Hk business – SMS 461 http://sms461.com/ Fri, 23 Sep 2022 03:19:26 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sms461.com/wp-content/uploads/2021/08/sms-150x150.png Hk business – SMS 461 http://sms461.com/ 32 32 Hong Kong authorities arrest Crostini manager after retail stores suddenly shut down https://sms461.com/2022/09/23/hong-kong-authorities-arrest-crostini-manager-after-retail-stores-suddenly-shut-down/ Fri, 23 Sep 2022 03:19:26 +0000 https://sms461.com/2022/09/23/hong-kong-authorities-arrest-crostini-manager-after-retail-stores-suddenly-shut-down/ Hong Kong Customs has arrested the manager of local bakery chain Crostini on suspicion of wrongfully accepting payment when selling cake coupons or gift vouchers in violation of the order on commercial descriptions (TDO). It comes after Crostini suddenly halted operations at all of its retail stores on September 13, which reportedly led to […]]]>

Hong Kong Customs has arrested the manager of local bakery chain Crostini on suspicion of wrongfully accepting payment when selling cake coupons or gift vouchers in violation of the order on commercial descriptions (TDO). It comes after Crostini suddenly halted operations at all of its retail stores on September 13, which reportedly led to some consumers asking for refunds of prepaid cake coupons.

According to its press release, Customs said it was paying close attention to the incident and called on members of the public affected by the incident to provide information. On September 22, customs said it had received a total of 104 complaints about the bakery chain, involving 5,300 cake coupons or gift certificates worth around $270,000.

After investigation, it was revealed that customers who purchased cake coupons or gift vouchers were unable to exchange the affected products or receive any refund of payments after the bakery chain suddenly announced that it had suspended its activity. The customs officers therefore arrested today a 55-year-old man, director of the bakery chain.

The investigation is ongoing and the arrested man has been released on bail pending further investigation, Customs said. He also reminded traders to comply with TDO requirements. Consumers are also reminded to obtain cake coupons or gift certificates from reputable stores and think carefully before making consumption decisions with prepayment.

Under the TDO, any trader commits an offense if, at the time of accepting payment, the trader intends not to supply the product or intends to supply a substantially different product, or if he does not there are no reasonable grounds to believe that the trader will be able to supply the product within a specified or reasonable time. The maximum penalty if convicted is a $500,000 fine and five years in prison.

Previously, Crostini faced criticism after suddenly halting operations at all of its retail stores on September 13. This has led some consumers to seek refunds for prepaid cake coupons. According to his Facebook post on September 13, Crostini said that due to the difficult business environment of the pandemic, the company had to make the decision to cease operations for all of its outlets from September 13. He also said he “tried in vain to reverse the trend”.

Wong Kwong Fai, the founder of Crostini, told local media that landlords had started chasing him for payment after the government’s rent deferral mechanism, which allows local businesses to delay rent payments until three months. He added that he had taken out loans to repay staff salaries and that the company was looking for new investors but the lack of cash made it difficult to pay rents for physical stores.

Wong also explained that the drop in sales under the pandemic is the main reason for the shutdown.

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High-Voltage Pulse Capacitors Market Share, Size, Growth by Business Scenario 2022 to 2028 | HK Film Capacitor, High Energy Corp, General Atomics (General Dynamics) https://sms461.com/2022/09/20/high-voltage-pulse-capacitors-market-share-size-growth-by-business-scenario-2022-to-2028-hk-film-capacitor-high-energy-corp-general-atomics-general-dynamics/ Tue, 20 Sep 2022 13:46:48 +0000 https://sms461.com/2022/09/20/high-voltage-pulse-capacitors-market-share-size-growth-by-business-scenario-2022-to-2028-hk-film-capacitor-high-energy-corp-general-atomics-general-dynamics/ The Global “High Voltage Pulse Capacitor Market » The research report offers an in-depth look at current trends, latest expansions, conditions, market size, various drivers, limitations, and key players along with their profile details. The High Voltage Pulse Capacitors The market research report offers the historic data for the year 2016 to 2021 and also […]]]>

The Global High Voltage Pulse Capacitor Market » The research report offers an in-depth look at current trends, latest expansions, conditions, market size, various drivers, limitations, and key players along with their profile details. The High Voltage Pulse Capacitors The market research report offers the historic data for the year 2016 to 2021 and also makes available the forecast data for the year 2022 to 2028, based on the revenue. With the help of all this information, the research report helps market contributors to expand their positions in the market. With all these explanations, this market research report recommends a business strategy for the current market players to strengthen their position in the market.

The Global High Voltage Pulse Capacitors The market is expected to grow with a CAGR of ten% from 2022 to 2028.

Click here to download a free sample:

https://www.marketintelligencedata.com/reports/3068540/global-high-voltage-pulse-capacitors-market-growth-2022-2028/inquiry?Mode=Ragini

Top Key Players are covered in this report:

HK Film Capacitor, High Energy Corp, General Atomics (General Dynamics), WIMA, CABO Electronics, KEMET (YAGEO Corporation), Cornell Dubilier (CDE), Vishay, FTCAP GmbH, MINAMOTO Battery, Anhui Tongfeng Electronics, KESHENG Electronic, Shenzhen CRC New Energy, Wuxi CRE New Energy

Recent development:

KEMET acquired 6 its own businesses, including 1 over the past 5 years. He also gave in 1 asset.

by KEMET largest acquisition to date was in 2005when acquiring EPCOS – Tantalum Capacitor Company for $97 million. This is the largest disclosed sale has taken place in 2008when he sold KEMET – Specialty Capacitor Product Range at Vishay Intertechnology for $35 million. KEMET acquired in 2 different US states, and 5 countries. The sectors most targeted by the Company include electronic (34%) and manufacturing (34%).

Market segment analysis:

The High Voltage Pulse Capacitors The report provides a primary review of the industry along with definitions, classifications, and the form of the enterprise chain. Market analysis is provided for global markets which includes improving trends, assessment of hostile views and development of key regions. Development policies and plans are discussed in addition to manufacturing strategies and royalty systems are also analyzed.

High Voltage Pulse Capacitors Market segmentation by types:

Voltage range: 800 Vac to 3500 Vac

Voltage range: 3500 Vac to 12.5 kVac

High Voltage Pulse Capacitors Market segmentation by applications:

Converters

inverters

Others

For the full report, click here:

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Regional analysis:

The regional coverage of the market is mentioned in the report, mainly focusing on the regions:

  • North America (NA) – United States, Canada and Mexico
  • Europe (EU) – UK, Germany, France, Italy, Russia, Spain and Rest of Europe
  • Asia-Pacific (APAC) – China, India, Japan, South Korea, Australia and rest of APAC
  • Latin America (LA) – Brazil, Argentina, Peru, Chile and Rest of Latin America
  • The Middle East and Africa (MEA) – Saudi Arabia, United Arab Emirates, Israel, South Africa

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Research covers the following objectives:

  • To study and analyze the High Voltage Pulse Capacitor consumption by key regions/countries, product type and application, history data from 2016 to 2021, and forecast to 2028.
  • Focuses on the key global High Voltage Pulse Capacitors manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, Porter’s Five Forces Analysis , SWOT analysis and development plans over the next few years.
  • To analyze the High Voltage Pulse Capacitors with respect to individual growth trends, future prospects, and their contribution to the total market.
  • Share detailed information on key factors influencing market growth (growth potential, opportunities, drivers, industry-specific challenges and risks).

Important features and highlights of the High Voltage Pulse Capacitors Market reports:

– Detailed overview of High Voltage Pulse Capacitor market.

– Changing industry market dynamics.

– In-depth market breakdown by type, application, etc.

– Historical, existing and foreseeable market size in terms of scope and value.

– Recent trends and developments in manufacturing.

– Competitive landscape of the High Voltage Pulse Capacitors market.

– Approaches to significant performers and product support.

– Potential and niche sectors/regions showing promising growth.

The High Voltage Pulse Capacitors The market report provides answers to the following questions:

  • What guidelines are key artists following to challenge this Covid-19 condition?
  • What are the important drivers, opportunities, challenges and dangers of the market?
  • will face survive?
  • Who are the key market players in High Voltage Pulse Capacitors industry?
  • What is the expected compound annual growth rate (CAGR) of the global market for the duration of the forecast period (2022-2028)?
  • What could be the anticipated value of the High Voltage Pulse Capacitors market during the forecast period?

Personalization:

Global High Voltage Pulse Capacitors market report may well be modified to meet your detailed business needs. Because we understand what our clients want, we provide up to 20% customization for any of our market intelligence data reports at no additional cost to all of our users.

Contact us:

Irfan Tamboli (head of sales) – Market Intelligence data

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Mail to: [email protected]

This press release has been compiled with the aim of providing accurate market information that will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please do not hesitate to contact us at [email protected]

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Karnataka government to launch 15-day health campaign to celebrate Prime Minister Modi’s birthday https://sms461.com/2022/09/18/karnataka-government-to-launch-15-day-health-campaign-to-celebrate-prime-minister-modis-birthday/ Sun, 18 Sep 2022 12:59:55 +0000 https://sms461.com/2022/09/18/karnataka-government-to-launch-15-day-health-campaign-to-celebrate-prime-minister-modis-birthday/ Bengaluru, Karnataka News Live Updates (September 18): Karnataka Chief Minister Basavaraj Bommai said on Sunday that he had rejected three proposals from the Kerala government following his meeting with Kerala Chief Minister Pinarayi Vijayan. During a bilateral meeting held on Sunday, Vijayan requested permission for the Kanhagad – Panathur – Kaniyur railway line. This will […]]]>

Bengaluru, Karnataka News Live Updates (September 18): Karnataka Chief Minister Basavaraj Bommai said on Sunday that he had rejected three proposals from the Kerala government following his meeting with Kerala Chief Minister Pinarayi Vijayan. During a bilateral meeting held on Sunday, Vijayan requested permission for the Kanhagad – Panathur – Kaniyur railway line. This will cover 45 km in Karnataka and 31 km in Kerala. Earlier, Indian Railways had rejected the plan but later gave a nod on the condition that both states agree.

Karnataka Lokayukta Police has registered an FIR under the Prevention of Corruption Act 1988 and sections of Indian Penal Code for cheating and extortion against former CM of Karnataka and BJP parliamentary council member BS Yediyurappa and several members of his family in a court-referred case.

Meanwhile, former Karnataka Minister and Congressman HK Patil has alleged that people claiming to be the world’s ‘second or third richest person’ earned Rs 60,000 crore from insurance. Nationally, insurers paid out Rs 26,393 crore against a gross premium of Rs 32,000 crore, the former agriculture and rural development minister said. The whole crop insurance program helps insurers, not farmers, he said.

In Other News, the Chennai Smugglers and Currency Manipulators (Asset Confiscation) Act (SAFEMA) Authority and the The Narcotics and Psychotropic Substances Court recently ordered the confiscation of his real estate, whose market value is set at Rs 1.6 crore. Mruthyunjaya, 50, was arrested by the Central Crime Branch in July this year with drugs worth Rs 80 lakh

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Loss-stricken Fenbi Tech seeks IPO money after education sector shake-up – New Oriental Education (NYSE:EDU) https://sms461.com/2022/09/16/loss-stricken-fenbi-tech-seeks-ipo-money-after-education-sector-shake-up-new-oriental-education-nyseedu/ Fri, 16 Sep 2022 14:42:52 +0000 https://sms461.com/2022/09/16/loss-stricken-fenbi-tech-seeks-ipo-money-after-education-sector-shake-up-new-oriental-education-nyseedu/ Key points to remember: Fenbi Technology has recorded losses of more than 2.5 billion yuan in the past two years after switching from online to offline training The company has laid off more than 9,400 employees and cut staff salaries to ease financial pressure By Fai Pui A year after a tutoring […]]]>

Key points to remember:

  • Fenbi Technology has recorded losses of more than 2.5 billion yuan in the past two years after switching from online to offline training
  • The company has laid off more than 9,400 employees and cut staff salaries to ease financial pressure

By Fai Pui

A year after a tutoring crackdown shattered China’s thriving education sector, the still viable elements of the business are seeking new directions and capital, with a focus on adult education.

Government restrictions have decimated the market for tutoring in core school subjects. Even education industry star Yu Minhong, founder of New Eastern Education EDUhas now turned to direct marketing.

As the business of tutoring schoolchildren has dried up, attention has turned to a part of the education sector that still enjoys official support: vocational training for careers such as teaching or the public service. The competition here is fierce.

Among the companies jostling for a bigger slice of the adult education pie are Fenbi Technology Ltd., a platform offering professional and technical training as well as tuition fees for public service competitions. The company deposit a second IPO attempt in early September after its Hong Kong Stock Exchange listing application expired in February, now with Citigroup, CICC and Bank of America Securities as co-sponsors.

The name Fenbi – which means “chalk” in Chinese – may not mean anything to investors, but the company was once part of the more familiar education brand Yuanfudao. Yuanfudao was an online learning “unicorn” that was once highly sought after by Chinese venture capital, raising $3.5 billion in 2020 alone. The company, which targeted school-aged students , was quickly dealt a fatal blow by last year’s new education policy. Meanwhile, Fenbi Technology, the tutoring service for aspiring professionals, has become a new focus for the capital, after being spun off from Yuanfudao in 2020.

Chinese civil service examinations have been dominated for more than 20 years by two societies: Offcn Education Technology (002607.SZ) and Beijing Huatu Hongyang Education. However, both giants mainly provide offline tutoring services. Seeing an online opportunity, Yuanfudao put Zhang Xiaolong, a former well-known lecturer at industry leader Huatu Hongyang Education, in charge of his civil service exam training and expanded his online footprint from 2013. independently as Fenbi Technology, the internet upstart set out to challenge established industry leaders.

But this is not a tale of a brave underdog overthrowing giants. Expansion costs to compete with industry leaders weighed heavily, pushing Fenbi Technology deep into the red despite rising revenue from 1.16 billion yuan ($166 million) in 2019 to 3.43 billion. yuan last year.

The company posted a net profit of 154 million yuan in 2019, but posted a net loss of around 484 million yuan the following year. Losses multiplied from there to a deficit of 2.05 billion yuan in 2021. To take on the two giants, the company had invested heavily in building an offline business, inflating its business expenses and administrative.

Fenbi Technology’s workforce grew from 1,592 at the end of 2019 to 12,803 at the end of 2020 and peaked at 16,800 at the end of March last year, according to the prospectus. Employee spending reached 1.17 billion yuan in 2020 and 2.72 billion yuan in 2021, accounting for 55% and 79% of total revenue in those years.

As revenue growth could not keep pace with increased expenses, gross margins fell from around 46% in 2019 to 23% in 2020. The company managed a slight increase to 24.5 % last year after being forced by financial pressure to lose weight through layoffs and salaries. cuts.

Cost reduction with massive layoffs

At the end of last year, Fenbi Technology had just 8,964 employees on its payroll, falling to 7,388 in the first half of this year, a decrease of 9,412 employees from its peak. The average salary of lecturers and other teaching staff also rose from 13,300 yuan in 2019 to 8,900 yuan in the first half of this year. Salaries for sales and marketing were further reduced from 12,300 yuan to 6,800 yuan, a salary reduction of nearly 45%.

As a result, the company cut payroll expenses to 771 million yuan in the first half of this year, just over 53% of revenue.

Fenbi Technology holds a leading position in the online education industry for future professionals. It is China’s largest provider of online courses for professional exams, with 9.8 million paying users of its training courses and online products last year, according to a Frost & Sullivan report. , four times more than the customers of the second supplier. By the end of June this year, its online platform had accumulated around 43 million registered users, with the average number of monthly active users increasing from around 4.7 million in 2020 to around 6.5. million last year and rising further to around 7.5 million at the end of June. year.

With its huge online following, Fenbi Technology has ambitiously expanded into the offline market in recent years to counter the competition. Last year, around 67.5% of students in its offline courses were recruited from its paid online user base, a proportion that rose to 71% in the first half of this year. The offline training business posted negative gross profit for the past two years but, thanks to cost cutting, managed a gross profit of 190 million yuan in the first half of this year, a margin of one just over 36%, although still well below 60%. for his online training.

As a popular Chinese proverb says, bad luck often comes in pairs. The profession of training for public service competitions and professional qualifications has also experienced its difficulties, with disruptions caused by the Covid pandemic.

Offline tutoring services have taken a hit as civil service exams have generally been postponed under strict Covid containment measures taken by several major cities this year. Even Offcn Education, the market leader in civil service exam tutoring, saw its first-half revenue plunge 54% year-on-year, while its loss increased more than 8x to 891. million yuan. In this regard, it was not a good time for Fenbi Technology to expand its business from online to offline.

Although the education crackdown was not aimed at job training, it cast a shadow over related actions as investor confidence in the tutoring industry as a whole was shaken. The best examples are the falling stock prices of Offcn Education, New higher education in China (2001.HK) and China Education Group Holdings (839.HK), which had fallen 49% to 67% from their 52-week highs as of Thursday.

Using the 7.4x price-to-sales (P/S) ratio of the company’s closest peer, Offcn Education, as a benchmark for valuation purposes, Fenbi Technology could be listed at a valuation of 24 HK$.5 billion (21.9 billion yuan), after extrapolating an estimated annual revenue from first-half figures.

But given the recent decline in Hong Kong stocks and the general market discount to A-shares, the company may need to attract investors with a lower valuation.

At the end of June, Fenbi Technology still held 1.25 billion yuan in cash and cash equivalents, and its operating cash flow turned from negative to positive in the first half of the year. With continued cost reduction, the business is fortunate to be spared too much stress on capital. Therefore, with an uncertain outlook for the tutoring industry, it can be assumed that one of the reasons for the IPO is to provide exit opportunities for early institutional investors with little patience, such as Tencent Holdings (0700.HK), IDG Capital and Hillhouse Capital.

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Hong Kong office vacancies double after protests and pandemic https://sms461.com/2022/09/15/hong-kong-office-vacancies-double-after-protests-and-pandemic/ Thu, 15 Sep 2022 05:42:00 +0000 https://sms461.com/2022/09/15/hong-kong-office-vacancies-double-after-protests-and-pandemic/ Hong Kong’s brilliance as a business hub has been blunted by political unrest and subsequent repression. (AFP) The number of vacant prime office spaces has more than doubled in Hong Kong over the past three years as businesses scale back. Researchers warn that demand could remain weak even if pandemic controls are lifted. The […]]]>

The number of vacant prime office spaces has more than doubled in Hong Kong over the past three years as businesses scale back.

Researchers warn that demand could remain weak even if pandemic controls are lifted.

The data adds to warnings that Hong Kong’s luster as a business hub has been dulled by political unrest and a subsequent crackdown. Pandemic curbs have also kept the city isolated internationally as rivals reopen.

Class A empty office space rose from 4.2 million square feet to 9.6 million square feet in the three years to March, according to a report by real estate investment firm CBRE.

The record vacancy rate is the result of downsizing nearly 950 businesses, he said.

Occupancy fell by 2.3 million square feet over the same three-year period – falling to 73 million square feet – constituting “the biggest and longest cycle of downturn in the Hong Kong office market history,” CBRE reported.

Rents have also fallen by almost 30%.

“The economic downturn has prompted companies to take a closer look at office costs and reduce office clutter in recent years,” said Marcos Chan, head of research at CBRE.

Hong Kong saw huge and at times violent democracy protests in 2019, which often spread through major business districts and helped tip the city briefly into a recession.

Beijing responded with a crackdown that purged the city of dissent and transformed its once outspoken vibe.

Meanwhile, throughout the pandemic, Hong Kong has stuck to a version of Beijing’s zero Covid strategy, quashing outbreaks with travel restrictions, targeted lockdowns and strict social distancing rules.

Hong Kong was largely virus-free until earlier this year, when the highly transmissible variant of Omicron spread, killing more than 9,000 people and leaving the city with one of the highest per capita death rates the highest in the world.

Foreign companies have chafed at tight pandemic-era border controls that have kept Hong Kong isolated internationally, with some multinational companies opting to move their regional headquarters or some employees to rival cities like Singapore.

CBRE said companies departing from the United States, Europe, the Middle East and Asia were driving the reduction in office occupancy, while companies from mainland China saw a slight growing their footprint.

But he said “there is no evidence of a widespread exit of businesses from Hong Kong.”

Between 2019 and this year, most sectors have reduced their office space, except for the legal, real estate and health sectors, as well as government departments, CBRE said.

The company forecast “gradual and moderate” growth in office demand after Hong Kong eased travel restrictions, citing Chinese businesses as key growth drivers.

“New and expansionary demand from mainland Chinese businesses will grow at a rate of at least 770,000 square feet per year,” CBRE said.

(AFP)

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Evergrande’s Hong Kong headquarters worth $1 billion taken over by receivership https://sms461.com/2022/09/13/evergrandes-hong-kong-headquarters-worth-1-billion-taken-over-by-receivership/ Tue, 13 Sep 2022 05:15:00 +0000 https://sms461.com/2022/09/13/evergrandes-hong-kong-headquarters-worth-1-billion-taken-over-by-receivership/ The China Evergrande Group’s Hong Kong headquarters building has been taken over by receivership, according to a company registry document, confirming previous reports that the developer had lost control of the tower worth over $100,000. a billion dollars. Alvarez & Marsal Asia Ltd. became the receiver controlling the China Evergrande Center […]]]>


The China Evergrande Group’s Hong Kong headquarters building has been taken over by receivership, according to a company registry document, confirming previous reports that the developer had lost control of the tower worth over $100,000. a billion dollars.

Alvarez & Marsal Asia Ltd. became the receiver controlling the China Evergrande Center in the Wan Chai area, according to the filing. It is unclear from the document who named Alvarez & Marsal.

The Financial Times reported last week that a lender had foreclosed on the property, adding that the struggling Chinese developer had pledged the building for loans from a consortium of lenders led by China Citic Bank International. The property was used as collateral for HK$7.6 billion ($968 million) in loans made by parties including Citic Bank International in 2020, according to separate documents on the Companies Registry website.

Evergrande is at the center of a credit crunch that has rippled through China’s property sector and dampened growth in the world’s second-largest economy. The developer did not provide a preliminary plan to restructure its offshore debt that it promised in late July, and has since said it will try to announce a specific proposal before the end of the year.

The 26-storey office building near the city center is one of Evergrande’s most valuable assets in Hong Kong. The developer has failed to sell the building at least twice as it rushes to raise funds.

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Ricky Yiu’s Business As Usual After 900th Winner: ‘1,000 Would Mean Something’ | HK races https://sms461.com/2022/09/11/ricky-yius-business-as-usual-after-900th-winner-1000-would-mean-something-hk-races/ Sun, 11 Sep 2022 12:43:21 +0000 https://sms461.com/2022/09/11/ricky-yius-business-as-usual-after-900th-winner-1000-would-mean-something-hk-races/ Ricky Yiu Poon-fai became just the fifth manager to land 900 Hong Kong winners in Sha Tin on Sunday, but he certainly didn’t get carried away, immediately focusing on collecting the next 100. “I really don’t feel anything, I’ll just put my head down and do my best, keep up the hard work – 1,000 […]]]>

Ricky Yiu Poon-fai became just the fifth manager to land 900 Hong Kong winners in Sha Tin on Sunday, but he certainly didn’t get carried away, immediately focusing on collecting the next 100.

“I really don’t feel anything, I’ll just put my head down and do my best, keep up the hard work – 1,000 winners would mean something,” Yiu said.

It was Eternal Bloom’s victory in the Class Four Ma On Shan Handicap (1,400m) that saw Yiu hit the mark and he doubled his run in the following race, with Good Luck Friend shocking bettors by eliminating the Class Two Tai Mo. Handicap Shan (1,400m) at $39.

Aged 65, there was a time when Yiu thought this season might be his last until the Jockey Club revised the performance criteria for training beyond the standard retirement age, which means he can continue until the end of the 2027-28 season provided he continues to meet certain benchmarks. .

“It was a big relief. If the rule was retirement at 65, that’s fine, but they changed the rule and I’m happy to continue,” Yiu said.

“Before the club announced I would be five years older, I wasn’t looking at 1,000 (winners), but now I have a chance to reach 1,000.”

The Winner of Shum Book

Danny Shum Chap-shing was so confident Victor The Winner would live up to his name in his Sha Tin debut on Sunday, the veteran coach implored owner Chu Yun-lau to come back from the mainland and “take a shot “.

Take a shot Chu made, with Victor The Winner’s dominating victory dispelling any doubts Shum had about whether calling Chu back to Hong Kong was the right move.

“He’s a very impressive horse. He tried well last season and again this season,” Shum said.

“I spoke to the owner and told him he had to come back to Hong Kong because he was in mainland China. I said ‘the horse is a chance to win, so come back and take a picture.’

Toronado’s son, four-year-old Victor The Winner jumped cleanly under Matthew Poon Ming-fai and was never directed, firing hard down the straight to beat home runner-up The Hulk by three-and-a-quarter lengths.

It’s a performance that left Shum convinced that there’s still plenty to do in gelding.

“I think he’ll handle class three when he gets there, I don’t see him having any problems in class three,” Shum said, adding he wouldn’t be rushing Victor The Winner back to racing.

“This sire, you can’t chase them too hard – most of this sire’s horses need a bit of time, four to six weeks is better than two weeks. Then they can gain confidence and continue to develop.

Shum completed a one-two finish with Ka Ying Spirit’s victory, and third place Packing Victory made him the first winner of the all-new Trainer Challenge.

Punters invested HK$3.8m in the new offer, which was significantly lower than the HK$7.2m bet on the Jockey Challenge, but Jockey Club executives hope the Trainer Challenge will become more popular as punters become familiar with it.

Ho feeding off the pressure

Peter Ho Leung welcomes the pressure that comes with having two goals against his name after opening his 2022-23 account on the first day of the campaign with the Amazing Victory win.

The 62-year-old has failed to meet the Jockey Club’s performance benchmark for trainers in the past two seasons, managing just 11 and 14 winners respectively.

When renewing his license in June, the Licensing Committee warned Ho that “if he did not meet the performance criteria at the end of a subsequent racing season, he would not be able to obtain a trainer’s license for next racing season”.

“The pressure is there but if you don’t have pressure you can’t work hard. If you let the prospect of retirement weigh on your mind, it’s not fair to the owners,” Ho said.

Amazing Victory wins under Karis Teetan.

“It’s always nice to have a quick winner and I always do my job in a positive way – I think positively and work hard. I’ve been doing it for over 20 years. The main thing is to try to get more support from owners.

Ho was forced to watch the success of Amazing Victory from home after his son tested positive for Covid-19 on Saturday, which will keep the veteran coach off the track for a week.

Amazing Victory finished strong to win the Class Four Yi Tung Shan Handicap (1,200m) under Karis Teetan, squeezing down the rail to take a narrow victory over Brave Dreams and Science Patch.

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Nexteer Selected as Constituent Member of Hang Seng Corporate Sustainability Benchmark for 6th Consecutive Year https://sms461.com/2022/09/09/nexteer-selected-as-constituent-member-of-hang-seng-corporate-sustainability-benchmark-for-6th-consecutive-year/ Fri, 09 Sep 2022 05:06:00 +0000 https://sms461.com/2022/09/09/nexteer-selected-as-constituent-member-of-hang-seng-corporate-sustainability-benchmark-for-6th-consecutive-year/ AUBURN HILLS, Mich., September 9, 2022 /PRNewswire/ — Nexteer Automotive has been named a constituent member of the Hang Seng Corporate Sustainability Benchmark Index (“HSSUSB”) for the sixth consecutive year. The HSSUSB is evaluated annually and recognizes the top 20% of eligible companies with high environmental, social and corporate governance (ESG) standards. Nexteer is one […]]]>

AUBURN HILLS, Mich., September 9, 2022 /PRNewswire/ — Nexteer Automotive has been named a constituent member of the Hang Seng Corporate Sustainability Benchmark Index (“HSSUSB”) for the sixth consecutive year. The HSSUSB is evaluated annually and recognizes the top 20% of eligible companies with high environmental, social and corporate governance (ESG) standards. Nexteer is one of 96 Constituent Members selected this year and has been included in this Index every year since its first induction in 2017.

“Nexteer is proud to be recognized again by the Hang Seng Corporate Sustainability Benchmark Index for our high ESG standards and our commitment to innovation and value creation that lead to a more sustainable future,” said Robin Milavec, Chairman, Chief Technology Officer (CTO), Chief Strategy Officer (CSO), Executive Board Director and Chairman of the Sustainability Steering Committee, Nexteer Automotive. “Sustainability is a key element in achieving our vision to be the global leader in motion control technologies accelerating mobility to be safe, green and exciting. Our corporate culture encourages all employees to embrace sustainability and working together to make tomorrow better than today.”

To learn more about Nexteer’s overall sustainability efforts, please visit the company’s sustainability webpage. Nexteer’s sustainability framework is built around five key areas: business ethics; Supply Chain; Environment, Health and Safety ; Community; and value creation.

About the Hang Seng Corporate Sustainability Index Series

The Hang Seng Corporate Sustainability Index series provides a benchmark for investing in sustainability. It consists of five indices, including the HSSUSB, recognizing companies listed on the Hong Kong Stock Exchange that perform well in terms of sustainable development.

Constituent selection is based on a robust process that includes consideration of the results of a sustainability assessment undertaken by the Hong Kong Quality Assurance Agency (HKQAA), an independent and professional assessment body, using its proprietary sustainability assessment and rating framework. The process ensures that the Hang Seng Corporate Sustainability Index Series indices are objective, reliable and highly investable, making them excellent benchmarks for index funds that adopt a corporate sustainability theme.

About Nexteer

Nexteer Automotive (HK 1316) is a global leader in motion control technology that accelerates mobility to be safe, green and exciting. Our portfolio of innovative products and technologies includes electric and hydraulic power steering systems, steering-by-wire systems, steering columns and countershafts, transmission systems, eDrive and software solutions. The company solves motion control problems across all megatrends – including electrification, software/connectivity, ADAS/automated driving and shared mobility – for more than 60 customers worldwide, including BMW, Ford, GM, RNM, Stellantis, Toyota and VW, as well as automakers in India and China. www.nexteer.com

Link to Nexteer media center

SOURCE Nexteer Automotive

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Fosun Tourism Group shares fall after report that parent company cuts stake https://sms461.com/2022/09/06/fosun-tourism-group-shares-fall-after-report-that-parent-company-cuts-stake/ Tue, 06 Sep 2022 04:50:00 +0000 https://sms461.com/2022/09/06/fosun-tourism-group-shares-fall-after-report-that-parent-company-cuts-stake/ By Yi Wei Wong Shares of Fosun Tourism Group fell sharply in early trading following a report in Hong Kong media that its parent company was considering reducing its stake in the company. Shares of the tourism company were down 18% at the lunch break, at 8.22 Hong Kong dollars ($1.05). The Hong Kong Economic […]]]>

By Yi Wei Wong

 

Shares of Fosun Tourism Group fell sharply in early trading following a report in Hong Kong media that its parent company was considering reducing its stake in the company.

Shares of the tourism company were down 18% at the lunch break, at 8.22 Hong Kong dollars ($1.05).

The Hong Kong Economic Journal reported early Tuesday that Fosun International had listed 28 million shares of Fosun Tourism for sale at HK$8.57 per share in a block transaction.

Fosun International recently sold a stake in Shanghai Fosun Pharmaceutical (Group) Co., its unit said in a Shanghai Stock Exchange statement on Friday evening.

Shares of the pharmaceutical unit closed down 13% due to the sale of the stake.

Fosun International’s also recently announced that it will reorganize its business portfolio to reduce debt following a downgrade from Moody’s.

“The Group continues to strengthen investment management by actively finding a balance between investment and divestment, and by disposing of its non-strategic assets when opportunities arise.” the company said when presenting its results last week.

 

Write to Yi Wei Wong at yiwei.wong@wsj.com

 

(END) Dow Jones Newswire

September 06, 2022 12:50 a.m. ET (04:50 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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Airwallex supports Hong Kong SMEs with an additional HK$2.25 million https://sms461.com/2022/09/04/airwallex-supports-hong-kong-smes-with-an-additional-hk2-25-million/ Sun, 04 Sep 2022 03:01:25 +0000 https://sms461.com/2022/09/04/airwallex-supports-hong-kong-smes-with-an-additional-hk2-25-million/ Fintech platform Airwallex unveiled new relief measures to support the SME and startup community in Hong Kong following the launch of its Hong Kong Small and Medium Enterprise Initiative earlier this year. More than 450 of its SMB customers have benefited from the initiative since its launch in April, according to the company. It will […]]]>

Fintech platform Airwallex unveiled new relief measures to support the SME and startup community in Hong Kong following the launch of its Hong Kong Small and Medium Enterprise Initiative earlier this year.

More than 450 of its SMB customers have benefited from the initiative since its launch in April, according to the company. It will commit an additional HK$2.25 million to the program, bringing its total commitment to HK$4.5 million this year.

Over 340,000 SMEs operate in Hong Kong, representing 98% of the city’s business establishments and employing around 45% of the private sector workforce. According to Airwallex, the past few years “have tested the resilience, resolve and endurance of businesses in Hong Kong”.

Arnold Chan, Managing Director, Hong Kong and South East Asia at Airwallex, said: “We are encouraged to see some SMEs on the road to recovery, but recognize that many others still face challenges. This further rollout of initiatives aims to provide relief in areas where so many SMEs continue to struggle. We hope that the additional support we provide will help make a difference for Hong Kong’s SME and startup community. »

The latest relief measures include:

Rental support: Hong Kong has one of the highest average rents for premium office space in the Asia-Pacific region. Airwallex has partnered with office and warehouse space providers and an online rental payment platform to provide support and better options for paying rent.

Integrated Logistics Support: Together with international transportation services company FedEx and Hong Kong’s leading technology logistics platform, GOGOX, Airwallex will offer discounts and refunds on various delivery and shipping options.

Marketing operations workshops: In partnership with Google Ads, Fedex and GOGOXAirwallex continues to offer SMB webinars and mentoring over the coming months to enhance the skills of companies looking to grow their business.

Prefect Kwan, co-founder of GOGOX, comments: “The road to recovery for many companies has only just begun. Over the past few years, we are heartened to see the continued entrepreneurial spirit of so many startups and SMEs in Hong Kong. Together with Airwallex, GOGOX will continue to support local businesses and fuel their future growth with our efficient and agile logistics solutions to meet various logistics needs.

Focus on Australian SMEs

In a separate Airwallex announcement this week, the fintech platform released the results of its inaugural annual survey of Australia’s small business ecosystem.

The Airwallex Australian Business Growth Index is the first in an annual series exploring a range of opportunities and challenges facing the SME sector, including growth, financing, staffing and technological innovation.

Airwallex surveyed 202 small businesses in Australia at the end of May 2022 across a range of industries, locations and annual turnovers. He revealed that a third of SMEs (35%) in the country have already completely migrated to digital and fintech solutions for their banking needs.

A third (34%) of Australian SMEs also report that their business currently operates outside Australia. This figure is expected to double over the next five years, as more than two-thirds of SMEs plan to be operational outside Australia by 2027.

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