F R I D A Y , J U L Y 7 , 2 0 2 3
C O M
INSPECTIONS STILL
NOT BEING DONE
Owners of 4,000 old buildings yet
to do what authorities ordered
> PAGE A3
AVIATION
CATHAY
REVAMPS
LOYALTY
SCHEME
Airline’s customers will need to shell out nearly
30pc more “miles” for free non-economy tickets
to destinations such as London and New York
Denise Tsang and Oscar Liu
Cathay Pacific Airways has
announced a revamp of its
customer loyalty programme
amid soaring global demand for
flights, requiring customers to
shell out nearly 30 per cent more
“miles” for free non-economy
tickets to destinations such as
London, Paris and New York.
The city’s flag carrier, which
joins the likes of United Airlines
and rewards programme Avios in
tightening redemption guidelines
for free tickets, yesterday revealed
the new requirements would take
effect on October 1.
An aviation expert said the
effect on customers was still hard
to gauge but the airlines’ move
was normal business behaviour
given that flight capacity had not
returned to pre-pandemic levels
and demand was high.
70%
Cathay Pacific aims to reach
this level of pre-pandemic
capacity by the end of this
year and achieve 100 per
cent in 2024
Premium-economy, business
and first-class cabins are most
affected in Cathay’s revamp.
Some short-haul routes including
Japan, Indonesia, India and Nepal
will cost more mileage compared
with Beijing, Kuala Lumpur,
Seoul, Shanghai and Singapore.
For economy-class tickets to
destinations such as Sydney,
London, Paris, San Francisco,
Vancouver, Chicago, New York
and Toronto, the mileage
required will be cut by about 10
per cent.
In an email to members,
Cathay said it was the first time it
had adjusted its Asia Miles scheme
since 2018. Members can collect
points, or miles, through flying
with the airline, by staying at
certain hotels or through credit
card spending.
Addressing the decision to
substantially raise the miles
requirement for certain classes,
Cathay said it was the result of a
“holistic review” of the pro-
gramme based on existing market
conditions and the competitive-
ness of its offerings.
Paul Smitton, Cathay’s
customer lifestyle director, noted
that the airline had said in January
that it was committed to doubling
the number of seats designated
for members this year.
“Going forward, to ensure that
we can keep our offering
competitive, we’ll continue to
review our flight awards
periodically,” he said in the email.
Cathay said all miles
requirements were based on
ticket issue dates, which would
not change for redemptions
issued before October 1.
The carrier is the latest among
a number of airlines to tighten
mileage redemption
requirements.
United Airlines’ MileagePlus
raised all European award rates in
May, including flights from the
United States to Europe, which
now begin at 40,000 miles for
economy and 80,000 for business
class, a 33 per cent increase from
the previous starting rates of
30,000 and 60,000, respectively.
Avios, a travel reward system
used by British Airways, Iberia,
Aer Lingus and others in the
14-airline Oneworld alliance, was
revamped in December, allowing
members to pay a fixed fee in
addition to points to avoid high
surcharges on award tickets.
However, the number of points
required jumped 12 to 60 per cent.
Cathay is a Oneworld member.
Professor Law Cheung-kwok,
a senior adviser at Chinese
University’s Aviation Policy and
Research Centre, said the airlines’
moves were just a “fares”
adjustment according to the
market.
“The impact on customers
depends on how many of them
redeem tickets by mileage, which
is hard to tell at the moment,” he
said.
“But it is just normal behav-
iour from a business perspective
to raise prices given flight capacity
has not resumed and the large
demand for flights at fairly
expensive fares.”
Global airline body the
International Air Transport
Association (IATA) upgraded its
forecast on Hong Kong’s aviation
recovery on Tuesday.
It said the city would return to
pre-pandemic passenger levels by
the end of 2024, three years earlier
than it previously estimated, after
the government announced it
would resolve labour shortages by
bringing in workers.
Cathay was operating at about
50 per cent of pre-pandemic
capacity in March, and aimed to
reach 70 per cent by the end of this
year and 100 per cent in 2024.
The carrier expects to return to
profit in the first half of 2023
amid the rebound in demand,
ending two consecutive years of
losses.
Under Cathay’s revamp, a
single business-class ticket
between Hong Kong and London
or Paris will require 29 per cent
more mileage, at 84,000 points,
compared with 65,000 at present.
A one-way business-class ticket to
London in July costs a minimum
of HK$27,373 after tax and
surcharges, at least HK$14,704 for
premium economy and a
minimum of HK$4,834 for an
economy seat.
A single premium-economy
ticket to London or Paris will
require 25 per cent more miles,
costing 50,000.
For single economy-class tick-
ets, the mileage will be cut by 10
per cent to 27,000 points from
30,000 presently for London,
Paris, San Francisco and
Vancouver.
For long-haul routes such as
San Francisco and Vancouver, a
single business-class ticket will
require 20 per cent more points,
or 84,000 miles compared with
70,000 at present.
A single premium-economy
ticket will cost 11 per cent more, at
50,000 points, to the two North
American cities compared with
45,000 currently.
A single business-class ticket
to Chicago, New York or Toronto
will require 29 per cent more
points, at 110,000, and 25 per cent
for premium economy, at 75,000.
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REVAMP OF DISTRICT
COUNCILS APPROVED
Unanimous backing for bill that will slash
the number of directly elected seats
SOCIETY
City urged to recognise Coco Lee’s contributions
Family says the late singer should have a place on the Avenue of Stars
Lo Hoi-ying
hoiying.lo@scmp.com
Hong Kong should give official
recognition to the late singer
Coco Lee for her contribution to
promoting the city’s music on a
global stage, her family has told
the Post, as colleagues and
childhood friends recalled
her talent, professionalism
and kindness.
Lee, who was 48, died in hospi-
tal on Wednesday after attempt-
ing suicide on Sunday following a
long battle with depression, her
sisters said. News of her death was
reported by media around the
world and stunned fans, who
vowed to fly to the city next month
to attend a memorial service.
Her older sister Nancy Lee said
the government should give the
singer a place on the Avenue of
Stars in Tsim Sha Tsui.
“She grew up here, she ended
her life here, she’s a local-bred
person,” she said. “If fans come to
Hong Kong, they have nothing to
remember her by. It is so sad we
have to wait until she ends her life
to qualify her, that’s quite upset-
ting. I don’t know if it can happen,
but I do think this is something
Hong Kong should do for her. It
would be a shame if she is not part
of it.”
In an obituary published yes-
terday, Coco Lee’s husband,
Canadian billionaire Bruce
DEMOGRAPHICS
Kindergarten numbers fall for first time in 15 years
Luna Sun
luna.sun@scmp.com
The number of kindergartens on
the mainland fell for the first time
in 15 years in 2022, signalling
the toll taken by the country’s
plunging births amid worsening
demographic challenges.
According to an annual report
published by the Ministry of
Education on Wednesday, the
number of kindergartens fell by
5,610 to 289,200 last year, marking
the first drop since 2008.
The report also showed the
number of students enrolled in
kindergartens and preschools
dropped by 3.7 per cent from a
year earlier to 46.3 million in 2022.
The number of mainland
primary schools also tumbled by
3.35 per cent to 149,100 at the end
of last year, while new enrolments
PUBLISHED SINCE 1903 / VOLUME 79 / NO 186 SEE LIVE UPDATES AT WWW.SCMP.COM
> PAGE A5
Rockowitz, said she was a “beau-
tiful person inside and out” and
who was “warm and kind”.
“She was an all-rounder sing-
er-songwriter, a talented per-
former, a caring mentor to the
younger generation, a loving wife,
a beloved friend and a dear family
member,” he wrote.
“Her enthusiasm and sincerity
bring sunshine to everyone
around her. She will be deeply
missed by the many lives she
touched. Her influence and radi-
ance will last forever.”
The couple married in 2011 in
a lavish ceremony attended by
Hollywood stars. They did not
have children of their own, but
Lee spoke lovingly of her
husband’s two daughters from a
previous marriage.
Shortly before her death, Lee
moved to the Four Seasons Hotel
in Central, then stayed with her
sister on The Peak.
Further details have emerged
about Lee’s final days. Lily Pang, a
childhood friend, said she had
dinner with Lee and her family last
Saturday.
“We went to her sister’s home
where we chatted and sang kara-
oke. Coco was emotionally stable
that night and had her sisters and
mother taking care of her,” she
said. “I am unable to accept that
she would do this. I still cannot
accept it because she was so suc-
cessful, hardworking and had a
family that loves her so much.
sank by 4.55 per cent to 17
million.
A kindergarten in the Xisanqi
suburb of Beijing, which opened
in 2009, is set to close at the end of
August due to “increasing enrol-
ment difficulties, including falling
births and the constant increase
in public kindergartens”, it said in
a recent letter.
The drastic drop in enrol-
Physical facilities,
such as campuses
and classrooms, can
be repurposed into
elder care facilities
YUAN XIN, NANKAI UNIVERSITY
Why does she have to leave us at
such a young age?”
Lee posted a 40-second voice
message on Sunday to her main-
land fans thanking them for their
love and support, one of her fan
clubs said. “This is Coco. I feel the
love and support you all have for
me,” she said. “You guys are my
support and I will press on … I
miss everyone terribly and I will
work very very hard. I miss all of
you and I love you guys.”
Lee was taken to Queen Mary
Hospital in Pok Fu Lam after her
suicide attempt. A source close to
the hospital said she was already
in critical condition when she
arrived and was admitted to the
intensive care unit.
Lee’s sister confirmed the star
was diagnosed with breast cancer
Coco Lee at a Victoria’s Secret fashion show in 2017. Photo: AP
ments coincides with a plunging
birth rate after mainland mothers
gave birth to just 9.56 million
babies last year. This represented
the lowest total in modern history
and the first time the figure had
dipped below 10 million.
China’s birth rate also fell to a
record low of 6.77 per 1,000 peo-
ple, while the overall population
fell by 850,000 to 1.4118 billion, as
deaths outnumbered births for
the first time in six decades.
Despite the falling number of
young children, demographers
have pointed out that many
parents are still struggling to find
affordable public kindergartens
due to significant shortage
coupled with an intense competi-
tion for places.
More preschools and primary
schools will close in the future,
and “the fierce competition will
separate the best from the rest”,
W W W . S C M P .
GROWING PAINS IN
NEW JOB SECTORS
The first in a series of reports on
China’s employment environment
> PAGE A4
The flight
fantastic
Government officials and Airport
Authority executives including
chairman Jack So Chak-kwong,
CEO Fred Lam Tin-fuk and
Undersecretary for Transport
and Logistics Liu Chun-san
dance at an event celebrating the
25th anniversary of Hong Kong
International Airport at Chek Lap
Kok.
The Airport Authority said
earlier this week that traffic had
returned to 60 per cent of
pre-pandemic levels – around
120,000 passengers per day.
Photo: Elson Li
> FINAL APPROACH A12
and had undergone surgery to professional who worked with Lee
remove a tumour last year. for an event in 2018, said the pop
As she did not die of natural star’s work ethic left a deep
causes, an autopsy could be per- impression on her.
formed, said her sister, who is still “She didn’t have to, but she
waiting for instructions from the went the extra mile and printed
Coroner’s Office. out the briefing material, made
News of Lee’s death triggered notes and asked questions,” Pau
an outpouring of grief around the added. “You could tell she was
world, with many fans remember- very professional in how she
ing her performance of “A Love treated every piece of work. She
Before Time”, from Ang Lee’s treated everyone with respect.”
smash hit film Crouching Tiger, Pan You-chu from Taiwan,
Hidden Dragon at the Oscars in who has been a fan of Lee since
2001. She was the first singer of 1995, said he was devastated.
Chinese ethnicity to perform at “Like me, her fans were prob-
the Academy Awards. ably attracted to her positivity,
The Taiwan-born film director and cheerful, authentic personal-
recalled Lee’s professionalism, ity,” he said, adding that fans from
writing on social media: “She told Taiwan, Singapore and Malaysia
me that she is the first person of
Asian descent to sing on the
Oscars stage, so she must sing
were planning to attend Lee’s
August memorial service.
Lee’s family plans to work with
with all her might.” her record label to organise ser-
Vivian Pau, a public relations vices throughout the region.
“She grew up lacking a role
model from the Chinese commu-
nity. She always said: ‘We have so
many great people, why aren’t we
part of it?’ So now she’s delighted
to see more Chinese people being
recognised internationally. She’s
very proud to be Chinese,” her
sister Nancy Lee said.
Additional reporting by
Elizabeth Cheung
If you have suicidal thoughts or
know someone who does, help
is available. Dial 2896 0000 for
The Samaritans or 2382 0000 for
Suicide Prevention Services.
> EDITORIAL A10
said Yuan Xin, vice-president of tion amid a push for skilled blue
the China Population Association collar workers as manufacturers
and a professor of demography at across the country struggle to hire.
Nankai University in Tianjin. Last year, new enrolments in
As the sharp drop in the num- undergraduate vocational col-
ber of preschools and primary leges jumped by 84.4 per cent
schools has prompted concerns from 2021 after adding 76,300 new
that some kindergarten teachers students, the report said. The
might lose their jobs, Yuan added number of undergraduate voca-
that it was inevitable, and would tional schools enrolments also
give rise to more profound social rose by nearly 77 per cent to
issues that would be hard to solve. 228,700.
“Physical facilities, such as By 2025, nearly 30 million
campuses and classrooms, can be manufacturing jobs in China
repurposed into elder care facili- would go unfilled, accounting for
ties. However, kindergarten nearly half of all jobs in the sector,
teachers, elementary school according to the Ministry of
teachers or high school teachers Human Resources and Social
can’t just easily transition into Security.
becoming caregivers for the Its survey also found that
elderly,” he added. around half of the top 100 jobs
In contrast to the shrinking facing the most severe labour
number of kindergartens and shortages in the second half of last
primary schools, China recorded year were in the manufacturing
an expansion in vocational educa- sector.
$14
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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
A2 Day by Day

FRIDAY, JULY 7, 2023

MY TAKE - BHAVAN JAIPRAGAS HARRY’S VIEW

Fans of Taylor Swift should be

offered live-streaming option
Ticket scalping, though distasteful, cannot be entirely eliminated but
there is a place for legislation to bring greater order to resale process

A
s you read this today, hundreds of Taylor
Swift fans will be queuing outside post
office branches in Singapore, hoping to
secure tickets for the American pop sensation’s
concerts in the city state next March. By noon,
hundreds of thousands will be online, vying for
their tickets during general sales.
Don’t scoff: attending these concerts seems to
be of such great importance that numerous
individuals have reported observing their
colleagues and friends in a state of high anxiety,
feverishly studying every available guide on
navigating the digital sales portal.
The “fastest fingers first” battle won’t be
limited to Singapore residents; with Swift
choosing to bypass the rest of Southeast Asia and
Hong Kong, attendees in the digital queue are
likely to be from across the region.
If you manage to secure a
ticket today, well done; if
not, as T. Swizzle would
say, ‘Shake It Off’
When the dust settles this afternoon and all
tickets are sold, we can anticipate a renewed
round of concern regarding ticket scalpers. From
Malaysia to Australia, these conversations have
already begun in light of major Western acts
resuming tours in the region.
In Malaysia, rampant scalping of tickets for
British band Coldplay’s November 22 concert
prompted authorities to consider amending laws
to address unauthorised secondary sales. In
Australia, after tickets were sold on platforms like
Viagogo with mark-ups of up to 250 per cent,
consumer advocacy group Choice called for
“nationally consistent legislation” to tackle the
issue.
Laws surrounding scalping vary across states.
In New South Wales, anti-scalping laws stipulate
that tickets can only be resold for a maximum of
110 per cent of the original price, while in
Victoria, a similar rule applies solely to events
designated by the state government as a “major
event”. Swift’s February concerts in Australia
– two at the Melbourne Cricket Ground and three
at Sydney’s Accor Stadium – do not possess such
designation.
Experts in marketing and consumer
behaviour have also weighed in on the matter. To
my knowledge, there is no clear consensus on
the merit or effectiveness of anti-scalping laws.
Joe Escobedo, an adjunct marketing lecturer at
the National University of Singapore, noted in a
CNA commentary that enforcing such laws
required significant resources and may
inadvertently “drive the market underground”.
My view is that ticket scalping – the original
form of “greedflation” before the term gained
popularity – though distasteful, cannot be
entirely eliminated. After all, most secondary
market sales occur between willing buyers and
sellers.
Nevertheless, I believe there is a place for
legislation, particularly in bringing greater order
to the resale process. Surely, measures can be
implemented to prevent single entities from
purchasing tickets in bulk solely for resale?
A colleague, who describes herself as “half a
Swiftie” and is on the hunt for tickets, recently
sent me a link to an advertisement on classifieds
platform Carousell for an entire subsection of
Coldplay’s January 30 concert in Singapore. The
price for the 520 seats in the section was listed at
VIDEO HIGHLIGHTS
S$300,000 (HK$1.74 million), with the seller Scan the QR codes to watch the videos
describing it as akin to “having your own VIP
club”, free from “squeezing or queuing with
strangers or getting jostled like sardines”.
This could be a spoof, but if someone
managed to purchase tickets on such a scale –
through bots or other means – there ought to be
a way to curb such practices. Uefa, the European
football governing body, employs a system
whereby tickets for its prestigious season finales
are delivered to dedicated mobile apps. Transfers
are technically allowed but are highly restrictive
for mass scalpers.
Escobedo, in his commentary, suggested
these industrial-level scalpers could also be Hong Kong diva Coco Lee dies aged 48 More than 50 bodies unclaimed one Scotland marks coronation of
thwarted through organisers offering live- after suicide attempt month after India train crash King Charles and Queen Camilla
streamed concert options. While not for diehard
fans, it could be a compromise solution for those Hong Kong-American singer Coco Lee Dozens of bodies remain unclaimed a Scotland marks the coronation of
who do not want to pay exorbitant amounts but dies at the age of 48 on Wednesday, month after a three-way train collision King Charles and his wife Queen
hope to be part of the concert experience. after attempting suicide days earlier. in the Indian state of Odisha killed Camilla with a ceremony. The king is
With virtual reality making major advances in Announcing the death of Lee, who had some 300 people. Families have found presented with Britain’s oldest crown
recent times, it is not a bad idea. been diagnosed with depression, the retrieving loved ones difficult, since jewels. Anti-monarchy protesters also
In any event, best of luck to all you Swifties. If star’s sisters say “her rays of light many of the bodies are disfigured turn up for the event, booing and
you manage to secure a ticket today, well done; if will last forever”. beyond recognition. chanting, as the royal couple arrive.
not, as T. Swizzle would say, “Shake It Off”.

POSTS FROM THE PAST

2018
The “biggest trade war in economic
history” has begun, China says, after
Washington and Beijing trade 25 per cent
tariffs on US$34 billion worth of goods,
while analysts warn the dispute is set to
run and run. Wei Jianguo, a former deputy
commerce minister, says the conflict will
affect the global value chain.
2013
The prospect of the city’s most prestigious
golf club being ploughed up for housing
moves a step closer, with a lawmaker
saying its management has raised no
objection to the idea at a recent meeting.
Secretary for Development Paul Chan
Mo-po says there is scope for reviewing
the club’s 170 hectares at Fanling.

2008
Vice-President Xi Jinping arrives for his
first visit to Hong Kong since he assumed
the position, laying out his expectations
for the Olympic and Paralympic
equestrian events in the city. Xi, who since
late last year has been overseeing Hong
Kong affairs, also addresses pressing
issues facing residents.
2003
Executive Councillor James Tien
Pei-chun resigns from Tung Chee-hwa’s
cabinet after his calls to delay the national
security bill are rejected. The surprise
decision throws the chief executive’s plan
into chaos. The Liberal Party reiterates its
request to defer the second reading of the
anti-subversion bill.

CONTACT US
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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

SAFETY
INSPECTIONS STILL
TO BE DONE AT
4,000 OLD BLOCKS
Checks have not been completed at more than
half of the buildings served with notices, and
penalties for non-compliance may be increased
Edith Lin
edith.lin@scmp.com
Owners of more than half of 7,000
old buildings in Hong Kong have
yet to carry out inspections
ordered by authorities, a
government official has revealed,
adding the penalty for failing to
comply might be increased.
A day after fist-sized chunks of
concrete rained down from a
17-storey block in Mong Kok,
Director of Buildings Clarice Yu
Po-mei yesterday said checks on
4,000 structures at least 30 years
old had not yet been completed.
“But many of them are under-
going construction work, includ-
ing some 2,000 using the
Operation Building Bright
service,” Yu told a radio show,
referring to a scheme that helps
owner-occupiers carry out
ordered inspections, at a cost of
HK$6 billion in the latest round.
The figures were made public
a day after Secretary for
Development Bernadette Linn
Hon-ho told the Buildings
Department to look into blocks
that had not acted on inspection
notices. Hours earlier, pieces of a
canopy of a flat in Po On Building
fell onto a Mong Kok street, the
second such incident at the block
in four days.
The owners’ corporation of the
57-year-old building met officers
from the department to discuss
speeding up repairs, a source told
the Post. The building was issued
an inspection notice in 2014, but
owners only received a mainte-
nance subsidy from the Urban
Renewal Authority (URA), a statu-
Where the falling concrete landed
30 Mong Kok Road
Tung Choi Str
eet
t
ree
Tun
g Ch
e St
oi S
But
Sai
Yeu
ng
Cho
Nat i St
han
Roa
d 30m
Sources: SCMP, Google Street View
EDUCATION
23 students attain perfect score in IB exams, down from 93 last year
Decline comes as awarding body puts distribution of grades back to pre-Covid levels
Staff Reporters
Twenty-three Hong Kong students
attained a perfect score in the
International Baccalaureate (IB) exams
this year, down from 93 in 2022, with
the awarding body saying the
distribution of grades was back to
pre-pandemic levels.
The more than 70 per cent decline
in the number of top scorers locally
was in line with the global trend. Only
179 candidates achieved full marks,
compared with 640 last year.
A total of 2,275 students in Hong
Kong and 179,917 worldwide received
their results for the IB’s Diploma
Programme (DP) and Career-related
Programme (CP) yesterday.
Among the top scorers locally were
eight students from the English Schools
Foundation (ESF), the city’s biggest
international school group, three from
Diocesan Boys’ School in Mong Kok
and two from St Paul’s Co-educational
College in Mid-Levels.
Another two studied at Singapore
International School, one at the
Canadian International School and one
at Independent Schools Foundation
tory body tasked with addressing
urban decay, in 2021, three years
after their application in 2018.
The inspection report was
submitted in March with recom-
mendations about repairs, and
the owners are expected to dis-
cuss the tendering process for a
contractor later this month.
Under the mandatory inspec-
tion scheme, owners of buildings
aged 30 years or older must
appoint a registered inspector
within three months of receiving
statutory notices, carry out the
review within six months and the
repairs within a year.
We have learned
a lesson. When
similar cases
happen, we need
to review if more
needs to be done
DIRECTOR OF BUILDINGS CLARICE YU
But the government would
give owners a grace period for
showing efforts to carry out the
inspection, such as applying for
subsidies, a source said.
Asked whether the owners of
Po On Building took too long to
submit their report and if the
department would step in, Yu said
the government had to give them
time to arrange the tendering
process.
“We will follow up on their
Falling
debris
Mong Kok
pedestrian
footbridge
landed on a
pedestrian
crossing
Mong Kok Road
Po On Building
tree Debris Fa Y
t uen
Stre
et
oad
ok R
et
Stre
gK
ree
t
Fife
Mon
SCMP
Academy. All schools recorded a drop
in the number of top scorers compared
with last year. The global average score
was 30.24, lower than last year’s 31.98.
The IB said its grade-awarding
system was similar to the one
employed in 2019. In response to
pandemic-related disruptions, it
introduced “appropriate grade
boundaries” in 2021 and 2022.
“Students taking their final
assessments in the May 2023 session
will be the first cohort to have
experienced only limited disruption to
their studies due to Covid-19,” it said.
“In line with other international
awarding bodies, the IB had decided
that the distribution of grades awarded
for our qualifications returned close to
those of May 2019.”
IB director general Olli-Pekka
Heinonen said: “This year again, IB
students in Hong Kong have shown
outstanding resilience, adaptability
and dedication to their learning. Their
academic results reflect the IB family’s
shared commitment to excellence.”
The IB, which offers students an
internationally accredited qualification
to enter higher education institutions,
is a two-year programme for those
Friday, July 7, 2023 A3
LEADING THE NEWS
ECONOMY
progress,” she said. “In case they
do not proceed, the government
has the statutory power to
intervene.”
Authorities would also review
whether penalties for failing to act
on mandatory inspection orders
should be increased, Yu added.
Under the Buildings
Ordinance, anyone who fails to
comply faces a maximum fine of
HK$50,000 and one-year impris-
onment. Offenders must also pay
HK$5,000 each day until the order
is carried out.
Yu said the department would
review the list of old buildings that
had been issued notices and
decide on a plan to follow up on
those deemed at greater risk but
that had not yet started carrying US Treasury Secretary Janet Yellen arrives at the airport in Beijing yesterday to begin a four-day visit to the country. Photo: Reuters
out checks. Measures would
include issuing warning letters
and discussing the situation with
flat owners, she said.
Authorities could also begin
emergency construction work if
Central bank ‘has tools’ to support yuan
buildings failed to comply with
the order and owners would bear The commentary, published “More and more foreign inves- mist at UBS, said the PBOC did
the costs.
Amanda Lee
amanda.lee@scmp.com
late on Wednesday, reiterated tors are using real money to not need to directly intervene in
Wednesday’s incident was the Beijing’s stance that the economic express their favour for yuan the foreign exchange market, but
second at Po On Building. On recovery would strengthen and assets and express their confi- would likely signal stability by
Sunday, a truck driver was injured China has ample tools to stabilise yuan-denominated assets would dence in the long-term develop- measures such as adjusting the
after an illegal canopy attached to its currency even if there is panic remain attractive to investors. ment of the Chinese market,” the central parity rate of the yuan
a flat on the 16th floor collapsed. over the outlook for the yuan in It was published the day before commentary said. against the US dollar, launching
The flat owner and chairman of the foreign exchange market, US Treasury Secretary Janet Yellen China has seen significant countercyclical adjustment fac-
the building’s owners’ corpora- according to a commentary in the began a four-day visit to China outflows from its capital markets tors and tightening control over
tion were arrested that day on central bank-backed Financial yesterday. She is expected to meet since the beginning of last year cross-border capital flows.
suspicion of allowing an object to News, as the currency extended its senior officials, according to the amid its weak economic perfor- In the short term, Wang said
fall from height. They pair have fall against the US dollar. Ministry of Finance. mance and a strong US dollar. the interest rate differentials
been released on bail pending The People’s Bank of China The tools available to China Analysts widely expect the between China and US could
further investigation. (PBOC) set the daily fixing for the included the foreign exchange risk PBOC to cut interest rates again to pressure the yuan, but she added
The department said it carried yuan at a stronger than expected reserves ratio, banks’ foreign boost growth. that the currency’s overall perfor-
out emergency repair work that 7.2098 against the US dollar exchange deposit reserve ratio, “Falling inflation alongside mance would likely be linked with
day, but plaster bits from the yesterday, fuelling speculation the countercyclical factor used in slowing domestic recovery the pace of the economic
same flat fell on Wednesday. about imminent policy support determining the PBOC’s daily momentum prompted the PBOC recovery.
Government contractors then from Beijing. reference rate and the adjustment to cut rates in June to stimulate “If the interest rate cut [in
installed scaffolding and a safety The fixing limits the onshore of macroprudential factors for the economy,” Oxford Economics China] is combined with other
net outside the 16th floor. yuan’s moves by 2 per cent on cross-border financing, the said on Tuesday.” powerful growth stabilisation
Yu said officers had removed either side and is often used by commentary said. “While China is taking steps to policies to promote the stabilisa-
loose items from the canopy, but market participants to gauge the A series of reforms in China’s strengthen its economic recovery, tion and recovery of China’s eco-
it was located at the top of the official stance towards the foreign foreign exchange market over the monetary easing will not bode nomic growth, then its impact on
building, making work difficult. exchange market. years had brought about more well for its currency, especially the yuan exchange rate should be
“We followed the emergency The yuan has fallen by 4.7 per hedging tools and more cross- when US rates are going to very positive,” Wang told the
protocols to handle the incident cent against the US dollar since border use of the yuan, the increase further.” Beijing-based China Finance 40
… We cannot rule out that we did the start of the year. newspaper added. Wang Tao, chief China econo- Forum think tank on Tuesday.
not notice minor cracks,” Yu said.
“We have learned a lesson. When
similar cases happen, we need to
review if more needs to be done.” TECHNOLOGY
Speaking on the same radio
show as the buildings director,
lawmaker Vincent Cheng Wing-
shun called the delay in repairs
unacceptable and urged the
HK can offer talent in mainland’s AI push, Paul Chan says
government to ask all owners to
carry out any ordered inspections brought together scientific names conspicuously missing. investors well, not to use the tech-
Ann Cao
within three years. Officers should researchers from the mainland Most notably, Microsoft-backed nology for illegal purposes such as
ann.cao@scmp.com
regularly check their progress, and around the world, and the OpenAI, the developer of money laundering, and to ensure
said the legislator for the Kowloon Hong Kong government has given ChatGPT, will not be there. the stability of the financial sys-
West constituency. Financial Secretary Paul Chan a lot of policy and financial Chan said the Greater Bay Area tem,” Chan said. He added the
Vincent Ho Kui-yip, chairman Mo-po has said Hong Kong can support in the past few years.” (GBA) had formed “the whole challenge of AI was whether
of the building policy panel at the contribute to China’s artificial Chan pointed to SenseTime, industrial chain of AI from “appropriate fences” had been
Hong Kong Institute of Surveyors, intelligence (AI) technology China’s leading facial recognition research and development to built so people were protected.
said it was “undesirable” the development by providing talent AI firm, as an example of Hong market application”. Chan, who arrived in Shanghai
owners of the Mong Kok building and funding. Kong’s role in growing AI ventures. When coupled with Hong on Wednesday, paid a visit to the
had not yet completed the Chan yesterday told the World SenseTime was founded by a Kong’s edge in finance, Chan said premises of AI firms SenseTime
inspection nine years after Artificial Intelligence Conference group of computer scientists the GBA could be compared to and Huawei Technologies.
receiving the notice. (WAIC) in Shanghai that Hong including Chinese University of “combining the advantages of the Separately, Hong Kong
“It [was given the order] four or Kong had advantages when it Hong Kong professor Sean Tang New York Bay Area and the San Cyberport signed an agreement
five years before the Covid-19 came to attracting talent in the Xiaoou and alumnus Xu Li, and is Francisco Bay Area”. with Lingang Group, a state-
pandemic took place, but they current geopolitical landscape. listed in the city. He said Hong Kong’s push into owned enterprise focused on the
don’t seem to have taken any WAIC is an annual event WAIC, hosted by several fintech offered experiences and development of industrial parks
action,” Ho said. “We should find organised by Beijing to showcase government ministries, attracted lessons for the mainland and the and investment in the Lingang
ways to step up enforcement. We its AI ambition to the world. some of China’s top AI companies world to develop AI, especially New Area, Shanghai’s AI high-
should help those with difficulties “The talent from enterprises and institutions. generative AI technology. land, at the conference to deepen
and prosecute those who do not that research and develop AI is The published agenda is dom- “We decided to promote the “strategic cooperation”.
have reasonable arguments [for [what] we want to absorb,” Chan inated by local firms and speakers, development of Web3 in Hong
delaying repairs].” said. “Our universities have with some big international Kong, but the premise is to protect > MORE REPORTS A7, B1
returned this year, and the drop in top to want to study in Hong Kong, but as I entrepreneurship and start-ups … I
scorers was a “worldwide situation”. grew up, I wanted to get out there and want to get a chance to research these
“The message that I’m getting is explore,” the 18-year-old said. or even be a part of them,” said Chang,
aged between 16 and 19. Students must that the IB is going back to pre-Covid Ian Chang Chun-lam, 18, will study an American citizen, adding he wished
take six subjects and complete three levels,” he said. “In the past three years, the world bachelor in business to stay in the US after his studies.
components, including an extended we’ve had quite a bit of inflation in the programme – a triple degree offered by Canadian International School top
essay. scores.” the University of Southern California, scorer Vincent Yang Yin-sheng, 17, will
Two of Diocesan Boys’ School’s top The two perfect scorers at St Paul’s Hong Kong University of Science and pursue a dual-degree programme at
scorers will study in Hong Kong, Co-educational College will study Technology and Bocconi University in the University of Hong Kong and the
including Max Kwok Shun-wang, 17, overseas. Stefanie Lee Wing-hay will Italy. University of British Columbia.
who is planning a career in medicine. head to the US to read economics at “I’ve been fascinated by business Singapore International School’s
“Growing up I have never thought the University of Pennsylvania. “I used since I was small, especially by two top scorers, Mindy Shie and Boey
of studying medicine until the past few Jun Xin, both said they would study
years. I had always dreamed of medicine but had not decided where.
becoming a professional tennis Boey said the pandemic made her
player,” said Kwok, who is captain of more determined to become a doctor.
the school tennis team and a member “What I really like about medicine is
of the Hong Kong team. that it gives you the ability to impact
A passion for sports pushed Selwyn people’s lives on a very profound level,”
Saw Zi-hong, 18, towards studying law she said.
in Hong Kong. “I’ve read different Shie is keen to help the elderly.
articles about athletes … I learned they “When I’m older, as a doctor, I want to
often have different legal contracts, or use my free time to provide free
they might be criminalised for certain medical consultations for the elderly in
reasons,” he said. poor communities,” she said.
Anson Lam Yuk-ching, also 18, will Po Leung Kuk Choi Kai Yau School,
head to the Royal College of Music in which recorded seven perfect scores in
London to study piano. “It’s the 2022 and nine the year before, had
opportunity to engage, practice and none this time. “This year [the IB] is
perform with other musicians from totally back to normal,” principal Jenny
around the world that made me choose Chong Mei-chun said.
to study in London,” he said. Reporting by William Yiu, Kelly Fung,
Charles Wu, the school’s IB Yanni Chow, Andee Capellan, Stanley Le
coordinator, said “normal times” had Po Leung Kuk Choi Kai Yau School students show their IB scores. Photo: Xiaomei Chen and Hazel Luo.
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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
A4 Friday, July 7, 2023
FOCUS
This is the first part of a series about China’s employment
environment, from the problems of migrant workers and fresh
graduates to new job sources and the role of the private sector.
Job growing pains
F
or Li Jiamei, the monotony
of labelling data for hours on
end is matched perhaps
only by the ambivalence she feels
after grinding away like a machine
every workday. But work is work,
and the 22-year-old is just happy
to have an easy job to make ends
meet.
At 9am, Li stands in front of a
facial-recognition camera at the
Baidu Intelligent Cloud Data
Labelling Base in Jiangxi province.
Within minutes of logging in, she
begins scrutinising piece after
piece of information, properly
tagging each one based on its
content.
This day in the life of an emerg-
ing-industries data labeller ends
at 6.30pm. The job involves iden-
tifying raw data, such as images,
text files and videos. Data labellers
need to add one or more labels to
provide context so that a
machine-learning model can
learn from it.
Nobody wants to spend so
much money studying abroad
[to be] a study-abroad agent
TARA HAN, AN AGENT IN XUZHOU, JIANGSU PROVINCE
“Spending too much time on
data labelling sometimes makes
my eyes and neck a bit uncom-
fortable, especially when dealing
with large amounts of text. It can
be nauseating,” Li said. Before
starting data-labelling in August,
she worked as a kindergarten
teacher for two years, which was
her major in junior college. But
she quit her job as it was exhaust-
ing and paid very little.
“Data labelling can be done
from home with just a computer,
without worrying about losing the
job due to the pandemic or some
natural disasters,” Li said. “This is
not a technical position requiring
expertise, and the threshold is low.
It’s worth trying.”
Li is among the many young
jobseekers in China who are turn-
ing to emerging industries that are
more flexible and may serve as a
transition in their career trajec-
tory. Authorities are under pres-
sure to create more jobs by
promoting these industries as a
“new form of employment” to
address persistent and high levels
of youth unemployment.
Creating enough jobs has been
highlighted among the priorities
of policymakers as they try to
maintain economic and social
stability as the economy contin-
ues to reel from the lingering
impact of China’s zero-Covid
policy. The battered economy,
meanwhile, showed signs of los-
ing growth momentum in the
just-ended second quarter.
Data labelling is still consid-
ered an emerging industry even
though the first such firm in China
was established 18 years ago in
Hubei province. For the past five
years, the sector has grown in the
country by an annual rate of more
than 15 per cent.
As the work of data labellers is
simple and repetitive, most com-
panies choose to operate in
China’s second- and third-tier
cities, as these can offer cheap,
young labour.
“The salary is really not enough
to cover my living expenses,” Li
added. “I might resign in the sec-
ond half of this year and try to land
a clerical job with higher pay.”
Li said the base salary for a
data labeller at Baidu was 3,080
yuan (HK$3,328) a month. Even
the supervisors earn only 4,500 to
5,000 yuan.
“Generally, there are lots of
university interns and graduates
working here. Because of the rela-
tively low salary, they are all tem-
porary workers,” Li said.
Xiao Yunzhou, the founder of
a data-labelling company based
in Shandong province, said that in
addition to the regular recruit-
ment process, another important
way it finds staff is through coop-
eration with vocational schools.
To promote youth employ-
ment, China in 2017 launched a
policy of “deepening industrial
and educational integration”. And
last month, authorities said that
companies in emerging industries
should participate in the curricu-
lum and internship designs at
vocational schools.
15%
China’s data labelling sector has grown by an
annual rate of more than this much during the
past five years
Most of the students from
nearby vocational schools are
taking up repetitive labelling jobs
in Xiao’s company, earning a
basic salary of around 1,000 yuan
per month – much less than at
Baidu because Xiao’s workers are
still students. She said such col-
laboration reflected the compa-
ny’s need for manpower, as data
labelling required a lot of cheap
and low-skilled labour.
“Data-labelling companies
operate like factories, and data
labellers’ jobs are similar to those
of workers on assembly lines,”
Xiao said. “For most young people
in our company, they would not
have chosen this job if they had
better opportunities, as most of
them cannot suffer the tedious-
ness of the job.”
Young people are now strug-
gling to land a suitable job, with
the unemployment rate in China’s
16-24 age group hitting a record
high of 20.8 per cent in May.
Meanwhile, more than 1 mil-
lion overseas students are going to
come back and enter the work-
force, which means the total num-
ber of fresh university graduates
seeking employment will exceed
12.5 million this year.
The intense competition for
employment has also led to an
increase in demand for studying
abroad. The number of study-
abroad consultations from
January to May soared by 43 per
cent compared with the same
period in 2022, according to the
latest statistics by the Education
International Cooperation group.
“I have clearly noticed a grow-
ing trend of overseas students
joining study abroad agencies,
including my classmates, col-
leagues and students who sought
advice before, especially those
majoring in humanities and social
science,” said Tara Han, 29, who
graduated in February from South
Korea’s Kyung Hee University.
“This job is often seen as a last
choice for many people. Nobody
wants to spend so much money
studying abroad, only to end up
working as a study-abroad agent.
Most take on this job as a tempo-
rary solution or part-time job to
supplement their income,” added
Han, who holds a master’s degree
in business administration.
Although Kyung Hee
University ranked 49th in the lat-
est QS Asia University Rankings,
Han still chose to work as a South
Korean education counsellor,
setting up her own study-abroad
agency after graduation. She
added that she got relevant expe-
rience working at an educational
institution before pursuing post-
graduate studies.
“Educational qualifications
are not necessarily everything,”
Here, Yvonne Sun and Beata Mo look at how emerging industries
including data labelling could help policymakers curb youth
unemployment, but via jobs few would want to make careers in.
Han said. “My colleagues are also
from those universities with high
QS rankings.”
Han noted that Korean is a
minority language, so relevant
employment opportunities were
limited. Few South Korean com-
panies and language-training
institutions are based in Xuzhou,
a third-tier city in Jiangsu prov-
ince where she lives. The local job
market thus has a smaller demand
for Korean language skills com-
pared with the supply, making it
difficult for her.
Since February, Han’s study-
abroad agency has hired three
full-time and six part-time
employees, some of whom are still
at university. They have helped
around 200 to 300 students study
abroad in South Korea, and the
process costs each student about
3,000 to 6,000 yuan.
“As a counsellor, I need to be
available online nearly 24 hours a
day [to communicate with stu-
dents and their parents],” Han
said. “Study-abroad agencies are
also a kind of service industry.”
Chen Jianwei, an associate
researcher with the Institute of
Education and Economy
Research at the University of
International Business and
Economics in Beijing, said the job
market was encompassing a wide
range of service industries.
“China’s economy is trans-
forming to the tertiary sector,
which means that employment is
also undergoing the same pro-
cess,” Chen said.
“The trend of new forms of
employment indicates that the
job market is transforming
towards skill-intensive and plat-
form-based service industries.”
More service-oriented indus-
Illustration: Henry Wong
tries are developing under the does not require qualifications or
transformation, and the medi- a licence. Wang said a growing
cal-escort service is one of them. number of young people were
Wang Shuyu chose to become joining the industry, as they could
a medical escort in the northwest- make easy money by simply
ern city of Xian because she was running errands.
tired of the clerical jobs that she But Chen, with the University
had been doing for three years. of International Business and
“The main duty of a medical Economics, said the main prob-
escort is to run errands for lem with such jobs in emerging
patients,” Wang said. industries was that they came
What she earns is based on the with a “lack of legal protection for
number of clients she takes. Wang labour rights and social security”.
normally takes 25 clients a month, “Information asymmetry
with fees ranging from 150 to 300 caused by online communication
yuan per client. through platforms is the main
[thing] undermining the interests
of employees,” the professor said.
Chen added that authorities
needed to find a way to regulate
The job market is transforming such jobs without undermining
industry development, to ensure
towards … platform-based the long-term sustainability of
youth employment.
service industries Many people have posted
CHEN JIANWEI, A UNIVERSITY RESEARCHER IN BEIJING examples online of not being paid
by data-labelling companies, or
encountering related job scams
Her daily duties include pick- on social media, to warn others
ing up medications and lab not to fall into the same trap.
reports, assisting patients with Li Yifei, 24, in Hebei province,
registration, and doing research recently lost her job when her firm
on doctors’ expertise. went bankrupt. She is now search-
“We won’t offer any medical ing for a part-time job as a data
advice, and we’re not responsible labeller to make ends meet, and
for our client’s health. That’s a she warned like-minded people
doctor’s job,” Wang explained. that scams abounded.
“We are just here to accompany “I never expected that I would
them – to walk them through hos- encounter two scammers,” she
pital procedures.” said. “They asked me to pay from
Young people Like data labelling, medical 700 to 800 yuan for data-labelling
crowd a job escort jobs have developed in training, and from 100 to 200 yuan
fair in conjunction with a boom in the for skill testing, before I joined
Chongqing as platform economy. Companies their company.”
the country advertise and contact clients Li refused to pay the fees and
faces a youth through social media. They also shared the exchanges online.
unemployment develop apps for customers to In her post, she said that data
crisis. Photos: book medical escorts directly. labelling “can be done as long as
AFP, Xinhua Becoming a medical escort you have hands! Be careful!”
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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

POLITICS
LEGCO UNANIMOUSLY APPROVES Legal bodies to investigate
members on wanted list
REVAMP OF DISTRICT COUNCILS
Beijing says overhaul will get municipal bodies back on right track, but EU takes aim at legislation
Willa Wu
willa.wu@scmp.com
The Legislative Council has
unanimously backed a bill that
will slash the number of directly
elected seats on district councils,
completing an overhaul of the
city’s electoral system in line with
Beijing’s “patriots-only”
governance principle.
But the European Union hit
out at the legislation and said it
went against a commitment to
democratic representation set out
in the city’s mini-constitution, the
Basic Law.
Beijing, however, argued the
overhaul would get the municipal
bodies back on the “right track”
after they were used by “anti-
China factions” as a way to disrupt
the running of the city.
“[They] made use of the loop-
holes in the system to enter district
councils during the 2019 social
unrest which severely disrupted
the government’s work, chal-
lenged the bottom line of the ‘one
country, two systems’ principle as
well as threatened national secu-
rity and Hong Kong’s stability,” a
spokesman for the State Council’s
Hong Kong and Macau Office
said. “[The overhaul] will ensure
the city’s constitutional order.”
The District Councils
(Amendment) Bill 2023, intro-
duced by the government in May,
will come into force on Monday
and paves the way for elections by
the end of this year.
Under the legislation, which
the authorities said was designed
to “depoliticise” the municipali-
ties, district councils will be made
The District Councils (Amendment) Bill, passed by Legco yesterday, takes effect on Monday. Photo: K.Y. Cheng
up of 470 members in total, with
the proportion of directly elected
representatives cut from almost
[The overhaul] 95 per cent to just 19 per cent.
The remainder of the seats will
will ensure the either be appointed by Chief
Executive John Lee Ka-chiu or
city’s constitutional picked by 2,490 members of three
order district committees stacked with
Beijing loyalists.
SPOKESMAN FOR STATE COUNCIL’S The government’s district
HONG KONG AND MACAU OFFICE officers will serve as chairmen and
women of the city’s 18 councils, in
a move authorities said would
ensure “administrative-led”
municipal-level bodies. The
reintroduced practice was
scrapped in 1985.
Candidates are also required
to go through a tough national
security vetting system and secure
nominations from Beijing loyalist
district-level committees – which
will create obstacles to entering
the race for the opposition bloc.
Democratic Party chairman Lo
Kin-hei yesterday said some of its
members – including former and
sitting district councillors as well
as newcomers – had shown an
interest in standing in the
elections.
He added the party would
decide whether to throw its weight
behind those keen to stand after
consideration of their desire to
promote party ideology and
“speak for Hongkongers”.
Lo explained it was difficult to
assess potential candidates’
chances of securing nominations
at present, but he emphasised
they should not accept “humiliat-
ing conditions” in return for
tickets to enter the race.
The chief executive said
approval of the bill was an impor-
tant milestone in the city’s work to
improve district councils.
But the EU insisted the over-
haul would severely weaken the
ability of the Hong Kong public to
choose representatives to look
after the interests of the districts.
“These developments raise
serious questions about the state
of fundamental freedoms,
democracy and political pluralism
in Hong Kong that were supposed
to remain protected until at least
2047 under the Sino-British Joint
Declaration of 1984 and China’s
international commitments,” the
EU said.
The bloc added mainland and
city authorities should take action
to restore confidence in Hong
Kong’s democratic processes.
Secretary for Home and Youth
Affairs Alice Mak Mei-kuen said
the government was now working
on drafting administrative direc-
tives, which included a list of
“negative” behaviour that would
be used to evaluate the perfor-
mance of district councillors.
NATIONAL SECURITY LAW
Jeffie Lam
jeffie.lam@scmp.com
Professional bodies representing
the city’s barristers and solicitors
yesterday said they had received
complaints about their members
who were on a police wanted list
for suspected violations of the
national security law and vowed
to look into the allegations quickly
and fairly.
The statements issued by the
Bar Association and the Law
Society came days after police
offered a HK$1 million reward for
information leading to each arrest
of eight opposition activists living
overseas accused of violating the
Beijing-decreed legislation
imposed on the city three years
ago. It outlaws acts of secession,
subversion, terrorism and
collusion with foreign forces.
The eight are former legislators
Nathan Law Kwun-chung, Ted
Hui Chi-fung and Dennis Kwok
Wing-hang, lawyer Kevin Yam
Kin-fung, unionist Mung Siu-tat
and activists Finn Lau Cho-dik,
Anna Kwok Fung-yee and Elmer
Yuan Gong-yi.
Kwok is a barrister by trade.
Without naming Yam, Law
Society president Chan Chak-
ming confirmed a member was
among the eight wanted and that
it had received a complaint about
his “relevant acts”.
“We have already initiated an
investigation into the allegations
in accordance with the relevant
provisions under the Legal
Practitioners Ordinance, as well as
the complaints and discipline
mechanism set out in the Hong
Kong Solicitors’ Guide to
Professional Conduct,” he said.
Chan added the body would
process the complaint “as soon
as practicable”, following
established procedures in light of
the great public concern.
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C O P Y R I GH T
Friday, July 7, 2023 A5
Bar Association chairman
Victor Dawes said the body had
received a complaint against a
member for suspected violation of
the national security law, in an
apparent reference to Kwok, who
also previously represented the
legal sector in the legislature.
“The importance of safeguard-
ing national security is a matter
that goes without saying. The [Bar
Association] shall not comment
on any individual complaint and
will deal with the matter seriously
and expeditiously per its
procedures,” he added.
HK$1m
Police have offered rewards
of this much for information
leading to each arrest of
eight opposition activists
living overseas
On Tuesday, Chief Executive
John Lee Ka-chiu said the move to
offer a bounty on the eight activists
would send the world “a strong
message” that anyone who vio-
lated the national security law
would be hunted for a lifetime.
The move sparked a row
between Beijing and the govern-
ments of the countries the eight
activists called home, including
Britain and Australia. The US, also
hosting a wanted person, said the
bounty threatened people’s
human rights and freedoms.
The Hong Kong government
yesterday issued a new statement
to condemn “unsubstantiated
accusations by some other coun-
tries, organisations and politi-
cians”, reiterating the national
security law’s extraterritorial
application fully aligned with
international practice.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A6 Friday, July 7, 2023
SCIENCE
KEEPING EYE
ON CLIMATE,
ONE BUOY
AT A TIME
Durable advanced marine probes are helping
scientists learn more about the Kuroshio
extension, which affects weather across region
Stephen Chen
binglin.chen@scmp.com
The Kuroshio extension stretches
into the western Pacific Ocean
from the eastern coast of Japan, a
fast-moving tropical current that
releases a massive amount of heat
into the atmosphere, affecting not
only weather locally but also the
climate of the northern Pacific.
The current has contributed to
the formation of typhoons that
affect China’s coastal areas. It also
intensifies storms that track east-
ward towards the US west coast,
bringing heavy rainfall, strong
winds and other weather impacts.
The unpredictable and some-
times violent nature of the current
has earned it a reputation in the
scientific community as a grave-
yard of buoys.
Kuroshio Extension Mooring System
CKEO surface buoy
Real-time sub-surface mooring
Oyashio
front
Sea of
Japan
JAPAN
Tokyo
Kuroshio
front
500km Pacific Ocean
Source: China Science Bulletin SCMP
One particularly destructive
incident happened on May 19,
2020 when a storm hit the
unmanned Kuroshio Extension
Observatory, snapping the float-
ing marine monitor free of its
anchor.
For decades, the United States
was the only country to maintain
continuous observation in the
region, but China has been catch-
ing up. In recent years, Chinese
researchers have deployed a
growing number of high-quality
monitoring devices, particularly
in marine areas where the
strategic interests of the two
nations overlap.
During that 2020 storm, two
buoys from the China Kuroshio
Extension Observatory (CKEO)
continued streaming data in the
absence of the American observa-
tory, according to a peer-reviewed
paper published in the journal
China Science Bulletin on June 26
“By 2022 the CKEO buoys had
been conducting continuous
observations in situ for more than
three years. An enormous amount
of data has been collected,” said
the Chinese research team led by
professor Chen Zhaohui, from the
Ocean University of China in
Qingdao, Shandong, in the paper.
The rapidly moving current of
warm water is also a concern for
TAIWAN
Taipei watchful as Guatemala gets set for new polls
Lawrence Chung
lawrence.chung@scmp.com
Taiwan is keeping a wary eye on
the coming presidential run-off in
Guatemala, after losing Honduras
– another long-time Central
American ally – to Beijing some
three months ago.
Guatemala is among a handful
of countries that still maintain
diplomatic ties with Taipei, in a
relationship going back decades.
But a victory for the pro-Beijing
hopeful might well change that.
Presidential elections were
held in Guatemala on June 25.
However, none of the 22 candi-
dates managed to cross the 50 per
cent mark and the top two finish-
ers will be facing off again next
month.
One of them is pro-Beijing
former diplomat Bernardo
Arevalo of the centre-left Semilla
party, who fought on an anti-cor-
ruption platform to finish a sur-
China’s military. Submarines, for
instance, can experience unex-
pected jolts due to sudden
changes in water density.
“This is an area with the most
complex conditions and the
strongest ocean-atmosphere
coupling in the world,” Chen said
in the paper.
The US and other countries
that have lost large buoys in the
region may have underestimated
the challenges.
The hull of the American
Kuroshio buoy, for example, was
constructed of fibreglass and filled
with foam.
The Chinese buoys, however,
employ a magnesium-aluminium
alloy. “The material is chosen for
its rust resistance, high strength
and low density. The overall
strength of a buoy made with this
alloy is higher than that of com-
monly used foam-filled buoys,”
Chen’s team said.
The mooring system of the
CKEO buoys has been designed to
withstand maximum flow rates at
different depths, extreme wind
speeds and wave conditions,
according to the Chinese
researchers.
After the American buoy was
yanked loose in May of 2020, it
took the US almost two years to
replace it, according to the
National Oceanic and
Atmospheric Administration.
By then, China had installed
five submerged observatories to
work together with the two sur-
face CKEO buoys, forming a line
of observational sites across the
current from the south to north.
Chen, who could not be
reached for comment, said in a
press release in 2021 that putting
permanent observatories in the
Kuroshio extension was like tap-
ping the pulse of the Pacific
Ocean.
“The Kuroshio and its exten-
sion are crucial marine areas for
the global climate system,” he
said. “Five years ago, this area was
unknown to us. But now we have
established the world’s first real-
time, fixed-point observation
array for the Kuroshio
extension.”
With a single-point observa-
tion from the US buoy, research-
ers can gather valuable data on
specific oceanic conditions at that
particular location.
The Chinese buoys, which
cover an entire section of the
region, provide a more extensive
and comprehensive view of the
oceanic conditions and processes
in the Kuroshio extension.
While there is no official coop-
eration agreement between the
US and Chinese governments,
project scientists from both sides
do have mutual access to some of
the data collected by these buoys.
prise second, with nearly 12 per
cent of the vote.
Contesting him will be Sandra
Torres of the social-democratic
National Unity of Hope.
The veteran politician and
former first lady, who finished first
with 16 per cent of the vote, has
vowed to carry on with incumbent
The second round of polls will be held on August 20. Photo: Bloomberg
INFRASTRUCTURE
A ceremony is held to mark the opening of a new transport route between China and Taliban-controlled Afghanistan that uses both railways and roads. Photo: Xinhua
New rail and road link with Afghanistan launched
Land route seen as symbolic as Beijing seeks to foster ties with the Taliban
Zhao Ziwen
ziwen.zhao@scmp.com
China has announced a new land
link with Taliban-controlled
Afghanistan.
The 3,125km route uses both
railways and roads and passes
through Kyrgyzstan and
Uzbekistan as well.
One of the businesses involved
in the route said it hoped to
normalise the express links
between the two sides, although
analysts have said that its
importance is more symbolic
than practical as air and sea links
have greater importantance.
The route starts with a railway
line from Lanzhou, a major road
transport hub in Gansu province,
SOCIETY
Factory boss shows compassion works
Liya Su
liya.su@scmp.com
A factory owner has won praise on
social media for launching a
scheme to help look after the
children of his employees during
working hours.
The boss, surnamed Yuan,
who runs a factory in Hunan
province, allows his staff to bring
their children to work and has
hired two teachers to look after the
kids, according to Qingdao Traffic
Radio.
In a video filmed by Yuan ear-
lier this month, at least 10 children
are shown skateboarding and
playing together outdoors. When
they see Yuan, they greet him one
by one. “Wow, there are so many
of you,” Yuan says in the video.
President Alejandro Giammattei’s
policy of formal relations with
Taiwan.
Torres, who has faced corrup-
tion allegations herself, was
among three pro-establishment
figures seen as front runners in
last month’s race.
Giammattei was not in the fray
to Kashgar in Xinjiang on the bor-
der with Kyrgyzstan. The route
continues by road to Kyrgyzstan
then to the border with
Uzbekistan, where it switches
back to rail until it reaches the
Afghan border town of Hairatan.
The first train to leave Lanzhou
The economic
value of this land
route from China
to Afghanistan
is still not high
ZHU YONGBIAO, ACADEMIC
Yuan explained in the video
that he drove to the factory as
usual and when he parked his car,
the children rushed towards him.
“The scene was very touching,”
he said.
Yuan said he was aware his
employees had trouble looking
after their children during working
hours.
When their children finished
school in the afternoon, the
parents were still at work.
Yuan said that while most of
the parents had come up with
their own childcare solutions, he
suspected they still worried about
their children while at work.
The children come to the
factory after school to attend the
programme, which is run by two
teachers.
Besides playing together, they
for a second four-year term as the
Guatemalan constitution prohib-
its re-election.
Taiwan said its embassy in
Guatemala had congratulated the
two leading candidates as soon as
the results of the June 25 elections
were released.
“The [Taiwanese] foreign
ministry is closely watching the
development of the second round
of the election on August 20, and
will continue to explain and brief
the two candidates on the fruits
and visions of cooperation in
order to consolidate bilateral
friendship and ties,” ministry
spokesman Jeff Liu said
yesterday.
He said long-time diplomatic
relations between Taiwan and
Guatemala had helped to nurture
multiple exchanges between the
government and private sector on
either side.
Bilateral cooperation extended
across various sectors, including
trade, the economy, agriculture,
Artificial general intelligence is a computer intelligence
that is smarter than all humans at everything … that is
something we should be concerned about
BILLIONAIRE ELON MUSK ON THE NEED TO REGULATE A.I. TO ENSURE IT BENEFITS HUMANITY > CHINA A7
carried US$1.5 million worth of
freight, including car parts, furni-
ture, machinery and equipment
from Gansu and other areas.
“We hope to normalise the
route for Sino-Afghanistan
express service and aim to run
four times a month,” said Li Wei,
from New Land-Sea Corridor
Operation Co, one of the main
firms involved in the shipment
But one observer said the
route’s importance was symbolic
as China sought to increase com-
munications with the Taliban.
“Currently, the economic
value of this land route from
China to Afghanistan is still not
high. Though it has some strategic
importance, this kind of transport
is not yet on a [large] scale,” said
Zhu Yongbiao, a professor at
also do homework under the
guidance of the educators.
“When our employees finish
work, they can go and get their
children. It’s convenient,” Yuan
said.
Social media observers were
captivated by the story. “A good
boss in China. I hope he can make
a fortune,” one person said.
“Boss, when can I go to work?
Although I haven’t had a child
yet,” another said.
“He is better than 99 per cent
of bosses,” a third person said.
Stories about caring bosses are
popular on mainland social
media. In May, a restaurant owner
in eastern China earned praise
online for refusing to accept
compensation from an elderly
man who crashed into his eatery
on a motorbike.
infrastructure, medical care,
social welfare and talent
cultivation, and the efforts of
Taiwan to help develop the
Central American country had
been widely recognised by the
people of Guatemala, Liu said.
But Arevalo, the son of a for-
mer president, has promised
closer ties with Beijing if elected.
“We need to work on our trade
relations and expand them in the
case of China,” Arevalo, 64, told a
local radio station in the capital
Guatemala City on June 27.
Guatemala needed to adopt “a
foreign policy based on its own
interests”, he said, adding that no
one else but Guatemala had the
right to “dictate the country’s
position [on its choice of allies]”.
Three months ago, newly
elected President Xiomara Castro
of neighbouring Honduras had
gone back on her promise of
maintaining formal ties with
Taipei, which also went back
decades.
Lanzhou University’s school of urging the Taliban to enhance
politics and international counterterrorism measures after
relations. attacks on Chinese targets.
The Taliban takeover of According to the shippers, the
Afghanistan had led to a cut in the newly opened China-Afghanistan
number of routes into the country land route is an extension of the
and most freight and traffic went China-Kyrgyzstan-Uzbekistan
via Pakistan, Zhu said. freight land road, which started
China also started an air corri- delivering shipments from China
dor by transporting pine nuts to Uzbekistan last December.
from Afghanistan to help boost its The three countries hope to
struggling economy. build a rail link but despite signing
However, most of these routes a memorandum of understand-
suffered from limited capacity, ing in 1997, they have never been
Zhu said. “The line with the able to make much progress.
highest volume between the two “All three sides will contribute
countries is still the sea route to equal investments towards the
Pakistan, other routes such as Kyrgyz section of the railway.
land route and air corridor all have However, many practical issues
relatively small capacity.” are not yet resolved, particularly
China has stressed Afghanistan those of public concern in
is important to its Belt and Road Kyrgyzstan,” Niva Yau, a fellow in
Initiative, but Beijing has not rec- the Eurasia programme at the
ognised the Taliban government. Foreign Policy Research Institute
Meanwhile, Beijing is also said in a report in March.
SOUTH CHINA SEA
Claimants urged to engage
in ‘non-sensitive’ areas first
to work out code of conduct
political document, and the South
Liu Zhen
China Sea was an important body
zhen.liu@scmp.com
of water for international ship-
ping, fishing, and energy
South China Sea claimants have resources for countries having
been urged to set goals on competing claims over the area.
practical cooperation in China’s claims to most of the
areas such as fisheries and South China Sea overlap with
environmental protection to help those of the Philippines, Vietnam,
reduce barriers to an agreement Malaysia and Brunei, all of which
on a code of conduct for the are Asean members, and there
disputed waters. have been clashes or stand-offs
A second reading of a code of over fishery or oil and gas
conduct for the South China Sea is development.
expected to be completed this
year but observers said a final
document about how the coun-
tries handle their disputes could
still be years away.
“Whether the negotiation [of
the code] can be completed and
its enforcement be fully realised is
totally uncertain and unpredicta-
ble,” Wu Shicun, president of
China’s National Institute for
South China Sea Studies, wrote in
an article on the institute’s social
media platform on Tuesday. Wu Shicun suggests cooperating
Wu cited recent conflicts in areas such as fisheries.
among different claimant coun-
tries and interference from coun-
tries like the US as key obstacles. Although the claimants appear
“These [factors] have created to be a long way from any resolu-
unprecedented difficulties to the tion of their territorial claims in
ongoing institution and the resource-rich waters, the talks
rule-building progress of mari- on a code of conduct represent a
time cooperation and governance continued effort to manage their
in the South China Sea.” disagreements.
The idea of a code of conduct Given the current low level of
was first raised in the 1990s with trust between China and other
China and the Association of claimants, Wu suggested practical
Southeast Asian Nations agreeing cooperation in “non-sensitive to
a vaguely worded Declaration on low sensitivity” fields might help.
the Conduct of Parties in the He said three initial areas for
South China Sea (DOC) in 2002. cooperation could be fisheries,
Talks on a more substantive environmental protection and
code of conduct began in 2017, issues covered under the UN’s
but have faced significant delays Agreement on the Conservation
and a 2022 deadline for reaching a and Sustainable Use of Marine
deal has already passed. Biological Diversity of Areas
It is now only in its second Beyond National Jurisdiction.
reading phase and this part alone He then suggested that the
is expected to drag on until the next phase could include areas
end of the year. such as deep sea scientific explo-
Wu said that the 2002 DOC ration, a shared fishery database
had not worked effectively and joint law enforcement
because it was a non-binding 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

INVESTMENT
NEW TECH SPACE
IN AFRICA DRAWS
CHINESE FIRMS
Opportunities abound in region of more than a
billion with growing numbers of investors in
e-commerce and cross-border payment projects
Jevans Nyabiage
jevans.nyabiage@scmp.com
Chinese investors in Africa have
traditionally looked to road and
railway projects, dams, mines and
oil. But that is starting to change,
with a growing number investing
in African technology and fintech
in recent years.
“There have been a lot of
Chinese investors looking at
Africa’s tech space. After all, Africa
has 54 countries with over a billion
people, there are many opportu-
nities,” said Sandra Hua Yao,
senior vice-president for Thunes.
The Singapore-based fintech
company is behind infrastructure
that powers cross-border pay-
ments in 130 countries – 35 of
them in Africa – with GGV Capital
among its initial investors.
Yao, who has been working in
Kenya since 2005, was speaking
on the sidelines of the Inclusive
FinTech Forum in Kigali, Rwanda
last month.
She pointed to companies like
Opera that had set up big opera-
tions in Nigeria and other African
nations.
Opera is the web-browser unit
of Beijing Kunlun Tech and it
developed the Africa-focused
e-commerce and payment
start-up OPay.
Yao also noted the growth of
Chinese smartphone makers such
as Xiaomi, Oppo and Transsion –
the firm behind Africa’s top selling
handsets Tecno, Itel and Infinix –
and e-commerce site Kilimall, as
well as Chinese-owned digital
lending apps and cross-border
payment platforms.
She said the size of Africa –
where 60 per cent of the popula-
tion is under 25 – was the biggest
motivation for investors.
“These are people born during
the digital era. They don’t know
what a 2G network is, they were
ECONOMY
Tool from US think tank set to grapple
with China’s famously unreliable data
Igor Patrick
igor.patrick@scmp.com
A Washington think tank has out-
lined a new tool to address a prob-
lem that has plagued economists
for decades: how to make sense of
data from China often suspected
of being more politically driven
than statistically based.
For years, economists have
tried to use proxies including the
amount of electricity employed or
the number of loaded trucks
leaving factories to get a more
accurate picture.
“Depending on Chinese offi-
cial data is not the wisest thing to
do if you really want to under-
stand the true trajectory of China’s
economy,” said Scott Kennedy,
chair of Chinese economics at the
Centre for Strategic and
International Studies (CSIS).
“This is something that folks in
Washington and other capitals
have worried about a lot for a very,
very long time. And particularly,
as China’s economy officially gets
bigger and bigger – and poten-
tially approaches and may sur-
pass the size of the US – this is of
increasing interest.”
So Kennedy has developed a
new tool, the result of a database
of a wide range of other metrics
and interviews with 15 leading
economists who track China’s
gross domestic product. He said
he expected to release the live
version as soon as next week.
An assembly line in the eastern Anhui province. Official economic
figures in China have long been thought unreliable. Photo: AFP
born into 4G or 5G networks,” Yao
said. “This is a very interesting
market for any investor – not only
Chinese.”
One big fintech that has drawn
interest from China is MFS Africa,
a payment infrastructure pro-
vider. Its US$4.5 million second
round of financing was led by
LUN Partners Group and the
China-based global investment
manager has also taken part in its
other capital-raising exercises.
Dare Okoudjou, founder and
chief executive of MFS Africa, said
the company enabled fintechs to
move money within Africa, from
Africa or to Africa. It connects 40
countries in Africa to different
payment networks, and another
40 countries outside Africa.
This is a very
interesting
market for any
investor – not
only Chinese
SANDRA YAO, THUNES
A joint venture with LUN –
called MFS Africa Asia – focuses
on payments between Africa and
China, Okoudjou said during the
forum in Kigali.
He said it supported online
clients in China – mostly websites
or online businesses that have
customers in Africa.
“We enable those merchants
to collect payments,” Okoudjou
said, adding that it also helped
offline importers and exporters to
make or receive payments.
The forum was organised by
Elevandi, set up by the Monetary
Authority of Singapore to advance
fintech, and the Kigali Interna-
At issue is the reliability and
transparency of data released by
China’s National Bureau of
Statistics, the institution responsi-
ble for conducting the studies that
measure economic growth.
In interviews CSIS held with
economists for the study, many
said that given the political
dynamics in China, provincial
officials tend to report better
numbers than are warranted.
Growth may be
slowing so much
that already in
many industries,
it’s negative
DANIEL H. ROSEN, RHODIUM GROUP
Economists also questioned
the quality of data compiled
between 2020 and 2022, when
“statistics were particularly
inflated” and officials reportedly
had “significant incentives to hide
data”, Kennedy said.
The problem is not new. In
2010, The Economist devised an
alternative index to measure real
growth in China’s GDP, dubbed
the “Li Keqiang Index” after a
State Department memo pub-
lished by WikiLeaks in 2007.
According to the memo,
Friday, July 7, 2023 A7
CHINA
TECHNOLOGY
tional Finance Centre, which aids
global investment and cross-bor-
der transactions in Africa.
Okoudjou said African coun-
tries could learn from the Chinese
fintech sector’s evolution.
“If you’re thinking about rapid
evolution, where do you get inspi-
ration from? If you look at the US,
has the landscape fundamentally
changed in the last 30 years? If you
walk in the streets of Chicago, San
Francisco or New York, has that
fundamentally changed in the last
30 to 40 years? Probably not,” he
said. Robots from manufacturer Dataa Robotics on display at the World Artificial Intelligence Conference in Shanghai yesterday. Photo: AP
But he said fundamental
change could be seen in a Chinese
city like Shanghai over the past 20
to 30 years. “I think there are quite
a few things we can learn about
how China has evolved,” he said.
Musk ‘has faith’ in China’s AI capability
Other fintechs are relying on
Chinese technology, like Kigali- But Tesla founder does not directly mention US chip curbs in video at event everything … that is something
based Centrika, which provides we should be concerned about,”
digital solutions to enable trans- Musk said, adding “it’s important
port payments and transactions. Musk’s show of support comes mous driving. “As time goes by, it to have some sort of regulatory
Tracy Qu and Ann Cao
Its chief executive, Yvon at a time when the United States seems like, it may, at some point, oversight” for the area.
Gilbert Nishimwe, said Centrika government is reportedly consid- exceed one to one ratio, in more On autonomous driving, he
had partnered with UnionPay to US billionaire Elon Musk has said ering further restrictions on robots than humans, and poten- said Tesla was likely to achieve
facilitate the payments. he had confidence in China’s China’s access to US semiconduc- tially much greater,” he said. “It’s “full self-driving in what you call
“Our customers do business capabilities in artificial tors and cloud computing ser- a very profound change and I [level] 4 or 5 later this year”, mean-
with different Chinese compa- intelligence (AI) technologies, but vices, which could cripple the think we need to be careful about ing humans can be hands-free on
nies, people send money there or did not address the impact of country’s AI development. it to make sure it is something that the steering wheel.
we have traders who go to China,” Washington’s semiconductor Separately, the Biden adminis- benefits humanity.” “I think I’ve been wrong about
Nishimwe said. export restrictions that have tration was also working on a He stressed Tesla’s humanoid this prediction in the past, but
He said the devices and equip- hobbled the country’s ability to plan to limit American invest- robot Optimus was designed to we’re closer to it,” Musk said.
ment they used, including cards develop AI. ments into Chinese AI, US supplement, not replace, humans. Tesla is the subject of several
and card-printing machines, were “I think, really, China is going Treasury official Paul Rosen told a “It is not meant to have great intel- lawsuits in the US, where con-
mostly imported from China. to be great at anything it puts its hearing in May. ligence, but it is meant to have sumers are suing the company for
Investment in African technol- mind to. That includes many dif- Musk has maintained a good sufficient intelligence to do bor- misleading them on the level of its
ogy and fintech has a long way to ferent sectors – sectors of the relationship with Beijing. During ing, repetitive or dangerous tasks “full self-driving” capability.
go to reach the billions that economy, but also artificial intel- a visit to China in May, he was that humans would much prefer Musk was the highest-profile
China’s government and its mul- ligence,” Musk, founder of Tesla received by a number of senior not to do,” he said. foreign speaker featured in the
tinationals have pumped into and SpaceX, told the World AI officials, including Foreign Musk also expressed his con- opening ceremony. His speech
commodities such as oil, metals Conference (WAIC), an annual Minister Qin Gang. cerns about deep intelligence. “I was followed by other executives
and minerals. event hosted by Chinese authori- Musk’s opposition to “decou- do think we should be very careful from China’s Big Tech companies,
But firms such as Huawei ties to showcase Beijing’s ambi- pling” between the world’s two with development of, especially including Chinese AI specialist
Technologies, Africa’s largest pro- tions in the technology. biggest economies, included in an artificial general intelligence, or SenseTime and telecoms giant
vider of telecommunications Musk did not directly mention official Chinese statement, very deep intelligence,” he said. Huawei Technologies Co – both
equipment, and Transsion, which US export curbs in his remarks echoed Beijing’s stance. “Artificial general intelligence under US trade sanctions.
exclusively sells its phones and made via an eight-minute video In his speech yesterday, Musk is a computer intelligence that is
home appliances in the continent, shown at the WAIC yesterday. talked about robots and autono- smarter than all humans at > A.I. GOALS IN SPOTLIGHT B1
are leading the charge.
In Rwanda, Nishimwe said
although Chinese investors were
drawn to infrastructure and min-
ing, “we have started seeing many
of them in technology – they are
quite a number”.
Li – who has just stepped down as
premier but was then committee
secretary of Liaoning province –
admitted Chinese data were unre-
liable. To get a better idea of the
province’s economy, Li said he
analysed other indicators: railway
cargo volume, electricity con-
sumption and bank loans.
The index has been widely
used, but academics have lost
confidence – partly because they
fear it could be manipulated.
Kennedy said the economists he
interviewed voiced such
concerns.
With the new tool, CSIS hopes
to offer an alternative. The data
that make up the tool “are not
necessarily proxies of GDP, but
they present more granular views
into different components of the
economy”, Kennedy said.
He cautioned, however, that
the data must be analysed in con-
text and in conjunction with
“qualitative research” that could
only be done by travelling to dif-
ferent parts of the country.
“Systematic qualitative obser-
vation can tell you a lot that the
numbers just reported by the
official authorities can’t necessar-
ily tell you,” Kennedy added.
The Chinese embassy in
Washington did not immediately
respond to a request for
comment.
Daniel H. Rosen, an economist
interviewed by CSIS and a found-
ing partner of Rhodium Group,
said that while researchers had
always challenged official figures,
in earlier stages the “direction and
magnitude of China’s growth
didn’t need a number [with a]
giant and growing chunk of mar-
ginal global growth in almost
every industry”.
However, this was “no longer a
reliable assumption”, and “growth
may be slowing so much that
already in many industries, it’s
negative, it’s contractionary”.
The new CSIS study and other
initiatives were helpful, he said,
because while it would be benefi-
cial for investors or those respon-
sible for fiduciary decisions to visit
China when considering an
investment, “that’s not how the
global economy works”.
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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
A8 Friday, July 7, 2023
No missing
the mist
A woman, who appears to be hot
and bothered, welcomes cold
water from a mist spot as
temperatures climb in central
Tokyo yesterday.
The cooling features have
proved popular with the
Japanese public and may be
found in parks, gardens and
plazas throughout the capital.
They are much in demand,
particularly with the mercury
hitting 34 degrees Celsius and
more some days. Japan revealed
last month that it had
experienced its warmest spring
on record. Photo: AP
INDONESIA
JAKARTA WANTS ANSWERS OVER
ILLICIT NICKEL LOADS TO CHINA
Price protection for miners and tighter monitoring urged after millions of tonnes of mineral exported
Amy Sood
amy.sood@scmp.com
As Indonesia considers introduc-
ing fines for nickel firms that are
allegedly illegally exporting raw
nickel to China despite Jakarta’s
blanket ban on such trade, experts
say officials should study the
underlying causes for producers’
action instead of focusing on
punitive measures.
The country’s powerful
Corruption Eradication
Commission (KPK) this week said
Chinese customs data showed it
had received at least 5.3 million
tonnes of nickel from Indonesia
between January 2020 and June
2022, with the shipments valued
at around 14.5 trillion rupiah
(HK$7.5 billion).
“How did illegal exports of up
to millions of tonnes occur in 21/2
years?” Rachmat Gobel, deputy
speaker of Indonesia’s House of
Representatives, asked on
Monday.
“This is a very serious matter,”
he said. “Indonesia is a country of
laws. This also goes against the
president’s policy on
downstreaming.”
AUSTRALIA
Call to cut ties with Big Four firms after PwC case
PwC has been accused of leaking confidential tax data. Photo: Reuters
TENDER NOTICE
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Tender Reference : VTCPT-23/05(C)
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Tender Reference : VTCPT-23/07(C)
Closing Date : 2 August 2023
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cum site visits scheduled for 17 and 18 July 2023. Details
about the arrangement are given in the tender document.
To obtain tender document, please visit
https://www.vtc.edu.hk/html/en/about/tender_notice.html
for details. For enquiries, please call 2836 1074.
Nirwala Dwi Heryanto, a
spokesman for the finance
ministry’s customs and excise
department, said smugglers of
nickel could face a 20-year prison
sentence and fines totalling 100
million rupiah.
He said his office was working
with its Chinese counterpart to
procure a list of exporters and
would share this information with
the KPK.
The nickel ore could have been
transported to various ports in
China using falsified documenta-
tion that misrepresented the
product as processed nickel, such
as nickel pig iron or ferronickel,
Meidy Katrin Lengkey, secretary
general of the Indonesian Nickel
Mining Association, told CNBC
Indonesia.
While processed nickel exports
are still legal, Jakarta imposed a
ban on exporting nickel ore in
January 2020 as part of a
value-added strategy to generate
more revenue from raw materials
by requiring miners and produc-
ers to build refining facilities
onshore.
Since that ban was imple-
mented, Indonesia has earned
billions of dollars from stainless
A worker on a ferronickel production line in Indonesia. Photo: Xinhua
steel producers, battery-makers
and electric vehicle manufactur-
ers – mainly from China – that
have set up smelters or other
nickel processing facilities on its
shores.
The country holds 21 million
tonnes of proven reserves of the
mineral – nearly a quarter of the
world’s total – according to the US
Geological Survey.
But experts say a primary rea-
Accounting companies called ‘morally bankrupt’
as evidence of ‘immense’ tax leak scandal unfolds
Su-Lin Tan
sulin.tan@scmp.com
Some Australian public figures
and lawmakers are urging
Canberra to cut ties with the Big
Four consulting companies as
more evidence of the “immense”
PwC scandal surfaces amid
revelations the firm tipped off
tech giant Google on confidential
national tax laws.
Former Australian senator Rex
Patrick – who has called out tax
dodgers as well as Australia’s
Aukus nuclear submarine
purchase – has asked the govern-
ment to ban “morally bankrupt”
consultancy firms from taking
taxpayers’ money.
The big four are Deloitte, Ernst
& Young, KPMG and PwC. On
Wednesday, Google was named
as one of the clients who received
confidential information about
the start date of new tax evasion
laws from beleaguered PwC,
according to Reuters.
The roots of the scandal can be
traced back to 2013, when Peter
Collins, then the international
taxation chief at PwC Australia,
started helping the government
design tougher multinational tax
laws. Those laws commenced in
January 2016.
Despite signing confidentiality
agreements, Collins passed infor-
mation about Canberra’s plans to
PwC staff, both in Australia and
overseas.
The fallout from the saga
son for the illegal nickel trade
activity might be due to sellers
finding domestic prices are not
nearly as competitive as interna-
tional prices.
Some miners might be pro-
ducing nickel at a higher rate than
could be absorbed by local smelt-
ers, said Ahmad Zuhdi Dwi
Kusuma, a mining industry ana-
lyst from Indonesia’s state-owned
lender Bank Mandiri.
gathered pace this week with the
Google revelations.
“Any suggestions that Google
would engage in aggressive tax
evasion would be unsurprising,”
Patrick said yesterday. “But if you
want to engage in tax evasion,
don’t knock on the taxpayer’s
door. You’re either a friend of the
government or you’re not.”
Patrick said efforts must be
made to “remove the tentacles of
private interest” from Australia’s
public sector and ban the big four
from accessing public funds.
Google has had a chequered
past of paying very little tax in
Australia. In 2021, the firm’s tax
payments amounted to about
A$85 million (HK$443 million)
despite earnings of more than A$7
billion, and in 2019, the search
engine was forced to pay nearly
A$500 million for 10 years’ of tax
pay back as Canberra sought to
crack down on tax evasion by
large companies.
Any suggestions
that Google
would engage
in aggressive tax
evasion would be
unsurprising
FORMER SENATOR REX PATRICK
It’s not a big deal if mild diseases are not seen
for a day or two but the consequences of not
seeing serious diseases or emergency patients
in a timely manner can be devastating
DR SONG DAE-JIN, AS SOUTH KOREA SUFFERS FROM A SHORTAGE OF PAEDIATRICIANS,
PARTLY BECAUSE OF ITS LOW BIRTH RATE, WHICH IS RAISING RISKS FOR CHILDREN’S HEALTH
They might also be seeing less
profits when trying to sell domes-
tically, and choose instead to sell
their surplus product to buyers
abroad, he added.
In 2021 and 2022, the bench-
mark price for nickel ore extracted
domestically (HPM) was fre-
quently about half of the prevail-
ing international market price.
According to data analytics
company Trading Economics, the
international price reached a peak
of US$48,226 per tonne in March
2022, while the HPM was at
US$23,537 per tonne.
“There are two things that
should be done to stop these ille-
gal exports – tighten the monitor-
ing of exports, and make the price
of nickel ore sold domestically
more competitive,” Zuhdi said.
“The government might have
to create some sort of price pro-
tection mechanism, including
floor and ceiling prices, so both
miners and producers equally
benefit,” said Rizkia Darmawan,
an analyst at Mirae Asset capital
markets firm in Jakarta.
This incident was unlikely to
change the government’s stance
on the export ban, experts said.
“This is one of the first steps for
Indonesia to export value-added
products,” Rizkia said. “And this is
a long-term play.”
PwC was engaged by the
Australian government to consult
confidentially on new tax evasion
laws – which it eventually leaked.
PwC is scrambling to contain
the scandal as it continues to
unfold. Last month, it sold its gov-
ernment consulting business to a
private equity firm for A$1, in
what Senator Deborah O’Neill
called an attempt to “phoenix” its
government practice – that is,
using a new company to continue
the business of an existing com-
pany – and bury its problems.
This week, PwC sacked eight
partners including former chief
executive Tom Seymour, who was
found to have discussed confi-
dential law briefings in years of
internal emails.
O’Neill said the involvement of
Google proved the “immense
scope of fraud in which PwC
aimed to engage”.
“It was no secret that PwC
sought out the world’s largest
companies, of which Google is
one, in order to gain clients and
monetise their theft of confiden-
tial Australian government infor-
mation,” she said.
The sacking of the eight part-
ners was not enough and this
ongoing “drip-feed of informa-
tion” reflected PwC’s unwilling-
ness to take full accountability for
their transgressions, O’Neill said.
O’Neill, alongside other sena-
tors, last month grilled both the
Australian Taxation Office and
Tax Practitioners Board over the
handling of the scandal during
senate hearings. She has repeat-
edly called for the more than 50
partners and staff within PwC who
had discussed the confidential
details to be named.
MALAYSIA
Officials pledge to
investigate airport
‘extortion incident’
Hadi Azmi
hadi.azmi@scmp.com
Malaysian authorities have said
they will “thoroughly investigate”
a much-talked about incident at
Kuala Lumpur International
Airport last week, when the
country’s tourism, arts and
culture minister intervened to
“rescue” a Chinese national who
was purportedly being extorted by
immigration officials.
Tiong King Sing, who is also
Malaysia’s special envoy to China,
told local media that the incident
was not isolated and that he had
to make similar interventions in
the past – giving rise to questions
of whether racketeering was
entrenched in some circles of the
bureaucracy.
The Chinese embassy in Kuala
Lumpur said it was aware of the
episode and “attached great
importance and makes every
effort to protect the legitimate
rights and interests of Chinese
citizens in Malaysia”.
Azam Baki, chief of the
Malaysian Anti-Corruption
Commission, said the agency had
so far recorded statements from
14 people, including the minister,
relating to the incident.
Azam said the woman and her
travel companion were allowed
into Malaysia after Tiong’s inter-
vention and had subsequently left
the country on Wednesday
accompanied by a colleague.
“We have identified the
middleman who was allegedly
responsible for making the
demand,” Azam said, referring to
a culprit believed to be involved in
seeking bribes to allow individuals
who have visa issues to enter the
country. The person, according to
Azam, was employed by an
agency contracted by the airport
to deal with individuals served
with “Not to Land” orders.
“We have to thoroughly inves-
tigate whether the contract given
to this company is something that
is allowed by the government,”
Azam was quoted as saying by
local media.
SOUTH KOREA
Doctors desert paediatrics
as falling births raise fears
Reuters
South Korea is suffering from a
shortage of paediatricians, partly
a result of the world’s lowest birth
rate and increasingly a factor
behind it, leaving hospitals unable
to fill posts and raising risks for
children’s health, doctors say.
The number of paediatric clin-
ics and hospitals in the capital has
fallen by 12.5 per cent over the five
years to 2022, to just 456. Over the
same period, the number of psy-
chiatry clinics increased by 76.8
per cent, while anaesthesiology
centres saw a 41.2 per cent rise,
according to the Seoul Institute, a
public administration think tank.
At the root of the problem was
a birth rate that fell to 0.78 in 2022
– that’s the average number of
babies expected per woman –
combined with the failure of the
insurance system to adapt to it,
leaving paediatrics starved of
resources and doctors shunning a
field they think had no future,
seven paediatricians said.
The Ministry of Health and
Welfare acknowledged “limita-
tions” in the system and said
measures were being imple-
mented to address them.
According to ministry data,
hospitals were only able to secure
the services of 16.3 per cent of the
paediatricians they sought in the
first half of this year, down from
97.4 per cent in 2013. For parents,
the shortage can mean long waits
for treatment for sick children.
One recent morning, the wait-
ing room at a hospital in Seoul’s
outskirts was packed with dozens
of children, many on intravenous
drips. “We had to wait two weeks,”
said Lee Bo-mi, a 35-year-old
mother with a sick three-year-old
boy, at the Healthy Children’s
Hospital. “I was really scared. It
felt like the sky was falling.”
Dr Song Dae-jin at Korea
University Guro Hospital said he
worried that staff shortages could
soon cripple his team’s ability to
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C O P Y R I GH T
Tiong said he rushed to the
airport upon receiving informa-
tion that the Chinese national – a
woman – was purportedly
“wrongfully” issued a “Not to
Land” order upon disembarka-
tion and then pressured to pay a
bribe to reverse the order.
He told the Star newspaper the
incident was the fifth time he had
intervened in similar scenarios
involving Chinese nationals. The
latest episode broke on social
media with videos on TikTok
depicting an incident of a minister
causing a ruckus at the airport,
before it was revealed to be Tiong.
On social media, opinion was
split over the incident, with some
questioning if Tiong overreached
by intervening in enforcement
action outside his ministry’s pur-
view. Others lauded him for
standing up to corrupt practices.
“It is not just a matter of doing
the right thing, but he dared to
expose something that has been
going on for a long time,” said
political analyst James Chin,
alluding to claims that there were
“cartels” in various ministries
involved in racketeering.
While the matter remains
under investigation, Prime
Minister Anwar Ibrahim – who
came to power on a reformist,
anti-corruption platform – said
action would be taken against
bureaucrats who refused to move
on from the “old system and
practices”.
Visiting the airport on Sunday
after the episode, he said he did
not believe that the immigration
department was plagued with
problems.
He said his surprise visit was
aimed at defending “the integrity
of the immigration department as
a whole but still emphasise that
[action must be taken against]
some small groups who still feel
they are comfortable with the old
ways”.
Malaysia, ranked 61 out of 180
in Transparency International’s
Corruption Perceptions Index,
has for decades struggled to deal
with corruption in the public
sector.
provide emergency care. “At this
rate, we won’t be able to last the
year,” Song said.
“It’s not a big deal if mild dis-
eases are not seen for a day or two
but the consequences of not see-
ing serious diseases or emergency
patients in a timely manner can
be devastating.”
A five-year-old boy with a res-
piratory infection died in May
after failing to find a hospital bed,
sparking a public outcry.
Doctors say the low fee prob-
lem is particular to paediatrics as
the insurance system has not
been revised to reflect fewer child
patients. When more babies were
growing up, paediatricians could
sustain a low price, high volume
A paediatricians shortage means
long waits to get children treated.
model but that does not apply
now. The health ministry said
measures had been introduced
this year on fees and insurance
compensation to supplement
“limitations”.
Sowha Hospital, South Korea’s
oldest children’s hospital, recently
suspended Saturday afternoon
and Sunday treatment for the first
time in 77 years due to a lack of
staff. The situation is so alarming
that some couples say it is adding
to their doubts about having
babies.
Lee Ju-yul, professor of health
administration at Namseoul
University, said the failure to allo-
cate resources to paediatric care
undermined the impact of the
“huge” amounts spent on boost-
ing the birth rate.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW

It’s not a nice scene at all. … It’s painful,
emotionally draining and tragic
PANYAZA LESUFI, PREMIER OF SOUTH AFRICA’S GAUTENG PROVINCE, AFTER
AT LEAST 16 PEOPLE WERE KILLED BY A LEAK OF TOXIC NITRATE GAS BEING
USED BY MINERS TO PROCESS GOLD IN A SETTLEMENT OF METAL SHACKS
Violations
against
children
hit a record
Some 27,000 grave
breaches took place in
global conflict zones
in 2022, UN reveals
Associated Press
Children experienced the highest
number of “grave violations” in
conflicts verified by the United
Nations last year, with the strifes
between Israelis and Palestinians
and in Congo and Somalia putting
the most youngsters in peril, the
UN children’s agency has said.
Unicef also expressed particu-
lar concern about the plight of
children in Haiti, Nigeria,
Ethiopia, Mozambique and
Ukraine, where Russia has been
put on the UN blacklist.
“Grave violations” include the
recruitment and use of children
by combatants, killings and
injuries, sexual violence,
abductions, and attacks on
schools and hospitals.
Omar Abdi, Unicef’s deputy
executive director, told the UN
Security Council the more than
27,000 grave violations, up from
24,000 the previous year, were the
highest number verified by the
agency since it began monitoring
reports in 2005. The number of
conflict situations “of concern”
was also the highest – at 26.
Since the report, Abdi said, a
serious conflict had erupted in
Sudan where more than 1 million
children had been displaced and
the UN had received reports that
hundreds had been killed and
injured. He also said Unicef
expected a rise in Palestinian chil-
dren affected because of the
recent escalations in violence.
The governments and parties
to conflicts were not fulfilling their
commitments to protect children,
and “meaningful and unambigu-
ous action” was needed, the
Unicef official said.
Last month, UN Secretary
General Antonio Guterres put
Russian forces on the agency’s
annual blacklist of countries that
violated children’s rights in
conflict for killing boys and girls
and attacking schools and hospi-
tals in Ukraine.
But he did not put Israel on the
blacklist for grave violations
against 1,139 Palestinian children,
including 54 killings last year say-
ing the UN welcomed its “identi-
fication of practical measures
including those proposed by the
UN” to protect children.
The UN special envoy for chil-
dren in armed conflict, Virginia
Gamba, told the council that the
27,180 grave violations last year
were carried out against 18,890
children and included 8,620 who
were killed or injured, 7,622 who
were recruited or used by
governments or armed groups in
conflicts, 3,985 who were
abducted, and 1,165, almost all of
them girls, who were raped, forced
into marriage or sexual slavery or
sexually assaulted. The UN also
verified attacks on 1,163 schools
and 647 hospitals, a 112 per cent
increase from 2021, she said.
While armed groups were
responsible for 50 per cent of
grave violations, Gamba
underscored that governments
were the main perpetrators of the
killing and maiming of children
and of attacks on schools and
hospitals.
SOUTH AFRICA
At least 16 killed in gas leak linked to illegal miners
Associated Press
At least 16 people, including three
children, were killed by a leak of a
toxic nitrate gas being used by
illegal miners to process gold in a
settlement of closely packed metal
shacks, South African police and
local officials said.
Emergency services initially
announced that as many as 24
people might be dead in the
Angelo settlement in Boksburg, a
city on the eastern outskirts of
Johannesburg.
But police and Gauteng
Province Premier Panyaza Lesufi
later said the number of deaths
had been confirmed as 16 after a
recount of the bodies.
“It’s not a nice scene at all. …
It’s painful, emotionally draining
and tragic,” Lesufi, who visited the
SPACE
The final mission of the Ariane 5 heavy rocket begins at the European Space Agency’s launch centre in Kourou, French Guiana. Photo: AFP
Last Ariane 5 launch a crisis for Europe
Rocket ends 27 years as space workhorse, but replacement is still not ready
Agence France-Presse in Paris
Europe’s workhorse Ariane 5
rocket has blasted off for a final
time, with its farewell flight after
27 years of launches coming at a
difficult time for the continent’s
space efforts.
Faced with soaring global
competition, Europe has unex-
pectedly found itself without a
way to independently launch
heavy missions into space due to
delays to the next-generation
Ariane 6 and Russia refusing to
provide its rockets.
The 117th and final flight of an
Ariane 5 rocket took place on
Wednesday from Europe’s space-
port in Kourou, French Guiana.
The launch had been post-
poned twice. It was originally
scheduled on June 16, but was
called off because of problems
UNITED STATES
Armed man ‘takes cue’ as Trump posts Obama address
Associated Press in Washington
Former United States president
Donald Trump posted on his
social media platform what he
claimed was the home address of
ex-president Barack Obama on
the same day a man with guns in
his van was arrested near the
property, federal prosecutors
have said in revealing new details
about the case.
Taylor Taranto, 37, who pros-
ecutors say took part in the
January 6, 2021 riot at the US
Capitol, kept two firearms and
hundreds of rounds of ammuni-
scene, was quoted as saying in
news reports.
Forensic workers in hazmat
suits were seen combing the area
with the help of police.
Police said the three children
killed were one, six and 15. Two
people were taken to the hospital
for treatment, police said.
Boksburg is the city where 41
people died after a truck carrying
liquefied petroleum gas got stuck
under a bridge and exploded on
Christmas Eve.
William Ntladi, an emergency
services spokesman, said the
deaths were caused by a nitrate
gas that leaked from a cylinder
being kept in a shack. He said the
canister had emptied out in the
leak and teams were able to begin
going over an area stretching out
100 metres from the cylinder to
check for more casualties.
with the rocket’s booster. Another
launch planned for Tuesday was
delayed by bad weather.
The payload was a French
military communications satellite
and a civilian German one.
Marie-Anne Clair, the director
of the Guiana Space Centre, said
the final flight of an Ariane 5,
whose launches have punctuated
life in Kourou for nearly three
decades, was “charged with
emotion” for the teams there.
Though it would become a
reliable rocket, Ariane 5 had a
rocky start. Its maiden flight
exploded moments after lift-off in
1996.
Its only other such failure
came in 2002.
Herve Gilibert, an engineer
who was working on Ariane 5 at
the time, said the 2002 explosion
was a traumatic experience that
“left a deep impression on us”.
tion inside a van he had driven
cross-country and had been living
in, according to a Justice
Department motion that seeks to
keep him behind bars.
On the day of his June 29
arrest, prosecutors said, Taranto
reposted a Truth Social post from
Trump containing what Trump
claimed was Obama’s home
address. In a post on Telegram,
Taranto wrote: “We got these
losers surrounded! See you in hell,
Podesta’s and Obama’s.”
That was a reference to John
Podesta, former chair of Hillary
Clinton’s 2016 Democratic presi-
dential campaign.
Ntladi said the information
authorities had indicated the
cylinder that caused the leak was
being used by illegal miners to
separate gold from dirt and rock.
Lesufi tweeted videos of the
dusty inside of a shack where at
least four gas cylinders can be
seen on metal stands. The video
also showed what Lesufi said was
the cylinder responsible for the
41
Boksburg, the scene of the
tragedy, is the city where this
many people died after truck
carrying LPG gas exploded on
Christmas Eve
But the rocket would embark
on what was ultimately a long
string of successful launches. The
initial stumbles had “the positive
effect of keeping us absolutely
vigilant”, Gilibert said.
Ariane 5 earned such a reputa-
tion for reliability that Nasa
trusted it to launch the US$10
billion James Webb Space
Telescope in late 2021.
The rocket’s second-last
launch was in April, blasting the
Juice spacecraft of the European
Space Agency (ESA) on its way to
find out whether Jupiter’s icy
moons can host alien life.
Daniel Neuenschwander, the
ESA’s head of space transport,
said that in commercial terms,
Ariane 5 had been “the spearhead
of Europe’s space activities”.
The rocket was able to carry a
far bigger load than its predeces-
sor Ariane 4, giving Europe a
A federal defender represent-
ing Taranto did not immediately
return a request for comment.
Taranto already faces four
misdemeanour counts related to
the Capitol assault, when prose-
cutors said he had joined the
crush of rioters who broke into the
building and made his way to the
entrance of the Speaker’s Lobby
outside the House chamber.
Since then, prosecutors say,
Taranto has been active online.
The FBI had been monitoring
Taranto’s online activities because
of his involvement in the riot, and
began searching for him last
Wednesday after he asserted on
leak lying on the floor next to the
entrance of the shack.
Authorities did not say if the
illegal miners they believed to be
responsible for the gas leak were
among the casualties.
Illegal mining is rife in the
gold-rich areas around
Johannesburg, where miners go
into closed off and disused mines
to search for any deposits left over.
competitive advantage and allow-
ing the continent to establish itself
in the communication satellite
market.
While waiting for Ariane 6,
whose first launch was initially
scheduled for 2020, Europe had
been relying on Russia’s Soyuz
rockets to get heavy-load missions
into space.
But Russia withdrew space
cooperation with Europe in
response to sanctions imposed
over its invasion of Ukraine in
February 2022.
The number of launches from
Kourou fell from 15 in 2021 to six
last year.
The launcher market has been
increasingly dominated by
American billionaire Elon Musk’s
firm SpaceX, whose rockets are
now blasting off once a week.
Lacking other options, the ESA
was forced to turn to rival SpaceX’s
Falcon 9 for the successful launch
of its Euclid space telescope last
Saturday.
his YouTube live stream he was in
Gaithersburg, Maryland, on a
“one-way mission” and intended
to blow up the National Institute
of Standards and Technology.
The following day, he contin-
ued his live stream from the
Washington neighbourhood
where Obama lives and said he
was looking for “entrance points”
and wanted to get a “good angle
on a shot”, according to the Justice
Department’s detention memo.
Officials said he was spotted by
law enforcement a few blocks
from the former president’s home
and fled, though he was chased by
Secret Service officers.
Mining fatalities underground
are also common and the South
African government department
responsible for mining
announced recently that at least
31 illegal miners were believed to
have died in a gas explosion in a
disused mine in the city of
Welkom in central South Africa.
The cause was methane gas, the
mining department said.
Wednesday’s tragedy was
likely to stoke more anger at illegal
miners, who are often migrants
from neighbouring countries,
operate in organised gangs and
are blamed for bringing crime into
neighbourhoods.
Violence against illegal miners
erupted last year in an area west
of Johannesburg after a group of
80 men, some believed to be
illegal miners, were charged with
gang raping eight women.
Friday, July 7, 2023 A9
BELARUS
WAGNER
MERCENARY
CHIEF ‘BACK
IN RUSSIA’
Yevgeny Prigozhin is in St Petersburg and a free
man, while group’s troops remain in camps used
before aborted mutiny, Belarus president says
Lukashenko said an offer for
Associated Press
Wagner to station some of its
fighters in Belarus – a prospect
Russian mercenary leader that has alarmed neighbouring
Yevgeny Prigozhin is in St Nato countries – still stood.
Petersburg and his Wagner troops His comments highlighted the
have remained at the camps huge uncertainties surrounding
where they had stayed before an the terms and implementation of
abortive mutiny, the president of the deal that ended the mutiny,
Belarus said yesterday. which Russian President Vladimir
Alexander Lukashenko helped Putin has said could have plunged
broker a deal for Prigozhin to end the country into civil war.
his rebellion in June in exchange During their short revolt,
for amnesty and security Prigozhin’s men quickly swept
guarantees for himself and his over the southern Russian city of
soldiers and permission to move Rostov-on-Don and captured a
to Belarus. military headquarters there before
However, few details of the marching on the capital.
agreement have emerged, and the Prigozhin described it as a
whereabouts and future of the “march of justice” to oust the
Wagner company’s chief and his Russian defence minister and the
private army have remained
unclear.
After saying last week that
Prigozhin was in Belarus,
chief of general staff.
The Wagner leader claimed his
troops had come within 200km of
Moscow when he ordered them to
Lukashenko told international stop the advance under the deal
reporters yesterday the mercenary brokered by Lukashenko.
leader was in St Petersburg and
Wagner’s troops were still at their
camps.
“He is not on the territory of
Belarus,” Lukashenko told a press Whether they will
conference in Minsk. He said he
had agreed to meet Putin in the be in Belarus or not,
near future and would discuss the
Prigozhin situation with him.
in what quantity,
The Wagner boss is “absolutely we will figure it out
free” and Putin will not “wipe him
out”, Lukashenko added. in the near future
Speaking in the presidential
palace, he said he knew “for sure” ALEXANDER LUKASHENKO,
PRESIDENT OF BELARUS
that Prigozhin was a free man,
adding: “I spoke to him on the
phone yesterday.” The abortive rebellion repre-
Lukashenko’s claims could sented the biggest threat to
not be independently verified, Russian President Vladimir Putin
and the Kremlin refused to in his more than two decades in
comment on Prigozhin’s power and exposed the Kremlin’s
whereabouts. weakness.
Lukashenko said the question The Wagner fighters faced
of Wagner units relocating to little resistance, smashing occa-
Belarus had not been resolved, sional roadblocks and downing at
and would depend on decisions least six helicopters and a
by Russia and Wagner. command post aircraft, killing at
“Whether they will be in least 10 airmen.
Belarus or not, in what quantity, Lukashenko’s statement
we will figure it out in the near followed Russian media reports
future,” he said. saying Prigozhin was in
He did not specify the location St Petersburg, Russia’s second-
of the units’ camps, but largest city. His presence was seen
Prigozhin’s mercenaries fought
alongside Russian forces in
eastern Ukraine before their
as part of agreements that allowed
him to finalise his affairs there.
Russian media outlets claimed
revolt. Prigozhin retrieved cash that was
“We are not building camps. confiscated during raids of his
We offered them several former offices.
military camps that were used in Russian online newspaper
Soviet times, including near Fontanka posted videos and
Osipovichi. If they agree. But photos of Prigozhin’s opulent
Wagner has a different vision for mansion and some personal
deployment, of course, I won’t tell items.
you about this vision,” the Additional reporting by Reuters,
Belarusian leader said. Agence France-Presse
President Alexander Lukashenko tells journalists yesterday that
Wagner Group chief Yevgeny Prigozhin is in St Petersburg. Photo: AFP
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A10 Friday, July 7, 2023

Rare metals move by

China shows need to
Ironies of finance
find common ground Richard Harris says figuring out today’s complicated and messy stock
markets requires a healthy dose of Markowitz’s modern portfolio theory
The Nasdaq is now 80 per cent higher than its
pandemic low in March 2020 while the Hang Seng is
more than 15 per cent below where it was then. At
least Hong Kong is likely to be more defensive if the

A
recession does come as it is too late to sell now.

H
mong the rarest of rare metals, gallium and
arry Markowitz, one of the first the tender age of 25, he established financial What to make of this would tax even Markowitz.
germanium are critical elements for making
researchers to put rigour into economics and touched upon the two major topics Despite modern portfolio theory, markets still
semiconductors and a wide range of other hi-tech investment decision-making, died on of classical and behavioural finance. confound investors. The last quarter has been
products. So, China’s recent decision to impose controls June 22 at age 95. Regarded as the It led to a lifelong association with the Cowles dominated by narratives of rising interest rates and
on such exports has caused a global stir. It would be a father of modern financial analysis, his Foundation for Research in Economics and a Nobel inflation causing recession and value destruction.
mistake to characterise the move as simply Beijing retaliating or life neatly spanned the lifetime of financial research. Prize in economics in 1990. Financial economics And yet outside China, the consumer is spending
By coincidence, in Markowitz’s birth year of 1927, research is full of irony, as the great economist hard, job vacancies abound and house prices are
seeking leverage against Washington and its allies for imposing chip a frustrated Alfred Cowles commissioned an inquiry Milton Friedman initially refused to give Markowitz surprisingly firm – the opposite of a traditional
restrictions on China, which below the surface is taking a long-term into the inaccuracy of stock recommendations to his his PhD because finance was “not economics”. economic forecast. It is tempting to say this time is
approach to protecting global supply chains as others try to shift wealthy family. Cowles’ paper, published in 1933, Markowitz inspired such Nobel laureates as different, but we know that is not true. It’s just that
them for their own purposes. was titled “Can Stock Market Forecasters Forecast?”. Eugene Fama (originator of the efficient market long bull markets die hard.
His next paper, “Stock Market Forecasting”, showed hypothesis), William Sharpe (creator of the Sharpe Markowitz’s research would suggest designing
From August 1, Chinese exports of gallium, germanium and that such forecasts were “indefinite” and usually ratio of portfolio risk and return) and Fisher Black and holding a robust, long-term portfolio of equities
several other industrial compounds will be subject to restrictions to driven by the narrative of the day. and Myron Scholes (of Black-Scholes model fame – a and bonds, perhaps rebalancing every few years as
“safeguard national security and interests”. The country’s commerce The young Markowitz was a mathematician formula used to price derivatives). Scholes is still key investment themes such as technology emerge.
ministry and customs administration will require exporters to seek looking for a PhD topic and a chance meeting led going strong and spoke in Hong Kong on Monday. In the last year, modern portfolio theory would have
him to research the financial markets. He realised Another irony is that brilliant thinking has caused outperformed those predicting a recessionary
approval from the State Council, China’s cabinet, before shipping that contemporary investors looked only at returns, these wise men to eschew the benefits of asset downturn that began in January 2022. That market
such items abroad. so he introduced the concept of risk (defined by research and extol the benefits of long-term passive decline ended in September, when the current S&P
The measure was announced on Monday, just hours after the probabilities) that can be visualised as a line on a investment. That is, stay diversified in the market 500 bull run started.
world learned of US Treasury Secretary Janet Yellen’s visit to Beijing graph that plots return against risk. and trade rarely. These reversals have occurred on quarter ends
The concept Markowitz put forward was to strike This approach has worked well in the first half of – an observation I have half-seriously incorporated
this week. Some industry experts have been quick to describe it as an
a balance between asset returns and market risks, this year, which saw the technology-heavy Nasdaq into Harris’ Law of Quarterly Reversals. The question
attempt to “weaponise” supply chains, saying the US was the “main instead of focusing solely on returns. He used a index soar 32 per cent on the artificial intelligence is whether we could see another reversal from the
target” of a move responding to Washington’s export ban of cutting- quantitative framework to analyse the merits of narrative. It shaded the Moscow exchange, which end of June or if we have to wait until September.
edge semiconductor technology. A more accurate view of Beijing’s combining different assets. This “efficient frontier” was up 30 per cent, although the rouble fell by nearly The supreme irony of financial economics is that
illustrated that in stable markets, it is possible to get a as much against the US dollar in that period. I have just finished a PhD in narrative finance,
policy is that it may reflect a realisation that the US-China “tech war”
little more return at a little less risk – by diversifying. Closer to home, Asian markets lagged. Ever- researching the stories Cowles railed against nearly a
could continue for the foreseeable future and evolve into a conflict Markowitz encapsulated diversification bullish India’s Nifty 50 was up only about 8 per cent, century ago. If you can’t beat them, join them.
over increasingly rare resources. mathematically in his 1952 paper “Portfolio Shanghai saw a rise of about 3 per cent and the
China is the world’s largest producer of the two metals now in the Selection”, from which came the term “modern China A50 – a key bellwether of the domestic Dr Richard Harris is chief executive of Port Shelter
spotlight, providing more than 95 per cent of the global gallium portfolio theory”. In the same year, he published economy – was actually down nearly 5 per cent. Investment and is a veteran investment manager,
“The Utility of Wealth”, an early tilt towards Hong Kong held up the wooden spoon, with a banker, writer and broadcaster and financial expert
supply and 67 per cent of all germanium. The US has its own rich behavioural economics. In two papers, published at disappointing fall of 7 per cent in last six months. witness
supplies, which have been largely untouched since American
importers have found Chinese sources to be much cheaper.
Extraction of the metals is also damaging to the environment.
It will take time for the United States and its allies to set up
alternative supply chains for the metals, a fact that some optimists
hope can convince the US and Western governments to roll back
elements of recent export controls on semiconductors and related
manufacturing equipment.
But even if international tensions over hi-tech remain, Beijing’s
export controls on chip-making materials make sense as a way for the
nation to look after its domestic hi-tech industries rather than
continuing to ship increasingly rare supplies abroad.
The breakdown of the long-established flow of resources and
technology has taken a toll on the globalised economy. Rather than
further disrupting supply chains, it is critical for all parties to dig deep
and find common ground.

Tragedy a cry to fight

cruellest of illnesses

D
epression is the most common mental disorder. It can
blight every aspect of life. Most people are lucky not to
experience it, although many cases go untreated. It
can be difficult for others to understand how a widely
envied, admired and successful person can suffer Choi Hung Estate’s answer to LeBron James tries to score the hard way. Photo: Dickson Lee
from it – so badly that taking their own life seems the only way out.
If there is any solace to be drawn from such tragedies it is that they
galvanise community awareness that depressive disorder is an illness
that can affect anyone. The death on Wednesday of Hong Kong
singer-songwriter Coco Lee is a case in point. The announcement by
Share your views with us and other Post readers in a Letter to the Editor.
her older sisters on social media disclosed that she had been in a Include your full name and address, plus a phone number for verification.
coma after attempting suicide at the weekend. The sisters said: “Coco Please keep your letter to a maximum of 400 words. Email us at letters@scmp.com.
had been suffering from depression for a few years but her condition Address: 19/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
deteriorated drastically over the last few months.”
The news prompted recall of the suicide in April 2003 of the Hong
Kong superstar singer-actor Leslie Cheung Kwok-wing. This did
nothing to alleviate the gloom engendered at the time by the deadly
Tearing down village houses can be answer to land shortage
outbreak of severe acute respiratory syndrome (Sars), then at its peak.
To declare my interest, I am a retiree and a lover of housing unit, I fully agree that the housing issue people are entitled to the so-called ding right, why
Commenting at the time, the Post found a positive of sorts about
golf but without any golf club membership. I have in Hong Kong is a top priority. But is putting public shouldn’t all legitimate Hongkongers be entitled to
the tragedy that resonates amid today’s sadness – “perhaps it will be only played on the Fanling golf course a handful of housing on a great golf course the most workable some form of air rights?
the growing awareness that depression is an illness – sometimes times. While playing there, I felt Hong Kong should be solution? Undoubtedly, village houses in Hong Kong are
debilitating – and not just a frame of mind”. proud of such a great course. I live in a high-rise building in the New Territories a sensitive and complicated issue, but it does not
Hopefully, Lee’s death will add to proactive awareness, prompt Many Hongkongers, including myself, would like that is surrounded by countless village houses. It is mean the impasse should last forever. We need land
to believe Hong Kong is a world-class city. Shouldn’t a amazing to note the huge discrepancy in population for development, it is as simple as that. In fact, not
authorities to reflect on access to counselling and other psychiatric world-class city possess a world-class golf course? density levels between high-rise residential buildings too many village houses need to be torn down to
services, and encourage depressives to seek help that may change Admittedly, a great golf course is only one of and village houses. yield nine hectares of land for about 10,000 public
their lives. After all, the worst-case scenario of suicide remains a myriad features of a great city. While other features The most commonly accepted and yet housing units. If the current administration is able
preventable cause of death among sufferers. could be restored if lost, once the land a golf course paradoxical explanation for the discrepancy is the to radically rectify the “ding right” issue, Hong Kong
occupies is used for public housing, it is well-nigh indigenous people’s rights. Like most people in the will really be able to turn a new page.
Lee’s rise to stardom began with an appearance at a TVB talent impossible to recapture its original splendour. city, I was born and raised in Hong Kong, and yet
contest 30 years ago in which she came second. At home and abroad, Although I am not one of those waiting for a public we are not considered indigenous. If the indigenous S.Y.W. Sham, Yuen Long
she may be remembered best for the song “A Love Before Time” in
Ang Lee’s hit movie Crouching Tiger, Hidden Dragon and for
performing the track at the 73rd Academy Awards in 2001. Plan in advance to My loop through Sumatra, Java, Bali
and Lombok would total 36 days, exceed-
worldwide are struggling with delays as
travel reopens.
Despite t he cit y gover n ment’s
statements that the human rights of
If one social media post reflected the sentiments of friends and avoid travel visa woes ing the 30-day visa limit. Hongkongers are guaranteed by the
fans and the perniciousness of depression, it may have been from The visa extension process involved Joseph Ting, Brisbane, Australia Basic Law, it is very concerned about
Hong Kong singer Gloria Tang Tsz-kei, widely known as G.E.M: “Can’t I refer to “Indonesia’s Jokowi hails a costly and unsympathetic agent what people are actually allowed to do
‘positive developments’ with Australia’s couriering my passport to an “imigrasi” in public places.
believe how much pain was behind your smile.”
Albanese after EV battery, climate, visa office. Since the imposition of the national
deals” (July 4). My passport with the extended visa security law by Beijing in 2020, people in
A 30-day visa on arrival in Indonesia was hand-delivered to me only hours Basis for protest song Hong Kong have worried about freedom
for Australian travellers is surely plain
sailing compared to the intense scrutiny
before I flew to Kuching, Malaysia, from
Denpasar in Bali.
ban bid in question of speech.
The coverage of the law is so wide
Indonesian visa applicants are forced Extending a visa on first arrival in I wonder if the government bid to ban that some do not know where the red
Tammy Tam Editor-in-Chief to endure when trying to visit Australia. Indonesia instead of having to chase one the protest song “Glory to Hong Kong” line is set.
Not in my experience. In the second closer to expiry would reduce traveller through an injunction is truly justifiable It poses an invisible threat to journal-
Chow Chung-yan Executive Editor Zuraidah Ibrahim Executive Managing Editor half of 2022, I took a long trip around stress and immigration staff workload. because Google demanded a court order ists working across the city.
Yonden Lhatoo Managing Editor, Content Eugene Tang Managing Editor, Business & Projects Southeast Asia. I have heard a cheaper and hassle-free (“Google court order demand sparked Legally speaking, does an American
I wrongly assumed the Indonesian ploy would be to fly to nearby Singapore protest song ban bid”, July 2). technology giant like Google have any
Editorial office 19/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong visa on arrival could be purchased at the for a short break before re-entering Hongkongers enjoyed a lifestyle that obligation to remove the protest song
Editorial feedback, general inquiries 2565 2222, news@scmp.com
Advertising Enquiry 2565 2435, advertising@scmp.com
swipe of an international credit card at Indonesia. featured freedom of speech. from its search results to comply with
Reprint permission and back copies 2680 8180, reprint@scmp.com Medan airport. No matter the “visa deals”, get all Local people taking to the streets to the Hong Kong government’s demands?
Place a classified or recruitment ad 2565 8822, classified@scmp.com Stern “no cash, no entry” refrains had entry requirements arranged as soon protest against government policies was This seems to be a contentious
Subscription and delivery hotline 2680 8822, printsupport@scmp.com
Online / digital inquiries 2680 8822, digitalsupport@scmp.com me surrendering a fistful of US dollars. as you diarise your bucket list itinerary, a common phenomenon. They might issue in the eyes of the international
Charity giving 2680 8159, osc@scmp.com I also fortunately had in my possession preferably months before you step on stage sit-in demonstrations. Other forms community.
Events and conferences 2680 8160, conferences@scmp.com
some Malaysian ringgit to make up my the first plane. of protest expression included hunger
Both SOUTH CHINA MORNING POST ® and 南華早報 ® are registered in the People’s Republic of China. US dollar shortfall. A nd b e w a r n e d : v i s a of f i c e s strikes, satirical cartoons and music. Pages Ng, Tuen Mun

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The rational option
Martin Powers says US diplomats seeking peace with China should look to Benjamin Franklin
A
s US Treasury Secretary Janet
Yellen’s visit to China gets
under way, the future of
US-China relations teeters in
the balance, with calls for war
threatening prospects for peace. In that
context, Christopher Blattman’s book, Why
We Fight: The Roots of War and the Paths to
Peace, argues that peace is the more rational
option.
According to political scientist Lionel
Beehner, the book explains “why war is hell,
and is, as many economists have put it,
‘development in reverse’ … As such, peace
is strategic. It pays”.
During US Secretary of State Antony
Blinken’s recent visit to China, he
recognised that humanity’s future depends
in no small degree on cooperation between
the two major powers, but there are obsta-
cles to that end, such as misperception.
From Blattman’s book, you will learn
that a chief cause of conflict is false
assumptions about the perceived enemy.
That is one reason for Yellen’s visit, but
some ask how authoritarian and democratic
nations can ever see eye to eye.
To a historian, that question and the
attitude that drives it sound hopelessly
dated. In the past, few people thought
Christian and Muslim nations could ever
see eye to eye. Christians viewed Muslims
as immoral heretics while Muslims viewed
Christians as infidels. Not much room for
agreement there.
Back then, you were right or wrong not
because of what you did or what you said
but because of what you were. That, in a
nutshell, is groupthink, a form of illogic that
inspired endless wars and countless deaths
throughout history.
Yellen’s China visit suggests reality may be starting to bite
Daryl Guppy says the US will need to show consistent sincerity to see an improvement in ties
U
S Treasury Secretary Janet Yellen’s
trip to Beijing is part of the Biden
administration’s push to reinstate
lines of communication with its Chinese
counterpart. A senior Treasury official told
reporters that the intent of the trip is to
“deepen and increase the frequency of
communication” between the two
countries, “stabilise the relationship, avoid
miscommunication and expand
collaboration where possible”.
The intent, if genuine, is welcome.
However, that intent is undermined by the
persistent perfidy of the US. Perfidy is the
state of being deceitful and untrustworthy,
and it is against this background that
Yellen’s visit must be assessed.
Less than three weeks ago, US
Secretary of State Antony Blinken visited
China and took pains to make it clear that
his country does not support Taiwan
independence.
Taken at face value, this was a
welcome commitment, but within days of
Blinken’s return to the United States, he
not only accused Beijing of acting in a
manner “antithetical” to the status quo,
but also endorsed US President Biden’s
insulting remarks about President Xi
Jinping, including calling him a dictator.
Biden’s disparaging comments, and
his refusal to withdraw them, cast doubt
on the sincerity of his attempts to mend
ties. Likewise, Blinken’s endorsement of
Biden’s insults must cast doubt on the
sincerity of the statements and
commitments he made during his visit to
Beijing.
Enlightenment thought brought an end
to the hysteria by substituting “liberal”
values for groupthink. “Liberal” meant you
could trade with a Muslim even if you were
Christian; it meant a Protestant nation
could conclude agreements with Catholic
nations without going to war.
Some of the most vocal advocates of
liberal values were America’s “founding
fathers”, especially Benjamin Franklin,
whom Thomas Jefferson regarded as a
model of rational conduct. For some in
Congress and the media today, Western
thought is rational while traditional Asian
thought isn’t, but Franklin would have seen
that as a misperception.
Living in a world
where groupthink was
the norm, he seems to
have grasped the value
of Confucian logic
In 1737, he published pages of
Confucian writing in his Pennsylvania
Gazette. In those pages, American readers
would learn that only a calm heart and
dispassionate reason could render
decisions beneficial to the public. As for
enemies: “If we condemn and mortally hate
a person, by reason of certain defects we
observe in him … and render not justice to
his good and excellent qualities … it cannot
be said that our mind is in the state wherein
it ought to be.”
This perfidy strains all relations with
China. In February, the US media and
political leaders whipped up anti-China
sentiment, which led to the shooting
down of a Chinese meteorological balloon
and the sudden cancellation of Blinken’s
planned visit to China. For weeks, the
media and politicians alleged the balloon
had been used to spy on the United States.
Last week, a Pentagon spokesman said
the balloon did not collect information
while flying over the US. The political
players who were most vocal in February
are now silent.
Yellen has a strong record of opposing
tariffs and as the cabinet member with the
most expertise in monetary policies, she
has a better understanding of the
economic reality of the US-China
relationship. Yellen will bring this
background to the table in her discussions
with Chinese officials.
On China, Biden is faced with both a
political problem and an economic reality.
Blinken represents the political problem.
Yellen represents the economic reality.
The two problems are incompatible.
Yellen’s visit suggests the economic reality
may be starting to play a larger role in the
US-China relationship.
Decades of economic data suggests
that Chinese exports have helped keep the
US inflation low. One could argue that
China’s largest global export has been
deflation. Walmart, Apple and others rely
on “cheap” Chinese products or services
and the American consumer has
benefited from ever-falling prices.
Franklin would have known that
religious tolerance was standard practice in
China at the time. Living in a world where
groupthink was the norm, he seems to have
grasped the value of Confucian logic.
At about the same time, he published an
entire essay by a Chinese statesman. The
main argument was that a nation’s people
often echo their leaders’ conduct. If the
leaders blame one another for the country’s
problems, the people will soon fracture into
rival groups. If rich people break the laws
and get away with it, the poor will break the
laws, too.
“Shall poverty and riches be the only
measure of guilt and innocence?” the
statesman asked. He warned that building
a nation on privilege will weaken “the love
of virtue and destroy the credit of our laws”.
Sooner or later, the state would collapse.
On the other hand: “When your great
men not only live in a mutual good
understanding, but even yield to one
another … disputes and quarrels will very
soon become rare … by the great men
becoming charitable and liberal.” That is
what “liberal” meant in liberal circles in
Franklin’s America.
In the 1760s, Franklin sent out “cards”
with a picture and a “moral” complaining
of England’s unjust treatment of the
colonies.
In the “moral, Franklin stressed the
fundamental shortcomings of the old
European aristocracies: “The ordaining of
laws in favour of one part of the nation, to
the prejudice and oppression of another, is
certainly the most erroneous and mistaken
policy”.
But aristocracies then, like fascistic
nations today, adored inequality. The
However, a continuation of the
tariff-induced inflationary impact is the
last thing that the Biden administration
needs right now as the country heads into
an election year.
Further adding to the economic
pressure are the Biden administration’s
whopping infrastructure programme and
its protectionist support programme that
demand massive levels of borrowing. The
financing of this debt will require
assurances from China and Japan, the
biggest foreign holders of US debt.
Her visit has the
potential to set the
true foundations for
responsibly managing
the … relationship
Just why China should continue to
fund US debt requirements remains an
open question when US policy
disadvantages China.
The Treasury chief will face questions
on the Biden administration’s plans to
regulate and potentially cut off US
corporate investment in China in what the
US classes as “sensitive technologies”.
It is important that communication
between the US and China resumes. The
fiscal and monetary measures adopted by
purpose of the law was to grant privileges to
some groups, such as noblemen or Aryans,
and oppress other groups, such as
commoners or Jews.
Echoing the Chinese statesman’s essay,
Franklin warned that, “These measures
never fail to create great and violent
jealousies and animosities, between the
people favoured and the people oppressed
(whereby) … the whole state is weakened
and perhaps ruined forever.”
In 1776, he wrote a letter to Lord Howe,
who was commissioned to persuade the
colonies to comply with British demands.
In the letter, Franklin charged that
England’s motive for war was to protect its
monopoly in certain kinds of trade, but
Franklin maintained that “neither the
obtaining or retaining any trade, how
valuable soever, is an object for which men
may justly spill each others’ blood”.
Franklin’s sentiments, including his
admiration for Chinese thought, were
widely shared by America’s founding
generation.
If Franklin were alive today, what advice
would he have for Blinken and Yellen?
We can’t know for sure, but a reasonable
guess might be to become charitable and
liberal in the cause of mutual good
understanding and to strengthen their
nation by promoting fairness and equality
at home, not by waging war abroad.
Those sentiments are every bit as much
Chinese as they are Western, and China’s
current leadership likely knows that.
In sum, the rational option now as then
is peace, because “peace is strategic. It
pays”.
Martin Powers is professor emeritus at the
University of Michigan and visiting professor
at Peking University. He has written three
books on the history of social justice in China
the United States have a significant
impact outside the country. Global
economies are held hostage to decisions
taken by US policymakers, although the
US Treasury and Federal Reserve have no
obligation to consider the international
impact of their policy decisions. This
contempt for their global consequences is
giving impetus to the move towards
de-dollarisation of the global economy.
Yellen’s reputation means she brings
an honesty to the discussions. There is no
doubt that serious and fruitful progress
can be made in several areas. Her visit has
the potential to set the true foundations
for responsibly managing the US-China
relationship, communicating directly
about areas of concern, and working
together to address global challenges.
These are the objectives set by the
Department of Treasury and they are not
far off from those of Yellen’s counterparts
in China.
At best, Yellen’s visit may see a
restoration of the Strategic Economic
Dialogue – abandoned by the Trump
administration – under which the
Treasury secretary met China’s equivalent
every six months.
The unresolved question relates to
whether Yellen’s genuine discussion and
commitment is strong enough to
overcome the perfidy that characterises so
many other aspects of the US-China
relationship.
Daryl Guppy is an international financial
technical analysis expert and a former
national board member of the Australia China
Business Council. The views expressed here
are his own
Friday, July 7, 2023 A11
Japan must not
threaten fragile
ocean ecosystem
Edwin Lau says some scientists
believe the treatment system for
Fukushima’s radioactive waste water
and its dilution in the sea will make it
safe, but many others are doubtful
T
he Japanese government is adamant about
discharging treated radioactive waste water
from the Fukushima Daiichi nuclear plant into
the Pacific Ocean this summer despite strong
opposition in many countries, including China and
South Korea, as well as fishing communities in the
region.
This week, Tokyo’s decision was reinforced by an
International Atomic Energy Agency report
concluding that the discharge plan complies with
international safety standards.
The government says Japan’s advanced liquid
processing system (ALPS) reduces the presence of 62
of the 64 hazardous radioactive elements in the waste
water to within regulatory limits.
More than 1.3 million tonnes of this waste water is
stored in some 1,000 stainless steel tanks at the site
after the nuclear accident occurred in March 2011.
Several of the radioactive elements contained in the
waste water, such as carbon-14, strontium-90,
caesium-137 and tritium, are considered to have
potential effects on human health.
The half-life (or time taken for half the atomic
nuclei to decay) of radionuclides varies. While some
have decayed since 2011, carbon-14, for example, has
a half-life of more than 5,000 years, which means it
remains radioactive in the environment for many
generations after us.
Tokyo says it is confident the ALPS can process
most of the radionuclides in the waste water, except
for two: carbon-14 and tritium. So the treated waste
water still needs to be diluted before discharge, to
reduce the concentration of these elements to
acceptable levels.
The discharge process is expected to take around
three decades. This is an extremely huge and
long-term process requiring full-proof engineering-
and nature-based solutions – more than 12 years after
the nuclear disaster. Thankfully, many believe today’s
nuclear plants are much safer to operate.
The discharge process is
expected to take around three
decades. This is an extremely
huge and long-term process
Some scientists believe Japan’s treatment system
for the radioactive waste water and its subsequent
dilution in our oceans will make it safe, but many
other scientists remain doubtful. In Hong Kong, the
administration continues to assess the risks of Japan’s
discharge plan and has said it would introduce import
controls on marine produce from Fukushima and
other Japanese prefectures once the discharge starts.
Robert Richmond, director of the Kewalo Marine
Laboratory at the University of Hawaii, is one of the
scientists advising the 18-member Pacific Islands
Forum on the Fukushima discharge plan. Earlier this
year, he and others suggested that Japan delay its
discharge plan, as they were not fully certain it would
be safe enough for the ocean ecosystem.
We ought to be aware of several important factors.
Firstly, there are no physical boundaries in oceans and
the pollution released in one will reach the rest.
Secondly, the ability of any water body, even oceans,
to dilute pollution is not limitless. Thirdly, oceans do
not have the magic power to turn polluted water into
clean water instantly. It takes a very long time to dilute
pollution, and in the case of Fukushima, radioactive
contaminants will continue to be released for decades.
Scientists are also concerned that the
radionuclides can be captured by phytoplankton and
other microscopic sea organisms that make up the
bottom of the aquatic food chain. This could mean an
eventual accumulation of radionuclides in fish and
marine mammals.
According to a study published in the National
Academy of Sciences Journal, tiny amounts of
caesium-137 and caesium-134 were detected in 15
tuna caught near San Diego, California, just five
months after the Fukushima nuclear disaster.
Seafood is common in our diet. Even if the amount
of contaminants found in seafood is really small, one
can hardly rule out the dangers of their accumulation
in our bodies.
Once again, we witness the selfishness and
short-sightedness of political leaders. The ocean is not
a dumping ground for anybody or any nation. It is a
valuable resource – providing food, absorbing carbon
dioxide and sustaining economic development.
I believe the countries of the world, if united, could
halt Japan’s discharge plan by providing more tanks
for it to store its radioactive waste water, or by offering
to help construct an artificial lake in Fukushima to
store its treated waste water. We simply cannot afford
to threaten the fragile ecosystem of our oceans.
Edwin Lau Che-feng is executive director of
The Green Earth
People protest in Seoul against Japan’s planned
discharge of radioactive waste water. Photo: Xinhua
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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 Friday, July 7, 2023

Final approach

Hong Kong’s Kai Tak Airport was

like no other. Situated on the edge of
densely populated Kowloon City,
the approach to the airport’s single
runway saw jets flying over blocks of
flats and busy streets. Yesterday was
the 25th anniversary of the close of
the airport after 73 years of service.
It officially closed at 1.20am on
July 6, 1998, with the new Hong
Kong International Airport on
Lantau Island starting service at
6.27am. In the weeks leading up to
its final day of operation, Kai Tak
attracted thousands of people trying
to find the perfect viewpoint for that
perfect photograph. These photos,
by Robert Ng, C.Y. Yu, Garrige Ho,
Dickson Lee, Antony Dickson and
Oliver Tsang, were taken before
Kai Tak’s closure.

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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

Friday, July 7, 2023
TECHNOLOGY
SHANGHAI
FORUM PUTS
A.I. GOALS IN
SPOTLIGHT
China aims to build a complete value chain
from ‘smart chips and algorithm frameworks
to industry-specific large language models’
Tracy Qu, Lilian Zhang,
Ben Jiang and Ann Cao
This year’s edition of the World
Artificial Intelligence Conference
(WAIC) in Shanghai opened
yesterday with government
officials presenting a unified front
on pushing the country’s artificial
intelligence (AI) development
ambitions despite the threat of
potential new tech restrictions by
the US government.
Vice-Minister for Industry and
Information Technology Xu
Xiaolan said in a keynote speech
at the conference, which con-
cludes tomorrow, China was
moving to develop a complete
AI value chain that covered
“smart chips and algorithm
frameworks to industry-specific
large language models”.
She said the government
would increase support for the
domestic AI industry, which is
estimated to consist of more than
4,300 firms at present.
Echoing that message,
Shanghai party secretary Chen
Jining said in his presentation the
financial metropolis was already
encouraging AI “algorithm inno-
vation, chip development and
language data set advances”,
adding Shanghai had been
successful in attracting new AI
businesses and talent.
4,300
The number of firms in China
involved in the development
of AI. The government has
pledged to increase support
for the industry
The optimism expressed by
the officials underscores China’s
large bet on AI as a major catalyst
to transform local industries and
refuel the nation’s sputtering
economy.
In its “Annual Report on the
Development of New-Generation
Artificial Intelligence (2022-
2023)”, the China Economic
Information Service, an organisa-
tion under Xinhua, said the
country’s AI technology sector
had already entered the global
top tier, making up about 16 per
cent of companies involved in the
technology globally.
An op-ed piece published
last month by the People’s Daily
suggested generative AI was on its
way to becoming an essential part
of the workplace and people’s
everyday life, which would lead
to profound changes in society,
stimulate economic growth and
drive a new industrial revolution.
Generative AI refers to the
algorithms, such as those that
power ChatGPT and similar
services, that can be used to create
new content, including audio,
code, images, text, simulations
and videos.
The People’s Daily piece also
said Chinese institutions had
A woman attends the WAIC in Shanghai, where officials are presenting
a unified front on pushing China’s AI ambitions. Photo: AFP
BEARING THE BRUNT
Car parts firms among industry groups identified as
the most vulnerable to risks > CLIMATE CHANGE B3
launched at least 79 large lan-
guage models with more than
1 billion parameters, a measure
of the size and complexity of a
model.
Large language models are
deep-learning AI algorithms that
can recognise, summarise, trans-
late, predict and generate content
using very large data sets. These
represent the technology used
to train AI chatbots like OpenAI’s
ChatGPT.
Still, the views expressed by Xu
and Chen did not elaborate on the
difficulties being experienced by
the domestic AI industry because
of US sanctions.
Huawei Technologies deputy
chairman Ken Hu Houkun, who
also serves as a rotating chairman
at the Shenzhen-based tech giant,
said the company was trying to
solve the current “computing
power” bottleneck impeding AI
development in China.
The US government last
August imposed a ban on the
export to China of certain prod-
ucts from chip suppliers Advanced
Micro Devices and Nvidia
Corporation, which has a near-
monopoly on the graphics cards
used to train AI systems. Those
restrictions have been hindering
the country’s progress in various
cutting-edge applications from
large language model develop-
ment to autonomous driving.
Still, Hu said Huawei had
helped power the development
of about half of existing Chinese-
developed large language models
through the firm’s Ascend data
centre solution, which is the
cluster networking for large-scale
AI model training.
SenseTime co-founder Sean
Tang Xiaoou, meanwhile, said in
his presentation at the WAIC
opening Chinese scholars had
contributed to the global develop-
ment of machine-learning tech-
nology and large AI models.
Beijing’s AI ambitions could
face a fresh blow as the US govern-
ment is said to be considering
restricting Chinese companies’
access to American cloud com-
puting services, which would stop
Amazon Web Services and
Microsoft Corporation from using
the power of advanced AI chips
to benefit their mainland clients,
according to a report by The Wall
Street Journal on Tuesday.
Washington is also working on
new regulations that would limit
capital and information flows into
sensitive technologies in China
such as semiconductors and AI.
The potential ban on cloud
computing services could turn out
to be the next big hindrance for
China’s large language model
development efforts, according
to an industry executive at the
WAIC, who declined to be
identified. He said training AI
systems required significant
computing power.
China’s massive demand for
advanced semiconductors to
power new AI development
projects has already created a
fast-growing market for smuggled
graphics cards, such as the A100
and H100 products from Nvidia.
Fair trade
Visitors check out the exhibitions by various companies at the
Dalian World Expo Plaza in Liaoning province. The building
in Dalian is hosting the 2023 China International Digital and
TECHNOLOGY
Magnesium paves way for lighter cars
New casting method also helps cut cost of making vehicles, researcher says
Zhang Tong
richard.zhang@scmp.com
Researchers on the mainland say
they have developed supersized
magnesium alloy vehicle parts
that could significantly reduce
the cost of making cars and
promote lightweight designs.
The scientists produced the
two giant parts – a car body and
a battery box cover – from a single
mould in one casting.
Each part measures more
than 2.2 square metres – the first
of their size to be made from
magnesium alloy, according to a
news release from the National
Engineering Research Centre
for Magnesium Alloys (CCMg)
at Chongqing University on
June 27.
“Magnesium alloys are
about 30 per cent lighter than
mainstream aluminium alloys
and 70 per cent lighter than steel.
Lighter auto parts can lead to
an increase in car range and
effectively alleviate ‘range anxiety’
for electric vehicles,” said Jiang
Bin, a professor at the research
centre.
China holds more than 70 per
cent of the world’s magnesium
resources, and it has accounted
EMPLOYMENT
JPMorgan, HSBC top choices for business students
Peggy Sito
peggy.sito@scmp.com
Business and commerce students
at Hong Kong universities have
voted JPMorgan and HSBC
Holdings the top two employers
as potential jobseekers prioritise
“a friendly work environment”
over higher salaries, a survey by a
talent advisory firm has shown.
The survey, conducted
between October and April by
Universum, part of investment
firm StepStone Group, inter-
viewed 4,179 students from nine
universities in the city pursuing
degrees in business, commerce,
engineering, natural sciences,
humanities, liberal arts and
education.
It also found students’
expected annual salary upon
for more than 80 per cent of the
world’s output of magnesium and
magnesium alloys for more than
a decade, according to Jiang.
CCMg has worked with
Chongqing Millison Technologies
and Boao Magnesium Aluminium
Manufacturing to produce the
two pieces.
Chongqing Millison provided
the die casting system used
for processing, while Boao
Magnesium has experience in
developing magnesium alloy
dashboard and seat frames.
They used high-pressure
casting to create the two parts
using a technology similar to
Tesla’s “gigacasting” process. It
involves injecting molten metal
into a steel mould and filling
it under high pressure before
cooling.
Compared to traditional
casting, high-pressure “mega
casting” offers advantages such
as smoother surfaces, stable
dimensions and the ability to
mould in a single casting.
The technology has sped up
Tesla’s production in its Shanghai
and Berlin factories.
Thanks to gigacasting, the rear
underbody of Tesla Model Y is
now made of two large pieces of
cast metal, compared to the 70
graduation fell by 3 per cent to
HK$292,900 a year, or about
HK$24,400 per month, reflecting
the weak outlook in the face of the
current economic slowdown.
The survey was part of an
annual global survey by Univer-
sum, whose focus is on employer
branding, to gauge career aspira-
tions and preferences of the city’s
next-generation talent.
JPMorgan and HSBC retained
their top positions from last year,
followed by Morgan Stanley,
which jumped by three places.
Google and the Hong Kong
government rounded out the top
five slots, respectively.
The two firms were ahead of
bigger players such as Apple and
Goldman Sachs, and they both
received a more favourable
response from engineering and
natural sciences students.
Why season two of Sex and the City sequel, And Just
Like That, may struggle to win over fans > LIFE B7
Software Services Fair with the theme “digital innovation,
integrated development”. The fair opened yesterday and runs
until Sunday. Photo: CNS
parts used in a previous iteration
of the car, while the number of
welding points was reduced from
more than 700 to 50 and the
production cycle was shortened
from between one and two hours
to three to five minutes.
“Fewer parts, lower costs and
a simplified production line have
contributed to Tesla’s industry-
leading profitability. The weight
of the rear body was reduced by
30 per cent and manufacturing
costs could be reduced by 40 per
cent,” Reuters said in a June report
about gigacasting.
Jiang said replacing commonly
used aluminium alloys with
magnesium alloys offered even
more advantages when used
with high-pressure casting.
Magnesium was lightweight
and abundant, and magnesium
30%
Magnesium alloys are
this much lighter than
mainstream aluminium
alloys and 70 per cent lighter
than steel, a researcher says
Although the Hong Kong gov-
ernment slipped by a spot in the
rankings among business and
commerce students, it was voted
the most ideal employer by
engineering and natural sciences
students for the fourth consecu-
tivce year.
“We are seeing young talent
in Hong Kong prioritising work
environment and career develop-
ment over financial earnings and
salary, a trend that can be seen in
many of the more developed
markets worldwide,” said Mike
Parsons, managing director of
Asia-Pacific for Universum.
“Tomorrow’s workforce are
highly motivated by acknowl-
edgement and growth opportuni-
ties that enable them to feel valued
and included in their community,
with financial compensation
often coming second.”
-3.02
Close: 18,533.05 Down: 577.33
LOSING THE PLOT
alloys could absorb vibrations and
dissipate energy, he said.
While there are challenges to
creating large magnesium alloy
castings, such as filling the models
with molten alloys and defect
control in narrow spaces, the
researchers said they had over-
come them through structural
design, raw material purification,
casting process optimisation and
other means.
Magnesium alloy castings are
similar to aluminium alloys in
terms of life expectancy and
production costs.
“Although magnesium alloys
commanded a slightly higher
material cost than aluminium,
the faster production speed and
ability to produce more parts
from the same amount of material
make the overall cost per part
comparable,” Jiang said.
The vehicle industry is
moving towards more advanced
casting processes for car bodies.
Mercedes, Volvo, Volkswagen and
Toyota have implemented or
announced plans to use mega
casting, and Chinese carmakers
including Nio and Xpeng are also
adopting the technology.
Images of the two huge car
parts have been blurred out on
Chongqing Millison’s website,
and it is not clear how the parts
will be used. The company
declined an interview request.
This year, students ranked “a
friendly work environment” their
top preference, continuing the
trend from last year, the survey
showed. “Professional training
and development” and “encour-
aging work-life balance” were the
next two factors that mattered
most when seeking employment.
On the other hand, “high
future earnings” was ranked lower
than the previous year, declining
by two places to fourth position.
This reversed the trend of last year
when students expected a 19 per
cent increase in annual salary in
comparison with 2021 levels.
This highlighted the shift in
expectations from students as
they prioritised personal well-
being over higher financial earn-
ings, according to Universum.
It also reflected the preference
for job security as “students are
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C O P Y R I GH T
%
Hang Seng Index:
Further
gains seen
for home
rents in city
Cushman positive on
outlook for leasing
market while house
prices remain volatile
Salina Li
salina.li@scmp.com
Rents in Hong Kong’s housing
market are expected to keep rising
in the second half of this year even
as the volatility in prices persists,
Cushman & Wakefield said.
The city’s housing market
witnessed an initial recovery in
prices after the border with the
mainland reopened in February,
according to a report released by
Cushman yesterday.
Prices of lived-in homes had
recorded a cumulative gain of 4.9
per cent over the last five months
even after the price index saw its
first decline in May, at 0.7 per cent,
the report said.
But persistent high interest
rates, recent stock market volatil-
ity and geopolitical tensions were
all weighing on sentiment and
were expected to dampen a
recovery in residential prices, said
Rosanna Tang, executive director
and head of research at Cushman.
The leasing market, on the
other hand, had reported growth
since the border reopening while
also benefiting from a pledge by
the government to attract more
talent to the city under its Top
Talent Pass Scheme, Tang said.
“This is a good sign for the
leasing market,” she added. “And
it has already been partially
reflected in the rental index,
which has risen by 4 per cent
over the last four months.”
The rental index would put in
a more stable performance com-
pared to the price index this year,
and rents would also slightly out-
perform home prices by one to
two percentage points, Tang said.
“The rental index could
increase by around 5 to 8 per cent
this year,” she added.
The Cushman report comes
amid a divergence in forecasts
for Hong Kong’s property market
in the second half of this year,
with some analysts predicting
a recovery as the economy
rebounds from the coronavirus
pandemic and others warning of
ongoing and potential headwinds
such as further interest rate rises.
Cushman said it expected
more price volatility in the second
half and home prices would rise
by 3 to 7 per cent this year.
Raymond Cheng, managing
director of CGS-CIMB Securities,
said he expected home prices to
increase by an average of 5 per
cent, with interest rates likely to
peak this year.
His views were echoed by
Derek Chan, head of research at
Ricacorp Properties.
Knight Frank, on the other
hand, forecast a drop of up to 5 per
cent in lived-in home prices for
the year and said interest rates as
a factor would not fade away until
early next year.
Its forecast followed similar
predictions by JLL and Citi.
likely aware of the shift away from
the Great Resignation period and
into a less certain economic envi-
ronment where high-profile lay-
offs are more common, and hence
are more prudent in their salary
expectations”, the survey said.
Hong Kong’s economy pulled
out of recession earlier this year,
supported by local consumption,
but exports remained anaemic.
April exports totalled HK$338.3
billion, down by 13 per cent from
a year ago and worsening from the
1.5 per cent drop seen in March.
Among business and
commerce students, expected
salaries declined by 6 per cent
to HK$279,700 per year, while
engineering and natural sciences
students expected a relatively
smaller decrease, of 2 per cent, to
HK$299,200 per year compared
with last year.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B2 Friday, July 7, 2023

BUSINESS
PROPERTY

Global home prices rise at

slowest pace since 2015
amid policy tightening
The poor global performance
Lam Ka-sing
contrasts with 11.1 per cent
kasing.lam@scmp.com
growth for the 12 months to the
end of the first quarter of 2022.
Global home prices are rising at Of the 56 markets tracked in
their slowest pace since 2015 the latest report, 17 saw annual-
as central banks continue to ised price falls for the first quarter,
tighten policy to rein in inflation, including eight with a drop of
according to a report. more than 5 per cent, while 23
Cuts in interest rates might saw year-on-year declines.
now be delayed until the second Turkey led the rankings again
half of next year for some for that period, but the phenome-
key markets, leading to fewer nal price growth of 132.8 per cent
transactions and reduced liquid- for the year to the end of the first
ity for a year or more, consultancy
Knight Frank said in a report
released on Wednesday.
“In general, home prices
across the world will face the
The renewed interest in Shenzhen’s commercial property market comes after a gradual recovery of the mainland economy in the post-pandemic era. Photo: AP challenges brought by [higher]
interest rates and inflation, while
Hong Kong, the mainland and

HK FIRMS SHOW ‘INCREASED

Japan are the only exceptions
from the inflation problem,” said
Martin Wong, Knight Frank’s
Greater China head of research Hong Kong home prices are likely
and consultancy. to decline by up to 5 per cent.

INTEREST IN QIANHAI OFFICES’ In Hong Kong, home prices

Insurers, family offices and private banks step up moves to enter Shenzhen to tap bay area opportunities
Iris Deng
iris.deng@scmp.com
Shenzhen has seen increased
demand for office space in the
Qianhai special zone from Hong
Kong companies, particularly
those in the insurance industry
and the family office business,
according to property firm JLL.
Hong Kong firms had shown a
special interest in Qianhai, the
economic zone neighbouring the
city, and they had moved from
initial inspections to taking action
since the reopening of the border
earlier this year, Alfred Li, head of
office leasing advisory at JLL
Shenzhen, said yesterday.
“One of the most notable
industries is Hong Kong’s
insurance sector, which has
shown a keen interest in moving
into Shenzhen as a foothold for
further expansion in other parts
of the Greater Bay Area, such as
Guangzhou and Foshan,” Li said.
Qianhai is their preferred
choice of destination in Shenzhen
due to its proximity to Hong Kong
and the advantages in terms of
the low costs of office space and
hiring, on top of the favourable
policies offered by the district to
attract businesses.
Originally created in 2009
to boost cooperation between
businesses in Shenzhen and
Hong Kong focused on the service
industry, the Qianhai economic
zone was expanded by eightfold
in 2021 to forge closer ties within
the country’s Greater Bay Area
scheme, in which Beijing wants
to link Hong Kong, Macau and
nine cities in Guangdong
province into a unified urban
belt to supercharge growth and
innovation.
Family offices and private
banks from Hong Kong had also
accelerated moves to enter
Shenzhen to tap opportunities in
the region, Li added.
The renewed interest in
Shenzhen’s property market
comes after a gradual recovery
of the macroeconomy in the
post-pandemic era, although the
revival faces uncertainties and
unbalanced development in
different sectors.
Shenzhen’s overall office
leasing market continued to face
pressure in the second quarter of
this year due to weak demand
from tenants and an increase in
new supply, according to JLL.
Demand from the tech sector
shrank in the first six months of
the year, while that from the
professional services industry,
including accounting and law
firms, showed a notable increase.
Rents for grade A office build-
ings in Shenzhen fell by 2.5 per
cent sequentially in the second
quarter, a steeper fall compared
with the first quarter of this year,
while the vacancy rate stood at
22.6 per cent.
While many tenants tend to
renew their current lease as a
cost-saving measure, some have
taken the decline in rents as an
opportunity to upgrade their
office space, with half of the
moving deals in the second
quarter coming from companies
that relocated to grade A buildings
from less premium spaces.
For the second half of the
year, Li expected the office leasing
market to face further pressure
with a record-high influx of 1.7
million square metres of new
grade A office space.
“Most of the tenants will
continue to hold onto their
cautious strategy in the face of
complexities in the domestic and
global economies,” Li said.
are expected to drop by up to
5 per cent this year.
“Inflation is not an issue for
Hong Kong, but the high-interest- [High interest rates]
rate environment will remain
an issue for the remainder of the will remain an issue
year,” Wong said.
“The first interest rate cuts
[for Hong Kong]
[are unlikely to happen before] for the remainder
the second quarter of 2024 and
thus market liquidity will remain of the year
low for the next six to nine
MARTIN WONG, KNIGHT FRANK
months.”
Average price growth across
the 56 markets covered by the quarter was largely a result of
Knight Frank Global House Price rampant inflation. And the 22
Index slowed to 3.6 per cent in the per cent increase in the first
12 months to the end of March, quarter suggested more to come
down from 5.7 per cent in the this year.
fourth quarter of 2022. The figure Singapore was a stand-out
for the year to September 2015 performer in the region, with 11.3
was 2.7 per cent. per cent annual growth. Changes
Hong Kong saw a price decline to the tax policy aimed at cooling
of 10.3 per cent in the period, the market have mainly targeted
making it the third-worst per- overseas investors and have not
former after New Zealand and kept domestic buyers from push-
South Korea. ing prices to new highs.

DIRECTORY
Professional Services To advertise, please call 2680 8988, fax 2565 7272 or e-mail directory@scmp.com Legal & General Notices
Cayman Islands Companies Act (2023 5evision)
NOTICE OF MEETING OF C5EDITO5S
CENTA 5 LITIGATION LIMITED (registration number 25 0 )
CENTA 5 LITIGATION S3C (registration number 265075)
Mainland China Litigation, CENTA 5 LITIGATION NIT SE5IES 1 LIMITED (registration number 254015)
(All in Official Liquidation) (Collectively “the Companies”)
Arbitration, Dispute & Investment TAKE NOTICE that pursuant to Order 8 rule 2 of the Companies Winding up
5ules (2023 Consolidation) concurrent meetings of creditors of the Companies,
TEL: (852)2594 0766 OR (852)9150 7677 whose registered offices are situated at HSM Corporate Services Ltd, 68
Fort Street, George Town, Grand Cayman, Cayman Islands will be held on
EMAIL: jason.zhang@chinalegal.com.hk Tuesday, 8 August 2023 at 4:00pm AEST at the offices of Grant Thornton
Australia Limited, Level 17, 383 Kent Street, Sydney NSW Australia.
ADD: RM B2, 32F/UNITED CENTRE,
Attendance will be available by webinar only. Those creditors wishing to
95 QUEENSWAY, HONG KONG attend by webinar should contact the Joint Official Liquidators (JOLs) at the
contact details noted below, at least three business days prior to the date of the
Chinese Practicing Lawyers Registered In Hong Kong & PRC meeting to obtain registration details for the webinar and/or to notify them of
their intention to attend the meeting.
In order for a creditor to attend the above meeting, they are required to provide
the JOLs with a proof of debt, if they have not already done so.
Tender Notices Legal & General Notices Corporate creditors entitled to attend the meeting in person or by webinar must
appoint a proxy by completing and returning to the JOLs a proxy form, which
you may also obtain by contacting the JOLs on the contact details below.
1 6 (3 570(17 7 J :D UR S RI RVSLWDOV 67 5 6800,7 2 ,0,7( Both forms (if required) must be submitted to the JOLs prior to 4:00pm AEST
, 9RO WDU LT LGDWLR Wednesday, 2 August 2023.
7(1 (5 7H GHU , LWDWLR 1RWLFH &RPSD 1R
3UR LVLR RI 6 R HU 7UROOH V Dated this 7 July 2023
Tenders are invited for the following site 127,&( is hereby given pursuant to Section 204,
(PHUJH F 7UROOH V subsection 1 b of the 9I usiness ompanies ct, Said Jahani
Lot No. Tsuen Wan Town Lot No. 430 2004 that the ompany is in voluntary liTuidation. Joint Official Liquidator
Tung Wah Group of Hospitals invites suppliers
Location Yau Kom Tau, Tsuen Wan, New Territories to tender for 3UR LVLR RI 6 R HU 7UROOH V D G The voluntary liTuidation commenced on 28th June, Contact for Enquiries: Address for Service:
(PHUJH F 7UROOH V Tender ref. FSDS/T/43/22 / 2023. The LiTuidator is Maurice Janssen of 9istra Email: centaur.enquiries@au.gt.com Grant Thornton Australia Limited
8ser Private residential purposes SD.SLO to ommunity Services Division. orporate Services entre, WicNhams ay II, Road Level 17, 383 Kent Street, Sydney
Town, Tortola, 9G 1110, ritish 9irgin Islands. NSW 2000 Australia
rea 48 673 sTuare metres about Interested tenderers should send their reTuests for DWHG W - H
tender documents to fsdpss tungwah.org.hN with
7(1 (5 & 26,1 7( 1 7,0( valid R copy and business card copy of the contact 6JG 0D ULFH -D VVH
RR R )ULGD J VW person before the tender closing date on - O 9RO WDU LT LGDWRU
)ULGD DW RR
Prospective tenderers are reTuested to note that the Lands Department will only
answer Tuestions of a general nature concerning the above lot and will not provide For enTuiries, please contact Ms. Wong 285 75 8
legal or other advice in respect of the onditions of Sale or statutory provisions or Ms. Mina Lau at 2840 6300 during office hour 6 25( 0 352),76 ,0,7(
relating to the lot. ll enTuiries should be directed to Mr. KWOK Kin Man le at from 8 30am to 1 00pm and 2 00pm to 5 30pm. , 9RO WDU LT LGDWLR
Tel. No. 2231 3802, Fa No. 2116 0764. &RPSD 1R
7 J :D UR S RI RVSLWDOV
Information Statement, Tender Notice, Form of Tender, onditions of Sale, 3 UF DVL J 6 SSOLHV 6HFWLR 127,&( is hereby given pursuant to Section 204,
Schedule of Tests, Inspections and Rectifications, Technical Schedule and sale - O subsection 1 b of the 9I usiness ompanies ct,
plans, including any amendment and update, may be downloaded from the Lands 2004 that the ompany is in voluntary liTuidation.
Department website www.landsd.gov.hN . 8ntil close of the tender, sale plans The voluntary liTuidation commenced on 4th July,
may be inspected at the Survey and Mapping Office, Lands Department, 6th 2023. The LiTuidator is Maurice Janssen of 9istra
Floor, North Point Government Offices, 333 Java Road, North Point, Hong Kong; orporate Services entre, WicNhams ay II, Road
the District Lands Offices/Kowloon, 4th Floor, South Tower, West Kowloon Town, Tortola, 9G 1110, ritish 9irgin Islands.
Government Offices, 11 Hoi Ting Road, Yau Ma Tei, Kowloon; and the Land DWHG W - O
Supply Section, 8nits 3702 10, 37th Floor, Tower 1, Millennium ity 1, 388 6JG 0D ULFH -D VVH
Kwun Tong Road, Kwun Tong, Kowloon. Sale plans in hard copy form may also 9RO WDU LT LGDWRU
be purchased at the Survey and Mapping Office, Lands Department, 6th Floor,
North Point Government Offices, 333 Java Road, North Point, Hong Kong until
close of the tender.

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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

THE INFORMER
EVENTS
Thursday, July 13: Hong Kong-
Shenzhen Investment Forum –
Commerce and Trade. Conrad
Hong Kong.
Wednesday, September 13: Belt
and Road Summit (until September
14). Hong Kong Convention and
Exhibition Centre.
BIOHK 2023 (until September 16).
Hong Kong Convention and Exhibition
Centre.
Thursday, September 14: ReThink
HK 2023 (until September 15). Hong
Kong Convention and Exhibition
Centre.
RESULTS
Today AGM: Chow Tai Fook Jewellery
Group
July 12 Interim: abc Multiactive
Final: LX Technology Group
July 13 Interim: Mindtell Technology
3rd Quarter: Fast Retailing
July 14 3rd Quarter: K Group
Holdings, Linocraft Holdings
Final: GOME Retail Holdings
July 17 AGM: LeSaunda Holdings
July 19 AGM: Link Real Estate
Investment Trust, Vtech Holdings
July 20 AGM: Lenovo Group,
Zhongzheng International
July 21 AGM: Oriental Payment Group
Holdings, Topsports International
Holdings
July 28 AGM: Asia Grocery
Distribution, Echo International
Holdings Group, Mi Ming Mart
Holdings, MS Concept, Novacon
Technology Group, Shentong Robot
Education Group, Willas-Array
Electronics (Holdings)
July 31 Interim: Hang Lung Group,
Hang Lung Properties, Mindtell
Technology
Final: Bortex Global, QPL
International Holdings
AGM: ITE (Holdings), Oi Wah
Pawnshop Credit Holdings, Satu
Holdings, Shi Shi Services
August 1 Interim: The Hongkong and
Shanghai Hotels
AGM: Greater Bay Area Dynamic
Growth Holdings, Steed Oriental
(Holdings), Taste • Gourmet Group,
Quantum Thinking
August 2 Interim: Lifestyle China
Group
AGM: Winson Holdings Hong Kong
August 3 Interim: AsiaInfo
Technologies
AGM: CL Group (Holdings), Global Link
Communications Holdings, PF Group
Holdings
August 4 AGM: Goldway Education
Group, Good Fellow Healthcare
Holdings, Grand Ming Group Holdings,
Madison Holdings Group, Man Shing
Global Holdings
August 7 AGM: F8 Enterprises
(Holdings) Group
August 8 Interim: Horizon
Construction Development
CONTACT US
Business News Desk
Telephone 2565 2653
Fax 2565 1624
Email bizpost@scmp.com
If you have information on events that
should be included here, email
business.diary@scmp.com
ELECTRIC VEHICLES
Xpeng to step up G6 output in bid to take on rivals
Daniel Ren
ren.wei@scmp.com
Chinese electric-vehicle start-up
Xpeng expects to increase
production of its new G6 sport
utility vehicle (SUV), eyeing sales
of more than 10,000 units a
month, as it tries to keep up with
rivals in the country’s premium
segment.
Brian Gu, vice-chairman and
president of the Guangzhou-
based carmaker, told a media
briefing Xpeng would try to
cut the waiting period for the
G6 as demand had exceeded
expectations.
“We think for the G6 to be a
successful star product, it has to
consistently exceed 10,000 units
[of sales] per month,” Gu said. “It
is something we hope to achieve
later in the year.”
With the market expecting
monthly orders for the G6 to
reach at least 10,000 units, the
carmaker was likely to ramp up
output, with third-quarter pro-
CLIMATE CHANGE
China swelters in extreme heat for a second consecutive summer, with Beijing recording 13.2 days with very high temperatures in June. Photo: AFP
CAR PARTS MAKERS FACE
HIGH EXPOSURE TO RISKS
Firms in construction and engineering, paper and forestry, and aerospace
and defence sectors also vulnerable to climate hazards, researcher warns
Eric Ng
eric.mpng@scmp.com
Companies in the car compo-
nents, construction and engineer-
ing, and paper and forestry sectors
are among the most vulnerable
to extreme climate risks in
China, according to Morningstar
Sustainalytics.
Those industry groups, along
with aerospace and defence, were
the most exposed to asset impair-
ment and business disruptions
caused by flooding, coastal inun-
dation and extreme heat, the
environment, social and govern-
ance data unit of fund researcher
Morningstar said.
“The industries most exposed
are [those] that rely on transport
and logistics hubs such as rivers
and ports that are more likely to be
affected by flooding and coastal
inundation, [which are] the lead-
ing hazards of physical climate
risk around the world,” Alicia
White, senior product manager of
climate solutions at Morningstar,
told the Post. “For companies
exposed to flooding and heat, the
upcoming El Nino cycle is likely to
bring additional risk.”
El Nino is a natural climate
pattern in the Pacific Ocean that
brings warmer sea-surface
temperatures and has a major
impact on weather around the
duction and deliveries reaching
between 19,000 and 24,000 units,
Citi said in a note on Wednesday.
Xpeng has priced the basic
edition of the SUV at 209,900
yuan (HK$226,800), 20 per cent
cheaper than the 263,900-yuan
entry-level version of Tesla’s
Model Y.
The firm will start delivering
the SUV later this month after it
received 35,000 orders since it
began presale on June 9.
Based on the current orders,
customers would have to wait
for 10 weeks for their cars to be
delivered, Gu said.
“In a competitive market, a
star product has to be handed
to buyers as early as possible,
otherwise impatient buyers will
turn to other brands,” a sales
director with Shanghai-based
dealer Wan Zhuo Auto said.
“Market leaders like Tesla and Li
Auto are able to deliver their cars
in just two or three weeks, which
helps them boost sales.”
Xpeng, Beijing-based Li Auto
and Shanghai-headquartered Nio
world, often causing heatwaves,
droughts and floods.
The Morningstar Sustain-
alytics assessment comes as
China swelters in extreme heat for
a second consecutive summer,
with the north of the country bear-
ing the brunt this year. In 2022, the
southwestern and central regions
were the worst hit.
In June, Beijing recorded 13.2
days with temperatures at 35
degrees Celsius or above, the
highest since records began in
1961. Meanwhile, heavy rain and
floods hit southwest and southern
China.
Globally, the onset of El Nino
would greatly increase the likeli-
hood of new temperature records
and more extreme heat, the World
Meteorological Organization
warned on Tuesday.
Morningstar Sustainalytics
assessed the physical climate risks
of some 12,500 companies and
US$12.7b
The average estimated
losses for the 11 firms in the
construction and engineering
sector if temperatures were
to increase by two degrees
are viewed as China’s best
response to Tesla in the country.
Tesla handed 219,893 vehicles
to Chinese customers in the first
five months of this year, up by
83.8 per cent year on year, with
the Model Y accounting for
152,461 units, making it the top-
Guangzhou-based Xpeng has received 35,000 orders for its new G6 SUV
and is expected to start deliveries later this month. Photo: Weibo
over 12 million assets they own
or lease, in collaboration with cli-
mate risk analytics provider XDI.
Under a greenhouse gas
emissions trajectory correlating
to just under two degrees of global
warming by 2100, the average
loss ratio of 11 Chinese car com-
ponents makers tracked was 1.03,
followed by 0.89 for 11 construc-
tion and engineering firms and
0.56 for four aerospace and
defence companies.
Expressed as the cumulative
losses arising from environmental
hazards between this year and
2050 divided by cash flows from
operations in the same period,
the ratio measures a company’s
financial resilience to physical
climate risks. The higher the ratio,
the lower the resilience.
The losses estimated include
damage inflicted on a company’s
owned or leased assets, besides
the costs of lost productivity aris-
selling SUV model during the
period.
The basic edition of the G6
can go as far as 580km on a single
charge, while Tesla’s Model Y has
a driving range of 545km.
The G6 has limited auto-
nomous driving ability and can
BUSINESS
ing from environmental events
including extreme heat, freeze-
thaw, extreme wind, flooding, soil
subsidence and forest fire.
Under the Paris Agreement of
2015, governments have commit-
ted to containing global warming
at well below two degrees above
pre-industrial levels. However,
the policies in place as of last
November around the world
would result in 2.7 degrees of
warming, according to Climate
Action Tracker.
In terms of the amount of total
losses, the construction and engi-
neering sector has the biggest
exposure, estimated at an average
of US$12.7 billion for the 11 firms
if temperatures were to increase
by two degrees. The software,
construction materials and chip
industries were assessed to be the
least exposed among companies
headquartered in China.
The average total loss ratio of
Asia-Pacific firms, at 0.22, is less
than half the 0.46 of European and
North American firms. This was
because of the latter’s higher asset
values and revenue relative to
Asian firms with similar climate
risks, White said.
Globally, regulators are raising
corporate climate-related dis-
closure requirements to spur
investment in decarbonisation.
In Hong Kong, the stock
exchange has proposed tougher
requirements on climate and
sustainability risk disclosures by
listed firms, aligned with a set of
international standards launched
last week.
navigate the streets of China’s top
cities like Beijing and Shanghai
using Xpeng’s X NGP (Navigation
Guided Pilot) software, which is
similar to Tesla’s Full Self-Driving
(FSD) system. FSD has not been
approved by Chinese authorities
and is not operational on vehicles
sold in the country.
The G6 is the first model
developed under Xpeng’s new
technology platform called SEPA
2.0 Fuyao Global Intelligent
Evolution Architecture. Founder
He Xiaopeng said in April the
platform was expected to shorten
the carmaker’s development cycle
by a fifth.
Buoyant demand for the G6
would help Xpeng turn its weak
sales around to 15,000 units in the
third quarter and about 20,000 in
the fourth, Gu said.
Xpeng delivered 41,435
vehicles in the first half, 40 per
cent lower than a year earlier.
The company’s Hong Kong-
listed shares have jumped by 66.7
per cent since it began taking pre-
orders of the G6 on June 9.
SUSTAINABILITY
China green bonds
lose premium amid
zero-carbon goals
Supply of onshore green notes has risen due to
push to meet environmental targets, report finds
Martin Choi
martin.choi@scmp.com
China’s domestic green bonds
became cheaper than their con-
ventional counterparts again in
the first half of the year after briefly
showing a premium last year as a
result of volatility in the wider debt
market, according to a Sustainable
Fitch report.
An increase in the supply of
green bonds as China pursued
its environmental goals and a
lack of incentives for domestic
investors other than state banks
and insurers to hold them might
explain the disappearance of the
spread between the two types of
debt, the report said.
“We have observed pricing
discounts and increased yields of
green bonds against non-green
bonds in the onshore market,
indicating lower investor demand
for holding onshore green bonds,”
Jia Jingwei, an analyst at Sustain-
able Fitch, said in the report.
The absence in China of
so-called greenium – the price
premium investors pay for green
bonds over conventional notes –
contrasts with developed markets
where investors need to pay
higher prices and accept lower
yields in exchange for the
sustainability benefits of green
projects, according to the report.
The FTSE Russell Chinese
onshore yuan green bond index
showed one- to 10-year yields
were 2.94 per cent at the end of
May, some 39 basis points higher
than the broad onshore bond
index, according to Sustainable
Fitch. The yield on a bond moves
inversely to its price.
Some market estimates
suggested the price premium
investors paid globally for green
bonds over standard notes issued
by reputable companies ranged
from low single-digit to high sin-
gle-digit basis points in the past
two years, according to a report by
Moody’s Investors Service in May.
“The supply of onshore green
bonds has risen rapidly, driven
by China’s carbon neutrality tar-
gets,” Jia said. “However, demand
for green bonds remains moder-
ate as domestic investors, other
than policy banks, state-owned
commercial banks and insurance
companies, are generally less
incentivised to hold green assets.
“We observed a general trend
of higher yields in the onshore
green bond market against the
broader market in the past five
MARKETS
Reopening trade set to gain
pace as hopes for tourism
rebound build, GAM says
Zhang Shidong
shidong.zhang@scmp.com
Investor bets on China’s reopen-
ing trade can still pay off, particu-
larly in the tourism industry, as
outbound travel is set to acceler-
ate after a backlog of visa issues,
according to European money
manager GAM Investments.
A three- to four-month
bottleneck in visa approvals for
Schengen countries in Europe
was delaying a tourism recovery,
but demand would be unleashed
once the issue was sorted out,
said Jian Shi Cortesi, a Lugano,
Switzerland-based investment
director at GAM, which manages
US$80 billion in assets.
Cortesi is also seeking to build
positions in China’s green-energy
stocks and undervalued state-
backed companies.
“In today’s scenario, we find
the key opportunity in China, the
No 1 is reopening beneficiaries,
especially travel,” she said in a
webinar on Wednesday.
The visa problem was
delaying some outbound travel
but should be removed in the
coming months, she added.
GAM’s call stands in contrast
to those of many other global fund
managers and investment banks,
such as Goldman Sachs, HSBC
Qianhai, UBS and BNY Mellon,
which are underweight on China’s
stocks on worries the reopening
trade has unravelled amid a bleak
growth outlook.
Both the CSI300 Index and the
Hang Seng Index have fallen this
year, lagging other major bench-
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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
Friday, July 7, 2023 B3
years, except in 2022. Credit mar-
ket volatility in 2022 led to worsen-
ing credit profiles among onshore
debt borrowers and higher yields
compared with green bonds.”
Sustainable Fitch, a part of
rating company Fitch Group,
provides environmental, social
and governance data and
analysis.
Onshore green bonds tend to
have shorter maturities, largely
because of their lower interest
rates. Short-term borrowing may
expose issuers to greater cash
management risks as the bond
proceeds are used to fund long-
term, large-scale green projects
such as renewable energy, infra-
structure and green buildings,
according to the report.
But the quality of domestically
issued green bonds had been
improving since a China Securities
Regulatory Commission require-
ment in July last year that stated
100 per cent of bond proceeds had
to be allocated to climate-friendly
projects, Jia said.
The country aims to attain peak
carbon emissions by 2030.
“Demand for onshore green
bonds will grow as China further
opens its domestic debt market
while aligning with international
standards, driving up the price of
onshore green bonds,” Jia said.
The value of onshore green
bond issuances this year reached
376 billion yuan (HK$406 billion)
in May, roughly half the amount
issued last year, benefiting from
lower interest rates and govern-
ment support, according to
Sustainable Fitch.
“We expect overall issuances
in 2023 to either stay at the same
level or exceed the 2022 amount,”
Jia said.
Chinese standards, unlike
international practices such as the
taxonomy used in the European
Union, do not set technical
screening criteria or specify how
eligible activities contribute to
key environmental objectives
such as climate change mitiga-
tion, according to the report.
marks in Asia, as key economic
data trails estimates and growth-
stabilising measures fall short of
expectations.
GAM finds support for its
argument in the share perfor-
mance of Trip.com Group, the
biggest online travel agency in
China, which has surged by more
than 50 per cent since the end of
October, double the gain of the
Hang Seng gauge in that span.
Beijing would continue to
deploy more stimulus initiatives
until economic activity improved,
with potential supportive meas-
ures including more active fiscal
tools and more push for the
property market, Cortesi said.
Government actions to spur
growth have remained subdued
so far, with the central bank
cutting the policy and benchmark
lending rates by 10 basis points
each and smaller cities easing
home purchase restrictions.
“We have already seen
many Chinese companies report
better-than-expected first-quarter
results,” she said.
“On the geopolitical front, we
have seen more interactions
between US and China officials.
This shows they understand
direct fierce competition could
harm both sides, and [they] are
still trying to find some common
ground,” Cortesi said.
“Confidence remains really
low and it’s struggling to get out
of that low sentiment. When sen-
timent is already low in China,
investors also tend to look more
at longer-term structural head-
winds, like declining population
and the ageing population.”
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 B4 Friday, July 7, 2023

MUTUAL FUNDS
All prices are for indication only BOCHK Conservative Growth Fund-A USD $17.7427
BOCHK Conservative Growth Fund-A HKD
BOCHK Conservative Growth Fund-A RMB
HK$138.7852
RMB128.8609 MPF/ORSO FUNDS
BOCHK Conservative Growth Fund-A Administration USD $9.9742 Bank of East Asia (Trustees) Ltd 5/7 NAV Growth Fund HK$21.98
BOCHK Sterling Income Fund £9.9207 BEA (MPF) Master Trust Scheme Hang Seng Index Tracking Fund HK$20.73
BOCHK Asia Pacific Equity Income Fund-A USD $9.6434 BEA (MPF) Growth Fund HK$22.4208 North American Equity Fund HK$25.61
BOCHK Asia Pacific Equity Income Fund-A RMB RMB70.0373 BEA (MPF) Balanced Fund HK$19.6571 European Equity Fund HK$15.68
BEA (MPF) Stable Fund HK$17.5378 Asia Pacific Equity Fund HK$28.47
BOCHK Australia Income Fund A$8.9748
Allspring (Lux) Worldwide Fund 5/7 NAV BEA (MPF) Global Equity Fund HK$21.8269 Hong Kong and Chinese Equity Fund HK$19.73
BOCHK China Income Fund-A HKD HK$10.2009
BEA (MPF) European Equity Fund HK$14.8754 Global Bond Fund HK$11.02
EUR Investment Grade Credit Fund Class I Acc €95.30 BOCHK China Income Fund-A RMB RMB9.4715 BEA (MPF) North American Equity Fund HK$29.3086 Age 65 Plus Fund HK$12.37
Global Long/Short Equity Fund Class AP Acc $105.87 BOCHK Hong Kong Income Fund-A HKD HK$11.1066 BEA (MPF) Asian Equity Fund HK$24.2648 Stable Fund HK$11.82
Global Long/Short Equity Fund Class IP Acc $115.96 BOCHK Hong Kong Income Fund-A RMB RMB10.3124 BEA (MPF) Greater China Equity Fund HK$18.1350 Chinese Equity Fund HK$12.12
U.S. All Cap Growth Fund Class I Acc $497.62 BOCHK Hong Kong Dollar Income Fund-A HKD HK$10.3741 BEA (MPF) Japan Equity Fund HK$9.8471 ValueChoice Balanced Fund HK$14.69
U.S. All Cap Growth Fund Class A Acc $438.92 BOCHK Hong Kong Dollar Income Fund-A USD $1.3263 BEA (MPF) Hong Kong Equity Fund HK$16.3768 Global Equity Fund HK$20.43
USD Investment Grade Credit Fund Class A Acc $110.74 BOCHK Hong Kong Dollar Income Fund-A RMB RMB9.6323 BEA China Tracker Fund HK$6.8770 ValueChoice North America Equity Tracker Fund HK$34.21
USD Investment Grade Credit Fund Class I Acc $114.47 BEA Hong Kong Tracker Fund HK$11.8176 ValueChoice Europe Equity Tracker Fund HK$17.30
BOCHK Hong Kong Dollar Income Fund-A Administration HKD Acc
U.S. Large Cap Growth Fund Class A Acc $365.25 BEA (MPF) Global Bond Fund HK$10.5349 ValueChoice Asia Pacific Equity Tracker Fund HK$12.52
HK$10.0414
BEA (MPF) RMB & HKD Money Market Fund HK$10.6549 Hang Seng China Enterprises Index Tracking Fund HK$6.34
U.S. Large Cap Growth Fund Class I Acc $415.96 BOCHK RMB Fixed Income Fund-A RMB RMB9.8272 BEA (MPF) Long Term Guaranteed Fund HK$12.7585 Invesco Hong Kong Ltd 5/7 NAV
U.S. Select Equity Fund Class A Acc $163.09 BOCHK RMB Fixed Income Fund-A HKD HK$10.5841 BEA (MPF) Conservative Fund HK$14.7540 Invesco Strategic MPF Scheme
U.S. Select Equity Fund Class I Acc $174.41 BOCHK RMB Fixed Income Fund-A USD $1.3531 BEA (MPF) Core Accumulation Fund HK$13.7225 Growth Fund - Class A HK$23.9635
U.S. Short-Term High Yield Bond Fund Class I Acc $138.94 BOCHK Global Equity Fund-A USD $33.9231 BEA (MPF) Age 65 Plus Fund HK$10.9603 Growth Fund - Class H HK$24.9148
U.S. Short-Term High Yield Bond Fund Class A Acc $127.80 BOCHK Global Equity Fund-A RMB* RMB246.3749 BEA (MPF) Industry Scheme Balanced Fund - Class A HK$22.2034
U.S. Short-Term High Yield Bond Fund, Class I () Shares gross distr. $78.46 BOCHK Asia Pacific Equity Fund-A USD $34.2976 BEA (Industry Scheme) Growth Fund HK$23.1318 Balanced Fund - Class H HK$23.5057
Emerging Markets Equity Fund Class A Acc $105.64 BOCHK Asia Pacific Equity Fund-A RMB RMB249.0952 BEA (Industry Scheme) Balanced Fund HK$19.8699 Capital Stable Fund - Class A HK$19.7473
Emerging Markets Equity Fund Class I Acc $116.59 BEA (Industry Scheme) Stable Fund HK$17.8919 Capital Stable Fund - Class H HK$20.4994
BOCHK Asia Pacific Property Fund-A USD $8.7421
Emerging Markets Equity Income Fund, Class A () Shares gross distr. $94.62 BEA (Industry Scheme) Asian Equity Fund HK$14.2226 Guaranteed Fund - Class G HK$12.0941
BOCHK Asia Pacific Property Fund-A RMB RMB63.4918 BEA (Industry Scheme) Greater China Equity Fund HK$14.5615 MPF Conservative Fund - Class A HK$12.2573
Emerging Markets Equity Income Fund Class A Acc $128.01 BOCHK Japan Equity Fund $15.5051 BEA (Industry Scheme) Hong Kong Equity Fund HK$9.7217 MPF Conservative Fund - Class H HK$12.2549
Emerging Markets Equity Income Fund Class I Acc $139.35 BOCHK China Equity Fund-A HKD HK$52.8679 BEA China Tracker Fund HK$7.0929 Hong Kong and China Equity Fund - Class A HK$31.3440
AXA China Region Insurance Co (Bermuda) Ltd BOCHK China Equity Fund-A USD $6.7588 BEA Hong Kong Tracker Fund HK$11.8032 Hong Kong and China Equity Fund - Class H HK$31.2177
Flexi Series Funds 5/7 bid/offer BOCHK China Equity Fund-A RMB RMB49.0873 BEA (Industry Scheme) RMB & HKD Money Market Fund HK$10.6247 Global Bond Fund - Class A HK$14.3381
AXA Templeton Global Balanced Fund HK$22.6733/23.8637 BOCHK China Golden Dragon Fund-A HKD HK$22.8092 BEA (Industry Scheme) MPF Conservative Fund HK$14.1684 Global Bond Fund - Class H HK$14.7154
AXA Fidelity International Fund HK$23.4937/24.7272 BOCHK China Golden Dragon Fund-A RMB RMB21.1781 BEA (Industry Scheme) Core Accumulation Fund HK$13.6740 Asian Equity Fund - Class A HK$10.5599
AXA Amundi Balanced Fund HK$22.6169/23.8043 BEA (Industry Scheme) Age 65 Plus Fund HK$10.9854 Asian Equity Fund - Class H HK$10.4957
BOCHK China Consumption Growth Fund-A HKD Dis HK$16.3187
Cash Fund-4/7 HK$7.1842/7.5614 BEA (MPF) Value Scheme RMB Bond Fund - Class A HK$9.9604
BOCHK China Consumption Growth Fund-A USD Dis $2.0862 BEA Growth Fund HK$14.7379 RMB Bond Fund - Class H HK$10.0863
HONEY/FUTURE/DIMENSIONS Investment Fund 5/7 bid/offer BOCHK China Consumption Growth Fund-A RMB Dis RMB15.1518 BEA Balanced Fund HK$13.4233 Invesco Hang Seng Index Tracking Fund - Class A HK$9.4843
Technology Fund $32.40/34.02 BOCHK China Consumption Growth Fund-A HKD Acc HK$8.0835 BEA Stable Fund HK$11.7991 Invesco Hang Seng Index Tracking Fund - Class H HK$9.5232
Sustainable Global Thematic Fund $21.25/22.32 BOCHK China Consumption Growth Fund-A USD Acc $1.0334 BEA Global Equity Fund HK$22.4012 Age 65 Plus Fund - Class A HK$10.7690
Select 500 Fund $20.42/21.45 BOCHK China Consumption Growth Fund-A RMB Acc RMB7.5054 BEA Asian Equity Fund HK$13.0143 Age 65 Plus Fund - Class H HK$10.7690
Balanced Growth Fund $17.64/18.53 BOCHK Hong Kong Equity Fund-A HKD HK$35.0827 BEA Greater China Equity Fund HK$15.8321 Core Accumulation Fund - Class A HK$13.4586
Cash Fund-4/7 $11.32/11.89 BOCHK Hong Kong Equity Fund-A RMB* RMB32.5740 BEA Hong Kong Tracker Fund HK$10.8260 Core Accumulation Fund - Class H HK$13.4586
Pacific Growth Fund $36.67/38.51 BEA Global Bond Fund HK$9.1885 Invesco Global Index Tracking Fund - Class A HK$9.9527
BOCHK Global Bond Fund-A USD $14.2952
Global Bond Fund $14.66/15.40 BEA MPF Conservative Fund HK$11.0820 Invesco Global Index Tracking Fund - Class H HK$9.9527
BOCHK Global Bond Fund-A HKD HK$111.8183
BEA Core Accumulation Fund HK$13.7953 Invesco US Index Tracking Fund - Class A HK$10.0904
Global Value Fund $13.28/13.95 BOCHK Global Bond Fund-A RMB RMB103.8222 BEA Age 65 Plus Fund HK$10.9632 Invesco US Index Tracking Fund - Class H HK$10.0904
Emerging Markets Growth Fund $15.23/16.00 BOCHK Global Bond Fund-A Administration USD $9.3309 BOC-Prudential Easy-Choice MPF Scheme 5/7 NAV My Choice MPF Scheme 5/7 NAV
BOCHK Asset Management Ltd 5/7 NAV BOCHK US Dollar Money Market Fund-A USD $13.5273 BOCI-Prudential Asset Management Ltd BOCI-Prudential Trustee Ltd
BOCHK Wealth Creation Series BOCHK HK Dollar Money Market Fund-A HKD HK$12.5897 BOC-Prudential China Equity Fund HK$6.6940 My Choice Growth Fund HK$18.4235
BOCHK All Weather CNY Equity Fund Class A1 RMB9.00 BOCHK HK Dollar Money Market Fund-A Administration HKD HK$10.2717 BOC-Prudential Hong Kong Equity Fund HK$34.1412 My Choice Balanced Fund HK$17.6890
BOCHK All Weather CNY Equity Fund Class A2 $7.70 * Only available to investors of Mainland China, and is not offered in Hong Kong. BOC-Prudential Japan Equity Fund HK$10.4153 My Choice Stable Fund HK$14.8521
BOCHK All Weather CNY Equity Fund Class A3 HK$7.77 BOC-Prudential Asia Equity Fund HK$15.8365 My Choice Global Equity Fund HK$23.1193
BOCI-Prudential Asset Management Ltd 5/7 NAV
BOCHK All Weather CNY Equity Fund Class A9 HK$7.87 BOC-Prudential Global Equity Fund HK$38.9522 My Choice Asia Equity Fund HK$17.0557
BOC-Prudential Unit Trust-Provident Class
BOC-Prudential CSI HK 100 Tracker Fund HK$11.4328 My Choice China Equity Fund HK$20.7600
BOCHK All Weather CNY Equity Fund Class I2 $7.86 BOC-Prudential Global Equity Fund HK$48.9820 BOC-Prudential European Index Tracking Fund HK$18.9482 My Choice Hong Kong Equity Fund HK$12.9382
BOCHK All Weather Hong Kong Equity Fund Class A1 HK$7.52 BOC-Prudential European Equity Fund HK$13.9680 BOC-Prudential North America Index Tracking Fund HK$30.4118 My Choice Hong Kong Tracking Fund HK$11.7450
BOCHK All Weather Hong Kong Equity Fund Class A2 $7.46 BOC-Prudential Asia Equity Fund HK$40.6936 BOC-Prudential Growth Fund HK$25.0423 My Choice Global Bond Fund HK$8.7587
BOCHK All Weather Hong Kong Equity Fund Class A7 RMB8.23 BOC-Prudential China Equity Fund HK$32.9296 BOC-Prudential Balanced Fund HK$21.2819 My Choice HKD Bond Fund HK$11.5235
BOCHK All Weather Hong Kong Equity Fund Class A3 A$7.18 BOC-Prudential Hong Kong Equity Fund HK$29.9856 BOC-Prudential Stable Fund HK$18.5747 My Choice RMB & HKD Money Market Fund HK$10.4364
BOCHK All Weather Hong Kong Equity Fund Class I2 $7.56 BOC-Prudential Japan Equity Fund HK$20.4795 BOC-Prudential Bond Fund HK$11.6035 My Choice MPF Conservative Fund HK$10.3252
BOCHK All Weather Asian Bond Fund Class A1 $7.26 BOC-Prudential MPF RMB & HKD Money Market Fund HK$11.3140 MY Choice Core Accumulation Fund HK$13.4444
BOC-Prudential Global Bond Fund HK$20.0594
BOCHK All Weather Asian Bond Fund Class A2 HK$7.32 BOC-Prudential MPF Conservative Fund HK$12.3687 MY Choice Age 65 Plus Fund HK$10.7419
BOC-Prudential Hong Kong Dollar Bond Fund HK$19.9349
BOC-Prudential Core Accumulation Fund HK$13.7564 Principal Trust Company (Asia) Ltd 5/7 bid price
BOCHK All Weather Asian Bond Fund Class A7 RMB7.77 BOC-Prudential Hong Kong Stable Retirement Fund HK$10.3978 BOC-Prudential Age 65 Plus Fund HK$10.8130 Principal MPF - Smart Plan
BOCHK All Weather Asian Bond Fund Class X1 $9.61 BOC-Prudential Index Fund Series-Provident Class-A (HKD) BOC-Prudential Hong Kong Stable Retirement Fund HK$10.3173 Principal Age 65 Plus Fund HK$10.90
BOCHK All Weather Asian High Yield Bond Fund Class A1 $5.59 BOC-Prudential North America Index Fund HK$38.7508 Fidelity Retirement Master Trust (MPF Scheme) 4/7 NAV Principal Balanced Fund HK$19.08
BOCHK All Weather Asian High Yield Bond Fund Class A2 HK$5.64 BOC-Prudential S&P 500 Index Fund HK$20.2199 Asia Pacific Equity Fund HK$24.915 Principal Cash Fund HK$11.63
BOCHK All Weather Asian High Yield Bond Fund Class A4 A$5.55 BOC-Prudential European Index Fund HK$20.7124 Global Equity Fund HK$33.318 Principal Core Accumulation Fund HK$13.33
BOCHK All Weather Asian High Yield Bond Fund Class A7 £5.53 BOC-Prudential MSCI AC Asia Pacific ex Japan Index Fund HK$12.7754 Hong Kong Equity Fund HK$28.036 Principal Dynamic Hong Kong Equity Fund HK$9.24
BOCHK All Weather Asian High Yield Bond Fund Class A9 RMB5.77 BOC-Prudential MSCI Japan Index Fund HK$13.7963 Fidelity Hong Kong Tracker Fund HK$11.159 Principal Dynamic Asia Pacific Equity Fund HK$13.16
BOCHK All Weather Asian High Yield Bond Fund Class A10 €5.56 Balanced Fund HK$25.821 Principal Dynamic Global Equity Fund HK$17.30
BOC-Prudential MSCI MPF Golden Dragon Index Fund HK$13.9487
BOCHK All Weather Asian High Yield Bond Fund Class X2 HK$6.91 Capital Stable Fund HK$19.729 Principal Growth Fund HK$20.63
BOC-Prudential FTSE MPF China A Index Fund HK$7.2943 Growth Fund HK$28.217
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A1 $7.52 Principal - Hang Seng Index Tracking Fund HK$9.56
BOC-Prudential Index Fund Series-Provident Class-B (HKD) RetireEasy Fund HK$8.394
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A2 HK$7.56 Principal Dynamic Asian Bond Fund HK$9.45
BOC-Prudential North America Index Fund HK$24.7888 Stable Growth Fund HK$23.058 Principal Dynamic Greater China Equity Fund HK$18.73
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A7 RMB7.58 BOC-Prudential European Index Fund HK$13.6824 Hong Kong Bond Fund HK$12.583 Principal - MPF Conservative Fund HK$11.29
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class X2 HK$8.25 BOC-Prudential Index Fund Series-Provident Administration Class (HKD) RMB Bond Fund HK$10.404 Principal Stable Fund HK$15.79
BOCHK All Weather Asia Pacific High Income Fund Class A1 $4.92 BOC-Prudential North America Index Fund HK$11.3533 World Bond Fund HK$12.693 Principal Dynamic Global Bond Fund HK$8.30
BOCHK All Weather Asia Pacific High Income Fund Class A2 HK$4.90 BOC-Prudential S&P 500 Index Fund HK$10.7336 MPF Conservative Fund HK$11.315 Principal MPF - Simple Plan 5/7 bid/offer
BOCHK All Weather Asia Pacific High Income Fund Class A4 A$4.40 Fidelity SaveEasy 2050 Fund HK$12.752 Principal Age 65 Plus Fund HK$10.81/10.81
BOC-Prudential European Index Fund HK$10.0857
BOCHK All Weather Asia Pacific High Income Fund Class A8 RMB4.95 Fidelity SaveEasy 2045 Fund HK$12.951 Principal Balanced Fund HK$17.24/17.24
BOC-Prudential MSCI AC Asia Pacific ex Japan Index Fund HK$9.9501
Fidelity SaveEasy 2040 Fund HK$27.664 Principal Core Accumulation Fund HK$13.17/13.17
BOCHK All Weather Asia Pacific High Income Fund Class X1 $5.72 BOC-Prudential MSCI Japan Index Fund HK$10.5529 Fidelity SaveEasy 2035 Fund HK$27.229
BOCHK All Weather Asia Pacific High Income Fund Class X2 HK$5.31 Principal Dynamic Hong Kong Equity Fund HK$21.24/21.24
BOC-Prudential Index Fund Series-Investment Class (HKD) Fidelity SaveEasy 2030 Fund HK$27.012
BOCHK All Weather Belt and Road Bond Fund Class A1 $7.68 Principal Dynamic Asia Pacific Equity Fund HK$14.57/14.57
BOC-Prudential North America Index Fund HK$27.5998 Fidelity SaveEasy 2025 Fund HK$26.294
Principal Dynamic Global Equity Fund HK$15.65/15.65
BOCHK All Weather Belt and Road Bond Fund Class A2 HK$7.66 BOC-Prudential S&P 500 Index Fund HK$19.7296 Fidelity SaveEasy 2020 Fund HK$23.960
Principal Growth Fund HK$19.64/19.64
BOCHK All Weather Belt and Road Bond Fund Class A8 RMB7.90 BOC-Prudential European Index Fund HK$14.5618 Age 65 Plus Fund HK$10.667
Principal - MPF Conservative Fund HK$/10.96
BOCHK All Weather China Income Fund Class A1 HK$5.07 BOC-Prudential MSCI AC Asia Core Accumulation Fund HK$13.412
Principal Stable Fund HK$12.44/12.44
BOCHK All Weather China Income Fund Class A2 $5.06 Haitong International Investment Managers Ltd 5/7
Principal Dynamic Global Bond Fund HK$9.41/9.41
BOCHK All Weather China Income Fund Class A8 RMB5.22 Haitong MPF Retirement Fund bid/issue
Sun Life MPF Master Trust 5/7 NAV
Haitong Asia Pacific Fund-A HK$16.58/16.58
BOCHK All Weather China Income Fund Class X1 HK$5.75 Global Fixed Income Portfolio HK$8.49
Haitong Asia Pacific Fund-T HK$19.05/19.05
BOCHK All Weather China New Dynamic Equity Fund Class A1 HK$9.93 Global Fixed Income Portfolio Class B HK$8.28
Haitong MPF Conservative Fund-A HK$11.53/11.53
BOCHK All Weather China New Dynamic Equity Fund Class A2 $9.96 Hong Kong Portfolio HK$35.43
Haitong MPF Conservative Fund-T HK$11.75/11.75
BOCHK All Weather China New Dynamic Equity Fund Class A8 RMB9.66 Hong Kong Portfolio Class B HK$37.35
Haitong Global Diversification Fund-A HK$23.12/23.12
BOCHK All Weather China New Dynamic Equity Fund Class X1 HK$10.03 Asian Portfolio HK$43.50
Haitong Global Diversification Fund-T HK$26.33/26.33
Haitong Hong Kong SAR Fund-A HK$59.81/59.81 Asian Portfolio Class B HK$45.12
BOCHK All Weather China New Dynamic Equity Fund Class X2 $8.51
Haitong Hong Kong SAR Fund-T HK$66.53/66.53 International Portfolio HK$21.43
BOCHK All Weather ESG Multi-Asset Fund Class A1 $7.90
Haitong Korea Fund-A HK$26.19/26.19 International Portfolio Class B HK$23.28
BOCHK All Weather ESG Multi-Asset Fund Class A2 HK$7.95 Growth Portfolio HK$25.96
Haitong Korea Fund-T HK$28.81/28.81
BOCHK All Weather ESG Multi-Asset Fund Class A4 A$7.72 Growth Portfolio Class B HK$26.97
Haitong Core Accumulation Fund-A HK$13.74/13.74
BOCHK All Weather ESG Multi-Asset Fund Class A7 £7.78 Balanced Investment Portfolio HK$22.33
Haitong Core Accumulation Fund-T HK$13.84/13.84
BOCHK All Weather ESG Multi-Asset Fund Class A9 RMB7.93 Haitong Age 65 Plus Fund-A HK$11.04/11.04 Balanced Investment Portfolio Class B HK$23.38
BOCHK All Weather ESG Multi-Asset Fund Class A10 €7.78 Haitong Age 65 Plus Fund-T HK$11.04/11.04 Stable Growth Portfolio HK$18.67
BOCHK All Weather Greater Bay Area Strategy Fund Class A1 $7.20 Hang Seng Mandatory Provident Fund 5/7 NAV (per unit) Stable Growth Portfolio Class B HK$19.65
BOCHK All Weather Greater Bay Area Strategy Fund Class A2 HK$7.18 SuperTrust Plus Capital Stable Portfolio HK$15.28
BOCHK All Weather Greater Bay Area Strategy Fund Class A3 MOP7.18 MPF Conservative Fund HK$13.11 Capital Stable Portfolio Class B HK$16.18
Guaranteed Fund HK$9.81 RMB and HKD Fixed Income Portfolio HK$13.80
BOCHK All Weather Greater Bay Area Strategy Fund Class A4 RMB7.79
Core Accumulation Fund HK$22.67 RMB and HKD Fixed Income Portfolio Class B HK$14.57
BOCHK All Weather Greater Bay Area Strategy Fund Class A11 RMB7.34
Balanced Fund HK$21.00 Conservative Portfolio HK$11.48
BOCHK All Weather Global Opportunities Fund Class A1 $11.12 Conservative Portfolio Class B HK$11.57
Growth Fund HK$21.98
BOCHK All Weather Global Opportunities Fund Class A2 HK$11.22 Capital Guaranteed Portfolio HK$16.51
Hang Seng Index Tracking Fund HK$20.73
BOCHK All Weather Global Opportunities Fund Class A3 A$14.50 North American Equity Fund HK$25.61 Capital Guaranteed Portfolio Class B HK$17.57
BOCHK All Weather Global Opportunities Fund Class X2 HK$12.75 European Equity Fund HK$15.68 Core Accumulation Fund HK$13.22
BOCHK All Weather China High Yield Bond Fund Class A1 RMB5.63 Asia Pacific Equity Fund HK$28.47 Age 65 Plus Fund HK$10.64
BOCHK All Weather China High Yield Bond Fund Class A2 $4.77 Hong Kong and Chinese Equity Fund HK$19.73 YF Life Trustees Limited 5/7 NAV
Global Bond Fund HK$11.02 Mass MPF Scheme
BOCHK All Weather China High Yield Bond Fund Class A3 HK$4.82
Age 65 Plus Fund HK$12.37 Age 65 Plus Fund HK$10.7508
BOCHK All Weather China High Yield Bond Fund Class A4 A$5.1000
Stable Fund HK$11.82 Asian Pacific Equity Fund HK$14.0943
BOCHK All Weather China High Yield Bond Fund Class A8 $5.0200 Asian Bond Fund HK$24.9423
Chinese Equity Fund HK$12.12
BOCHK All Weather Short Term Bond Fund-X2 HK$10.8831 Core Accumulation Fund HK$13.3703
ValueChoice Balanced Fund HK$14.69
BOCHK All Weather Short Term Bond Fund-A1 $10.7473 Global Equity Fund HK$20.43 MPF Conservative Fund HK$11.2536
BOCHK All Weather Short Term Bond Fund-A2 HK$10.7263 ValueChoice North America Equity Tracker Fund HK$34.21 European Equity Fund HK$12.5810
BOCHK All Weather Short Term Bond Fund-A3 RMB11.3201 ValueChoice Europe Equity Tracker Fund HK$17.30 Greater China Equity Fund HK$16.2008
BOCHK Investment Funds 5/7 NAV NAV ValueChoice Asia Pacific Equity Tracker Fund HK$12.52 Global Bond Fund HK$11.5664
Hang Seng China Enterprises Index Tracking Fund HK$6.34 Global Equity Fund HK$33.1871
BOCHK Aggressive Growth Fund-A USD $29.5522
HSBC Mandatory Provident Fund 5/7 NAV (per unit) Global Growth Fund HK$24.0972
BOCHK Aggressive Growth Fund-A RMB $10.2914
SuperTrust Plus Global Stable Fund HK$20.9548
BOCHK Aggressive Growth Fund-A Administration USD RMB214.6303 Guaranteed Fund HK$9.9716
MPF Conservative Fund HK$13.11
BOCHK Balanced Growth Fund-A USD $23.5935 Guaranteed Fund HK$9.81 Hong Kong Equities Fund HK$11.8747
BOCHK Balanced Growth Fund-A RMB $10.1068 Core Accumulation Fund HK$22.67 US Equity Fund HK$30.6504
BOCHK Balanced Growth Fund-A Administration USD RMB171.3536 Balanced Fund HK$21.00 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

1051 Forever Ace Co Ltd Mind Vision Co Ltd Contract $2,754,584.69 Able Engineering Hldgs (F) 5¢ (3.5¢)......................................................... HK$174m +41.7% 4-Sep 27-Sep Johnson Electric (F) 34¢ (17¢) ................................................................... US$157.8m +7.83% 20-Jul 6-Sep
Accel Group Holdings (F) 1.6¢ (2.1¢) ......................................................... HL$56.5m -17.2% 18-Sep 13-Oct Karrie Int’l Holdings (F) 1.5¢ (4¢) .............................................................. HK$386m -30% 5-Sep 21-Sep
1052 Tsang Pui Ngau Cara A List Racing Contract $6,000,000 Agricultural Bank of China (F) Rmb2.222 per 10 shs (Rmb2.068 per 10 Rmb259.1b +7.45% 17-Jul 8-Aug Kato (Hong Kong) Holdings (F) 2.2¢ (2.5¢) ................................................ HK$126.2m +27.5% 18-Aug 31-Aug
1053 Yeung Pak Kwan as administrator of Turbo Trim Investments Ltd Contract & NS shs) ............................................................................................................ King Fook Holdings (F) 2¢ (1.6¢); (SD) 8¢ (nil) .......................................... HK$79.5m +32.3% 13-Sep 6-Oct
AMS Public Transport (F) 9¢ (nil).............................................................. HK$39.3m (-$18.4m) 1-Sep 14-Sep Kingmaker Footwear (F) 2¢ (nil); (SD) 0.2¢ (2¢) ....................................... HK$53.4m (-$18m) 1-Sep 25-Sep
the estate of Tort KPa-BM Holdings (F) 3¢ (2.5¢)................................................................... HK$37.1m +222.9% 31-Aug 20-Sep
Amuse Group Holdings (F) nil (nil) ........................................................... HK$5.76m +289% _ _
Lam Fan deceased Anxian Yuan China (F) 1.5¢ (0.9¢) ............................................................. HK$104.9m +43.5% 15-Sep 6-Oct KRP Development (F) 4¢ (nil) ................................................................... Rmb180.8m -26% 5-Sep 21-Sep
1054 China Industrial Securities Internation- Huang Jinpeng Debt $12,982,916.98 AP Rentals Holdings (F) 0.65¢ (nil) ........................................................... HK$12.8m (-$4.46m) 29-Aug 11-Sep Kwong Man Kee Group (F) 1¢ (05¢)........................................................... HK$19.1m +156.1% 29-Aug 3-Oct
al Brokerage Ltd Asia Allied Infra (F) 1.05¢ (1.1¢)................................................................. HK$105.1m -14% 29-Aug 11-Sep L.K. Technology Holdings (F) 4.5¢ (4¢) ..................................................... HK$532.2m -14.9% 14-Sep 3-Oct
Asia Comm Holdings (F) 4.69¢ (5.36¢) ..................................................... HK$44m -48% 18-Aug 4-Sep L’Occitane Int’l (F) Eur0.03129 (0.06585) ................................................ Eur115.1m -52% 5-Oct 20-Oct
1055 The Hong Kong Mortgage Corporation Tak Shing Tea Stall Ltd Debt NS Associated Int’l Hotels (F) 23¢ (21¢) .......................................................... -HK$1.58b (-$1.12b) 14-Sep 5-Oct Lenovo Group (F) 30¢ (30¢) ...................................................................... US$1.61b -21% 28-Jul 10-Aug
Ltd Kwok Tin Ting Savin Ausupreme Int’l Holdings (F) 1¢ (1¢) ......................................................... HK$0.5m (-$0.84m) 22-Sep 6-Oct Liaoning Port (F) 1.74fen (2.7fen) ............................................................. Rmb1.3b -33.3% p.a p.a
1056 Tian Juan Fongs (A Firm) Tort & $10,000,000 AV Concept Holdings (F) 4¢ (3¢) ............................................................... HK$40.7m -82.4% 8-Sep 27-Sep Longfor Group (F) 80fen (Rmb1.23) ......................................................... Rmb24.4b +2.13% 11-Jul 21-Aug
B & S International (F) 2.5¢ (nil) ............................................................... HK$27.8m +4,556.5% 27-Sep 9-Oct Luk Fook Holdings (F) 55¢ (55¢)................................................................ HK$1.28b -7.7% 24-Aug 6-Sep
HF Asset Management Ltd FKA Contract & $10,000,000 BAIOO Family Interactive (SD) 1.5¢ (2¢).................................................... Rmb10.3m -61.6% 11-Jul 20-Jul Luzhou Bank (F) 30fen for every 10 shs; (B) 1 for every 10 shs. .............. Rmb807.5m +10% p.a p.a
Shadowfax Asset Management Ltd Profession $10,000,000 Bank of Chongqin (F) 39.5fen (39fen) ...................................................... Rmb4.87b +4.4% p.a p.a Man King Holdings (F) 3.5¢ (3.5¢) ............................................................. HK$42.1m +14.1% 8-Sep 21-Sep
Orient Securities Ltd $10,000,000 Beijing Energy Int’l (F) 1¢ (nil)................................................................... Rmb269m -52.3% 30-Jul 21-Jul Medialink Group (F) 0.42¢ (0.35¢) ............................................................ HK$47.5m +12% 25-Sep 30-Oct
Bosideng International (F) 13.5¢ (13.5¢) ................................................... Rmb2.14b +3.7% 28-Aug 15-Sep Meilleure Health Int’l Ind (F) 1.6¢ (nil) ...................................................... HK$17.8m -70.5% 7-Aug 22-Aug
Casdon Management Ltd $10,000,000 Bright Smart Securities (F) 50¢ (10¢) ....................................................... HK$620.6m +11% 25-Aug 11-Sep Metallurgical Corp of China (F) 8.3fen (7.8fen) ........................................ Rmb10.3b +22.7% p.a p.a
Yao Hihong $10,000,000 Central China Mngt (F) 2.7¢ (9.9¢) ............................................................ Rmb303.5m -60.6% 19-Jul 31-Jul Mi Ming Mart (F) 0.8¢ (0.6¢) ..................................................................... HK$20.7m +3.07% 17-Aug 15-Sep
Wong Ka Man Teresa $10,000,000 CA Cultural Technology (F) nil (nil) ........................................................... -HK$1.03b (-$1.05b) _ _ Microware Group (F) 2.5¢ (6¢) .................................................................. HK$33.2m +3.78% 22-Aug 1-Sep
Cafe de Coral Holdings (F) 28¢ (18¢) ......................................................... HK$110.4m +420% 14-Sep 25-Sep Microware Group (SD) 8¢ (nil) .................................................................. . 12-Jul 26-Jul
1057 Swarovski Hong Kong Ltd Simply Faith Ltd Debt $3,798,744 Capital Environment (F) nil (nil); (SD) 1¢ (nil) ........................................... Rmb1.5b (-Rmb22.9m) 11-Jul 28-Jul Minsheng Education (F) 4.29¢ (5.32¢) ...................................................... Rmb490m -15% 24-Jul 22-Aug
1058 Leighton Property Co Ltd House Academic Development Ltd L&T $428,827.43 Chalco (F) 3.6fen (3.18fen)........................................................................ Rmb4.2b -27% p.a p.a Mobicon Group (F) 0.5¢ (0.5¢) .................................................................. -HK$0.38m (+$13.2m) 16-Aug 29-Aug
1059 Hau Wai Choi Luck Talent Ltd Land NS Chen Hsong Holdings (F) 7.3¢ (11.6¢) ........................................................ HK$130.3m -39% 5-Sep 21-Sep Nameson Holdings (F) 0.6¢ (1.5¢) ............................................................. HK$134.8m -48.8% 10-Jul 25-Jul
Chevalier International (F) 28¢ (35¢) ........................................................ HK$233.9m -63.7% 11-Sep 20-Sep National Elec Holdings (F) 1.8¢ (3¢) .......................................................... HK$48.9m -46.5% 5-Sep 20-Sep
1060 Tang Kwok Yung Anderson Food Supply (Hong Kong) L&T $80,000 China 21st Century Edu (F) 0.8¢ (0.63¢) ................................................... Rmb27.3m -6.4% 17-Jul 31-Jul Neusoft Edu Tech (F) 16.5¢ (14.1¢) ............................................................ Rmb385.4m +36% 9-Aug 25-Aug
Yip Sau Yung AKA Co Ltd $5,000 China Aoyuan (F) nil (nil) .......................................................................... -Rmb7.84b (-Rmb33b) _ _ New Higher Education (I) 11.9fen (10.6fen) .............................................. Rmb390.5m +13.1% 5-Sep 22-Sep
Tang Yip Sau Yung China Aoyuan (I) nil (nil) ........................................................................... -Rmb2.92b (+Rmb2.09b) _ _ Noah Holdings (F) Rmb5.5 ........................................................................ Rmb976.6m -25.7% p.a 14-Jul
China Baoli Technologies (F) nil (nil) ........................................................ -HK$24.3m (+$96.6m) _ _ Novacon Technology (F) 0.1¢ (0.2¢).......................................................... HK$5.7m -49% 3-Aug 24-Aug
1061 Leighton Property Co Ltd Gracious Asset Management Ltd L&T $231,985.05 China Coal Energy (F) 41.3fen (30.1fen) ................................................... Rmb19.7b +30% p.a p.a Ocean One Holding (F) 4¢ (3.3¢) ............................................................... HK$50.2m +34.1% 24-Aug 8-Sep
China Dongxiang (Group) (F) 0.49fen (nil) ............................................... Rmb115m (-Rmb1.78b) 23-Aug 7-Sep Oi Wah Pawnshop Credit (F) 0.87¢ (0.71¢); (SD) nil (0.37¢) ..................... HK$86.1m +20.1% 4-Aug 22-Aug
Oriental Watch Holdings (F) 7.5¢ (10¢); (SD) 22¢ (30.5¢).......................... HK$295.4m -18.5% 4-Oct 26-Oct
Key: China Electronics Huada Tech (F) 8¢ (1.9¢) ..............................................
China Energy Engineering (F) Rmb0.252 per 10 shs (Rmb0.225 per 10
HK$531.4m +323.6%
Rmb7.81m +20%
12-Jul
p.a
28-Jul
p.a P.B. Group (F) nil (nil) ............................................................................... -Rmb2.74m (+Rmb9.12m) _ _
AKA.........................................................................also known as FKA ................................................................formerly known as shs) ............................................................................................................ Pacific Textiles Holdings (F) 4¢ (14¢) ........................................................ HK$268.6m -53.1% 17-Aug 31-Aug
IP ................................................................. intellectual property L&T ...............................................................landlordand tenant China Gas Holdings (F) 40¢ (45¢) ............................................................. HK$4.3b -44% 29-Aug 3-Oct Pak Fah Yeow Int’l (F) 3.8¢ (3.8¢); (SD) 3¢ (1.8¢) ......................................
Perfect Medical Health Mngt (F) 12.3¢ (7.1¢); (SD) 4.7¢ (nil) ....................
HK$30m -21.6%
HK$315.6m +3.4%
12-Jul 11-Aug
18-Aug 8-Sep
MS...................................................................materials supplied Misrep ............................................................Misrepresentation China Int’l Capital (F) Rmb1.8 per 10 shs (Rmb3 per 10 shs) ...................
China Int’l Marine Containers (F) 18fen (69fen) .......................................
Rmb7.6b -29.5%
Rmb3.2b -51.7%
p.a
27-Jul
p.a
18-Aug Pharmaron Beijing (F) Rmb3 per 10 shs (Rmb3 per 10 shs) .................... Rmb1.37b -17.2% p.a p.a
NS ..................................................................................not stated TA...................................................................................trading as China Kepei Education (F) 6¢ (6¢)............................................................. Rmb704.2m +158.8% 8-Aug 31-Aug Pico Far East Holdings (I) 2¢ (nil).............................................................. HK$101.1m +46.7% 18-Jul 28-Jul
China Merchants Bank (F) Rmb1.738 (8.9fen) .......................................... Rmb138b +15.1% p.a p.a Pioneer Global Group (F) 1.5¢ (2¢) ............................................................ HK$59.8m -71.8% 26-Sep 19-Oct
China Merchants Securities (F) 18.5fen (54fen) ....................................... Rmb8b -30.7% 18-Jul 4-Aug Pizu Group Holdings (F) 1¢ (1¢) ................................................................. Rmb88m -23.5% 3-Oct 15-Dec
China Power International (F) 11fen (5fen)............................................... Rmb2.65b (-Rmb256.3m) p.a p.a Precision Tsugami (China) (F) 40¢ (40¢) .................................................. Rmb579.2m -13.2% 24-Aug 15-Sep
China Rail Const (F) 28fen (24.6fen)......................................................... Rmb26.6b +7.9% p.a 31-Aug Public Financial Holdings (I) 3¢................................................................. . 17-Jul 2-Aug
China Rail Signal&Comm (F) 17fen (17fen) ............................................... Rmb3.63b +11% p.a p.a Qinhuangdao Port (F) 71fen per 10 shs. ................................................... Rmb1.3b +26% 13-Jul 25-Aug
OFFICIAL LIST China Railway Group (F) 20fen (19.6fen)..................................................
China Shanshui Cement (F) 7fen (25.6fen) ...............................................
Rmb31.3b +13.2%
Rmb748.7m -73%
p.a
p.a
p.a
p.a
Red Star Macalline Gp (1stQD) nil (nil); (SD) Rmb0.46 per 10 shs (nil) ...
Red Star Macalline Group (F) 3.4fen (10fen) ............................................
Rmb145.9m -79%
Rmb678.6m -65.4%
16-Jul 25-Aug
16-Jul 25-Aug
China South City Holdings (F) 2¢ (nil) ....................................................... HK$2.25b +2,631% 28-Sep 29-Dec Regina Miracle Int’l (F) 1.8¢ (7.2¢) ............................................................ HK$383.3m +26.4% 20-Sep 4-Oct
Royale Home Holdings (F) 1¢ (1¢).............................................................. HK$5.6m -92.7% 25-Jul 18-Aug
Last day of dealing China Taiping Insurance (F) 26¢ (46¢) ......................................................
China Tourism Group Duty Free (F) 80fen ...............................................
Rmb2.8b -62.8%
Rmb5.1b -19.6%
12-Jul
p.a
21-Jul
p.a Safety Godown (F) 3¢ (6¢) ......................................................................... -HK$188.3m (-$84.5m) 28-Aug 18-Sep
Finet Group rights (8580): Trading in the nil paid rights will cease after the close of business today. China Vanke (F) 68fen (97.6125fen) ......................................................... Rmb22.6b +0.4% p.a p.a Shandong Gold Mining (F) 7fen (5fen) ......................................................
Shandong Xinhua Pharma (F) 20fen (15fen) ............................................
Rmb838m (-Rmb426m)
Rmb411.2m +18%
p.a p.a
11-Jul 26-Jul
China Water Affairs Gp (F) 18¢ (18¢) ......................................................... HK$1.86b -1.94% 21-Sep 17-Nov
China XLX Fertiliser (F) 25fen (19fen) ....................................................... Rmb1.32b +2.4% p.a p.a Shanghai Fosun Pharma (F) 42fen (56fen) .............................................. Rmb3.74b -21% 2-Aug 24-Aug
China Zheshang Bank (F) Rmb2.1 per 10 shs (nil) .................................... Rmb13.6b +7.67% p.a p.a Shanghai Pharmaceuticals (F) 61fen (42fen) ........................................... Rmb5.6b +10.3% p.a p.a
New listing China-Hongkong Photo (F) 1¢ (1¢); (SD) 0.5¢ (nil)..................................... HK$40.8m +125.3% 17-Aug 6-Sep Shoucheng Holdings (F) 5.31¢ (5.49¢) ...................................................... HK$922m (-$1.1b) 14-Jul 3-Aug
Chinney Investments (F) 5¢ (5¢)................................................................ HK$33m -40.8% 7-Sep 10-Oct Shougang Century Hold (F) 0.73¢ (1.5¢) ................................................... HK$47.9m -40.8% 17-Jul 31-Jul
China Zheshang Bank rights (2958): Trading in the nil paid rights starts today. Chow Tai Fook Jewellery (F) 28¢ (28¢); (SD) 72¢ (nil)............................... HK$5.38b -19.8% 14-Jul 31-Jul Sincere Watch HK (F) nil (nil) .................................................................... -HK$184.4m (-$156.8m) _ _
Sinopec Kantons Holdings (F) 12¢ (12¢) .................................................... HK$434.9m -58.6% 10-Jul 25-Jul
HU-BYD @EP2312A (18167), GJ-XIAMI@EP2406A (18169), BP-TENCT@EC2409A (18170), BP-CTEL@EC2402A (18171), CITIC Securities (F) Rmb4.9 per 10 shs (Rmb5.4 per 10 shs) ................... Rmb21.3b -7.72% p.a p.a
Sisram Medical (F) 17.3¢ (15.7¢) ................................................................ US$40.2m +29% p.a p.a
CMOC Group (F) Rmd0.8508 per 10shs (Rmb0.7125m per 10shs)........... Rmb6.07b +18.8% p.a p.a
BP-JDCOM@EC2404A (18172), BP-ALIBA@EC2408B (18173), BP-GEG @EC2404A (18175), JP-WUXI@EP2312A (18176), JP-HKEX@ Colour Life Services (F) nil (nil) ................................................... Rmb31.4m +77.6% _ _ Snack Empire Holdings (F) S0.017¢ (nil)...................................................
Somerley Capital Holdings (F) 2.5¢ (2.5¢) .................................................
S$1.84m -34.8%
-HK$6.82m (-$3.64m)
7-Sep 22-Sep
20-Sep 29-Sep
Colour Life Services (I) nil (nil) .................................................... Rmb16.8m -93.3% _ _
EP2312B (18177), JP-SENTM@EC2503A (18178), JP-SBPH@EC2509A (18179), JP-BUDWS@EC2312A (18180), MB-GSBIO@EC2402A Computime Group (F) 2.1¢ (4.75¢) ............................................................ HK$22.5m -73.3% 19-Sep 9-Oct Southeast Asia Ppts&Fin (F) 3¢ (3¢).......................................................... HK$29.2m +10.2% 31-Aug 6-Oct
COSCO SHIPPING Dev (F) 8.7fen (22.6fen) ............................................... Rmb3.9b -35.6% p.a p.a Stella International (F) 45¢ (56¢).............................................................. US$118m +31.6% p.a p.a
(18181), MB-AIA @EP2503A (18182), MB-LENOV@EC2403A (18183), MB-TENCT@EC2311G (18184), MB-BYD @EC2312B (18185), COSCO SHIPPING Energy Trans (F) 15fen (nil) .......................................... Rmb1.5b (-Rmb5b) 20-Jul 28-Aug Suga International (F) 4¢ (6¢); (SD) 3¢ (nil) .............................................. HK$59.8m +5.92% 16-Aug 25-Aug
Sun Art Retail Group (F) 4.5¢ (4.5¢) ......................................................... Rmb109m (-Rmb739m) 23-Aug 6-Sep
MB-PCCWL@EC2401A (18186), MB-BILI@EC2311A (18187), MB-BILI@EC2312B (18188), MB-HLAND@EC2402A (18189), MB-NWD COSCO SHIPPING Holdings (F) Rmb1.39 (87¢) ..........................................
CSI Properties (F) 0.42¢ (0.42¢) ...............................................................
Rmb109.7b +22.8%
HK$335.7m -71% 29-Aug
p.a p.a
8-Sep Sun Hing Vision Group (F) nil (nil); (SD) 1.5¢ (1.5¢)................................... -HK$30.6m (+$9.09m) 25-Aug 13-Sep
@EC2402B (18190), MB-PAHT@EC2312B (18192), MB-SHEC@EC2401A (18194), MB-MTUAN@EC2407A (18195), MB-GEELY@ Dadi International Group (F) nil (nil) ........................................................ -HK$287.1m (-$217.8m) _ _ Swang Chai Chuan (SD) 2.3¢ ..................................................................... . 17-Jul 14-Aug
DFZQ (F) Rmb1.5 per 10 shs (Rmb2.50 per 10 shs) .................................. Rmb3.01b -44% p.a p.a SY Holdings Group (F) 7.5¢ (7.5¢).............................................................. Rmb219.4m -46.6% p.a p.a
EP2405A (18196), MS-XIAMI@EC2402A (18197), UB-CTIH@EC2404A (18198), UB-LIAUT@EP2405A (18199), UB-LIAUT@EC2401A Dickson Concepts (F) 27¢ (27¢) ................................................................. HK$252.6m +25.7% 17-Aug 25-Aug Tai Cheung Holdings (F) 12¢ (12¢) ............................................................. -HK$20m (+$2.9m) 5-Sep 19-Sep
DL Holdings Group (F) 1.03¢ (1.4¢) ........................................................... -HK$49.5m (+$109.8m) 15-Sep 4-Oct Tam Jai International (F) 10.5¢ (11.4¢)...................................................... HK$141m -31% 17-Aug 6-Sep
(18201), UB-AIA @EP2401A (18202), UB-HKEX@EC2405A (18204), UB-CNOOC@EC2403A (18205), CT-GCL @EC2401A (18206), Dowell Service Group (F) 14fen ................................................................ Rmb90.7m -29.6% p.a 8-Aug Taste • Gourmet Group (F) 5.2¢ (1.6¢)....................................................... HK$68.6m +159.9% 8-Aug 25-Aug
TCL Electronics Hold (F) 12.7¢ (16.7¢) ....................................................... HK$447m -62.2% 19-Jul 4-Aug
CT-SJM @EC2503A (18207), CT-HSBK@EC2408A (18208), CT-LININ@EC2412A (18211), CT-CPAIR@EC2401A (18212), HS-LIAUT@ E. Bon Holdings (F) 0.5¢ (1¢) .....................................................................
Eagle Nice (Int’l) Holdings (F) 8¢ (14¢) .....................................................
HK$14.1m +18.3%
HK$292.6m +6.56%
15-Sep
29-Aug
15-Oct
15-Sep Tern Properties (F) 1.2¢ (1.5¢) ................................................................... -HK$75.2m (-$55.1m) 31-Aug 15-Sep
Texwinca Holdings (F) 10¢ (10¢) ............................................................... HK$75.1m -60.7% 4-Sep 4-Oct
EC2403A (18215), HS-CLIFE@EC2403A (18218), HS-BAIDU@EC2403A (18219), HS-GEG @EC2312A (18220) and HS-PINAN@ EC Healthcare (F) 4.2¢ (4.2¢) .................................................................... HK$69.7m -64.7% 4-Sep 18-Sep
Tian Teck Land (F) 9¢ (8¢)......................................................................... -HK$759.3m (-$554m) 14-Sep 12-Oct
E-Commodities Hold (F) 8.4¢ (30.2¢)........................................................ HK$1.67b -51.9% p.a p.a
EC2312A (18221): Dealing in the derivative warrants begins today. EFT Solutions Holdings (F) 2¢ (2¢) ............................................................ HK$19.3m +85% 21-Aug 28-Aug Tianyun International (F) 5¢ (nil) ..............................................................
Time Interconnect Tech (F) 0.5¢ (1¢) ........................................................
Rmb96.6m (-Rmb0.94m)
HK$215.1m +27.9%
11-Jul 4-Aug
1-Sep 26-Sep
Emperor International (F) 0.3¢ (1.6¢) ....................................................... -HK$2.14b (-$469.3m) 28-Sep 16-Oct
GJ#HSI RC2312J (68404), GJ#HSI RC2312K (68405), GJ#HSI RC2312L (68407), GJ#HSI RP2404O (68408), GJ#HSI RP2404P Expert Systems Holdings (F) 1¢ (0.77¢) .................................................... HK$19.7m +26.1% 22-Sep 10-Oct Topsports International (F) 5fen (7fen); (SD) 15fen (23fen) ..................... Rmb1.84b -24.9% 3-Aug 24-Aug
Fairwood Holdings (F) 40¢ (40¢); (SD) 5¢ (nil) ......................................... HK$44.9m +5.25% 14-Sep 5-Oct Town Health Int’l Med (F) 12¢ (15¢)........................................................... HK$15.3m -30% p.a p.a
(68409), SG#TENCTRP2404S (68410), SG#HSI RC2312Z (68411), SG#HSI RC2311O (68412), SG#HSI RC2311V (68413), SG#HSI Far East Consortium (F) 10¢ (16¢) ............................................................. HK$172.2m -86.8% 7-Sep 24-Oct TradeGo FinTech (F) nil (nil); (SD) 4.34¢ (3.17¢) ....................................... HK$26.3m +4.19% 5-Jan 26-Jan
Trendzon Holdings (F) nil (nil) .................................................................. -S$2.06m (+S$1.02m) _ _
RP2601A (68414), SG#HSI RP2601B (68415), SG#HSI RP2601C (68416), SG#HSI RP2601D (68417), SG#TENCTRC2401O (68418), Four Seas Mer Holdings (F) 6.5¢ (6.5¢)..................................................... -HK$40.7m +222.4% 4-Sep 26-Sep
Tungtex (Holdings) (F) 0.5¢ (0.5¢) ............................................................ HK$19.7m (-$26m) 5-Sep 18-Sep
Fourace Industries Gp (F) 1.5¢ (1.5¢); (SD) 0.8¢ (nil) ................................ HK$64.2m +7.51% 15-Aug 31-Aug
SG#JDCOMRC2405C (68422), SG#HSI RC2311G (68424), SG#HSI RP2402W (68425), GS#TENCTRC2312C (68426), HS#HSI Unitas Holdings (F) nil (nil) ....................................................................... -HK$1.03m (-$4.97m) _ _
Fujikon Industrial Holdings (F) 5¢ (3¢)...................................................... HK$24.6m (-$37m) 31-Aug 15-Sep
United Energy Group (SD) 4¢ .................................................................... . 20-Jul 9-Aug
Fulum Group Holdings (F) 0.3¢ (nil) ......................................................... HK$21.1m (-$49.2m) 6-Oct 19-Oct
RP2603O (68428), HS#HSI RP2602P (68429), HS#HSI RC2511N (68434), HS#HSI RC2511O (68435), HS#ESBUYRC2412E Fuyao Glass Industry (F) Rmb1.25 (Rmb1) ................................................ Rmb4.76b +51.2% p.a p.a
Upbest Group (F) 2¢ (2¢) ........................................................................... HK$100.3m +15.3% 6-Sep 22-Sep
Veeko International (F) 0.5¢ (nil) ............................................................. HK$5.03m (-$53.4m) 18-Sep 9-Oct
Ganfeng Lithium Group (F) Rmb1 (30fen) ................................................ Rmb20.5b +292.4% p.a p.a
(68436), HS#PINANRC2312F (68438), HS#HSI RC2411B (68440), BP#HSI RC2606Q (68441), JP#HSI RC2512C (68443), JP#HSI Gemdale Properties (F) 0.7fen (6fen)....................................................... Rmb2.3b -42% 18-Jul 7-Sep
Vitasoy International (F) 1.4¢ (nil) ............................................................ HK$45.7m (-$158.8m) 5-Sep 20-Sep
VSTECS Holdings (F) 17¢ (27¢)................................................................... HK$823.1m -37.4% p.a 6-Jul
RC2512O (68444), JP#HSI RP2604H (68446), JP#HSI RC2512P (68447), JP#HSI RP2604I (68448), JP#HSI RP2604J (68451), Get Nice Financial (F) 3¢ (3¢) ....................................................................
Get Nice Holdings (F) 0.5¢ (0.5¢) ..............................................................
HK$149.8m -67.9%
HK$183.7m +205.2%
31-Aug
31-Aug
7-Sep
7-Sep
VTech Holdings (F) US42¢ (US1¢).............................................................. US$149.2m -13.6% 25-Jul 3-Aug
Wah Ha Realty (F) 11¢ (11¢); (SD) 12¢ (12¢) ................................................ HK$19.8m -49.3% 19-Sep 6-Oct
JP#HSBC RC2402A (68452), JP#MTUANRC2401J (68453), JP#HSBC RP2401B (68455), JP#ALIBARC2404A (68457), GF Securities (F) 35fen (50fen) ................................................................. Rmb7.9b -27% p.a p.a
Wah Sun Handbags Int’l (F) nil (2¢); (SD) 1¢ (2¢) ...................................... HK$8.5m -78.5% 6-Oct 26-Oct
Golden Resources Dev (F) 1.45¢ (1.2¢) ...................................................... HK$128.7m +588.2% 5-Sep 19-Sep
JP#JDCOMRC2408A (68458), JP#TENCTRC2402K (68459), JP#HSI RC2310D (68460), JP#HSI RP2604K (68461), JP#HSI Goldwind Science & Tech (F) 12fen (25fen) .............................................. Rmb2.38b -36.1% 22-Jul 18-Aug
Wang On Group (F) 4¢ (nil) .......................................................................
Wang On Properties (F) 0.69¢ (0.75¢) ......................................................
HK$13m (-$305m)
HK$211m -26%
29-Aug 13-Sep
29-Aug 13-Sep
Grand Ming Group (F) 5¢ (4¢); (SD) 15¢ (nil) ............................................. HK$1.28b +7,169% 14-Aug 18-Sep
RP2604L (68462), BP#HSI RC2606R (68463), UB#TENCTRP2404B (68464), UB#MTUANRP2404L (68465), UB#HSI RP2602W Greentown Management (F) 30fen (20fen); (SD) 8fen (nil) ..................... Rmb744.5m +31.7% 11-Jul 28-Jul
Want Want China (F) US2.1¢ (US2.1¢); (SD) nil (US2.94¢) ......................... Rmb3.37b -19.8% 26-Aug 14-Sep
Wecon Holdings (F) 1.2¢ (1.2¢) .................................................................. HK$5.95m -58.1% 24-Aug 4-Sep
(68467), UB#HSI RP2512P (68468), UB#TENCTRC2312T (68469), UB#MTUANRC2312R (68470), UB#XIAMIRC2312A (68471), Guangzhou Automobile (F) 18fen (17fen) .................................................
Guotai Junan Securities (F) Rmb5.3 per 10 shs (Rmb6.8 per 10 shs) ......
Rmb7.98b +6.3%
Rmb11.5b -23%
p.a
p.a
p.a
p.a
Weichai Power (F) 15.8fen (18.5fen) ......................................................... Rmb4.9b -48.3% p.a p.a
Winfair Investment (F) 12¢ (12¢) ............................................................... -HK$36.2m (+$13.5m) 14-Sep 28-Sep
UB#C MOBRC2311G (68472), UB#HSBC RC2312C (68473), UB#CNOOCRC2311F (68482), UB#HSI RC2507S (68484), UB#HSI Hangzhou Tigermed Consulting (F) 55fen (50fen) ................................... Rmb2b -30% p.a p.a Winson Holdings HK (F) 1.65¢ (1.473¢) ..................................................... HK$24.7m +11.99% 8-Aug 28-Aug
Hao Bai Int’l (Cayman) (F) nil (nil) ............................................................ -HK$33.2m (-$30.4m) _ _ WuXi AppTec (F) 89.266fen (51.74fen) ..................................................... Rmb8.81b +72.9% p.a p.a
RC2509M (68485), UB#HSI RC2510U (68486), UB#HSI RC2507T (68487), UB#HSI RP2604A (68488), UB#HSI RC2508F Herald Holdings (F) 3¢ (3¢) ....................................................................... HK$82.3m (-$61.1m) 5-Oct 17-Oct Yangtzekiang Garment (F) 2¢ (2¢) ............................................................ -HK$23.2m (+$30.7m) 29-Sep 16-Oct
Hisense Home Appliances (F) 53.1fen (21.4fen) ....................................... Rmb1.4b +47.5% 12-Jul 15-Aug
(68490), UB#HSI RP2511K (68491) and UB#BYD RC2312J (68492): Dealing in the callable bull/bear contracts starts today. HK Johnson Holdings (F) 1.22¢ (5¢) ........................................................... HK$30.6m -76.4% 15-Sep 10-Oct
Yau Lee Holdings (F) 2.5¢ (2.5¢)................................................................
Yeebo International (F) 5¢ (5¢); (SD) 5¢ (nil) ............................................
HK$49.6m -27.2%
HK$615.1m +130.7%
20-Sep 10-Oct
28-Sep 12-Oct
Wise Living Technology (2481): Dealing in the shares will commence on Monday. HK Shanghai Alliance (F) 1.5¢ (1.5¢) .......................................................... HK$82.8m +26.5% 28-Aug 8-Sep YGM Trading (F) 10¢ (5¢) ........................................................................... -HK$13.8m (+$3.28m) 29-Sep 16-Oct
HKET (F) 7¢ (6.5¢) ...................................................................................... HK$27.5m -17% 14-Aug 8-Sep Yoho Group Holdings (F) 2.4¢ (nil) ........................................................... HK$6.3m (-$0.23m) 7-Sep 27-Sep
HKR International (F) 1¢ (5¢) ..................................................................... HK$455.6m -57.4% 30-Aug 19-Sep Yun Lee Marine Group (F) 1.8¢ (2¢) .......................................................... HK$36m -11.7% 6-Sep 27-Sep
Hon Kwok Land (F) 12.5¢ (12.5¢) ............................................................... HK$153.4m +67.3% 7-Sep 4-Oct Zhengye International (F) 1.6¢ (10.92¢).................................................... Rmb47.2m -70.7% 20-Sep 12-Jul
Parallel trading Hong Kong Finance Group (F) 1.3¢ (1.3¢) .................................................. HK$58.9m -16.5% 12-Sep 6-Oct Zhuzhou CRRC Times Elec (F) 55fen (45fen) ............................................ Rmb2.56b +26.7% p.a p.a
Honma Golf (F) 1.5yen (2yen).................................................................... 3.26b yen -47.4% 22-Sep 10-Oct Zibuyu Group (F) 5¢ (nil) ........................................................................... Rmb110.7m -44.8% 11-Jul 8-Aug
Endurance RP: The counter for trading in the consolidated shares stock code 2945 as represented by old share certificates will be i.century Holding (F) nil (nil) ..................................................................... -HK$4.96m (+$19.2m) _ _
i-Control Holdings (F) 0.5¢ (0.5¢); (SD) 1.2¢ (nil) ...................................... HK$5.74m -14.3% 14-Aug 6-Sep
withdrawn after the close of business on Monday and trading in the shares will only be under the stock code 575. Imperium Financial Group (F) nil (nil) ...................................................... -HK$117.6m (-$106.2m) _ _
Shandong Hi-Speed New Energy Group: The parallel trading in the ordinary shares will commence on Monday under: SDHS New ISDN Holdings (F) 4.7¢ (8.35¢) ..................................................................
ITE (Holdings) (F) 0.5¢ (0.6¢) ....................................................................
S$14.6m -42.6%
HK$4.82m -21.8%
10-Jul
16-Aug
25-Aug
1-Sep
(I) Interim dividend (F) Final dividend (B) Bonus (SD) Sp dividend
En-new (1250) and SDHS New En-old (2954). IWS Group Holdings (F)1.5¢ ( 5.4¢) ........................................................... HK$17.6m -68.8% 22-Sep 12-Oct (Wrt) Warrant (Rts) Rights Issue (QD) Quarterly dividend
Jacobson Pharma (F) 2.38¢ (2.68¢) .......................................................... HK$251m +41.3% 17-Aug 1-Sep
JBM (Healthcare) (F) 2.5¢ (nil) .................................................................. HK$57.1m +131.9% 17-Aug 1-Sep
* with scrip with cash option @ on or before
Jiading International (F) nil (nil) ............................................................... -HK$67.2m (-$44.3m) _ _
Resumption of trading Jiangxi Bank (F) 5fen (5fen) ...................................................................... Rmb1.5b -25.2% p.a p.a
Jiashili Group (F) 5¢ (5¢)............................................................................ Rmb55m -49.2% 20-Jul 18-Aug Companies in bold declared dividends in the current week
Colour Life Services Group (1778) and Huabao International Holdings (336): Trading in their shares resumed yesterday.

P d d d b d b N w p p D
© M m
W
 Friday, July 7, 2023 B5

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
26,754.3
30.9
-881.77
-0.16
-3.19
-0.52 3,205.57 Past 3 months
Code Share Close chg chg
V'000 high low PE Yield Finance 31,463.97 -1595.79 -4.83
1361
1244
361 Degrees
3D Medicines
3.760 +0.100
105.000 +2.700
+2.73
+2.64
955
625
4.51 3.04
114.00 27.70
9.3
-
-
-
Hang Seng Index Top HSI movers (%) Utilities
Properties
34,659.57
21,488.32
-697.84
-512.37
-1.97
-2.33
▼17.37 3,500
1530 3SBio 7.370 -0.100 -1.34 5,053 9.10 4.86 8.3 1.4 Index 30-day moving average TECH
Commerce & Industry
3,948.82
10,154.44
-67.71
-213.04
-1.69
-2.05
3319 A-Living Services 4.950 -0.100 -1.98 2,837 11.74 4.29 3.4 - Sands China
2018 AAC Tech 18.660 +0.200 +1.08 2,860 22.70 11.10 24.1 0.6 -5.32 Hang Seng Composite Index 2,784.04 -74.5 -2.61 Turnover
6669 Acotec-B 12.720 -0.060 -0.47 161 19.88 7.40 48.2 - Past three months Hang Seng LargeCap Index 1,689.56 -48.93 -2.81
9860 ADICON Holdings 12.960 -0.240 -1.82 473 14.22 12.02 - - -5.12 Citic Hang Seng MidCap Index 3,681.95 -61.92 -1.65 320.81
3383 Agile Group 1.200 -0.030 -2.44 11,128 3.88 1.15 - - 23,000 Hang Seng SmallCap Index 1,396.15 -22.18 -1.56
1288 Agricultural Bk 2.920 -0.090 -2.99273,232 3.28 2.20 3.8 8.6 18,533.05 Budweiser APAC HS Energy 8,618.92 -98.15 -1.13 b yuan 3,000
1299 AIA Group 77.200 -3.200 -3.98 24,182 93.65 57.25 418.4 2.0 -4.89 HS Materials 5,849.76 -122.44 -2.05
81299
6660
2121
AIA Group-R #
AIM Vaccine
AInnovation
71.800 -2.750
44.500 +0.550
18.120 -0.220
-3.69
+1.25
-1.20
68
32
726
75.75 70.45 433.8 1.9
100.00 14.94
27.50 14.88
-
-
-
-
▼577.33 -4.62 ENN Energy
HS Industrial Goods
HS Consumer Discretionary
HS Consumer Staples
1,055.05
2,679.73
17,537.2
-19.65
-44.92
-494.81
-1.83
-1.65
-2.74
753
1789
Air China
AK Medical
5.940 +0.030
7.140 -0.080
+0.51 11,775
-1.11 1,720
7.94
11.18
5.33
5.65
-
34.2 0.9
- (▼3.02%) -4.59 China Res Land HS Healthcare
HS Telecommunications
9,790.16
1,307.86
-223.36
-8.33
-2.23
-0.63
SHANGHAI A SHARES
9926 Akeso 36.850 -0.650 -1.734,036 52.60 19.22 - - HS Utilities 5,199.65 -99.59 -1.88 Index Close Change Ch %
9988 Alibaba Grp-SW 81.500 -1.150 -1.3933,923 122.00 60.25 24.7 - -4.47 China Res Beer HS Financials 3,127.24 -137.64 -4.22
89988 Alibaba Grp-SWR # 75.800 -0.600 -0.79 163 83.30 80.55 26.4 - HS Properties & Construction 1,941.97 -41.94 -2.11 Composite 3,205.57 -17.37 -0.54
241 Alibaba Health 4.680 -0.160 -3.31
46,012 10.14 3.00 107.6 - HS Information Technology 9,777.78 -216.16 -2.16
1060 Alibaba Pictures 0.430 -0.005 -1.15
65,620 0.77 0.28 - - -4.4 Anta Sports HS Conglomerates 1,503.87 -45.22 -2.92 TO (b yuan) Ch ytd % Day high Day low
1563 Alliance Int’l Edu Le 4.970 -0.040 -0.80 1,029 19.62 2.88 18.5 -
9966 Alphamab-B 7.970 +0.260 +3.37 7,756 17.70 5.45 - - -4.3 Haidilao International HSI constituents’ performance 320.81 -4.46 3,229.48 3,199.72
9956 ANE 5.680 +0.020 +0.35 2,734 6.14 1.82 - -
347 Angang Steel 1.990 -0.070 -3.40 9,120 2.92 1.58 103.7 0.4 17,000 -4.1 China Mengniu Dairy
Stock
AIA Group
Close
77.20
Chg
-3.20
Stock
Henderson Land
Close
22.85
Chg
-0.50
SHENZHEN A SHARES
6699 Angelalign xb 65.500 -0.650 -0.98 805 156.83 61.20 45.4 1.0
2020 Anta Sports 79.350 -3.650 -4.40 9,286 125.30 67.85 25.0 1.7 Alibaba Health 4.68 -0.16 Hengan Int’l 30.65 -0.75 Index Close Change Ch %
82020 Anta Sports-R # 73.600 -3.400 -4.42 4 80.50 74.00 26.1 1.6
Key indicators -4.01 Orient Overseas (Int'l) Alibaba-SW
Anta Sports
81.50
79.35
-1.15
-3.65
HK&C Gas
HKEX
6.57
290.00
-0.15
-7.40 Composite 2,044.03 -7.49 -0.37
6639 Arrail Group 7.600 +0.410 +5.70 1,508 16.02 5.88 - -
6855 Ascentage Pharm-B 21.900 -0.700 -3.10 637 34.45 11.24 - - Bank of China 2.78 -0.07 HSBC Holdings 61.00 -0.65
Bidu-SW 137.70 -1.60 ICBC 3.66 -0.12 TO (b yuan) Ch ytd % Day high Day low
743 Asia Cement (China) 3.630 -0.040 -1.09 302 4.48 2.74 12.1 4.9 Turnover (HK$b) 97.29
1675
522
AsiaInfo Tech
ASMPT
10.720 -0.180
77.350 -1.550
-1.65
-1.96
420
426
15.58 8.87
85.00 41.60
10.5 3.7
12.2 4.1
H-share index BOC HK
Budweiser APAC
22.35
19.26
-0.45
-0.99
JD Health
JD.com-SW
49.95
135.50
-1.95
-3.20 498.91 -7.39 2,059.22 2,041.45
Volume (b shares) 240.12
1717
2518
Ausnutria Dairy
Autohome-S
3.440 +0.080
55.000 -1.300
+2.38
-2.31
152
15
7.60 3.26
78.00 49.35
25.7 1.7
- 2.1 6,268.53 ▼221.41 BYD
CCB
262.40
4.43
+0.20
-0.15
Lenovo
Li Ning
8.43
40.75
-0.17
-1.10 AUSTRALIA
2357 AviChina Ind 3.830 -0.030 -0.78 6,500 4.66 2.85 11.8 2.4 High 18,973.01 CG Services
China Hongqiao
9.64
6.45
-0.19
-0.22
Link Reit
Longfor Group
43.25
18.28
-0.40
-0.50 Index Close Change Ch %
1958 BAIC Motor 1.990 -0.020 -1.00 9,679 2.65 1.67 3.3 9.7 Past 15 days China Life Ins 12.40 -0.28 Meituan-W 120.60 -3.90
9888
89888
Baidu-SW
Baidu-SWR #
137.700 -1.600
128.000 -1.000
-1.15
-0.78
5,187
4
166.30 73.70 48.9
133.20 122.60 51.2
-
-
Low 18,483.08 China Mengniu Dairy 29.25 -1.25 MTR Corp 35.30 -0.45 S&P ASX200 7,163.4 -89.8 -1.24
7,100 4,400 China Merchants Bank 32.75 -1.35 NetEase-S 152.40 -2.70
6608
874
Bairong-W
Baiyunshan Pharm
9.040 -0.240
23.000 -0.050
-2.59
-0.22
1,212
250
15.02 7.13
27.70 16.56
16.1
8.4 3.5
- Jul futures 18,542 ▼478 China Mobile 64.00 -0.50 New World Dev 18.84 -0.36 TO (A$b) Ch ytd % Day high Day low
3988 Bank of China xd 2.780 -0.068 -2.39
572,684 3.45 2.51 3.4 9.4 China Overseas 16.54 -0.42 Nongfu Spring 43.05 -0.05 5.41 +8.63 7,253.2 7,145.5
1963 Bank of Chongqing 3.980 -0.050 -1.24 605 4.77 3.52 2.7 10.9 Aug futures 18,588 ▼480 China Res Beer 48.10 -2.25 Orient Overseas (Int’l) 112.40 -4.70
China Res Mixc 38.00 -1.10 PetroChina 5.46 -0.13
3328
23
Bank of Comm xd
Bank of East Asia
4.460 -0.090
10.580 -0.260
-1.98
-2.40
33,285
885
5.65
11.46
3.83
7.42
3.5 9.4
8.0 7.7 H-share index 6,268.53 ▼221.41 China Res Land 32.20 -1.55 Ping An Ins 49.45 -1.50 BANGKOK
China Res Power 17.58 -0.20 Power Assets 40.25 -0.55
2373 Beauty Farm Med 17.860 -2.040 -10.25 342 32.90 19.52 30.7 2.2
China Shenhua 23.80 -0.25 Sands China 26.70 -1.50 Index Close Change Ch %
6160 BeiGene 114.700 -1.200 -1.04 1,199 170.50 74.90 - - Red-chip index 3,642.58 ▼85.73 China Unicom 5.19 -0.06 Shenzhou Int’l 74.40 -0.80
694 Beijing Airport 5.140 -0.040 -0.77 1,677 6.54 3.87 - -
Chow Tai Fook 13.74 -0.42 SHK Properties 96.85 -2.05 SET 1,490.46 -18.41 -1.22
392 Beijing Ent xd 28.050 -0.550 -1.92 1,157 35.55 19.82 4.7 5.7
9669 Beisen Holding 8.790 -0.140 -1.57 470 29.80 5.00 - - Citic 8.71 -0.47 Sino Biopharm 3.44 -0.05 TO (b baht) Ch ytd % Day high Day low
9626 Bilibili-W 116.500 -4.200 -3.48 2,251 228.00 66.10 - - CK Asset Holdings 42.45 -1.05 Sinopec 4.53 -0.02
3316 Binjiang Service 19.760 -0.540 -2.66 70 27.90 12.50 11.7 5.1 Stock performers CKH Holdings
CKI Holdings
46.25
40.65
-1.35
-0.70
SMIC
Sunny Optical
19.88
75.75
-0.37
-1.55
44.65 -2.1 1,505.88 1,486.49
371 BJ Ent Water 1.840 -0.030 -1.60 3,720 2.45 1.61 14.0 8.5
6993 Blue Moon 3.880 -0.050 -1.27 633 6.59 3.80 35.5 4.3 Advanced 2,520 2,995 5,900 3,400 CLP Holdings 59.85 -0.45 Techtronic Ind 84.65 -1.35
JAKARTA
6955 Boan Biotec 16.060 -0.200 -1.23 62 40.00 13.22 - - CNOOC 11.58 -0.08 Tencent 326.80 -8.60
Country Garden 1.52 -0.04 Tingyi 11.34 -0.32 Index Close Change Ch %
2588
2388
BOC Aviation
BOC Hong Kong xd
64.650 +0.200
22.350 -0.450
+0.31
-1.97
295
14,381
69.80 48.25 286.1 3.2
29.95 22.65 8.7 6.1 Declined Red-chip index CSPC Pharma 6.66 -0.18 Trip.com-S 269.80 -5.60
82388 BOC Hong Kong-R # xd 20.800 -0.350 -1.65 415 22.50 21.10 8.1 5.8 ENN Energy 91.85 -4.45 WH Group 3.99 -0.13 Composite 6,757.33 +38.35 +0.57
710
3998
BOE Varitronix xd
Bosideng Int’l
11.320 -0.380
3.300 -0.100
-3.25
-2.94
1,223
25,908
20.50
5.35
9.81
3.00
14.4 2.0
14.9 5.5
Unchanged
6,577 3,642.58 ▼85.73 Galaxy Entertain
Geely Auto
49.95
9.78
-0.90
-0.12
Wharf Reic
Wuxi Biologics
39.00
38.20
-0.50
-0.85 TO (b rupiah) Ch ytd % Day high Day low
2076 BOSS Zhipin-W 57.100 - - - 98.95 57.00 - - Haidilao International 16.92 -0.76 Xiaomi-W 11.14 +0.02
1114 Brilliance China 3.760 +0.490 +14.98 76,743 5.86 1.57 2.4 25.5 Haier Smart Home 23.15 -0.25 Xinyi Glass 12.02 -0.42 3,375.00 +1.67 6,766.27 6,712.07
1876 Bud APAC 19.260 -0.990 -4.89 18,102 27.40 15.90 35.7 1.5 Sources: Thomson Reuters, HKEX SCMP Hang Lung Prop 11.80 -0.28 Xinyi Solar 8.83 -0.30
1211
285
BYD
BYD Electronic
262.400 +0.200 +0.08
24.750 +0.550 +2.27
6,811
5,505
330.00 161.70 40.8 0.5
29.10 16.54 26.6 0.8
Hang Seng Bk
Hansoh Pharma
109.20
12.82
-1.00
-0.40
Zhongsheng Group
Zijin Mining
29.55
11.62
-0.85
-0.38 KUALA LUMPUR
81211 BYD-R # 243.600 +0.800 +0.33 4 245.00 228.40 42.7 0.5 Index Close Change Ch %
1908 C&D Intl 18.400 -0.180 -0.97 979 27.80 11.64 5.8 7.1
2156 C&D Prop Mgt 3.770 -0.030 -0.79 22 5.21 2.40 17.7 2.7 FBM KLCI 1,385.95 -3.95 -0.28
3309 C-Mer Eye Care 3.830 +0.030 +0.79 680 5.58 3.08 - - 52-week % 52-week % 52-week
341 Cafe de Coral 9.840 -0.280 -2.77 1,074 15.28 9.04 51.7 3.9
%
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
3931 CALB 18.400 -0.240 -1.29 309 38.45 15.00 37.0 - Code Share Close chg chg V'000 high low PE Yield
6185 CanSino Bio 25.900 -0.650 -2.45 911 147.50 23.95 - - 861 Digital China 3.070 -0.080 -2.54 1,719 4.28 2.91 13.2 2.2 2162 Keymed Bio-B 43.250 -1.950 -4.31 716 82.85 28.00 - - 83 Sino Land xd 9.370 -0.210 -2.19 4,103 12.36 8.25 12.3 6.1 1,648.78 -2.46 1,389.71 1,381.86
1381 Canvest Enviro 4.080 +0.020 +0.49 259 5.30 3.44 7.4 2.7 9886 Dingdang Health 2.760 -0.030 -1.08 1,198 20.20 2.14 - - 1277 Kinetic Dev 0.445 -0.040 -8.25 13,754 0.75 0.49 1.3 29.2 3377 Sino-Ocean Group 0.440 -0.010 -2.22 40,067 1.37 0.43 - -
2160
2171
CardioFlow-B
CARsgen-B
2.040 -0.080 -3.77 4,694
10.140 +0.120 +1.20 1,038
3.96
21.85
1.55
9.20
-
-
-
-
1709
1072
DL Holdings
Dongfang Elec xd
2.640
10.600 -0.100
-
-0.93
- 618
1,680
3.10
15.46
2.51
9.10
33.8 0.5
10.3 3.6
148
268
Kingboard Hold
Kingdee Int’l
21.400 -0.950 -4.25
10.640 -0.220 -2.03
1,253
7,096
33.60 18.66
19.68 8.87
6.5 4.9
- -
297
386
Sinofert Holdings
Sinopec Corp
0.940 -0.010
4.530 -0.020
-1.05
-0.44
3,568
78,432
1.21
5.47
0.78
3.06
5.3 6.6
7.3 8.9
MANILA
293 Cathay Pac Airways 8.110 -0.070 -0.86 2,789 9.20 7.05 - - 489 Dongfeng Motor 3.670 -0.010 -0.27 8,259 5.94 3.30 2.7 9.2 1468 Kingkey Fin 1.530 +0.120 +8.51 7,290 1.99 0.49 - - 2386 Sinopec Engine 3.420 -0.020 -0.58 1,603 4.53 2.75 5.9 10.8 Index Close Change Ch %
9983 CC New Life 2.550 -0.030 -1.16 385 4.12 2.17 5.1 15.8 189 Dongyue Group 6.140 - - 7,730 9.95 5.16 3.2 9.8 3896 Kingsoft Cloud 2.940 -0.220 -6.96 32,358 5.65 1.99 - - 934 Sinopec Kanton xd 2.850 +0.020 +0.71 1,474 3.22 2.11 16.3 7.0
939 CCB xd 4.430 -0.148 -3.23 745,482 5.70 4.10 3.1 9.9 1405 DPC Dash 53.750 -0.750 -1.38 3 65.30 42.00 - - 3888 Kingsoft Corp 31.750 -0.450 -1.40 4,520 42.35 17.30 - 0.4 1099 Sinopharm 23.550 +0.050 +0.21 5,340 28.45 14.60 7.6 3.8 Composite 6,474.26 -38.13 -0.59
6818 CEB Bank 2.200 -0.040 -1.79 16,286 2.78 2.03 2.6 9.5 1797 East Buy Holding 28.800 -0.650 -2.21 7,881 75.55 14.30 - - 1024 Kuaishou-W 53.800 -1.450 -2.62 11,852 90.00 31.75 - - 598 Sinotrans 2.700 -0.060 -2.17 2,559 3.36 1.78 4.3 8.5
1735 Central New Energy 18.240 -0.160 -0.87 795 20.70 13.94 - - 2138 EC Healthcare 3.790 -0.290 -7.11 4,880 9.89 3.95 22.1 2.6 81024 Kuaishou-WR # 49.950 -1.300 -2.54 5 54.90 49.75 - - 3808 Sinotruk (HK) xd 15.880 -0.160 -1.00 7,499 17.20 6.44 21.7 2.1 TO (b pesos) Ch ytd % Day high Day low
6098 CG Services 9.640 -0.190 -1.93 18,511 32.79 6.33 14.8 4.3 2416 Edianyun 10.080 -0.180 -1.75 424 15.78 8.18 - - 135 Kunlun Energy 5.970 -0.130 -2.13 14,239 7.75 4.61 8.8 4.8 314 Sipai Health Tech 7.570 +0.010 +0.13 2,769 44.60 6.40 - -
1164 CGN Mining 0.810 +0.010 +1.25 2,550 1.23 0.71 11.3 - 3709 EEKA Fashion 10.720 +0.200 +1.90 741 12.98 8.98 16.8 3.7 1813 KWG Group 1.060 -0.020 -1.85 33,673 2.79 0.58 - - 2257 Sirnaomics 55.800 -0.600 -1.06 63 72.80 44.45 - - 3.42 +0.45 6,496.15 6,436.54
1811 CGN New Energy 2.150 -0.030 -1.38 5,202 3.81 2.02 6.1 3.3 2688 ENN Energy 91.850 -4.450 -4.62 2,046 134.80 75.00 15.5 3.2 973 L’Occitane Int’l 18.320 -0.480 -2.55 506 27.80 17.28 13.6 2.7 1696 Sisram Med 8.620 -0.430 -4.75 963 16.60 5.20 12.8 2.0
1816 CGN Power 1.880 -0.020 -1.05 26,329 2.20 1.59 8.4 5.1 1821 ESR Cayman 13.120 -0.160 -1.20 1,889 23.50 10.94 13.0 1.9 2105
746
Laekna, Inc. - B
Lee & Man Chem
15.180 -1.020 -6.30
4.880 -0.040 -0.81
220
42
18.88 12.42
8.12 4.60
- -
3.5 11.3
1308
880
SITC Int’l
SJM Holdings
14.860 -0.220
3.310 -0.100
-1.46
-2.93
6,057
10,236
27.50 12.50
5.14 2.31
2.6 26.9
- -
MUMBAI
2600 Chalco 3.420 -0.130 -3.66 23,350 4.93 2.21 12.7 1.2 6178 Everbright Securities 5.360 -0.080 -1.47 1,650 6.80 4.08 7.8 4.4
2778 Champion Reit 2.740 +0.020 +0.74 657 3.67 2.28 - 7.1 1952 Everest Med-B 20.450 +0.630 +3.18 6,219 30.00 5.98 - - 2314 Lee & Man Paper 2.610 -0.030 -1.14 1,891 3.97 2.31 9.5 3.8 751 Skyworth Group 3.810 -0.010 -0.26 2,046 5.64 2.54 10.6 0.8 Index Close Change Ch %
2219 Chaoju Eye Care 4.260 -0.210 -4.70 1,508 6.70 2.60 14.2 4.1 6989 Excellence CM 2.470 -0.040 -1.59 968 4.54 2.08 6.6 8.4 3396 Legend Holdings xd 7.170 -0.190 -2.58 811 10.06 6.46 12.7 3.2 315 SmarTone Telecom 4.950 +0.050 +1.02 483 5.39 3.81 13.0 6.1
2285 Chervon Holdings 33.600 -0.600 -1.75 82 46.80 25.00 15.1 1.7 35 Far East Consortium 1.840 -0.010 -0.54 977 2.39 1.68 3.7 10.1 992 Lenovo Group 8.430 -0.170 -1.98 58,664 9.06 5.26 8.0 4.5 981 SMIC 19.880 -0.370 -1.83 17,305 25.75 14.84 11.1 - Sensex 65,785.64 +339.6 +0.52
2145 Chicmax 25.300 -0.300 -1.17 104 36.80 23.05 55.1 1.1 3360 Far East Horizon 5.970 -0.030 -0.50 3,075 7.40 5.17 3.6 8.2 80992 Lenovo Group-R # 7.830 -0.140 -1.76 406 7.99 7.31 8.2 4.5 6969 Smoore Int’l 7.780 -0.280 -3.47 10,429 24.60 7.43 16.6 2.3
9668 China Bohai Bank 1.200 -0.030 -2.44 1,439 1.96 0.88 3.7 - 6288 Fast Retail-Drs 18.900 -0.280 -1.46 4 21.00 12.87 40.4 0.7 2157 LePU Biopharma 5.340 -0.060 -1.11 836 31.80 4.92 - - 410 SOHO China 1.160 -0.020 -1.69 444 1.60 1.13 87.2 - TO (b rupees) Ch ytd % Day high Day low
2469 Fenbi 4.540 -0.210 -4.42 10,291 15.04 2.96 - - 2291 LEPU ScienTech 26.700 - - 78 43.00 23.40 - - 2840 SPDR Gold Trust 1393.000 -8.000 -0.57 5 1498.00 1181.00 - -
1969 China Chunlai Edu 4.890 -0.050 -1.01 1,815 5.46 2.10 9.9 2.2
9638 Ferretti S.p.A. 24.000 -0.650 -2.64 536 26.00 16.90 15.4 2.0 2015 Li Auto-W 139.600 -2.900 -2.04 7,822 158.80 52.05 - - 2005 SSY Group 4.380 -0.260 -5.60 7,908 5.68 3.13 11.7 3.2 50.80 +23.17 65,832.98 65,328.29
1359 China Cinda Asset 0.790 -0.010 -1.25 27,952 1.21 0.72 5.0 6.9
2331 Li Ning 40.750 -1.100 -2.63 25,144 82.70 39.75 23.3 1.3 6698 STAR CM Holdings 99.950 -6.250 -5.89 632 132.00 32.55 391.2 -
1898
552
China Coal
China Com Svc
5.790 -0.100 -1.70
3.530 -0.030 -0.84
9,641
4,737
8.13
4.43
5.50
2.16
3.5 7.9
6.5 6.0
2038
142
FIH Mobile
First Pacific
0.840 +0.010
2.920 +0.080
+1.20
+2.82
2,041
8,848
1.09
3.30
0.63
2.08
-
4.1 7.5
-
82331 Li Ning-R # 37.750 -1.000 -2.58 34 43.25 38.20 24.3 1.2 2888 Std Chartered 66.550 -1.700 -2.49 278 74.90 46.10 9.9 2.1 SEOUL
1800 China Comm Cons 4.260 -0.110 -2.52 10,674 5.52 3.09 3.3 5.8 6088 FIT Hon Teng 1.390 -0.030 -2.11 781 2.50 0.90 7.4 - 1302 LifeTech Scientific 2.820 +0.010 +0.36 5,112 3.45 2.23 32.5 - 1836 Stella Holdings 7.600 -0.010 -0.13 6 9.15 6.93 6.5 11.5
3969 China CRSC 2.900 -0.080 -2.68 3,299 3.69 2.13 7.8 6.5 6865 Flat Glass 25.250 -0.600 -2.32 2,274 30.60 15.50 22.6 1.0 823 Link-Reit 43.250 -0.400 -0.92 9,985 65.06 43.35 6.2 6.2 6808 Sun Art Retail 2.090 -0.010 -0.48 4,606 3.50 1.25 164.6 2.2 Index Close Change Ch %
6610 Flowing Cloud 1.790 +0.020 +1.13 20,087 5.21 1.43 10.7 - 9959 Linklogis-W 2.600 -0.080 -2.99 10,520 7.00 2.30 - 9.6 1516 Sunac Services xd 2.160 -0.030 -1.37 6,316 4.99 1.31 - 7.0
670
667
China East Airlines
China East Edu
2.780 -0.020 -0.71
2.950 -0.060 -1.99
3,221
5,788
3.60
7.35
2.52
2.34
-
15.5 6.8
-
778 Fortune Reit 5.690 -0.030 -0.52 1,559 6.98 4.93 22.4 7.8 9857 Linmon Media 10.180 -0.700 -6.43 194 34.35 9.20 - - 1686 Sunevision 4.030 +0.010 +0.25 863 6.09 3.89 19.3 5.2 Composite 2,556.29 -22.71 -0.88
165 China EB 4.590 -0.140 -2.96 1,280 7.27 4.13 - 6.5 656 Fosun Int’l 5.400 -0.100 -1.82 2,730 7.87 4.40 79.8 0.3 1513 Livzon Pharm xd 25.350 -0.500 -1.93 292 30.15 19.06 11.0 6.9 435 Sunlight Reit 2.820 -0.020 -0.70 354 3.85 2.45 45.5 8.9 TO (tr won) Ch ytd % Day high Day low
257 China EB Enviro 3.060 -0.060 -1.92 3,984 4.60 2.56 4.1 7.8 2196 Fosun Pharm 20.550 -0.550 -2.61 2,047 34.00 17.36 12.7 2.3 558 LK Technology 7.470 +0.010 +0.13 3,780 14.74 5.84 16.4 1.1 2382 Sunny Optical 75.750 -1.550 -2.01 4,940 125.50 65.00 30.5 0.7
839 China Edu Gp 5.870 -0.170 -2.81 8,201 13.90 4.50 7.1 9.4 1992 Fosun Tourism 7.400 -0.190 -2.50 356 12.80 6.11 - - 3380 Logan Group 0.780 -0.010 -1.27 8,804 2.18 0.32 - - 6963 Sunshine Ins 4.250 -0.050 -1.16 651 5.83 3.88 8.0 4.7 13.47 +10.13 2,575.45 2,550.67
3996 China Energy Eng 0.950 -0.030 -3.06 13,118 1.25 0.77 4.7 3.0 1521 Frontage Hldg 2.020 -0.020 -0.98 1,764 3.39 1.60 20.5 - 960 Longfor Group 18.280 -0.500 -2.66 16,459 36.25 7.26 4.0 6.8 9658 Super Hi 14.500 -0.060 -0.41 420 24.30 7.00 - -
6186
506
China Feihe
China Foods
4.430 -0.080 -1.77 11,985
2.800 -0.010 -0.36 402
8.77
3.08
4.17
1.97
7.1 6.4
10.5 4.8
1448
546
Fu Shou Yuan
Fufeng Group
5.300 -0.150
3.930 -0.120
-2.75
-2.96
4,324
2,341
7.45
5.73
3.89
3.61
16.2 2.5
2.3 17.7
3339
6623
Lonking Holdings
Lufax Holding
1.290 -
24.400 -0.100 -0.41
- 1,583
1
1.90 1.04
38.00 20.15
12.2 7.8
- -
6806
19
SWHY
Swire Pacific `A’
1.480 -0.010
60.000 -0.600
-0.67
-0.99
3,711
1,262
1.87 1.25
72.90 42.60
11.8 2.2
21.4 5.0 SINGAPORE
6881 China Galaxy Sec 4.140 -0.050 -1.19 9,823 5.28 2.92 5.2 6.3 3606 Fuyao Glass 31.450 -0.150 -0.47 1,234 40.80 27.85 15.3 4.5 590 Luk Fook Holdings 19.080 -0.240 -1.24 1,547 29.50 17.00 8.1 5.8 87 Swire Pacific `B’ 9.820 -0.120 -1.21 628 11.10 7.09 17.5 6.1 Index Close Change Ch %
384 China Gas 8.620 -0.310 -3.47 10,924 13.02 6.94 6.2 6.4 27 Galaxy Entert 49.950 -0.900 -1.77 5,909 59.80 33.55 - - 2186 Luye Pharma 3.190 -0.280 -8.07 45,853 4.65 1.88 16.3 - 1972 Swire Properties 18.660 -0.500 -2.61 1,738 23.35 14.70 13.7 5.4
2099 China Gold Int’l 29.700 -0.850 -2.78 920 46.60 16.09 6.8 9.7 1772 Ganfeng Lithium xd 50.800 -1.250 -2.40 1,537 86.00 43.95 4.4 2.2 2480 Luzhu Biotech-B 33.700 -0.250 -0.74 152 40.00 16.14 - - 6069 SY Holdings 5.160 -0.050 -0.96 826 6.86 4.75 20.9 1.5 STI 3,150.43 -34.95 -1.1
512 China Grand Pharm 4.320 -0.060 -1.37 1,738 5.40 3.28 7.4 3.2 2407 Gaush Meditech 43.600 -2.100 -4.60 85 56.10 37.30 - - 95 LVGEM China 1.550 -0.010 -0.64 5,422 1.83 0.72 - - 1070 TCL Electronics 4.060 -0.040 -0.98 2,798 5.74 2.61 21.9 3.1
1378 China Hongqiao 6.450 -0.220 -3.30 9,390 9.55 5.45 6.1 7.9 3800 GCL Technology 1.680 -0.020 -1.18 70,966 3.96 1.45 2.5 3.6 1999 Man Wah Hold xd 5.210 -0.130 -2.43 5,253 10.18 4.33 10.7 4.8 669 Techtronic Ind 84.650 -1.350 -1.57 5,722 110.50 68.65 18.4 2.2 TO (S$m) Ch ytd % Day high Day low
2799 China Huarong 0.365 -0.010 -2.67 12,634 0.55 0.22 - - 9698 GDS Holdings-SW 10.000 -0.840 -7.75 3,983 34.30 8.68 - - 945 Manulife-S 145.500 -2.100 -1.42 8 157.20 120.00 6.8 5.5 700 Tencent 326.800 -8.600 -2.56 19,782 416.60 188.63 14.7 0.7
3908 China Int’l Capital xd 13.620 -0.160 -1.16 3,181 19.20 10.32 8.3 1.5 175 Geely Auto 9.780 -0.120 -1.21 25,617 18.74 8.30 17.0 2.2 1896 Maoyan Ent 7.280 -0.170 -2.28 1,920 11.06 4.51 70.1 - 80700 Tencent-R # 304.000 -6.000 -1.94 128 342.00 304.60 15.4 0.7 1,084.52 +1.51 3,185.63 3,147.24
612 China Inv Fund 2.250 +0.030 +1.35 1,176 5.03 1.45 - - 80175 Geely Auto-R # 9.080 -0.090 -0.98 502 9.42 8.54 17.8 2.1 1183 MECOM Power 0.930 - - 2,861 1.66 0.90 47.2 1.1 2678 Texhong Intl Group 5.030 -0.170 -3.27 301 8.17 4.86 26.1 7.6
817
1890
China Jinmao xd
China Kepei Edu
1.130 -0.020 -1.74 19,991
2.280 -0.050 -2.15 1,301
2.13
4.04
1.01
1.63
6.4 9.7
6.0 2.6
535
1548
Gemdale Properties
Genscript Bio
0.455 -0.005
16.620 -0.540
-1.09
-3.15
3,820
11,272
0.72 0.41
33.60 13.96
2.9 1.7
- -
2252
2192
MedBot-B
Medlive Tech
21.650 +0.600 +2.85
6.550 -0.500 -7.09
2,833
2,230
44.80 16.40
17.24 5.80
-
35.4 1.1
- 990
1600
Theme Int’l
Tian Lun Gas xd
0.900 +0.020
5.270 -0.010
+2.27
-0.19
4,710
348
1.19
6.18
0.73
2.75
10.0
10.3 3.9
- TAIPEI
2128 China Lesso 4.950 -0.140 -2.75 4,389 11.48 4.86 5.4 6.1 1776 GF Securities 10.700 -0.220 -2.01 1,809 13.54 7.91 9.3 3.7 2415 MedSci Healthcare 11.560 -0.580 -4.78 676 13.46 7.60 - - 826 Tiangong Int’l 2.010 -0.050 -2.43 2,242 3.70 1.76 9.8 2.0 Index Close Change Ch %
2628 China Life xd 12.400 -0.280 -2.21 17,341 15.84 8.53 9.7 4.5 2367 Giant Biogene 34.850 +0.050 +0.14 2,713 58.80 24.30 31.1 - 1268 MeiDong Auto 10.260 +0.260 +2.60 3,103 24.25 7.94 22.2 2.2 1773 Tianli International 1.890 -0.070 -3.57 1,150 3.15 0.77 38.3 2.8
772 China Literature 32.750 -0.850 -2.53 2,776 45.75 18.90 48.4 - 6616 Global New Material 4.350 -0.050 -1.14 1,401 5.49 3.34 17.5 - 1357 Meitu 2.950 -0.010 -0.34 51,711 3.56 0.65 121.9 0.7 819 Tianneng Power 8.460 -0.190 -2.20 2,340 12.50 6.35 4.7 4.7 Weighted 16,762.17 -294.26 -1.73
916 China Longyuan 7.920 -0.200 -2.46 9,923 15.90 7.68 12.0 1.7 3308 Golden Eagle 6.500 +0.010 +0.15 2,304 6.60 4.00 12.8 - 3690 Meituan-W 120.600 -3.900 -3.13 22,255 199.80 109.20 - - 9696 Tianqi Lithium xd 50.550 -1.650 -3.16 1,294 88.75 46.80 2.9 6.5
867 China Med Sys 12.100 -0.300 -2.42 4,194 14.86 8.54 8.1 5.1 1121 Golden Solar 6.750 +0.100 +1.50 194 14.24 5.42 - - 83690 Meituan-WR # 112.200 -3.000 -2.60 16 125.60 113.20 - - 3898 Times Electric xd 30.650 -0.200 -0.65 2,608 45.00 28.20 15.1 2.0 TO (NT$b) Ch ytd % Day high Day low
3968 China Mer Bank xd 32.750 -1.350 -3.96 30,028 53.45 25.40 5.5 6.0 2208 Goldwind 5.190 -0.050 -0.95 7,510 15.34 4.72 8.9 2.6 200 Melco Int’l Dev 7.290 -0.230 -3.06 1,974 11.42 3.82 - - 322 Tingyi 11.340 -0.320 -2.74 3,587 14.24 10.77 21.5 9.1
144 China Mer Port 10.800 -0.160 -1.46 3,801 13.80 8.91 5.4 7.6 1271 Grand Ming 5.100 +0.110 +2.20 10 7.70 3.90 5.7 5.1 2319 Mengniu Dairy 29.250 -1.250 -4.10 11,300 40.15 24.70 19.3 1.6 1698 TME-SW 28.150 -1.050 -3.60 109 36.65 13.30 - - 351.70 +19.85 17,017.09 16,749.29
6099 China Mer Sec 7.310 -0.090 -1.22 753 9.00 6.67 7.5 2.9 41 Great Eagle H 15.100 -0.040 -0.26 167 20.10 14.28 - 5.5 1618 Metallurgical 1.910 -0.040 -2.05 16,023 2.49 1.25 3.8 4.9 3613 Tong Ren Tang CM 13.520 -0.160 -1.17 1,241 16.66 8.44 17.5 4.3
941
80941
China Mobile
China Mobile-R #
64.000 -0.500 -0.78
59.600 -0.300 -0.50
11,113
502
70.20 46.80
60.40 57.25
9.7 6.9
10.1 6.5
3900
9979
Greentown China
Greentown Mgt
7.480 -0.130
6.090 -0.050
-1.71
-0.81
3,200
1,634
18.50
7.97
6.79
4.19
6.4 7.3
14.1 7.0
2282
2172
MGM China
MicroPort Neuro
9.270 -0.400 -4.14
13.700 +0.160 +1.18
9,224
357
11.22 3.01
26.80 10.86
-
-
-
-
780
6100
Tongcheng Travel
Tongdao Liepin
16.480 -0.240
8.100 -0.580
-1.44
-6.68
5,087
1,208
20.40 11.62
14.66 5.80 81.2
- -
-
TOKYO
1117 China Modern Dairy 0.810 - - 4,727 1.22 0.77 10.0 2.0 2869 Greentown Ser 3.710 -0.030 -0.80 4,241 9.20 3.22 19.3 2.7 853 MicroPort Sci 13.700 -0.280 -2.00 3,239 28.65 12.30 - - 6110 Topsports Int’l 6.430 -0.170 -2.58 6,731 8.19 3.88 19.7 5.6 Index Close Change Ch %
3993 Ch Molybdenum xd 4.270 -0.050 -1.16 9,033 5.80 2.38 13.4 2.2 2333 Gt Wall Motor 9.410 -0.030 -0.32 22,770 15.56 6.90 9.2 3.5 3990 Midea Real Est 6.990 -0.040 -0.57 621 14.06 5.11 4.6 11.4 1083 Towngas Smart Engy 3.340 -0.110 -3.19 2,438 4.44 2.73 11.1 4.5
1258 China NF Mining 3.890 -0.010 -0.26 1,229 4.75 2.70 7.1 5.7 82333 Gt Wall Motor-R # 8.740 -0.030 -0.34 - 8.92 7.83 9.6 3.4 909 Ming Yuan Cloud 3.470 -0.080 -2.25 9,475 12.48 3.17 - - 2800 Tracker Fund 19.020 -0.450 -2.31 244,211 22.82 14.68 - 3.6 Nikkei-225 32,773.02 -565.68 -1.7
81 China O G Oceans 3.670 -0.060 -1.61 1,443 4.78 2.15 3.6 5.7 270 Guangdong Inv 6.670 -0.030 -0.45 8,328 9.00 4.90 9.2 9.2 9896 MINISO Group 33.100 -0.600 -1.78 406 40.10 8.76 58.2 - 570 Traditional C Med 3.430 -0.180 -4.99 31,016 5.08 2.62 19.9 1.5
2669 China O’seas Prop 7.940 -0.160 -1.98 3,160 11.04 4.76 20.5 1.5 2238 Guangzhou Auto 4.880 -0.010 -0.20 7,703 8.18 4.40 5.6 5.6 1988 Minsheng Bank 2.860 -0.020 -0.69 12,144 3.52 2.19 3.6 8.2 62 Transport Int’l 9.940 -0.050 -0.50 114 11.72 8.20 32.6 5.0 TO (b yen) Ch ytd % Day high Day low
2883 China Oilfield 8.600 -0.050 -0.58 3,335 10.48 6.88 15.5 2.1 53 Guoco Group 58.000 -0.200 -0.34 2 79.10 57.20 9.6 3.5 425 Minth Group 21.900 - - 1,811 25.00 15.06 14.9 2.6 696 TravelSky Tech 13.400 -0.200 -1.47 3,768 18.40 11.08 55.5 0.5
581 China Oriental 1.090 -0.010 -0.91 3,938 1.85 1.00 4.5 9.2 1788 Guotai Junan 0.580 -0.010 -1.69 5,766 0.86 0.53 69.1 8.6 1208 MMG 2.470 -0.020 -0.80 32,011 3.58 1.51 15.8 - 9961 Trip.com-S 269.800 -5.600 -2.03 1,321 321.80 159.80 - - 4,342.60 +25.53 33,079.45 32,637.72
688 China Overseas xd 16.540 -0.420 -2.48 15,941 25.05 14.40 6.9 4.8 2611 Guotai Junan Sec 9.100 -0.090 -0.98 533 11.14 7.77 6.5 6.6 1860 Mobvista 3.420 +0.010 +0.29 2,648 5.35 3.28 45.1 - 168 Tsingtao Brewery 69.500 -1.900 -2.66 4,969 86.74 54.09 22.5 2.9
2380 China Power 2.950 - - 27,457 5.40 2.23 11.9 4.3 2273 Gushengtang 46.850 -1.100 -2.29 1,055 60.25 25.40 52.3 - 2155
66
Morimatsu Int’l
MTR
5.750 -0.060 -1.03
35.300 -0.450 -1.26
1,727
2,821
12.00 5.69
43.00 33.15
8.0
22.2 3.7
- 247
220
TST Properties xd
U-Presid China
21.800
6.390 -0.180
-
-2.74
-
2,396
- 22.60 21.00
8.49 5.70
13.6 2.6
20.3 5.9
WELLINGTON
1186 China Rail Cons 5.640 -0.100 -1.74 8,057 7.46 3.75 2.8 5.6 1179 H World Group 30.350 -0.900 -2.88 1,998 42.25 20.10 - 0.5
390 China Railway 5.120 -0.040 -0.78 10,036 6.30 3.37 3.8 4.4 1112 H&H Int’l Hldg 9.770 -0.030 -0.31 430 19.20 6.30 9.1 6.5 3918 NagaCorp 4.170 -0.120 -2.80 1,002 7.80 3.50 21.8 2.8 467 United Energy 0.820 - - 20,705 1.29 0.63 8.3 4.9 Index Close Change Ch %
291 China Res Beer 48.100 -2.250 -4.47 11,705 65.60 35.90 31.6 1.3 2255 Haichang Holdings 1.140 - - 8,524 4.29 0.81 - - 2150 Nayuki Holdings 5.360 -0.150 -2.72 2,835 9.11 3.94 - - 3933 United Lab xa 5.900 -0.450 -7.09 8,429 7.53 3.14 6.0 4.8
80291 China Res Beer-R # 44.700 -1.750 -3.77 4 50.40 45.90 33.4 1.2 6862 Haidilao Int’l 16.920 -0.760 -4.30 21,223 24.70 11.10 59.2 0.7 777 NetDragon 14.640 -0.280 -1.88 549 20.70 13.08 8.4 8.9 2666 Universal Medical 4.140 -0.130 -3.04 4,681 5.40 3.22 3.7 8.2 NZX 50 11,959.33 -43.13 -0.36
1313 China Res Cement 3.090 -0.040 -1.28 3,142 5.46 2.80 11.2 4.2 6690 Haier Smart Home 23.150 -0.250 -1.07 8,747 31.55 19.52 13.0 2.8 9999 NetEase-S 152.400 -2.700 -1.74 3,820 158.30 84.05 21.8 1.6 806 Value Partners 2.560 - - 1,726 3.50 1.80 - 1.3
1193 China Res Gas xd 25.650 -0.850 -3.21 3,019 39.00 19.84 12.3 4.1 1882 Haitian Int’l 18.000 -0.180 -0.99 2,041 26.50 13.90 11.3 3.1 1336 New Ch Life Ins xd 19.440 -0.132 -0.67 3,957 25.00 12.04 5.5 6.3 2500 Venus Medtech-B 6.260 +0.050 +0.81 2,308 18.96 5.30 - - TO (NZ$m) Ch ytd % Day high Day low
1109 China Res Land 32.200 -1.550 -4.59 13,161 40.50 23.95 7.2 5.0 665 Haitong Int’l 0.670 -0.010 -1.47 3,055 1.06 0.56 - - 2001 New Higher Edu 2.270 -0.100 -4.22 2,506 4.42 1.75 5.3 10.5 3331 Vinda Int’l 18.660 -0.100 -0.53 1,384 25.80 14.54 31.8 2.1 118.30 +7.34 12,055.2 11,959.33
1209 China Res Mixc 38.000 -1.100 -2.81 1,428 47.10 22.05 34.9 2.4 6837 Haitong Securities xd 4.780 -0.080 -1.65 5,736 6.01 3.77 8.5 4.8 9901 New Oriental-S 31.050 -0.500 -1.58 1,948 37.45 14.92 19.7 - 345 Vitasoy Int’l 9.650 -0.220 -2.23 1,530 18.40 8.91 226.0 0.3
3320 China Res Pharm 6.280 -0.200 -3.09 9,828 8.13 4.34 9.5 2.6 1905 Haitong UniTrust 0.840 -0.010 -1.18 3,112 1.30 0.40 4.3 13.2 17 New World Dev 18.840 -0.360 -1.88 6,070 27.85 15.36 38.0 10.4 933 Viva Goods 1.400 -0.020 -1.41 912 1.72 0.92 18.7 -
836 China Res Power 17.580 -0.200 -1.12 6,628 19.18 11.22 12.0 3.3 10 Hang Lung Group 11.540 -0.300 -2.53 542 15.34 9.90 5.8 7.5 1316 Nexteer Auto 4.820 +0.390 +8.80 29,264 7.16 3.46 26.7 0.8 3738 Vobile Group 2.330 -0.110 -4.51 8,742 5.02 1.66 117.7 -
1907 China Risun Gp 3.680 +0.020 +0.55 7,503 3.96 2.71 7.8 4.1 101 Hang Lung Ppt 11.800 -0.280 -2.32 5,929 16.28 9.28 13.8 6.6 6606 NH Health-B 26.300 -1.050 -3.84 2,454 38.95 12.70 - - 856 VSTECS Holdings 4.080 -0.020 -0.49 1,533 6.42 3.59 7.0 4.2
11 Hang Seng Bank 109.200 -1.000 -0.91 1,418 135.50 103.80 22.1 4.1 2689 Nine Dragon Paper 4.950 +0.020 +0.41 8,208 8.19 4.18 6.5 0.5 303 VTech Holdings 51.150 -0.450 -0.87 123 61.80 41.75 11.1 9.0
136
1088
1055
China Ruyi
China Shenhua
China South Air
1.930 +0.050 +2.66 36,674
23.800 -0.250 -1.04 11,153
4.610 -0.040 -0.86 9,212
2.87
28.70 20.50
6.00
1.22
3.99
20.3
5.7 12.2
-
-
-
80011
3347
Hang Seng Bank #
Hangzhou Tigermed
101.400 -0.800
43.800 -2.300
-0.78
-4.99
6
1,113
106.50 100.90
115.00 41.35
23.2 3.9
16.7 1.4
9866
1475
NIO-SW
Nissin Foods
78.200 -0.500 -0.64
6.610 -0.110 -1.64
1,272
568
179.20 57.60
7.09 5.23
-
21.8 2.3
- 151
9898
Want Want China
Weibo-SW
5.230 -0.070
101.000 -4.000
-1.32
-3.81
6,805
40
6.65 4.73
188.25 76.52
12.8 9.3
35.5 6.6
MSCI INDICES
1668 China South City 0.485 - - 1,352 0.64 0.37 5.2 - 3692 Hansoh Pharma 12.820 -0.400 -3.03 2,627 18.20 11.04 26.0 0.8 9633 Nongfu Spring 43.050 -0.050 -0.12 4,108 48.65 38.00 50.5 1.8 2338 Weichai Power 11.820 -0.120 -1.01 4,268 13.70 7.00 18.6 2.4 INTERNATIONAL US$ Year-end
3311 China State Cons 8.810 -0.140 -1.56 2,730 10.82 6.95 5.6 5.5 1558 HEC CJ Pharm 6.870 -0.130 -1.86 401 8.88 3.93 69.3 - 659 NWS Holdings 8.970 +0.060 +0.67 9,436 8.92 5.51 22.1 6.8 1066 Weigao Group 10.340 -0.140 -1.34 4,398 14.36 8.60 15.2 1.8
1477 Ocumension-B 8.120 -0.400 -4.69 214 14.80 6.51 - - 9985 Weilong Delicious xa 8.000 -0.210 -2.56 260 12.20 7.67 101.5 3.4 Jul 5 Jul 4 chg%
956 China Suntien 2.810 -0.020 -0.71 6,045 4.39 2.61 4.7 7.8 9869 Helens Int’l 7.580 -0.210 -2.70 1,531 17.30 6.92 - -
966 China Taiping 8.100 -0.130 -1.58 3,392 11.96 5.35 10.4 3.2 12 Henderson Land 22.850 -0.500 -2.14 2,772 30.60 19.00 12.0 7.9 2602 Onewo 24.750 -0.750 -2.94 1,141 57.10 24.25 15.7 1.1 2013 Weimob 3.770 -0.090 -2.33 14,029 7.65 2.21 - - World 2,960.8 2,971.7 +13.8
728 China Telecom 3.810 -0.010 -0.26 23,091 4.58 2.62 11.2 5.9 1044 Hengan Int’l 30.650 -0.750 -2.39 2,127 43.00 30.10 16.4 5.3 6929 OrbusNeich Medical 8.590 -0.140 -1.60 53 16.86 8.04 34.7 - 2233 West China Cement 0.770 -0.010 -1.28 4,190 1.19 0.70 3.0 9.7 EAFE 2,120.9 2,136.2 +9.1
1252 China Tianrui 5.800 -0.120 -2.03 3,848 7.20 4.50 33.7 - 921 Hisense Home App 19.280 -0.300 -1.53 1,143 21.55 6.06 16.2 3.0 316 Orient Overseas 112.400 -4.700 -4.01 1,422 228.29 92.15 1.0 73.3 288 WH Group 3.990 -0.130 -3.16 26,729 6.03 3.95 4.8 7.5
1833 PA Gooddoctor 18.780 -0.380 -1.98 3,688 34.20 13.38 - - 4 Wharf (Holdings) 18.540 -0.220 -1.17 1,348 30.15 16.00 - 2.2 Europe 1,905.7 1,924.0 +10.1
6055 China Tobacco 10.540 +0.100 +0.96 716 13.08 7.53 19.5 1.9 3 HK & China Gas 6.570 -0.150 -2.23 17,295 8.57 6.00 23.4 5.3
788 China Tower 0.870 -0.010 -1.14 108,822 1.05 0.70 15.3 4.2 2638 HK Electric-SS 4.650 -0.020 -0.43 2,757 7.25 4.61 13.9 6.9 2343 Pacific Basin 2.340 -0.090 -3.70 26,854 3.58 1.82 2.2 33.3 1997 Wharf REIC 39.000 -0.500 -1.27 2,032 47.80 30.45 - 3.4 Pacific 2,821.9 2,830.0 +7.6
658 China Transmission 2.410 -0.040 -1.63 949 5.47 2.30 34.4 - 1137 HK Tech Venture 4.480 -0.060 -1.32 769 7.70 4.00 19.5 1.8 2411 Pagoda Ind 5.650 +0.030 +0.53 601 7.12 4.80 23.3 1.5 2359 WuXi AppTec 63.250 -1.550 -2.39 1,020 122.00 57.90 18.7 1.6 Far East 3,607.0 3,611.3 +9.4
308 China Travel HK 1.560 - - 1,426 1.86 1.19 - - 45 HK&S Hotels 6.860 -0.110 -1.58 114 8.95 5.95 - - 327 PAX Global 5.970 -0.010 -0.17 874 8.37 5.89 5.1 6.0 2269 WuXi Biologics 38.200 -0.850 -2.18 20,672 85.85 35.00 32.0 - Korea 488.3 490.6 +16.2
762 China Unicom 5.190 -0.060 -1.14 30,865 6.58 3.27 8.5 6.0 1310 HKBN 4.180 -0.070 -1.65 1,256 9.06 4.15 9.9 9.6 8 PCCW 3.960 -0.010 -0.25 5,436 4.30 2.96 194.1 9.6 1128 Wynn Macau 7.110 -0.310 -4.18 10,899 10.32 2.95 - -
9996 Peijia Medical-B 7.100 +0.100 +1.43 1,831 14.32 5.46 - - 2400 XD Inc. 19.700 -0.750 -3.67 1,176 29.30 12.26 - - Malaysia 236.3 236.8 -12.3
2202 China Vanke 10.260 -0.340 -3.21 12,870 19.58 9.87 4.7 7.5 388 HKEX 290.000 -7.400 -2.49 5,401 382.40 208.20 36.4 2.5
855 China Water 5.810 -0.080 -1.36 592 7.77 5.37 5.0 5.9 80388 HKEX-R # 269.200 -6.400 -2.32 41 289.00 272.20 33.8 2.3 1830 Perfect Medical 4.100 +0.010 +0.24 891 4.95 2.70 16.5 4.9 520 Xiabuxiabu 3.670 -0.110 -2.91 4,477 10.26 3.04 - 1.7 Philippines 420.1 421.3 +0.4
1866 China XLX Fertiliser 3.290 -0.040 -1.20 1,335 6.19 2.96 2.6 8.7 6823 HKT-SS 9.360 +0.120 +1.30 10,250 11.14 8.42 14.5 8.0 857 PetroChina 5.460 -0.130 -2.33 127,380 5.93 2.95 5.9 8.7 1810 Xiaomi-W 11.140 +0.020 +0.18 82,888 14.10 8.31 98.2 - Thailand 360.0 360.5 -8.9
3188 ChinaAM CSI300 42.780 -0.360 -0.83 1,411 53.76 38.40 - 1.0 8137 Honbridge Holdings 0.510 +0.010 +2.00 48 1.03 0.22 - - 3759 Pharmaron Beijing 24.100 -0.950 -3.79 2,312 91.95 22.55 18.4 1.4 81810 Xiaomi-WR # 10.320 +0.020 +0.19 923 10.36 9.12 103.6 - MAJOR COUNTRIES - Local Currency
354 Chinasoft Int’l 4.970 -0.100 -1.97 6,979 8.14 4.60 16.9 1.1 6689 Hongjiu Fruit 18.260 -0.580 -3.08 1,318 41.80 10.02 5.1 - 1339 PICC Group 2.840 -0.040 -1.39 17,508 3.36 2.15 4.5 6.4 1799 Xinte Energy 15.600 -0.240 -1.52 4,486 27.10 13.76 1.5 -
1765 Hope Education 0.510 -0.010 -1.92 78,944 0.98 0.49 8.5 - 2328 PICC P&C 8.560 -0.120 -1.38 22,682 10.70 6.89 6.3 6.1 3868 Xinyi Energy 2.490 -0.140 -5.32 9,064 4.30 1.91 18.7 6.1 Australia 1,437.6 1,443.8 +3.3
116 Chow Sang Sang 8.480 -0.090 -1.05 506 12.80 7.02 12.7 3.5
1929 Chow Tai Fook 13.740 -0.420 -2.97 6,205 18.16 12.48 25.5 8.9 754 Hopson Dev Hold xb 5.540 -0.140 -2.46 1,283 8.77 4.36 1.8 - 82318 Ping An Ins-R # 45.950 -1.300 -2.75 764 48.10 44.90 9.6 5.3 868 Xinyi Glass 12.020 -0.420 -3.38 3,618 18.48 10.08 9.5 5.2 Austria 564.5 576.9 +1.8
2039 CIMC 4.630 - - 355 8.48 4.08 7.0 4.4 9930 Horizon CD 2.640 -0.080 -2.94 92 3.74 2.35 - - 2318 Ping An Insurance 49.450 -1.500 -2.94 27,876 65.10 31.30 9.1 5.6 968 Xinyi Solar 8.830 -0.300 -3.29 21,329 13.72 7.16 20.6 2.3 Belgium 873.9 874.7 -3.7
3899 CIMC Enric 7.230 -0.040 -0.55 2,466 9.70 6.21 12.1 3.3 5 HSBC Holdings 61.000 -0.650 -1.05 15,490 62.45 38.50 10.5 5.4 6049 Poly Ppt Services 37.100 -1.700 -4.38 1,262 60.15 28.40 16.3 1.5 9868 XPeng-W 57.600 +2.500 +4.54 23,330 131.20 24.75 - -
119 Poly Property 1.760 +0.020 +1.15 4,972 2.39 1.20 7.2 2.7 1368 Xtep Int’l 7.530 -0.350 -4.44 10,192 14.98 6.79 18.3 2.7 Canada 2,535.7 2,548.8 +4.0
267 CITIC 8.710 -0.470 -5.12 19,804 10.86 7.01 3.4 7.5 2828 HSCEI ETF 64.420 -1.640 -2.48 50,022 78.44 49.84 - 3.3
998 CITIC Bank 3.580 -0.060 -1.65 34,190 4.74 2.92 2.7 10.1 82828 HSCEI ETF-R # 59.920 -1.320 -2.16 14 67.64 46.32 - 3.3 9992 Pop Mart Int’l 17.700 -0.780 -4.22 1,986 37.40 9.95 45.0 0.6 1585 Yadea Group 17.420 -0.320 -1.80 5,894 20.65 11.34 20.8 2.3 Denmark 17,338.1 17,267.7 +10.8
1205 CITIC Resources 0.385 -0.005 -1.28 939 0.53 0.34 2.3 15.6 1347 Hua Hong Semi 26.150 -0.600 -2.24 4,217 38.80 15.74 9.7 - 6 Power Assets 40.250 -0.550 -1.35 2,610 51.90 35.45 15.2 7.0 3668 Yancoal Australia 24.350 -0.300 -1.22 497 39.70 22.05 1.7 27.3 Finland 687.3 691.6 -11.6
6030 CITIC Securities xd 13.720 -0.200 -1.44 6,149 19.50 11.60 8.6 4.0 336 Huabao Int’l 3.150 -0.460 -12.74 13,912 7.74 2.66 - 2.7 1238 Powerlong Real Est 0.930 - - 4,619 2.26 0.62 8.4 - 6869 Yangtze Optical xd 11.420 -0.180 -1.55 1,572 20.85 11.50 6.6 4.6 France 2,588.5 2,608.4 +12.2
1883 CITIC Telecom 3.010 - - 2,192 3.36 2.31 9.3 8.1 1071 Huadian Power 4.110 - - 7,627 4.37 2.24 - 5.4 1913 Prada 51.500 -1.150 -2.18 1,242 63.65 31.50 34.7 1.8 1171 Yankuang Energy xa 11.920 -0.200 -1.65 24,953 22.88 12.04 1.7 41.1
902 Huaneng Power 4.860 - - 15,276 5.28 2.62 - - 650 Productive Tech 0.620 -0.010 -1.59 348 1.67 0.60 - - 9923 Yeahka 17.640 -0.360 -2.00 729 33.80 13.00 40.0 - Germany 1,008.9 1,016.8 +10.9
1113 CK Asset Hldg 42.450 -1.050 -2.41 4,434 57.00 42.00 7.1 5.4
775 CK Life Sciences 0.760 -0.030 -3.80 1,660 0.94 0.57 55.5 1.1 1003 Huanxi Media 1.150 - - 370 1.83 0.84 - - 2378 Prudential 104.200 -4.400 -4.05 168 136.50 68.75 36.5 1.4 2306 YH Entertainment 4.700 -0.100 -2.08 1,029 6.48 3.60 1.1 - Greece 63.9 64.4 +38.6
1 CKH Holdings 46.250 -1.350 -2.84 6,692 54.55 38.55 4.8 6.3 6886 Huatai Securities 9.650 -0.110 -1.13 2,407 11.18 7.65 7.3 5.3 1658 PSBC xd 4.410 -0.080 -1.78 47,344 5.88 3.58 4.6 6.6 2158 Yidu Tech 5.360 -0.210 -3.77 2,944 10.76 3.63 - - Hong Kong 13,491.1 13,642.4 -8.3
1038 CKI Holdings 40.650 -0.700 -1.69 1,762 50.85 34.90 13.2 6.2 6655 Huaxin Cement 6.640 -0.110 -1.63 215 11.42 6.15 4.5 8.6 1478 Q Technology 3.180 -0.080 -2.45 806 5.84 2.86 19.6 - 1579 Yihai Int’l 16.180 -0.820 -4.82 4,792 33.20 12.60 19.0 1.3
3660 Qifu Tech-S 68.300 -1.700 -2.43 12 98.35 50.00 - 1.8 3948 Yitai Coal 17.360 +0.160 +0.93 495 17.28 8.64 4.6 - Ireland 281.5 282.4 +22.0
9899 Cloud Music 79.000 -2.800 -3.42 117 115.20 50.65 - - 6830 Huazhong In-V 2.420 -0.060 -2.42 2,448 2.91 2.34 35.1 0.4
9955 ClouDr Group 7.390 +0.110 +1.51 667 30.70 5.90 - - 87001 Hui Xian Reit # 1.100 +0.010 +0.92 943 1.31 0.79 - 7.6 2777 R&F Properties 1.240 -0.040 -3.13 3,130 2.67 1.03 - - 2858 Yixin Group 0.780 -0.030 -3.70 2,167 1.24 0.60 12.0 4.2 Italy 892.3 897.5 +18.0
2 CLP Holdings 59.850 -0.450 -0.75 1,947 69.85 51.45 163.7 5.2 9878 Huitongda Network 30.350 +0.050 +0.17 285 64.70 27.90 47.2 - 9993 Radiance Hldgs 3.790 +0.060 +1.61 1,132 5.00 3.01 8.0 - 3669 Yongda Auto 3.900 -0.050 -1.27 1,189 7.50 3.40 4.7 8.3 Japan 1,416.5 1,415.5 +23.3
302 CMGE Technology 1.800 -0.020 -1.10 16,737 2.71 1.10 - - 215 Hutch Tel HK 1.240 - - 780 1.55 1.02 - 6.0 1196 Realord Group 6.500 +0.340 +5.52 2,348 10.70 4.89 81.5 - 2279 Yonghe Medical 6.960 -0.010 -0.14 315 12.44 6.31 - - Netherlands 2,572.4 2,604.5 +17.3
3323 CNBM 4.700 -0.060 -1.26 14,200 8.84 4.35 4.4 9.2 13 HUTCHMED (China) 19.300 -0.020 -0.10 1,573 33.20 11.36 - - 9995 Remegen 37.550 -2.800 -6.94 4,481 74.80 29.70 - - 9858 Youran Dairy 1.730 -0.030 -1.70 776 3.27 1.53 14.0 1.4
6078 Hygeia Healthcare xd 42.450 -1.550 -3.52 2,049 66.80 33.30 48.7 0.4 486 Rusal 3.230 -0.070 -2.12 12 4.36 2.97 3.5 4.9 9885 YSB Inc. 22.650 -1.850 -7.55 492 25.00 19.00 - - New Zealand 159.2 159.0 +3.9
883 CNOOC 11.580 -0.080 -0.69 69,478 13.36 9.22 3.4 22.7
80883 CNOOC-R # 10.800 -0.020 -0.18 1,681 10.84 10.10 3.6 21.1 14 Hysan Dev 18.900 -0.360 -1.87 1,504 27.40 16.72 - 7.6 338 S’hai Pechem 1.210 -0.020 -1.63 9,062 1.56 1.01 - - 551 Yue Yuen Ind 10.540 +0.020 +0.19 951 13.32 7.81 7.3 10.4 Norway 3,260.9 3,287.0 -3.8
1610 COFCO Joycome 1.900 -0.030 -1.55 15,245 4.05 1.63 18.4 - 1398 ICBC xd 3.660 -0.121 -3.20 483,352 4.73 3.36 3.3 9.4 1755 S-Enjoy Service xd 4.080 -0.030 -0.73 1,223 11.06 3.41 7.3 4.4 123 Yuexiu Property 8.600 -0.250 -2.82 5,690 12.63 5.96 6.3 6.9 Portugal 107.6 107.6 -1.2
914 Conch Cement 20.150 -0.350 -1.71 4,963 35.15 20.00 6.0 8.1 1119 iDreamSky Tech 3.550 -0.150 -4.05 6,042 5.49 2.80 - - 178 Sa Sa Int’l 1.380 -0.030 -2.13 2,806 2.15 0.83 73.4 - 405 Yuexiu Reit 1.580 -0.030 -1.86 4,696 3.07 1.32 - 8.2
1910 Samsonite Int’l 21.850 -0.650 -2.89 3,490 25.85 15.74 12.9 - 6626 Yuexiu Services 2.830 -0.070 -2.41 640 5.12 2.25 9.3 3.9 Singapore 1,334.4 1,340.4 -0.8
587 Conch Enviro 2.200 -0.020 -0.90 1,483 7.32 2.03 10.8 - 9969 Innocare 7.300 -0.430 -5.56 2,546 15.90 6.45 - -
586 Conch Venture xd 9.590 -0.250 -2.54 4,377 18.34 9.48 1.0 4.2 1801 Innovent Biologics 30.650 -0.900 -2.85 5,791 47.95 21.20 - - 1928 Sands China 26.700 -1.500 -5.32 14,488 31.55 12.50 - - 1052 Yuexiu Transport 3.880 -0.050 -1.27 2,008 4.87 2.91 12.8 5.2 Spain 956.2 967.2 +16.1
182 Concord NE 0.620 -0.010 -1.59 7,830 0.81 0.59 5.6 5.7 596 Inspur Int’l xd 2.700 +0.200 +8.00 3,016 6.39 1.40 23.0 0.8 631 Sany Heavy Equ 10.240 -0.100 -0.97 2,626 11.40 6.40 17.1 1.9 9987 Yum China 436.000 -12.000 -2.68 258 514.50 300.00 53.1 0.9 Sweden 17,416.1 17,567.5 +8.8
1967 Confidence In 19.480 +1.160 +6.33 206 48.50 14.72 - - 1760 Intron Tech 4.880 -0.190 -3.75 823 7.55 3.18 11.3 2.7 6600 SciClone Pharma 10.580 -0.200 -1.86 460 12.38 5.65 7.4 3.7 2325 Yunkang Group 14.000 +0.140 +1.01 120 19.18 12.70 18.9 2.2 Switzerland 1,462.4 1,466.6 +4.5
2866 Cosco Ship Dev xd 0.880 +0.005 +0.57 14,376 1.62 0.89 2.7 11.1 2823 iShares A50 12.930 -0.140 -1.07 8,779 16.85 11.68 - 2.1 1030 Seazen Group 1.520 -0.010 -0.65 16,376 4.20 1.22 31.2 - 6060 ZA Online 22.550 -0.300 -1.31 1,733 28.40 13.98 - -
8446 ITP Holdings 2.930 +0.090 +3.17 1,488 12.00 1.81 322.0 - 20 Sensetime-W 1.890 -0.010 -0.53 255,191 3.70 1.11 - - 9688 Zai Lab 23.100 -0.550 -2.33 1,055 44.00 16.92 - - United Kingdom 2,126.1 2,148.2 -0.8
1138 COSCO Ship Engy 8.390 +0.030 +0.36 9,467 9.57 4.11 24.3 2.0
1199 COSCO SHIP Ports 4.550 -0.100 -2.15 3,834 6.59 3.78 6.4 6.2 1167 Jacobio - B 3.890 -0.740 -15.98 26,085 10.48 3.30 - - 80020 Sensetime-WR # 1.750 -0.010 -0.57 1,276 2.23 1.74 - - 2098 Zall Smart 0.380 - - 6,190 0.51 0.35 - - USA 4,225.9 4,234.6 +16.1
1919 COSCO Shipping 7.720 -0.070 -0.90 16,964 12.76 6.76 1.0 49.0 6618 JD Health 49.950 -1.950 -3.76 3,719 90.75 39.30 362.5 - 1787 Shandong Gold 14.680 -0.220 -1.48 2,507 18.46 11.92 69.4 0.5 1818 Zhaojin Mining 10.140 - - 5,479 14.70 5.16 127.2 0.4
120 Cosmopolitan Intl Susp - - - 1.71 0.96 2900.0 - 86618 JD Health-R # 46.500 -1.550 -3.23 - 49.35 43.90 380.2 - 412 Shandong Hi-Speed 5.650 -0.110 -1.91 5,547 6.82 2.89 - - 576 Zhejiang Express 5.930 +0.050 +0.85 5,004 7.09 4.73 4.2 7.2
2727 Shanghai Electric 1.820 -0.030 -1.62 1,746 2.18 1.51 - - 9863 Zhejiang Leapmotor 46.000 +0.200 +0.44 427 48.25 17.50 - -
2007
1415
Country Garden
Cowell Holdings
1.520 -0.040 -2.56 148,500
15.740 -0.260 -1.63 4,559
4.69
21.05
1.00
9.17 20.0
- -
-
2618
9618
JD Logistics
JD.com-SW
11.880 -0.400
135.500 -3.200
-3.26
-2.31
6,642
7,701
18.02 10.90
258.60 122.70
-
36.2 5.4
-
1385 Shanghai Fudan 20.250 -0.500 -2.41 3,934 42.00 17.28 13.6 0.8 2016 Zheshang Bank 2.500 -0.030 -1.19 186 3.91 2.40 4.1 9.3 All data except that on Hong Kong Stocks
89618 JD.com-SWR # 125.800 -2.600 -2.02 10 143.40 122.00 37.9 5.1 363 Shanghai Ind H 11.120 -0.200 -1.77 670 12.68 7.56 5.2 8.3 2390 Zhihu-W 17.860 -0.760 -4.08 134 36.60 13.66 - -
2601
3618
CPIC
CQRC Bank
20.000 -0.450 -2.20 13,096
2.730 -0.040 -1.44 8,066
26.50 12.10
3.35 2.35
6.9 5.7
2.7 11.1 9877 Jenscare-B 32.950 -0.050 -0.15 5 94.70 26.00 - - 2607 Shanghai Pharm 14.860 -0.360 -2.37 1,990 16.60 10.14 8.2 4.6 881 Zhongsheng Group 29.550 -0.850 -2.80 1,906 56.20 26.45 9.5 3.7 supplied by Thomson Reuters unless
9636 JF Wealth xd 16.040 -0.100 -0.62 165 17.68 14.72 11.7 3.1 69 Shangri-La Asia 5.840 -0.140 -2.34 406 8.48 4.21 - - 3633 Zhongyu Energy 5.720 -0.050 -0.87 1,232 6.95 4.92 93.2 0.5
1515
1766
CR Medical
CRRC Corp
6.160 -0.190 -2.99
4.190 -0.130 -3.01 12,658
3,221 8.36
5.26
3.57
2.37
49.6 0.6
9.2 5.2 177 Jiangsu Express 6.970 -0.090 -1.27 4,392 8.63 5.37 8.3 7.2 2066 Shengjing Bank 6.020 +0.720 +13.58 6 6.18 4.99 47.5 - 1458 Zhou Hei Ya 3.030 -0.010 -0.33 3,737 6.00 2.92 246.3 - otherwise indicated.
2232 Crystal Int’l 2.460 -0.070 -2.77 21 3.12 1.99 5.2 6.8 358 Jiangxi Copper 11.940 -0.360 -2.93 3,307 15.00 8.56 6.1 4.6 548 Shenzhen Express 6.590 -0.110 -1.64 2,003 8.33 5.50 6.9 6.7 1176 Zhuguang Hold 0.730 +0.040 +5.80 3,886 1.24 0.55 - -
6066 CSC Financial xd 7.870 -0.030 -0.38 2,938 9.72 5.68 8.1 3.9 2362 Jinchuan Group 0.430 -0.010 -2.27 30,861 0.91 0.39 537.5 0.5 152 Shenzhen Int’l 6.940 - - 3,138 8.28 5.12 12.9 3.7 2899 Zijin Mining 11.620 -0.380 -3.17 23,531 14.80 7.18 13.4 2.0
2822 CSOP A50 ETF 12.420 -0.080 -0.64 3,754 16.24 11.25 - 2.4 579 Jingneng Cln Engy xd 1.730 -0.010 -0.57 4,480 2.17 1.42 4.4 7.8 604 Shenzhen Inv 1.380 -0.020 -1.43 1,558 1.64 1.01 5.9 10.9 6979 ZJLD Group 7.970 -0.050 -0.62 1,288 9.97 6.76 - - On scmp.com See full stock listings
82822 CSOP A50 ETF-R # 11.500 -0.090 -0.78 129 14.02 10.48 - 2.3 9666 Jinke Services 11.260 -0.060 -0.53 528 19.78 8.33 - - 2313 Shenzhou Int’l 74.400 -0.800 -1.06 3,084 109.70 53.10 21.7 2.6 1157 Zoomlion Hvy Ind xd 3.750 -0.040 -1.06 3,564 5.18 2.50 12.0 9.6
1093 CSPC Pharma 6.660 -0.180 -2.63 37,370 10.36 6.55 11.6 3.2 1951 Jinxin Fertility 4.270 -0.090 -2.06 8,452 8.28 3.55 78.1 - 873 Shimao Services 1.500 -0.010 -0.66 3,418 3.86 1.25 - - 763 ZTE Corp 30.500 -0.650 -2.09 7,079 32.30 13.26 16.0 1.5 in real time for Hong Kong, plus
317 CSSC Offshore 11.320 +0.160 +1.43 774 12.58 5.79 20.6 0.1 9922 Jiumaojiu Int’l 12.280 -0.980 -7.39 15,887 23.95 11.52 321.5 0.1 2877 Shineway Pharm 8.750 -0.030 -0.34 311 9.80 4.63 9.2 5.5 2057 ZTO Express-W 192.600 -1.800 -0.93 75 236.40 121.42 28.1 1.5
3877 CSSC Shipping 1.380 -0.010 -0.72 876 1.48 0.96 5.0 7.3 3306 JNBY Design 8.500 +0.050 +0.59 101 11.50 5.61 6.8 10.2 86 SHK & Co 2.950 -0.050 -1.67 87 3.69 2.63 - 8.8 2190 Zylox-Tonbridge-B 11.780 -0.200 -1.67 41 16.98 8.50 - - indices for leading markets, along
179 Johnson Elec H 10.720 +0.040 +0.37 625 11.70 7.36 7.9 4.8 80016 SHK Prop-R # 89.950 -1.700 -1.85 1 93.70 89.40 10.2 4.9
2616
1880
CStone Pharma-B
CTG Duty-Free
2.420 -0.050 -2.02
105.100 -2.400 -2.23
5,662
769
6.22 2.26
280.00 104.80 36.3 0.9
- -
1691 JS Global Life 1.270 +0.030 +2.42 79,298 2.50 1.02 1.7 - 16 SHK Properties 96.850 -2.050 -2.07 4,502 115.90 83.10 11.0 5.1 with investor relations information
2487 Cutia-B 22.000 -1.000 -4.35 159 32.60 19.00 - - 1877 Junshi Bio 22.700 -0.600 -2.58 562 48.50 21.20 - - 697 Shoucheng Hldg 1.960 +0.030 +1.55 4,602 2.30 1.05 15.1 4.8 such as company results and
2356 Dah Sing Banking 5.650 -0.070 -1.22 564 6.91 4.51 4.9 6.9 173 K Wah Int’l 2.520 -0.010 -0.40 677 3.03 2.19 5.8 8.3 639 Shougang Fushan 2.040 -0.060 -2.86 8,600 3.29 1.83 3.8 21.1
272 Shui On Land 0.870 -0.030 -3.33 7,486 1.09 0.71 6.7 11.5 xr = ex-rights xa = ex-all xb = ex-bonus reports at www.scmp.com/
440
3799
991
Dah Sing Financial
Dali Foods Group
Datang Power xd
19.020 -0.240 -1.25
3.470
1.480
-
-
- 11,844
- 10,256
115 23.80 15.20
4.18
1.94
2.43
0.95
5.2 6.0
13.8 5.1
- 2.2
9997
1888
2423
Kangji Medical
KB Laminates
KE Holdings-W
8.220 -0.040
7.680 -0.270
37.150 -1.300
-0.48
-3.40
-3.38
335
2,033
224
11.00
10.70
5.28
6.15
55.80 24.75
18.4 2.5
12.6 4.6
- -
242
460
Shun Tak Holdings
Sihuan Pharm
1.210 -0.010 -0.82
0.750 -0.020 -2.60
516
43,319
1.85
1.29
1.00
0.65
-
- 9.9
- Key xd = ex-dividend # = traded in RMB * adjustment business/investor-relations
1798 Datang Renew xd 2.490 -0.046 -1.81 12,119 3.31 1.75 5.5 2.3 636 Kerry Log Net 8.690 -0.360 -3.98 921 17.50 8.92 4.4 7.6 2096 Simcere Pharma 7.530 -0.030 -0.40 5,394 14.70 6.56 18.7 2.4 Stocks in bold saw price changes of more than 5%
3958 DFZQ 4.340 - - 978 5.29 2.89 11.0 3.9 683 Kerry Properties 16.120 -0.360 -2.18 1,335 22.05 12.22 8.5 8.4 1177 Sino Biopharm 3.440 -0.050 -1.43 60,466 5.39 3.25 22.3 3.5

COMMODITIES CURRENCIES CAPITAL MARKETS BONDS

DBS Group Holdings 1.169 2 22/11/2024 94.42 5.46
China / HK US$ fixed Mid pr M yield
DBS Group Holdings 1.194 2 15/3/2027 87.52 4.95
Coupon Frq Maturity (US$) (Ann) %
PRECIOUS METALS BULK RATES FUTURES US$ MARKET RATES HKMA Link Finance Cayman 2009 3.6 2 9/3/2024 97.69 5.71
United Overseas B
Settlement Bid Ask Link Finance Cayman 2009 2.875 2 21/7/2026 92.63 5.55
The following are the opening indicative counter Month price Chg Vol. O.I. Money market operations
Fix (per oz) Chg exchange rates for July 6, 2023 HK ($) 7.8212 7.8213 (July 6, 2023)
CK Hutchson 3.25 2 4/11/2024 97.97 6.03
Hong Kong gold HK$17,875 (tael) -125 Currency Sell Buy T.T. Buy O.D. One-month Hibor CK Hutchson 3.625 2 4/11/2029 92.4 5.17
Jul-23 95.10 -0.02 - 5 Japan (¥) 144.26 144.27 Opening aggregate balance $48,233 million
Gold (Lon spot) US$1,908.19 -9.13 HK dollars to 100 units of foreign currency
Closing aggregate balance $45,131 million
Swire Pacific Mtn 4.5 2 10/9/2023 99.62 5.98
Silver (Lon spot) US$22.72 -0.39 Australian dollars 528.50 512.45 509.25 Aug-23 95.10 -0.02 - - Euro (€) * 1.0860 1.0862 Swire Pacific Mtn 3 2 7/5/2024 97.33 5.82
Brunei dollars 584.45 571.50 570.50 Sep-23 95.10 -0.02 - - Change attributable to:
Platinum (Lon spot) US$898.93 -16.76 UK (£) * 1.2715 1.2719 Sun Hung Kai Prop 2.75 2 13/5/2030 87.21 4.98
Canadian dollars 596.75 580.50 578.50 Market activity: nil
Palladium (Lon spot) US$1,241.22 -18.88 Oct-23 95.10 -0.02 - - Switzerland (SFr) 0.8976 0.8980 Hkt Capital No6 3 2 18/1/2032 83.84 5.39
Swiss francs 878.80 862.25 860.95 Interest payment / issuance of Exchange Fund paper: nil
Three-month Hibor China Overseas Fin 3.05 2 27/11/2029 86.27 5.65
Danish kroner 115.45 112.50 109.20 Canada (C$) 1.3340 1.3344 Discount window reversal: -$3,103 million
Euro 859.75 838.20 835.40 Jul-23 95.15 - - - China Overseas Fin 4.75 2 26/4/2028 96.53 5.59
Australia (A$) * 0.6614 0.6619 Discount window Today: nil
Indian rupees 10.15 8.80 8.45 Sep-23 95.21 -0.04 - 30 Sinochem Offshore 1.5 2 24/11/2024 93.95 6.17
PHYSICAL (HK$) Japanese yen 5.518 5.318 5.306 Dec-23 95.15 -0.03 - 20 China (yuan) 7.2488 7.2508
Discount window; base rate: 5.5%
Effective Exchange Rate Index: 105 (+0.2) Sinochem Offshore 1.625 2 29/10/2025 90.47 6.13
(July 6) Buy Sell Malaysian ringgit 170.40 165.15 164.40 Mar-24 95.20 - - 10 Indonesia (Rup) 15,040 15,049 Sinopec Grp Oversea 2015 3.25 2 28/4/2025 95.11 6.16
Norwegian kroner 74.60 71.85 71.40 Exchange Fund bills Sinopec Grp Oversea 2014 4.375 2 4/10/2024 98.83 5.96
99 gold (1 tael) 17,815 17,850 New Taiwan dollar 25.40 24.65 24.65 Malaysia (RM) 4.6600 4.6640 Terms Yield Cnooc Finance 2014 4.25 2 30/4/2024 98.61 6.03
London gold (1 oz)
London silver (10 oz)
14,951
1,781
14,986
1,799
New Zealand dollars
Philippine pesos
489.45
14.50
476.80
13.65
474.80
13.35 HIBOR Philippines (peso)
New Zealand (NZ$) *
55.6500
0.6152
55.6700
0.6156
1 week
1 month
…………………………………
…………………………………
5.10%
4.60%
Cnooc Finance 2014
Export-Import Bank China
4.875
3
2
2
30/4/2044
15/4/2024
95.41
97.94
5.24
5.77
Pakistan rupees 3.10 2.55 2.25 3 months ………………………………… 4.38%
Zurich platinum (1 oz) 6,959 7,109 Chinese Onshore rmb 109.15 106.65 106.65 Period Fixings Period Fixings Singapore (S$) 1.3536 1.3541 Export-Import Bank China 3.625 2 31/7/2024 98.1 5.51
Chinese Offshore rmb in HK 109.05 106.50 106.50 Overnight …… 5.41429 2 months …… 5.03476 6 months ………………………………… 4.38% China Cinda Finance 5.625 2 14/5/2024 99.33 6.44
Great Wall silver (10 tael) 2,094 2,174 Swedish kronor 72.70 70.15 69.65
S Korea (won) 1,309.81 1,310.37 9 months ………………………………… 4.38%
1 week …… 5.17310 3 months …… 5.04685 China Cinda Finance 4.75 2 2/8/2028 95.5 5.88
Singapore dollars 584.20 571.75 570.75 Taiwan (NT$) 31.2980 31.3080 1 year ………………………………… 4.37%
2 weeks …… 5.13304 6 months …… 5.05696 AIA Group 3.2 2 3/11/2025 96.08 5.69
Thai baht 22.75 22.00 21.85 Thailand (baht) 35.1800 35.2000
US dollars 785.05 779.00 776.50 1 month …… 5.04405 12 months …… 5.06964 AIA Group 4.875 2 3/11/2044 96.63 5.14
INDUSTRIAL Korean won
South African rand
0.625
42.85
0.574
40.40
0.574
40.00
HK dollar interest settlement rates fixings at 11.15 am
yesterday.
India (rupee)
S Africa (rand)
82.6929
19.0673
82.7089
19.0700 EXCHANGE FUND
China RMB fixed
China Government Bond 4 2 22/5/2024 101.56 2.12
HK dollars to one unit of foreign currency China Government Bond 3.48 2 29/6/2027 103.21 2.65
Last Chg Sterling 10.015 9.855 9.800 * per unit. Rates at 10.15pm. Exchange Fund notes/bonds China Government Bond 4.29 2 22/5/2029 108.36 2.75
Aluminium (US$/tonne) 2,142.50 -25.00 USD forward rates
1 month 784.85 778.77
FORWARD RATES Terms Issue no Coupon Price Yield China Government Bond
China Development Bank
4.5
4.2
2
2
22/5/2034
19/1/2027
114.2
104.59
2.99
2.81
Copper (US$/tonne) 8,319.00 -40.50 2 years 02Y2502 3.75 99.36 4.214
Lead (US$/tonne) 2,066.00 -27.00
2 months
3 months
6 months
784.37
783.93
782.49
778.29
777.83
776.39
ON
USD Deposits
5.00/5.20
HKD Deposits
4.63/4.93 KEY LENDING RATES 3 years 15Y2508 2.39 96.63 4.106
China Development Bank
Export-Import Bank China
4.3
3
2
2
8/2/2032
15/4/2024
109.5
97.94
3.07
5.77
Nickel (US$/tonne) 21,207.00 +699.00 Sterling forward rates
1 week 5.02/5.22 4.93/5.03 4 years 15Y2702 1.51 92.26 3.852 Export-Import Bank China 3.25 2 28/11/2027 93.91 4.81
1 month 5.35/5.41 4.97/5.07 HK prime 5.750% UK bank base 5.000%
Tin (US$/tonne) 27,633.00 +313.00 1 month 10.014 9.854 5 years 10Y2406 1.96 97.92 4.374 ICBC ASIA 1.2 2 20/7/2025 91.61 5.65
2 months 10.008 9.848 2 months 5.28/5.53 4.97/5.07 US fed fund 5.250% Euro prime 4.250% Singapore US$ fixed
Zinc (US$/tonne) 2,357.50 -53.50 3 months 10.001 9.841 3 months 5.38/5.63 4.98/5.08 7 years 15Y2902 2.48 93.97 3.711
US prime 8.250% Tokyo prime 1.475% Temasek Financial I 3.625 2 8/1/2028 95.23 4.7
Nymex (US$/barrel) 70.69 -1.10 6 months 9.974 9.814 6 months 5.7/5.95 4.99/5.09 10 years 10Y2412 1.84 96.75 4.265 Temasek Financial I 4.0475 2 3/5/2035 102.68 3.75
Brent (US$/barrel) 75.47 -1.18 Source: Hong Kong Association of Banks 1 year 5.83/6.08 5.00/5.10 Taiwan prime 3.119% S’pore prime 5.250% 15 years 15Y2908 2.24 92.14 3.718
Nat gas (£/MWh) 80.50 -3.99
BANKNOTE RATES DEPOSIT RATES GOVERNMENT BONDS ASIAN USD BOND INDEX MARKIT
AGRICULTURAL The free market rates for banknotes on July 6 were:
Currencies Saving 1 Wk 1M 3M 6M HKD MARKET RATES Dur. Yield Ch Dur. Yield Ch ADBI China HK Phil Indo Korea Malay Thai Spore India Vnam SLanka
Australia 0.0010 0.0010 0.0010 0.0010 0.0010
Country Unit per
Customer Customer Britain 0.0010 0.0010 0.0010 0.0010 0.0010 Bid Ask HK UK Current level 127.4 125.5 129.5 128.5 140.5 121.8 122.2 125.9 119.9 144.4 156.0 79.1
Last Chg Sell Buy Canada 0.0010 0.0100 0.0100 0.0100 0.0500 US ($) 7.8178 7.8179 ON 4.630 - ON 4.950 - Previous day level 127.9 125.9 130.2 129.1 141.0 122.1 123.0 126.8 120.5 144.8 156.0 79.1
Australia Dollar 1 5.17 5.25 China 0.1000 0.2500 0.2500 0.3000 0.3000 1y 4.400 0.109 1y 5.491 0.036 Net changes (%) -0.39 -0.31 -0.51 -0.46 -0.41 -0.32 -0.63 -0.69 -0.56 -0.33 -0.01 0.00
Cotton (US¢/lb) 82.45 -0.98 Britain Pound 1 9.89 10.04 Japan (¥)* 5.4268 5.4272 5y 3.846 0.093 5y 4.867 0.076 Country weighting (%) 100.00 41.21 9.79 5.54 13.86 12.91 3.17 1.44 2.82 6.38 0.13 0.00
Europe 0.0010 0.0010 0.0010 0.0010 0.0010 Euro (€) 8.4937 8.4946
Rubber (US¢/kg) 132.30 +0.70 Canada Dollar 1 5.851 5.931 Hong Kong 0.7500 0.7500 0.7600 0.7600 0.7750 10y 3.832 0.088 10y 4.595 0.100 Index yield (%) 5.68 6.05 5.35 5.12 5.41 5.36 5.19 5.99 4.69 6.39 6.22 0.00
Sugar (US$/tonne) 659.10 +0.30 China Yuan 100 107.00 108.30 Japan 0.0001 0.0001 0.0001 0.0001 0.0010 UK (£) 9.9552 9.9569 15y 4.202 0.067 30y 4.566 0.081 Index duration (yr) 5.18 4.01 5.22 7.64 8.18 3.58 7.84 8.07 6.20 4.59 1.33 0.00
Palm oil (RM/tonne) 3,805.00 +44.00 Denmark Krone 1 1.1 1.16 N Zealand 0.0010 0.0010 0.0010 0.0010 0.0010 Switzerland (SFr) 8.7068 8.7108 China Germany Index spread 141 165 111 95 128 92 106 187 46 211 77 0
Euro zone Euro 1 8.45 8.53 Canada (C$) 5.8807 5.8825 ON 1.048 - ON 4.250 - Spread change -2.07 -0.83 -0.64 -4.45 -4.66 -1.30 -1.37 -1.04 -0.74 -3.07 2.87 0.00
Rice (US$/cwt) 18.270 +225.00 India Rupee 100 7.50 12.50
Switzerland 0.0010 0.0010 0.0010 0.0010 0.0010
1y 1.823 0.005 1y 3.641 -
Wheat (US$/bushel) 6.548 -0.073 US 0.8750 0.8750 0.8750 0.8750 0.9000 Australia (A$) 5.2098 5.2114 Average life (yr) 7.38 5.41 6.84 11.15 13.40 4.09 12.70 14.95 9.48 6.32 1.37 0.00
Indonesia Rupiah 100 0.035 0.065 5y 2.421 0.003 5y 2.701 0.056 Average coupon (%) 3.62 3.29 3.49 4.68 4.50 3.03 3.77 4.26 2.72 4.28 4.80 0.00
Soyabean (US$/bushel) 15.435 -0.038 Japan Yen 100 5.38 5.47 All interest rates are for indication only China (yuan) 1.0792 1.0795 10y 2.686 -0.009 10y 2.536 0.057 Clean price level 82.63 82.77 84.87 77.07 84.07 87.78 79.57 81.37 84.29 89.64 89.67 41.22
Corn (US$/bushel) 5.633 +0.150 Korea Won 100 0.579 0.649 Indonesia (Rupiah)* 0.0520 0.0520 20y 3.175 -0.005 30y 2.547 0.058
Macau Pataca 1 0.937 0.987 Total Mkt Cap (mm) 756,297 311,681 74,052 41,845 104,869 97,619 23,991 10,883 21,347 48,220 988
3,334.00 -30.00 Malaysia (RM) 1.6762 1.6777 US South Korea
Cocoa (US$/tonne)
Coffee (US¢/lb) 165.30 +4.25
Malaysia
New Zealand
Ringgit
Dollar
1
1
1.528
4.801
1.828
4.901
CURRENCY FORWARDS Philippines (peso) 0.1408 0.1408 ON
1y
5.000
5.450
-
0.032
ON
1y
3.542
3.598
-
0.037
The Markit iBoxxAsian US Dollar Bond Index family (“Index”) is calculated and owned by Markit Indices Limited (“Markit Indices”). “Markit” is the service mark of
Markit Group Limited and “iBoxx” iBoxx ADBI and ADBI are service marks of Markit Indices; all such marks are used under license or with permission. Certain
Norway Krone 1 0.689 0.749 Spot 1M 3M 6M New Zealand (NZ$) 4.8408 4.8440 content relating to iBoxx ADBI index may be provided on a no fee basis for your personal, internal, non-commercial purposes in accordance with Markit’s website
5y 4.295 0.040 5y 3.670 0.059
Generic near-month forwards. Philippines Peso 1 0.131 0.149 EUR/USD 1.0874 1.0870 1.0903 1.0957 Singapore (S$) 5.7820 5.7842 Terms of Use. All commercial usage and redistribution is subject to a license. All information herein is provided strictly for private general reference only and all
10y 3.973 0.028 10y 3.709 0.057 Index information may be revised at any time by Markit after first publication. The Index information does not constitute any express or implied advice or
All data as at 10.15pm HK time; LME prices at Singapore Dollar 1 5.753 5.813 USD/JPY 144.2100 143.8802 142.4436 140.2556 South Korea (won)* 0.5990 0.5995 30y 3.956 0.012 30y 3.669 0.040 recommendation by Markit Indices and/or their affiliates as financial, investment, legal, tax or other advice of any kind, nor should they be regarded as an offer,
previous closing. S. Africa Rand 1 0.312 0.462 GBP/USD 1.2727 1.2704 1.2702 1.2688 Taiwan (NT$) 0.2502 0.2504 Japan Australia recommendation, or as a solicitation of an offer to buy, sell or otherwise deal in any investment or securities. Neither Markit Indices nor its affiliates makes any
Sweden Krone 1 0.67 0.73 Thailand (baht) 0.2230 0.2231 ON 0.000 - 1y 4.428 0.027 representation or warranty as to the accuracy, completeness or reliability of any Index information at any particular time or accepts any liability whatsoever
Data suppliers: Metals LME; hydrocarbons Nymex, USD/CHF 0.8969 0.8955 0.8894 0.8803
Switzerland Franc 1 8.658 8.748 1y -0.115 0.002 3y 4.188 0.061 (whether in tort, contract or otherwise) for any damage or loss arising directly or indirectly from use of such information. Investment involves risks. Prospective
IPE; steel Metal Bulletin European exports; cot- Taiwan Dollar 100 24.50 27.00 AUD/USD 0.6623 0.6663 0.6675 0.6692 India (rupee) 0.0947 0.0948 investors should seek independent investment advice to ensure that any of their decisions is made with regard to their own investment objectives, financial
USD/CAD 1.3324 1.3271 1.3257 1.3236 S Africa (rand) 0.4114 0.4120 5y 0.074 0.004 5y 4.097 0.049 circumstances and other particular needs.
ton, rice grains CBOT; rubber, SGX; palm oil, Kuala Thailand Baht 100 22.00 24.00 10y 0.427 0.021 10y 4.154 0.034
United States Dollar 1 7.792 7.847 USD/HKD 7.8212 7.8195 7.8101 7.7964 * per 100 units. Rates at 6pm The Markit data is for informational viewing purposes only and shall not be copied, stored, redistributed, licensed, transferred, or used in any manner, including without
Lumpur Futures Exchange; sugar Liffe 30y 1.219 0.010 15y 4.280 0.031 limitation in the provision of services to third parties, without the appropriate licence from Markit Indices. Copyright © 2023, Markit Indices Limited

P d d d b d b N w p p D
© M m
W
B6 Friday, July 7, 2023

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

Non-Sequitur by Wiley Miller 23 24 25

26 27

28 29

Across 27 Are grand 17 Put up stout

1 He had ace, organised thus (8) opposition
causing a worrying 28 Not quite in exhibition
problem (8) scholarly but bout (4,5)
5 Came to an end got wages (6) 18 Once evil is
and shut up (6) 29 Set a boss up with unrestrained, this
9 Axe used by a material (8) could be
boy on a bird on the result (8)
prey (8) Down 20 River with an
Doonesbury Flashback 10 Lacking any 1 Certainly not unusual bore (4)
by by
Garry
GarryTrudeau
Trudeau
liking the old
definite scale 21 Company has
for a beneficial crone holding guardians
medicine (6) the money (6) not noted for
12 Proper ones need 2 They are in bravery (7)
capital to start charge of 22 One team’s
with (5) magazines (9) whispered
13 Popularise and 3 Thomas seen remarks (6)
debase (9) beneath a 24 Broadcaster (5)
14 It’s a puzzle mountain in 25 Became dull,
how he irritates Greece (5) so it’s said, and
people (6) 4 Who changed rank (5)
16 Assimilates always at all
summaries (7) events? (7)
19 Belonging to 6 With apathy teach
country with all girl in form (9)
due ceremony (2,5) 7 Ian is up a
21 Being a stupid mountain (5) Yesterday's solution:
person, you’ll get 8 Unfold? No – make
the bird (6) smaller (8)
23 Camel’s back- 11 The first of the
Pooch Cafe by Paul Gilligan breaker (4,5) skiers went
25 Presents one’s in front of the
natural talents (5) toboggan (4)
26 Fresh weight 15 French chalk
carried by famous will make paste
scientist (6) soon (9)

Universal Crossword

Bridge Sudoku Kokonotsu Supersudoku

1. You are declarer with the West hand at Six
Hearts. North leads the 10 of spades, and
dummy’s jack wins the trick. How would you 4 5
play the hand?
West
♠AK52
East
♠ J63 2 5
♥AK7654 ♥ Q3
♦A
♣K4
♦ 976532
♣ AQ
4 1 6
2. You are declarer with the West hand at
Five Clubs, reached via this sequence: 3 9 7
West North East South
1♣
4♣
1♦
Pass
3♣
5♣
Pass 7 6 1 9
North leads the king of diamonds. How
would you play the hand?
West East
2 4 1
♠ K 10 ♠J95
♥AKJ
♦J3
♥ Q7
♦ A42
5 8 7
♣ J 10 8 6 4 2 ♣ AK953

1. If the missing trumps are divided 3-2,

1 8 Across
1 “Easy” letters
58 Engrossed
62 It marks a blackboard
38
39
Too controlling
Put in stitches
you’re sure to make the slam, so you should 4 Seaside Israeli 64 What flows under 40 Cinco + tres
start by assuming they’re divided 4-1. 5 4 metropolis the Brooklyn Bridge 43 Drop the ball
Similarly, if the spades are divided 3-3, 9 Place for a blowout (... letters 3-8) 46 “Dance” painter
you’ll have no problem, so you assume that 14 Feb. follower 66 “Super Smash Matisse
suit is divided 4-2 or 5-1, with North holding
either Q-10-9-x or Q-10-9-x-x. 15 Make sense Bros. ___” 48 Miffed
To guard against both possibilities, 16 Kagan of the 67 In a relationship 49 Home of some Yupik
cash the queen of hearts at trick two and Supreme Court 68 Swear words? and Aleut people
then lead a spade toward your hand. If 17 Sources of biodiesel 69 Made simpler 50 Committed a pinball
South ruffs, you have the rest of the tricks, Complete the grid so Yesterday's solution: Complete the grid so Yesterday's solution: (In this answer, note 70 Carne ___ foul
so let’s assume he either follows suit or that each row, column that each row, column letters 5-8) 71 Craft kit letters 53 Pinnacle
discards a club. 9 1 6 4 7 5 2 3 8
and 3x3 box contains and 3x3 box and the 19 Org. co-founded by 54 Actress Seehorn
You win the trick with the ace, return 4 5 8 2 6 3 9 1 7
to dummy with a club and lead another
every digit from 1 to 9, two centre diagonal Ida B. Wells Down 56 Facebook’s parent
spade. Again, you’re confident of the inclusive. lines contain every digit 7 3 2 9 8 1 5 6 4 20 Big rig 1 Rockers’ devices company
outcome, regardless of what South does. Difficulty: 1/5 from 1 to 9, inclusive. 21 “Good riddance!” 2 Hay bundle 57 Imitates a sheep
If he discards, you win with the king and 8 6 3 7 5 9 4 2 1 23 Voice actor 3 Study at the last 59 Enthusiastic
ruff your remaining spade in dummy to
Difficulty: 2/5
1 7 5 8 4 2 3 9 6 ___ Bradley Baker minute 60 Mani go-with
assure 12 tricks, while if he ruffs, you are 24 Snip 4 Bowler, for one 61 Setting of the “Iliad”
also home free. 2 4 9 3 1 6 8 7 5
Observe that the suggested method 26 Hawaiian garlands 5 Handsome fellow 63 Wrangler competitor
of play is equally effective if North has 3 8 7 6 9 4 1 5 2 28 Varied fitness routine of myth 65 Messenger ___
four trumps. (... letters 5-10) 6 “Break the ice” and “on
2. Your potential losers are two
5 2 4 1 3 7 6 8 9 33 Skier’s shoe thin ice,” for two
spades and a diamond, since North might 6 9 1 5 2 8 7 4 3 34 Charged particle 7 Gas gauge reading
have the A-Q of spades in addition to the 35 Site of the pail of water, 8 Lhasa ___ (dog breed)
K-Q of diamonds. In order to overcome
this possibility, your best bet is to arrange
in Operation 9 Martial arts teacher
an endplay. 36 Site of the funny bone, 10 ___ carte
Accordingly, you win the king of Target in Operation 11 Freddie Mercury,
diamonds with the ace and draw trump. 37 Eye on TV for Queen
You then play the A-K-J of hearts, discarding (... letters 3-6) 12 In times past
a diamond from dummy. Now you play

NUH
How many words of four letters or more 41 Gadot of “Wonder 13 Place to pick up
the jack of diamonds, saddling North with Woman” a kitten
the lead and forcing him to lead a spade can you make from the letters shown Yesterday’s solution: agar, anger,
or yield a ruff-and-discard. Either way, the here? In making a word, each letter may area, arena, argue, argued, auger, 42 London’s subway, 18 The “N” of TNT
contract is home. be used once only. Each must contain aura, danger, dare, darn, dear, drag, with “the” 22 Urban Dictionary focus
the centre letter and there must be at drug, earn, gander, garden, gear, 44 A-to-zed ref. work 25 Campus military org. Yesterday's solution:
45 “The Goddess of Pop” 27 Tattoo fluid

N I I
least one nine-letter word. No plurals gerund, grad, grade, grand, guar,
47 In which you may (or 28 All-in-one fast-food
ending with ‘s'. Reference: Collins guard, hangar, hanger, harangue,
may not!) wear hot orders
Steve Becker Concise English Dictionary HARANGUED, hard, harden, hare, pants (... letters 6-10) 29 Character typically
hared, hear, heard, herd, hunger, 51 Neurologists’ scans, seen in a quinceanera?
ONLINE Today’s target: 12 words good; 18 words near, raga, rage, raged, rand, rang, for short 30 Kanga’s kid

S G P
very good; 26 words excellent. range, ranged, read, rend, rhea, rude, 52 Animal that roars 31 Close by
For details about local bridge events, rued, rune, rung, under, unheard, 53 Is for two? 32 Barber’s application
go to the HK Contract Bridge
See solution tomorrow. unread, urea, urge, urged 55 Brass plate in 33 “Dude ...”
Association website hkcba.org
a drum kit 36 Tags on Twitter

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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
 Friday, July 7, 2023 B7

[Cantopop legend] Anita Mui bought our suits for our

first album cover. She spent HK$20,000 on each of
us, which was an astronomical amount in the ’80s
BROTHERS CALVIN AND REMUS CHOY, WHO, ALONG WITH EDMOND SO, FORMED BOY BAND GRASSHOPPER
AND BECAME FAMOUS WITH MORE THAN A LITTLE HELP FROM THEIR FRIEND > ENTERTAINMENT B9

ENTERTAINMENT

A scene from And Just

Like That season two.
Photo: HBO Go

Diminishing returns
Season one of And Just Like That disappointed many Sex and the City fans with its poor
writing, missing characters and loss of its voice-over. Will season two be any better?
Tribune News Service
When And Just Like That
premiered in late 2021, fans
welcomed the revival of Sex and
the City with a mixture of giddy
anticipation and wary
trepidation.
To viewers who watched its
original run – then endured two
films that declined steeply in
quality – And Just Like That
represented a chance for the
franchise to return to its original
glory while also exploring the
challenges that Carrie (Sarah
Jessica Parker) and her friends
faced as they settled into late
middle age.
It arrived at a time when the
aspirational frivolity of Sex and the
City felt like a much-needed
escape for fans stuck at home
during the pandemic, lounging in
sweatpants instead of donning
Manolo Blahnik heels and head-
ing to brunch.
It also offered an opportunity
for the show to redress its lack of
racial diversity, which it was long
criticised for, by bringing in three
new characters who are women of
colour – real estate broker Seema
(Sarita Choudhury), professor
Nya Wallace (Karen Pittman) and
filmmaker and socialite Lisa Todd
Wexley (Nicole Ari Parker).
And Just Like That ignited the
cultural conversation, although
not necessarily in the ways that
showrunner Michael Patrick King
had probably envisioned.
Che Diaz, the pot-smoking
non-binary comedian played by
Sara Ramirez who has an affair
with Miranda (Cynthia Nixon),
became the character fans loved
to hate, sparking a slew of snarky
memes and critical think pieces.
The long overdue integration of
Carrie’s friend group was handled
with maximum awkwardness and
minimal nuance.
All of the characters felt off ...
it’s like they woke up without
growing at all in those 10 years
RYAN GREEN, VIRTUAL EVENT PRODUCER
A number of absences loomed
over the series, including Carrie’s
husband, Mr Big (Chris Noth),
who died after a Peloton workout
in the first episode. Noth was
expected to reappear in the sea-
son one finale but, soon after the
show’s premiere, the actor was
accused of sexual assault by two
Nicole Ari women, forcing producers to
Parker and re-cut the episode. Noth has
Kristin Davis in denied the allegations.
a scene from Stanford Blatch was hastily
season two of written off the show when the
And Just Like actor who portrayed him, Willie
That. Garson, died in the middle of pro-
duction. And Carrie’s best friend,
Samantha Jones, was present only
via text message because Kim
Cattrall declined to reprise her
role as the lustful publicist.
Carrie’s witty, whimsical
voice-over was also gone, depriv-
ing the show of a strong point of
view and writerly flourishes that
made it distinct.
And, perhaps most painful of
all, the characters who were back
seemed, well, not quite them-
selves. The eminently sensible
Miranda abandoned her legal
career for graduate school, started
drinking too much and left her
husband, Steve (David Eigenberg),
to follow Che – a self-described
narcissist – to California. Carrie, a
well-established columnist and
author, tried to pivot to podcast-
ing about a decade too late.
“All of the characters felt off,”
says Ryan Green, a virtual event
producer in her forties, who first
began watching the show more
than two decades ago after a bad
break-up. “We left them as
accomplished professionals in
2010 [in Sex and the City 2], and
now it’s 2023, and it’s like they
woke up without growing at all in
those 10 years.”
Green estimates she has
watched the original series at least
20 times. She moved to Brooklyn
in New York to pursue her own
big-city dreams as a designer of
handbags and home decor. “I
would sit at my sewing machine
for hours every day with Sex and
the City playing on my computer
screen. It was something I didn’t
have to give my full attention to
but also kept me entertained over
and over,” she says.
As attached as she was to Sex
and the City, Green was appre-
hensive about a revival because “it
felt weird to bring [the characters]
back, given their age and how
much the city has changed”.
The absence of Carrie’s narra-
tion in And Just Like That was a
major problem for Green. “We
need her voice to tie together the
theme and jokes between all the
characters,” she says. “I think
that’s a defining part of Sex and
the City.”
Writer and comedian Danny
Pellegrino, who dissects And Just
Like That on his pop- culture pod-
cast Everything Iconic, first caught
a few episodes of Sex and the City
as a closeted teenager, “pretend-
ing I wasn’t interested even
though I was enthralled”. He
became obsessed in his twenties,
after he had come out and
borrowed DVDs from a friend.
“I was thrilled the series was
being rebooted, because there are
so few scripted series about
women over 50, and I realised that
because this was a hugely success-
ful franchise, they would be given
a budget and promotion to take
some big swings,” Pellegrino says.
“I was devastated Kim Cattrall
opted not to return but … I hoped
they would all be able to bridge
the divide eventually. I still hold
out hope for a more permanent
return of Samantha.”
Tom Fitzgerald and Lorenzo
human beings evolving in organic
ways. “It’s almost like superheroes
or Disney characters. You can’t
move from it, so they’re stuck
replaying stuff that they did in
their thirties.”
Though Che felt like a modern
addition to the ensemble,
Fitzgerald thought that the writers
glossed over some of their flaws
and were too timid about satiris-
ing the character.
“They should loosen up
because there’s a lot [about Che]
to satirise. Sex and the City always
made fun of a certain style of
pretentious New Yorker.”
While the attempt to diversify
the show’s version of New York
was welcome, Fitzgerald felt it was
handled clumsily.
Sarah Jessica Parker and John Corbett in a still from “There’s a way to depict, say,
season two of And Just Like That. the microaggressions that wealthy
white liberal women in New York
are capable of foisting upon the
people in their social group who
are not white. That would be a
It’s almost like superheroes ... great thing for them to unpack.
“But instead, they made all
they’re stuck replaying stuff these women just look stupid,” he
says, noting how Charlotte (Kristin
that they did in their 30s Davis) knocks on a neighbour’s
TOM FITZGERALD, BLOGGER AND PODCASTER
door because she does not know
any other black people she can
invite to a party she is throwing.
Marquez, who cover And Just Like Still, Fitzgerald says watching
That on their website, the characters stumble is part of
TomandLorenzo.com, and the DNA of the show, and he has
podcast, Tom & Lorenzo’s Pop no plans to give up on Carrie and
Style Opinionfest, were both dis- the gang any time soon.
appointed with And Just Like “We’re going to watch every
That. episode. I know we are. We are
Carrie, Charlotte and Miranda ride or die, ’til the end.”
have become ossified, Fitzgerald
says, more intellectual property in Season two of And Just Like That is
a billion-dollar franchise than available on HBO Go, Now TV

A DIVISIVE CHARACTER, AN UNPOPULAR RELATIONSHIP AND FAN BACKLASH

• This story contains spoilers.
In season two of And Just Like That, lawyer-
turned-graduate student Miranda Hobbes
(Cynthia Nixon) follows non-binary comedian
Che Diaz (Sara Ramirez) to Los Angeles while
the latter makes a sitcom pilot.
At first, the couple seem to be enjoying a
honeymoon phase fuelled by bouts of hot-tub
sex, strap-on experimentation and a charming
rental house with a pool. But cracks quickly
appear in the relationship and, just like that,
the couple’s California fantasy bubble bursts.
This story arc allows the show to explore
Che’s more vulnerable side and bring some
much needed dimension to a divisive
character. Ramirez thinks fans upset about
Che should take it up with the writers.
“It’s interesting how many conversations
this character has brought,” Ramirez says.
“I think it’s great people have critiques …
about the writing. I encourage people to talk
Miranda (Cynthia Nixon, left) and Che (Sara
Ramirez) in season two. Photo Max/TNS
to the writers about that … My concern is
more about real-life queer, trans and
non-binary people. How are we translating all
this energy, time and effort we’re putting into
these conversations about a fictional
character? How are we translating that into
how we show up in the real world?
“Because we need to care about that too.
People are being legislated out of existence.”
Similarly, Nixon thinks the reaction was
rooted in discomfort with non-binary people,
paraphrasing actor Lea DeLaria: “When
butchness or non-binariness is put out front
and centre, it freaks people out.”
The show’s creator and executive producer
Michael Patrick King is puzzled by the extent
to which Che was blamed for the affair with
Miranda. He contends that Che was merely
the match and Miranda was “the bonfire”.
One of the goals of season two was to
explore the collateral damage of Miranda’s
decision to “follow her heart instead of her
head for the first time in her life”, he says.
What is so cool about Sex and the City,
Ramirez adds, is the original had this way of
exposing life as this roller-coaster ride, where
just when you think you have had a win, you
get a pie in the face two seconds later.
“Che got a lot of wins. And in season two,
we’re gonna see a lot more pies in the face.”
Tribune News Service

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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
B8 Friday, July 7, 2023
FOOD & DRINK
Otera’s signature banana whiskey flan with candied walnut. Joanna Yuen discovered salted banana through Filipino friends.
Enjoy fine-dining
desserts at home
Once the pastry chef for top restaurants including Nobu and Ando, Joanna Yuen
has opened her own boutique cake shop, Otera, focusing on Japanese delicacies
Bernice Chan
life@scmp.com
Pastry chef Joanna Yuen is
constantly thinking about how to
improve her new Hong Kong
business, Otera, such as by
creating new desserts, making
larger cakes, increasing sales,
improving delivery and opening
another shop space.
“Planning ahead is good,”
Yuen, 35, says of the last issue. “I
am curious to know how to keep
product quality while I expand.”
She has analysed her local
competitors, from Lady M to
Bakehouse – the former sells
crepe cakes that are made in a
central kitchen while the latter
bakes products on site to ensure
crispiness.
In a restaurant you can only
have dessert on the spot
and I feel that’s limited
JOANNA YUEN, OTERA
“The more I’m in this business,
the more I understand why
brands have to do things in a
certain way,” she says. “It
definitely makes me wonder how
I should expand.”
Yuen previously worked for
fine-dining restaurants including
Nobu (now closed), at what was
then the InterContinental Hong
Kong, and the one-Michelin-star
Ando, in Central. Some time into
her second year at the latter, she
decided to strike out on her own.
As a pastry chef and entrepre-
neur, she’s on a steep learning
curve, determined to take the path
of constant self-improvement –
which is what Otera is about.
“The concept is harmony and,
in my mind, emotional equilib-
rium that you reach. It’s impor-
tant for me because when I reach
that stage, I am calm and know
what I need to do to excel,” she
says.
“The problem with the word
harmony is that it’s hard to visual-
ise, so it’s a space to experiment,
to improve, and that place is otera,
which is ‘temple’ in Japanese.”
Having started her career in
advertising, Yuen did not seriously
pursue pastry until she was 26 and
readily admits to only having
about eight years of experience in
the industry.
Nevertheless, she is keen to
take desserts to another level,
focusing on Japanese pastry and
using it to give people a sense of
harmony.
She wants customers to be
able to enjoy her creations at
home. “In a restaurant you can
only have dessert on the spot and
I feel that’s limited. The hallmark
of [a] fine-dining dessert is that it
means something, there’s a story
to it, there’s emotion to it. So my
job as a pastry chef is to bridge this
gap in the market and apply the
technique and story to make it
takeaway,” she says.
To help do this, Yuen wanted a
location from which she could
ensure smooth and prompt deliv-
ery to customers on Hong Kong
Island. It took her six months but
she eventually found a suitable
space in North Point.
Later, she plans to open Otera
for intimate tasting events for six
diners at a time as another way to
showcase her creations.
One of the desserts Yuen is
becoming known for is her soy
sauce caramel flan.
“I tend to choose something
my audience is familiar with, like
Joanna Yuen flan. It’s the oldest dessert there
makes her is,” she says. “[This flan] is 80 per
signature soy cent familiarity and 20 per cent
sauce caramel novelty, which is the soy sauce in
flan; The Flavor a very soft and fluffy mousse. The
Bible, by Karen texture and the flavour make it so
Page and memorable.”
Andrew Another signature at Otera is
Dornenburg, is the banana whiskey flan with
Yuen’s go-to candied walnut. Yuen discovered
source for salted banana through Filipino
intriguing friends who would cook bananas
flavour in a pork broth.
combinations; She’s satisfied with the umami
pastry chef notes in this creation; but if the
Joanna Yuen. dessert isn’t eaten the same day,
Photos: Otera the banana starts to turn black,
another item on Yuen’s improve-
ment list.
She is keen to explore many
more Asian flavours, particularly
those that people tend to over-
look, such as pears and wampee,
or wong pei in Cantonese, a small,
yellow, grape-sized fruit with a
tangy flavour and short season.
She says the fruit tastes like a
lemon but with a “herby, licorice
touch … [but] because it’s cheap,
and it’s not the prettiest fruit on
Earth, people don’t think it’s
worthy for Michelin-starred
restaurants,” she says. “But I think
the taste and smell are amazing.”
Currently she is also making
ume (Japanese plum) syrup, and
will later infuse the juice with
kombu, which she says goes well
with dried salted plum.
“It’s like ripe nectarine dipped
in salt water,” she says, explaining
the idea came from an organic
white wine from Slovakia she tried
that tasted like stone fruit, which
was paired with a seafood pasta.
She is also exploring more
umami-led ingredients such as
fish sauce and mushroom, as well
as cocoa powder.
Yuen also likes to consult a
book called The Flavor Bible, by
Karen Page and Andrew
Dornenburg, when exploring
intriguing flavour combinations.
The book helps explain how
unlikely pairs of ingredients that
contain overlapping characteris-
tics could work well when com-
bined together.
She looks to different experi-
ences for inspiration; past ones
include a perfume-making work-
shop. But she stays away from
cookbooks and cooking channels.
“Originality comes from two to
three unrelated ideas and you
combine them together,” she
says.
She adds that meditating two
or three times a week is another
way to imagine new desserts.
“I focus on what makes me
calm, and imagine in my mouth
what combination makes me feel
harmony. If I can taste it in my
mouth, it gets so vivid.”
In the meantime she’s
researching the legend about the
Manchu-Han Imperial Feast, a
banquet that was supposedly held
during the Qing dynasty. The
story goes the Kangxi Emperor
wanted to resolve disputes
between the Manchu and Han
peoples with a three-day feast that
also celebrated his 66th birthday.
“There are manuscripts on
how the feast was conducted and
what ingredients were used.
Basically there were delicacies
from the Manchurian and the
Han and I realise that some of the
pastries they did were interesting
and I want to try to recreate a
modern version of them,” she
says.
“It’s fun. To me that’s what
inspiration is – you never know
where it comes [from].”
Originality comes from two
to three unrelated ideas and
you combine them together
JOANNA YUEN
Packaging is also important
and she thinks through the pro-
cess from the customer’s point of
view. When it comes to the boxes,
she has the environment in mind.
“We chose biodegradable
paper so it has no lamination, no
ink, and the glue is made from
cornflour,” Yuen says. As a result,
the name “Otera” is embossed,
which costs more to produce,
while the box is folded like ori-
gami. She includes a complimen-
tary metal cake cutter in the hope
that customers will reuse it.
Since launching Otera, Yuen
says her parents have been
supportive of her career path.
“They realise this is what I
believe in. For me it’s very differ-
ent from working in a restaurant
or a company, because you actu-
ally get to do what your purpose
drives you to do, and self-
improvement is essential to this
concept,” she says.
“If I fail in the end, I still feel like
I’m growing, I’m improving.
That’s what drives me.”
Otera, Unit 03, 21/F, Technology
Plaza, 651 King’s Road, North Point,
tel: 5506 5310
MOUTHING OFF – ANDREW SUN
If aspartame is found
to be unsafe, should
we return to sugar?
Maybe we should retrain our taste buds to eat
fewer sweet things, or only consume honey
L
ast week, the World Health Organization (WHO) hinted it may
declare aspartame a possible cancer risk. Does that mean we
should return to something healthier – like sugar?
Aspartame has been used for years as a sweetener in fizzy drinks,
chewing gum and foods such as yogurt. The chemical is about 200
times sweeter than sugar, so a tiny amount goes a long way. Its low
calorie count made it a better option for weight control. But now,
given the potential dangers, should we reconsider? Could sugar be
less harmful? Personally, I doubt it.
Sugar is rightly the villain in health and wellness circles. But I never
liked the taste of aspartame, so I don’t touch diet sodas. I am naturally
sceptical of anything artificial and this fits the bill. Warnings about its
harmful effects have been around since it was approved for
consumption in 1981.
I would rather gulp a Coke or Pepsi with the tooth-rotting, toxic
high-fructose syrup than drink something with aspartame’s unnatural
taste. If I must choose between the two, sugar is the devil I know.
I also suspect the risks of aspartame are probably overstated. Each
can of soda contains so little
aspartame, you would have to
consume barrels of it every day
for it to really harm your health,
as far as I can see. If cancer is so easily
My guess is the danger of
overdosing on aspartame is caused by drinking
probably the same as using an
old plastic box too often in the
too much Diet Coke,
microwave or your brain frying Donald Trump
from radiation from mobile
phone use. would be dead
Hazards are inevitable in our
Frankenstein food products. The constant demand for gastronomic
convenience and short cuts leads to some downsides.
By instinct, we like sweet-tasting things, but companies also
condition us to crave sugary products. Freshly squeezed orange juice
is watery compared to concentrated. Good plain chocolate is far less
sweet than the bars we ate as kids.
It’s time to retrain our taste buds – to ask for less syrup in our
lemon tea and put less sugar in our coffee. A lot of folks still cannot
resist soft drinks, whether it’s the diet version or the classic formula.
There have always been other options. Honey is natural, delicious
and arguably even good for you. Of course, get the real stuff made by
bees and not the cheap maltose honey Hongkongers spread on their
barbecued meats.
Pure maple syrup is also unbeatable, containing minerals,
nutrients and antioxidants. It is also expensive, which is why bars and
restaurants never offer it on the side.
In the end, if you still really enjoy a cold carbonated soda on a hot
day, just go ahead. If cancer is so easily caused by drinking too much
Diet Coke, Donald Trump would be dead already.
Aspartame is a common sweetener for tea or coffee. Photo: Shutterstock
I KNOW A PLACE SELENE XIE
Entrepreneur’s top picks
for fun dining in the city
Dishes from Cheung Hing Coffee Shop and Chuen Kee Seafood.
Selene Xie is the founder and chief Hot Pot Dai Pai Dong (Shop CF3,
vision officer of The Rebel Mums, 2/F, Java Road Municipal Services
a new clothing brand for women Building, 99 Java Road, North
who are mothers. Point. Tel: 3486 6313) does a great
Sichuan spicy chicken hotpot.
I am a comfort food type of I love Sai Kung for fresh
person. I am also a meat eater. I seafood. I usually go to Chuen Kee
don’t like veggies. My favourite Seafood Restaurant (87-89 Man
foods are sushi, fried food, Nin Street, Sai Kung. Tel: 2791
noodles, Wagyu beef and 1195) and pick out fresh seafood
chocolate chip cookies. When I straight from the tanks. It’s such a
think of Hong Kong food, I think cool and fun experience.
of these four things – cha chaan For an authentic local
teng, hotpot, seafood and dim experience with aunties pushing
sum. carts full of delicious dim sum, go
For cha chaan teng, my usual to Lin Heung Kui (2-3/F, 46-50 Des
spot is Cheung Hing Coffee Shop Voeux Road West, Sheung Wan.
(9-11 Yik Yam Street, Happy Tel: 2156 9328). It is such a good
Valley. Tel: 2572 5097). I love the place to take visitors.
instant noodles with Spam, egg or For dinner, I might take them
beef, and the pineapple bun with to Mott 32 (Basement, Standard
a thick piece of butter. Chartered Bank Building, 4-4A
Another place I always go is Des Voeux Road Central. Tel: 2885
Shun Hing Restaurant (5 Ormsby 8688) or China Tang (Shop 411-
Street, Tai Hang. Tel: 2576 6577), 413, Landmark Atrium, 15
especially for their char siu pork Queen’s Road Central. Tel: 2522
and egg rice, which comes with 2148).
their home-made soy sauce. They For a fancier meal, I recently
make the best milk tea, too. tried Noi (5/F, Four Seasons Hong
I love Lau Haa Hot Pot Kong, 8 Finance Street, Central.
Restaurant (Shop A, B/F & G/F, Tel: 3196 8768) for Mother’s Day
Block A, 441 Lockhart Road, and it was such an experience. I
Causeway Bay. Tel: 2214 9388) for really enjoyed such a fun night of
their thick chicken fish maw dining with really good wine
broth. pairing.
For something spicier, Sichuan As told to Andrew Sun
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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

ENTERTAINMENT
Grasshopper at the Golden Melody Awards in Taipei in 2009 (top); Anita Mui with Grasshopper at the HK Coliseum in 1989. Photos: Reuters, SCMP
EARLY BOY BAND BLAZED
A TRAIL WITH DANCE POP
Grasshopper, a Hong Kong trio who formed in 1985, were a supporting act
for Anita Mui. Four decades later they are going strong on a world tour
Lisa Cam
lisa.cam@scmp.com
Mirror may be the most popular
home-grown music act in Hong
Kong now, but the city is no
stranger to falling in love with boy
bands. Before Keung To and his
fellow group members, there was
Grasshopper.
The three-member group,
who owe much of their success to
Hong Kong icon Anita Mui Yim-
fong, formed in 1985 – and are still
going strong today. They have
made multiple albums, received
many accolades, and have held
innumerable sold-out concerts.
The trio comprises brothers
Calvin Choy Yat-chi and Remus
Choy Yat-kit, and their friend
Edmond So Chi-wai. They all grew
up in the working-class neigh-
bourhood of Kwun Tong, in
Kowloon, in the 1970s and ’80s.
“There used to be a lot of
record stores on the levels beneath
the cinema. That was where I
bought my first Sam Hui Koon-kit
vinyl. I had to save a lot of money
from my summer job for that,”
Calvin Choy said in 2021 at an
event in the same area.
“The shopping area was only
two bus stops away from the
estate we lived in, so we would
walk to save money,” So said.
Remus Choy, who loved to
dance and who was inspired by
J-pop bands like The Checkers,
asked his brother and So to enter
the New Talent Singing Awards,
which was an annual singing
competition held in Hong Kong.
It was there, during the first
round of auditions, that the trio
met Mui.
“As we were about to start our
routine, the lights went out,”
TELEVISION
Netflix documentary tells story of ’80s pop phenomenon Wham!
Deutsche Presse-Agentur
While the mega hit “Last
Christmas” is set to remain forever
enshrined in music history – as
much as we try to forget – not
everyone may remember the
1980s pop legends behind it.
A new Netflix documentary
about Andrew John Ridgeley and
Georgios Kyriacos Panayiotou –
aka George Michael – is out to
change that.
In 1981, the duo, friends since
their teenage years at school,
formed a band in the English town
of Bushey, near London, and soon
triggered global hype: Wham!
were only active for a few years,
but their influence on pop culture
continues to this day.
Calvin Choy, Roman Tam, Edmond
So and Remus Choy in 1993.
We practised
to the point of
overpractice.
We couldn’t let
Anita Mui down
CALVIN CHOY
Remus Choy recalled on a radio
show in 2022.
“At this point, ‘Bad Girl’ was
already a huge hit and Mui was a
big star. While we waited for the
lights to turn on, she started
chit-chatting with us and asked
where we learned to dance, and
we told her we were self-taught.
“She said she had never heard
of the song we were performing,
and we mentioned it was a
Japanese song and [that] we wrote
the Cantonese lyrics ourselves.”
This must have impressed
Mui, dubbed the “Madonna of the
East”, because – even though
Grasshopper were eliminated
from the talent show – they were
invited by Mui and her manage-
ment a few months later to be a
Ridgeley is now celebrating the
40th Wham! anniversary with a
new The Singles box set and the
documentary, which launched on
Netflix on July 5.
The film, simply titled Wham!,
looks back at the years from 1981
to 1986, which saw the duo log-
ging hit after hit, including “Wake
Me Up (Before You Go-Go)” and
“Careless Whisper”.
For the Netflix production,
Ridgeley provided countless
photos and video recordings from
the heyday of Wham! His
memories, and older narrations of
George Michael, who died in 2016,
can be heard off-screen.
“It became very apparent to
me that there was a public desire
to have Wham! in their lives,”
Ridgeley, now 60, says.
support act for the singer’s con-
cert at the Hong Kong Coliseum.
“We practised to the point of
overpractice. We couldn’t let
Anita Mui down,” Calvin Choy
said. Mui subsequently took the
trio under her wing, making them
her supporting act for all her
performances.
“If you listen to her Temptress
album, you can hear the three of
us. [We] did a lot of background
vocals for her,” Remus Choy said.
Being one of the first boy
bands to make it big in Hong Kong
was not easy – record labels had
not yet figured out how to make
money from a group like they
could with a single artist through
endorsement deals and
merchandising.
As such, the trio were short of
money. For a time, Grasshopper’s
profits were split between them,
which meant each member was
making one-third of the revenue a
solo artist would.
“We were still living in the
housing estate and we would
practise our dance moves at
home,” Calvin Choy said. “I would
hold a full-length mirror while
Edmond and Remus practised,
and I would tell them if they made
any mistakes. We’d take turns
doing that.
“We would go to Sham Shui Po
and buy sequins and beads to sew
on our suits to look like [Hong
Kong singer] Leslie Cheung
Kwok-wing.”
The boy band’s first album
was a huge success and they were
nominated for many accolades in
1988, including the Jade Solid
Gold Best 10 Awards Newcomer
award.
Grasshopper truly became
stars in the 1990s. Their songs
were often in the top 10 of Hong
“And also in this digital, inter-
connected, global era where if we
were on tour, had been on tour,
it’d be all over Instagram. It would
Andrew Ridgeley and George Michael in 1985. Photo: Getty Images
Kong’s various music charts and,
between 1991 and 1994 they had
four No 1 hits across three differ-
ent charts. While many of their
songs were covers with Cantonese
lyrics, the Choy brothers also
wrote their own songs.
Grasshopper’s continued
success as a group for nearly four
decades is down to more than just
their music. Their stage presence,
style and presentation balance
taste and pizazz – something that
they attribute to their time spent
with Mui.
“It was Anita who told us to
learn to do our own make-up and
hair,” So said. “She said an artist
should be able to go on stage even
without help.”
“Anita bought our suits for our
first album cover,” the brothers
said. “She spent HK$20,000 on
each of us, which was an astro-
nomical amount in the ’80s.
“For our second album cover,
she called up Jackie Chan, who
had just finished filming Police
Story, and they had a huge set sit-
ting at the Golden Harvest studio
lot at the time. [Hong Kong fash-
ion designer] Eddie Lau Pui-kei
styled us with a wet look and we
shot our album cover in front of
Jackie Chan’s movie set – on fire.”
The late ’90s and early 2000s
were a quieter time for the group,
as its members explored solo tele-
vision and film projects.
Interest in the band remained
strong even in the mid-2000s, so
they regrouped and began a series
of world tours. The latest, Re:
Grasshopper, began in Hong
Kong in October 2022.
Reflecting on their recent con-
certs, So said: “We enjoy dancing
and entertaining people. We like
bringing our songs and energy to
audiences around the world.”
This is the second instalment in
a biweekly series profiling major
Hong Kong pop culture figures of
recent decades.
be all over TikTok, live there and
then. So you’d be able to see us
backstage.”
Ridgeley has created a Wham!
WELL-BEING
Celebrity pedi-spa founder
wants us to put our feet first
Podiatrist to the stars Bastien Gonzalez stresses
the importance of a daily foot and leg massage
Lisa Cam
lisa.cam@scmp.com
Bastien Gonzalez wants you to
consider your feet when you think
about wellness.
“A pedicure isn’t about paint-
ing nails, it’s about curing nails,”
says Gonzalez, whose Pedi: Mani:
Cure Studio by Bastien Gonzalez
pedi-spas are in some of the
world’s best hotels, such as Le
Bristol in Paris and the Landmark
Mandarin Oriental in Hong Kong.
Past clients include A-listers
Gwyneth Paltrow, Cate Blanchett,
Naomi Campbell and Robert
De Niro.
He says the word pedicure
combines the Latin pedi or podos
(of the foot) and cure, (treatment).
Moreover, feet are not just about
nails but also skin, he says. And
each foot contains 33 joints, 26
bones, and more than 100
muscles, tendons, and ligaments.
Helping with dryness, calluses
and other skin problems – and,
most important for him, a foot
and leg massage – should be part
of a pedicure.
Our feet do more than enable
us to walk, he says. “The feet are
the foundation of the body but
they are also the pump for blood
circulation, which is why high
heels are not good for the legs.”
While a medical student
Gonzalez was a competitive skier,
representing the central region of
France. While working as a ski
instructor he suffered a serious
foot injury, and met a podiatrist.
It was this that set him on the
path to becoming, first, a success-
ful podiatrist and then starting his
“pedicurology” business.
He not only made a full recov-
ery, he came back a stronger skier,
placing in the top three in compe-
titions after learning from his
podiatrist how to balance his ski
boots.
Fascinated by the insight, he
switched his studies from medi-
cine to podiatry. After graduating,
he opened a clinic in Paris’
upmarket Place des Vosges.
By 1999, aged 25, Gonzalez
was running a successful business
– but could not see himself doing
the same thing for the rest of his
life. He sold the business to start a
new venture. Gonzalez began
providing a holistic podiatry
service at a spa in the luxury Hotel
Costes in Paris.
During Paris Fashion Week he
struck up a conversation with a
Bastien Gonzalez and studio manager Safa Zidani give a pedicure and manicure. Photos: Xiaomei Chen
TikTok channel, and the Netflix
documentary contains scenes
that might have gone viral had
social media existed in the 1980s.
The initial success of Wham!
required hard work. Their first
single, “Wham Rap! (Enjoy What
You Do)”, released in 1982, was
initially a flop. Ironically, in it
George Michael sings – or raps –
about the benefits of a life of
unemployment at the expense of
the state.
Ridgeley and Michael toured
countless bars and clubs where
audiences weren’t always wel-
coming. But their efforts paid off.
In 1983, after their breakthrough,
the song that Ridgeley is embar-
rassed about today became a hit.
The 90-minute documentary
shies away from digging deep. We
Friday, July 7, 2023 B9
LIFE
supermodel (who remains name-
less) who was lying by the hotel
pool. He observed her legs and
knew she must have been in pain.
“I noticed her toes were
retracted. When you’re a model,
you have long legs and also long
toes. They are on high heels all day
and they are suffering,” Gonzalez
says.
The models’ toe retractions
were a result of wearing pointed
high heels, he says.
Because humans have evolved
from tetrapod (four-legged) verte-
brates, the muscles on the backs
of our legs are more powerful than
those on the front. When you wear
heels, your weight is concentrated
at the front, the tendons in your
legs become tight and pull on the
toes.
Pointy shoes create friction,
causing corns and calluses. This,
in combination with the tension
from wearing heels, puts all the
wearer’s weight on the metatarsal
Bastien Gonzalez gives a pedicure heads [equivalent to the bones
at Landmark Oriental Spa. between the first and second
knuckles on the hand].
“Because these girls have no
fat on their bodies there is no fat
on their feet, and you need the
If you take care of baby fat under your skin,” he says.
“[Foot health] is about educa-
your feet every tion. You eat and you brush your
teeth as part of your daily routine.
night, you are on You do it instantly, so why not
your way to having [take care of] your feet?” he asks.
There is a lack of attention to
baby feet for the foot care in our daily routine and
rest of your life beauty care that can easily be
fixed, he adds.
BASTIEN GONZALEZ “All it takes is massaging or
movement before you go to bed.
You spend a maximum of 20 sec-
onds on each foot, where you do
specific movements that I teach.”
Reflexology, or foot therapy, is
an accepted wellness practice in
Hong Kong and elsewhere in Asia.
Asked if this helps or hinders his
mission to get people to include
feet in their daily health and
beauty routine, Gonzalez says it is
a double-edged sword.
“I’m not a big fan, because I
think we can do much more when
we do foot massages. To me, what
reflexology does well is the fluffing
of the fatty cushions in the front
and back [of the] heels and the top
of each toe, which are the three
main contact points of the feet.
Like your pillows, it’s good to fluff
them before bed.”
Gonzalez says paying daily
attention to your feet is para-
mount. “By massaging, you recre-
ate volume and break these little
crystals which are the result of fat
compression. If you take care of
your feet every night, you are on
your way to having baby feet for
the rest of your life.”
learn that George Michael is said “They might know ‘Wake me
to have revealed his homosexual- up …’ or they might know ‘Club
ity to his friend and bandmate Tropicana’, but they won’t know
after the video shoot for “Club it in the context of two kids who
Tropicana” on the Spanish island met at school and went on to
of Ibiza. But how he felt about become one of the biggest groups
being marketed as a sex symbol of the era.”
for females remains unclear. As a nostalgic blast from the
At one point in the film, past, Wham! is quite successful.
Ridgeley admits being dissatisfied With its many private photos,
during a period when Michael amateur footage and recordings
was doing all the group’s song- from television interviews and
writing. Michael says the two programmes like British music
quickly worked it out – but that’s chart show Top Of The Pops, the
about all we learn about the issue. documentary is an entertaining
Hardcore Wham! fans and pop fast-forward through a terrific
connoisseurs will hardly learn decade of pop music.
anything new from the Netflix Wham! focuses on the short
production, but they are not the era of a band that was once
target audience Ridgeley had in ridiculed and revered in equal
mind. “I felt that a lot of kids won’t measure, but whose music has
know the story,” he says. stood the test of time.
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 A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 B10 Friday, July 7, 2023

RACING
Birthday boy Ho’s double doesn’t count
Veteran trainer still requires two more non-Class Five winners this season problem when he came to Hong
Kong, and he’s only four. He’s
really just starting his career now.
should count towards the Jockey “I need two more wins. I’m still
Mark Worwood
Club’s performance criteria that struggling. I hope I can do it. In the
mark.worwood@scmp.com
threaten to end his 26 years as a next two or three meetings, I have
licence holder, Ho said: “As a some good chances. It depends if
Peter Ho Leung’s 63rd birthday trainer, it’s very difficult to train a I have luck or not.”
party at Happy Valley last night Class Five horse to get a win. They Zac Purton became the
was bittersweet for the veteran should count because they’re second rider to reach 1,600 Hong
trainer as he continued to fight for making a contribution to the Kong victories when Reward
his career. Jockey Club as well, especially as a Smile was the final leg of the
Ho celebrated his first double Class Five owner is more jockey’s treble.
this season, but the Class Five appreciative of a winner than However, the highlight of
victories of Jubilation and Viva A most owners.” Purton’s latest multiple was
La did not count towards the Jubilation’s second success neither Reward Smile nor
Jockey Club’s performance this season was the first leg of Ho’s Sergeant Pepper but Stoltz, the
criteria he must meet to retain his double, the gelding winning the Peter Ho celebrates after landing scintillating winner of the Class
licence. Class Five Fa Hui Park Handicap a Happy Valley double last night. Two Hong Kong Park Handicap
Single-site trainers such as Ho (1,650m) under his most frequent (1,000m). Francis Lui Kin-wai’s
must register at least 16 wins, of rider, Keith Yeung Ming-lun. sprinter stopped the clock at
which a maximum of two Class And jubilation summed up Alexis Badel to win the Class Five 55.93, only eight one-hundredths
Five victories count for the Ho’s post-race mood after the Kowloon Park Handicap (1,200m), of a second outside his track
purposes of the Jockey Club’s handler’s long-term plan paid but the Showcasing gelding will record.
licensing protocols, not to receive dividends. need a hefty penalty to get the “I’m happy to see him come
a strike. “He’s only four, but after the green light to race on as a back. Last season, he had a
Ho has two strikes on his 2,200m race in which he finished five-year-old because he shed his problem, and he had to take a
record. Three strikes and you are second, he dropped his form,” Ho maiden tag off a mark of 18. break for the first half of this
out unless you persuade the said of Jubilation, runner-up to Ho praised the Jockey Club for season,” said Lui of Stoltz.
Jockey Club’s licensing Management Folks over the its reassessment of his recent “His record shows he likes
committee to make a rare extended journey at Happy Valley 11-rated winner Splendid Star, Happy Valley very much, but I
exception. on December 14. whose mark rose to 26 following think 1,000m at either course suits
With three meetings left on “I spoke to his owner and said, his victory on June 28. him. That’s why he won at Sha Tin
this term’s programme, ‘Don’t try to chase him to get a “Last week, the handicapper the start before this one.”
Ho-prepared gallopers have won winner. He needs time to gain his did Splendid Star a big favour,” Ho Purton’s treble lifted him to
16 races. However, the trainer had confidence’. In the past two said. “I really appreciate what he 169 victories this term, one away
already tasted success in two Class weeks, I’ll trialled him. He was did for him, and it was very good from Joao Moreira’s single-season
Five contests before Jubilation back in form. He won the race. It for his owner. record of 170 wins, while Lui
and Viva A La triumphed in the worked perfectly. I’m so happy. “I’ll try to have a good leapfrogged Caspar Fownes at the
bottom grade last night. My best birthday present.” discussion with the handicapper top of the unofficial King of the
Asked if all Class Five victories Viva A La led all the way under because Viva A La had a health Valley ladder thanks to a double. Alexis Badel boots Viva A La to victory for veteran trainer Peter Ho at Happy Valley. Photos: Kenneth Chan

Yesterday’s Happy Valley Results FOR THE RECORD

Comments by Phillip Woo
TT FORTUNES
There was no winner and a jackpot of $3,702,057 will be
carried to next Wednesday’s Happy Valley meeting. In the
first leg, D Star ($48) saluted, with Strongest Boy ($120)
RACE ONE RACE FOUR RACE SEVEN outdashing Palace Pal ($260) for second to keep $6,177
FA HUI PARK HANDICAP KOWLOON TSAI PARK HANDICAP VICTORIA PARK HANDICAP - SEC 2 alive. Sergeant Pepper ($27) just held off Oversubscribed
RATED 40-0 (CLASS 5) _ 1,650M RATED 60-35 (CLASS 4) _ 2,200M RATED 60-40 (CLASS 4) _ 1,200M
($220), with Savvy Delight ($290) third to leave $40 in play
with two legs down. Watch Buddy ($38) beat Juneau Flash
Win Place Win Place Win Place
Pos No Name Odds invest invest Jockey Wt Drw
Win
Pos No Name Odds invest invest Jockey Wt Drw
Win
Pos No Name Odds invest invest Jockey Wt Drw
Win ($86) and Melbourne Hall ($150) in the last leg.
Margin Margin Margin

1 9 Jubilation 8
‘000
2,242
‘000
2,056 M. L. Yeung 124 5 1 3 Super Hong Kong 3.8f
‘000
5,204
‘000
4,300 K. Teetan 128 3 1  6 Watch Buddy 3.8sf
‘000
5,557
‘000
4,150 A. Badel 128 1
WHERE THERE’S SMOKE
2 8 Daily Beauty 6.5 2,776 2,151 C. Y. Ho 124 2 3/4 2 9 Born The Same Day 17 1,127 1,482 M. Dee 118 11 3-3/4 2  2 Juneau Flash 8.6 2,464 2,648 K. Teetan 134 9 N RACE 1 Daily Beauty ($100 to $65) found one too good after
3 5 Chiron (DH) 8.4 2,137 2,035 H. Bowman 131 8 1-1/2 3 4 Management Folks 4.6 4,219 4,148 Z. Purton 127 9 5 3  8 Melbourne Hall 15 1,387 1,819 Y. L. Chung 120 5 1/2 circling the field to lead 250m out.
3 6 Fiery Flying (DH) 9.1 1,968 1,785 M. Dee 131 6 1-1/2 4  5 Harmony N Home 6.3 3,356 3,234 L. Hewitson 131 2 1-3/4
5 1 Charizard 7.9 2,280 2,809 K. C. Leung 135 1 2-3/4
4 6 Nice Birdie 19 987 1,287 C. L. Chau 122 8 5
5  3 Lucky Archangel 22 953 1,348 H. Bowman 134 10 2-1/4
RACE 2 Money came for Whizz Kid ($49 to $35), but he found
6 10 Beauty Nova 4.3f 4,146 3,285 Z. Purton 123 10 3-3/4
5 7 Happy Angel 4.2sf 4,626 4,256 C. Y. Ho 122 4 5-1/2
6  9 Island Surprise 13 1,533 1,991 K. C. Leung 123 8 3-1/4
one too good after getting his own way.
6 1 Flying Silver 49 395 657 Y. L. Chung 128 7 7-1/4
7 3 Sun Of Makfi 19 932 1,111 M. F. Poon 132 7 4-3/4
7 2 Kowloon Great 8.7 2,253 2,658 H. Bowman 134 10 8-3/4
7  11 My Intelligent 33 629 615 H. T. Mo 116 12 3-1/2 RACE 3 Sensationally backed Young Sparkle ($360 to $130)
8 2 Happy Jai Jai 5sf 3,585 3,827 Y. L. Chung 127 4 7-1/2
8 10 El Valiente 52 374 571 L. Currie 118 5 9
8  1 Lucky Gor 3.3f 6,341 5,378 L. Ferraris 135 4 3-3/4 found the long-time leader one length too good.
9 4 Our Creed 24 725 820 L. Ferraris 133 9 14 9  12 Our Class Act 22 949 1,338 H. Bentley 116 7 4
10 12 Heavenly Thought 26 684 866 A. Badel 116 12 14-1/2
9 5 Reach Goal 13 1,504 1,920 A. Badel 127 6 12-1/2
10 7 H Z Tourbillon 18 1,145 1,347 C. L. Chau 125 6 5-3/4
RACE 4 Happy Angel ($78 to $42) had no more to offer over
11 7 Six Best Friends 55 323 446 B. Avdulla 129 3 27 10 8 Telecom Cheetah 9.5 2,069 2,646 H. Bentley 120 1 15-3/4 11 4 The Equalizer 99 210 306 H. W. Lai 134 11 6 the final 150m after a speed-tracking run.
-- 11 Mister Arm Withdrawn 11 11 Circuit Elite 18 1,071 1,583 M. Chadwick 117 2 15-3/4 12 10 Baby 16 1,307 1,855 A. Hamelin 119 3 17-3/4 RACE 5 Money was spot on for D Star ($89 to $48), who kept
Totals: 23,834 25,514
Totals: 21,805 21,195
Quinella: Total sales: $29,491,202
Totals: 25,831 26,031
up a strong gallop for the win.
Quinella: Total sales: $26,828,099 Quinella: Total sales: $36,180,197
Sales on winning combination 8x9: $692,071 Sales on winning combination 3x9: $603,347 Sales on winning combination 2x6: $1,669,246 RACE 6 Sergeant Pepper ($53 to $27) just prevailed after
Sales on winning QP combination 8x9: $776,926 Sales on winning QP combination 3x9: $578,461 Sales on winning QP combination 2x6: $1,387,812 hitting the front 100m out.
Time: 1:40:16 (27.65, 24.60, 23.80, 24.11) Time: 2:16:93 (14.51, 23.37, 25.26, 25.48, 23.81, 24.50) Time: 1:10.47 (23.74, 22.87, 23.86)
Trainer: L. Ho Owner: Yvonne Chow Hau-yee Trainer: A. T. Millard Owner: Lucky Go Happy Syndicate Trainer: P. F. Yiu Owner: Friends of the Watch and Clock Alliance Syndicate
RACE 7 Specked late, Island Surprise ($180 to $130)
weakened after a pace-stalking run.
Jubilation dashed well to get up 20m out from behind midfield to score a Favourite Super Hong Kong drew clear after accelerating to the lead 150m out following Early favourite Watch Buddy just scrambled home after driving to the lead 1,000m out RACE 8 Colonel ($580 to $290) went within a whisker of
second win this season from 10 starts after an October success on dirt. It was a a one-out, one-back run for a well deserved second win this season. The writing was on from gate one for a maiden win at his fifth start. He had been knocking on the door in two
return to form on recent starts, but he did get a race run to suit. Well-backed late, Daily the wall with seconds in two prior starts. Born The Same Day stayed on well for second of four prior starts at Sha Tin. Juneau Flash came from near last and near the outside to making all from a wide draw.
Beauty found one too good after sustaining a three-wide move 700m out from midfield to after circling the field 750m out from near last to lead just under the 600m. He proved a miss by a neck. He was able to back up a close third eight days ago and should be winning RACE 9 Armour Eagle ($160 to $130) got up from midfield for
eventually lead 250m out. It was a better performance with a return to his preferred placing two runs ago over this course and distance was not a fluke. Management Folks early next season. Melbourne Hall ran on nicely to finish a close third after a wide run second but was never going to catch the winner.
mile trip. Fiery Flying came from near last to finish level for third with Chiron. It was his ran on well to snatch third late after making his run four back on the fence following a with cover from better than midfield. He’s an honest performer over the Valley 1,200m.
best run to date at his second try in Class Five. Chiron weaved a run near the inside from
last to dead-heat for third. He’s quite honest at this level. Charizard had his chance but
tardy start. It was another good effort carrying more weight following a last-start win
over 1,800m. Nice Birdie just lost a placing after getting his own way in front from gate
Harmony N Home ran on steadily to finish next best from better than midfield. He’s
always a chance over this Valley trip. Lucky Archangel closed off well down the outside SIN BIN
came up one paced chasing a genuine pace in the box seat. The big weight didn’t help. eight. It was a pleasing effort despite a sharp rise in distance. Happy Angel peaked on his to earn some prize money after making his run five back and three wide with cover from Oriental Spirit ($290), in Race Three, was given every
Favourite Beauty Nova was on his tippy toes 50m out after working hard to prompt the run 150m out following a pace-stalking run. He has been racing consistently well without gate 10. It was a better run following a downgrade. Island Surprise weakened over the opportunity in the one-one spot but found nothing when
pace from a wide draw. He had an excuse. Happy Jai Jai was disappointing when push winning in a very busy campaign. Flying Silver ran on steadily without ever looking a last 100m after a pace-stalking run. He doesn’t have many points in hand off his current asked for an effort on straightening.
came to shove after a one off run from midfield. Mister Arm was withdrawn by order of threat from worse than midfield. Kowloon Great made only a mild bid from the rear of mark. Post-time favourite Lucky Gor only plodded over the final 150m after getting held
the stewards on vet advice. the field. He performed below expectations despite a riding change to Hugh Bowman. up early straight following a box-seat run. STICK WITH
Lucky Archangel ($220), in Race Seven, got going late for
RACE TWO RACE FIVE RACE EIGHT fifth after a wide-with-cover trip from the second half of
the field. It was a good effort on his return to Class Four.
HONG KONG PARK HANDICAP MORSE PARK HANDICAP VICTORIA PARK HANDICAP - SEC 1
RATED 100-80 (CLASS 2) _ 1,000M
RATED 60-40 (CLASS 4) _ 1,650M RATED 60-40 (CLASS 4) _ 1,200M VITAL STATISTICS
Win Place Win Place Total turnover: $1,241,226,858 (down 12.83 per cent)
Win Win
Win Place
Win
Pos No Name Odds invest invest Jockey Wt Drw
Margin
Pos No Name Odds invest invest Jockey Wt Drw
Margin
Total attendance: 12,784 (up 169.19 per cent)
Pos No Name Odds invest invest Jockey Wt Drw ‘000 ‘000 ‘000 ‘000
Margin
‘000 ‘000 1 4 D Star 4.8sf 5,681 4,141 H. Bowman 127 5 1  1 Joyful Hunter 1.3f 19,305 6,346 C. Y. Ho 135 5
1 2 Stoltz 1.8f 6,548 3,155 Z. Purton 130 4 2 8 Strongest Boy 12 2,281 2,371 C. Y. Ho 120 7 2-1/4 2  9 Colonel 29 878 1,375 B. Avdulla 121 12 SH

2 4 Whizz Kid 3.5sf 3,297 2,090 H. Bowman 124 2 1-3/4

3 6 Palace Pal 26 1,034 1,446 M. F. Poon 121 12 2-1/2 3  4 Savvy Chic 8.4sf 3,102 3,181 H. Bowman 132 4 HD FULL DIVIDENDS
4 11 Superb Move 13 2,120 2,308 M. Dee 117 6 3 4  6 Wood On Fire 16 1,594 2,092 K. Teetan 128 6 1-1/4 HORSE JOCKEY WIN PLACE
5  8 Timestorm 11 2,344 2,814 L. Ferraris 122 3 1-1/2
3 1 Kurpany 12 966 1,255 C. Y. Ho 130 5 2 5 1 Master Tornado 20 1,350 1,707 K. Teetan 135 8 4-1/2 (9) JUBILATION M. L. Yeung $80.00 $28.50
6  3 E Brother 37 710 1,047 Z. Purton 133 11 2
4 5 Carroll Street 8.9 1,306 1,142 L. Hewitson 120 3 3-1/2
6 2 Skyey Supreme 41 672 750 Y. L. Chung 128 11 5-1/2 (8) Daily Beauty C. Y. Ho 27.00
7  5 Exuberant 12 2,068 2,580 H. Bentley 128 1 2-1/2
7 9 To Infinity 10 2,601 2,725 K. C. Leung 120 2 5-3/4
8  2 Circuit Booming 37 697 1,152 Y. L. Chung 126 7 4-1/4
(5) Chiron (DH) H. Bowman 14.50
5 6 Eason 7.2 1,611 1,612 A. Badel 120 1 6 8 3 Super Baby 49 560 862 B. Avdulla 135 1 6-1/4 (6) Fiery Flying (DH) M. Dee 16.50
6 3 Ping Hai Galaxy 27 433 541 K. Teetan 126 6 6-1/4
9
10
10 Kungfumaster Panda
12 United Endeavors
32
8.3
861
3,301
1,556 A. Badel
2,759 H. Bentley
119
117
10
9
8-1/2
9-3/4
9 
10
11
11 Flaming Eagle
12 Above All
7 Prestige Moochi
42
85
99
620
308
132
1,134 A. Badel
556 M. Chadwick
262 M. Dee
121
117
125
8
10
2
4-1/2
8-1/2
9-1/4
1 11 starters. No 11, Mister Arm withdrawn. Quinella: $320. Forecast (9-8):
$874. Tierce (9-8-5): $1,935, (9-8-6): $2,476. Trio (5-8-9): $281, (6-8-9):
Totals: 14,163 9,798 11 7 Beau Gosse 2.2f 12,129 6,215 L. Hewitson 121 3 10 $329. First 4 (5,6,8,9): $1,550. Quartet (9-8-5-6): $18,768, (9-8-6-5):
12 10 Crown Of Star 99 99 152 L. Currie 121 9 10-3/4
12 5 Lucky Banner 34 803 1,154 L. Currie 127 4 10-1/4 $20,731. Quinella Place (8x9): $97.50, (5x9): $38.50, (6x9): $48.50, (5x8):
Totals: 31,856 22,689
Quinella: Total sales: $13,166,228 $35.50, (6x8): $52.50, (5x6): $47.50. Composite win: A2 $36.50.
Totals: 33,398 27,999 Quinella: Total sales: $41,476,542
Sales on winning combination 2x4: $3,151,475 Quinella: Total sales: $43,533,154
(2) STOLTZ Z. Purton $18.00 $13.00
Sales on winning combination 1x9: $2,147,194
Sales on winning Trio combination 1, 2, 4: $103,334 Sales on winning combination 4x8: $1,661,263 Sales on winning QP combination 1x9: $1,952,340
(4) Whizz Kid H. Bowman 19.50
Time: 0:55:93 (12.58, 20.93, 22.42)
Sales on winning QP combination 4x8: $1,500,915
Time: 1:40:16 (27.12, 23.59, 24.82, 24.63)
Time: 1:10.14 (23.70, 22.66, 23.78)
Trainer: K. W. Lui Owner: Mr & Mrs Chow Kay-yui
2 (1) Kurpany C. Y. Ho
Six starters. Quinella: $34.50. Forecast (2-4): $62. Tierce: $249. Trio:
$113. First 4 (1,2,4,5): $71. Quartet (2-4-1-5): $643. No Quinella Place. 1st
n/d

Trainer: K. W. Lui Owner: Josiah Ma Pok-man Trainer: A. S. Cruz Owner: Josephine Chiu Wing-hei
Double: $186.50. Consolation: $72.
Short-priced favourite Stoltz took control 120m out after chasing the leading pair one D Star sustained an early move from behind midfield to lead 500m out, straightened a Raging favourite Joyful Hunter stormed home late to snatch victory on the wire from (12) VIVA A LA A. Badel $42.00 $16.50
off the fence. He has five-furlong wins once at each track in his past two starts and loves length on top and edged clear to land a betting move. The return to the Valley and step long-time leader Colonel to remain perfect in two starts. He’ll be in Class Three now but (9) Young Sparkle A. Hamelin 31.50
the Valley 1,000m. Punted late, Whizz Kid just held on for second after getting his own up to 1,650m worked the oracle. Strongest Boy ran on nicely with one wider out to just does have a bright future. Well-backed late, Colonel nearly stole the race after easily (6) Theta Hedge Z. Purton 17.00
way in front from gate two. He relished a return to his favourite Valley 1,000m trip.
Kurpany just failed to get up for second after a prominent run one off the fence. He’s had a
take second after of Palace Pal after a one-off run from midfield on the fence. It was a
good first effort at the Valley after filling the frame in two of three prior starts. Palace Pal
finding the front from gate 12. He’s continued to give a good sight in his past two starts
after a win. Savvy Chic ran on nicely with two wider out to make it close on the wire
3 12 starters. Quinella: $285.50. Forecast (12-9): $516. Tierce: $2,373. Trio:
$323. First 4 (6,8,9,12): $1,404. Quartet (12-9-6-8): $29,883. Quinella Place
stop-start campaign but appreciated a return to his favourite course and distance. weaved a run late to just miss the quinella spot after a patient ride second last from gate after a prominent run. He’s clearly got the tools to score again in the grade. Wood On (9x12): $81.50, (6x12): $35.50, (6x9): $94.50. 2nd Double: $127.50. Consola-
Carroll Street came from near last in the six-horse field after a tardy start to finish next 12. It was his best effort of the season after fourths in three of four prior starts, but he was Fire just held onto a quartet spot after a pace-stalking run. It was a better effort after tion: $111. 1st Double Trio: $13,317 (78.6 units). Composite win: A1 $18.50.
best without menacing the top three. He’s a straight 1,000m horse. Eason was never suited by the race tempo. Superb Move stayed on well to fill the frame from midfield. He disappointing twice in May following a win. Timestorm came up one paced over the final (3) SUPER HONG KONG K. Teetan $38.00 $16.50
a threat at the back of the field. He was run off his feet with a step back in distance should be able to get away with a race next season in Class Five. Master Tornado came 100m after getting all the favours in the box seat. He’s honest but lacks the killer instinct (9) Born The Same Day M. Dee 47.50
after scoring an upset win two runs ago over 1,200m. Ping Hai Galaxy was gone upon up one paced after a one-out, one-back run. He finished best of those on the speed and to win a race. E Brother ran on steadily after a one-off run from midfield. He hasn’t (4) Management Folks Z. Purton 17.00
straightening after getting posted three wide chasing the leader from the widest gate. He
had an excuse but hasn’t been as sharp of late.
should find his mark shortly in the grade. Plunged late, Kungfumaster Panda was never
a threat from towards the rear. Favourite Beau Gosse was a non factor after getting
disgraced in his past four starts but is on his mark after ringing up a third win in Febru-
ary. Exuberant came up flat after a handy run on the fence. He’s had trouble stringing
4 11 starters. Quinella: $403.50. Forecast (3-9): $583. Tierce: $2,561. Trio:
$444. First 4 (3,4,6,9): $1,669. Quartet (3-9-4-6): $32,966. Quinella
posted wide early on before over-racing one off from midfield. together two good runs all season. Place (3x9): $129.50, (3x4): $37.50, (4x9): $173.50. 3rd Double: $174.
Consolation: $156. Composite win: A1 $20.
(4) D STAR
RACE THREE RACE SIX RACE NINE (8) Strongest Boy
H. Bowman
C. Y. Ho
$48.50 $18.50
32.50
KOWLOON PARK HANDICAP SHAN KWONG ROAD PARK HANDICAP WATERFALL BAY PARK HANDICAP (6) Palace Pal M. F. Poon 53.00
RATED 40-0 (CLASS 5) _ 1,200M RATED 60-40 (CLASS 4) _ 1,000M RATED 80-60 (CLASS 3) _ 1,200M 5 12 starters. Quinella: $216. Forecast (4-8): $408. Tierce: $4,388. Trio:
$1,285. First 4 (4,6,8,11): $2,456. Quartet (4-8-6-11): $38,055. Quinella
Place (4x8): $72, (4x6): $166.50, (6x8): $306.50. 4th Double: $334.
Win Place Win Place Win Place
Win Win Win
Pos No Name Odds invest invest Jockey Wt Drw Pos No Name Odds invest invest Jockey Wt Drw Pos No Name Odds invest invest Jockey Wt Drw Consolation: $124. 1st Treble: $1,798. 1st Treble consolation: $699. 2nd
Margin Margin Margin
‘000 ‘000 ‘000 ‘000 ‘000 ‘000 Double Trio: $314,310 (4.8 units). Composite win: A2 $28.50.
1 12 Viva A La 4.2sf 4,959 4,358 A. Badel 115 1 1 6 Sergeant Pepper 2.7f 8,518 5,385 Z. Purton 127 12 1  6 Reward Smile 1.8f 15,379 7,028 Z. Purton 132 2 (6) SERGEANT PEPPER Z. Purton $27.00 $12.00
2 9 Young Sparkle 13 1,544 2,250 A. Hamelin 125 8 1 2 7 Oversubscribed 22 1,028 1,530 A. Badel 125 10 SH 2  5 Armour Eagle 13 2,089 2,711 H. Bentley 132 1 1-1/4 (7) Oversubscribed A. Badel 42.00
3 6 Theta Hedge 3.3f 6,176 4,219 Z. Purton 134 5 1-1/4 3 2 Savvy Delight 29 793 1,312 B. Avdulla 135 11 N 3  2 Majestic Knight 5.6sf 4,869 4,483 L. Hewitson 135 3 2-1/4 (2) Savvy Delight B. Avdulla 49.50
4
5
8 Jazz Steed
5 Sunshine Legendary
15
8.8
1,315
2,334
1,596 C. Y. Ho
2,439 K. C. Leung
131
134
9
6
3-1/2
3-3/4
4
5
5 Colourful Prince
3 Stand Up
4.7
10
4,831
2,214
3,241 L. Hewitson
2,294 H. Bowman
128
131
1
5
1/2
3/4
4 
5 
1 Lucky Eight
9 Victory Scholars
7.5
37
3,679
729
3,869 H. Bowman
1,052 K. H. Chan
135
118
4
8
2-1/4
2-1/4
6 12 starters. Quinella: $263.50. Forecast (6-7): $396. Tierce: $4,242. Trio:
$1,339. First 4 (2,5,6,7): $1,459. Quartet (6-7-2-5): $28,539. Quinella
6 10 Circuit Splendor 7.8 2,635 2,957 M. Dee 122 3 5 6 9 Plentiful 4.6sf 4,958 3,675 K. Teetan 120 2 2-1/2 6  3 California Cible 19 1,406 2,075 M. Chadwick 134 5 4-1/4 Place (6x7): $96, (2x6): $108.50, (2x7): $304.50. 5th Double: $248.
7 11 Travel Glory 18 1,142 1,499 H. W. Lai 119 10 5 7 11 Yoo Yoo Knight 61 374 503 M. L. Yeung 119 3 3 7  4 Wings Of War 27 988 1,496 K. Teetan 134 9 4-3/4
Consolation: $179. Composite win: A1 $17.50.
8 4 Oriental Spirit 29 693 899 L. Currie 134 4 5-1/4 8 10 Starry Night 15 1,480 1,609 M. Dee 120 6 4-3/4 8  10 Act Of Faith 38 719 1,068 A. Badel 121 12 6-1/2
(6) WATCH BUDDY A. Badel $38.50 $17.00
9 7 Eagle Run 50 407 604 L. Hewitson 133 12 6 9 1 G One Excellent 10 2,249 2,400 C. Y. Ho 135 8 5 9  8 Brave Star 12 2,250 2,462 C. Y. Ho 130 7 6-3/4 (2) Junea Flash K. Teetan 27.00
10 3 Jack Win 23 890 1,076 K. Teetan 134 11 7 10 12 Dashing Triumph 21 1,096 1,002 H. T. Mo 116 4 5-1/4 10 7 Smart Idea 37 738 1,212 K. C. Leung 131 6 7-1/4 (8) Melbourne Hall Y. L. Chung 39.50
11
DNF
2 Generous Friend
1 Happy Gathering
99
7.3
174
2,823
268 Y. L. Chung
3,765 H. Bowman
127
135
2
7
29-1/4
DNF
11
12
8 Devil And Gold
4 Bulb Tycoon
95
99
240
142
352 A. Hamelin
202 C. L. Chau
121
127
9
7
9
13-3/4
11
12
11 Goodban Banbanbang
12 Prime Mortar
99
70
242
390
412 M. F. Poon
699 M. Dee
120
119
10
11
10-1/2
10-3/4
7 12 starters. Quinella: $179. Forecast (6-2): $337. Tierce: $1,915. Trio: $504.
First 4 (2,5,6,8): $614. Quartet (6-2-8-5): $10,008. Quinella Place (2x6): $66,
(6x8): $102.50, (2x8): $121.50. 7th Double: $129.50. Consolation: $49. 3rd
Totals: 25,098 25,935 Totals: 27,930 23,511 Totals: 33,477 28,566 Double Trio: $65,155 (20 units). Triple Trio consolation: $118,149 (4 units).
Quinella: Total sales: $31,963,771 Quinella: Total sales: $33,003,862 Quinella: Total sales: $46,806,590 Pool Of $3,702,057 carried forward to July 12. Composite win: A1 $18.
Sales on winning combination 9x12: $923,128 Sales on winning combination 6x7: $1,033,306 Sales on winning combination 5x6: $3,876,936
(1) JOYFUL HUNTER C. Y. Ho $13.50 $10.10
Sales on winning QP combination 9x12: $1,071,707 Sales on winning QP combination 6x7: $793,831 Sales on winning QP combination 5x6: $2,652,543
Time: 1:10:36 (24.13, 22.81, 23.42) Time: 0:57:27 (12.55, 21.60, 23.12) Time: 1:09:62 (23.58, 22.46, 23.58)
(9) Colonel B. Avdulla 45.50
(4) Savvy Chic H. Bowman 19.50
Trainer: L. Ho

Viva A La kept up a good gallop after dictating the run from gate one to land a
Owner: Dominic Chung Won-lok Trainer: Y. S. Tsui Owner: Athy Ngai Sze-yin

Sergeant Pepper just scraped home after hitting the front 100m out tracking the leader
Trainer: John Size Owner: Vicky Tang & Lee Lit-lung

maiden win at his 19th start. He had been racing better of late and the win may have saved
him from mandatory retirement. Plunged late, Young Sparkle ran on nicely to grab
second after a wide trip from midfield. The step back in distance nearly worked the oracle
after filling the frame in two of four prior runs over longer trips. Favourite Theta Hedge
had his chance after a speed-tracking run but came up one-paced over the last 100m
to hold third. Jazz Steed made late ground for fourth after a patient ride four from the
rear. It was another honest effort. Sunshine Legendary made heaps of ground late
without threatening after making his run towards the rear following a slow start. He’s not
genuine. Circuit Splendor had his chance after a box-seat run. He couldn’t lift
carrying more weight following a last-start win. Travel Glory was doing his best work late
after making his run three from the back. Happy Gathering broke down near the 200m
after travelling four back on the fence.
Colourful Prince from gate 12 for a first win at his 14th start this term. He was able to build
on a neck second last start following a riding change to Zac Purton. Oversubscribed ran
on nicely after coming off the fence from better than midfield to make it close on the wire.
He’s always a chance over the Valley 1,000m and does tend to go well for rider Alexis
Badel. Savvy Delight ran on nicely near the outside after a one-off run from midfield
to finish a close third. He’s mixing his form but has placed in two of six starts. Colourful
Prince wouldn’t go down without a fight after holding a narrow advantage on the lead
from gate one. It was another good effort carrying more weight following a win on the
dirt. Stand Up just held his ground after a prominent run. He’s a dirt horse but it was a
pleasing effort on the turf following a bleeding attack. Plentiful didn’t find much in the
drive to the wire after a box-seat run. He’s still a work in progress. Yoo Yoo Knight got
going late from towards the rear. It was an OK run following a stable change.
Favourite Reward Smile shot clear 100m out after a prominent run on the fence to make
8 12 starters. Quinella: $159.50. Forecast (1-9): $205. Tierce: $1,199. Trio:
$218. First 4 (1,4,6,9): $784. Quartet (1-9-4-6): $9,259. Quinella Place
(1x9): $56, (1x4): $24.50, (4x9): $152.50. 7th Double: $48. Consolation:
it a win once at each track and four seconds from as many local starts and chalk up Hong $443.50 Composite win: A1 $12.
Kong win number 1,600 for jockey Zac Purton. He clearly has the tools to head higher.
(6) REWARD SMILE Z. Purton $18.00 $11.00
Armour Eagle ran on nicely from midfield to easily grab second without threatening the
winner. It was a better effort from gate one after hovering around the finish from tricky (5) Armour Eagle H. Bentley 29.00
gates in two prior starts. Majestic Knight just held on for third after dictating the run (2) Majestic Knight L. Hewitson 17.50
from gate three. He’s honest as the day is long but has trouble winning. Lucky Eight just 12 starters. Quinella: $99.50. Forecast (6-5): $174. Tierce: $614. Trio:
got the bob down for fourth from the box seat. He had every chance, but the big weight
anchored him. Victory Scholars grudgingly gave way after a speed-tracking run. He just 9 $130. First 4 (1,2,5,6): $140. Quartet (6-5-2-1): $2,269. Quinella Place
(5x6): $41, (2x6): $26.50, (2x5): $73.50. 8th Double: $24. Consolation:
$32.50. 2nd Treble: $101. 2nd Treble Consolation: $119. 4th Double
keeps finding one or a few too smart in this class. California Cible ran on from behind
midfield without threatening the top five. Wings Of War made ground late from towards Trio: $6,620 (484.6 units). Six Up: $2,266 (1,277.2 units). Six Win Bonus:
the rear. He needs to draw a gate. Smart Idea never landed a blow from behind midfield. $7,702 (375.7 units). Composite win: A1 $13.50. Jockey Challenge winner:
It was an out-of-character performance. Z. Purton. Trainer Challenge winner: K. W. Lui.

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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

Success on
Tour after
‘living like
a monk’
Australian Hindley
surprises with stage
victory and overall
lead in cycling classic
Reuters
After preparing for the Tour de
France with monastic devotion
and humble goals, Australian Jai
Hindley surprised himself with
victory in stage five, snatching the
yellow jersey and the spotlight
from Jonas Vingegaard and Tadej
Pogacar.
The Bora-Hansgrohe cyclist
took the jersey from Pogacar’s
UAE Emirates teammate Adam
Yates, after the first mountain
stage, to lead second-placed
Vingegaard by 47 seconds and
sixth-placed Pogacar by one
minute, 40 seconds in the general
classification.
“I can’t believe it. I didn’t really
expect this when I rolled out of
bed this morning,” the Tour de
France debutant said. “I’ve been
watching the Tour since I was a
little boy, when I was six-years-
old, and I never thought I’d find
myself in the yellow jersey, but
here we are.”
Only the second Australian to
win a Grand Tour with victory in
last year’s Giro d’Italia, Hindley
had mapped out a conservative
strategy to tackle the stage but
ended up joining a large breaka-
way before the first climb. The
improvisation proved effective as
Hindley broke clear to celebrate
victory with his touring family.
The 27-year-old said he had
been locked down in altitude
training camps and course recon-
naissance for months before his
debut Tour.
“Basically, living like a monk
for the past two months or so and
living out of a suitcase, which is
good fun,” Hindley said. “I haven’t
really seen my family too much,
nor anyone else too much, but
that’s what you have to do if you
want to be competitive.
“It’s really special for me to
have them here and have them
supporting roadside. I owe those
people everything, and they’re
everything to me.”
The rivalry between Danish
defending champion Vingegaard
and twice Tour winner Pogacar
was to remain the focus in a
testing stage six through the
Pyrenees but Hindley said the
general classification was wide
open.
His parents said the stage win
was 20 years in the making, with
Hindley having determined at the
age of seven that he would be a
pro cyclist. “He likes to strive, and
to get to the next thing and the
next thing,” his mother Robyn
said.
“And he’s been a slow burn to
be here, just small steps every
year, and learning. He’s making
another step.”
Jai Hindley celebrates his stage
victory in the Tour de France.
MOTOR RACING
Rivals need ‘divine intervention’ to stop Red Bull
Verstappen’s team heads into British Grand Prix seeking 11th straight win
Agence France-Presse
Many Formula One fans will this
weekend recall the accidental feat
of Jean-Louis Schlesser as Max
Verstappen leads Red Bull’s
assault on one of the sport’s oldest
records at the British Grand Prix.
As the defending double world
champion tries to add to his own
sequence of five straight wins to
boost his runaway lead en route to
a third drivers’ world title, his
team bid for an 11th straight win.
If they succeed, they will equal
the record set by McLaren in 1988,
when the British team boasted a
line-up of Alain Prost, who
became a four-time champion,
and Ayrton Senna, a three-time
champion.
Many fancied McLaren to
complete the 1988 season
unbeaten – as Red Bull bid to be
Marathon battle
China’s Zhang Zhizhen returns during an epic battle with Botic
van de Zandschulp, of the Netherlands, in their delayed men’s
singles first-round match at Wimbledon yesterday. The Dutch
player won the marathon five-set encounter 2-6, 7-6 (7-3), 7-6
(8-6), 3-6, 6-2. The match had been postponed after rain
disrupted play on the outside courts earlier in the week. In the
women’s singles, Sofia Kenin, of the United States, defeated
China’s Wang Xinyu 6-4, 6-3.
TENNIS
Kasatkina wary of potential Saudi investment in WTA
Reuters
Russia’s Daria Kasatkina has
expressed reservations about
competing in any future WTA
tournaments in Saudi Arabia,
saying “not everything is about
money”, amid reports the Gulf
state may be set to plough huge
amounts of cash into the sport.
Saudi Arabia has made big
investments in football, Formula
One, boxing and golf in recent
this year – but their ambitions
were undone when Senna tangled
with a backmarker at the Italian
Grand Prix.
In his only Formula One race
start, Frenchman Schlesser,
deputising for the unwell Nigel
Mansell with Williams on the eve
of his 40th birthday, collided with
the race-leading Brazilian with
three laps remaining and gifted
Ferrari an emotional one-two win
just weeks after the death of team
founder Enzo Ferrari.
It ended McLaren’s dream of
invincibility.
Such a scenario may be the
only hope of preventing Red Bull
claiming another win, probably
through Verstappen, and gifting
another team a taste of the victor’s
champagne on Sunday.
The Dutchman’s dominant
display last weekend hoisted him
81 points clear of teammate Sergio
years and ATP Tour chief Andrea
Gaudenzi said he had held discus-
sions with its Public Investment
Fund (PIF) on various projects.
WTA chairman Steve Simon
said last week there were still “big
issues” with Saudi Arabia as
potential hosts for WTA events,
though women’s world No 6 Ons
Jabeur said she would “100 per
cent” compete there if it benefited
the players.
Critics have accused Saudi
Arabia, where homosexuality is
Perez in the title race, making a
third title appear inevitable, but
others believe fate may yet inter-
vene. “It’s going to be epic,” Red
Bull team chief Christian Horner
Red Bull’s Max Verstappen will seek his sixth Formula One drivers’ race
victory in a row when he contests the British Grand Prix. Photo: AP
Stan Wawrinka rolled back the years as the 38-year-old Swiss
proved the adage that class is permanent and form temporary
by knocking out seeded Argentine Tomas Etcheverry to reach
the third round and set up a clash with Novak Djokovic. His
career may be in its twilight but Wawrinka proved a notch above
a man 15 years his junior to claim a 6-3, 4-6, 6-4, 6-2 victory. It
was the first time Wawrinka had reached the third round of a
grand slam for three years. Photo: EPA
illegal, of using the PIF to engage
in “sportwashing” in the face of
heavy criticism of the country’s
record on human rights.
Kasatkina, who came out as
gay last year, said there were many
issues concerning the country.
“Honestly, tough to talk
about,” the world No 10 said after
making it to the third round at
Wimbledon. “It’s easier for the
men because they feel pretty good
there. We don’t feel the same way.
Money talks in our world right
said, as if sensing the power of the
occasion ahead at Silverstone.
“But who knows what obsta-
cles there could be? We saw what
happened there last year and it’s a
race we haven’t won since, I think,
Mark Webber in 2012. So, it’s a big
race for us on this calendar.”
now. For me, I don’t think that
everything is about the money.”
Australia’s Nick Kyrgios has
welcomed the news of the ATP’s
discussions on investment from
Saudi Arabia and said it would
bring players the financial rewards
they deserved.
Kasatkina did not share his
stance. “Also, as Nick Kyrgios said,
he would be so happy to go there
just for a big cheque. For me,
money is not the No 1 priority in
this case.”
After winning 16 of the last 20
races, Verstappen will be brim-
ming with confidence. Ferrari,
revived by Charles Leclerc’s
second-placed finish last Sunday,
will hope they can triumph again,
one year after their last victory and
on a track where Carlos Sainz was
successful a year ago.
Despite a dismal display last
Sunday, Mercedes’ seven-time
champion Lewis Hamilton will
hope to impress, at least, if not to
add to his record eight British
victories.
Team boss Toto Wolff
confirmed the team will have
another raft of upgrades on their
car this weekend. “We have
reasons for optimism,” he said.
Hamilton hopes one of his
fellow British drivers – teammate
George Russell or McLaren’s
Lando Norris – will rise and shine.
“George and Lando are both
incredibly talented and have a
bright future in front of them,”
Hamilton said.
Friday, July 7, 2023 B11
SPORT
FOOTBALL
‘WE ARE NOT
ROBOTS’ IN
FEARS OVER
BURNOUT
Amid heavy playing demands and ACL injuries,
England skipper Bright sounds warning as
they count down to the Women’s World Cup
bound to pick up injuries. It’s just
Deutsche Presse-Agentur
impossible to keep going.”
Bright has not played in a
England star Millie Bright has match since suffering a knee
called for work to be done over injury while in action for Chelsea
scheduling in the women’s game, in March, after which she had
stressing players are “not robots”. surgery.
Bright – captain of the England While she was not involved in
squad heading for this summer’s the 0-0 World Cup warm-up draw
Women’s World Cup in Australia against Portugal in Milton Keynes
and New Zealand after regular last Saturday, she has expressed
skipper Leah Williamson was her confidence that she will be
ruled out by an ACL injury, and ready for the Lionesses’ Group D
recovering from a knee issue opener against Haiti on July 22.
herself – said burnout was “always
in the back of your mind”.
The 66-cap Chelsea centre
back, who helped England win the
Euros last summer and played for
Great Britain at the Olympics the
summer before that, said: “It’s
tough. I’ve been doing it for
several years now. Playing back-
to-back tournaments, it’s hard,
when you’re playing every single
minute for your clubs.
“That’s the demands of the
game now, especially with how
competitive it is getting. The
quality has gone through the roof
and the games are getting harder
to win, especially when you’re
competing for every trophy.
“I still think there’s work to be
done in terms of scheduling, mak-
ing sure we can compete in every
competition and do back-to-back
tournaments, but also we are not
robots, we need time to recover.” If you play fatigued
Injuries have been a major
talking point of late in women’s then you are bound
football, with a particular focus on
the amount of players suffering
to pick up injuries.
ACL damage – something that has It’s impossible to
left England heading into this
summer’s tournament without keep going
not only Williamson but also Beth
MILLIE BRIGHT, ENGLAND CAPTAIN
Mead, her Arsenal teammate who
was the Euro 2022 Golden Boot
winner. The 29-year-old, who was
Asked if more research was “absolutely gutted” for Williamson
needed, Bright said: “I think there after she got injured in April and
always needs to be more done. has had “check-ins” with her, said
“We obviously know the of the prospect of captaining her
[female] body is very different to country at the showpiece: “It’s a
the male, so the research needs to proud moment to even be going
be done in that sense. to a World Cup.
“For me, it’s more than just “I feel really grateful to be
one factor, it’s everything that selected to go, let alone to be put
comes with it, whether it’s in a position to captain the girls. It
facilities, pitches, the amount of is a massive honour.”
games we are playing, the amount On the chances of adding to
of rest we’re having. It’s everything their Euro glory Down Under,
together, and I think all elements Bright said: “For us, it’s making
need to align. sure we keep two feet on the
“We want to be performing at ground, which I think we’ve
the highest level but we can only always done ... the challenge
do that if we are fully recovered. If ahead will be harder than any
you play fatigued then you are other tournament.”
Future of Mbappe at PSG
overshadows naming of
Luis Enrique as new coach
leave for free. It’s impossible,”
Agence France-Presse
Khelaifi said. “He said he would
not leave for free. If somebody has
Luis Enrique was appointed as the changed his mind, that is not my
new coach of Paris Saint-Germain fault.”
on a two-year deal, but the media Mbappe said last month he
conference for his unveiling was would not extend his contract,
overshadowed by questions which expires next year. The club
about the future of superstar must therefore sell the player in
forward Kylian Mbappe. the current transfer window,
The 53-year-old former otherwise they will lose him for
Barcelona coach, who had been a nothing when his deal ends.
free agent since being sacked by
Spain last December, replaces
Christophe Galtier after his
departure was confirmed before
Real Madrid hoped to sign
Mbappe a year ago before he
penned a new contract in Paris.
The Spanish giants are favourites
the unveiling of Luis Enrique. to secure the striker if he does
Luis Enrique was presented eventually change clubs.
alongside the Qatar-backed club’s The new coach is the eighth
president Nasser al-Khelaifi at man to lead the club since the
their new training complex in transformative Qatari takeover of
Poissy, northwest of the French 2011 and, like those before him,
capital. will be charged with bringing
“I’m delighted to be joining them success in the Champions
Paris to enjoy a new experience,” League that has so far proved
Luis Enrique said in a club state- elusive.
ment. “It’s so exciting to meet new PSG have never won Europe’s
people, to live in this city, to learn most prestigious club competi-
a new language and, above all, to tion, coming closest when they
manage PSG.” lost in the 2020 final to Bayern
Yet when asked if he had been Munich. They have gone out in
given any guarantees Mbappe the last 16 in five of the last seven
would remain at the club for the seasons, losing to Bayern at that
coming campaign, he was evasive. stage in their most recent
The Spaniard later insisted he was campaign.
“counting on all the players who Luis Enrique arrives with
are under contract”. pedigree in the Champions
However, Khelaifi stated that League, having won it as coach of
Mbappe, 24, “must sign a new Barcelona in 2015 with a brilliant
contract” if he wanted to remain team led by an attack of Lionel
at PSG in the coming season. Messi, Neymar and Luis Suarez.
“The position is very clear. If He now joins a club beginning
Kylian wants to stay, he must sign their latest rebuild following the
a new contract. We can’t let the departure of Messi after his two-
best player in the world today year stay.
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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
 11
Chelsea captain
Cesar Azpilicueta
leaves the Premier
League club after
this many seasons

Friday, July 7, 2023

STEALING THE SPOTLIGHT WARNING OVER BURNOUT

Australian rider Jai Hindley surprises even himself by England skipper Millie Bright says ‘we are not robots’ as
taking yellow jersey on Tour de France > CYCLING B11 they head into the Women’s World Cup > FOOTBALL B11

BASKETBALL
Broad approval
Eastern sign up
former rival as
new head coach
“He’s very strict in his training,
Mike Chan
and I hope our young, local
mike.chan@scmp.com
players will benefit from this,
growing under his guidance and
Days after announcing the exit of making an impact for the team
head coach Zeljko Pavlicevic, local going forward.”
A1 Division basketball team Hong The 57-year-old Bajramovic
Kong Eastern have tied up their had two stints with the Bosnia and
replacement. Herzegovina national team, from
The reigning Asean Basketball 2004 to 2005, and 2008 to 2010,
League (ABL) champions are set respectively.
to appoint Mensur Bajramovic, The veteran coach will sign a
who previously coached league one-year contract with Eastern,
rivals South China from 2018 to with his first official match in
2021, as their new head coach. charge set for July 19, in a Senior
The Bosnian, who started his Shield encounter with Hon
coaching career in 1998, is already Friends.
in the city and will make an The new ABL season, which
appearance at the team’s exhibi- begins in December, is set to
tion game against the Macau return to a home-and-away
Black Bears at Southorn Stadium format for the first time since
today. 2020, when the campaign was
Senior officials at Eastern suspended because of the corona-
England’s Stuart Broad celebrates with teammates after taking the prize wicket of Warner for the 16th time in his test career in the first over. Mark Wood took out expressed gratitude towards virus pandemic.
Australia’s Steve Smith during the morning session on the opening day of the third Usman Khawaja’s leg stump, Ollie Robinson found the edge of an unsettled Marnus Pavlicevic, who left the club by
Ashes cricket test at Headingley in Leeds yesterday. The tourists slumped to 91 for Labuschagne, before Smith edged to wicketkeeper Jonny Bairstow in his 100th test. mutual consent and said “the
four at lunch. Broad got England fans off their seats when he dismissed opener David Australia later recovered with Mitchell Marsh hitting a century. Photo: Reuters timing is right” for a new start.
“A coaching change during the
off season makes most sense,” It’s a necessary
Eastern official Wilson Choi Fong-
TENNIS yue said. “It’s a necessary change change as we are
too, as we are going to focus even
going to focus more

MEDICAL MYSTERY IN ‘COLLAPSE’

more on growing the local crop of
players.” on growing the local
Choi said Pavlicevic’s contract,
which had expired after the end of crop of players
the ABL season in March, was

FOR WU YIBING AT WIMBLEDON

China’s world No 62 resumes clash with Tiafoe amid heart scare and later struggles in interview
Staff Reporter
China’s Wu Yibing said he felt
close to losing consciousness
while suffering an unidentified
medical issue in his Wimbledon
singles match against Frances
Tiafoe, which reportedly caused
him to collapse while receiving
attention off-court.
Wimbledon debutant Wu,
who at February’s Dallas Open
became the first Chinese player to
win an ATP Tour title, complained
of breathing difficulties during the
second set of his first-round
meeting with the world No 10.
He was reported by Britain’s
The Sun to have collapsed when
he left the court with a doctor,
who had found his heart rate to be
high.
Following a 15-minute delay,
the world No 62 returned to
resume, with the BBC’s television
commentator saying: “He’s going
to continue – that is amazing.”
Wu went on to lose 7-6, 6-3,
6-4, and organisers announced
that he and compatriot Zhang
Zhizhen had withdrawn from the
men’s doubles.
The 23-year-old from
MOTOR RACING
renewed on a rolling basis because WILSON CHOI, EASTERN OFFICIAL
of the opportunity to play exhibi-
tion matches against the China Choi said the new season
men’s national team in Qingdao could see the number of clubs
in May. increasing, with teams from
The ABL champions stunned Mongolia and the Taiwanese T1
match and played a high level. I the hosts with a victory in the first League – where former NBA
thought the last two sets was matchup before their series was superstar Dwight Howard played
super-high level. It was fun. We split. last season – interested in
Hangzhou was still unwell when consciousness out there,” Wu me that his heart was skipping a get along really well, we’re going During his stint, Pavlicevic joining.
he tried to explain the incident in said. “I was better after my beat. Having problems with his to have many more battles.” guided Eastern to their second “With eight to 10 teams com-
an interview in Mandarin that the medical timeout, but it still heart and stuff. Felt like he was Three weeks earlier, in his first ABL title, having finished second peting, and the possible return of
ATP Tour posted on Weibo. affected my breathing. collapsing in there. match on a grass court, Wu had behind South China last year, home and away games, I think the
He had to halt the interview to “I feel good to play like I did, “He’s like, ‘I’m gonna try and beaten Australia’s Nick Kyrgios at losing 3-0 in the local play-off season will finish around March,
drink two cups of water and rest given my situation. I will go for a play’. Once he said that, I was like, the Stuttgart Open – eventually finals. or April next year,” he added.
for 10 minutes before he could further check-up later.” ‘Oh, we’re about to have a war. won by Tiafoe, aiming to be the “Bajramovic’s knowledge of Two-time champions Eastern
carry on. Tiafoe admitted he “had no He’s going to start coming out and first US champion at Wimbledon the local league and players is are tied with Hi-Tech Bangkok
“There was something wrong idea what was going on”. playing loose’ – which we did. since Pete Sampras in 2000. unquestionable,” Choi added. City of Thailand as the most
with the food I ate last night – I “I was like, man, this is wild,” “I was happy he felt all right Bai Zhuoxuan set up a clash “He is vastly experienced, having successful team in the ABL, both
even felt like I was losing my the American said. “Then he told and he was able to finish the with last year’s losing finalist Ons coached in Europe, around the with two titles, and two semi-final
Jabeur of Tunisia, as she earned region and internationally. appearances.
her first win in the main draw of a
grand-slam tournament by seeing
LI NA IN FEDERER PHOTO BEFORE HER RETURN TO HALLOWED TURF
Chinese legend Li Na is back at the All England Club Agnieszka Radwanska in the women’s invitational
off Ysaline Bonaventure of
Belgium 7-6, 6-1.
“I feel so happy right now – I
New York Liberty salute
ahead of a return to the hallowed turf of Wimbledon
next week. The 41-year-old was pictured alongside
doubles next week. The 2011 French Open champion
Li famously lost to Poland’s Radwanska, now 34, in
will be even happier if I can go
further in the tournament,” Bai
dancing Han Xu after
sporting royalty in Roger Federer – an eight time
men’s champion at Wimbledon – and Lindsey Vonn
the 2013 Wimbledon singles quarter-finals – after a
controversial call in the first set – with many
told mainland media.
Wang Xiyu was beaten 6-4, 3-6, China’s Asia Cup triumph
during lunch in the members’ club. favouring her for the title that year. 7-5 by Russian 16-year-old Mirra
The picture, posted by American Olympic skiing The Chinese star found the line with a serve on Andreeva, while Zhang Shuai, a
champion Vonn on her Instagram story and Twitter set point, but the ball was incorrectly called out. doubles finalist at last year’s before Phoenix rallied to tie it at
Nicolas Atkin
account, went viral on Chinese social media, with After questioning the umpire, she chose not to Wimbledon, lost 6-2, 6-3 to 20th 92-92. Michaela Onyenwere then
and Associated Press
Li’s fans lapping up a rare glimpse of the retired challenge, and eventually went on to lose the match seed Donna Vekic of Croatia. scored to give the Mercury their
star. Two-time grand slam champion Li has over 21 in three sets. Novak Djokovic beat first lead since the opening
million fans on the Twitter-like platform Weibo, but It appears all is forgiven, however, with Li and Australia’s Jordan Thompson to After being crowned double MVP minutes.
has not posted content there for nearly three years. retired former world No 2 Radwanska – who went become only the third player, of the Fiba Women’s Asia Cup Jonquel Jones answered with a
Li, who hung up her racquet in 2014 after on to lose in the semi-finals that year to Sabine along with Roger Federer and tournament and final, China’s lay-up and then Courtney
winning her second major at the Australian Open, is Lisicki – set to play alongside each other starting Serena Williams, to clock up 350 Han Xu received a fitting welcome Vandersloot stole a pass and fed
back at Wimbledon for the first time in five years, next Tuesday. match wins at grand slams. on her return to action in the Stewart for a lay-up with 1:19 left
and will partner her long-time friend and rival Nicolas Atkin WNBA. to give New York the 94-92
> KASATKINA CONCERN B11 While some of her teammates advantage.
were flying back to China after Both teams turned it over
their epic triumph in Sydney on before Onyenwere, who was
Sunday, towering centre Han had traded by New York in the off
to head to the other side of the season, was fouled with 33.4
world to resume club duty with seconds left. She hit the second of
the New York Liberty. two free throws to get the Mercury

Finally, Zhou Guanyu can look to F1 home crowd After landing in the United
States, the 23-year-old linked up
with her squad, who gave her a
rousing reception backstage at the
back within one point.

Barclays Centre, ahead of their

Alfa Romeo driver, if retained, would race in return of Shanghai grand prix
Staff Reporter
and Agence France-Presse
Zhou Guanyu’s hopes of racing in
front of a home crowd in China
have been revived after the
Shanghai grand prix was given a
slot in next year’s Formula One
calendar.
Motor racing bosses have
announced a 24-race schedule for
the 2024 season that includes
China, raising the prospect of
Zhou – his country’s first fully
fledged F1 driver – racing at home.
The 24-year-old had been
hoping to do so this year, telling
the Post last October that “to race
at home as a Formula One driver
is something you can only dream
of”, after Shanghai was given a slot
for this year following a three-year
absence.
However, the city was later
removed from the schedule
because of strict pandemic rules.
Now the Alfa Romeo driver
should finally get his chance on
April 21, if he is retained for what
would be his third season in F1.
Next year’s calendar will open
with two races that will take place
on Saturdays.
The sport will hope for better
luck next year. Organisers had
scheduled a record 24 races this
Alfa Romeo’s Zhou Guanyu can dream of racing at the Chinese Grand Prix in Shanghai next April. Photo: AFP
season, but China was cancelled
in April and then Italy’s Emilia
Romagna axed after flooding.
The 2024 Bahrain and Saudi
Arabia races will be held on
Saturdays amid Ramadan. That
will make three Saturday races on
the calendar, along with Las
Vegas.
This season’s inaugural Las
Vegas Grand Prix on November
18, will be the first full F1 race on a
Saturday since 1985.
For the Saturday races, the
opening two free practice sessions
will be on Thursday, with the third
practice and qualifying on Friday.
“I believe this calendar strikes
the right balance between
traditional races and new and
existing venues,” Formula One
CEO Stefano Domenicali said.
Several races are shuffled as F1
moves “towards greater calendar
regionalisation, reducing the
logistical burdens and making the
season more sustainable”.
The Japan race has been
brought forward to April, “in the
heart of the country’s beautiful
cherry blossom season”, an F1
statement said.
Azerbaijan has been shifted
back to September, with the Qatar
event moved to just before the
season-ending race in Abu Dhabi
in early December.
“This calendar creates a better
flow of races in certain regions,”
the statement said.
“[F1 is] being realistic to the
fact that as a world championship,
with climatic and contractual
constraints, there will always be
travel required that cannot be
completely regionalised.”
The Belgian Grand Prix at the
legendary Spa-Francorchamps
circuit, once threatened by the
emergence of new, more lucra-
tive, venues, has been retained.
> DIVINE INTERVENTION B11*
match with the Phoenix Mercury
in midweek.
“Go Hanny, go Hanny,” the
team all chanted during their
locker room preparation, as Han
performed a celebratory dance in
the middle of their circle.
The video, which was posted
to the Liberty’s social media
channels, soon went viral on
China’s Twitter-like platform
Weibo.
Han did not suit up for the An Instagram shot shows Han Xu
game, following her long journey dancing for Liberty teammates.
back to the US. But when the
2.1-metre star walked out to the
court to support her teammates, New York worked the shot
the New York fans shouted her clock down and Stewart, who also
name excitedly. had 12 rebounds and six assists,
If the Liberty’s camaraderie hit a tough shot to make it 98-95
was not evident enough, they then with 18.4 seconds left.
dug deep to quell a Mercury fight- “Things don’t always go our
back and seal a 99-95 win in front way, but we continue to grind it
of their home crowd in Brooklyn. out,” said Stewart, who scored 14
Breanna Stewart scored 43 of New York’s final 16 points and
points as the Liberty recovered was just shy of her career-high 45
from blowing a 20-point lead. points set in the home opener.
Stewart helped the Liberty She sealed the win, hitting one
build a 73-53 advantage with four of two free throws with just 3.7
minutes left in the third quarter seconds left.

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