yuan
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C O P Y R I GH T
B3
several meetings with the
Shanghai Commission of
Commerce in recent months,
D’Andrea said.
At the end of 2021, the govern-
ment agreed to extend the transi-
tion period for the removal of the
tax breaks to the end of this year,
after multinational companies
strongly advocated for a continu-
ation of the policy.
In April 2021, more than a
third of multinational firms in
Shanghai said they were consider-
ing moving all or part of their
operations out of China if the
non-taxable allowances were
scrapped.
“The reduction in foreign
nationals may result in an increas-
ing disconnect between [the]
companies’ European headquar-
ters and China operations, in
addition to potentially impacting
the investment strategy of compa-
nies in China that require experi-
enced executives on the ground,”
D’Andrea said.
A EUCham survey report last
month found that one in every 10
members had already relocated or
planned to relocate their Asian
headquarters away from China.
During a visit to Europe last
month, Premier Li Qiang told
business leaders in Germany that
a failure to cooperate was the
greatest risk to the global econ-
omy, in an apparent effort to
promote economic and other
bilateral ties with the continent.
Shanghai has been facing a
“brain drain” since it imposed a
two-month citywide Covid-19
lockdown in April and May last
year. Hundreds of foreign profes-
sionals had left Shanghai while
the number of expats coming to
the city to work had decreased
dramatically, said Hong Lingyun,
a senior executive with recruit-
ment services firm Joinlink
Consulting in Shanghai.
each, according to district govern-
ment announcements.
Pudong, a “pioneer zone” to
show China’s progress in building
a modern socialist system, focuses
on developing six industries: sem-
iconductors, biotech, smart man-
ufacturing, intelligent vehicles,
commercial jets and data.
“As we build the ‘pioneer zone’
to improve the economic funda-
mentals, Pudong will chase faster
and higher-quality economic
growth for the whole city,” Zhu
said.
On the Nasdaq-style Star
Market in Shanghai, 46 technol-
ogy firms are based in Pudong,
representing nearly 60 per cent of
Shanghai’s total, which stood at
79 in June.
The district’s gross domestic
product in 2012 was 1.6 trillion
yuan, 36 per cent of the city’s total.
“The Pudong government is
obviously embarking on a mar-
ket-based mechanism to encour-
age more investment into its key
manufacturing sectors,” said Ding
Haifeng, a consultant at financial
consultancy Integrity in Shanghai.
“Aside from investment, the
district also needs to attract top
talent to propel the growth of the
tech businesses, particularly those
promising start-ups.”
The Shanghai Stock Exchange,
the mainland’s biggest bourse, is
in the Lujiazui finance and trade
zone in Pudong.
Pudong is also home to the
world’s busiest deepwater con-
tainer port and the second-tallest
super skyscraper on Earth. It is
also where Elon Musk built his
first assembly plant for Tesla elec-
tric cars outside the United States.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B4 Tuesday, July 11, 2023

DIRECTORY
Legal & General Notices
e Rtice cR tai V iPSRUta t i IRUPatiR t at UeT iUeV R U iPPeGiate atte tiR
R G R ave a T eU aER t t iV Rtice S eaVe VeeN i GeSe Ge t SURIeVViR a aGvice

July 11, 2023

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aUiR V a eV RI t e GeU i ) GV

e would like to notify you of the following changes with regard to the following underlying funds (each an “ GeU i ) G” and collectively, the “ GeU i ) GV”) corresponding to the following investment choices (each
an “Investment Choice” and collectively, the “Investment Choices”) under the Plans, following our receipt of the shareholder notice of Manulife Global Fund (the Underlying Funds being sub-funds of which) dated June 1 , 2023 (the
“Shareholder Notice”).

1aPe RI a 1aPe RI , veVtPe t Rice 1aPe RI GeU i ) G aUe aVV RI GeU i ) G

MI Plus and MISo
Alpha, ARI and Matrix
MI Plus and MISo
Alpha, ARI and Matrix
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
Skyline
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
FIP
MI Plus and MISo
Alpha, ARI and Matrix
MI Plus and MISo
Alpha, ARI and Matrix
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus and MISo
Alpha, ARI and Matrix
MI Plus and MISo
Alpha, ARI and Matrix
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MI Plus and MISo
Alpha, ARI and Matrix
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
FIP
MI Plus, MISo and M C
Alpha, ARI and Matrix
MIP
MI Plus and MISo
Alpha, ARI and Matrix
Manulife Inv Asia Pacific REIT Fund (dist) Class AA (USD) MDIST (G)
Manulife Global Fund – Asia Pacific REIT Fund
MIL Asia Pacific REIT Fund Class AA
Manulife Inv Asia Total Return Fund
Manulife Inv Asia Total Return Fund (dist) Manulife Global Fund – Asia Total Return Fund Class AA Inc
MIL Asia Total Return Fund
Manulife Inv Asian Small Cap Fund
MIL Asian Small Cap Fund Manulife Global Fund – Asian Small Cap Equity Fund Class AA
ManuSelect Asian Small Cap Fund
Manulife Inv China 9alue Fund
MIL China Fund
Manulife Global Fund – China 9alue Fund Class AA
ManuSelect China Fund
China 9alue Fund
Manulife Inv Hong Kong Equity Fund
MIL Hong Kong Fund
Class AA
ManuSelect Hong Kong Fund Manulife Global Fund – Dragon Growth Fund
Dragon Growth Fund
Manulife Global Fund – Dragon Growth Fund – Class AA (HKD) Class AA (HKD)
Manulife Inv Emerging Eastern Europe Fund
MIL Eastern European Fund
Manulife Global Fund – Emerging Eastern Europe Fund Class AA
ManuSelect Eastern European Fund
Emerging Eastern European Fund
Manulife Inv European Equity Fund
MIL European Fund
Manulife Global Fund – European Growth Fund Class AA
ManuSelect European Fund
European Growth Fund
Manulife Inv Global Equity Fund
MIL Global Equity Fund Manulife Global Fund – Global Equity Fund Class AA
Global Equity Fund
Manulife Inv Global Multi-Asset Diversified Income Fund (dist) Class AA (USD) MDIST (G)
Manulife Global Fund – Global Multi-Asset Diversified Income Fund
MIL Global Multi-Asset Diversified Income Fund Class AA
Manulife Inv Global REIT Fund Class AA
Manulife Inv Global REIT Fund (dist) Manulife Global Fund – Global REIT Fund Class AA (USD) MDIST (G)
MIL Global REIT Fund Class AA
Manulife Inv Global Resources Fund
MIL Global Resources Fund Manulife Global Fund – Global Resources Fund Class AA
ManuSelect Global Resources Fund
Manulife Inv Healthcare Fund
MIL Healthcare Fund Manulife Global Fund - Healthcare Fund Class AA
ManuSelect Healthcare Fund
Manulife Inv India Equity Fund
MIL India Fund
Manulife Global Fund – India Equity Fund Class AA
ManuSelect India Fund
India Equity Fund
Manulife Inv Japan Equity Fund
MIL Japan Fund
Manulife Global Fund – Japan Equity Fund Class AA
ManuSelect Japan Fund
Japan Equity Fund
Manulife Inv Preferred Securities Income Fund (dist) Class AA (USD) MDIST (G)
Manulife Global Fund – Preferred Securities Income Fund
MIL Preferred Securities Income Fund Class AA
Manulife Inv Sustainable Asia Bond Fund (dist) Class AA (USD) MDIST (G)
Manulife Global Fund – Sustainable Asia Bond Fund
MIL Sustainable Asia Bond Fund Class AA Acc
Manulife Inv Sustainable Asia Equity Fund
MIL Sustainable Asia Equity Fund
Manulife Global Fund – Sustainable Asia Equity Fund Class AA
ManuSelect Sustainable Asia Equity Fund
Sustainable Asia Equity Fund
Manulife Inv Taiwan Equity Fund
Manulife Global Fund – Taiwan Equity Fund Class AA
MIL Taiwan Fund
Manulife Inv U.S. Bond Fund
Manulife Global Fund – U.S. Bond Fund Class AA
MIL U.S. Bond Fund
Manulife Inv U.S. Equity Fund
MIL U.S. Equity Fund
Manulife Global Fund – U.S. Equity Fund Class AA
ManuSelect U.S. Equity Fund
U.S. Equity Fund
Manulife Inv US Small Cap Fund
MIL US Small Cap Fund Manulife Global Fund – U.S. Small Cap Equity Fund Class AA
ManuSelect US Small Cap Fund
Manulife Inv U.S. Special 2pportunities Fund
Manulife Global Fund – U.S. Special 2pportunities Fund Class AA
MIL U.S. Special 2pportunities Fund

Unless otherwise specified below, the following changes will be reflected in the revised prospectus of Manulife Global Fund (and where applicable and for Hong Kong shareholders of the Underlying Funds only, the revised Hong Kong
covering document of the Underlying Funds) (collectively, the “ eviVeG URVSect V”) to be dated August 2023.

The board of directors of Manulife Global Fund (the “DiUectRUV” or the “ RaUG”) has decided that it is appropriate to implement the following changes with respect to Manulife Global Fund with effect from August 1, 2023 (the
“Effective Date”) (unless otherwise specified below):

a e RI i veVtPe t REMective a G SR ic RI a iIe REa ) G Vtai aE e Via R G ) G

To further enhance the environmental, social and governance (“E ”) attributes of its underlying investments, the investment objective and policy of the Underlying Fund will be changed such that the Underlying Fund will invest at least
of its net assets in fixed income and fixed income-related securities of companies domiciled in, traded in and/or with substantial business interests in Asia and/or governments and government-related issuers located in Asia, where:

a. those issuers demonstrate strong environment and/or social sustainability attributes and/or enable sustainable practices; and/or
b. the securities are bonds labelled as “green”, “sustainable” or “sustainability-linked”, which align with a combination of one or more of the relevant bond standards, including but not limited to the International Capital Market Association
(ICMA) Green Bond Principles, ICMA Social Bond Principles and/or the ICMA Sustainability Bond Guidelines, among others.

The changes to the investment objective and policy of the Underlying Fund are set out in Appendix 1 to the Shareholder Notice (collectively, the “E a eV”). The key highlights of the current and new investment objective and policy are
as described below:

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 Tuesday, July 11, 2023 B5

Legal & General Notices

Investment Objective
Investment Policy
Prior to the Effective Date From the Effective Date
The Underlying Fund aims to maximize total returns from a combination of income generation and The Underlying Fund aims to maximize total returns from a combination of income generation and
potential capital appreciation by investing primarily in a portfolio of fixed income securities issued potential capital appreciation by investing primarily in a portfolio of fixed income securities issued
by governments, agencies, supranationals and corporations in Asia (which shall include Australia by governments, agencies, supranationals and corporations in Asia (which shall include Australia
and New ealand). and New ealand), with the issuers and/or the securities demonstrating strong environmental and/
or social sustainability attributes and/or enabling sustainable practices.
To meet its objective, the Underlying Fund will invest at least 85% of its net assets in USD- To meet its objective, the Underlying Fund will invest at least 85% of its net assets in fixed income
denominated fixed income and fixed income-related securities of companies domiciled in, traded and fixed income-related securities of companies domiciled in, traded in and/or with substantial
in and/or with substantial business interests in Asia and/or governments and government-related business interests in Asia and/or governments and government-related issuers located in Asia,
issuers located in Asia, who demonstrate strong or improving sustainability attributes. Such where:
investments may include USD-denominated debt securities that are issued or guaranteed by
1) Those issuers demonstrate strong environment and/or social sustainability attributes and/or
governments, agencies, supra-nationals and corporate issuers incorporated in Mainland China but
enable sustainable practices (“Sustainable Issuers”); and/or
which are issued and distributed outside Mainland China. The Underlying Fund may also invest up
2) The securities are bonds labelled as “green”, “sustainable” or “sustainability-linked”, which
to 10% of its net assets in RM%-denominated debt securities that are circulated in the CI%M via
align with a combination of one or more of the relevant bond standards, including but not
%ond Connect.
limited to the International Capital Market Association (ICMA) Green %ond Principles, ICMA
Sustainability attributes may include but are not limited to an issuer’s performance on and Social %ond Principles and/or the ICMA Sustainability %ond Guidelines, amongst others (“ESG
management of certain environmental factors, such as climate change and natural resource use, bonds”).
social factors, such as labor standards and diversity considerations, and governance factors, such
The Underlying Fund will invest a minimum of 25% of net assets in ESG bonds.
as board composition and business ethics, ( ESG ). Issuers with improving sustainability attributes
are those that demonstrate awareness and commitment to ESG issues, while issuers with strong Environment and/or social sustainability attributes of Sustainable Issuers may include, but are not
sustainability attributes are those that demonstrate stronger performance on and management of limited to, sustainability factors with respect to an issuer’s performance on, and management of,
ESG issues compared to their peers. In order to select securities of issuers with strong or improving certain environmental factors, such as climate change and natural resource use; social factors, such
sustainability attributes, the sub-investment manager of the Underlying Fund will (i) adhere to as labor standards and diversity considerations; and governance factors, such as board composition
an exclusion framework; (ii) screen out securities with the lowest ESG rankings; and (iii) select and business ethics.
securities that have higher ESG rankings. Sustainable Issuers are those that demonstrate stronger performance on practices and management
of sustainability issues compared to their peers. Enabling sustainable practices refers to issuers that
provide products and services to help other companies improve their environmental and/or social
performance.

The Underlying Fund will seek to ensure that the investments within the portfolio do no significant
harm to any environmental or social objective. In relation to its investment in both Sustainable
Issuers and ESG bonds, the Underlying Fund adheres to an exclusion framework where certain
issuers are removed from the investment universe.

For full disclosure of the current and new investment objective and policy of the Underlying Fund, please refer to Appendix 1 of the Shareholder Notice.

As a result of the ESG Changes, the Underlying Fund will be converted from an Article 8 European Union’s Sustainable Finance Disclosure Regulation (“SFDR”) fund to an Article 9 SFDR fund. The pre-contractual disclosure of the Underlying
Fund pursuant to the Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 (Regulatory Technical Standards under the SFDR) (the “SFDR Pre-contractual Disclosure”) in Appendix V to the Revised Prospectus entitled “Pre-
contractual disclosure”) will also be amended accordingly.

As a result of the ESG Changes, the Underlying Fund may be subject to currency risk as the underlying investments of the Underlying Fund may be denominated in currencies other than the base currency of the Underlying Fund, and the
Underlying Fund may receive income or realization proceeds from these investments in those currencies, some of which may fall in value against the base currency of the Underlying Fund.

Save as otherwise described above, the ESG Changes (i) will not result in any other changes in the operation and/or manner in which the Underlying Fund is being managed, (ii) will not result in any change in the fee level or cost in managing
the Underlying Fund, and (iii) will not materially prejudice any of the rights or interests of the existing investors of the Underlying Fund.

The legal and administrative expenses that will be incurred in connection with the ESG Changes described above are approximately USD27,000 which will be borne by the Underlying Fund.

Change in relation to the exclusion framework in the investment policy of Manulife Global Fund – Sustainable Asia Equity Fund

To increase transparency around the use of third party data with regard to the Underlying Fund’s exclusion framework, the investment policy of the Underlying Fund will be amended to reflect that where no data is available from third party
data providers regarding compliance with the Underlying Fund’s exclusion framework, issuers will not be excluded from the Underlying Fund’s investment universe provided that they satisfy the positive screen applied by the relevant (sub-)
investment manager of the Underlying Fund and any other quantitative or qualitative analysis the relevant (sub-)investment manager of the Underlying Fund considers relevant in order to satisfy the principle of “do no significant harm”

Please refer to Appendix 2 to the Shareholder Notice for the exact changes to the exclusion framework in the investment policy of the Underlying Fund. As a result of the above changes, the SFDR Precontractual Disclosure of the Underlying
Fund in Appendix V to the Revised Prospectus entitled “Precontractual disclosure”) will also be amended accordingly.

Appointment of Sub-Investment Manager for Manulife Global Fund – Asia Pacific REIT Fund and Manulife Global Fund – India Equity Fund

To better utilise the expertise and resources of Manulife’s investment management teams in different jurisdictions, Manulife Investment Management (Hong Kong) Limited, the investment manager of the Underlying Funds, will appoint Manulife
Investment Management (Singapore) Pte. Ltd. as the sub-investment manager of the Underlying Funds.

The sub-investment manager of the Underlying Funds is regulated by the Monetary Authority of Singapore. The investment manager and the sub-investment manager of the Underlying Funds are both members of the Manulife Financial group.

Save as otherwise described above, the above change (i) will not result in any other changes in the operation and/or manner in which the Underlying Funds are being managed, (ii) will not result in any other change to the features of and the
risks applicable to the Underlying Funds; (iii) will not result in any change in the fee level or cost in managing the Underlying Funds, and (iv) will not materially prejudice any of the rights or interests of the existing investors of the Underlying
Funds.

The legal and administrative expenses that will be incurred in connection with the change described above are approximately USD9,000 which will be borne by the Underlying Funds in proportion of their respective net asset values.

Clarification on the investment limit in China A-Shares for Manulife Global Fund – Asian Small Cap Equity Fund, Manulife Global Fund – China Value Fund, Manulife Global Fund – Dragon Growth Fund and Manulife Global
Fund – Sustainable Asia Equity Fund

The investment policies of the Underlying Funds will be updated to clarify that each of the Underlying Funds is not expected to hold 30% or more (instead of “more than 30%”) of their respective net assets in China A-Shares to better reflect
the current intention that the investment in China A-Shares by these Underlying Funds will not be substantial in nature.

Benchmark changes and/or clarifications to Manulife Global Fund – Asian Small Cap Equity Fund, Manulife Global Fund – Asia Total Return Fund, Manulife Global Fund – Global Resources Fund and Manulife Global Fund –
Taiwan Equity Fund

To better align with the composition of the underlying investments in the portfolio, the performance comparison benchmark for the Manulife Global Fund – Asian Small Cap Equity Fund will be changed from MSCI AC Asia Pacific ex Japan
Small NR USD index to MSCI AC Asia ex Japan Small Cap Index. Notwithstanding the change, the investment manager of the Underlying Funds will continue invest in an unconstrained manner, relative to the benchmark, under normal market
conditions and has the discretion to invest in securities not included in the benchmark for the Underlying Fund. The change will not affect the investment objective and policy of the Manulife Global Fund – Asian Small Cap Equity Fund.

Further, the name of the existing performance comparison benchmark(s) of the following the Underlying Funds will be updated. For the avoidance of doubt, there is no actual change to the benchmark(s) adopted by these Underlying Funds.

Name of Underlying Fund Current Benchmark Name Revised Benchmark Name

Manulife Global Fund – Asia Total Return Fund
Manulife Global Fund – Global Resources Fund
Manulife Global Fund – Taiwan Equity Fund
JPMorgan EL MI TR and JPM Asia Credit TR USD indices 50% JP Morgan Emerging Local Markets Index Plus (Asia) TR USD + 50% JP Morgan Asia
Credit Index TR USD
FTSE Gold Mines TR USD, MSCI World Energy NR USD and MSCI 33.33% FTSE Gold Mines TR USD + 33.33% MSCI World Energy NR USD + 33.33% MSCI
World Materials NR USD indices World Materials NR USD indices
TSEC TAIE; index TSEC TAIE; PR TWD index

Other miscellaneous updates

Please also take note of the following miscellaneous updates to the Revised Prospectus (and where applicable, the Hong Kong Covering Document):-

a) consolidation of the first addendum dated January 2023 into the Revised Prospectus which includes, amongst the others, the enhancement of specific risk factor relating to active asset allocation strategy for the Manulife Global Fund – Global
Multi-Asset Diversified Income Fund (and, for Hong Kong investors, the product key facts statement of the Underlying Fund was also updated to reflect the same);

b) the replacement of MIMHK by Manulife Investment Management (Hong Kong) Limited as the platform administration services provider to Manulife Global Fund;

c) simplification of disclosures on formation expenses of share classes of the Underlying Funds;

d) clarification and enhancement of the SFDR Pre-contractual Disclosure of Manulife Global Fund – Sustainable Asia Equity Fund in Appendix V (“Pre-contractual disclosure”) of the Revised Prospectus;

e) restructuring of the prospectus of the Underlying Funds such that the SFDR Pre-Contractual Disclosures of Manulife Global Fund – Sustainable Asia Equity Fund and Manulife Global Fund – Sustainable Asia %ond Fund will be moved to
the new Appendix V (“Pre-contractual disclosure”) of the Revised Prospectus; and

f) other enhancement of disclosures, administrative, editorial and/or clarificatory updates, including updates to disclosures relating to Underlying funds which are not authorized by the SFC.

Please refer to the Shareholder Notice and the latest offering documents of the Underlying Funds for further information relating to the above changes. The Shareholder Notice and the latest offering documents of the Underlying Funds are made
available by Manulife upon request.

If you have any enquiry, please do not hesitate to contact your Manulife Insurance Advisor or call our Customer Service Hotline at (852) 2108 1110 (in relation to MI Plus, MISo and MWC), (852) 2510 3941 (in relation to ARI, Alpha, Matrix, MIP
and FIP) and (852) 2108 1111 (in relation to Skyline) in Hong Kong or (853) 8398 0383 in Macau during office hours: 9:00am - 6:00pm, Monday to Friday.

Customer Services
Individual Financial Products
Manulife (International) Limited

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Copyright© 2010, South China Morning Post Publishers Limited
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B6 Tuesday, July 11, 2023

Professional Services Legal & General Notices

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Copyright© 2010, South China Morning Post Publishers Limited
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 Tuesday, July 11, 2023 B7

MUTUAL FUNDS
All prices are for indication only BOCHK Balanced Growth Fund-A Administration USD $9.9988
BOCHK Balanced Growth Fund-A RMB
BOCHK Conservative Growth Fund-A USD
RMB168.6690
$17.6484 MPF/ORSO FUNDS
BOCHK Conservative Growth Fund-A HKD HK$138.1545 Bank of East Asia (Trustees) Ltd 7/7 NAV Growth Fund HK$21.60
BOCHK Conservative Growth Fund-A RMB RMB127.5275 BEA (MPF) Master Trust Scheme Hang Seng Index Tracking Fund HK$20.08
BOCHK Conservative Growth Fund-A Administration USD $9.9210 BEA (MPF) Growth Fund HK$22.1155 North American Equity Fund HK$25.36
BEA (MPF) Balanced Fund HK$19.4338 European Equity Fund HK$15.43
BOCHK Sterling Income Fund £9.9239
BEA (MPF) Stable Fund HK$17.3842 Asia Pacific Equity Fund HK$27.75
BOCHK Asia Pacific Equity Income Fund-A USD $9.4139
Allspring (Lux) Worldwide Fund 7/7 NAV BEA (MPF) Global Equity Fund HK$21.5490 Hong Kong and Chinese Equity Fund HK$19.18
BOCHK Asia Pacific Equity Income Fund-A RMB RMB68.0251 BEA (MPF) European Equity Fund HK$14.6652 Global Bond Fund HK$10.95
EUR Investment Grade Credit Fund Class I Acc €94.79 BOCHK Australia Income Fund A$8.8310 BEA (MPF) North American Equity Fund HK$29.0195 Age 65 Plus Fund HK$12.27
Global Long/Short Equity Fund Class AP Acc $105.10 BOCHK China Income Fund-A HKD HK$10.0166 BEA (MPF) Asian Equity Fund HK$23.7360 Stable Fund HK$11.71
Global Long/Short Equity Fund Class IP Acc $115.13 BOCHK China Income Fund-A RMB RMB9.2461 BEA (MPF) Greater China Equity Fund HK$17.6401 Chinese Equity Fund HK$11.85
U.S. All Cap Growth Fund Class I Acc $491.89 BOCHK Hong Kong Income Fund-A HKD HK$10.8532 BEA (MPF) Japan Equity Fund HK$9.7973 ValueChoice Balanced Fund HK$14.46
U.S. All Cap Growth Fund Class A Acc $433.83 BOCHK Hong Kong Income Fund-A RMB RMB10.0184 BEA (MPF) Hong Kong Equity Fund HK$15.8741 Global Equity Fund HK$20.18
USD Investment Grade Credit Fund Class A Acc $109.82 BEA China Tracker Fund HK$6.6464 ValueChoice North America Equity Tracker Fund HK$33.86
BOCHK Hong Kong Dollar Income Fund-A HKD HK$10.3565
USD Investment Grade Credit Fund Class I Acc $113.53 BEA Hong Kong Tracker Fund HK$11.4472 ValueChoice Europe Equity Tracker Fund HK$17.01
BOCHK Hong Kong Dollar Income Fund-A USD $1.3230 BEA (MPF) Global Bond Fund HK$10.4742 ValueChoice Asia Pacific Equity Tracker Fund HK$12.25
U.S. Large Cap Growth Fund Class A Acc $360.05 BOCHK Hong Kong Dollar Income Fund-A RMB RMB9.5599 BEA (MPF) RMB & HKD Money Market Fund HK$10.6742 Hang Seng China Enterprises Index Tracking Fund HK$6.13
U.S. Large Cap Growth Fund Class I Acc $410.08 BOCHK Hong Kong Dollar Income Fund-A Administration HKD Acc BEA (MPF) Long Term Guaranteed Fund HK$12.6967 Invesco Hong Kong Ltd 7/7 NAV
U.S. Select Equity Fund Class A Acc $163.14 HK$10.0242 BEA (MPF) Conservative Fund HK$14.7563 Invesco Strategic MPF Scheme
U.S. Select Equity Fund Class I Acc $174.48 BOCHK RMB Fixed Income Fund-A RMB RMB9.8226 BEA (MPF) Core Accumulation Fund HK$13.5654 Growth Fund - Class A HK$23.5150
U.S. Short-Term High Yield Bond Fund Class I Acc $138.69 BOCHK RMB Fixed Income Fund-A HKD HK$10.6412 BEA (MPF) Age 65 Plus Fund HK$10.8565 Growth Fund - Class H HK$24.4486
U.S. Short-Term High Yield Bond Fund Class A Acc $127.56 BEA (MPF) Industry Scheme Balanced Fund - Class A HK$21.8454
BOCHK RMB Fixed Income Fund-A USD $1.3593
U.S. Short-Term High Yield Bond Fund, Class I () Shares gross distr. $78.32 BEA (Industry Scheme) Growth Fund HK$22.8160 Balanced Fund - Class H HK$23.1268
BOCHK Global Equity Fund-A USD $33.4904 BEA (Industry Scheme) Balanced Fund HK$19.6441
Emerging Markets Equity Fund Class A Acc $104.08 Capital Stable Fund - Class A HK$19.5101
BOCHK Global Equity Fund-A RMB* RMB242.0013 BEA (Industry Scheme) Stable Fund HK$17.7355 Capital Stable Fund - Class H HK$20.2534
Emerging Markets Equity Fund Class I Acc $114.87 BOCHK Asia Pacific Equity Fund-A USD $33.4501 BEA (Industry Scheme) Asian Equity Fund HK$13.9166 Guaranteed Fund - Class G HK$12.0356
Emerging Markets Equity Income Fund, Class A () Shares gross distr. $92.88 BOCHK Asia Pacific Equity Fund-A RMB RMB241.7102 BEA (Industry Scheme) Greater China Equity Fund HK$14.1701 MPF Conservative Fund - Class A HK$12.2596
Emerging Markets Equity Income Fund Class A Acc $125.65 BOCHK Asia Pacific Property Fund-A USD $8.5420 BEA (Industry Scheme) Hong Kong Equity Fund HK$9.4247 MPF Conservative Fund - Class H HK$12.2572
Emerging Markets Equity Income Fund Class I Acc $136.80 BOCHK Asia Pacific Property Fund-A RMB RMB61.7245 BEA China Tracker Fund HK$6.8551 Hong Kong and China Equity Fund - Class A HK$30.3932
AXA China Region Insurance Co (Bermuda) Ltd BEA Hong Kong Tracker Fund HK$11.4336 Hong Kong and China Equity Fund - Class H HK$30.2709
BOCHK Japan Equity Fund $15.3695
Flexi Series Funds 7/7 bid/offer BEA (Industry Scheme) RMB & HKD Money Market Fund HK$10.6436 Global Bond Fund - Class A HK$14.2112
BOCHK China Equity Fund-A HKD HK$51.4648 BEA (Industry Scheme) MPF Conservative Fund HK$14.1704
AXA Templeton Global Balanced Fund HK$22.5072/23.6889 Global Bond Fund - Class H HK$14.5853
BOCHK China Equity Fund-A USD $6.5743 BEA (Industry Scheme) Core Accumulation Fund HK$13.5176 Asian Equity Fund - Class A HK$10.3209
AXA Fidelity International Fund HK$23.2618/24.4831 BOCHK China Equity Fund-A RMB RMB47.5061 BEA (Industry Scheme) Age 65 Plus Fund HK$10.8815 Asian Equity Fund - Class H HK$10.2582
AXA Amundi Balanced Fund HK$22.2190/23.3855 BOCHK China Golden Dragon Fund-A HKD HK$22.3485 BEA (MPF) Value Scheme RMB Bond Fund - Class A HK$9.9471
Cash Fund-6/7 HK$7.1649/7.5411 BOCHK China Golden Dragon Fund-A RMB RMB20.6295 BEA Growth Fund HK$14.5214 RMB Bond Fund - Class H HK$10.0730
HONEY/FUTURE/DIMENSIONS Investment Fund 7/7 bid/offer BOCHK China Consumption Growth Fund-A HKD Dis HK$15.9339 BEA Balanced Fund HK$13.2619 Invesco Hang Seng Index Tracking Fund - Class A HK$9.1867
Technology Fund $31.97/33.57 BEA Stable Fund HK$11.6927 Invesco Hang Seng Index Tracking Fund - Class H HK$9.2245
BOCHK China Consumption Growth Fund-A USD Dis $2.0355
Sustainable Global Thematic Fund $21.03/22.09 BEA Global Equity Fund HK$22.1054 Age 65 Plus Fund - Class A HK$10.6619
BOCHK China Consumption Growth Fund-A RMB Dis RMB14.7082
Select 500 Fund $20.21/21.23 BEA Asian Equity Fund HK$12.7368 Age 65 Plus Fund - Class H HK$10.6619
BOCHK China Consumption Growth Fund-A HKD Acc HK$7.8928 BEA Greater China Equity Fund HK$15.4167 Core Accumulation Fund - Class A HK$13.2822
Balanced Growth Fund $17.54/18.42 BOCHK China Consumption Growth Fund-A USD Acc $1.0083 BEA Hong Kong Tracker Fund HK$10.4865 Core Accumulation Fund - Class H HK$13.2822
Cash Fund-6/7 $11.32/11.89 BOCHK China Consumption Growth Fund-A RMB Acc RMB7.2857 BEA Global Bond Fund HK$9.1352 Invesco Global Index Tracking Fund - Class A HK$9.8536
Pacific Growth Fund $35.90/37.70 BOCHK Hong Kong Equity Fund-A HKD HK$33.9779 BEA MPF Conservative Fund HK$11.0840 Invesco Global Index Tracking Fund - Class H HK$9.8536
Global Bond Fund $14.53/15.26 BOCHK Hong Kong Equity Fund-A RMB* RMB31.3643 BEA Core Accumulation Fund HK$13.6374 Invesco US Index Tracking Fund - Class A HK$10.0007
Global Value Fund $13.15/13.81 BEA Age 65 Plus Fund HK$10.8596 Invesco US Index Tracking Fund - Class H HK$10.0007
BOCHK Global Bond Fund-A USD $14.2564
Emerging Markets Growth Fund $15.05/15.81 BOC-Prudential Easy-Choice MPF Scheme 7/7 NAV My Choice MPF Scheme 7/7 NAV
BOCHK Global Bond Fund-A HKD HK$111.6016
BOCHK Asset Management Ltd 7/7 NAV BOCI-Prudential Asset Management Ltd BOCI-Prudential Trustee Ltd
BOCHK Global Bond Fund-A RMB RMB103.0171 BOC-Prudential China Equity Fund HK$6.5163 My Choice Growth Fund HK$18.1143
BOCHK Wealth Creation Series BOCHK Global Bond Fund-A Administration USD $9.3054 BOC-Prudential Hong Kong Equity Fund HK$33.1570 My Choice Balanced Fund HK$17.4760
BOCHK All Weather CNY Equity Fund Class A1 RMB8.88 BOCHK US Dollar Money Market Fund-A USD $13.5309 BOC-Prudential Japan Equity Fund HK$10.2913 My Choice Stable Fund HK$14.7090
BOCHK All Weather CNY Equity Fund Class A2 $7.63 BOCHK HK Dollar Money Market Fund-A HKD HK$12.5921 BOC-Prudential Asia Equity Fund HK$15.4837 My Choice Global Equity Fund HK$22.8552
BOCHK All Weather CNY Equity Fund Class A3 HK$7.71 BOCHK HK Dollar Money Market Fund-A Administration HKD HK$10.2737 BOC-Prudential Global Equity Fund HK$38.4228 My Choice Asia Equity Fund HK$16.6965
BOCHK All Weather CNY Equity Fund Class A9 HK$7.77 * Only available to investors of Mainland China, and is not offered in Hong Kong. BOC-Prudential CSI HK 100 Tracker Fund HK$11.0971 My Choice China Equity Fund HK$20.1323
BOCHK All Weather CNY Equity Fund Class I2 $7.79 BOC-Prudential European Index Tracking Fund HK$18.6125 My Choice Hong Kong Equity Fund HK$12.5600
BOCI-Prudential Asset Management Ltd 7/7 NAV
BOCHK All Weather Hong Kong Equity Fund Class A1 HK$7.31 BOC-Prudential North America Index Tracking Fund HK$30.0932 My Choice Hong Kong Tracking Fund HK$11.3724
BOC-Prudential Unit Trust-Provident Class BOC-Prudential Growth Fund HK$24.6247 My Choice Global Bond Fund HK$8.7036
BOCHK All Weather Hong Kong Equity Fund Class A2 $7.25 BOC-Prudential Global Equity Fund HK$48.4026 BOC-Prudential Balanced Fund HK$21.0594 My Choice HKD Bond Fund HK$11.4651
BOCHK All Weather Hong Kong Equity Fund Class A7 RMB8.00 BOC-Prudential European Equity Fund HK$13.7576 BOC-Prudential Stable Fund HK$18.4436 My Choice RMB & HKD Money Market Fund HK$10.4742
BOCHK All Weather Hong Kong Equity Fund Class A3 A$6.98 BOC-Prudential Asia Equity Fund HK$39.7791 BOC-Prudential Bond Fund HK$11.5557 My Choice MPF Conservative Fund HK$10.3269
BOCHK All Weather Hong Kong Equity Fund Class I2 $7.35 BOC-Prudential China Equity Fund HK$32.0543 BOC-Prudential MPF RMB & HKD Money Market Fund HK$11.3523 MY Choice Core Accumulation Fund HK$13.3011
BOCHK All Weather Asian Bond Fund Class A1 $7.20 BOC-Prudential Hong Kong Equity Fund HK$29.1209 BOC-Prudential MPF Conservative Fund HK$12.3710 MY Choice Age 65 Plus Fund HK$10.6465
BOCHK All Weather Asian Bond Fund Class A2 HK$7.27 BOC-Prudential Core Accumulation Fund HK$13.6171 Principal Trust Company (Asia) Ltd 7/7 bid price
BOC-Prudential Japan Equity Fund HK$20.3507
BOCHK All Weather Asian Bond Fund Class A7 RMB7.71 BOC-Prudential Age 65 Plus Fund HK$10.7231 Principal MPF - Smart Plan
BOC-Prudential Global Bond Fund HK$20.0139 BOC-Prudential Hong Kong Stable Retirement Fund HK$10.2796
BOCHK All Weather Asian Bond Fund Class X1 $9.54 Principal Age 65 Plus Fund HK$10.82
BOC-Prudential Hong Kong Dollar Bond Fund HK$19.8916 Fidelity Retirement Master Trust (MPF Scheme) 6/7 NAV Principal Balanced Fund HK$18.82
BOCHK All Weather Asian High Yield Bond Fund Class A1 $5.56 BOC-Prudential Hong Kong Stable Retirement Fund HK$10.3601 Asia Pacific Equity Fund HK$24.612 Principal Cash Fund HK$11.63
BOCHK All Weather Asian High Yield Bond Fund Class A2 HK$5.62 BOC-Prudential Index Fund Series-Provident Class-A (HKD) Global Equity Fund HK$32.800 Principal Core Accumulation Fund HK$13.20
BOCHK All Weather Asian High Yield Bond Fund Class A4 A$5.52 BOC-Prudential North America Index Fund HK$38.3524 Hong Kong Equity Fund HK$26.951 Principal Dynamic Hong Kong Equity Fund HK$9.00
BOCHK All Weather Asian High Yield Bond Fund Class A7 £5.51 BOC-Prudential S&P 500 Index Fund HK$20.0211 Fidelity Hong Kong Tracker Fund HK$10.740 Principal Dynamic Asia Pacific Equity Fund HK$12.88
BOCHK All Weather Asian High Yield Bond Fund Class A9 RMB5.74 Balanced Fund HK$25.278 Principal Dynamic Global Equity Fund HK$17.10
BOC-Prudential European Index Fund HK$20.4021
BOCHK All Weather Asian High Yield Bond Fund Class A10 €5.53 Capital Stable Fund HK$19.441 Principal Growth Fund HK$20.30
BOC-Prudential MSCI AC Asia Pacific ex Japan Index Fund HK$12.5054 Growth Fund HK$27.527
BOCHK All Weather Asian High Yield Bond Fund Class X2 HK$6.89 Principal - Hang Seng Index Tracking Fund HK$9.26
BOC-Prudential MSCI Japan Index Fund HK$13.6965 RetireEasy Fund HK$8.286 Principal Dynamic Asian Bond Fund HK$9.39
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A1 $7.32 BOC-Prudential MSCI MPF Golden Dragon Index Fund HK$13.5713 Stable Growth Fund HK$22.640 Principal Dynamic Greater China Equity Fund HK$18.18
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A2 HK$7.36 BOC-Prudential FTSE MPF China A Index Fund HK$7.2669 Hong Kong Bond Fund HK$12.554 Principal - MPF Conservative Fund HK$11.29
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A7 RMB7.37 BOC-Prudential Index Fund Series-Provident Class-B (HKD) RMB Bond Fund HK$10.347 Principal Stable Fund HK$15.66
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class X2 HK$8.04 BOC-Prudential North America Index Fund HK$24.5335 World Bond Fund HK$12.562 Principal Dynamic Global Bond Fund HK$8.25
BOCHK All Weather Asia Pacific High Income Fund Class A1 $4.85 MPF Conservative Fund HK$11.315 Principal MPF - Simple Plan 7/7 bid/offer
BOC-Prudential European Index Fund HK$13.4772
BOCHK All Weather Asia Pacific High Income Fund Class A2 HK$4.84 Fidelity SaveEasy 2050 Fund HK$12.417 Principal Age 65 Plus Fund HK$10.73/10.73
BOC-Prudential Index Fund Series-Provident Administration Class (HKD)
BOCHK All Weather Asia Pacific High Income Fund Class A4 A$4.34 Fidelity SaveEasy 2045 Fund HK$12.621 Principal Balanced Fund HK$17.01/17.01
BOC-Prudential North America Index Fund HK$11.2362 Fidelity SaveEasy 2040 Fund HK$26.950 Principal Core Accumulation Fund HK$13.04/13.04
BOCHK All Weather Asia Pacific High Income Fund Class A8 RMB4.88 BOC-Prudential S&P 500 Index Fund HK$10.6276 Fidelity SaveEasy 2035 Fund HK$26.536 Principal Dynamic Hong Kong Equity Fund HK$20.68/20.68
BOCHK All Weather Asia Pacific High Income Fund Class X1 $5.64 BOC-Prudential European Index Fund HK$9.9343 Fidelity SaveEasy 2030 Fund HK$26.350 Principal Dynamic Asia Pacific Equity Fund HK$14.26/14.26
BOCHK All Weather Asia Pacific High Income Fund Class X2 HK$5.24 BOC-Prudential MSCI AC Asia Pacific ex Japan Index Fund HK$9.7394 Fidelity SaveEasy 2025 Fund HK$25.742 Principal Dynamic Global Equity Fund HK$15.47/15.47
BOCHK All Weather Belt and Road Bond Fund Class A1 $7.63 BOC-Prudential MSCI Japan Index Fund HK$10.4761 Fidelity SaveEasy 2020 Fund HK$23.620 Principal Growth Fund HK$19.33/19.33
BOCHK All Weather Belt and Road Bond Fund Class A2 HK$7.61 Age 65 Plus Fund HK$10.561 Principal - MPF Conservative Fund HK$/10.96
BOC-Prudential Index Fund Series-Investment Class (HKD)
BOCHK All Weather Belt and Road Bond Fund Class A8 RMB7.85 Core Accumulation Fund HK$13.229 Principal Stable Fund HK$12.34/12.34
BOC-Prudential North America Index Fund HK$27.3153
BOCHK All Weather China Income Fund Class A1 HK$4.98 Haitong International Investment Managers Ltd 7/7 Principal Dynamic Global Bond Fund HK$9.36/9.36
BOC-Prudential S&P 500 Index Fund HK$19.5350 Haitong MPF Retirement Fund bid/issue Sun Life MPF Master Trust 7/7 NAV
BOCHK All Weather China Income Fund Class A2 $4.96 BOC-Prudential E Haitong Asia Pacific Fund-A HK$16.24/16.24 Global Fixed Income Portfolio HK$8.46
BOCHK All Weather China Income Fund Class A8 RMB5.12 Haitong Asia Pacific Fund-T HK$18.66/18.66 Global Fixed Income Portfolio Class B HK$8.25
BOCHK All Weather China Income Fund Class X1 HK$5.64 Haitong MPF Conservative Fund-A HK$11.53/11.53 Hong Kong Portfolio HK$34.54
BOCHK All Weather China New Dynamic Equity Fund Class A1 HK$9.74 Haitong MPF Conservative Fund-T HK$11.75/11.75 Hong Kong Portfolio Class B HK$36.41
BOCHK All Weather China New Dynamic Equity Fund Class A2 $9.77 Haitong Global Diversification Fund-A HK$22.82/22.82 Asian Portfolio HK$42.52
BOCHK All Weather China New Dynamic Equity Fund Class A8 RMB9.47 Haitong Global Diversification Fund-T HK$25.98/25.98 Asian Portfolio Class B HK$44.11
BOCHK All Weather China New Dynamic Equity Fund Class X1 HK$9.84 Haitong Hong Kong SAR Fund-A HK$58.44/58.44 International Portfolio HK$21.19
Haitong Hong Kong SAR Fund-T HK$65.00/65.00 International Portfolio Class B HK$23.01
BOCHK All Weather China New Dynamic Equity Fund Class X2 $8.34
Haitong Korea Fund-A HK$25.55/25.55 Growth Portfolio HK$25.58
BOCHK All Weather ESG Multi-Asset Fund Class A1 $7.78
Haitong Korea Fund-T HK$28.11/28.11 Growth Portfolio Class B HK$26.57
BOCHK All Weather ESG Multi-Asset Fund Class A2 HK$7.84 Haitong Core Accumulation Fund-A HK$13.59/13.59 Balanced Investment Portfolio HK$22.06
BOCHK All Weather ESG Multi-Asset Fund Class A4 A$7.60 Haitong Core Accumulation Fund-T HK$13.68/13.68 Balanced Investment Portfolio Class B HK$23.09
BOCHK All Weather ESG Multi-Asset Fund Class A7 £7.66 Haitong Age 65 Plus Fund-A HK$10.94/10.94 Stable Growth Portfolio HK$18.49
BOCHK All Weather ESG Multi-Asset Fund Class A9 RMB7.81 Haitong Age 65 Plus Fund-T HK$10.94/10.94 Stable Growth Portfolio Class B HK$19.46
BOCHK All Weather ESG Multi-Asset Fund Class A10 €7.66 Hang Seng Mandatory Provident Fund 7/7 NAV (per unit) Capital Stable Portfolio HK$15.18
SuperTrust Plus Capital Stable Portfolio Class B HK$16.08
BOCHK All Weather Greater Bay Area Strategy Fund Class A1 $7.16
MPF Conservative Fund HK$13.11 RMB and HKD Fixed Income Portfolio HK$13.81
BOCHK All Weather Greater Bay Area Strategy Fund Class A2 HK$7.15
Guaranteed Fund HK$9.77 RMB and HKD Fixed Income Portfolio Class B HK$14.59
BOCHK All Weather Greater Bay Area Strategy Fund Class A3 MOP7.14 Core Accumulation Fund HK$22.46 Conservative Portfolio HK$11.48
BOCHK All Weather Greater Bay Area Strategy Fund Class A4 RMB7.71 Balanced Fund HK$20.70 Conservative Portfolio Class B HK$11.57
BOCHK All Weather Greater Bay Area Strategy Fund Class A11 RMB7.30 Growth Fund HK$21.60 Capital Guaranteed Portfolio HK$16.45
BOCHK All Weather Global Opportunities Fund Class A1 $11.00 Hang Seng Index Tracking Fund HK$20.08 Capital Guaranteed Portfolio Class B HK$17.50
BOCHK All Weather Global Opportunities Fund Class A2 HK$11.11 North American Equity Fund HK$25.36 Core Accumulation Fund HK$13.08
European Equity Fund HK$15.43 Age 65 Plus Fund HK$10.54
BOCHK All Weather Global Opportunities Fund Class A3 A$14.34
Asia Pacific Equity Fund HK$27.75 YF Life Trustees Limited 7/7 NAV
BOCHK All Weather Global Opportunities Fund Class X2 HK$12.63 Hong Kong and Chinese Equity Fund HK$19.18 Mass MPF Scheme
BOCHK All Weather China High Yield Bond Fund Class A1 RMB5.60 Global Bond Fund HK$10.95 Age 65 Plus Fund HK$10.6433
BOCHK All Weather China High Yield Bond Fund Class A2 $4.77 Age 65 Plus Fund HK$12.27 Asian Pacific Equity Fund HK$13.8000
BOCHK All Weather China High Yield Bond Fund Class A3 HK$4.82 Stable Fund HK$11.71 Asian Bond Fund HK$24.7763
BOCHK All Weather China High Yield Bond Fund Class A4 A$5.0800 Chinese Equity Fund HK$11.85 Core Accumulation Fund HK$13.1957
ValueChoice Balanced Fund HK$14.46 MPF Conservative Fund HK$11.2551
BOCHK All Weather China High Yield Bond Fund Class A8 $5.0000
Global Equity Fund HK$20.18 European Equity Fund HK$12.3221
BOCHK All Weather Short Term Bond Fund-X2 HK$10.8875 ValueChoice North America Equity Tracker Fund HK$33.86 Greater China Equity Fund HK$15.7103
BOCHK All Weather Short Term Bond Fund-A1 $10.7428 ValueChoice Europe Equity Tracker Fund HK$17.01 Global Bond Fund HK$11.5044
BOCHK All Weather Short Term Bond Fund-A2 HK$10.7304 ValueChoice Asia Pacific Equity Tracker Fund HK$12.25 Global Equity Fund HK$32.7526
BOCHK All Weather Short Term Bond Fund-A3 RMB11.2695 Hang Seng China Enterprises Index Tracking Fund HK$6.13 Global Growth Fund HK$23.7709
BOCHK Investment Funds 7/7 NAV HSBC Mandatory Provident Fund 7/7 NAV (per unit) Global Stable Fund HK$20.7345
BOCHK Aggressive Growth Fund-A USD $29.0834 SuperTrust Plus Guaranteed Fund HK$9.8981
MPF Conservative Fund HK$13.11 Hong Kong Equities Fund HK$11.5401
BOCHK Aggressive Growth Fund-A Administration USD $10.1279
Guaranteed Fund HK$9.77 US Equity Fund HK$30.2831
BOCHK Aggressive Growth Fund-A RMB RMB210.1563 Core Accumulation Fund HK$22.46
BOCHK Balanced Growth Fund-A USD $23.3420 Balanced Fund HK$20.70 All prices are for indication only.

HIGH COURT WRITS DIVIDENDS DECLARED

Books Payable Books Payable
No Plaintiffs Defendants Particular Claim Share dividend Profit / Loss closed date Share dividend Profit / Loss closed date

1066 Grand Right Investment Ltd China Loyalty Ltd L&T $1,566,000 AEON Credit (F) 22¢ (22¢) .......................................................................... HK$373.6m +9.05% 6-Jul 20-Jul Haohai Biological Tech (F) 40fen (70fen)................................................. Rmb180.5m -48.8% 6-Jul 11-Aug
Ajisen (China) Holdings (F) 6.8¢ (9.8¢) ..................................................... -Rmb143.9m (+Rmb20.9m) 14-Jun 28-Jul Harbin Electric (F) 0.6fen (nil) .................................................................. Rmb98.6m (-Rmb4.1b) 19-Jun 25-Jul
$270,720 AK Medical Holdings (F) 6¢ (2.5¢) ............................................................. Rmb204.8m +121.1% 26-Jun 18-Jul Hebei Yichen Industrial (F) 5.01fen (5.53fen) ........................................... Rmb161m -34.6% 2-Jun 20-Jul
$49,767 Angelalign Tech (F) nil (nil); (SD) 68¢ ($1.22) ........................................... Rmb213.8m -25.2% 5-Jul 27-Jul Huadian Power Int’l (F) 20fen (25fen) ...................................................... -Rmb30.8m (-Rmb3.3b) 7-Jun 28-Jul
$92,874.70 Anhui Expressway (F) 55fen (55fen) ......................................................... Rmb1.4b -4.4% 15-Jun 19-Jul Huaxin Cement (F) 51fen (Rmb1) .............................................................. Rmb2.7b -49.7% 29-May 21-Jul
Asia Cement (China) (F) 16fen (45fen)...................................................... Rmb420.1m -76% 6-Jun 21-Jul Huishang Bank Corp (F) Rmb1.29 per 10 shs............................................ . 6-Jul 25-Aug
1067 Castle Peak Investments No 4 Ltd Forever Good (Hong Kong) Ltd L&T $382,129.76 Asia Tele-Net and Tech (F) 2¢ (2¢) ............................................................ -HK$32.7m (-$838.5m) 27-Jun 20-Jul Hygeia Healthcare (F) 15fen (nil) .............................................................. Rmb476.8m +8% 7-Jul 27-Jul
1068 Link Properties Ltd Hoixe Catering Co Ltd L&T $283,982.10 Asymchem Lab (F) Rmb1.8 (80fen) .......................................................... Rmb3.3b +209% 19-Jun 21-Jul ICBC (F) 30.35fen (29.33fen)..................................................................... Rmb360.5b +3.5% 8-Jul 18-Aug
Siu Wai Kin BAIC Motor Corpn (F) 17fen (16fen) .......................................................... Rmb4.2b +8.8% 30-Jun 15-Sep Inspur Digital Ent (F) 2¢ (nil) ..................................................................... Rmb118.7m +121% 4-Jul 10-Aug
Bank of China (F) Rmb2.32 per 10 shs (Rmb2.21 per 10 shs) ................... Rmb227.4b +5.02% 8-Jul 4-Aug Jiangsu Expressway (F) 46fen (46fen) ..................................................... Rmb3.72b -13% 28-Jun 26-Jul
1069 Link Properties Ltd Hoixe Catering Co Ltd L&T $219,884.88 Bank of Chongqin (F) 39.5fen (39fen) ...................................................... Rmb4.87b +4.4% 28-Jun 20-Jul Jiangxi Bank (F) 5fen (5fen) ...................................................................... Rmb1.5b -25.2% 3-Jun 28-Jul
Siu Wai Kin Bank of Communications (F) 37.3fen (35.5fen) ........................................ Rmb92.1b +5.22% 6-Jul 12-Jul Jiangxi Copper (F) 50fen (50fen) .............................................................. Rmb5.99b +6.36% 17-Jun 21-Jul
1070 Link Properties Ltd Hoixe Catering Co Ltd L&T $188,990.60 Bank of Qingdao (F) Rmb1.6 per 10 shs (Rmb1.6 per 10 shs) .................. Rmb3.08b +5.48% 6-Jun 27-Jul Jingneng Clean Energy (F) 12.02fwen (7.037fen) ..................................... Rmb2.8b +12.6% 7-Jul 10-Aug
Siu Wai Kin Beauty Farm Med&Health (F) 39¢ (34¢) ................................................... Rmb103.1m -46.7% 26-Jun 28-Sep Jinmao Property Services (F) 17¢ (nil) ...................................................... Rmb336m +88.8% 12-Jun 21-Aug
Beijing Enterprises (F) $1.1 (85¢) .............................................................. HK$7.6b -24% 4-Jul 24-Jul Jinshang Bank (F) 10fen (10fen) ............................................................... Rmb1.8b +9.1% 16-Jun 28-Jul
1071 Link Properties Ltd Hoixe Catering Co Ltd L&T $227,831.70 Best Pacific International (F) 4.22¢ (11.8¢) ............................................... HK$299.2m -25.5% 5-Jul 14-Aug JL Mag Rare-Earth (F) Rmb2.6 per 10 shs (Rmb2.5 per 10 shs) ............... Rmb702.7m +55% 28-Jun 21-Aug
Siu Wai Kin BetterLife Holding (F) 3fen (22fen)........................................................... Rmb171.5m -62.4% 5-Jul 15-Aug JOINN Laboratories (China) (F) 40fen (36fen) ......................................... Rmb1.07b +92.7% 23-Jun 20-Jul
1072 High Time Investments Ltd Mason Securities Ltd L&T $320,000 BII Rail Transportation Tech (F) 2.7¢ (2.5¢) .............................................. HK$179.3m -4.42% 3-Jul 22-Sep K. Wah International (F) 14¢ (14¢) ............................................................ HK$1.37b -59% 16-Jun 21-Jul
Binjiang Service Group (F) HK$1.001 (47.3¢)............................................ Rmb412m +28% 22-Jun 28-Sep Kinetic Develop (F) 7¢ (6.5¢) ..................................................................... Rmb2.7b +8% 8-Jun 31-Jul
$191,525.60 Bj Urban Cons Design&Dev (F) 18.98fen (16.79fen) ................................. Rmb972.3m +5.6% 2-Jun 25-Aug Kinetic Development (F) 7¢ (6.5¢) ............................................................ Rmb2.66b +7.9% 8-Jun 31-Jul
$1,354.20 Blue Moon Group (F) 16.8¢ (13.8¢)............................................................ HK$611.4m -39.7% 23-Jun 28-Jul Kunlun Energy (F) 28.71¢ (25.22¢) ............................................................ Rmb5.2b +1.7% 7-Jun 20-Jul
BOE Varitronix (F) 23¢ (15¢) ...................................................................... HK$582.5m +78% 7-Jul 19-Jul Legend Holdings (F) 20fen (40fen) .......................................................... Rmb1.2b -80% 5-Jul 30-Aug
BYD (F) Rmb11.42 per 10 shs (1.05 per 10)............................................... Rmb15.5b +446% 15-Jun 28-Jul Liaoning Port (F) 1.74fen (2.7fen) ............................................................. Rmb1.3b -33.3% 22-Jun 14-Aug
Key: BYD Electronic (F) 16.5fen (10.3fen) ......................................................... Rmb1.86b -19.6% 15-Jun 28-Jul Link Reit (F) 118.8¢ (146.08¢) ................................................................... HK$15.5b +124.1% 19-Jun 1-Aug
AKA.........................................................................also known as GSD.......................................................good sold and delivered Canggang Railway (F) 2.8fen (3fen).......................................................... Rmb68m -12% 23-Jun 28-Jul Livzon Pharmaceutical (F) Rmb1.6 (Rmb1.3)............................................ Rmb1.9b +7.5% 5-Jul 31-Jul
IP ................................................................. intellectual property L&T ...............................................................landlordand tenant Canvest Env Protection (F) 4.7¢ (5.8¢) .....................................................
Capinfo (F) 1.75fen (0.29fen) ....................................................................
HK$1.33b +0.8%
Rmb140.6m +370.9%
21-Jun 31-Jul
23-Jun 25-Sep
Lonking Holdings (F) 10¢ (22¢)..................................................................
Lushang Life Services (F) 10.74fen...........................................................
Rmb400.5m -68.6%
Rmb76.7m +1.23%
1-Jun 28-Jul
6-Jul 31-Aug
MS...................................................................materials supplied Misrep ............................................................Misrepresentation CDB Leasing (F) Rmb0.7952 per 10shs (Rmb0.7756 per 10shs) .............. Rmb3.35b -14.6% 4-Jul 9-Aug Luzhou Xinglu Water (F) 5fen (5fen)......................................................... Rmb223.2m -14.5% 6-Jul 28-Jul
NS ..................................................................................not stated TA...................................................................................trading as CG Services (F) 14.4fen (29.95fen); (SD) 22.81fen (nil) ............................ Rmb1.94b -52% 6-Jun 30-Aug Man Wah Holdings (F) 10¢ (17¢) ................................................................ HK$1.9b -15% 6-Jul 20-Jul
Chalco (F) 3.6fen (3.18fen)........................................................................ Rmb4.2b -27% 27-Jun 18-Aug ManpowerGroup (F) 12¢ (37¢) ................................................................... Rmb118.6m -15% 5-Jul 19-Jul
Changmao Biochem (F) 7.7fen (nil) .......................................................... Rmb81.4m +39.6% 24-May 18-Jul Midea Real Estate Hold (F) 80¢ ($1.6) ...................................................... Rmb1.7b -53.9% 30-May 8-Aug
Charmacy Pharmaceutical (F) 45fen (nil)................................................. Rmb90.4m +290.4% 1-Jul 31-Jul Million Hope Industries (F) 1.7¢ (2.1¢) ....................................................... HK$12.1m -50.8% 7-Jul 24-Jul
China Aerospace Int’l (F) 2¢ (2¢) ............................................................... -HK$120m (+$345.8m) 28-Jun 18-Jul MTR Corporation (F) 89¢ ($1.02) .............................................................. HK$9.83b +2.9% 31-May 18-Jul
OFFICIAL LIST China Aircraft Leasing (F) 15¢ (26¢) ..........................................................
China CBM Group (SD) 25.76¢ ...................................................................
HK$73.6m -86%
.
27-Jun 28-Jul
4-Jul 26-Jul
Nameson Holdings (F) 0.6¢ (1.5¢) .............................................................
Nanjing Panda Electronics (F) 1.4fen (1.4fen) ..........................................
HK$134.8m -48.8%
Rmb40.5m -3.4%
10-Jul 25-Jul
5-Jul 10-Aug
China Chengtong Dev (F) 0.39¢ (0.54¢).................................................... HK$76m -27% 7-Jul 21-Jul New China Life Insurance (F) Rmb1.08 (Rmb1.44)................................... Rmb102.9b -5.17% 8-Jul 10-Aug
China Cinda Asset (F) Rmb0.4963 per 10 shs (Rmb0.9481 per 10 shs) .. Rmb6.31b -47.7% 28-Jun 18-Aug New Uni Environmental (F) 0.38¢ (0.39¢) ................................................ HK$7.3m -82% 6-Jun 31-Jul
Change in board lot size China CITIC Bank (F) Rmb3.29 per 10 shs ( Rmb3.02 per 10 shs) ............ Rmb62.1b +11.6% 28-Jun 20-Jul Nongfu Spring (F) 68fen (45fen) .............................................................. Rmb8.5b +18.6% 20-May 30-Aug
China Coal Energy (F) 41.3fen (30.1fen) ................................................... Rmb19.7b +30% 20-Jun 8-Aug Pacific Millennium Packaging (F) 8¢ (8¢) ................................................. Rmb22.8m -47.7% 4-Jul 21-Jul
CMON (1792): The board lots for trading in the ordinary shares will be changed from 10,000 shares to 70,000 shares from today. China Comm Construction (F) 21.707fen (20.371fen) ............................... Rmb20.1b +9.4% 22-Jun 11-Aug PetroChina (F) 22fen (9.622fen) ............................................................... Rmb149.4b +62.1% 22-Jun 28-Jul
China Comm Ser (F) 19.39fen (17.32fen) .................................................. Rmb3.4b +6% 5-Jul 18-Aug PICC Group (F) 16.6fen (14.7fen) .............................................................. Rmb24.5b +14% 28-Jun 28-Jul
China Conch Venture (F) 40¢ (70¢) .......................................................... Rmb3.9b -44.2% 3-Jul 21-Jul PICC Property&Casualty (F) 47.8fen (40.7fen)......................................... Rmb26.6b +19.2% 28-Jun 28-Jul
Change of company name China Construction Bank (F) 38.9fen (36.4fen)........................................ Rmb323.9b +7.1% 8-Jul 4-Aug PSBC (F) Rmb2.579 per 10 shs (Rmb2.474 per 10 shs) ............................ Rmb85.2b +11.9% 7-Jul 10-Aug
China Education (I) 16.38fen (nil) ............................................................. Rmb977m -16.4% 13-Jun 20-Jul Powerlong Comm Mgt (F) 15¢ (30¢).......................................................... Rmb443.1m +1% 22-Jun 25-Oct
Century Sage Scientific Holdings (1450): It will change its company name today to Be Friends Holding. China Elec Optics Valley Union (F) 2.5¢ (2.5¢) .......................................... Rmb536.1m -16.3% 23-Jun 31-Aug Prosperous Industrial (F) 4.2¢ (1¢) ........................................................... US$10.3m +165.1% 27-Jun 21-Jul
China Harmony Auto (F) 6.6¢ (21¢) ........................................................... . 20-Jun 11-Aug Qilu Expressway (F) 18fen (18fen) ............................................................ Rmb781.7m -8.4% 4-Jul 31-Aug
Miji International Holdings (1715): It will change its company name today to Volcano Spring International Holdings. China Int’l Capital (F) Rmb1.8 per 10 shs (Rmb3 per 10 shs) ................... Rmb7.6b -29.5% 6-Jul 18-Aug Qingdao Port Int’l (F) Rmb269.3 per 1000 shs (Rmb256.4 per 1000 shs) Rmb4.5b +14% 12-Jun 1-Aug
China Isotope & Radiation (F) 44.07fen (37.79fen) ................................. Rmb391.6m +16.6% 6-Jul 31-Aug Quanzhou Huixin Micro-credit (F) 5fen (5fen) .......................................... Rmb60.7m +44.3% 19-Jun 15-Aug
China Jinmao Holdings (F) 2¢ (nil) ............................................................ Rmb1.98b -58% 4-Jul 31-Aug Rimbaco Group Global (I) MYR1.82¢ (MYR0.95¢) ..................................... MYR8.25m +48.5% 7-Jul 28-Jul
Last day of dealing China Life Insurance (F) 49fen (65fen)..................................................... Rmb32.1b -37% 7-Jul 24-Aug Riverine China Holdings (F) 1¢ (3.5¢) ........................................................ Rmb12.5m -67.5% 21-Jun 18-Jul
China Longyuan Power (F) 11.71fen (14.7fen)........................................... Rmb5.1b -31% 22-Jun 14-Aug Rizhao Port Jurong (F) 2.4fen (2.4fen) ..................................................... Rmb199.9m +18.8% 24-May 31-Jul
CROSSTEC Group Holdings rights (2956): Trading in the nil paid rights will cease after the close of business today. China MeiDong Auto (F) 11.7fen (69.91fen) .............................................. Rmb521m -55.3% 19-Jun 17-Aug S-Enjoy Service (F) 16fen (15.5fen) ........................................................... Rmb423.5m -19% 5-Jul 18-Jul
China Merchants Bank (F) Rmb1.738 (8.9fen) .......................................... Rmb138b +15.1% 7-Jul 8-Aug Shandong Gold Mining (F) 7fen (5fen) ...................................................... Rmb838m (-Rmb426m) 15-Jun 18-Jul
China Merchants China Direct Inv (F) 54.6¢ (54.6¢)................................. -US$153.2m (+$24.2m) 2-Jun 27-Jul Shanghai Conant Optical (F) 15fen (8.5fen).............................................. Rmb248.6m +35.4% 20-Jun 15-Aug
China Merchants Port (F) 60¢ (72¢) .......................................................... HK$7.8b -5% 12-Jun 21-Jul Shanghai Fudan Micro (F) Rmb1.35 (0.65) ............................................... Rmb1.08b +109% 29-Jun 1-Aug
New listing China Nonferrous Mining (F) US2.8209¢ (3.8205¢).................................. US$263.7m -26.2% 4-Jul 13-Jul Shanshan Brand Mngt (F) 4fen (nil) ......................................................... Rmb16m -11% 12-Jun 4-Aug
China Oriental Group (F) nil (6¢); (SD) 3¢ (3¢) .......................................... Rmb808m -68% 19-Jun 18-Aug Shenwan Hongyuan (F) Rmb0.3 per 10 shs (Rmb1 per 10 shs)................ Rmb2.79b -70.3% 28-Jun 11-Aug
Sichuan Kelun-Biotech Biopharmaceutical (6990): Dealing in the H shares begins today. China Overseas (F) 40¢ (76¢) .................................................................... Rmb23.3b -42% 4-Jul 19-Jul Shenzhen Hepalink Pharma (F) Rmb1 per 10 shs..................................... Rmb727.1m +202% 29-May 15-Aug
BP#HSI RC2606T (68577), BP#HSI RC2606V (68578), BP#HSI RC2606X (68579), BP#HSI RC2606A (68580), BP#HSI RC2606B (68582), China Overseas Grand Oceans (F) 15¢ (30¢) ............................................. Rmb3.15b -37.6% 30-Jun 18-Jul Shinelong Auto Lightweight (F) 0.241¢ (0.286¢) ...................................... Rmb17.3m -18.3% 7-Jun 19-Jul
China PengFei Group (F) 7.4fen (6.6fen).................................................. Rmb122.2m +11.9% 28-Jun 20-Jul Shougang Fushan Res (F) 28¢ (32¢).......................................................... Rmb2.72b +7% 12-Jun 28-Jul
BP#HSI RC2606D (68583), BP#HSI RC2606H (68584), BP#HSI RP2602G (68585), MS#TENCTRP2404C (68586), MS#HKEX RP2312E China Rail Signal&Comm (F) 17fen (17fen) ............................................... Rmb3.63b +11% 16-Jun 31-Aug Sichuan Energy Inv Dev (F) 12fen (12fen) ................................................. Rmb301.4m +11.8% 26-Jun 21-Jul
China Reinsurance (Group) (F) 1.4fen (4.5fen)......................................... Rmb1.87b -68.6% 1-Jul 22-Aug Singamas Container (F) 2¢ (11¢); (SD) nil (5¢) ........................................... US$46.3m -75% 5-Jul 21-Jul
(68590), MS#MTUANRP2401A (68595), MS#ALIBARC2312B (68597), BI#CCB RC2408A (68599), BI#ICBC RC2408A (68600), BI#ICBC China Res Cement (F) 0.9¢ (28¢) .............................................................. HK$1.94b -75.1% 5-Jun 19-Jul Sinofert Holdings (F) 6.23¢ (5.28¢) ........................................................... Rmb1.1b +29% 27-Jun 18-Jul
China Res Pharma (F) 16¢ (15¢) ................................................................ HK$4.1b +10% 7-Jun 21-Jul Sinohealth Holdings (F) 3.98¢ (nil) ........................................................... Rmb55.8m -29.3% 26-Jun 25-Jul
RC2409B (68601), BI#XIAMIRC2403A (68602), BI#CMB RC2404A (68603), BI#ALIBARP2402C (68604), BI#HSI RC2403C (68605), China Resources Gas (F) 90¢ (HK$1.12) .................................................... HK$4.73b -26% 1-Jun 18-Jul Sinopec Kantons Holdings (F) 12¢ (12¢) .................................................... HK$434.9m -58.6% 10-Jul 25-Jul
BI#HSI RC2403D (68606), BI#HSI RC2403E (68607), BI#HSI RP2403A (68608), BI#HSI RP2403B (68609), BI#HSI RP2403C (68610), China Resources Land (F) $1.394 ($1.484) ............................................... Rmb28b -13% 13-Jun 28-Jul Sinopharm Group (F) 82fen (75fen).......................................................... -Rmb8.53b +9.89% 21-Jun 14-Aug
China Resources Medical (F) 3.7¢ (12¢)..................................................... Rmb139m -66.7% 9-Jun 19-Jul Sinotruk (Hong Kong) (F) 33¢ (68¢) .......................................................... Rmb1.8b -58.4% 6-Jul 8-Sep
BI#HSI RP2403D (68611), BI#HSI RP2403E (68612), GJ#HSI RC2407E (68614), GJ#HSI RP2503I (68619), GJ#HSI RP2503H (68620), China Resources Mixc (F) 31.2fen (27.6fen).............................................. Rmb2.21b +27.9% 13-Jun 28-Jul SiS International (F) 2¢ (2¢) ...................................................................... HK$44.5m -61.4% 3-Jul 20-Jul
China Resources Power (F) 37.6¢ (4.5¢) ................................................... HK$7.04b +229.4% 15-Jun 21-Jul Sunshine Insurance (F) 18fen (15fen) ....................................................... Rmb4.9b -17% 2-Jun 28-Jul
GJ#HSI RP2503R (68621), BP#HSI RC2606I (68622), BP#HSI RP2602U (68625), BP#HSI RP2602K (68627), BP#HSI RP2602H (68628), China Shenhua Energy (F) Rmb2.55 (Rmb2.54) ....................................... Rmb72.9b +41.8% 24-Jun 16-Aug Suxin Joyful Life Ser (F) 17fen (nil) ........................................................... Rmb64.8m +17% 21-Jun 31-Aug
China Starch Holdings (F) 0.69¢ (0.69¢) .................................................. Rmb352m +1.9% 14-Jun 19-Jul Symphony Holdings (F) 0.5¢ (0.5¢)........................................................... -HK$85.4m (+$26.6m) 29-Jun 2-Aug
BP#HSI RP2602J (68632), BP#HSI RP2602L (68633), BP#HSI RP2602V (68634), BP#HSI RP2602Y (68636), BP#HSI RP2602O (68637), China Telecom Corp (F) 7.6fen (17fen) ..................................................... Rmb27.6b +6.34% 2-Jun 21-Jul Taizhou Water Group (F) 7.5fen (17fen).................................................... Rmb54.7m -55% 6-Jul 22-Sep
Chongqing Mach&Elec (F) 3fen (3fen) ...................................................... Rmb310.2m +4.6% 30-Jun 27-Jul Tang Palace (China) (F) 2.5¢ (2.5¢) ........................................................... -Rmb151m (+Rmb40.6m) 16-Jun 28-Jul
HS#HSI RC2511Q (68638), HS#HSI RC2509F (68639), HS#HSI RC2411G (68641), HS#HSI RP2602Q (68642), GJ#HSI RP2503D (68643), Chu Kong Ship (F) 4¢ (2¢); (SD) 2¢ (nil) ..................................................... HK$93.5m +112.1% 28-Jun 20-Jul Tianjin Development (F) 5.5¢ (5.5¢) .......................................................... HK$358.2m -27.9% 3-Jul 24-Jul
CT#HSI RC2312G (68644), CT#HSI RC2312H (68645), CT#HSI RC2312I (68647), CT#HSI RP2312E (68648), CT#HSI RP2312F (68649), Chunlizhengda Medical Inst (F) 31.3fen (13fen)........................................ Rmb307.7m -4.5% 4-Jul 31-Jul Tianjin Port Development (F) 2.24¢ (5.99¢) ............................................. HK$345.3m -62.6% 21-Jun 24-Jul
CIMC Vehicles (Group) (F) 30fen (20fen) .................................................. Rmb1.12b +24.1% 1-Jun 24-Jul Tianjin Tianbao Energy (F) 2.4fen (nil) ..................................................... Rmb7.89m +1,729% 17-Jun 7-Aug
JP#HSI RC2310G (68650), JP#HSI RC2310A (68651), JP#TENCTRC2312V (68653), JP#HSI RC2310B (68654), JP#HSI RC2310H (68655), CITIC (F) 45.1¢ (45.6¢) ............................................................................... HK$75.5b +8% 28-Jun 22-Aug Tianqi Lithium (F) Rmb30 per 10 shs ....................................................... Rmb23.9b +556.2% 7-Jul 16-Aug
CITIC Resources (F) 6¢ (4.5¢) .................................................................... HK$1.3b +21% 23-Jun 18-Jul Tong Ren Tang Tech (F) 16fen (16fen) ...................................................... Rmb582.9m +14.9% 21-Jun 14-Aug
JP#HSI RC2310L (68657), JP#HSI RP2604Q (68658), JP#HSI RP2604R (68659), JP#HSI RC2407W (68660), JP#HSI RC2310M (68662), CITIC Securities (F) Rmb4.9 per 10 shs (Rmb5.4 per 10 shs) ................... Rmb21.3b -7.72% 5-Jul 25-Aug Town Health Int’l Med (F) 12¢ (15¢)........................................................... HK$15.3m -30% 29-Jun 8-Sep
Clifford Modern Living (F) 2.5¢ (2.2¢) ....................................................... Rmb95.1m +17.3% 4-Jul 28-Jul TravelSky Technology (F) 5.3fen (5.5fen) ................................................. Rmb626.5m +13.6% 23-Jun 29-Sep
JP#HSI RP2602D (68663), JP#HSI RP2604S (68664), JP#HSI RP2604T (68665), JP#HSI RC2310Q (68666), JP#HSI RP2602I (68667), CMA Logistics (F) 15fen (5fen) .................................................................. Rmb38.5m +32% 6-Jul 28-Sep Tsingtao Brewery (F) Rmb1.3 (Rmb1.1); (SD) 50fen (nil) .......................... Rmb3.71b +17.6% 23-Jun 11-Aug
CMOC Group (F) Rmd0.8508 per 10shs (Rmb0.7125m per 10shs)........... Rmb6.07b +18.8% 3-Jul 27-Jul Tsui Wah Holdings (F) nil (nil); (SD) 4¢ (nil).............................................. HK$60.6m (-$118.3m) 4-Jul 21-Jul
JP#HSI RP2602J (68668), JP#MTUANRP2407B (68670), JP#TENCTRC2312X (68671), JP#TENCTRP2403F (68672), JP#TENCTRP2402L Concord New Energy (F) 3.5¢ (3¢)............................................................. Rmb871.8m +10.7% 23-Jun 18-Jul Tsui Wah Holdings (SD) 4¢ ........................................................................ . 4-Jul 21-Jul
(68673), JP#HKEX RP2401A (68675), UB#TENCTRC2311A (68676), UB#ALIBARC2312K (68677), UB#HSI RC2509Q (68678), UB#HSI COSCO SHIPPING Dev (F) 8.7fen (22.6fen) ............................................... Rmb3.9b -35.6% 8-Jul 28-Jul Utd Laboratories Int’l (F) 14¢ (8¢); (SD) 6¢ (2¢) ........................................ Rmb1.58b +60% 6-Jul p.a
CR Construction Group (F) 1.8¢ (1.8¢) ....................................................... HK$56.5m +16.4% 29-Jun 28-Jul Vanov Holdings (F) 4¢ (nil) ....................................................................... Rmb52.4m +4.6% 5-Jul 30-Aug
RC2510T (68679), UB#HSI RC2511R (68681), UB#HSI RC2511A (68682), UB#HSI RC2511B (68683), UB#HSI RC2512G (68685), CRCC High-Tech Equip (F) 2.5fen (1fen) .................................................... Rmb115.6m +129.5% 6-Jul 22-Aug Wanguo Int’l Mining (F) 10fen (10fen) ...................................................... Rmb180.5m -6.7% 9-Jun 31-Aug
CRRC Corporation (F) 20fen (18fen) ......................................................... Rmb11.6b +13.1% 26-Jun 11-Aug Watts Int’l Maritime (F) 0.92¢ (1.6¢ ) ........................................................ Rmb27.1m -42.4% 21-Jun 18-Aug
UB#MTUANRP2404M (68686), UB#ALIBARP2405C (68687), UB#HKEX RP2404A (68688), UB#HSI RP2604E (68689), UB#HSI CSC Financial (F) Rmb2.7 per 10 shs (Rmb3.95 per 10 shs) ..................... Rmb7.5b -26.7% 5-Jul 22-Aug Wealthy Way Group (F) 3¢ (3¢).................................................................. Rmb24.1m -21.2% 6-Jul 25-Jul
CSSC (HK) Shipping (F) 7¢ (6¢) .................................................................. HK$1.68m +24.7% 30-Jun 28-Jul Weibo Corporation (1stQD) nil; (SD) 85¢................................................... Rmb100.5m (-Rmb67.5m) 26-Jun 19-Jul
RP2604F (68690), UB#HSI RP2511M (68691), UB#TENCTRP2404C (68692), UB#HSI RC2512H (68695), UB#HSI RC2512I (68696), Datang Int’l Power (F) 2.9fen (nil) ............................................................ -Rm330m (-Rmb9.1m) 4-Jul 25-Aug West China Cement (F) 6.7fen (8.7fen)..................................................... Rmb1.21b +23.4% 1-Jun 31-Jul
UB#HSI RC2507L (68698), UB#HSI RC2508M (68699), UB#HSI RP2602X (68702), UB#HSI RP2604G (68704), UB#HSI RP2512Q Datang Renew Power (F) 5fen (3fen)........................................................ Rmb3.5b +72% 9-Jul 25-Aug Wuling Motors Holdings (F) 0.3¢ (0.3¢) .................................................... Rmb22.6m (-Rmb24.1m) 19-Jun 31-Jul
Dazhong Public Utilities (F) 3fen (5fen).................................................... -Rmb332.6m (+Rmb303.4m) 4-Jul 28-Aug Xin Point Holdings (F) 14¢ (2.13¢) ............................................................. Rmb431.3m +100% 12-Jun 7-Oct
(68705), UB#HSI RP2511N (68706), UB#HSI RC2511V (68708), UB#HSI RP2601D (68710), UB#TENCTRC2311F (68713), SG#TENCTRC2311I Deewin Tianxia (F) 4.336fen ..................................................................... Rmb226.4m -37.6% 5-Jun 25-Aug Xingda International (F) 15¢ (15¢) ............................................................. Rmb348.4m +59.2% 15-Jun 4-Aug
Design Capital (F) 0.38¢ (1¢) ..................................................................... S$5.2m -12.8% 28-Jun 21-Jul Xinhua Winshare (F) 34fen (32fen) ........................................................... Rmb1.4b +7% 24-May 18-Jul
(68714), SG#TENCTRC2401P (68715), SG#HSI RC2311J (68719), SG#HSI RC2311Y (68720), SG#HSI RC2311E (68724), SG#HSI RC2311K Desun Services (F) 5.55¢ (nil).................................................................... Rmb33.6m +1% 28-Jun 18-Aug Xinyi Energy Holdings (F) 7.4¢ (10¢) ......................................................... HK$971.5m -21.2% 8-Jun 4-Aug
Digital China Holdings (F) 4.5¢ (13¢) ......................................................... Rmb310.4m -47.6% 4-Jul 19-Jul Xinyi Glass Holdings (F) 22¢ (76¢) ............................................................. HK$5.13b -55.6% 8-Jun 4-Aug
(68728), SG#HSI RC2311Q (68730), SG#HKEX RP2401G (68731), SG#CCB RC2408B (68734), SG#AIA RC2312D (68735), SG#HSI RC2409P Dongfang Electric (F) 33.5fen (23fen)....................................................... Rmb2.86b +24.7% 4-Jul 28-Jul Xtep International (F) 7.1¢ (13.5¢) ............................................................. Rmb921.7m +1.48% 8-Jun 21-Jul
Dowell Service Group (F) 14fen ................................................................ Rmb90.7m -29.6% 27-Jun 8-Aug Yadong Group (F) 3¢ (3¢) .......................................................................... Rmb49.9m +42% 4-Jul 18-Aug
(68736), SG#HSI RP2601G (68740), SG#HSI RP2504U (68741), SG#HSI RC2407T (68742), SG#HSI RC2312V (68743), SG#HSI RP2601H Dynagreen Environ Protection (F) 12fen (10fen) ...................................... Rmb744.8m +6.7% 30-Jun 26-Jul Yangtze Optical (F) 46.2fen (28.1fen) ....................................................... Rmb1.17b +64.7% 6-Jul 18-Aug
(68744), SG#HSI RP2512B (68745), SG#HSI RP2601I (68746), SG#HSI RC2408D (68748), SG#TENCTRP2403R (68750), ENN Energy Holdings (F) $2.27 ($2.11)...................................................... Rmb5.87b -24.4% 31-May 21-Jul Yankuang Energy (F) Rmb3.07 (Rmb1.6); (SD) Rmb1.23 (40fen); (B) 5 for Rmb30.8b +89.3% 7-Jul 4-Aug
Financial Street Property (F) 16.3fen (22.2fen) ........................................ Rmb121m -12.1% 21-Jun 7-Aug 10 ...............................................................................................................
SG#TENCTRP2402U (68751), SG#MTUANRP2403R (68753), GS#TENCTRP2404L (68754), HS#HSI RP2604A (68756), HS#HSI RP2604B First Service Holding (F) 3¢ (6.77¢)........................................................... Rmb41.3m +16.6% 3-Jul 18-Jul Yantai North Andre Juice (F) 10fen (5fen) ................................................ Rmb194.3m +21.5% 6-Jun 21-Jul
Fosun International (F) 1.4¢ (30¢) ............................................................ Rmb538.7m -94.7% 16-Jun 18-Jul Yip’s Chemical Holdings (F) 5¢ (18¢); (SD) 75¢ (10¢)................................. HK$1.22b +200% 15-Jun 21-Jul
(68757), HS#HSI RP2604C (68758), HS#HSI RC2509D (68759), HS#HSI RC2511R (68760), HS#TENCTRP2404G (68761), HS#HSI Fudan-Zhangjiang Bio-Phar (F) 7fen (7fen) .............................................. Rmb138m -35.3% 7-Jun 25-Aug Yunkang Group (F) 22¢.............................................................................. Rmb377.3m -1% 5-Jul 31-Aug
Ganfeng Lithium Group (F) Rmb1 (30fen) ................................................ Rmb20.5b +292.4% 5-Jul 14-Aug Yusei Holdings (F) 1.3fen (1.3fen) ............................................................. Rmb55.4m +7.4% 27-Jun 31-Jul
RP2604D (68762), HS#CMB RC2407B (68764): Dealing in the callable bull/bear contracts starts today. GD Join-Share Fin (F) 3.5fen ..................................................................... Rmb42.6m -48% 12-Jun 28-Jul Zengame Technology (F) 21¢ (15¢) ............................................................ Rmb681m +36% 4-Jul 28-Jul
GDH Guangnan (Holdings) (F) 2¢ (1.5¢) ..................................................... HK$135.7m +151% 23-Jun 18-Jul ZGC Tec Leasing (F) 6fen (4.5fen)............................................................. Rmb226.1m +15.4% 27-Jun 8-Aug
Geely Auto (F) 21¢ (21¢) ............................................................................. Rmb5.3b +9% 7-Jun 26-Jul Zhongtai Futures (F) 1.6fen (1.8fen) ......................................................... Rmb166m -12% 22-Jun 10-Aug
Parallel trading Grand Brilliance Group (F) 0.4¢ (0.3¢) ..................................................... HK$7.56m +86.8% 5-Jul 14-Aug
Great Wall Motor (F) 30fen (7fen) ............................................................ Rmb825.3m +22.7% 5-Jul 28-Jul
Lippo China Resources: The counter for trading in the consolidated shares stock code 2946 as represented by old share certificates will be Green High-Performance (F) 3.31fen 9nil) ............................................... Rmb27.2m +3,776% 1-Jun 25-Jul (I) Interim dividend (F) Final dividend (B) Bonus (SD) Sp dividend
Greentown China Holdings (F) 50fen (46fen) .......................................... Rmb2.76b -38.3% 23-Jun 31-Jul
withdrawn after the close of business today and trading in the shares will only be under the stock code 156. Guangdong Investment (F) 42.62¢ (42.54¢) ............................................. HK$4.76b +1.4% 29-Jun 27-Jul (Wrt) Warrant (Rts) Rights Issue (QD) Quarterly dividend
Guangdong Land (F) 8¢ (10¢) .................................................................... HK$392.7m -72% 26-Jun 24-Jul
Guangzhou Rural Comm Bank (F) 10.5fen (10.5fen) ................................ Rmb3.49b +10% 27-Jun 20-Jul * with scrip with cash option @ on or before
Resumption of trading Haitong Securities (F) Rmb2.1 per 10 shs (Rmb3 per 10 shs) ..................
Haitong Unitrust Int’l Fin (F) 5.8fen (2.9fen)............................................
Rmb6.55b -49%
Rmb1.5b +8.5%
4-Jul 28-Jul
10-Jun 25-Jul
Kidztech Holdings (6918): Trading in the shares resumed yesterday. Hanison Construction (F) 5¢ (5¢)............................................................... -HK$38.4m (+$154.3m) 7-Jul 24-Jul Companies in bold declared dividends in the current week

P d d d b d b N w p p D
© M m
W
 B8 Tuesday, July 11, 2023

MARKETS
HONG KONG STOCKS Sub-indices Close Change Ch (%)
Shanghai Composite Index
% 52-week Hong Kong daily round-up S&P/HKEx LargeCap Index
S&P GEM Index
26,833.52
31.18
+229.11
+0.22
+0.86
+0.7 3,203.7 Past 3 months
Code Share Close chg chg V'000 high low PE Yield
1361
1244
361 Degrees
3D Medicines
3.770 +0.080
115.600 +4.200
+2.17
+3.77
510
650
4.51 3.04
115.70 27.70
9.3
-
-
-
Hang Seng Index Top HSI movers (%)
Finance
Utilities
Properties
31,158.3
34,067.07
20,990.54
+38.71
+285.92
-110.49
+0.12
+0.85
-0.52
▲7.09 3,500
1530 3SBio 7.180 -0.110 -1.51 4,309 9.10 4.86 8.1 1.4 Index 30-day moving average TECH 3,945.11 +43.9 +1.13
2018 AAC Tech 18.600 +0.300 +1.64 1,563 22.70 11.10 24.1 0.6 Commerce & Industry 10,198.6 +104.12 +1.03
6669 Acotec-B 11.940 -0.980 -7.59 147 19.88 7.40 45.2 - ENN Energy 6.43 Hang Seng Composite Index 2,773.53 +13.47 +0.49 Turnover
9860 ADICON Holdings 12.340 -0.180 -1.44 89 14.22 12.02 - - Past three months Hang Seng LargeCap Index 1,683.57 +9.18 +0.55
3383 Agile Group 1.170 -0.010 -0.85 8,928 3.88 1.15 - - WH Group 4.52 Hang Seng MidCap Index 3,663.39 +11.48 +0.31 311.46
1288 Agricultural Bk xd 2.610 +0.001 +0.04 186,029 3.28 2.20 3.4 9.6 23,000 Hang Seng SmallCap Index 1,390.38 -1.82 -0.13
1299 AIA Group 76.650 +0.100 +0.13 12,826 93.65 57.25 415.5 2.0 18,479.72 HS Energy 8,561.91 -2 -0.02 b yuan 3,000
81299 AIA Group-R # 70.950 +0.050 +0.07 60 75.75 70.45 428.7 1.9 Alibaba Health 4.07 HS Materials 5,829.68 +38.17 +0.66
6660
2121
753
AIM Vaccine
AInnovation
Air China
43.800
17.900 +0.080
5.990 +0.040
-
+0.45
+0.67
-
370
4,688
21 100.00 14.94
27.50 14.88
7.94 5.33
-
-
-
-
-
-
▲114.02 JD Health 3.64
HS Industrial Goods
HS Consumer Discretionary
1,043.75
2,660.38
+6.07
+24.9
+0.58
+0.94
HS Consumer Staples 17,322.29 +51.54 +0.3
1789
9926
AK Medical
Akeso
7.090 +0.050
35.650 -0.300
+0.71
-0.83
1,960
3,762
11.18 5.65
52.60 19.22
34.0 0.9
- -
(▲0.62%) Alibaba-SW 3.2 HS Healthcare 9,800.12 +51.56 +0.53 SHANGHAI A SHARES
HS Telecommunications 1,286.58 -7.9 -0.61
9988 Alibaba Grp-SW 87.000 +2.700 +3.20 67,683 122.00 60.25 26.4 - HS Utilities 5,142.55 +43.62 +0.86 Index Close Change Ch %
89988 Alibaba Grp-SWR # 80.350 +2.300 +2.95 167 83.30 79.75 28.0 - Haier Smart Home 3 HS Financials 3,092.53 -1.67 -0.05 Composite 3,203.7 +7.09 +0.22
241 Alibaba Health 4.860 +0.190 +4.07 49,247 10.14 3.00 111.7 - HS Properties & Construction 1,894.03 -20.44 -1.07
1060 Alibaba Pictures 0.430 +0.020 +4.88 88,212 0.75 0.28 - -
3319 A-Living Services 4.820 -0.050 -1.03 2,586 11.60 4.29 3.3 - Xinyi Solar 2.67 HS Information Technology
HS Conglomerates
9,921.79
1,487.67
+135.33
-1.54
+1.38
-0.1
TO (b yuan) Ch ytd % Day high Day low
1563 Alliance Int’l Edu Le 4.820 +0.040 +0.84 333 19.62 2.88 18.0 -
9966 Alphamab-B 8.650 -0.500 -5.46 12,447 17.70 5.45 - - China Res Power 2.41 311.46 -4.54 3,216.53 3,192.66
9956 ANE 5.370 -0.040 -0.74 3,098 6.14 1.82 - - HSI constituents’ performance
347 Angang Steel 1.960 - - 4,596 2.88 1.58 102.1 0.4 17,000 Li Ning 2.31
Stock
AIA Group
Close
76.65
Chg
+0.10
Stock
Henderson Land
Close
22.75
Chg
+0.10
SHENZHEN A SHARES
6699 Angelalign 66.050 +0.900 +1.38 744 156.83 61.20 45.8 1.0
2020 Anta Sports 78.250 +0.950 +1.23 3,675 125.30 67.85 24.6 1.7 Alibaba Health 4.86 +0.19 Hengan Int’l 30.40 -0.15 Index Close Change Ch %
82020 Anta Sports-R # 72.200 +0.700 +0.98 - 80.50 71.50 25.6 1.6
Key indicators -2.32 China Mengniu Dairy Alibaba-SW 87.00 +2.70 HK&C Gas 6.36 -0.08
Composite 2,036.83 +6.43 +0.32
6639 Arrail Group 7.420 -0.010 -0.13 774 16.02 5.88 - - Anta Sports 78.25 +0.95 HKEX 282.80 +0.60
6855 Ascentage Pharm-B 22.300 -0.300 -1.33 606 34.45 11.24 - - Bank of China 2.75 -0.01 HSBC Holdings 60.95 +0.30
TO (b yuan) Ch ytd % Day high Day low
743 Asia Cement (Ch) xd 3.480 - - 235 4.48 2.74 11.6 5.1 Turnover (HK$b) 78.29 Bidu-SW 137.70 +0.30 ICBC 3.59 -0.02
1675
522
AsiaInfo Tech
ASMPT
10.500 -0.140
78.200 +0.900
-1.32
+1.16
412
926
15.58 8.87
85.00 41.60
10.2 3.8
12.3 4.1
H-share index BOC HK
Budweiser APAC
22.40
18.62
+0.05
-0.26
JD Health
JD.com-SW
51.25
137.00
+1.80
+2.30 449.78 -8.25 2,045.49 2,030.12
Volume (b shares) 184.95
1717
2518
Ausnutria Dairy
Autohome-S
3.570 +0.070
56.200 +0.600
+2.00
+1.08
501
15
7.54 3.26
78.00 49.35
26.6 1.7
- 2.0 6,235.24 ▲36.38 BYD
CCB
256.80
4.38
+2.20
+0.01
Lenovo
Li Ning
8.45
39.90
+0.06
+0.90 AUSTRALIA
2357 AviChina Ind 3.820 +0.040 +1.06 4,126 4.66 2.85 11.8 2.4 High 18,781.21 CG Services 9.42 -0.05 Link Reit 42.00 +0.05
Index Close Change Ch %
1958 BAIC Motor 2.020 +0.020 +1.00 1,958 2.65 1.67 3.4 9.6 Past 15 days China Hongqiao 6.34 -0.09 Longfor Group 16.96 -0.16
9888 Baidu-SW 137.700 +0.300 +0.22 3,291 166.30 73.70 48.9 - Low 18,417.63 China Life Ins
China Mengniu Dairy
12.04
27.35
-0.06
-0.65
Meituan-W
MTR Corp
121.10
34.55
+2.00
-0.45 S&P ASX200 7,004 -38.3 -0.54
89888 Baidu-SWR # 127.100 -0.200 -0.16 8 133.20 122.60 50.8 - 7,100 4,400 China Merchants Bank 32.85 +0.30 NetEase-S 150.50 +2.90
6608
874
Bairong-W
Baiyunshan Pharm
8.780 -0.180
22.850 -0.500
-2.01
-2.14
1,190
252
15.02 7.13
27.70 16.56
15.7
8.3 3.6
- Jul futures 18,544 ▲176 China Mobile 62.65 -0.45 New World Dev 18.34 -0.18 TO (A$b) Ch ytd % Day high Day low
3988 Bank of China xd 2.750 -0.010 -0.36 251,197 3.45 2.51 3.3 9.5 China Overseas 16.44 -0.16 Nongfu Spring 42.35 +0.25 3.54 +4.88 7,085.2 6,998.1
1963 Bank of Chongqing 3.970 +0.010 +0.25 451 4.77 3.52 2.7 10.9 Aug futures 18,580 ▲166 China Res Beer 48.45 +0.75 Orient Overseas (Int’l) 113.10 -0.50
China Res Mixc 37.20 -0.30 PetroChina 5.38 -0.01
3328
23
Bank of Comm xd
Bank of East Asia
4.430 -0.020
10.780 +0.260
-0.45
+2.47
24,891
791
5.65
11.46
3.83
7.42
3.4 9.5
8.2 7.5 H-share index 6,235.24 ▲36.38 China Res Land 31.45 -0.25 Ping An Ins 48.65 -0.25 BANGKOK
China Res Power 17.82 +0.42 Power Assets 39.50 -0.35
2373 Beauty Farm Med 16.720 -0.080 -0.48 142 32.90 16.50 28.7 2.3
China Shenhua 23.60 +0.10 Sands China 27.40 +0.60 Index Close Change Ch %
6160 BeiGene 114.400 -1.300 -1.12 646 170.50 74.90 - - Red-chip index 3,612.08 ▲3.46 China Unicom 5.18 -0.02 Shenzhou Int’l 76.50 +1.40
694 Beijing Airport 5.090 +0.020 +0.39 2,114 6.54 3.87 - -
Chow Tai Fook 13.56 -0.04 SHK Properties 93.55 -1.55 SET 1,496.89 +6.38 +0.43
392 Beijing Ent 28.000 +0.100 +0.36 811 35.55 19.82 4.7 5.7
9669 Beisen Holding 8.550 -0.100 -1.16 422 29.80 5.00 - - Citic 8.44 -0.06 Sino Biopharm 3.43 +0.01 TO (b baht) Ch ytd % Day high Day low
9626 Bilibili-W 114.500 -0.700 -0.61 1,663 228.00 66.10 - - CK Asset Holdings 42.20 +0.15 Sinopec 4.42 -0.06
3316 Binjiang Service 20.050 +0.510 +2.61 42 27.90 12.50 11.8 5.0 Stock performers CKH Holdings
CKI Holdings
46.10
40.30
+0.10
+0.35
SMIC
Sunny Optical
19.64
74.45
-0.06
+0.25
32.98 -4.6 1,498.36 1,482.21
371 BJ Ent Water 1.890 +0.050 +2.72 12,254 2.45 1.61 14.3 8.3
6993 Blue Moon 3.870 +0.020 +0.52 236 6.58 3.80 35.4 4.3 Advanced 5,900 3,400 CLP Holdings 58.80 -0.40 Techtronic Ind 82.15 +0.80
JAKARTA
6955 Boan Biotec 16.000 - - 63 40.00 13.22 - - 3,935 3,990 CNOOC
Country Garden
11.62
1.49
+0.04
-0.01
Tencent
Tingyi
328.80
11.52
+2.20
-
2588 BOC Aviation 63.100 -0.200 -0.32 205 69.80 48.25 279.2 3.3 Declined Red-chip index CSPC Pharma 6.52 +0.02 Trip.com-S 267.60 +5.20 Index Close Change Ch %
2388 BOC Hong Kong xd 22.400 +0.050 +0.22 10,886 29.50 22.25 8.8 6.1 ENN Energy 90.25 +5.45 WH Group 4.16 +0.18 Composite 6,731.04 +14.58 +0.22
82388
710
3998
BOC HK-R # xd
BOE Varitronix xd
Bosideng Int’l
20.700
11.440 -0.500
3.330 +0.050
-
-4.19
+1.52
- 232
1,172
18,234
22.50 20.70
20.50
5.22
9.81
3.00
8.1 5.8
14.6 2.0
15.0 5.4
Unchanged
3,612.08 ▲3.46 Galaxy Entertain
Geely Auto
50.05
9.60
+0.45
-0.04
Wharf Reic
Wuxi Biologics
38.45
38.00
+0.10
+0.20 TO (b rupiah) Ch ytd % Day high Day low
2076 BOSS Zhipin-W 57.100 - - - 98.95 57.00 - - 4,009 Haidilao International 16.80 +0.02 Xiaomi-W 10.66 -0.14
Haier Smart Home 24.00 +0.70 Xinyi Glass 11.82 +0.04 2,467.87 -0.14 6,763.55 6,716.46
1114 Brilliance China 3.900 +0.110 +2.90 32,998 5.86 1.57 2.4 24.6 Hang Lung Prop 11.58 +0.04 Xinyi Solar 8.45 +0.22
1876 Bud APAC 18.620 -0.260 -1.38 6,507 27.40 15.90 34.5 1.6 Sources: Thomson Reuters, HKEX SCMP
1211
285
BYD
BYD Electronic
256.800 +2.200
25.000 +0.400
+0.86
+1.63
6,687
4,003
330.00 161.70
29.10 16.54
39.9 0.5
26.9 0.7
Hang Seng Bk
Hansoh Pharma
107.00
12.66
+0.10
+0.10
Zhongsheng Group
Zijin Mining
29.45
11.44
+0.10
-0.02 KUALA LUMPUR
81211 BYD-R # 236.800 +0.800 +0.34 23 245.20 228.40 41.5 0.5 Index Close Change Ch %
1908 C&D Intl 18.640 +0.400 +2.19 1,896 27.80 11.64 5.8 7.0
2156 C&D Prop Mgt 3.650 -0.070 -1.88 111 5.21 2.40 17.1 2.7 FBM KLCI 1,383.06 +5.39 +0.39
341 Cafe de Coral 9.990 +0.150 +1.52 218 15.28 9.04 52.5 3.8 % 52-week % 52-week % 52-week
3931 CALB 19.300 +0.400 +2.12 467 38.45 15.00 38.8 - Code Share Close chg chg V'000 high low PE Yield Code Share Close chg chg V'000 high low PE Yield
TO (m RM) Ch ytd % Day high Day low
Code Share Close chg chg V'000 high low PE Yield
6185 CanSino Bio 26.450 +1.150 +4.55 1,328 147.50 23.95 - - 636 Kerry Log Net 8.660 +0.080 +0.93 265 17.50 8.46 4.4 7.6 2096 Simcere Pharma 7.510 -0.130 -1.70 3,399 14.70 6.56 18.6 2.4 1,508.34 -3 1,386.94 1,377.56
1381 Canvest Enviro 4.180 -0.010 -0.24 269 5.30 3.44 7.6 2.6 3958 DFZQ 4.380 +0.060 +1.39 1,887 5.29 2.89 11.1 3.9
2160 CardioFlow-B 2.010 +0.010 +0.50 3,022 3.96 1.55 - - 861 Digital China 3.120 +0.050 +1.63 1,042 4.28 2.91 13.4 2.2 683 Kerry Properties 16.500 +0.400 +2.48 887 22.05 12.22 8.7 8.2 1177 Sino Biopharm 3.430 +0.010 +0.29 33,564 5.38 3.25 22.2 3.5
2171 CARsgen-B 9.930 -0.210 -2.07 602 21.85 9.20 - - 9886
1709
Dingdang Health
DL Holdings
2.690 -0.010
2.640 -0.010
-0.37
-0.38
1,262
704
20.20
3.10
2.14
2.51
-
33.8 0.5
- 2162
1277
Keymed Bio-B
Kinetic Dev
44.500 +0.450
0.450 +0.015
+1.02
+3.45
417
2,990
82.85 28.00
0.75 0.43
- -
1.3 28.9
83
297
Sino Land xd
Sinofert Holdings
9.320 +0.020
0.970 +0.040
+0.22
+4.30
2,661 12.36
7,348 1.21
8.25
0.78
12.3 6.1
5.4 6.4
MANILA
293 Cathay Pac Airways 8.040 -0.020 -0.25 2,521 9.20 7.05 - -
9983 CC New Life 2.490 -0.070 -2.73 987 4.12 2.17 4.9 16.1 1072 Dongfang Elec xd 10.400 -0.080 -0.76 679 15.46 9.10 10.1 3.6 148 Kingboard Hold 21.750 +0.300 +1.40 629 33.60 18.66 6.6 4.8 3377 Sino-Ocean Group 0.430 -0.020 -4.44 49,269 1.37 0.43 - - Index Close Change Ch %
939 CCB xd 4.380 +0.010 +0.23 330,123 5.70 4.10 3.0 10.0 489 Dongfeng Motor 3.630 +0.010 +0.28 5,002 5.94 3.30 2.7 9.3 268 Kingdee Int’l 10.660 +0.160 +1.52 4,529 19.16 8.87 - - 386 Sinopec Corp 4.420 -0.060 -1.34 69,510 5.47 3.06 7.1 9.1
6818 CEB Bank 2.180 - - 7,483 2.78 2.03 2.6 9.5 189 Dongyue Group 6.250 +0.210 +3.48 9,097 9.95 5.16 3.2 9.6 1468 Kingkey Fin 1.560 - - 4,600 1.99 0.49 - - 2386 Sinopec Engine 3.440 +0.040 +1.18 786 4.53 2.75 5.9 10.8 Composite 6,379.72 +0.69 +0.01
1735 Central New Energy 18.820 +0.360 +1.95 1,104 20.70 13.94 - - 1405 DPC Dash 53.500 - - 1 65.30 42.00 - - 3896 Kingsoft Cloud 2.880 +0.010 +0.35 15,766 5.65 1.99 - - 934 Sinopec Kanton xd 2.860 -0.010 -0.35 1,160 3.22 2.11 16.4 7.0
6098 CG Services 9.420 -0.050 -0.53 14,806 32.06 6.33 14.5 4.4 1797 East Buy Holding 28.700 +0.500 +1.77 5,287 75.55 14.30 - - 3888 Kingsoft Corp 31.200 +0.700 +2.30 6,553 42.35 17.30 - 0.4 1099 Sinopharm 23.700 -0.150 -0.63 2,403 28.45 14.60 7.6 3.8 TO (b pesos) Ch ytd % Day high Day low
2138 EC Healthcare 3.940 +0.090 +2.34 1,314 9.89 3.72 23.0 2.5 1024 Kuaishou-W 54.100 +1.600 +3.05 12,229 88.75 31.75 - - 598 Sinotrans 2.700 -0.020 -0.74 3,008 3.36 1.78 4.3 8.5
1164 CGN Mining 0.820 +0.020 +2.50 3,666 1.23 0.72 11.4 -
2416 Edianyun 10.100 +0.020 +0.20 310 15.78 8.18 - - 81024 Kuaishou-WR # 49.950 +1.400 +2.88 1 54.90 47.25 - - 3808 Sinotruk (HK) 15.860 -0.320 -1.98 4,977 17.20 6.44 21.6 2.1 2.31 +0.28 6,410.5 6,375.26
1811 CGN New Energy 2.160 +0.020 +0.93 2,710 3.81 2.02 6.1 3.3 135 Kunlun Energy 5.860 -0.070 -1.18 9,995 7.75 4.61 8.6 4.9 314 Sipai Health Tech 7.800 +0.230 +3.04 1,461 44.60 6.40 - -
3709 EEKA Fashion 11.180 +0.280 +2.57 1,343 12.98 8.98 17.5 3.6
1816
2600
CGN Power
Chalco
1.930 +0.040
3.430 -0.080
+2.12
-2.28
14,817
27,638
2.20
4.93
1.59
2.21
8.7 5.0
12.7 1.2 2688 ENN Energy 90.250 +5.450 +6.43 4,975 134.80 75.00 15.2 3.2 1813
2105
KWG Group
Laekna, Inc. - B
0.970 -0.040
14.900 -0.040
-3.96
-0.27
25,335
255
2.79 0.58
18.88 12.42
-
-
-
-
2257
1696
Sirnaomics
Sisram Med
55.350 +0.100
8.720 -
+0.18
-
59 72.80 44.45
364 16.60 5.20
-
13.0 2.0
- MUMBAI
2778 Champion Reit 2.750 -0.040 -1.43 480 3.67 2.28 - 7.1 1821 ESR Cayman 12.760 +0.200 +1.59 2,341 23.50 10.94 12.7 2.0
2219 Chaoju Eye Care 4.280 +0.090 +2.15 762 6.70 2.60 14.3 4.1 6178 Everbright Securities 5.430 +0.090 +1.69 587 6.80 4.08 7.9 4.4 746 Lee & Man Chem 4.740 +0.020 +0.42 160 8.12 4.60 3.4 11.6 1308 SITC Int’l 14.880 +0.240 +1.64 4,748 27.50 12.50 2.6 26.9 Index Close Change Ch %
1952 Everest Med-B 18.800 +0.020 +0.11 3,941 30.00 5.98 - - 2314 Lee & Man Paper 2.580 - - 2,319 3.97 2.31 9.4 3.8 880 SJM Holdings 3.380 +0.110 +3.36 6,538 5.14 2.31 - -
2285
2145
Chervon Holdings
Chicmax
33.800 +1.150
25.200 -0.550
+3.52
-2.14
111
104
46.80 25.00
36.80 23.05
15.2 1.7
54.9 1.1 6989 Excellence CM 2.500 +0.030 +1.21 389 4.54 2.08 6.7 8.3 3396 Legend Holdings xd 7.140 +0.140 +2.00 322 10.06 6.46 12.7 3.2 751 Skyworth Group 3.520 -0.070 -1.95 3,275 5.64 2.54 9.8 0.9 Sensex 65,344.17 +63.72 +0.1
35 Far East Consortium 1.840 - - 679 2.39 1.68 3.7 10.1 992 Lenovo Group 8.450 +0.060 +0.72 28,447 9.06 5.26 8.0 4.5 315 SmarTone Telecom 4.990 +0.030 +0.60 77 5.39 3.81 13.1 6.0
9668 China Bohai Bank 1.190 -0.010 -0.83 694 1.96 0.88 3.6 -
3360 Far East Horizon 5.840 -0.080 -1.35 6,974 7.40 5.17 3.5 8.4 80992 Lenovo Group-R # 7.800 +0.020 +0.26 752 8.19 7.31 8.1 4.5 981 SMIC 19.640 -0.060 -0.30 17,471 25.75 14.84 10.9 - TO (b rupees) Ch ytd % Day high Day low
1969 China Chunlai Edu 4.800 -0.150 -3.03 1,336 5.46 2.28 9.7 2.3 2157 LePU Biopharma 5.590 +0.240 +4.49 872 31.80 4.92 - - 6969 Smoore Int’l 7.570 +0.050 +0.66 3,921 24.60 7.43 16.1 2.4
1359 China Cinda Asset 0.780 - - 20,918 1.21 0.72 4.9 7.0 6288 Fast Retail-Drs 18.800 -0.200 -1.05 21.00 12.87 40.2 0.7 42.21 +20.49 65,633.49 65,246.4
1898 China Coal 5.820 +0.050 +0.87 6,102 8.13 5.50 3.5 7.8 2469 Fenbi 4.740 +0.240 +5.33 10,126 15.04 2.96 - - 2291 LEPU ScienTech 30.000 +2.000 +7.14 73 43.00 23.40 - - 410 SOHO China 1.150 -0.010 -0.86 1,477 1.60 1.13 86.5 -
2015 Li Auto-W 137.400 +0.200 +0.15 5,650 156.80 52.05 - - 2840 SPDR Gold Trust 1,399 +13.500 +0.97 5 1,498 1,181 - -
552
1800
China Com Svc
China Comm Cons
3.570 +0.050
4.390 +0.110
+1.42
+2.57
3,936
5,981
4.43
5.52
2.16
3.09
6.5 6.0
3.4 5.6
9638
2038
Ferretti S.p.A.
FIH Mobile
24.400 +0.400
0.830 +0.010
+1.67
+1.22
195
552
26.00 16.90
1.09 0.63
15.7 2.0
- - 2331 Li Ning 39.900 +0.900 +2.31 11,751 82.70 38.60 22.9 1.3 2005 SSY Group 4.590 +0.120 +2.68 3,564 5.68 3.13 12.2 3.1 SEOUL
142 First Pacific 2.910 -0.010 -0.34 2,777 3.30 2.08 4.1 7.6 82331 Li Ning-R # 36.900 +0.800 +2.22 3 43.25 36.30 23.7 1.3 6698 STAR CM Holdings 103.100 -0.900 -0.87 486 132.00 32.55 403.5 -
3969 China CRSC 2.900 -0.030 -1.02 525 3.69 2.13 7.8 6.5
6088 FIT Hon Teng 1.390 - - 1,613 2.50 0.90 7.4 - 1302 LifeTech Scientific 2.900 -0.030 -1.02 7,882 3.45 2.23 33.4 - 2888 Std Chartered 67.350 +0.800 +1.20 348 74.90 46.10 10.0 2.1 Index Close Change Ch %
670 China East Airlines 2.800 -0.030 -1.06 4,157 3.60 2.52 - - 9959 Linklogis-W 2.630 +0.040 +1.54 3,131 7.00 2.30 - 9.5 1836 Stella Holdings 7.670 -0.030 -0.39 162 9.15 6.93 6.6 11.3
667 China East Edu 3.010 - - 1,793 7.35 2.34 15.8 6.6 6865 Flat Glass 25.050 +0.950 +3.94 3,012 30.60 15.50 22.4 1.0 Composite 2,520.7 -6.01 -0.24
165 China EB 4.610 +0.030 +0.66 817 7.24 4.13 - 6.5 6610 Flowing Cloud 1.750 -0.010 -0.57 9,321 5.21 1.43 10.5 - 823 Link-Reit 42.000 +0.050 +0.12 4,392 65.06 41.85 6.1 6.4 6808 Sun Art Retail 2.140 +0.040 +1.90 4,268 3.50 1.25 168.5 2.1
257 China EB Enviro 3.070 +0.040 +1.32 5,187 4.52 2.56 4.1 7.8 778 Fortune Reit 5.550 -0.100 -1.77 1,252 6.98 4.93 21.9 8.0 9857 Linmon Media 9.550 -0.060 -0.62 184 34.35 9.20 - - 1516 Sunac Services xd 2.130 +0.010 +0.47 5,371 4.99 1.31 - 7.1 TO (tr won) Ch ytd % Day high Day low
839 China Edu Gp 5.970 +0.100 +1.70 3,519 13.90 4.50 7.2 9.3 656 Fosun Int’l 5.440 +0.070 +1.30 1,311 7.87 4.40 80.4 0.3 1513 Livzon Pharm xd 25.650 +0.350 +1.38 188 30.15 19.06 11.2 6.8 1686 Sunevision 3.980 -0.020 -0.50 286 6.06 3.89 19.1 5.2
3996 China Energy Eng 0.960 +0.010 +1.05 4,066 1.25 0.77 4.7 3.0 2196 Fosun Pharm 20.650 +0.350 +1.72 1,144 34.00 17.36 12.7 2.3 558 LK Technology 7.330 +0.080 +1.10 2,708 14.74 5.84 16.1 1.1 435 Sunlight Reit 2.920 -0.040 -1.35 108 3.85 2.45 47.1 8.6 12.86 +7.24 2,539.63 2,517.67
6186 China Feihe 4.430 -0.030 -0.67 10,117 8.77 4.17 7.1 6.4 1992 Fosun Tourism 7.440 +0.110 +1.50 179 12.80 6.11 - - 973 L’Occitane Int’l 18.740 -0.080 -0.43 386 27.80 17.28 13.9 2.6 2382 Sunny Optical 74.450 +0.250 +0.34 3,970 125.50 65.00 30.0 0.7
506
6881
China Foods
China Galaxy Sec
2.950 +0.100
4.090 -0.030
+3.51
-0.73
1,704
12,564
3.08
5.28
1.97
2.92
11.1 4.5
5.2 6.3
1521
1448
Frontage Hldg
Fu Shou Yuan
2.090 +0.050
5.510 +0.060
+2.45
+1.10
1,431
4,366
3.38
7.45
1.60
3.89
21.2
16.9 2.4
- 3380
960
Logan Group
Longfor Group xd
0.750 -0.020
16.960 -0.160
-2.60
-0.93
10,278
10,239
2.18
35.85
0.32
7.26
-
3.7 7.3
- 6963
9658
Sunshine Ins
Super Hi
4.300 +0.070
14.980 +0.380
+1.65
+2.60
1,727 5.83 3.88
267 24.30 7.00
8.1 4.6
- - SINGAPORE
384 China Gas 8.410 +0.030 +0.36 4,719 13.02 6.94 6.0 6.5 546 Fufeng Group 3.980 +0.050 +1.27 1,084 5.73 3.61 2.3 17.5 3339 Lonking Holdings 1.270 -0.010 -0.78 1,285 1.90 1.04 12.0 7.9 6806 SWHY 1.500 -0.010 -0.66 2,299 1.87 1.25 12.0 2.2 Index Close Change Ch %
2099 China Gold Int’l 29.350 +1.100 +3.89 1,457 46.60 16.09 6.7 9.9 3606 Fuyao Glass 32.000 +0.950 +3.06 1,580 40.80 27.85 15.6 4.4 6623 Lufax Holding 22.550 -0.350 -1.53 2 38.00 20.15 - - 19 Swire Pacific `A’ 59.400 -0.450 -0.75 981 72.90 42.60 21.2 5.1
512 China Grand Pharm 4.340 +0.020 +0.46 1,027 5.40 3.28 7.4 3.2 27 Galaxy Entert 50.050 +0.450 +0.91 4,447 59.80 33.55 - - 590 Luk Fook Holdings 18.960 +0.120 +0.64 805 29.50 17.00 8.0 5.8 87 Swire Pacific `B’ 9.780 -0.070 -0.71 474 11.10 7.09 17.4 6.1 STI 3,149.32 +9.85 +0.31
1378 China Hongqiao 6.340 -0.090 -1.40 15,743 9.55 5.45 6.0 8.0 1772 Ganfeng Lithium xd 51.050 +0.550 +1.09 2,093 85.50 43.95 4.5 2.2 2186 Luye Pharma 3.530 +0.130 +3.82 16,650 4.65 1.88 18.0 - 1972 Swire Properties 18.760 +0.060 +0.32 1,234 23.35 14.70 13.8 5.3
2799 China Huarong 0.365 - - 6,126 0.55 0.22 - - 2407 Gaush Meditech 45.050 +0.950 +2.15 76 56.10 37.30 - - 2480 Luzhu Biotech-B 34.000 +0.100 +0.29 145 40.00 16.14 - - 6069 SY Holdings 5.130 +0.060 +1.18 1,390 6.86 4.75 20.8 1.5 TO (S$m) Ch ytd % Day high Day low
3908 China Int’l Capital xd 13.840 +0.220 +1.62 3,235 19.20 10.32 8.4 1.5 3800 GCL Technology 1.640 - - 99,144 3.96 1.45 2.4 3.7 95 LVGEM China 1.540 +0.010 +0.65 2,018 1.83 0.72 - - 1070 TCL Electronics 3.880 - - 2,613 5.74 2.61 20.9 3.3
612 China Inv Fund 2.210 -0.110 -4.74 2,072 5.03 1.45 - - 9698 GDS Holdings-SW 10.180 +0.220 +2.21 2,538 32.50 8.68 - - 1999 Man Wah Hold xd 5.350 +0.090 +1.71 8,172 10.18 4.33 11.0 4.7 669 Techtronic Ind 82.150 +0.800 +0.98 3,293 110.50 68.65 17.9 2.3 860.65 +0.58 3,157.15 3,139.17
817 China Jinmao 1.130 +0.010 +0.89 11,641 2.13 1.01 6.4 9.7 175 Geely Auto 9.600 -0.040 -0.41 25,015 18.74 8.30 16.7 2.2 945 Manulife-S 144.400 +0.100 +0.07 3 157.20 120.00 6.8 5.6 700 Tencent 328.800 +2.200 +0.67 17,288 416.60 188.63 14.8 0.7
1890 China Kepei Edu 2.220 -0.060 -2.63 204 4.04 1.63 5.9 2.7 80175
535
Geely Auto-R #
Gemdale Properties
8.870 -0.070
0.445 -0.010
-0.78
-2.20
312
6,570
9.42
0.72
8.54
0.41
17.4 2.1
2.8 1.8
1896
1183
Maoyan Ent
MECOM Power
7.770 +0.450
0.920 -
+6.15
-
6,078
948
11.06 4.51 74.9
1.66 0.90 46.7 1.1
- 80700
2678
Tencent-R #
Texhong Intl Group
303.400 +0.200
5.120 -0.010
+0.07
-0.19
125 342.00 297.00 15.4 0.7
193 8.07 4.86 26.6 7.4
TAIPEI
2128 China Lesso 4.970 +0.080 +1.64 5,610 11.48 4.85 5.4 6.0
2628 China Life xd 12.040 -0.060 -0.50 26,786 15.84 8.53 9.4 4.6 1548 Genscript Bio 16.400 -0.100 -0.61 8,021 33.30 13.96 - - 2252 MedBot-B 20.600 +0.300 +1.48 1,177 44.15 16.40 - - 990 Theme Int’l 0.860 -0.010 -1.15 4,250 1.19 0.73 9.6 - Index Close Change Ch %
772 China Literature 30.600 -1.550 -4.82 5,594 45.75 18.90 45.2 - 1776 GF Securities 10.680 +0.120 +1.14 1,635 13.54 7.91 9.3 3.7 2192 Medlive Tech 6.560 +0.090 +1.39 859 17.24 5.80 35.4 1.1 1600 Tian Lun Gas xd 5.270 - - 142 6.18 2.75 10.3 3.9
916 China Longyuan 7.870 +0.090 +1.16 13,476 15.76 7.68 11.9 1.7 2367 Giant Biogene 35.000 +0.250 +0.72 1,426 58.80 24.30 31.3 - 2415 MedSci Healthcare 10.780 -0.040 -0.37 759 13.46 7.60 - - 826 Tiangong Int’l 1.950 -0.050 -2.50 1,334 3.70 1.76 9.5 2.1 Weighted 16,652.8 -11.41 -0.07
867 China Med Sys 11.920 +0.060 +0.51 2,090 14.86 8.54 8.0 5.1 6616 Global N Material 4.580 +0.230 +5.29 4,999 5.49 3.34 18.4 - 1268 MeiDong Auto 10.380 +0.120 +1.17 1,988 24.25 7.94 22.5 2.1 1773 Tianli International 1.840 - - 475 3.15 0.77 37.3 2.9
3968 China Mer Bank xd 32.850 +0.300 +0.92 12,251 53.45 25.40 5.5 6.0 3308 Golden Eagle 6.500 +0.020 +0.31 1,336 6.60 4.00 12.8 - 1357 Meitu 2.980 -0.030 -1.00 38,172 3.56 0.65 123.1 0.7 819 Tianneng Power 8.610 -0.150 -1.71 1,194 12.50 6.35 4.8 4.7 TO (NT$b) Ch ytd % Day high Day low
144 China Mer Port 10.540 - - 1,697 13.80 8.91 5.2 7.8 1121 Golden Solar 6.280 -0.400 -5.99 402 14.24 5.42 - - 3690 Meituan-W 121.100 +2.000 +1.68 14,336 198.20 109.20 - - 9696 Tianqi Lithium xd 51.850 +1.500 +2.98 1,997 88.75 46.80 3.0 6.4
6099 China Mer Sec 7.340 +0.020 +0.27 372 9.00 6.67 7.5 2.9 2208 Goldwind 5.140 +0.040 +0.78 3,715 15.34 4.72 8.8 2.6 83690 Meituan-WR # 112.100 +1.500 +1.36 5 125.60 109.30 - - 3898 Times Electric 30.150 +0.050 +0.17 1,185 45.00 28.20 14.8 2.1 270.12 +15.13 16,798.81 16,635.83
1271 Grand Ming 4.980 +0.010 +0.20 9 7.70 3.90 5.5 5.2 200 Melco Int’l Dev 7.340 +0.180 +2.51 1,013 11.42 3.82 - - 322 Tingyi 11.520 - - 5,037 14.24 10.77 21.8 9.0
941
80941
China Mobile
China Mobile-R #
62.650 -0.450
57.950 -0.600
-0.71
-1.02
16,006
251
70.20 46.80
60.40 57.25
9.5 7.0
9.9 6.7 41
3900
Great Eagle H
Greentown China
14.840 -0.180
7.500 +0.020
-1.20
+0.27 3,064
25 20.10 14.28
18.50 6.79
- 5.6
6.4 7.3
2319
1618
Mengniu Dairy
Metallurgical
27.350 -0.650
1.940 +0.020
-2.32
+1.04
27,408
2,789
40.15 24.70
2.49 1.25
18.1 1.7
3.8 4.8
1698
3613
TME-SW
Tong Ren Tang CM
28.400 -0.100
13.280 +0.120
-0.35
+0.91
131 36.65 13.30
2,382 16.66 8.44
-
17.2 4.4
- TOKYO
1117 China Modern Dairy 0.810 - - 498 1.22 0.77 10.0 2.0 2282 MGM China 9.560 +0.150 +1.59 2,583 11.22 3.01 - - 780 Tongcheng Travel 16.680 +0.380 +2.33 2,776 20.40 11.62 - - Index Close Change Ch %
3993 China Molybdenum 4.320 +0.120 +2.86 9,206 5.80 2.38 13.5 2.2 9979 Greentown Mgt 5.950 +0.040 +0.68 3,101 7.97 4.19 13.8 7.1
1258 China NF Mining 3.850 -0.010 -0.26 1,578 4.75 2.70 7.0 5.7 2869 Greentown Ser 3.720 +0.110 +3.05 2,448 9.20 3.22 19.4 2.7 2172 MicroPort Neuro 13.780 +0.080 +0.58 84 26.80 10.86 - - 6100 Tongdao Liepin 8.010 +0.530 +7.09 1,330 14.66 5.80 80.3 -
81 China O G Oceans 3.580 -0.080 -2.19 3,022 4.78 2.15 3.5 5.9 2333 Gt Wall Motor 9.290 +0.100 +1.09 12,996 15.56 6.90 9.1 3.5 853 MicroPort Sci 13.740 +0.340 +2.54 2,719 28.65 12.30 - - 6110 Topsports Int’l 6.410 +0.030 +0.47 3,449 8.19 3.88 19.7 5.6 Nikkei-225 32,189.73 -198.69 -0.61
82333 Gt Wall Motor-R # 8.580 +0.050 +0.59 - 8.92 7.83 9.4 3.5 3990 Midea Real Est 6.840 -0.100 -1.44 739 14.06 5.11 4.5 11.7 1083 Towngas Smart Engy 3.370 +0.040 +1.20 653 4.44 2.73 11.2 4.5
2883
581
China Oilfield
China Oriental
8.600 +0.010
1.060 -0.020
+0.12
-1.85
7,891
518
10.48 6.88
1.78 1.00
15.5 2.1
4.3 9.4 270 Guangdong Inv 6.600 -0.020 -0.30 9,832 9.00 4.90 9.1 9.3 909 Ming Yuan Cloud 3.370 - - 3,387 11.56 3.17 - - 2800 Tracker Fund 18.980 +0.120 +0.64 269,780 22.82 14.68 - 3.6 TO (b yen) Ch ytd % Day high Day low
2238 Guangzhou Auto 4.770 +0.010 +0.21 6,330 8.18 4.40 5.5 5.7 9896 MINISO Group 33.350 +0.800 +2.46 1,509 40.10 8.76 58.6 - 570 Traditional C Med 3.440 +0.070 +2.08 7,490 4.88 2.62 19.9 1.5
2669 China O’seas Prop 8.030 +0.060 +0.75 3,338 11.04 4.76 20.7 1.5
53 Guoco Group 59.200 +1.200 +2.07 2 79.10 57.20 9.8 3.4 1988 Minsheng Bank 2.860 - - 9,063 3.52 2.19 3.6 8.2 62 Transport Int’l 9.930 +0.100 +1.02 4 11.60 8.20 32.5 5.0 4,353.31 +21.39 32,558.98 32,065.63
688 China Overseas xd 16.440 -0.160 -0.96 14,186 25.05 14.40 6.9 4.9 425 Minth Group 21.400 -0.050 -0.23 718 25.00 15.06 14.6 2.7 696 TravelSky Tech 13.580 +0.280 +2.11 1,770 18.40 11.08 56.2 0.4
1788 Guotai Junan 0.580 - - 2,549 0.86 0.53 69.1 8.6
2380
1186
China Power
China Rail Cons
2.960 +0.030
5.660 +0.090
+1.02
+1.62
28,965
4,138
5.40
7.46
2.23
3.75
11.9 4.2
2.9 5.6 2611 Guotai Junan Sec 9.130 -0.020 -0.22 259 11.14 7.77 6.5 6.6 1208
1860
MMG
Mobvista
2.570 +0.110
3.370 -0.030
+4.47
-0.88
29,436
1,872
3.58
5.35
1.51
3.28
16.4
44.5
-
-
9961
168
Trip.com-S
Tsingtao Brewery
267.600 +5.200
69.100 +0.900
+1.98 866 321.80 159.80
+1.32 2,069 86.74 54.09
-
22.4 2.9
- WELLINGTON
390 China Railway 5.150 +0.060 +1.18 8,090 6.30 3.37 3.8 4.4 2273 Gushengtang 48.150 +1.350 +2.88 900 60.25 25.40 53.8 - Index Close Change Ch %
291 China Res Beer 48.450 +0.750 +1.57 6,503 65.60 35.90 31.8 1.3 1179 H World Group 30.650 +0.750 +2.51 572 42.25 20.10 - 0.5 2155 Morimatsu Int’l 5.570 +0.070 +1.27 2,174 12.00 5.43 7.8 - 247 TST Properties xd 21.800 - - - 22.60 21.00 13.6 2.6
1112 H&H Int’l Hldg 9.720 +0.150 +1.57 141 19.20 6.30 9.0 6.5 66 MTR 34.550 -0.450 -1.29 2,913 43.00 33.15 21.8 3.8 467 United Energy 0.860 +0.030 +3.61 11,162 1.29 0.63 8.7 4.7
80291 China Res Beer-R # 44.700 +0.400 +0.90 4 50.40 44.30 33.4 1.2
2255 Haichang Holdings 1.130 - - 13,116 4.29 0.81 - - 3918 NagaCorp 4.350 +0.090 +2.11 710 7.80 3.50 22.7 2.6 3933 United Lab 5.880 - - 3,156 7.53 3.14 6.0 4.8 NZX 50 11,912.73 -67.39 -0.56
1313 China Res Cement 2.950 -0.080 -2.64 7,608 5.46 2.80 10.6 4.4 2150 Nayuki Holdings 5.460 +0.100 +1.87 1,431 9.11 3.94 - - 2666 Universal Medical 4.110 -0.040 -0.96 2,355 5.40 3.22 3.6 8.3
1193 China Res Gas xd 25.250 +0.500 +2.02 2,371 39.00 19.84 12.1 4.2 6862
6690
Haidilao Int’l
Haier Smart Home
16.800 +0.020
24.000 +0.700
+0.12
+3.00
10,648
15,238
24.70 11.10
31.55 19.52
58.7 0.7
13.5 2.7 777 NetDragon 14.660 +0.120 +0.83 228 20.70 13.08 8.4 8.9 220 U-Presid China 6.340 - - 1,800 8.49 5.70 20.1 6.0
TO (NZ$m) Ch ytd % Day high Day low
1109 China Res Land 31.450 -0.250 -0.79 9,384 40.50 23.95 7.1 5.1 9999 NetEase-S 150.500 +2.900 +1.96 3,470 158.30 84.05 21.6 1.6 806 Value Partners 2.590 +0.040 +1.57 1,255 3.50 1.80 - 1.3
1209 China Res Mixc 37.200 -0.300 -0.80 1,657 47.10 22.05 34.1 2.5 1882 Haitian Int’l 18.080 +0.620 +3.55 1,071 26.50 13.90 11.3 3.0
1336 New Ch Life Ins xd 19.300 -0.280 -1.43 3,406 25.00 12.04 5.4 6.3 2500 Venus Medtech-B 6.210 +0.190 +3.16 1,993 18.86 5.30 - -
97.09 +6.66 11,980.12 11,887.37
3320 China Res Pharm 6.230 - - 4,622 8.13 4.34 9.4 2.6 665 Haitong Int’l 0.680 - - 1,399 1.06 0.56 - -
836 China Res Power 17.820 +0.420 +2.41 7,410 19.18 11.22 12.2 3.3 6837 Haitong Securities 4.830 +0.040 +0.84 4,802 6.01 3.77 8.6 4.8 2001 New Higher Edu 2.250 +0.070 +3.21 2,546 4.42 1.75 5.3 10.6 3331 Vinda Int’l 18.540 -0.240 -1.28 382 25.80 14.54 31.6 2.2
1907 China Risun Gp 3.700 +0.080 +2.21 7,602 3.96 2.71 7.8 4.1 1905 Haitong UniTrust 0.860 +0.030 +3.61 1,650 1.30 0.40 4.4 12.9 9901 New Oriental-S 32.900 +2.100 +6.82 2,166 37.45 14.92 20.9 - 345 Vitasoy Int’l 9.770 +0.240 +2.52 792 18.40 8.91 228.8 0.3
136 China Ruyi 2.000 +0.010 +0.50 37,542 2.87 1.22 21.0 - 10 Hang Lung Group 11.380 -0.060 -0.52 407 15.34 9.90 5.7 7.6 17 New World Dev 18.340 -0.180 -0.97 6,427 27.85 15.36 37.0 10.7 933 Viva Goods 1.350 -0.030 -2.17 1,632 1.72 0.92 18.1 -
1316 Nexteer Auto 4.760 +0.190 +4.16 24,822 7.16 3.46 26.4 0.8 3738 Vobile Group 2.350 +0.040 +1.73 2,664 5.02 1.66 118.7 -
1088
1055
China Shenhua
China South Air
23.600 +0.100
4.660 +0.050
+0.43
+1.08
6,978
2,686
28.70 20.50
6.00 3.99
5.7 12.3
- -
101
11
80011
Hang Lung Ppt
Hang Seng Bank
Hang Seng Bank #
11.580 +0.040
107.000 +0.100
99.000 -
+0.35
+0.09
-
10,312
711
-
16.28 9.28
135.50 103.80
106.50 99.00
13.6 6.7
21.6 4.2
22.6 4.0
6606
2689
NH Health-B
Nine Dragon Paper
29.600 +1.450
4.830 -0.070
+5.15
-1.43
3,333
6,094
38.95 12.70
8.19 4.18
-
6.4 0.5
- 856
303
VSTECS Holdings
VTech Holdings
3.970 -0.070
50.500 -0.050
-1.73
-0.10
1,478 6.42 3.59
237 61.80 41.75
6.8 4.3
10.9 9.1
MSCI INDICES
1668 China South City 0.480 -0.005 -1.03 1,676 0.64 0.37 5.1 - 9866 NIO-SW 76.700 +1.700 +2.27 875 179.20 57.60 - - 151 Want Want China 5.180 -0.010 -0.19 4,233 6.65 4.73 12.7 9.4
3311 China State Cons 9.070 +0.230 +2.60 3,661 10.82 6.95 5.7 5.3 3347 Hangzhou Tigermed 44.200 +1.050 +2.43 604 115.00 41.35 16.8 1.4 INTERNATIONAL US$ Year-end
956 China Suntien 2.820 +0.020 +0.71 4,149 4.23 2.61 4.7 7.7 3692 Hansoh Pharma 12.660 +0.100 +0.80 2,668 18.20 11.04 25.6 0.8 1475 Nissin Foods 6.600 +0.050 +0.76 94 7.09 5.39 21.8 2.3 9898 Weibo-SW 103.700 +2.400 +2.37 18 188.25 76.52 36.5 6.4 Jul 7 Jul 6 chg%
966 China Taiping xd 7.760 +0.090 +1.17 2,350 11.96 5.35 10.0 3.4 1558 HEC CJ Pharm 6.780 +0.050 +0.74 127 8.88 3.93 68.4 - 9633 Nongfu Spring 42.350 +0.250 +0.59 1,502 48.65 38.00 49.7 1.8 2338 Weichai Power 11.360 -0.120 -1.05 6,391 13.70 7.00 17.8 2.5
9869 Helens Int’l 7.420 -0.030 -0.40 1,542 17.30 6.92 - - 659 NWS Holdings 8.930 - - 7,325 8.98 5.51 22.0 6.8 1066 Weigao Group 10.480 +0.060 +0.58 5,736 14.36 8.60 15.4 1.8 World 2,924.2 2,924.6 +12.4
728 China Telecom 3.820 - - 33,531 4.58 2.62 11.3 5.9 1477 Ocumension-B 8.460 +0.040 +0.48 918 14.80 6.51 - - 9985 Weilong Delicious 7.850 -0.030 -0.38 82 12.20 7.67 99.6 3.5
1252 China Tianrui 5.800 -0.010 -0.17 755 7.20 4.50 33.7 - 12 Henderson Land 22.750 +0.100 +0.44 2,985 30.60 19.00 11.9 7.9 EAFE 2,087.7 2,076.9 +7.4
6055 China Tobacco 10.600 -0.100 -0.93 228 13.08 7.53 19.6 1.9 1044 Hengan Int’l 30.400 -0.150 -0.49 1,291 43.00 30.10 16.3 5.3 2602 Onewo 23.200 +0.300 +1.31 1,445 57.10 22.30 14.7 1.2 2013 Weimob 3.660 +0.030 +0.83 10,030 7.65 2.21 - - Europe 1,874.9 1,860.0 +8.3
788 China Tower 0.870 - - 73,224 1.05 0.70 15.3 4.2 921 Hisense H App xd 17.640 -0.937 -5.04 2,203 21.55 6.06 14.9 3.3 6929 OrbusNeich Medical 8.570 -0.130 -1.49 136 16.86 8.04 34.6 - 2233 West China Cement 0.750 -0.010 -1.32 5,076 1.19 0.70 3.0 9.9
316 Orient Overseas 113.100 -0.500 -0.44 477 228.29 92.15 1.0 72.8 288 WH Group 4.160 +0.180 +4.52 23,595 6.03 3.95 5.0 7.2 Pacific 2,779.9 2,779.8 +6.0
658 China Transmission 2.420 +0.060 +2.54 461 5.47 2.30 34.5 - 3 HK & China Gas 6.360 -0.080 -1.24 15,974 8.57 6.00 22.6 5.5
2638 HK Electric-SS 4.650 - - 2,791 7.25 4.61 13.9 6.9 1833 PA Gooddoctor 18.420 +0.100 +0.55 2,356 34.20 13.38 - - 4 Wharf (Holdings) 18.640 +0.080 +0.43 594 30.15 16.00 - 2.2 Far East 3,565.4 3,558.8 +8.2
308 China Travel HK 1.560 +0.020 +1.30 1,329 1.86 1.19 - - 2343 Pacific Basin 2.350 +0.010 +0.43 13,783 3.58 1.82 2.2 33.2 1997 Wharf REIC 38.450 +0.100 +0.26 1,915 47.80 30.45 - 3.4
762 China Unicom 5.180 -0.020 -0.38 12,380 6.58 3.27 8.5 6.0 1137 HK Tech Venture 4.550 +0.050 +1.11 547 7.70 4.00 19.8 1.8 Korea 475.2 483.4 +13.1
2202 China Vanke 10.100 - - 8,388 19.36 9.87 4.6 7.6 45 HK&S Hotels 6.860 +0.060 +0.88 58 8.95 5.95 - - 2411 Pagoda Ind 5.370 -0.140 -2.54 632 7.12 4.80 22.1 1.6 2359 WuXi AppTec 62.750 +0.700 +1.13 992 118.60 57.90 18.5 1.6 Malaysia 233.4 235.1 -13.4
855 China Water 5.760 -0.050 -0.86 422 7.77 5.37 4.9 5.9 1310 HKBN 4.130 -0.010 -0.24 957 9.06 4.13 9.8 9.7 327 PAX Global 5.940 -0.030 -0.50 753 8.37 5.89 5.1 6.1 2269 WuXi Biologics 38.000 +0.200 +0.53 15,635 85.00 35.00 31.8 -
388 HKEX 282.800 +0.600 +0.21 3,757 382.40 208.20 35.5 2.5 8 PCCW 3.970 +0.010 +0.25 4,038 4.30 2.96 194.6 9.6 1128 Wynn Macau 7.180 +0.120 +1.70 6,099 10.32 2.95 - - Philippines 407.9 415.4 -2.5
1866 China XLX Fertiliser 3.280 +0.020 +0.61 1,293 5.86 2.96 2.6 8.8 9996 Peijia Medical-B 7.210 -0.060 -0.83 2,436 14.32 5.46 - - 2400 XD Inc. 19.400 +0.160 +0.83 617 29.30 12.26 - -
3188 ChinaAM CSI300 42.960 +0.380 +0.89 935 53.76 38.40 - 1.0 80388 HKEX-R # 261.800 +0.400 +0.15 15 289.00 259.00 32.9 2.4 Thailand 351.6 353.7 -11.1
354 Chinasoft Int’l 4.930 -0.030 -0.60 5,607 8.10 4.60 16.7 1.2 6823 HKT-SS 9.080 -0.150 -1.63 4,207 11.14 8.42 14.0 8.2 1830 Perfect Medical 4.330 +0.030 +0.70 497 4.95 2.70 17.5 4.7 520 Xiabuxiabu 3.800 +0.120 +3.26 2,833 10.26 3.04 - 1.6 MAJOR COUNTRIES - Local Currency
116 Chow Sang Sang 8.570 -0.030 -0.35 126 12.80 7.02 12.8 3.5 8137 Honbridge Holdings 0.495 +0.005 +1.02 810 1.03 0.22 - - 857 PetroChina 5.380 -0.010 -0.19 56,793 5.93 2.95 5.8 8.8 1810 Xiaomi-W 10.660 -0.140 -1.30 55,472 14.10 8.31 94.0 -
3759 Pharmaron Beijing 24.300 +0.900 +3.85 1,658 87.45 22.55 18.6 1.4 81810 Xiaomi-WR # 9.890 -0.170 -1.69 1,514 10.58 9.12 99.3 - Australia 1,395.4 1,419.3 +0.2
1929 Chow Tai Fook 13.560 -0.040 -0.29 5,512 18.16 12.48 25.2 9.0 6689 Hongjiu Fruit 17.700 +0.300 +1.72 1,682 41.80 10.02 5.0 -
1765 Hope Education 0.510 - - 7,206 0.98 0.49 8.5 - 1339 PICC Group 2.780 -0.020 -0.71 15,935 3.36 2.15 4.4 6.6 1799 Xinte Energy 15.860 +0.220 +1.41 1,773 26.95 13.76 1.5 - Austria 556.2 555.3 +0.3
2039 CIMC 4.580 +0.010 +0.22 286 8.48 4.08 6.9 4.4 2328 PICC P&C 8.420 -0.040 -0.47 21,786 10.70 6.89 6.2 6.2 3868 Xinyi Energy 2.480 +0.060 +2.48 6,158 4.30 1.91 18.6 6.1
3899 CIMC Enric 7.280 +0.050 +0.69 1,034 9.70 6.21 12.2 3.3 754 Hopson Dev Hold 5.430 -0.070 -1.27 297 8.77 4.36 1.8 - Belgium 859.6 859.7 -5.3
267 CITIC 8.440 -0.060 -0.71 5,764 10.86 7.01 3.3 7.7 9930 Horizon CD 2.580 -0.060 -2.27 246 3.74 2.35 - - 82318 Ping An Ins-R # 45.100 -0.300 -0.66 700 48.10 44.90 9.4 5.4 868 Xinyi Glass 11.820 +0.040 +0.34 4,480 18.48 10.08 9.3 5.3 Canada 2,497.8 2,497.3 +2.5
998 CITIC Bank 3.560 - - 12,497 4.74 2.92 2.7 10.1 5 HSBC Holdings 60.950 +0.300 +0.49 13,511 62.45 38.50 10.5 5.4 2318 Ping An Insurance 48.650 -0.250 -0.51 12,286 65.10 31.30 9.0 5.7 968 Xinyi Solar 8.450 +0.220 +2.67 13,635 13.72 7.16 19.7 2.4
2828 HSCEI ETF 64.240 +0.400 +0.63 34,871 78.44 49.84 - 3.3 6049 Poly Ppt Services 36.200 +0.200 +0.56 403 60.15 28.40 15.9 1.6 9868 XPeng-W 53.400 -1.200 -2.20 13,097 131.20 24.75 - - Denmark 17,020.6 17,097.1 +8.8
1205 CITIC Resources 0.380 -0.005 -1.30 324 0.53 0.34 2.2 15.8 119 Poly Property 1.740 +0.020 +1.16 2,576 2.39 1.20 7.1 2.8 1368 Xtep Int’l 7.580 +0.300 +4.12 6,501 14.96 6.79 18.4 2.7 Finland 676.5 675.7 -13.0
6030 CITIC Securities xd 13.620 -0.060 -0.44 3,869 19.50 11.60 8.5 4.1 82828 HSCEI ETF-R # 59.360 +0.240 +0.41 26 67.64 46.32 - 3.3
1883 CITIC Telecom 3.000 -0.010 -0.33 3,204 3.36 2.31 9.3 8.2 1347 Hua Hong Semi 26.650 +0.700 +2.70 7,998 38.80 15.74 9.9 - 9992 Pop Mart Int’l 17.120 -0.260 -1.50 6,923 34.60 9.95 43.6 0.6 1585 Yadea Group 16.680 -0.380 -2.23 3,400 20.65 11.34 19.9 2.4 France 2,517.2 2,508.0 +9.2
1113 CK Asset Hldg 42.200 +0.150 +0.36 4,779 56.90 41.70 7.1 5.4 336 Huabao Int’l 3.200 -0.070 -2.14 2,414 7.12 2.66 - 2.7 6 Power Assets 39.500 -0.350 -0.88 2,193 51.90 35.45 14.9 7.1 3668 Yancoal Australia 24.500 +0.500 +2.08 111 39.70 22.05 1.7 27.2
1238 Powerlong Real Est 0.890 -0.020 -2.20 4,856 2.26 0.62 8.0 - 6869 Yangtze Optical xd 11.460 +0.120 +1.06 345 20.85 11.26 6.6 4.6 Germany 987.2 982.9 +8.5
775 CK Life Sciences 0.770 +0.010 +1.32 1,058 0.94 0.57 56.2 1.0 1071 Huadian Power 4.050 +0.010 +0.25 13,220 4.37 2.24 - 5.5
902 Huaneng Power 4.870 +0.100 +2.10 28,159 5.28 2.62 - - 1913 Prada 54.350 +2.350 +4.52 2,469 63.65 31.50 36.6 1.7 1171 Yankuang Energy xa 11.920 -0.040 -0.33 16,986 22.88 11.86 1.7 41.1 Greece 62.7 63.1 +35.9
1 CKH Holdings 46.100 +0.100 +0.22 3,619 54.55 38.55 4.8 6.3 650 Productive Tech 0.630 +0.010 +1.61 34,790 1.67 0.60 - - 9923 Yeahka 17.800 +0.100 +0.56 486 33.80 13.00 40.4 -
1038 CKI Holdings 40.300 +0.350 +0.88 789 50.85 34.90 13.1 6.3 1003 Huanxi Media 1.160 +0.030 +2.65 280 1.83 0.84 - - Hong Kong 12,966.1 13,138.8 -11.8
9899 Cloud Music 79.100 +1.100 +1.41 8 115.20 50.65 - - 6886 Huatai Securities 9.600 +0.010 +0.10 1,415 11.18 7.65 7.2 5.3 2378 Prudential 103.000 +0.100 +0.10 60 136.50 68.75 36.1 1.4 2306 YH Entertainment 4.330 -0.240 -5.25 114 6.48 3.60 1.0 - Ireland 274.4 271.8 +18.9
9955 ClouDr Group 7.400 +0.100 +1.37 428 28.90 5.90 - - 6655 Huaxin Cement 6.610 - - 719 11.42 6.15 4.5 8.6 1658 PSBC xd 4.360 +0.030 +0.69 40,315 5.85 3.58 4.6 6.7 2158 Yidu Tech 5.440 +0.050 +0.93 1,275 10.40 3.63 - -
1478 Q Technology 3.020 -0.030 -0.98 1,740 5.84 2.86 18.6 - 1579 Yihai Int’l 16.380 +0.300 +1.87 7,578 33.20 12.60 19.2 1.2 Italy 878.9 871.3 +16.2
2 CLP Holdings 58.800 -0.400 -0.68 1,456 69.85 51.45 160.8 5.3 6830 Huazhong In-V 2.540 +0.060 +2.42 5,872 2.91 2.34 36.8 0.3
87001 Hui Xian Reit # 1.100 - - 1,216 1.31 0.79 - 7.6 3660 Qifu Tech-S 70.850 +3.550 +5.27 11 98.35 50.00 - 1.8 3948 Yitai Coal 17.420 +0.040 +0.23 587 17.44 8.64 4.6 - Japan 1,382.8 1,398.1 +20.4
3309 C-Mer Eye Care 3.850 +0.070 +1.85 578 5.58 3.08 - - 2777 R&F Properties 1.200 -0.020 -1.64 1,781 2.67 1.03 - - 2858 Yixin Group 0.780 - - 1,641 1.24 0.60 12.0 4.2
302 CMGE Technology 1.800 +0.010 +0.56 7,078 2.71 1.10 - - 9878 Huitongda Network 30.050 -1.450 -4.60 332 64.70 27.90 46.8 - Netherlands 2,515.8 2,510.0 +14.7
3323 CNBM 4.470 -0.120 -2.61 15,605 8.84 4.35 4.2 9.6 215 Hutch Tel HK 1.220 -0.020 -1.61 1,204 1.55 1.02 - 6.1 9993 Radiance Hldgs 3.860 +0.140 +3.76 1,216 5.00 3.01 8.1 - 3669 Yongda Auto 3.900 +0.010 +0.26 1,640 7.50 3.40 4.7 8.3 New Zealand 158.3 158.0 +3.3
883 CNOOC 11.620 +0.040 +0.35 33,003 13.36 9.22 3.4 22.6 13 HUTCHMED (China) 18.900 +0.040 +0.21 1,000 33.20 11.36 - - 1196 Realord Group 6.200 -0.580 -8.55 2,564 10.70 4.89 77.7 - 2279 Yonghe Medical 6.970 +0.010 +0.14 99 12.44 6.31 - -
6078 Hygeia Healthcare 44.200 +0.550 +1.26 939 66.80 33.30 50.7 0.4 9995 Remegen 36.200 -0.900 -2.43 2,093 74.80 29.70 - - 9858 Youran Dairy 1.740 +0.020 +1.16 381 3.20 1.53 14.1 1.4 Norway 3,209.8 3,215.5 -5.4
80883 CNOOC-R # 10.780 +0.020 +0.19 1,509 10.92 10.10 3.6 21.2 486 Rusal 3.320 +0.060 +1.84 29 4.36 2.97 3.6 4.7 9885 YSB Inc. 29.100 +3.950 +15.71 945 29.35 19.00 - -
1610 COFCO Joycome 1.900 +0.010 +0.53 9,454 3.96 1.63 18.4 - 14 Hysan Dev 18.720 -0.080 -0.43 847 27.40 16.72 - 7.7 Portugal 105.0 105.7 -3.6
914 Conch Cement 19.880 -0.220 -1.09 4,502 35.15 19.80 5.9 8.3 1398 ICBC xd 3.590 -0.020 -0.55 263,135 4.73 3.36 3.3 9.6 178 Sa Sa Int’l 1.390 +0.020 +1.46 781 2.15 0.83 73.9 - 551 Yue Yuen Ind 10.860 +0.080 +0.74 1,137 13.32 7.81 7.5 10.1 Singapore 1,308.3 1,313.9 -2.8
587 Conch Enviro 2.160 - - 1,025 7.32 2.03 10.6 - 1119 iDreamSky Tech 3.380 -0.160 -4.52 10,559 5.49 2.80 - - 1910 Samsonite Int’l 22.350 +0.200 +0.90 2,443 25.85 16.00 13.1 - 123 Yuexiu Property 8.400 -0.150 -1.75 6,049 12.63 5.96 6.1 7.1
1928 Sands China 27.400 +0.600 +2.24 8,988 31.55 12.50 - - 405 Yuexiu Reit 1.580 +0.010 +0.64 2,104 3.07 1.32 - 8.2 Spain 934.7 936.8 +13.5
586 Conch Venture 9.170 -0.250 -2.65 4,183 18.34 9.10 0.9 4.4 9969 Innocare 7.170 -0.020 -0.28 1,398 15.90 6.45 - -
1801 Innovent Biologics 29.750 -0.500 -1.65 4,049 47.95 21.20 - - 631 Sany Heavy Equ 10.180 +0.060 +0.59 2,150 11.40 6.40 17.0 1.9 6626 Yuexiu Services 2.850 +0.060 +2.15 53 5.12 2.25 9.4 3.8 Sweden 17,175.0 17,090.0 +7.3
182 Concord NE 0.610 -0.010 -1.61 4,890 0.81 0.59 5.5 5.7 6600 SciClone Pharma 10.500 - - 217 12.38 5.65 7.3 3.7 1052 Yuexiu Transport 3.890 +0.100 +2.64 828 4.87 2.91 12.8 5.1
1967 Confidence In 18.800 -1.200 -6.00 166 48.50 14.72 - - 596 Inspur Int’l 2.620 - - 860 6.39 1.40 22.3 0.8 Switzerland 1,423.9 1,436.2 +1.7
2866 Cosco Ship Dev xd 0.880 - - 4,133 1.62 0.86 2.7 11.1 1760 Intron Tech 4.810 +0.010 +0.21 461 7.55 3.18 11.1 2.7 1030 Seazen Group 1.550 +0.050 +3.33 14,639 4.20 1.22 31.8 - 9987 Yum China 435.400 +4.600 +1.07 255 514.50 300.00 53.0 0.9 United Kingdom 2,073.0 2,081.0 -3.3
1138 COSCO Ship Engy 8.490 -0.080 -0.93 6,303 9.57 4.21 24.6 2.0 2823 iShares A50 13.020 +0.100 +0.77 1,972 16.81 11.68 - 2.1 1755 S-Enjoy Service 4.190 +0.080 +1.95 1,811 11.06 3.41 7.5 4.3 2325 Yunkang Group 13.800 - - 269 19.12 12.70 18.6 2.2
8446 ITP Holdings 2.700 -0.100 -3.57 1,528 12.00 1.81 296.7 - 20 Sensetime-W 1.870 - - 87,416 3.70 1.11 - - 6060 ZA Online 21.900 +0.050 +0.23 1,861 28.40 13.98 - - USA 4,180.1 4,190.1 +14.8
1199 COSCO SHIP Ports 4.510 - - 2,730 6.59 3.78 6.4 6.3 80020 Sensetime-WR # 1.740 - - 574 2.23 1.73 - - 9688 Zai Lab 22.300 -0.500 -2.19 1,410 44.00 16.92 - -
1919 COSCO Shipping 7.770 -0.040 -0.51 13,274 12.76 6.76 1.0 48.7 1167 Jacobio - B 4.070 -0.090 -2.16 9,397 10.48 3.30 - -
120 Cosmopolitan Intl Susp - - - 1.71 0.96 2,900 - 6618 JD Health 51.250 +1.800 +3.64 3,119 90.75 39.30 371.9 - 338 S’hai Pechem 1.210 - - 3,918 1.56 1.01 - - 2098 Zall Smart 0.335 -0.025 -6.94 6,265 0.51 0.31 - -
2007 Country Garden 1.490 -0.010 -0.67 116,025 4.60 1.00 - - 86618
2618
JD Health-R #
JD Logistics
47.250 +1.350
11.940 +0.120
+2.94
+1.02 3,036
- 49.35 43.90
18.02 10.90
386.4
-
-
-
1787
412
Shandong Gold
Shandong Hi-Speed
14.580 +0.200
5.960 +0.370
+1.39
+6.62
1,419
3,449
18.46 11.92
6.82 2.89
68.9 0.5
- -
1818
576
Zhaojin Mining
Zhejiang Express
10.240 +0.160
5.970 +0.090
+1.59
+1.53
3,243 14.70
1,806 7.09
5.16
4.73
128.5 0.4
4.3 7.1
All data except that on Hong Kong Stocks
1415 Cowell Holdings 15.500 +0.220 +1.44 3,810 21.05 9.17 19.7 -
2601 CPIC 19.980 -0.020 -0.10 7,835 26.50 12.10 6.9 5.7 9618
89618
JD.com-SW
JD.com-SWR #
137.000 +2.300
126.500 +1.800
+1.71
+1.44
5,877
5
258.60 122.70
143.40 122.00
36.6 5.4
38.1 5.0
2727
1385
Shanghai Electric
Shanghai Fudan
1.820 +0.030
20.400 +0.840
+1.68
+4.29
4,244
1,911
2.18
42.00 17.28
1.51 -
13.7 0.8
- 9863
2016
Zhejiang Leapmotor
Zheshang Bank
44.700 -0.250
2.420 -0.020
-0.56
-0.82
226 48.25 17.50
1,119 3.91 2.38
-
3.9 9.6
- supplied by Thomson Reuters unless
3618 CQRC Bank 2.700 - - 5,376 3.35 2.35 2.7 11.2
1515 CR Medical 6.060 -0.110 -1.78 1,488 8.36 3.57 48.8 0.6 9877
9636
Jenscare-B
JF Wealth xd
32.300 -0.250
16.320 +0.120
-0.77
+0.74 1,077
7 94.70 26.00
17.68 14.72
-
11.9 3.1
- 363
2607
Shanghai Ind H
Shanghai Pharm
10.860 -0.020
15.060 +0.180
-0.18
+1.21
458
1,133
12.68 7.56
16.60 10.14
5.1 8.5
8.3 4.6
2390
881
Zhihu-W
Zhongsheng Group
17.980 +0.280
29.450 +0.100
+1.58
+0.34
36 36.60 13.66
1,686 56.20 26.45
-
9.4 3.7
- otherwise indicated.
1766 CRRC Corp 4.220 +0.060 +1.44 8,633 5.26 2.37 9.2 5.2 69 Shangri-La Asia 6.060 +0.180 +3.06 455 8.48 4.21 - - 3633 Zhongyu Energy 5.800 +0.020 +0.35 609 6.95 4.92 94.5 0.5
2232 Crystal Int’l 2.550 +0.010 +0.39 34 3.12 1.99 5.4 6.6 177 Jiangsu Express 6.940 +0.120 +1.76 1,808 8.63 5.37 8.2 7.3
6066 CSC Financial xd 8.070 +0.040 +0.50 2,239 9.72 5.68 8.3 3.8 358 Jiangxi Copper 11.840 - - 2,577 15.00 8.56 6.0 4.7 2066 Shengjing Bank 6.020 - - - 6.18 4.99 47.5 - 1458 Zhou Hei Ya 2.980 +0.010 +0.34 2,506 6.00 2.92 242.3 -
2822 CSOP A50 ETF 12.460 +0.090 +0.73 2,169 16.24 11.25 - 2.4 2362 Jinchuan Group 0.410 +0.005 +1.23 17,912 0.89 0.39 512.5 0.5 548 Shenzhen Express 6.710 +0.030 +0.45 916 7.73 5.50 7.0 6.6 1176 Zhuguang Hold 0.700 -0.030 -4.11 3,666 1.24 0.55 - - On scmp.com See full stock listings
579 Jingneng Cln Engy xd 1.720 +0.010 +0.58 4,264 2.17 1.42 4.4 7.9 152 Shenzhen Int’l 6.910 +0.010 +0.14 2,057 8.28 5.12 12.8 3.7 2899 Zijin Mining 11.440 -0.020 -0.17 20,425 14.80 7.18 13.2 2.0
82822
1093
CSOP A50 ETF-R #
CSPC Pharma
11.530 +0.070
6.520 +0.020
+0.61
+0.31
520
23,826
14.02 10.48
10.36 6.47
- 2.3
11.3 3.2 9666 Jinke Services 11.360 +0.180 +1.61 423 19.18 8.33 - - 604 Shenzhen Inv 1.390 +0.020 +1.46 1,968 1.64 1.01 5.9 10.8 6979 ZJLD Group 7.950 +0.010 +0.13 835 9.97 6.76 - - in real time for Hong Kong, plus
317 CSSC Offshore 11.200 -0.240 -2.10 1,095 12.58 5.94 20.4 0.1 1951 Jinxin Fertility 4.270 - - 8,944 8.28 3.55 78.1 - 2313 Shenzhou Int’l 76.500 +1.400 +1.86 3,695 109.70 53.10 22.4 2.5 1157 Zoomlion Hvy Ind xd 3.740 - - 1,714 5.18 2.50 11.9 9.6 indices for leading markets, along
3877 CSSC Shipping 1.390 - - 1,060 1.48 0.96 5.1 7.2 9922 Jiumaojiu Int’l 12.620 +0.380 +3.10 11,296 23.95 11.52 330.4 0.1 873 Shimao Services 1.510 - - 1,597 3.86 1.25 - - 763 ZTE Corp 29.650 -0.650 -2.15 5,951 32.30 13.26 15.6 1.5
2616 CStone Pharma-B 2.470 +0.050 +2.07 4,849 6.22 2.26 - - 3306 JNBY Design 8.150 -0.320 -3.78 159 11.50 5.61 6.5 10.7 2877
86
Shineway Pharm
SHK & Co
8.550 -0.050
2.930 -0.010
-0.58
-0.34
103
50
9.80
3.69
4.63
2.63
8.9 5.6
- 8.9
2057
2190
ZTO Express-W
Zylox-Tonbridge-B
193.800 -0.400
11.500 -0.100
-0.21
-0.86
29 236.40 121.42
47 16.98 8.50
28.2 1.5
- -
with investor relations information
1880 CTG Duty-Free 110.500 +6.800 +6.56 2,529 280.00 103.10 38.2 0.8 179 Johnson Elec H 10.820 +0.140 +1.31 251 11.70 7.36 8.0 4.7
2487 Cutia-B 21.500 -0.500 -2.27 168 32.60 19.00 - - 1691 JS Global Life 1.240 - - 32,489 2.50 1.02 1.6 - 16 SHK Properties 93.550 -1.550 -1.63 5,652 115.90 83.10 10.6 5.3 such as company results and
2356 Dah Sing Banking 5.660 +0.020 +0.35 82 6.91 4.51 5.0 6.9 1877 Junshi Bio 22.950 +0.250 +1.10 223 48.50 21.20 - - 80016 SHK Prop-R # 86.300 -1.700 -1.93 9 93.70 85.55 9.8 5.1
697 Shoucheng Hldg 2.010 +0.050 +2.55 4,857 2.30 1.05 15.5 4.7 xr = ex-rights xa = ex-all xb = ex-bonus reports at www.scmp.com/
440
3799
Dah Sing Financial
Dali Foods Group
18.960 -0.100
3.480 -
-0.52
-
198
4,294
23.65 15.20
4.18 2.43
5.2 6.0
13.8 5.1
173
9997
1888
K Wah Int’l
Kangji Medical
KB Laminates
2.490
8.290 +0.130
7.680 +0.070
-
+1.59
+0.92
- 168
326
2,528
3.03
11.00
10.70
2.19
5.28
6.15
5.7 8.4
18.5 2.5
12.6 4.6
639
272
Shougang Fushan
Shui On Land
Susp
0.860 -0.010
- -
-1.15 1,859
- 3.04
1.09
1.83
0.71
3.8 21.1
6.6 11.6
Key xd = ex-dividend # = traded in RMB * adjustment business/investor-relations
991 Datang Power xd 1.460 +0.010 +0.69 16,470 1.94 0.95 - 2.2
1798 Datang Renew xd 2.530 +0.050 +2.02 9,317 3.31 1.75 5.6 2.2 2423 KE Holdings-W 36.500 -0.100 -0.27 194 55.80 24.75 - - 242 Shun Tak Holdings 1.170 -0.020 -1.68 1,042 1.85 1.00 - - Stocks in bold saw price changes of more than 5%
460 Sihuan Pharm 0.760 +0.010 +1.33 6,521 1.24 0.65 - 9.7

COMMODITIES CURRENCIES CAPITAL MARKETS BONDS

DBS Group Holdings 1.169 2 22/11/2024 94.46 5.46
China / HK US$ fixed Mid pr M yield
DBS Group Holdings 1.194 2 15/3/2027 87.53 4.94
Coupon Frq Maturity (US$) (Ann) %
PRECIOUS METALS BULK RATES FUTURES US$ MARKET RATES HKMA Link Finance Cayman 2009 3.6 2 3/9/2024 97.68 5.72
United Overseas Bank
United Overseas Bank
1.25
3.75
2
2
14/4/2026
15/4/2029
89.61
97.91
5.36
6.59
Settlement Bid Ask Link Finance Cayman 2009 2.875 2 21/7/2026 92.85 5.47
The following are the opening indicative counter Oversea-Chinese Banking 4.25 2 19/6/2024 98.34 6.1
Fix (per oz) Chg exchange rates for July 10, 2023
Month price Chg Vol. O.I. Money market operations CK Hutchson 3.25 2 11/4/2024 98.16 5.78 Sp Powerassets 3.25 2 24/11/2025 95.26 5.41
HK ($) 7.8287 7.8289 (July 10, 2023)
Hong Kong gold HK$17,970 (tael) +100 Currency Sell Buy T.T. Buy O.D. One-month Hibor CK Hutchson 3.625 2 11/4/2029 91.79 5.3 Sp Powerassets 3 2 26/9/2027 92.61 4.98
Jul-23 95.05 - - 5 Japan (¥) 141.70 141.73 Opening aggregate balance $45,131 million
Gold (Lon spot) US$1,921.99 -2.29 HK dollars to 100 units of foreign currency
Closing aggregate balance $45,131 million
Swire Pacific Mtn 4.5 2 9/10/2023 99.64 5.94 Capitaland Treasury 3.8 2 28/8/2024 99.48 4.24
Silver (Lon spot) US$23.00 -0.05 Australian dollars 531.20 515.15 511.95 Aug-23 95.10 0.05 - - Euro (€) * 1.0969 1.0973 Swire Pacific Mtn 3 2 5/7/2024 97.3 5.87 Korea US$ fixed
Brunei dollars 587.35 574.40 573.40 Sep-23 95.10 0.05 - - Change attributable to:
Platinum (Lon spot) US$916.32 +8.08 UK (£) * 1.2785 1.2789 Sun Hung Kai Prop 2.75 2 13/5/2030 86.39 5.13 Republic of Korea 3.875 2 11/9/2023 99.69 5.7
Canadian dollars 597.45 581.20 579.20 Market activity: nil
Palladium (Lon spot) US$1,201.47 -42.71 Oct-23 95.10 0.05 - - Switzerland (SFr) 0.8887 0.8888 Hkt Capital No6 3 2 18/1/2032 83.31 5.48 Republic of Korea 5.625 2 3/11/2025 100.23 5.51
Swiss francs 887.90 871.35 870.05 Interest payment / issuance of Exchange Fund paper: nil
Three-month Hibor China Overseas Fin 3.05 2 27/11/2029 85.96 5.71 Republic of Korea 4.125 2 10/6/2044 91.26 4.79
Danish kroner 116.60 113.65 110.35 Canada (C$) 1.3277 1.3281 Discount window reversal: nil
Euro 868.55 847.00 844.20 Jul-23 95.10 0.04 - - China Overseas Fin 4.75 2 26/4/2028 96.41 5.62 Korea Development Bank 3.75 2 22/1/2024 98.66 6.33
Australia (A$) * 0.6653 0.6655 Discount window Today: nil
Indian rupees 10.15 8.80 8.45 Sep-23 95.17 0.06 - 30 Sinochem Offshore 1.5 2 24/11/2024 93.94 6.18 Korea Development Bank 1.625 2 19/1/2031 79.1 4.99
PHYSICAL (HK$) Japanese yen 5.595 5.395 5.383 Dec-23 95.17 0.05 - 20 China (yuan) 7.2332 7.2352
Discount window; base rate: 5.5%
Effective Exchange Rate Index: 104.7 (-0.2) Sinochem Offshore 1.625 2 29/10/2025 90.57 6.08 Export-Import Bk Korea 2.375 2 25/6/2024 96.99 5.67
(July 10) Buy Sell Malaysian ringgit 170.70 165.45 164.70 Mar-24 95.32 0.18 - 10 Indonesia (Rup) 15,190 15,199 Sinopec Grp Oversea 2015 3.25 2 28/4/2025 95.56 5.9 Export-Import Bk Korea 3.25 2 12/8/2026 93.68 5.51
Norwegian kroner 74.95 72.20 71.75 Exchange Fund bills Sinopec Grp Oversea 2014 4.375 2 10/4/2024 98.92 5.88 Korea EXIMBank 4 2 14/1/2024 99.19 5.66
99 gold (1 tael) 17,853 17,933 New Taiwan dollar 25.40 24.65 24.65 Malaysia (RM) 4.6670 4.6730 Terms Yield Cnooc Finance 2014 4.25 2 30/4/2024 98.61 6.02 Woori Bank 4.75 2 30/4/2
London gold (1 oz)
London silver (10 oz)
15,017
1,785
15,052
1,803
New Zealand dollars
Philippine pesos
491.80
14.50
479.15
13.65
477.15
13.35 HIBOR Philippines (peso)
New Zealand (NZ$) *
55.6190
0.6188
55.6390
0.6192
1 week
1 month
…………………………………
…………………………………
4.45%
4.40%
Cnooc Finance 2014
Export-Import Bank China
4.875
3
2
2
30/4/2044
15/4/2024
93.6
98
5.39
5.73
Pakistan rupees 3.10 2.55 2.25 3 months ………………………………… 4.30%
Zurich platinum (1 oz) 7,029 7,179 Chinese Onshore rmb 109.65 107.15 107.15 Period Fixings Period Fixings Singapore (S$) 1.3471 1.3476 Export-Import Bank China 3.625 2 31/7/2024 98.1 5.49
Chinese Offshore rmb in HK 109.45 106.95 106.95 Overnight …… 4.50119 2 months …… 5.01173 6 months ………………………………… 4.28% China Cinda Finance 5.625 2 14/5/2024 99.27 6.52
Great Wall silver (10 tael) 2,099 2,179 Swedish kronor 73.50 70.95 70.45
S Korea (won) 1,304.67 1,305.01 9 months ………………………………… 4.28%
1 week …… 4.91821 3 months …… 5.01946 China Cinda Finance 4.75 2 8/2/2028 94.63 6.11
Singapore dollars 587.10 574.65 573.65 Taiwan (NT$) 31.3960 31.4060 1 year ………………………………… 4.28%
2 weeks …… 4.95071 6 months …… 5.07637 AIA Group 3.2 2 11/3/2025 96.22 5.61
Thai baht 22.65 21.90 21.75 Thailand (baht) 35.1200 35.1400
US dollars 785.80 779.80 777.30 1 month …… 5.00446 12 months …… 5.08250 AIA Group 4.875 2 11/3/2044 94.38 5.33
INDUSTRIAL Korean won
South African rand
0.626
42.70
0.575
40.25
0.575
39.85
HK dollar interest settlement rates fixings at 11.15 am
yesterday.
India (rupee)
S Africa (rand)
82.5840
18.8648
82.6390
18.8696 EXCHANGE FUND
China RMB fixed
China Government Bond 4 2 22/5/2024 101.57 2.07
HK dollars to one unit of foreign currency China Government Bond 3.48 2 29/6/2027 103.26 2.62
Last Chg Sterling 10.120 9.960 9.905 * per unit. Rates at 10.15pm. Exchange Fund notes/bonds China Government Bond 4.29 2 22/5/2029 108.38 2.75
Aluminium (US$/tonne) 2,145.50 +16.50 USD forward rates
1 month 785.50 779.42
FORWARD RATES Terms Issue no Coupon Price Yield China Government Bond
China Development Bank
4.5
4.2
2
2
22/5/2034
19/1/2027
114.23
104.57
2.98
2.85
Copper (US$/tonne) 8,370.50 +109.00 2 years 02Y2502 3.75 99.44 4.167
Lead (US$/tonne) 2,052.50 +2.00
2 months
3 months
6 months
785.01
784.49
783.03
778.93
778.39
776.93
ON
USD Deposits
5.00/5.20
HKD Deposits
3.93/4.23 KEY LENDING RATES 3 years 15Y2508 2.39 96.70 4.083
China Development Bank
Export-Import Bank China
4.3
3
2
2
2/8/2032
15/4/2024
109.6
98
3.06
5.73
Nickel (US$/tonne) 20,804.00 -405.00 Sterling forward rates
1 week 5.03/5.23 4.65/4.95 4 years 15Y2702 1.51 92.23 3.867 Export-Import Bank China 3.25 2 28/11/2027 93.65 4.88
1 month 5.20/5.45 4.70/4.90 HK prime 5.750% UK bank base 5.000%
Tin (US$/tonne) 28,342.00 -188.00 1 month 10.117 9.957 5 years 10Y2406 1.96 98.02 4.280 ICBC ASIA 1.2 2 20/7/2025 91.72 5.58
2 months 10.111 9.951 2 months 5.31/5.56 4.77/5.07 US fed fund 5.250% Euro prime 4.250% Singapore US$ fixed
Zinc (US$/tonne) 2,362.00 -1.50 3 months 10.103 9.943 3 months 5.42/5.67 4.80/5.10 7 years 15Y2902 2.48 93.70 3.770
US prime 8.250% Tokyo prime 1.475% Temasek Financial I 3.625 2 1/8/2028 94.9 4.78
Nymex (US$/barrel) 73.79 -0.07 6 months 10.076 9.916 6 months 5.71/5.96 4.83/5.13 10 years 10Y2412 1.84 96.85 4.204 Temasek Financial I 4.0475 2 5/3/2035 102.79 3.76
Brent (US$/barrel) 78.42 -0.05 Source: Hong Kong Association of Banks 1 year 5.80/6.05 4.83/5.13 Taiwan prime 3.119% S’pore prime 5.250% 15 years 15Y2908 2.24 91.76 3.795
Nat gas (£/MWh) 75.60 -6.26
BANKNOTE RATES DEPOSIT RATES GOVERNMENT BONDS ASIAN USD BOND INDEX MARKIT
AGRICULTURAL The free market rates for banknotes on July 10 were:
Currencies Saving 1 Wk 1M 3M 6M HKD MARKET RATES Dur. Yield Ch Dur. Yield Ch ADBI China HK Phil Indo Korea Malay Thai Spore India Vnam SLanka
Australia 0.0010 0.0010 0.0010 0.0010 0.0010
Country Unit per
Customer Customer Britain 0.0010 0.0010 0.0010 0.0010 0.0010 Bid Ask HK UK Current level 126.7 125.1 129.0 126.8 138.4 121.7 121.3 124.9 119.3 143.8 155.5 79.1
Last Chg Sell Buy Canada 0.0010 0.0100 0.0100 0.0100 0.0500 US ($) 7.8292 7.8293 ON 3.930 - ON 5.040 - Previous day level 126.9 125.2 129.1 127.3 139.3 121.5 121.6 125.2 119.4 143.8 155.7 79.1
Australia Dollar 1 5.157 5.237 China 0.1000 0.2500 0.2500 0.3000 0.3000 1y 4.310 -0.050 1y 5.416 0.043 Net changes (%) -0.12 -0.01 -0.06 -0.40 -0.58 0.10 -0.23 -0.22 -0.08 -0.05 -0.11 0.00
Cotton (US¢/lb) 81.31 -0.19 Britain Pound 1 9.96 10.11 Japan (¥)* 5.4907 5.4912 5y 3.859 -0.030 5y 4.870 0.024 Country weighting (%) 100.00 41.33 9.81 5.50 13.74 12.97 3.17 1.44 2.82 6.39 0.13 0.00
Europe 0.0010 0.0010 0.0010 0.0010 0.0010 Euro (€) 8.5799 8.5837
Rubber (US¢/kg) 131.10 -0.30 Canada Dollar 1 5.86 5.94 Hong Kong 0.7500 0.7500 0.7600 0.7600 0.7750 10y 3.937 0.025 10y 4.680 0.029 Index yield (%) 5.80 6.13 5.44 5.30 5.60 5.40 5.30 6.09 4.78 6.50 6.48 0.00
Sugar (US$/tonne) 661.10 -5.00 China Yuan 100 107.30 108.60 Japan 0.0001 0.0001 0.0001 0.0001 0.0010 UK (£) 10.0237 10.0262 15y 4.286 0.025 30y 4.715 0.031 Index duration (yr) 5.12 3.98 5.18 7.55 8.07 3.56 7.75 7.98 6.12 4.56 1.32 0.00
Palm oil (RM/tonne) 3,843.00 +78.00 Denmark Krone 1 1.112 1.172 N Zealand 0.0010 0.0010 0.0010 0.0010 0.0010 Switzerland (SFr) 8.7998 8.8039 China Germany Index spread 147 170 114 105 139 94 108 189 49 217 105 0
Euro zone Euro 1 8.54 8.62 Canada (C$) 5.8893 5.8911 ON 1.154 - ON 4.250 - Spread change 1.99 1.50 1.35 2.93 4.17 0.06 0.25 -0.21 0.46 1.91 14.75 0.00
Rice (US$/cwt) 18.685 - India Rupee 100 7.50 12.50
Switzerland 0.0010 0.0010 0.0010 0.0010 0.0010
1y 1.813 -0.007 1y 3.709 0.043
Wheat (US$/bushel) 6.385 -0.010 US 0.8750 0.8750 0.8750 0.8750 0.9000 Australia (A$) 5.1947 5.1987 Average life (yr) 7.37 5.40 6.82 11.14 13.39 4.08 12.69 14.94 9.47 6.31 1.36 0.00
Indonesia Rupiah 100 0.0345 0.0645 5y 2.428 0.003 5y 2.793 0.034 Average coupon (%) 3.62 3.29 3.49 4.68 4.50 3.03 3.77 4.26 2.72 4.28 4.80 0.00
Soyabean (US$/bushel) 15.135 +0.280 Japan Yen 100 5.45 5.54 All interest rates are for indication only China (yuan) 1.0817 1.0820 10y 2.687 -0.006 10y 2.662 0.026 Clean price level 82.12 82.50 84.50 76.01 82.80 87.68 78.96 80.72 83.85 89.21 89.38 41.22
Corn (US$/bushel) 5.640 +0.035 Korea Won 100 0.58 0.65 Indonesia (Rupiah)* 0.0515 0.0515 20y 3.157 0.046 30y 2.670 0.024
Macau Pataca 1 0.937 0.987 Total Mkt Cap (mm) 751,756 310,712 73,728 41,288 103,215 97,521 23,819 10,802 21,245 48,008 985
3,309.00 +35.00 Malaysia (RM) 1.6754 1.6776 US South Korea
Cocoa (US$/tonne)
Coffee (US¢/lb) 162.80 -2.20
Malaysia
New Zealand
Ringgit
Dollar
1
1
1.528
4.802
1.828
4.902
CURRENCY FORWARDS Philippines (peso) 0.1406 0.1406 ON
1y
5.000
5.456
-
0.032
ON
1y
3.582
3.670
-
0.029
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P d d d b d b N w p p D
© M m
W
 Tuesday, July 11, 2023 B9

DIVERSIONS
The Best of Calvin and Hobbes by Bill Watterson Daily Crossword
1 2 3 4 5 6 7 8

9 10

11

12 13

14 15 16

17 18

19 20 21

22 23

Non-Sequitur by Wiley Miller 24 25 26

27 28

29 30

Across 30 Blend of tea, I sold 22 Empty vessel filled

1 Snaffled, having apart from the with tin (6)
handy places of rest (8) 23 Assuredly part of
habit (8) a legal provision (6)
5 Mug Des breaks Down 26 Rising non-
due to smear (6) 1 Servicemen who professional or
9 They put on other could be spared (6) sovereign (5)
people’s clothes! (8) 2 Sycophants
10 The English say, produce a feeling
“Property” (6) of repugnance (6)
Doonesbury Flashback by by
Garry
GarryTrudeau
Trudeau 12 Makes a statement 3 A piece of green
when the papers suede to follow (5)
interrupt the 4 An example of an
divorcees (9) inter-continental
13 Girl for the Spanish link-up (7)
man (5) 6 Dominating – like
14 Thought not quite a school replete
perfect (4) with teachers? (9)
16 Do dramatically 7 An impasse
sound ones come caused by
from personal lifeless hair (8)
estate? (7) 8 Regularity is a
19 Most spectacular quality of nightfall,
down-fall of current perhaps (8)
force (7) 11 Lies about the
21 Tax on bell, eyot (4)
perhaps? (4) 15 Did he learn to write
24 I care about the by stages? (9)
plant (5) 17 Those engaged Yesterday's solution:
25 Centaur in doubtful in this sort of
form (9) exploration may
27 South in darkness? go to bed! (8)
Pooch Cafe by Paul Gilligan Just the opposite (6)
28 Finish chess game
18 Opera featuring just
one player? (8)
off for childhood 20 Lily shows a certain
friend (8) spirit (4)
29 Gets an unusual 21 Gets down to the
arrangement of job, as the footballer
factors (6) does (7)

Universal Crossword

Bridge Sudoku Kokonotsu Supersudoku

East dealer. East-West vulnerable.
NORTH
♠852
♥ J 10 5
♦AQ5
♣AJ63
6 5 7
WEST EAST
♠ K Q 10 6 4 ♠93 7 3 6 4 9 5
♥K73 ♥9842
♦J64 ♦9873
♣72
SOUTH
♣K94 7 1 2 6
♠AJ7
♥AQ6 1 4 3
♦ K 10 2

The bidding:
♣ Q 10 8 5 4 5 6 1
East South West North
Pass 1 NT Pass
Opening lead: king of spades.
3 NT
3 1 4 5 8 2
When you are declarer, there is no simple
rule that tells you when to win a trick or
when to refuse it; rather, it is a matter of
5 1 3 Across
1 What makes it sit?
54 “Before we start,
I need some
28 Japanese
cartoon genre
exercising good judgment in the particular
circumstances you face.
4 Ikea bookcase caffeine” ... 29 Arizona tribe
Consider this deal where West leads the 9 Bank acct. insurer or a theme hint 30 “Are not” retort
king of spades against your three-notrump 13 Fly ball catcher 57 Clean with water 31 Choosy ones in a
contract. You could take the king with the 15 Hour after midnight 58 Malia’s sister peanut butter ad
ace and then start thinking of how best to 16 The one for Baskin 59 “Darkness on 32 Russian mountain
try to make nine tricks, but that would in
effect be putting the cart before the horse. Robbins has “31” the Edge of ___” range
Winning the first trick would place you hidden in it (Springsteen album) 33 In an underhanded
in a position where if East later gained the Complete the grid so Yesterday's solution: Complete the grid so Yesterday's solution: 17 Texter’s 60 Norway’s capital way
lead and returned a spade through your J-7, that each row, column that each row, column acknowledgment 61 Arctic or Atlantic 34 Part of OMG
you could lose the contract. 6 5 1 3 7 8 9 4 2
To prevent this from happening, you and 3x3 box contains and 3x3 box and the of a different take 62 Installs, as a lawn 35 “It looks good
should let West hold the first trick. This every digit from 1 to 9, two centre diagonal 2 4 3 9 6 5 1 8 7 18 Bit of goofing 63 Q, W, E, R, T and Y to me!”
effectively stops him from leading another inclusive. lines contain every digit 8 9 7 2 1 4 3 5 6 around 64 Nature’s incubators 41 In a ___ (very soon)
spade, and for the moment takes the heat from 1 to 9, inclusive. 19 All excited 65 Tic-tac-___ 42 Golden Fleece ship
off the suit. Difficulty: 3/5
Difficulty: 2/5 5 7 4 8 2 1 6 9 3 20 Certain coder 43 Cons
Let’s assume West, after seeing East’s
discouraging three on the trick, switches 9 2 8 6 5 3 7 1 4 23 “Fame” singer Cara Down 45 Quality that evokes
to a club, which is the best he can do. 24 NYSE listings 1 Folded Hands compassion
The temptation to finesse at this point 3 1 6 7 4 9 5 2 8
25 Org. for an esq. symbol, e.g. 48 “___ yourself!”
might be very strong, but, under the 26 Cabbage family 2 Anoushka Shankar’s (“Hold on to
circumstances, it would be wrong to yield 1 8 9 4 3 7 2 6 5
to that temptation. 7 6 5 1 8 2 4 3 9 member instrument your hat!”)
The reason is that you could lose the 28 “Respect” 3 Electric or gas 49 Stubborn ones
finesse to East, who would then return a 4 3 2 5 9 6 8 7 1 singer Franklin appliance 51 In progress
spade through your A-J. If and when you 31 Smear campaign 4 Wild pig 52 Hairstyle after
later attempted a heart finesse for your
ninth trick, you could go down. tactic 5 Presumption a makeover
Instead, you should put up the ace of
clubs at trick two and lead the jack of hearts
Target 36 Lead-in to
“Perignon”
at trial
6 Stop holding on
53 Like a standoff
54 Battalion’s home
from dummy. You are in no danger if the 37 Mined rock 7 Hideouts 55 Has the stage
finesse loses to West, since he cannot harm
38 Reason for a 8 Song title spelled 56 Campbell’s

C CM
you with any return, and you are then sure How many words of four letters or more
to make the contract. can you make from the letters shown food recall with arm motions containers
Thus, if he takes the heart and leads here? In making a word, each letter may 39 Missions, for short 9 Light in the kitchen? 57 Asian pan
a club, your worries are over, because this be used once only. Each must contain 40 NBA star Luka 10 Ruthlessly
gives you nine tricks, while with any other Doncic, e.g., briefly competitive Yesterday's solution:
return, the contract is equally certain. the centre letter and there must be at
41 MLB’s hitting 11 Rangers goalie

Judging precisely when and when not to
hold up is the key to a successful resolution.
Steve Becker
ONLINE
HUH
least one nine-letter word. No plurals Yesterday’s solution: bend, bidden,
ending with ‘s'. Reference: Collins bidder, bide, bided, bier, bind, streak record Shesterkin
Concise English Dictionary binder, bird, bode, boded, bodied, holder (at 56 games) 12 Gear tooth
bond, bonded, bone, boned, bonfire, 44 Slyly add 14 Word of appreciation
Today’s target: 7 words good; 11 words bonier, bore, bored, born, borne, 46 Deborah of “From 21 Ring out

R E N
very good; 15 words excellent. bred, bride, brie, brief, brine, brined, Here to Eternity” 22 Cocktail whose glass
For details about local bridge events, brio, drib, fibre, forbid, FORBIDDEN, 47 Clumsy fella often has a salted
go to the HK Contract Bridge 48 Boo rim, briefly
See solution tomorrow. inbred, rebind, robe, robed, robin
Association website hkcba.org 50 Large fantasy being 27 Sprawl atop

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B10 Tuesday, July 11, 2023
TRAVEL
Nonstop flights between Hong Kong and Ishigaki Island (above), in Japan, will resume in October. Photos: Shutterstock, Getty Images
Direct flights still in
a holding pattern
International air travel is returning to pre-pandemic levels, but a number
of previously popular services to and from Hong Kong have not resumed
Mabel Lui
mabel.lui@scmp.com
Now that almost all Covid-19 travel restrictions
have been lifted, global air travel has largely
returned to pre-pandemic levels.
In early June, the International Air Transport
Association (IATA) issued a report saying airlines
expected to carry 4.35 billion passengers worldwide
this year, close to the record of 4.54 billion in 2019.
And with the summer travel season in full swing,
people have been leaving Hong Kong in droves to
holiday in perennial favourites Japan, Thailand and
South Korea, as well as more distant hotspots in
Europe and North America.
But while flights to major destinations have
resumed, there are still many air routes that remain
dormant, the IATA predicting that passenger traffic
levels at Hong Kong International Airport won’t
return to pre-pandemic levels until the end of 2024.
Here is a round-up of the international destinations
for which direct flights to and from Hong Kong
have yet to be restored or are still limited.
1. Japan
Easily the most popular overseas destination for
Hong Kong travellers, Japan has seen an influx of
tourists since March, when Tokyo lifted its
restriction on the maximum number of flights that
could operate between the country and
Hong Kong.
Cathay Pacific and its wholly owned low-cost
subsidiary Hong Kong Express currently run flights
between Hong Kong and tourist hotspots such as
Tokyo (Haneda Airport and Narita International
Airport), Osaka, Fukuoka and Nagoya.
Cathay Pacific and Hong Kong Airlines
additionally serve Sapporo in Hokkaido.
However, if you are hoping to visit somewhere a
little off the beaten track, say Hiroshima or Ishigaki
Island, you will have to wait until late October for
nonstop flights from Hong Kong to resume.
Ishigaki – a subtropical holiday island usually
only two hours away from Hong Kong that acts as a
gateway to the Yaeyama Islands – will not be
accommodating international flights until October
29, according to Hong Kong Express. Pre-
pandemic, international flights served Ishigaki
from Hong Kong and Taipei.
2. South Korea
In early January 2023, the South Korean
government mandated that all flights arriving from
Hong Kong had to land at Incheon International
Airport, for centralised Covid-19 prevention and
control.
The regulation was scrapped in March, and
those who had been waiting to travel to Jeju Island,
a Unesco heritage site and holiday hotspot, or
Direct flights to Adelaide, in South Australia (above)
are yet to resume, and there are no plans to resume
services to Chiang Rai in Thailand (below).
Those hoping to fly to Chiang
Rai are still out of luck, as
there are no plans to resume
services on that route
Busan, a port city and cultural centre, also known
for its beaches, could rejoice.
Hong Kong Express resumed nonstop flights to
both destinations, and remains the only carrier to
operate these links at the time of publishing.
The airline is running flights from Hong Kong to
Jeju three days a week, and to Busan four days a
week; flights to (but not from) these two
destinations are largely sold out for July, although
availability will increase from August.
Air Busan has not yet revived its direct
connection between the Korean city and Hong
Kong, but is currently offering direct flights from
Macau to Busan.
Many are leaving because they can’t bear to … do
programmes with little meaning and because the
new management seem to have little respect for
the centre’s strong ties with the arts community
A FORMER EMPLOYEE OF THE HONG KONG ARTS CENTRE, WHO WISHED TO REMAIN ANONYMOUS, ON WHY
MORE THAN HALF ITS STAFF HAVE LEFT IN THE PAST YEAR > ARTS & CULTURE B11
HEALTH
Study shows best
way to stave off
cognitive decline
Separate research finds that early retirement
can accelerate the deterioration of brain health
strong in women and younger
Lily Canter
participants.
life@scmp.com
“The faster cognitive decline
among women may be partially
Exercise, social interaction and explained by longer life expec-
keeping your brain active are the tancy, lower educational level and
best ways to stave off cognitive biological difference – for exam-
decline in old age, according to a ple, sex hormones difference,
new, large-scale study. brain structure, genetics, grey
The research, involving 19,000 volume loss,” the research found.
elderly Chinese adults, looked at Meanwhile, the protective
the range of physical exercise, effects of moderate-intensity
social interaction and cognitive physical activity on cognition
activities that were beneficial for increased with increasing age.
preventing cognitive decline. A separate study published in
The combination of different the Journal of Economic
types of activities influences cog- Behaviour and Organisation,
nitive function in various ways. found early retirement can accel-
Exercise can protect cognition erate cognitive decline.
by improving physical health and Researchers examined the
maintaining brain reserve, social New Rural Pension Scheme and
interaction improves mental the Chinese Health and
health and encourages healthy Retirement Longitudinal Survey
behaviour, while cognitive activity to determine how retirement
may increase neural plasticity via plans affect cognitive perfor-
complex thinking and mental mance among plan participants.
training. The most significant indicator
The study found that exercise, of cognitive decline was delayed
social interaction and cognitive recall, a measure implicated in
activity were beneficial but neurobiological research as an
volunteer activities were not. important predictor of dementia.
It also found light- and The pension programme had
moderate-intensity exercise was more negative effects among
beneficial for cognition but women, with the results
vigorous activity was negatively supporting the mental retirement
related. And women appeared to hypothesis that decreased mental
benefit more from cognitive activity results in worsening
activities than men. cognitive skills.
The findings, published in
research journal BMC Geriatrics,
were derived from the China
Health and Longitudinal Study,
which included 9,803 people aged
60 or older. Cognitive function
was measured by orientation,
episodic memory, calculation,
language, naming and visuo-
spatial ability – the ability to recog-
nise the spatial relationships
between seen objects.
“The findings indicate that
participating in physical, social
and cognitive activities can help
older adults to maintain cognitive Light and moderate exercise is
health,” the authors of the most beneficial for cognition.
research, Mao Shan, Xie Lili and
Lu Nan, of Renmin University of
China, found.
“They suggest that older adults
3. Thailand should select activities while con- Increased social
There are certainly some great options for those sidering activity intensity and
looking for a tropical escape in Thailand, but flights their individual characteristics.” isolation is strongly
to several destinations have yet to resume or have Light- and moderate-intensity
only just resumed. physical activity was most benefi-
linked with faster
Many airlines including Cathay Pacific, Hong cial for cognition, followed by cognitive decline
Kong Airlines, Hong Kong Express, Emirates and social interaction and cognitive
Thai Airways are covering the popular Hong activity. Social interaction PLAMEN NIKOLOV,
Kong-Bangkok route. included visiting friends, partici- BINGHAMTON UNIVERSITY
There is no shortage of flights to Phuket, either, pation in community activity and
with the three aforementioned Hong Kong-based using the internet. “We were surprised to find
airlines and Thai AirAsia offering nonstop services Cognitive activity included pension benefits and retirement
to the island. board games, educational or resulted in reduced cognitive per-
After a long wait, the nonstop route between training courses and stock formance,” says Plamen Nikolov,
Hong Kong and Koh Samui resumed on July 1, with investment. assistant professor economics,
Bangkok Airways offering flights three times a week Surprisingly, the effect of Binghamton University in the US.
on Tuesdays, Thursdays and Saturdays. volunteer activities on cognitive “Participants in the pro-
However, those hoping to fly to Chiang Rai are functions – such as helping others, gramme report substantially
still out of luck, as there are no plans to resume taking care of sick adults or charity lower levels of social engagement,
services on that route, which were previously work – was not significant. with significantly lower rates of
operated by Hong Kong Express. As for vigorous-intensity exer- volunteering and social interac-
cise, the study found it was nega- tion than non-beneficiaries.
4. North America tively related to cognition. This “We found that increased
Through much of the pandemic, Cathay Pacific may have been because more social isolation is strongly linked
continued to operate long-haul flights to several than 70 per cent of the respond- with faster cognitive decline
United States cities. As of July, the carrier is flying to ents lived in rural areas, where among the elderly,” he says.
four US destinations – New York, Los Angeles, San they spend much time on agricul- By contrast, the study found
Francisco and Boston – but other routes have been tural work even in old age. benefits and retirement lead to
lost in the fray. A prior study noted that engag- improved physical health.
These include those to Chicago and Seattle, to ing in agricultural work may “Interestingly, we found that
which Cathay Pacific, American Airlines and Eva increase the risk of cardiovascular the programme improved some
Air used to operate near-daily flights from Hong disease, which is closely associ- health behaviours. Programme
Kong. ated with cognitive decline. participants reported a reduced
Now your best bet to reach either city is to This was reflected in the longi- incidence of regular alcohol
transit via one of the four aforementioned hubs. tudinal study, which found drinking compared to the previ-
The same is true if you are hoping to visit southern women and older participants ous year,” Nikolov says.
cities such as Houston, Dallas and Atlanta. appeared to benefit more from “Overall, the adverse effects of
Routes from Hong Kong to Canadian cities cognitive activities than their male early retirement on mental and
Toronto and Vancouver were restored some time and younger counterparts and social engagement significantly
ago. But that is not the case for Montreal and that the adverse effects of vigorous outweigh the programme’s pro-
Calgary, to which Air Canada has not resumed its activity, including agricultural tective effect on various health
nonstop flights. work, on cognitive health were behaviours.”
5. Other destinations
Nonstop flights to European cities such as London,
Manchester, Paris, Milan, Frankfurt, Amsterdam
and Madrid are back on the schedules, but if you’re
heading to Rome, Copenhagen or Barcelona and
want to get there without a change, you’re still out
of luck.
For Australia, Cathay Pacific has resumed flights
to Brisbane, Melbourne, Perth and Sydney, and
Qantas has also resumed service on the
Melbourne-Hong Kong and Sydney-Hong Kong
routes. Missing from the list so far is Adelaide, for
which there used to be daily flights to and from
Hong Kong.
Cathay Pacific has resumed flights from Hong
Kong to the Indian cities of Delhi, Mumbai and
Bangalore, but has yet to resume its daily flights to
Chennai or revive services to Kolkata.
Nonstop flights to Dubai (Emirates, Cathay
Pacific) and Doha (Qatar Airways) have resumed,
but there are no scheduled direct flights yet
between Hong Kong and Riyadh. Playing board games such as mahjong is beneficial. Photos: Shutterstock
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 Tuesday, July 11, 2023 B11

ARTS & CULTURE

REVIEW ARTS CENTRE

CHANGES AT TOP SPARK

Jaap van Zweden conducts the New York Philharmonic at the Hong Kong Cultural Centre. Photo: LCSD
Orchestra brings polish and pyrotechnics
Christopher Halls
life@scmp.com
Even if the New York
Philharmonic’s first Hong Kong
concert had not coincided with
American Independence Day, it
was a sure bet that one of the
world’s finest orchestras – and,
having been founded in 1842, one
of its oldest – would set off musical
fireworks.
In their July 4 concert, the first
of two at the Hong Kong Cultural
Centre, star violinist Hilary Hahn
captivated with a highly polished
performance of Brahms’ Violin
Concerto under the baton of
music director Jaap van Zweden
– who holds the same position at
the Hong Kong Philharmonic.
This was followed by an edgy and
emotionally charged account of
Tchaikovsky’s Symphony No 6,
the “Pathétique”.
From the opening bars of the
introduction to Brahms’ Violin
Concerto in D, the buoyancy of the
orchestra’s playing and their
immaculate phrasing were
evident. When Hahn’s earthy and
consistently polished tone was
added to the mix, it proved a
partnership par excellence. The
somewhat stately tempo adopted
for the Allegro non troppo first
movement made it appear Hahn
had all the time in the world, and
the American soloist wove her
playing in and out of the orches-
tral textures with dexterous ease.
For the solo cadenza, Hahn
picked the most familiar version,
written by prominent violinist
Joseph Joachim.
Principal oboist Liang Wang
made no bones about his robust,
soloistic playing of the Adagio’s
opening tune, which was an ideal
match for Hahn’s in their sensu-
ous interplay later on. The ener-
gy-laden finale was impressive for
its inherent solidity
Serious fireworks followed the
intermission in Tchaikovsky’s
“Pathétique”.
Fine viola playing in the Adagio
introduction encapsulated the
sense of yearning and pathos to
come, and when Van Zweden
unleashed the violas’ energy, it
proved infectious, adding brilliant
urgency to much of the Allegro
non troppo first movement.
The forcefulness of many of
the outbursts, not least the night-
marish one that rudely interrupts
the fading moments of the lyrical
second theme, was fearsome.
Likewise, the fire that Van Zweden
sparked in the orchestra brought
fabulous string frenzies, razor-
sharp brass interjections, and an
explosion of B minor misery that
was breathtaking.
The waltz-like opening of the
Allegro con grazia second move-
ment was played with a lightness
and whimsy that contrasted well
with the midsection’s pulsating
string surges that oozed with
yearning.
The Allegro molto vivace third
movement began with tight and
spiky string triplets, and a stormy
coda thrilled with thunderous
brass, edgy restlessness in the
strings, and crisp, wind-like whis-
tles from the woodwind players.
Van Zweden’s immediate
segue into the Adagio lamentoso
final movement served to main-
tain intensity and thwarted any
outbreak of applause. That would
have detracted from Tchaikovsky’s
final symphonic movement, one
which was full of profound lament
and resignation.
New York Philharmonic, Hong
Kong Cultural Centre Concert Hall.
Reviewed: July 4, 8pm.
EXODUS FROM ARTS HUB
Amid claims of self censorship and complacency, at least half of HKAC staff
have left since the previous executive director stepped down, insiders say
Enid Tsui
enid.tsui@scmp.com
Management’s attempt to
overhaul the Hong Kong Arts
Centre has triggered a mass
walkout at the 46-year-old
non-profit institution, with
former employees reporting that
at least half of its staff have left
since the previous executive
director stepped down last
August.
Those who have left in recent
months include key personnel
such as programme director
Teresa Kwong, director of its Ifva
film and video festival Kattie Fan,
and senior programme manager
Ian Leung, several people say.
Its most recent annual report
says the centre had a staff of 63 as
of June 30, 2022, excluding the
Hong Kong Art School, a subsidi-
ary relatively unaffected by the
management change. Former
employees say at least half of
those people, and some recent
recruits, have gone, mostly volun-
tarily, since Connie Lam Suk-yee
left after 13 years at the helm.
Lam, who had been with the
organisation since 1997, did not
give a reason for her departure.
The board replaced her with
Rebecca Ip, a former executive
director of the Hong Kong Ballet
who was most recently the head of
private nursery and kindergarten
operator Victoria Educational
Organisation. Ip has told staff
members that the HKAC should
try to generate more revenue by
focusing on ceramics and art
courses for children.
Founded in 1977 as the first
non-government arts venue, and
with a dedicated curatorial team,
galleries, a cinema and theatres,
the HKAC does not receive a reg-
ular government subsidy and its
upkeep relies on it renting out part
of its headquarters, a 19-storey
triangular building in Wan Chai.
The Goethe-Institut, which
runs German language classes
and presents its own arts
programmes on the 13th and 14th
floors, is in the process of
renewing its lease.
In a written reply to queries
about the staff exodus, on July 6
the HKAC said it was under finan-
cial pressure owing to the down-
turn in the property market and
the termination of an advertising
contract for its rooftop hoarding.
“To facilitate sustainability of
its income streams, HKAC needs
to review and enhance its areas of
operations, including diversifying
activities and courses to include
art programmes for children,” it
said.
In the last financial year, prop-
The HKAC was
[once] … innovative
and daring to be
different. I am very
disappointed
PLAYWRIGHT CANDACE CHONG
Former executive director Connie
Lam left the centre last August.
The centre said in the state-
ment: “Regarding human
resources management, HKAC
regularly reviews the number of
staff and their workloads, and
erty rental yielded HK$20.8 mil- continues to actively seek suitable
lion, 10 per cent less than in 2020, candidates to fill vacancies
and the centre had a deficit of through natural attrition.”
HK$4.9 million, according to its Its review of resources has also
annual report. Rental income led to the termination of support
from its galleries, cinema and for long-running partnerships
theatres plunged by half during and projects in the past year, such
the pandemic. as Art in Hospital, and Class 7A
The 2020 introduction of Hong Drama Group.
Kong’s national security law also Since 2020, several new board
brought new challenges. The Ifva, members have been appointed,
the centre’s independent film and including the economist Francis
video awards that held its 28th Lui Ting-ming, and chairwoman-
edition this spring, pulled finalists’ Dominica Yang was reappointed.
works from public screenings Three board members and the
after Hong Kong’s film censorship
board objected to scenes deemed
politically sensitive.
chairwoman are appointed by the
chief executive under the Hong
Kong Arts Centre Ordinance.
The HKAC has also been sus- In the decade before Hong
pected of self-censorship, for Kong’s return to China in 1997,
example when it cancelled out- the centre’s then executive direc-
spoken singer Denise Ho Wan- tor, Oscar Ho Hing-kay, initiated
see’s concerts in 2021. public art projects aimed at mak-
In June, its decision to call off a ing the arts less elitist. He also
local theatre group’s musical over recognised the cultural signifi-
unexplained “infringements” also cance of the period by curating
raised the ire of practitioners. landmark exhibitions about Hong
Playwright Candace Chong Mui- Kong identity, such as “Hong
ngam, who premiered May 35, Kong Incarnated”, which took
about the 1989 Tiananmen place during the handover.
Square crackdown, at the HKAC During Lam’s tenure as execu-
in 2019, has called on the arts tive director, the centre continued
centre to explain its decision. to present programmes that were
“As I was growing up, the relevant to contemporary society.
HKAC was fashionable, innova- She also oversaw major expan-
tive and daring to be different,” sion: it became the operator of a
she wrote on Facebook. “I am very new comics and animation centre
disappointed.” at a government-owned heritage
One recent leaver, who wishes building in 2013, and added two
to remain anonymous, says: campuses to the Hong Kong Art
“There have been instances when School, which provides post-
the board and the executive direc- secondary-school programmes as
tor’s office overreacted when well as short courses.
faced with a sensitive situation, But since the arrival of major
but that is not the main reason arts venues such as the West
people have quit. Kowloon Cultural District and Tai
“Many are leaving because Kwun, both of which boast world-
they cannot bear to stay on and class visual arts and performing
just do programmes with little arts programmes, the centre has
meaning. And because the new been increasingly overshadowed
management seem to have little and criticised for complacency, as
respect for the centre’s strong ties well as for focusing too much on
with the local arts community.” just renting out space.

JK

Racing season closes with festive fun

What a thrilling season it has been for
racing fans and what better way to bring
the season to a close than with some red-
hot sizzling parties to accompany the
racing action at the Happy Valley and Sha
Tin racecourses.

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3FWFMMFST BO FSGF IFJS TBMTB BO TB CB TLJMMT IJMF GB JMJ JFT PGGFS SFBMJT J F FSJFO FT PG IF T PS BO TIP IF IBS A magnificent pyrotechnics display will officially bring the
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It’s party time with sizzling hot salsa and samba beats to get Virtual and augmented reality eSports facilities offer a
you on your feet and dancing. SB L chance to experience the rigours of being a jockey.

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Copyright© 2010, South China Morning Post Publishers Limited
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B12 Tuesday, July 11, 2023

RACING
FIRST LOOK TOMORROW’S HAPPY VALLEY FIELDS

LOR WANTS MORE WINS BEFORE

TURF B COURSE
RACE 1 Rated 40-0 (Class 5) 1,000m 6:45pm
STREET CAT HANDICAP (Total stakes: HK$810,000)
1 500 CHIU CHOW BROTHER  T. P. Yung 135 (40) C. L. Chau -2 9

LOSING CHAMPIONSHIP TO A PAL

2 564 CIRCUIT SEVEN  A. S. Cruz 134 (39) Z. Purton 12
3 706 HAR HAR AT HEART John Size 132 (37) K. Teetan 2
4 953 GOODMANSHIP D. Whyte 131 (36) L. Hewitson 8
5 654 NOBLE BOYZ K. L. Man 131 (36) H. Bowman 11
6 434 JAZZ STEED C. Fownes 128 (33) C. Y. Ho 4
7 670 BIRDSVILLE D. A. Hayes 127 (32) K. C. Leung 3
8 800 STARSHIP EIGHTY P. C. Ng 131 (36) Y. L. Chung -7 7
9 000 HAPPY HERO C. H. Yip 126 (31) A. Hamelin 10
There are a million reasons last season’s top trainer hopes to celebrate this term’s final Valley victor Super Vince is another Lor 10 301 VIVA A LA L. Ho 121 (26) A. Badel 5
representative on the nine-race 11 297 TRAVEL GLORY Y. S. Tsui 116 (21) H. W. Lai 6
12 008 EUROMISSILE C. W. Chang 115 (18) * M. Chadwick 1
Happy Valley card, and he will try Blinkers: Nos 1, 2, 4, 5, 8, 9 (replaced), 11, 12. Hood: Nos 2, 8. Ear plugs: No 3. Pacifiers: No 10. Tongue
and there are a million reasons venue last week when he finished he jumps fast. However, last time, his luck in the Class Three Lucky tie: Nos 2, 4, 5, 6, 7, 8, 10. Crossed nose band: No 12. Shadow roll: No 7. No 8, Tronic Mighty withdrawn
Ross Clarke
the handler hopes the galloper five lengths and six places behind he didn’t jump like before.” Patch Handicap (1,000m). and replaced by Starship Eighty.

returns to winning ways as Flaming Rabbit after jumping as Among Lor’s other contenders A winner on his penultimate RACE 2 Rated 40-0 (Class 5) 2,200m 7:15pm
Frankie Lor Fu-chuen may only the campaign approaches the $3 favourite. at Happy Valley tomorrow start at Class Four level, Super SWEET ORANGE HANDICAP (Total stakes: HK$810,000)
have one more week until he its conclusion. Lor has chosen to switch A Pal is Flaming Passion, who will Vince was 11th of 12 on his latest 1 207 DAZZLING FELLOW  D. Hall 135 (40) B. Avdulla 7
2 453 HELENE ALLIBOR  D. A. Hayes 134 (39) H. Bowman 4
officially loses the title of Hong A Class Two victory for A Pal from Sha Tin to Happy Valley attempt to complete a course- outing in Class Three company. 3 700 SINGAPORE SPIRIT  A. S. Cruz 134 (39) A. Hamelin 11
Kong’s champion trainer to his would trigger a HK$1 million and run the former Team Hawkes- and-distance hat-trick in the first However, the son of Brazen Beau 4 482 VINCY C. H. Yip 134 (39) Z. Purton 3
good friend and former boss, John performance bonus, and while trained chestnut beyond 1,400m section of the Class Four Fast failed to handle ground on the soft 5
6
422
146
CLASSIC ARCHI
LOYAL AMBITION
D. Whyte
C. Fownes
131
131
(36) L. Hewitson
(36) C. Y. Ho
2
10
Size, but he is determined to Lor would not see a cent of that for the first time in either Most Furious Handicap (1,200m). side of good and bled from both 7 641 FORTUNE TRIPLE Y. S. Tsui 121 (26) M. Chadwick 5
continue churning out wins. money because all of it would go Hong Kong or Australia. Flaming Passion has won four nostrils. He returns from his 8 405 CABLE SPEED C. W. Chang 119 (24) K. Teetan 9
9 430 BARON ZEE R. Gibson 115 (20) A. Badel 8
Lor was on the mark with to owner Lee Sheung-chau, “I’ll give him one more chance times in Hong Kong but never off mandatory break. 10 077 JOLLY FOREVER W. Y. So 115 (20) M. L. Yeung 6
classy sprinter Adios at Sha Tin he would love A Pal to bounce because if he wins in Class Two, a rating higher than 55. Now King Invincible in the Class 11 059 YEE CHEONG BRAVE D. Hall 115 (20) ** M. F. Poon -2 1
on Sunday to record his 65th back from his last-start flop when he’ll get a HK$1 million bonus, racing on a mark of 59, the Four Kings Falcon Handicap 12 000 SHINY TWO P. F. Yiu 115 (18) H. T. Mo -2 12
Blinkers: Nos 1, 3, 5, 9, 10, 11, 12. Visor: No 2. Tongue tie: Nos 2, 3, 4, 5, 6, 8, 9, 10.
victory this season, and he heads he makes his first Happy Valley and he’s done nothing wrong at Headwater gelding will need a (1,000m) and Beauty Mission in Crossed nose band: Nos 1, 10, 11, 12. Shadow roll: No 4.
to Happy Valley tomorrow with appearance. home,” Lor said of A Pal, who career-best performance to the Class Four Silver Grecian
RACE 3 Rated 60-40 (Class 4) 1,200m 7:45pm
a host of chances to add to Despite winning twice at Sha missed all three legs of the Classic prevail, and while you could Handicap (1,650m) complete FAST MOST FURIOUS HANDICAP - Sec 1 (Total stakes: HK$1,080,000)
his tally. Tin this season, A Pal’s regular Series throughout February and not say Lor is brimming with Lor’s Happy Valley travelling 1 478 COMPASSION SUPER  K. L. Man 135 (60) H. Bowman 11
A Pal will chase his third rider, Derek Leung Ka-chun, felt March due to his in-race bleeding confidence about the five-year-old party. He trails Size by 10 2 611 FLAMING PASSION F. C. Lor 134 (59) M. Chadwick 4
3 896 RED DESERT John Size 126 (51) K. Teetan 10
triumph for Lor this term the More Than Ready gelding did incident in January. sprinter’s chance of registering wins in this term’s trainers’ 4 518 GOODLUCK GOODLUCK C. S. Shum 123 (48) M. F. Poon -2 12
in tomorrow’s Class Two not appreciate the rain-affected “Last time, Derek said A Pal another success, he is far from championship with two meetings 5 482 JOY COMING K. W. Lui 123 (48) L. Hewitson 6
Sun Jewellery Handicap (1,650m), surface at the New Territories didn’t like the wet track. Usually, ruling it out from gate four. remaining. 6 800 INNO TECH WINNER T. P. Yung 122 (47) C. L. Chau -2 1
7 030 LORIZ P. F. Yiu 122 (47) B. Avdulla 9
8 569 MR VALIANT L. Ho 122 (47) A. Badel 8
9 085 WIND SPEEDER Y. S. Tsui 122 (47) Z. Purton 2

Butter up 10
11
12
800
220
548
EASY TWO
CHARMING STEED
TRUST ME
K. H. Ting
C. Fownes
C. H. Yip
Blinkers: Nos 4, 6, 7. Hood: Nos 2, 10 (1st time), 12. Pacifiers: No 10 (1st time).
118
116
116
(43) ** K. C. Leung
(41) H. Bentley
(41) Y. L. Chung -7
7
3
5

Tongue tie: Nos 1, 2, 4, 5, 10, 11. Crossed nose band: No 1. Sheepskin cheek pieces: No 5.

RACE 4 Rated 60-40 (Class 4) 1,000m 8:15pm

KINGS FALCON HANDICAP (Total stakes: HK$1,080,000)
1 602 FLYING DRAGON C. H. Yip 135 (59) A. Hamelin 2
2 983 SAVVY DELIGHT John Size 135 (59) B. Avdulla 11
3 1 FAST SERVE D. Hall 134 (58) L. Ferraris 3
4 393 KING ECCELLENTE D. Whyte 132 (56) H. Bowman 9
5 439 KING INVINCIBLE F. C. Lor 128 (52) Z. Purton 5
6 512 ACE TALENT C. Fownes 125 (49) C. Y. Ho 6
7 210 KOWLOON EAST STAR K. L. Man 121 (45) K. C. Leung 1
8 650 DIAMOND SOARS P. F. Yiu 119 (43) Y. L. Chung -7 7
9 400 MILLENNIUM FALCON T. P. Yung 119 (43) ** C. L. Chau -2 4
10 125 STRIVE FOR GLORY W. Y. So 117 (41) M. Chadwick 12
11 700 ABOVE ALL A. T. Millard 116 (40) K. Teetan 8
12 724 MODEST GENTLEMAN L. Ho 116 (40) M. L. Yeung 10
Blinkers: Nos 1, 4. Hood: Nos 6, 7, 8, 11. Pacifiers: Nos 2, 8, 10, 12 (removed).
Pacifier with cowls: Nos 6, 12 (1st time). Tongue tie: Nos 2, 5 (replaced), 6, 7, 8, 9, 10, 12.
Crossed nose band: Nos 1, 3, 4, 11. Shadow roll: No 7.

RACE 5 Rated 60-40 (Class 4) 1,650m 8:45pm

SILVER GRECIAN HANDICAP (Total stakes: HK$1,080,000)
1 900 RUNNING AHEAD  T. P. Yung 135 (60) C. L. Chau -2 3
2 009 VILLA FIONN  P. F. Yiu 135 (60) H. Bowman 9
3 711 TURQUOISE ALPHA P. C. Ng 133 (58) Y. L. Chung -7 5
4 143 SNOWALOT D. A. Hayes 132 (57) Z. Purton 2
5 536 STORMTROUPER C. H. Yip 129 (54) K. Teetan 12
6 542 GOLD TACK A. T. Millard 127 (52) A. Badel 1
7 507 CHARMANDER J. Richards 125 (50) C. Y. Ho 7
8 885 BEAUTY MISSION F. C. Lor 122 (47) M. Chadwick 11
9 851 CONCERTO  K. H. Ting 122 (47) L. Ferraris 10
10 713 FORTUNE PRESIDENT Y. S. Tsui 122 (47) M. L. Yeung 8
11 384 RIGHT HONOURABLE R. Gibson 119 (44) A. Hamelin 6
12 826 CORDYCEPS ONE K. W. Lui 117 (42) L. Hewitson 4
Blinkers: Nos 2, 4, 7, 12. Hood: Nos 11, 12. Pacifier with cowls: No 11. Tongue tie: Nos 1, 7, 8, 9, 11.
Crossed nose band: Nos 3, 5, 9. Shadow roll: No 8. Sheepskin cheek pieces: Nos 3, 6.

RACE 6 Rated 60-40 (Class 4) 1,200m 9:15pm

STAR SHINE HANDICAP - Sec 2 (Total stakes: HK$1,080,000)
1 432 JUNEAU FLASH John Size 135 (60) K. Teetan 12
2 115 ONE FOR ALL R. Gibson 135 (60) Y. L. Chung -7 8
3 500 HERO STAR K. L. Man 134 (59) B. Avdulla 1
4 835 TRAVEL GOLF C. H. Yip 129 (54) H. W. Lai 3
5 057 TELECOM SPIRIT Y. S. Tsui 127 (52) M. Chadwick 6
6 95 AESTHETICISM P. C. Ng 126 (51) C. L. Chau -2 5
7 883 HEARTY WISH D. Whyte 124 (49) H. Bentley 4
8 832 TOGEPI A. T. Millard 124 (49) H. Bowman 11
9 055 FORTUNE CARRIER C. S. Shum 119 (44) C. Y. Ho 10
10 660 LYRICAL MOTION W. Y. So 119 (44) L. Hewitson 7
11 040 MULTIMORE T. P. Yung 116 (41) H. T. Mo -2 9
12 707 SURE JOYFUL P. F. Yiu 116 (41) * M. F. Poon -2 2
Blinkers: Nos 2, 5, 7, 8, 9. Pacifiers: No 1. Pacifier with cowls: No 12 (1st time). Visor: No 12 (removed).
Tongue tie: Nos 2, 3, 4, 7, 9, 10, 11. Crossed nose band: No 3 (1st time). Shadow roll: No 7.
Sheepskin cheek pieces: No 6.

RACE 7 Rated 80-60 (Class 3) 1,800m 9:45pm

LET ME FIGHT HANDICAP (Total stakes: HK$1,900,000)
1 637 TIANCHI MONSTER W. Y. So 135 (78) M. Chadwick 9
2 963 ZONE D John Size 134 (77) A. Badel 12
3 849 SUNNY STAR C. Fownes 133 (76) C. Y. Ho 6
4 739 JUMBO FORTUNE P. C. Ng 129 (72) Z. Purton 2
5 253 HAMERON K. W. Lui 128 (71) L. Ferraris 1
6 400 RED MAJESTY D. A. Hayes 128 (71) K. H. Chan -5 4
7 631 S J TOURBILLON D. Whyte 128 (71) L. Hewitson 11
8 543 ABOVE A. T. Millard 126 (69) K. Teetan 3
9 761 YOUNG BRILLIANT C. H. Yip 125 (68) H. Bowman 8
10 48 UP AND UP C. S. Shum 124 (67) M. F. Poon -2 10
11 240 MAJESTIC VICTORY A. S. Cruz 121 (64) Y. L. Chung -7 7
12 242 DARCI JOY  P. F. Yiu 119 (62) H. T. Mo -2 5
Blinkers: Nos 3, 6 (removed), 8, 9, 12. Tongue tie: Nos 2, 6, 7, 8, 10, 11, 12. Crossed nose band: Nos 4, 7.
Shadow roll: No 7. Sheepskin cheek pieces: No 6 (replaced).
RACE 8 Rated 80-60 (Class 3) 1,000m 10:15pm
LUCKY PATCH HANDICAP (Total stakes: HK$1,725,000)
1 080 EXPLOSIVE WITNESS  C. Fownes 135 (80) H. Bentley 4
2 211 SEASONS WIT J. Richards 135 (80) Z. Purton 6
3 122 HARMONY N BLESSED D. A. Hayes 130 (75) K. C. Leung 3
4 584 BEAUTY TYCOON John Size 127 (72) H. Bowman 11
5 603 EQUALETTA BLITZ D. Whyte 123 (68) B. Avdulla 8
6 199 E UNIVERSE K. L. Man 121 (66) Y. L. Chung -7 12
7 408 HUMBLE STAR P. C. Ng 121 (66) K. Teetan 10
8 278 PARTY WARRIOR K. W. Lui 120 (65) C. Y. Ho 5
9 021 AMAZING ROCKY  T. P. Yung 119 (64) ** C. L. Chau -2 9
10 410 SUPER VINCE F. C. Lor 119 (64) A. Badel 2
11 933 NORTHERN BEACHES W. Y. So 118 (63) M. Chadwick 7
12 00 WINNING HEART A. S. Cruz 118 (63) M. F. Poon -2 1
Blinkers: Nos 2, 3, 5, 12. Hood: Nos 5 (removed), 8. Tongue tie: Nos 2, 3, 6, 7, 10, 12.
Crossed nose band: Nos 1, 10. Shadow roll: Nos 1, 7.
RACE 9 Rated 95-75 (Class 2) 1,650m 10:50pm
SUN JEWELLERY HANDICAP (Total stakes: HK$2,900,000)
1 263 BUTTERFIELD C. S. Shum 135 (95) L. Ferraris 7
2 095 SAVAQUIN John Size 133 (93) Z. Purton 2
3 970 TELECOM FIGHTERS Y. S. Tsui 133 (93) L. Hewitson 1
4 620 HANDSOME TWELVE T. P. Yung 130 (90) H. Bentley 8
Luke Ferraris gallops Butterfield at Sha Tin yesterday ahead of them teaming up to Lucky Missile to victory at Sha Tin on Sunday. Unfortunately, Butterfield has not tasted 5 804 PACKING AWARD  L. Ho 130 (90) K. Teetan 5
contest the Class Two Sun Jewellery Handicap (1,650m) at Happy Valley tomorrow. success since he won the 2021 Group Three Queen Mother Memorial Cup (2,400m) for 6 717 A PAL F. C. Lor 126 (86) M. Chadwick 3
7 407 CHEERFUL DAYS K. W. Lui 126 (86) M. F. Poon -2 9
Young South African jockey Ferraris improved to 32 wins this season when he rode Danny Shum Chap-shing and Matthew Poon Ming-fai 28 starts ago. Photos: Kenneth Chan 8 395 GALAXY WITNESS C. Fownes 125 (85) C. Y. Ho 10
9 049 ATULLIBIGEAL D. Hall 124 (84) H. Bowman 11
10 331 PRIME MINISTER  P. F. Yiu 122 (82) K. C. Leung 12
UNOFFICIAL TITLES 11
12
143
890
WINNING DRAGON
GRATEFUL HEART
A. S. Cruz
W. Y. So
120 (80) Y. L. Chung -7
119 (79) M. L. Yeung
4
6
Blinkers: Nos 7, 9. Hood: Nos 9, 11. Tongue tie: Nos 1, 6, 11, 12. Crossed nose band: No 9.
Sheepskin cheek pieces: Nos 1, 6, 12. *Probable 1 lb overweight. **Probable 2 lbs overweight.

Lui fights Fownes for King of the Valley crown

 up in Class.  down in Class.
EXOTIC BETS: Six Up: 4-9 1st DT: 2, 3 2nd DT: 4, 5 3rd DT: 6 , 7 4th DT: 8, 9
1st Treble: 3, 4, 5 2nd Treble: 7, 8, 9 TT: 5, 6, 7 ($3.7m Jackpot)

Mark Worwood
mark.worwood@scmp.com
Buzzing following his largest haul
of race victories at a meeting this
season and first four-timer since
June 2020, Francis Lui Kin-wai
leads this term’s Happy Valley
trainers’ championship by one
win from Caspar Fownes going
into tomorrow’s exciting finale.
With nine races remaining
at Happy Valley before the
city circuit hibernates until
September, Lui (31 victories),
Fownes (30) and Tony Cruz (27)
have sufficient runners to
be contenders for the tight-
turning track’s unofficial title
for handlers.
Lui, who celebrated Sha Tin
successes with Call Me Dandy,
Golden Samurai, Silver Sonic and
Sweet Briar during Sunday’s
twilight programme, will saddle
up five gallopers at tomorrow’s
Happy Valley meeting.
Perhaps Lui’s best chance of
adding to his tally of Happy Valley
wins this season is Hameron, the
former Chris Waller-conditioned
import whose overseas form
and pedigree page suggests he
should relish stepping up to
1,800m in the Class Three Let Me
Fight Handicap.
Hameron, a 2,080m winner
at Gosford who contested the
Group One Metropolitan (2,400m)
at Randwick on his penultimate
run for Waller in Australia, has
been strong late in each of
his three Hong Kong starts over
inadequate journeys of 1,200m,
1,400m and 1,650m.
“He’s a stayer, so 1,800m
should suit him,” said Lui
of Hameron, with whom
Luke Ferraris will continue his
association. “He’s improved with
every run for me.”
While punters are guaranteed
to flock to Hameron, they may not
be so keen to support Cordyceps
One when Lui’s problem miler
lines up in the Class Four
Silver Grecian Handicap over his
preferred 1,650m trip.
Cordyceps One butchered the
beginning of his last race on May
24 when the heavily backed $2.3
favourite lost more ground exiting
the barriers than his six-length
margin of defeat. A fortnight ago,
the Hinchinbrook gelding broke
through the front of his gate,
banged his head and did not
participate in the event.
Jockey Club stewards passed
Cordyceps One’s trial effort last
week, but Lui concedes he does
not know whether the barrier
rogue will behave tomorrow.
“He’s difficult inside the gates.
We’ve tried to improve his
manners at training and the trials,
but he’s different at the races,”
Lui said of Cordyceps One, whom
Lyle Hewitson will ride for the
first time in a competitive heat
following their trial together.
Another live chance at Happy
Valley tomorrow for Lui is
last-start runner-up Joy Coming,
whom Hewitson will steer in the
first section of the Class Four
Fast Most Furious Handicap
(1,200m), while Party Warrior and
Cheerful Days will represent the
trainer in the last two races.
Fownes will have seven
starters at Happy Valley tomorrow
– Jazz Steed, Loyal Ambition,
Charming Steed, Ace Talent,
Francis Lui celebrates his superb
four-timer at Sha Tin on Sunday.
Sunny Star, Explosive Witness and
Galaxy Witness – and in the event
of a tie on wins, he would beat Lui
on countback because of his
greater number of seconds. Cruz
will need a miracle to overtake
both Fownes and Lui from
his position.
Zac Purton and Vincent
Ho Chak-yiu are level on 49
Happy Valley victories – 23 more
than the city circuit’s third-ranked
rider, Karis Teetan.
Purton, who broke Joao
Moreira’s single-season record of
170 wins during Sunday’s meeting
at Sha Tin, has eight assignments
at Happy Valley tomorrow as the
Australian superstar looks to build
on his tally of 173 victories.
Ho, who has led the city circuit
jockeys’ title race for most of the
10-month campaign, also has
eight rides.
John Size is likely to secure a
record-breaking 12th Hong Kong
trainers’ championship
tomorrow.
TRACK STARS
Race 1: (1) Chiu Chow Brother, (3) Har Har At Heart,
(4) Goodmanship, (6) Jazz Steed.
Race 2: (2) Helene Allibor, (4) Vincy, (6) Loyal Ambition,
(8) Cable Speed.
Race 3: (2) Flaming Passion, (5) Joy Coming, (9) Wind Speeder,
(11) Charming Steed.
Race 4: (1) Flying Dragon, (3) Fast Serve, (6) Ace Talent,
(11) Above All.
Race 5: (3) Turquoise Alpha, (4) Snowalot, (6) Gold Tack,
(10) Fortune President.
Race 6: (2) One For All, (3) Hero Star, (4) Travel Golf,
(7) Hearty Wish.
Race 7: (4) Jumbo Fortune, (5) Hameron, (8) Above,
(9) Young Brilliant.
Race 8: (2) Seasons Wit, (3) Harmony N Blessed,
(8) Party Warrior, (9) Amazing Rocky.
Race 9: (2) Savaquin, (5) Packing Award, (6) A Pal,
(11) Winning Dragon.

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 Tuesday, July 11, 2023 B13

Family affair
Allisen Corpuz gets a hug and congratulations from her
parents Marcos and May after her triumph at the US
Women’s Open in Pebble Beach, California. It was her
first major golf title, sinking six birdies in a final round
of three-under-par 69 to finish three shots clear of the
field. The unflappable American kept her poise in tough
conditions at the wind-whipped Pacific coast course.
She was the only player to finish all four rounds
under par, carding a nine-under 279 total. England’s
Charley Hull (66) and South Korea’s Jiyai Shin (68) tied
for second after finishing at six under for the prestige
tournament, with Japan’s Nasa Hataoka (76) and
American Bailey Tardy (73) sharing fourth place three
shots further back.
CYCLING
SPORT
MOTOR RACING
HAMILTON
HAPPY FOR
REVIVAL OF
McLAREN
Seven-time F1 champion hails his old team being
competitive again even as he loses an all-British
tussle with Norris for second place at Silverstone
McLaren were also racing in
Associated Press in Silverstone
Britain with a chromed livery
harking back to the Silver Arrows
Mercedes driver Lewis Hamilton look with Mercedes engines when
is happy his old team McLaren is McLaren won titles in the 1990s
competitive in Formula One and 2000s, including Hamilton’s
again, even if it is at his expense. first F1 championship in 2008.
The seven-time champion lost Even more encouragingly for
an all-British tussle to McLaren’s McLaren, Norris’ rookie team-
Lando Norris for second place in mate Oscar Piastri showed he was
their home grand prix. Norris even getting comfortable in F1 with a
overtook all-conquering Red Bull fourth-place finish that Norris
driver Max Verstappen at the start said “should have been P3” but for
to lead briefly. Getting the better an unfortunately timed safety car
of Verstappen has been almost that hurt Piastri’s strategy.
impossible this season. McLaren fought a legal tussle
On the faster tracks like with Alpine last year over who had
Corpuz said the week had felt like “a dream come She held a share of the lead through 54 holes at the Silverstone, Norris said: “We’re the rights to the promising
true”. “Every few holes I just kind of looked out and opening major of the year but faltered to finish in a tie almost on a par with what Red Australian driver for this season
said, you know, I’m out here at Pebble Beach, there’s for fourth. Corpuz revealed her coach had callled her Bull can achieve.” after Piastri publicly rejected
not many places that are better than this,” she said at before the final round of the US Open, saying: “No one’s The McLaren car was quick in Alpine. As McLaren struggled
the trophy ceremony. “Really just tried to stay grounded going to give it to you.” She said she had played a little qualifying and on race day, he
and keep playing my game.” She held her nerve on the conservatively in the past and “just really went out there added: “We definitely seem to
front nine with three birdies amid a pair of bogeys. and told myself I had the game to do it today”. maintain our performance when
She took control after the turn with three more She leaves Pebble Beach with the biggest pay cheque others seem to take a bit of a hit.”
birdies before dropping a shot on the par-three 17th. in women’s championship golf, a record US$2 million, Not bad for a team which did Big congratulations
Allowing a slow smile to crawl across her face as she playing in only her second year as a pro on the Tour. not score any points at five of the
strode down 18, Corpuz kept her emotions in check Hull had an eagle on the par-five second and charged first eight GP weekends. to Lando and to
until the final putt, wiping away happy tears and up the leader board with six birdies offset by two Hamilton has described the
soaking in the acclaim. It was redemption after her bogeys. Hataoka was the overnight leader but had four McLaren car – which is newly
McLaren, where
disappointment at the Chevron Championship. bogeys on the back nine. Photo: USA Today Sports competitive after an aerodynamic it was my family,
upgrade – as a “rocket ship” and
sent “big congratulations to where I first started
Lando and to McLaren, where it
FOOTBALL was my family, where I first LEWIS HAMILTON
started”.
“It was a great battle we had earlier this season and Alpine

Vingegaard holds Rodman shines with brace for US in final but it’s really amazing to see the
McLaren back up in competitive
form,” Hamilton said. “It’s been
scored regular points, it seemed
he might have been better off with
the French team after all. At
tune-up before World Cup tournament such a long time.” Silverstone, though, McLaren

onto Tour lead as Reuters

classic takes a rest
Canadian Woods seals stage nine triumph before
one of two recovery days in the gruelling event
Agence France-Presse
Defending champion Jonas
Vingegaard held on to the Tour de
France overall lead going into the
first rest day as Canada’s Michael
Woods sealed a prestigious stage
victory on the Puy de Dome
volcano.
France’s Pierre Latour crossed
28 seconds behind Woods with
Slovenian Matej Mohoric a
further seven seconds adrift as the
fight between the favourites
played out much further down the
steep slopes.
Two-time Tour winner Tadej
Pogacar launched an attack from
600 metres but defending cham-
pion Vingegaard held his cool and
followed the Slovenian over the
summit finish line just seconds
behind.
Two fancied British riders –
former Vuelta champion Simon
Yates and up-and-coming Ineos
star Tom Pidcock – were a further
43 seconds behind Vingegaard.
Vingegaard had a lead of 17
seconds, losing eight seconds to
Pogacar, but the expected
fireworks never materialised on a
hot July day.
Woods was surprised with his
win after managing to get into the
day’s escape which led by 16
minutes on the tough slopes
where no fans were allowed.
“Because there were no fans at
the end it was almost like Covid-
period climbing,” Woods said.
“Up to that point it has been
deafening,” said the 36-year-old
who overtook American Matteo
Jorgenson in the home straight.
Jorgenson of Movistar had
been stung on the way to the
dormant volcano and sought
medical help after a wasp got
inside his helmet.
The World Heritage site in
central France provides quite a
spectacle and experience in itself.
“You can see the volcano from
way away, that was really cool,”
Woods said. “This was my career
goal and it was one of the hardest
races you could possibly do.”
Pogacar was 8 minutes 19
seconds slower than Woods after
the 182km stage nine as he
finished first from the main
contenders after a trademark late
burst. “It was a small victory,” said
Pogacar, who lost ground to the
champion on stage four, but has
gained time back twice now.
“I was a bit worried because
everyone was talking about how
hard the climb was, but in fact it
didn’t feel so steep.”
Vingegaard revealed his team
had held back. “We didn’t want to
go for the stage here, we didn’t
want to pull because in my
opinion this stage didn’t suit me,”
the Dane said.
“I’m looking forward to getting
to the Alps. There are stages that
suit me a lot better than this.”
The 26-year-old former fish
factory worker, who won last year
and was second behind Pogacar
in 2021, said he tried only to focus
on himself.
“I don’t really think about
him,” he said of Pogacar. “I just
think about maintaining my best
shape, but for the plans, he’s the
one you have to think about,” he
conceded.
Vietnam in Group E on July 22.
Hamilton was the last driver to
win the championship for
McLaren in 2008.
leapt above Alpine to fifth in the
constructors’ standings.
Still, McLaren will not be the
The 23-player squad are in pursuit The McLaren might just be the star at every circuit. Norris was full
Trinity Rodman made a strong
case for herself as a Women’s
of an unprecedented third
consecutive title and were treated
to a post-match ceremony in front
car Mercedes could have had.
It uses the same Mercedes
engines but with an aerodynamic
of praise for the car’s high-speed
performance but admitted it
remained “pretty terrible in the
World Cup starter, as she scored a of 18,000 fans. package which resembles the slow-speed corners, extremely
brace to give the United States a Veteran Megan Rapinoe, who dominant Red Bull of Verstappen, difficult to drive”. That will not
2-0 win over Wales in their final said at the weekend she would especially after upgrades first used help at the next race on July 23 in
tune-up before the tournament. retire at the end of the season, did by Norris at the previous race in Hungary, where the average
Sophia Smith drew out the not play in the match but was Austria. McLaren had scored just speed is among the slowest of any
Welsh goalkeeper and crossed to greeted to roars of celebration as 17 points all season before then. F1 circuit.
21-year-old Rodman, who she stepped out onto the pitch Now they have 59. “We’re getting excited and I
finished into an open goal to and gave the crowd a wave. Mercedes, by contrast, have accept that,” Norris said. “But
break the deadlock in the 76th Trinity Rodman shoots for the US Rapinoe is travelling to her struggled since opting to design we’re going to go to a couple of
minute in San Jose, California. during their match against Wales. fourth World Cup despite suffer- their 2022 car around small, sleek tracks where I’m sure people are
Rodman, who came on as a ing a minor calf injury playing for side pods. That has arguably going to be saying: ‘What have you
second-half substitute after coach her OL Reign club last month. hampered Mercedes’ options to done now? Like, how has it got so
Vlatko Andonovski opted to start against the 30th-ranked Wales’ Andonovski said he had no improve and made it harder to bad all of a sudden’.”
18-year-old Alyssa Thompson up tight unit, before Andonovski sent concerns with her recovery. follow innovations from other China’s Zhou Guanyu finished
front, added another goal 11 on a flurry of substitutes, includ- World Cup co-hosts New teams like Red Bull with more well down the track in 15th place
minutes later. ing Rodman. Zealand fine-tuned their prepara- conventional designs. for the Alfa Romeo team.
“They were organised, they “Today was another stepping tion with a morale-boosting 2-0
were disciplined. They defended stone for us,” veteran defender win over Vietnam in Napier
well and it made it hard for us,” Crystal Dunn said. “Obviously yesterday, earning their first
Andonovski said. wasn’t our tidiest game, but I victory on home soil since June
“[Rodman] was one of the think this is a great moment for us 2012.
players ... that had a task to fulfil to to build on what we’re working on First-half goals from defender
raise the pace and the tempo of right now.” CJ Bott and forward Jacqui Hand
the game a little bit. We saw the The friendly gave fans a final also helped New Zealand snap a
tempo changed dramatically.” glimpse at their four-times 10-match winless run.
The US had not been held champions before they travel to The World Cup kicks off in
goalless in the first half since New Zealand, where they begin Australia and New Zealand on July
January but were flummoxed their World Cup campaign against 20.
BRAZIL BLENDS OLD HEADS WITH EMERGING TALENT FOR CAMPAIGN
After winning a fourth consecutive Copa America, in her sixth World Cup after spending just over a year
Brazil are hopeful they have found the right balance on the sidelines because of injury.
between experience, emerging talent and natural “Marta is a queen. Being around her and having
flair to deliver a first Women’s World Cup trophy. the chance to train her is great,” Sundhage said.
The Brazilians, eighth in the Fifa rankings, were “Whether she will be in the starting line-up, I don’t
dumped out of the 2019 tournament in the round of know. But she will have our support.”
16, which led to Swede Pia Sundhage taking over Defender Tamires and midfielders Andressa Alves
from Vadao to become the team’s first foreign coach. and Debinha also bring strong leadership and
Sundhage, who led the United States to Olympic technical excellence to the squad, which will be key in
gold in 2008 and 2012, and Sweden to silver in Rio de Sundhage’s flexible strategy.
Janeiro, has instilled discipline and confidence, The emergence of a crop of skilful youngsters has
looking to get the right blend of technique and resulted in 11 World Cup debutants in the squad.
experience from veterans and emerging talent. Midfielder Ary Borges and forwards Kerolin and
“Experienced players will be important. It’s a Geyse offer the kind of explosiveness and
balance they make with the younger ones,” Sundhage unpredictability the team can use to great effect.
said recently. “I like this mix and it’s just the Brazil begin their World Cup against Panama on
beginning. It could be the winning formula.” July 24 before facing France five days later and then
That key element of experience prompted the ending their last Group F campaign against Jamaica
long-awaited return to the squad of 37-year-old on August 2. McLaren’s Lando Norris celebrates his second place behind Red Bull’s
Marta, the team’s record scorer, who will be playing Reuters Max Verstappen in the British Grand Prix at Silverstone. Photo: DPA

BASKETBALL

Wembanyama more aggressive in his second act

Associated Press in Las Vegas
Victor Wembanyama was yelling
in celebration, punching the air,
even got a Band-Aid on his right
cheek amid some physicality.
For his second act in Las Vegas,
Wembanyama showed some fire.
The No 1 pick in this year’s
NBA draft looked much more like
himself in his second game of
Canadian Michael Woods, of Israel-Premier Tech, enjoys winning the Summer League. He finished with
Puy de Dome ninth stage of the Tour de France race. Photo: DPA 27 points and 12 rebounds, but
the Spurs lost the encounter 85-80
to the Portland Trail Blazers.
“I was just getting going,”
Wembanyama said.
He was 9 of 14 from the floor, 7
of 12 from the line, blocked three
shots and led a comeback where
the Spurs cut a 19-point deficit
down to one, but they never got
the lead.
“I wish we would have won the
game,” Wembanyama said. “I
think I could have done more ...
Have to keep learning.”
There were also moments that
reminded everyone he was still an
NBA work in progress – he
airballed his third 3-pointer in two
games, got moved off his spot a
couple of times on rebound
opportunities – but it was clearly a
more Wemby-like game than was
the case in his debut.
He was only 2 for 13 from the
field in San Antonio’s Vegas-
opening win over Charlotte; he
shot far better in game 2. He
missed his first shot, then missed
a pair of free throws before floor, got rewarded with a pass
connecting on an 18-foot jumper from Julian Champagnie and
from the right wing for his first threw down another dunk over
points, and was off and running the Blazers’ Justin Minaya.
from there. “It’s normal to get He went looking for contact in
better every game,” he said. the third quarter as well. After
And there were highlights. He missing from down low, he went
tipped a rebound to himself with across the lane to grab his own
his left hand, basically alley- miss and scored off the glass with
ooping the ball to himself for a his left hand while getting fouls,
dunk over Portland’s Jabari drawing more yells from the
Walker. That seemed to energise crowd that was basically reacting
him. Moments later, after block- one way or another to everything
ing a shot at one end, he ran the he did.

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

Tuesday, July 11, 2023
CRICKET
STOKES ‘NO
HESITATION’
ON ASHES
COMEBACK
After dramatic third test victory over Australia,
skipper confident of England becoming only the
second team to secure a series from 2-0 down
Agence France-Presse in Leeds
England captain Ben Stokes says
he has no doubt his side can pull
off a remarkable Ashes comeback
after winning a dramatic third test
by three wickets.
Chasing 251 to win against
Australia at Headingley, England
slumped to 171 for six.
Harry Brook’s 75 put the hosts
back in command before Chris
Woakes (32 not out) and Mark
Wood (16 not out) got Stokes’ men
over the line.
Australia still lead the best-of-
five series 2-1 and need just one
more win to secure their first
Ashes triumph in England for 22
years.
But Stokes remains confident
England can become just the
second team to win a test series
from 2-0 down after the Don
Bradman-inspired 1936-37
Australia side that won the Ashes.
“Yep. No hesitation,” Stokes
said when asked if England could
win the series. “Another down-to-
the-wire game. It’s nice to get over
the line in this one and keep our
hopes alive.
“I’m not going to lie, I was a bit
nervous at the end. We knew we
needed to win this one to keep
alive our hopes of winning the
Ashes. I walked about 2k around
the Headingley dressing room in
the last half-hour, I didn’t actually
watch the last 20 runs being
scored.”
Stokes’ 155 was not enough as
England fell just short in a run
chase in the controversial second
test at Lord’s. But he and the
selectors could afford themselves
a pat on the back as the three
changes they made to the side
paid dividends.
Woakes and Wood starred
with bat and ball, while Moeen Ali
took the key wickets of Marnus
Labuschagne and Steve Smith in
Australia’s second innings.
“It’s great when you make
decisions like that and they have a
big impact on the team,” Stokes
England’s Chris Woakes and Mark Wood celebrate after Woakes hits a
boundary for victory against Australia at Headingley. Photo: AFP
BASKETBALL
Bulls need time to gel, coach Liu Tie says after loss
Mike Chan
kinwa.chan@scmp.com
Hong Kong Bulls need time to find
their feet in their debut season in
the mainland’s second-tier
competition, head coach Liu Tiu
said after their defeat by Shaanxi
Wolves in their first away game.
The 107-93 defeat came after
the new franchise won their first
two National Basketball League
games at home, and Liu admitted
they needed to “fix some
problems” to bounce back, with
two more home games up next.
“Shaanxi played really well,”
he said. “Our players tried hard
but we were just not good enough.
FIGHT DOWN TO THE WIRE
Caspar Fownes and Francis Lui are neck and neck in
the battle for King of the Valley crown > RACING B12
said. “We want people to come in
and impact on the game in their
moment to put us in a command-
ing position ... all three did that.”
Wood won player of the match
in his first test since December last
year after taking five for 34 in
Australia’s first innings and a
first-innings cameo of 24 runs off
eight balls with the bat.
“I am delighted to be stood
here and great for us to win the
match and it keeps the series
alive,” Wood said. “It is the first
time I’ve got England over the line
with the bat so I’m delighted.”
Meanwhile, Australia captain
Pat Cummins insisted all options
remained open as he refused to
rule out dropping struggling
opener David Warner for the
finale of the Ashes series.
Left-handed opener Warner
has signalled his intention to retire
from test duty against Pakistan at
his Sydney home ground next
year. But the 36-year-old may yet
be denied the chance to go out on
his own terms.
Another double failure against
long-standing England nemesis
Stuart Broad at Headingley puts
his place in jeopardy.
Warner managed scores of just
four and one at Leeds, falling to
Broad on both occasions with the
seamer now having dismissed
him 17 times in his test career.
Warner’s lack of runs has left
Australia with a tricky decision
although the fact there are no tour
games makes it harder for the likes
of reserve batter Marcus Harris to
press their case.
“We’ll keep all our options
open. We’ve got nine or 10 days
now, so we’ll take a deep breath,”
Cummins said.
Cummins, however, was
rather more strident when
questioned about the likelihood of
Mitchell Marsh, who hit a superb
118, being dropped. “It’s possible,
but it was a pretty impressive
week wasn’t it?” Cummins said.
The fourth test of the series
gets under way at Old Trafford in
Manchester on July 19.
“Our playing style is relatively
simple at the moment, and
players are impatient. But we
need time as a new team, so let’s
take it one step at a time.”
Having defeated two-time
defending champions Guangxi
Rhinos and Henan Jinxiang at
home in the opening week, the
Bulls travelled for the first time
this season.
Liu stuck with his usual start-
ing line-up, except for swapping Li
Jiayi for Sun Wei at centre. Samuel
Deguara and Rasheed Sulaimon,
their Maltese and American
imports respectively, were not
able to make the trip, leaving
forward Maurice Kemp as the
only import in the visitors’ roster.*
ATHLETICS
Track and field hopefuls test
the water for Asian Games
Hurdler Vera Lui among Hong Kong squad eying
success at Asian Championships in Bangkok
Chan Kin-wa
kinwa.chan@scmp.com
Hong Kong will have a squad of 20
at this week’s Asian Athletics
Championships in Bangkok,
testing the city’s medal potential
in the biggest regional event
ahead of September’s Asian
Games in Hangzhou.
Most of the team members will
be part of the squad for the
multisport Games, pending
approval from the local Olympic
committee.
“This is a prelude to the
Hangzhou Games because all
teams are eager to gauge their
progress with slightly more than
two months to go,” Simon Yeung
Sai-mo, senior vice-chairman of
the Association of Athletics
Affiliates, said.
The Thailand event will serve
as a qualifier for next month’s
World Championships in
Budapest, with the event winners
automatically booking tickets.
“We understand the likes of
China and Japan are sending their
top athletes,” Yeung said, indicat-
ing the lure of places for Budapest
would make the Bangkok
showpiece more competitive.
The Bulls led 30-24 after the
opening quarter, but the hosts
came out strong after the restart
and responded with a 9-0 run to
start the second.
Three-time champions
Wolves, whose most recent title
came in 2018, outscored the Bulls
by seven in the second period to
take a 52-51 lead at half-time.
The Bulls’ shooting let them
down in the third quarter as they
managed only 15 points. Their
opponents registered 30, extend-
ing their lead to 16 entering the
final period, and they never
looked back.
Their 2-1 season record puts
them on a par with five other
teams including the Bulls, who
Vera Lui will be eager to check her
form at the Asian Championships.
Among the Hong Kong squad,
hurdler Vera Lui Lai-yiu will be
eager to prove herself after her
fourth in the women’s 100 metres
hurdles at the Asian Champion-
ships in Doha in 2019. The 2021
edition in Hangzhou was
scrapped amid the pandemic.
The 28-year-old improved her
best time to 13.27 seconds at
May’s Hong Kong Championships
as she continued her build-up to
the Asian Games, where she
sealed a bronze medal in Jakarta
five years ago.
Hong Kong have won only one
gold medal at previous Asian
Championships, which came
from the men’s 4x100m relay
team when they were crowned
champions in Pune, India in 2013.
rank third in the 12-team league at
the moment.
Kemp, one of three Bulls to
score in double figures, led all
scorers with 36, half of which
came from free throws. Six Wolves
Our playing style
is relatively simple
at the moment,
and players
are impatient
LIU TIU, HONG KONG BULLS HEAD COACH
BACK IN THE FAST LANE
Lando Norris shows McLaren are a competitive force
again with second at British GP > MOTOR RACING B13
Joint Hong Kong 100m record
holder Ng Ka-fung remains the
only team member from the 2013
quartet that beat out Japan and
China – the latter of whose team
featured Su Bingtian – in the final.
Ng, 30, will rely on his experi-
ence to help younger members of
the team such as Shak Kam-ching,
Chan Yat-lok and Lee Hong-kit as
they strive for international
honours.
The fast improving women’s
4x100m relay team will also get the
opportunity to rub shoulders with
the region’s best.
All five members have gone
below 12s in the 100m, with the
team shattering a 12-year-old
Hong Kong record in a time of
45.17s in Shenyang last month.
Of the five sprinters, Leung
Kwan-yi and Kong Chun-ki, who
both recorded personal bests of
11.69s in the 100m this year, will
also run in the individual event.
Hong Kong long jumpers
Chan Ming-tai and Ko Ho-long
will also look to spring a surprise,
having surpassed the 8-metre
mark in their build up to the Asian
Games, while Tiffany Yue Nga-
yan also has a chance to medal if
she can better her Hong Kong
record of 6.49m set in Portugal last
year.
Both 4x100m relay races will
kick off the championships at the
National Stadium of Thailand
tomorrow.
players chipped in double
figures.
“We didn’t do well in running
our offence,” Ricky Yang, who
went one-for-six and finished
with only four points, said.
“We didn’t share the ball
enough and didn’t pass the ball
fast enough – that’s what we need
to improve in the next game.”
Following the Bulls’ loss,
Shijiazhuang Xianglan, who
defeated Wuhan Kunpeng 101-89,
were left as the only undefeated
side.
The Bulls will face Anhui
Wenyi at Southorn Stadium
tomorrow, before taking on Hefei
Kuangfeng in Wan Chai a day
later.
Birdies in the final round for Allisen Corpuz as
she wins golf’s US Women’s Open by 3 shots
6
In focus for
key quest
Russian Daniil Medvedev serves
to the Czech Republic’s Jiri
Lehecka in their round-of-16
match at Wimbledon yesterday.
Medvedev, the men’s third seed,
reached the quarter-finals at the
All England Club for the first time
when Lehecka retired injured
after losing the first two sets 6-4,
6-2. The 21-year-old Lehecka,
who had played a four-hour
five-set tennis match against
Tommy Paul in the last round,
took a timeout after the first set
while a trainer treated blisters on
his right foot.
The Czech, who produced 33
unforced errors in the match,
struggled on through the second
set but Medvedev broke his serve
twice and was untroubled on his
own. “I feel sorry for Jiri because
fourth round at Wimbledon, to
get hurt it’s not easy,” Medvedev,
27, said but added: “He has a lot
of grand slams ahead of him.” In
the women, Russian teenager
Mirra Andreeva was given a
point penalty for throwing her
racquet and refused to shake the
umpire’s hand in losing to
Madison Keys 3-6, 7-6 (7-4), 6-2.
Photo: AFP
MOUNTAINEERING
Pakistani climber races
rivals and hunts funds
to chase summit record
to climb K2 and the youngest to
Agence France-Presse in Lahore
climb both of the world’s two
highest mountains.
Pakistani mountaineer Shehroze He is also the youngest to
Kashif has to battle sub-zero climb Pakistan’s Broad Peak, the
temperatures and biting winds in world’s 12th highest mountain
his race to scale the world’s and his first eight-thousander – a
highest peaks, but his biggest feat that earned him the moniker
challenge is finding the money. “Broad Boy”.
Kashif, 21, aims this year to “It’s not about only climbing
become the youngest person to the mountains. It’s about the
climb every peak above 8,000 energy that you absorb from the
metres, all of which are in Asia, mountains,” Kashif said. “Every
with five in Pakistan. mountain has its own charm. It’s
Summiting Everest set him own aura of ... danger and adven-
back around US$60,000, and ture and happiness.”
climbing all 14 “super peaks” can With memorial plaques
cost hundreds of thousands of dotting the hills of the eight-
dollars – funds that are especially thousanders, Kashif is aware of his
difficult to raise in a country pursuit’s risks. “These guys were
gripped by an economic crisis. here with the same potential,
“My father sold my car and a same passion, same enthusiasm,
piece of land ... that’s how I did same determination and same
Everest,” Kashif said from his tolerance [as me],” he said.
hometown Lahore.
Only about 50 people are
believed to have climbed all 14
super peaks, the youngest being
Mingma Gyabu “David” Sherpa of
Nepal, who summited them all by
the age of 30.
To break this record, Kashif
still has three mountains to
conquer: China’s Shishapangma,
and Cho Oyu and Manaslu in
Nepal, having to reclimb the latter
after a new, higher summit was
officially recognised in 2021.
Hot on Kashif’s heels is
Adriana Brownlee, a 22-year-old
British-Spanish mountaineer who
is also racing to be the youngest to
scale all the eight-thousanders.
3
Kashif describes Brownlee –
the youngest woman to climb the More mountains Shehroze
world’s second-highest peak, K2 Kashif needs to conquer to
– as “sharing the same stage”.
But unlike Brownlee, who has
climbed 10 eight-thousanders,
Kashif does not have international
become youngest climber,
at 21, to scale every peak
above 8,000 metres
sponsorship and even struggles to
get backers in Pakistan.
Brownlee will also need to Kashif’s most dangerous climb
resummit Manaslu, in what was up the world’s ninth-highest
would be her third attempt to peak, Nanga Parbat, a year ago.
scale the peak since first climbing He and his climbing partner
it. “I think she’s waiting for me [to Fazal Ali got lost in bad weather
do it] actually,” Kashif said with a after summiting, and soon ran out
laugh. of oxygen, food and water.
Kashif first became interested “I started hallucinating,”
in climbing aged 11, when most Kashif said. “My head was
Pakistani boys his age are building working [but the] rest of my body
up their cricket skills. Instead, he was just totally numb.”
climbed the 3,885-metre When Kashif woke from a rest,
Himalayan peak Makra which is he was surprised to be alive. After
in northern Pakistan. six hours of trekking, the pair
He has racked up a string of made it to one of the base camps.
records since then, with scarcely “The thing that I was most
enough space in his Twitter bio to afraid of [is] that I don’t want to die
list them all. without knowing what my body is
Kashif is the youngest person capable of.”
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