W E D N E S D A Y , J U L Y 5 , 2 0 2 3 W W W . S C M P .

C O M

A CONFLICT OF U.S. UNDER PRESSURE ‘WE ARE STILL FAR

NARRATIVES TO ADJUST APPROACH FROM CONVINCED’
Why Beijing is pushing respect for American companies have been lobbying HK sceptical despite green light for
the diversity of civilisations for easing of tensions with China Japan to release radioactive water
> PAGE A4 > PAGE A8 > PAGE A6

EDUCATION SHANGHAI COOPERATION ORGANISATION SUMMIT

UNIS IN CITY
CAN DOUBLE
INTAKE OF
NON-LOCALS
Plan is to attract more talent and help turn HK
into regional education hub, but it will not affect
number of subsidised places available for locals
William Yiu
william.yiu@scmp.com
Hong Kong’s publicly funded
universities will be allowed to
double the number of non-local
undergraduate students newly
admitted in the 2024-25 academic
year to around 6,000 under a
proposal to attract more talent to
the city, the Post has learned.
The proposal, which has been
submitted to education authori-
ties, would not affect the number
of subsidised places for Hong-
kongers as non-local students
would pay tuition fees in full, a
source from the university sector
said yesterday.
The source said that under the
scheme, proposed by the
University Grants Committee
(UGC), the quota for non-local
admissions to undergraduate
programmes would be lifted from
the equivalent of 20 per cent of the
number of approved subsidised
places to 40 per cent.
The UGC allocates govern-
ment money to higher education
institutions.
Based on 15,000 publicly
funded first-year degree places,
the intake of non-local students
would jump from around 3,000 to
6,000.
“The initiative is against the
backdrop of the [government]
blueprint of turning Hong Kong
into a regional education hub and
the policy of attracting talent
globally,” the source said.
The eight publicly funded uni-
versities charge non-local under-
graduates between HK$140,000
and HK$182,000 annually, while
tuition fees for local students are
HK$42,100 a year.
Similar arrangements have
been suggested for non-local
postgraduate admission places,
although demand is far lower than
for undergraduate programmes.
About 100 non-local students
attended such courses during this
academic year, compared with
2,507 Hongkongers.
UGC chairman Tim Lui Tim-
leung confirmed to the Post that
the subject of increasing non-
local student places was on the
committee’s agenda, as it fitted
with the policy to attract talent.
“This topic is being seriously
considered by the university
sector,” said Lui, who declined to
elaborate.
The source said some univer-
sities had already used up the 20
per cent quota for non-local stu-
dents and others had even slightly
over-enrolled with permission.
According to the latest govern-
ment statistics, the percentage of
non-local undergraduates at the
University of Hong Kong (HKU)
and Hong Kong University of
Science and Technology (HKUST)
reached 23.7 per cent and 22.4 per
cent respectively in 2021-22, while
Where students come from (in Hong Kong’s public universities in 2022-23)
Mainland China
CityU 1,144
HKBU 650 223
LU 353 52
CUHK 1,569
EdUHK 432 45
PolyU 2,123
HKUST 953
HKU 2,469
Total 9,693
Source: University Grants Committee
the average among the eight insti-
tutions was 18 per cent.
The source said the universi-
ties had been consulted about the
plan, which might be announced
in Chief Executive John Lee
Ka-chiu’s policy address in
October.
An Education Bureau spokes-
woman said it was government
policy to develop Hong Kong into
a regional education hub through
measures such as the enrolment
of non-local students to postsec-
ondary institutions.
“We review the relevant data
from time to time and consider
appropriate measures to further
our policy objectives as neces-
sary,” she said.
The cap on non-local students
was last raised from 10 per cent to
20 per cent in 2008, when then
chief executive Donald Tsang
Yam-kuen announced the move
in his policy address in 2007.
Mainland students account for
the largest share among the
non-local population at the pub-
licly funded universities.
According to UGC statistics, 68
per cent, or 9,693 students, study-
ing programmes were from the
mainland in the current academic
year, and the rest from other parts
of the world.
The growing number of main-
land students at Hong Kong uni-
versities was noted in the Times
Higher Education Rankings 2023,
a global league table.
It said Hong Kong had
witnessed a surge in mainland
students at its institutions, with-
out going into any impact brought
on by such an increase.
“Hong Kong recorded a 9 per
cent increase year on year in stu-
dents from the mainland in 2021-
22,” it said.
With the government regard-
ing a shortage of hostel spaces as
a major hindrance for institutions
to admit more non-local students
over the years, a paper submitted
to the Legislative Council earlier
revealed that an extra 8,500 dorm
places at four public universities
would be completed in 2024 or
after.
Professor Lau Chi-pang, a law-
maker and associate vice-presi-
dent of Lingnan University, said
institutions in Hong Kong had
sufficient capacity to admit more
non-locals. He did not see it being
an issue if mainland students took
up the additional places.
“You can take a look at univer-
sities in the United States and
Europe, their non-local students
are also dominated by mainland
students. It is a global trend,” he
said.
Aside from HKU, HKUST and
Lingnan, the other publicly
funded universities are Baptist
University, City University,
Chinese University, Polytechnic
University and the Education
University of Hong Kong.
Rest of the world Total
806 1,950
873
405
747 2,316
477
511 2,634
960 1,913
1,262 3,731
4,606 14,299
SCMP
Russia’s Vladimir Putin, President Xi Jinping and India’s Narendra Modi were joined by the leaders of Pakistan, Iran and four Central Asian countries at the summit. Photos: Handout
Russians united as never before, Putin tells summit
Moscow will continue to resist provocation and sanctions, leader vows
Hayley Wong
hayley.wong@scmp.com
Russia is still united and
“developing steadily”, President
Vladimir Putin told leaders of
friendly states gathered for a
virtual summit yesterday, days
after an armed mutiny threatened
Moscow.
“Our country is continuing its
steady development. The Russian
people are consolidated and
united as never before, highly
responsible for the destiny of their
country,” Putin told the Shanghai
Cooperation Organisation (SCO)
summit, attended via video link by
the leaders of China, India,
Pakistan, Iran and four Central
Asian countries.
The event marked Putin’s first
international appearance since
the Wagner mercenary group,
which is aiding Russia in its war on
Ukraine, briefly threatened to
march on the Kremlin 10 days
ago. The insurrection posed the
greatest challenge to the Russian
leader in his more than two
decades in power.
“I want to take this opportunity
to thank my colleagues at the SCO
for supporting the Russian
leadership to protect our constitu-
NATIONAL SECURITY LAW
Rewards for wanted activists ‘send strong message’
Jeffie Lam and Kahon Chan
Hong Kong’s move to offer a
bounty of HK$1 million for each
arrest of eight wanted activists will
send the world “a strong message”
that anyone who violates the
national security law will be
hunted for a lifetime, according to
Chief Executive John Lee Ka-chiu.
The announcement of arrest
warrants for the eight activists
sparked a fresh row between
Beijing and the governments of
countries where they live, with the
nation’s foreign affairs office in
Hong Kong yesterday warning
“foreign forces” to stop harbouring
criminals and supporting
“pawns”.
Throwing his weight behind
the police action and stressing the
government would not be
deterred by the reactions of other
countries, Lee also called on those
with information – including
relatives of the eight – to provide
details on the suspects’ where-
abouts, guaranteeing they would
be rewarded accordingly.
“Police should do it because
that’s the message not just to
tion, social order and the safety of
our nationals,” Putin said.
As external forces had started a
“hybrid war” and imposed “illegit-
imate sanctions” on Russia, the
country would “continue to resist
external pressure, sanctions and
provocation”, he vowed.
President Xi Jinping also
referred to “external intervention”
when he addressed the summit
earlier.
“We should resolutely oppose
any external intervention or
intention to excuse and incite
colour revolution,” Xi said, using
Beijing’s term for popular
uprisings orchestrated by the
West, the US in particular.
The SCO was founded by
We should
resolutely oppose
any external
intervention … to
excuse and incite
colour revolution
PRESIDENT XI JINPING
Hong Kong, but to those who try
to endanger our national security.
And we want them to know that
we will not sit and do nothing,”
Lee warned before the weekly
meeting with his advisers in the
Executive Council, a key deci-
sion-making body.
“We’ll be pursuing the
[suspects’] criminal responsibili-
ties for life until they surrender
themselves.”
The police force on Monday
announced it was offering HK$1
million in reward money for infor-
mation leading to each arrest of
eight opposition figures – former
legislators Nathan Law Kwun-
chung, Dennis Kwok Wing-hang
and Ted Hui Chi-fung, unionist
Mung Siu-tat, lawyer Kevin Yam
Kin-fung, and activists Finn Lau
Cho-dik, Anna Kwok Fung-yee
and Elmer Yuan Gong-yi.
But critics questioned the
effectiveness of the bounty given
the countries these activists live in
– Australia, Britain and the United
States – suspended extradition
treaties with Hong Kong following
Beijing’s imposition of the
national security law on the city in
2020, with political crimes also
China and Russia in 2001, initially
as a security and anti-terrorism
counterweight to the United
States and its numerous alliances
across Eurasia. Its four Central
Asian member states are
Kazakhstan, Kyrgyzstan,
Tajikistan and Uzbekistan.
The alliance should also
improve intelligence and enforce-
ment mechanisms and “conduct
joint operations regularly” to
combat regional security threats,
Xi said.
Both leaders called for the
increased use of national curren-
cies in trade between SCO
members, in a push for deeper
integration within the bloc.
“China suggests expanding the
use of national currencies within
the SCO and cooperation in digital
sovereign currencies,” Xi said. His
comments come at a time of
uneven post-Covid economic
recovery for China, and with the
yuan under increasing pressure.
He also urged the bloc to
“promote the establishment of an
SCO Development Bank”, refer-
ring to an idea China proposed
over a decade ago but on which
little progress has been made.
Echoing Xi, Putin said: “The
use of national currencies in
mutual settlements is becoming
usually exempted under such
deals. The move also immediately
sparked condemnation from the
three countries.
Australian Foreign Minister
Penny Wong, who met Hui and
Yam in January, said her govern-
ment would support those in the
country who exercised their
rights.
“Any allegations of foreign
interference will be investigated
by the appropriate authorities,”
she said yesterday, referring to
national security legislation in
Australia that bans activities that
influence the exercise of demo-
cratic or political rights on behalf
of a foreign government.
On Monday, the US State
Department urged Hong Kong to
immediately withdraw the
bounty, saying the extraterritorial
application of the national secu-
rity law was a “dangerous prece-
dent” that threatened the human
rights and fundamental freedoms
of people all over the world.
In Britain, Foreign Secretary
James Cleverly said: “We will not
tolerate any attempts by China to
intimidate and silence individuals
in the UK and overseas.”
more widespread. More than 80 while Xi urged the SCO to
per cent of commercial “continue to play the role of a
transactions between Russia and coordination platform for
China, for example, are already Afghanistan’s neighbours … and
conducted in roubles and yuan.” help Afghanistan to establish an
Russia has been isolated from inclusive political structure”.
the global Swift payment system The leaders also welcomed
as part of Western-led sanctions Iran to the fold. With its full
following its invasion of Ukraine. membership finalised at the
Putin called on the SCO to set up summit, this is the first time the
“necessary payment infrastruc- heavily sanctioned country has
tures” to strengthen regional been admitted to a regional group
economic integration and build since 1979.
an “independent financial Iran became an SCO observer
structure”. in 2005 and signed a memoran-
Terror threats – a long-time dum of commitment in
concern of the grouping – was also September to become a perma-
part of the discussion, with Indian nent member.
Prime Minister Narendra Modi – Modi said he was “extremely
the summit chair – highlighting happy” Iran was joining as a new
the need for “decisive action”. member, and signalled a similar
“We have to fight together pathway for Belarus, another
against terrorism in any form or Russian ally and SCO observer in
manifestation,” Modi said in his line for full membership.
opening remarks. “Terrorism has The heads of six international
become a threat to regional, and regional organisations,
global peace.” including the United Nations,
The leaders, including Modi Asean, and the Commonwealth of
and Xi, also stressed the impor- Independent States – made up of
tance for the SCO to provide former Soviet republics – were
humanitarian aid to Afghanistan, also invited to the summit.
where terrorist activities since the The meeting was held in
Taliban takeover about two years person last year and a combina-
ago have sparked concerns about tion of online and in person in
spillover effects on the rest of the 2021. Chair country India did not
region. say why the event was not held in
Afghanistan should not be person this year.
allowed to be used as a base to
destabilise the region, Modi said, > QUICK PATH TO NATO A11
Lee, who has been sanctioned own political gains,” Lee said.
by the US, yesterday said the “I’m not afraid of any political
reaction of foreign governments pressure that is put on us because
would not affect his administra- we do what we believe is right.”
tion’s determination to go after In an apparent rebuttal of the
the suspects. US and British statements, Lee
He sidestepped a question on also maintained that extraterrito-
whether the high-profile bounty rial powers existed in the national
was prompted by a campaign by security laws of other countries,
overseas groups to bar him from with Hong Kong’s legislation also
attending an Apec summit in San granting the authority of “taking
Francisco in November. extraterritorial actions against
“[What] overseas politicians or criminals”.
officials say will not in any way Beijing’s foreign affairs office
change our strong belief in the in Hong Kong also issued a state-
need to uphold protection of ment, saying it firmly rejected the
national security. I know they “fallacies” of the US and British
have been doing things for their authorities.
own political reasons, for their “Some foreign politicians have
criticised Hong Kong’s legitimate
law enforcement which maintains
national security while turning a
deaf ear to their own impenetra-
We’ll be pursuing ble national security legislation
and abuse of national security
the [suspects’] concepts,” a spokesman said.
In a separate statement, Hong
criminal Kong’s Security Bureau said
responsibilities countries trying to excuse the
suspects were despicable and
for life disrespectful to the rule of law.
JOHN LEE, CHIEF EXECUTIVE
> MORE REPORTS A3, A6

PUBLISHED SINCE 1903 / VOLUME 79 / NO 184 SEE LIVE UPDATES AT WWW.SCMP.COM

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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

WEDNESDAY, JULY 5, 2023

MY TAKE - JOSEPHINE MA HARRY’S VIEW

Regional effort needed to end

‘cyber slavery’ in Myanmar
Chinese businessman’s account of being forced to engage in ‘pig
butchering scams’ the latest to make headlines in state media

T
he horrendous account of a businessman
who says he escaped from “cyber slavery”
in Myanmar made headlines in mainland
Chinese media last week.
The man, using the pseudonym Li Wei, told
the Metropolitan Channel of Henan TV in April
that he was lured by a client to the Southeast
Asian nation late last year when he tried to chase
a payment he was owed.
His story is becoming a familiar one. Like
many other victims, the man says he was
trafficked by a criminal syndicate and
forced to engage in so-called pig butchering
scams.
This common form of cyber fraud sees
scammers, many of them trafficked, seeking to
win the trust of victims by developing romantic
or business connections – “fattening the pigs”
before they are “butchered” by swindling money
from them.
These schemes are a concern
across the region, with Asean
members vowing to work
together to combat them
Li told the broadcaster that some of the cyber
slaves had even been put in what their captors
called a water prison. He said they were locked in
rooms filled with water up to their mouths, with
sharp nails on the floor that made it hard to
stand.
Such accounts have been appearing more
frequently in Chinese state media recently as the
government seeks to warn the public about these
scams.
In what the media called “a very big case”, a
court in Chengdu, Sichuan province, convicted
34 people late last month over their involvement
in a scam ring based in Myanmar.
But the case only involved fraudulent
proceeds of several million yuan – meaning the
syndicate was just one of the many small
operators in the crime hubs that have sprung up
along the Moei River in Myanmar.
Foreign Minister Qin Gang in May called on
the Myanmar government to work harder to stop
the scams, but it is unclear whether this type of
pressure is having any effect.
One of the most infamous of the scam hubs is
Shwe Kokko in the restive Kayin state. Originally
a casino city co-developed by Yatai International
Holdings – owned by Chinese-born businessman
She Zhijiang – and the Kayin State Border Guard
Force (BGF), it became a centre for online scams
during the Covid-19 pandemic.
Shwe Kokko is also the headquarters for the
BGF, which is made up of former insurgency
troops from Kayin who were integrated into
Myanmar’s military, the Tatmadaw, during a
ceasefire in 2010.
In 2020, the Myanmar government – then a
power-sharing arrangement between the civilian
authorities and the military – launched an
investigation and halted the controversial
project, called Yatai New City.
But local NGOs and media pointed out that
the military coup that came the following year
reversed the project’s fortunes, as the military
government needed the BGF to fight rival armed
groups.
The Tatmadaw has neither the capacity nor
the incentive to stop the BGF from restarting this
project and turning it into a hub for cybercrime.
VIDEO HIGHLIGHTS
The BGF is a loose group of former ethnic
militias. Two small battalions reportedly defected Scan the QR codes to watch the videos
from the military government recently, further
undermining the Tatmadaw’s incentives to upset
the remaining BGF forces on its side.
She Zhijiang has been a long-time fugitive
from China and was arrested in Thailand last
year for running a cross-border gambling
business. He is waiting to be extradited to China,
and according to Myanmar media reports the
BGF has filled the void left by She Zhijiang.
These schemes are a concern across the
region, with Association of Southeast Asian
Nations (Asean) members vowing to work
together to combat them.
There have been reports of rescues, Philippines pulls tourism advert The Indonesian village being Gas leak suspected as cause of blast at
crackdowns and trials in recent months – it is after stock footage fiasco swallowed by the sea building in downtown Tokyo
progress, but they are just the tip of the iceberg.
Getting to the root of the problem will be Tourism officials in the Philippines are Rising sea levels are slowly submerging A building in Japan’s capital, Tokyo, is
difficult and complicated, but there is an left red-faced after the creators of a Cemarajaya in West Java. Some 6km of rocked by an explosion, injuring at
opportunity now for cooperation between video promoting the archipelago as a its coast have reportedly already been least four people. They include two
Beijing and Asean members, since they face a holiday destination admit they used lost in the past two decades. inside the property and two walking
common enemy. stock shots from other countries, Remaining residents are working to past. Police suspect a gas leak and
Stopping these criminal syndicates and their including rice terraces in Indonesia build defences to protect their homes witnesses report smelling gas
protectors can only be done with regional and sand dunes in Brazil. from the next high tide. before the explosion.
cooperation, and with strong political will.

POSTS FROM THE PAST

2018
Najib Razak, Malaysia’s former prime
minister, is surrounded by supporters
as he leaves the court in Kuala Lumpur
where he is charged with corruption. Najib
pleads not guilty to the charges, which
are related to billions of dollars that went
missing from state development fund
1MDB during his time in office.
2013
Peter Chan Chun-chuen is seen on his
way to prison after being found guilty
of forging a will purportedly left by late
billionaire Nina Wang Kung Yu-sum. After
almost 20 hours of deliberation, a Court
of First Instance jury finds the 53-year-old
businessman guilty of forgery and using a
false instrument.

2008
Taiwan and the mainland make history
by starting regular direct cross-strait
flights, signalling yet a further thawing of
once bitter ties. The first of the weekend
flights, a China Southern Airlines A330
jetliner, carries 106 mainland tourists
from Guangzhou to Taiwan’s international
airport in Taoyuan.
2003
The government may have to postpone
the passage of its controversial national
security legislation after a key ally says
it will support a delay until December.
Liberal Party leader James Tien Pei-chun
announces his party’s new position after
a visit to Beijing, where he holds talks with
officials in charge of Hong Kong affairs.

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There were no winners of the first and
second prizes in last night’s draw. The
winning numbers were 5, 15, 20, 29, 32 and
37. The extra number was 18. Third prize
paid HK$107,460 and was won by 53.5
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

U.S.-CHINA TENSIONS
Beijing ‘cannot count on US
giving any strategic ground’
Recent progress is fragile and could be scuttled
by another balloon-like saga, top academic says
Laura Zhou
laura.zhou@scmp.com
China should drop any illusion
that the US will make strategic
concessions in their fraught
relationship, according to Wang
Jisi, a top Chinese academic on
ties between the two countries.
Speaking at the World Peace
Forum hosted by Tsinghua
University in Beijing on Monday,
Wang said the recent rapproche-
ment between China and the US
was fragile and could be derailed
by events like the balloon saga
earlier this year.
“Personally, I think China
actually sees the US as its biggest
external threat, and that threat is
not just about national security
but politics, too,” he said in a
panel discussion.
“The US has often said that it
doesn’t want to change China’s
[political] system but we are very
concerned because of what it is
doing and the fact that the US has
a very negative opinion about
China politically.”
Wang said that despite efforts
to improve communication he
had seen little sign of change from
Beijing and Washington. Instead,
the two countries had toughened
their economic and foreign policy
positions, citing national security
grounds. “This is why I think we
should give up any illusion that
the US would make strategic con-
cessions to China,” he said.
US outreach efforts have
gained momentum in recent
weeks. US Secretary of State
Antony Blinken was in Beijing last
month and Treasury Secretary
Janet Yellen will arrive in the
Chinese capital tomorrow.
More high-level engagement
is expected but it is not clear if it
will generate enough goodwill for
President Xi Jinping to attend the
Apec summit in San Francisco in
November. If he does go, it will be
Xi’s first visit to the US since 2017.
But Wang said ties were
unlikely to improve any time
soon.
“The nature of the US-China
relationship has already deter-
mined that it will not improve in
the near future, and that both
sides now hold a negative view of
the other,” he added.
“Even if the relationship does
get better, it will just be an
improvement about the mood or
a temporary detente.”
Wang, president of the
Institute of International and
MINERALS
China’s gallium advantage threatened by a
rapid depletion of resources, experts warn
Echo Xie
echo.xie@scmp.com
China produces more than 95 per
cent of the world’s raw gallium – a
critical mineral for making
semiconductors – but the
situation may not last because of
the rapid depletion of natural
resources, experts have warned.
They said Beijing’s decision to
impose export controls on gallium
and germanium, another crucial
mineral, could protect China’s
limited resources and safeguard
national security.
Chen Fengying, a researcher
with the China Institutes of
Contemporary International
Relations, said China’s export
restrictions could be considered a
reciprocal measure.
Beijing’s new rules came just
after the Netherlands announced
export controls on advanced chip
manufacturing equipment on
Friday, following Washington’s
lead to curb China’s chip-making
capabilities.
Chen said the protection of
finite resources through export
controls was a way of protecting
national security and interests, the
state-owned Global Times
reported yesterday.
Foreign ministry spokes-
woman Mao Ning said it was
common international practice to
impose export restrictions and
that China’s latest rules did not
target any particular country.
“China has always been com-
mitted to maintaining the security
and stability of the global
supply chain and has always
implemented fair, reasonable and
non-discriminatory export
control measures,” Mao said.
Under the restrictions, export-
ers in China must apply for per-
mission from the Ministry of
The nature of
the US-China
relationship has
already determined
that it will not
improve in the
near future
WANG JISI, PRESIDENT, INSTITUTE OF
INTERNATIONAL AND STRATEGIC
STUDIES, PEKING UNIVERSITY
Strate gic Studies at Peking
University, said there were also
concerns about the potential fall-
out from another balloon-like
incident. “I have some concerns
that any unexpected event, such
as the balloon incident or other
events, could worsen bilateral
relations once again, and we hope
to avoid such an event,” he said.
“The two sides had no better
channels but to communicate
through their diplomatic mis-
sions, but how can the Chinese
embassy in the United States have
any idea about who sent the
balloon? The Chinese side needed
time to find out and the US has
difficulty understanding why it
took so long.”
If there were any incidents,
particularly in the lead-up to the
Asia-Pacific Economic Coopera-
tion meeting or the G20 summit in
New Delhi, each side would need
to “avoid heated arguments or
any confrontation”.
“And that is something I think
we can hope for,” he said.
Commerce and obtain approval
from the State Council to export
certain items.
Both gallium and germanium
are key elements in making
semiconductors and other
electronic items. China accounts
for more than 95 per cent of the
global gallium output and about
60 per cent of the world’s total
germanium production.
Gallium is used in microelec-
tronic components for a range of
products. Two of its compounds
– gallium arsenide and gallium
nitride – are used to manufacture
LEDs, solar cells, semiconductors
and highly specialised integrated
circuits, according to the United
States Geological Survey (USGS).
Germanium is mainly a
by-product of zinc ore processing
and is often used in electronics
and solar energy applications, as
well as in infrared radiation.
According to the USGS, 53 per
cent of US gallium imports came
95%
China accounts for more
than this much of the global
gallium output and about
60 per cent of the world’s
total germanium production
Observers have pointed to two
other major possible sources of
tension next year: the Taiwanese
and US presidential elections.
US President Joe Biden is
expected to adopt a hawkish stand
on China while he runs for re-
election. And the election of any
independence-leaning candidate
in the Taiwan race could spell
the end of any cross-strait
improvements.
Wang said he was worried how
Beijing and Washington saw
Taiwan differently.
“The Americans often said that
they want to maintain the status
quo of the Taiwan Strait, but they
also said they have heard Beijing
wants progress in reunification
[with Taiwan] and it does not
want the separation of Taiwan
and the mainland to continue in
perpetuity,” he said.
Such differences over Taiwan’s
status would continue and even
intensify, he warned.
“China will certainly step up its
suppression of ‘Taiwan inde-
pendence’ forces and intensify its
efforts of unification, while the
US may continue to sell weapons
and provide some political sup-
port to Taiwan – this is my major
concern.”
Beijing sees the island as a
breakaway province to be brought
back to its fold eventually and by
force if necessary. The US does
not recognise Taiwan as an
independent state but opposes
changes to the island’s status quo.
Wang also questioned if the US
would abandon its policy of “stra-
tegic ambiguity” over Taiwan.
“I don’t think strategic clarity is
possible because it is unlikely
for the US to say, in any case, at
what point it would be willing
to become involved in Taiwan
militarily.”
He expected the US would
continue to be “the most powerful
military, economic and political
power in the world” but China
had its own edges such as a strong
governance system.
“China’s power has been on
the rise quickly ... and the US’
power is also rising – but slowly –
so it can be said that the US is in
decline relative to China,” he said.
Still, Wang said, he was
worried about the growing polar-
isation of US politics that had
undermined Washington’s repu-
tation as a great democracy.
“As someone who has
observed the US for decades, I had
not previously thought that US
domestic politics would develop
into such a partisan rivalry, where
debate is not about policy but the
two parties. This is not good for
the long-term development of the
US,” he said.
from China between 2018 and
2021, followed by Germany and
Japan at 13 per cent each.
Last year, geologists warned
that because of the increasing cost
of mining raw gallium and the
depletion of resources, China
could be forced to recycle gallium
from Japan and the US instead of
producing it domestically.
If that happened, China’s huge
resource advantage would reverse
and become an advantage for
other countries, which would
have an adverse impact on the
country’s gallium industry, geolo-
gists with the Henan Academy of
Geology wrote in the peer-re-
viewed Chinese journal Mineral
Exploration.
Although China is the world’s
biggest producer of gallium, it is
still at the bottom of the gallium
industrial chain because it pro-
duces a lot of raw gallium prod-
ucts while relying on Japan and
the US for high-end ones, accord-
ing to the authors.
The geologists noted that the
demand for gallium largely
depended on the demand for
high-end downstream products.
“With the expansion of China’s
business in the global LED mar-
ket, enhancing the international
competitiveness of downstream
gallium manufactured products is
a must for the development of the
gallium industry,” they said.
They suggested better recy-
cling mechanisms and more recy-
cling of gallium-containing ores.
“The demand for gallium is
increasing every year. Although
China is rich in gallium resources,
the recycling system is not perfect
and it will constrain China’s
gallium industry to a sustainable
development path,” the study
said.
> CURBS A ‘BARGAINING CHIP’ A8
LEADING THE NEWS
Yellow thunder
Tourists flock to the magnificent Hukou Waterfall on the Yellow
River at the start of the summer flood season yesterday. The
waterfall, dubbed “hukou”, or “pot spout”, because it looks like
water pouring from a teapot, borders northern Shanxi and Shaanxi
provinces. It is China’s second-largest waterfall, and in flooding
DIPLOMACY
YELLEN TALKS TO ENVOY
AHEAD OF BEIJING TRIP
Treasury secretary puts focus on China and US meeting global challenges
together, in what she calls a frank and productive Washington exchange
Cyril Ip
cyril.ip@scmp.com
Treasury Secretary Janet Yellen
had a “frank and productive dis-
cussion” with Xie Feng, China’s
envoy to the US, ahead of her trip
to Beijing to ease economic
tensions between the two
superpowers.
Yellen and Xie met in
Washington on Monday in sup-
port of what the American side
called “efforts to maintain open
lines of communication and
responsibly manage” the bilateral
relationship, which was also the
stated objective of Yellen’s trip to
China from tomorrow.
“Secretary Yellen raised issues
of concern while also conveying
the importance of the two largest
economies working together on
global challenges, including on
macroeconomic and financial
issues,” the Treasury Department
said.
The Chinese embassy said Xie
asked the US to “attach great
importance” to resolving trade
and economic issues, which were
Beijing’s main concerns. Both
sides saw the meeting as candid
and constructive, and agreed to
keep up communication, it said.
“A healthy and stable Sino-US
relationship conforms to the com-
mon interests of both countries
NATIONAL SECURITY LAW
Dozens of residents on police wanted list
Clifford Lo
clifford.lo@scmp.com
Dozens of Hongkongers have
been placed on a police wanted
list for alleged violations of the
national security law, including
people who were involved in
crowdfunding drives, the Post has
learned.
The news came a day after
police offered rewards of HK$1
million a head for information
leading to the arrest and prosecu-
tion of eight opposition figures.
A government source said city
residents suspected of offences
under the national security law
included people who had jumped
bail and fled overseas after they
were arrested by National Security
Department police.
“[Those being sought by
national security police] are all
Hong Kong residents. Some of
them hold foreign passports, but
have the right of abode in the city
and are considered local citizens,”
the source said.
He added they all left the city
just before or after the law came
into force in 2020 and that most of
them were in Australia, Europe
and North America at present.
Some of them have been
involved in crowdfunding activi-
ties worldwide and the source said
and is also the common expecta-
tion of the international commu-
nity,” Xie said.
“It is hoped that the US and
China will meet each other half-
way, fully implement the impor-
tant consensus of the two heads of
state, use actions to eliminate
interference, manage differences
and strengthen dialogue and
cooperation with sincerity … to
promote Sino-US relations stabi-
lising and a return to the right
track.”
Observers said the long-
awaited talks would touch on
thorny trade issues, including
Washington’s tech restrictions
and tariffs on Chinese goods, with
Secretary of the Treasury Janet Yellen meets China’s newly appointed
envoy to the United States, Xie Feng, in Washington. Photo: Handout
that one activist could raise hun-
dreds of thousands of Hong Kong
dollars in a month.
The source warned supporters
could be considered to be in
breach of the national security law
if their donations were used to
fund offences such as the promo-
tion of secession or subversion.
But he admitted police could
do little to stop that type of activity
because the bank accounts used
to collect donations were based
outside Hong Kong.
He and another government
source also admitted it was
unlikely that overseas law enforce-
ment agencies would help catch
those on list as they could be
considered political refugees who
were usually not listed as wanted
through Interpol’s “red notice”
programme.
National security police have
arrested 260 people aged from 15
to 90 since the law came into force
on June 30, 2020. The force said
161 people and five companies
had been charged. A total of 79
have been convicted.
The eight with a price on their
heads are former legislators
Nathan Law Kwun-chung, Dennis
Kwok Wing-hang and Ted Hui
Chi-fung, trade unionist Mung
Siu-tat, lawyer Kevin Yam Kin-
fung, and activists Finn Lau Cho-
dik, Anna Kwok Fung-yee and
Wednesday, July 5, 2023 A3
season offers a spectacular roar of water that extends for kilometres
and runs at speeds of up to 2,550 cubic metres per second. Tourists
can enjoy the views from banks at either the lower Shanxi side or
the higher Shaanxi side, both of which have installed fenced
viewing platforms at the best photo spots. Photo: Xinhua
provocation, but Biden said his
remarks had not undermined
efforts to repair strained relations
and he expected to soon meet his
Chinese counterpart.
the authorities on both sides find- Yellen’s trip is part of a series of
ing ways to overcome political meetings between Chinese and
obstacles and promote financial US officials expected this year as a
cooperation. freeze in ties – following an alleged
Yellen will be the second sen- Chinese spy balloon that was shot
ior official from US President Joe down over the United States –
Biden’s cabinet to visit Beijing, showed signs of thawing.
following Secretary of State In May, Commerce Minister
Antony Blinken’s fence-mending Wang Wentao met his US coun-
trip in June, when he met terpart Gina Raimondo in
President Xi Jinping and senior Washington, and Wang Yi met
diplomats, including Foreign National Security Adviser Jake
Minister Qin Gang and Wang Yi, Sullivan in Vienna, but mili-
director of the Office of the Central tary-to-military communication
Commission for Foreign Affairs. remains shut down.
Biden’s controversial refer- Ambassador Xie, who began
ence to Xi as a “dictator” a day his role in late May, met Biden in
after Blinken left the country was the White House on Saturday.
described by Beijing as a political He expressed Beijing’s hopes
that both countries would work
“in the same direction” to bring
ties back on the right track,
according to an embassy state-
ment. Biden also accepted Xie’s
diplomatic credentials.
China’s Ministry of Finance
confirmed Yellen’s visit with a
one-line statement and said it
would include meetings with sen-
ior officials.
The Treasury Department said
Yellen would “communicate
directly about areas of concern,
and work [with China] to address
global challenges”.
But a senior American official
said the Biden administration did
not expect significant break-
throughs during Yellen’s trip.
Elmer Yuan Gong-yi. Police said support for the US Hong Kong
seven of the eight had appealed Human Rights and Democracy
for international sanctions against Act 2019, legislation which
Hong Kong. allowed for diplomatic action and
Another source said the eight economic sanctions against the
were singled out because they city’s government.
were alleged to have been Hong Kong independence
involved in serious crimes. campaigner Wayne Chan Ka-kui,
They were also said to have Lau Hong, a former member of
taken part in activities that endan- the disbanded separatist group
gered national security to a greater Studentlocalism, and US-based
degree than others on the wanted Samuel Chu of the Hong Kong
list. Democracy Council were also put
But critics questioned the on the list.
effectiveness of the bounty offer Chief Superintendent Steve Li
because the countries the activists Kwai-wah of the National Security
lived in – Australia, Britain and the Department on Monday appealed
United States – had suspended to wanted individuals to return to
extradition treaties with Hong Hong Kong and surrender them-
Kong after Beijing’s imposition of selves, which would guarantee
the national security law on the less severe penalties if they were
city. convicted of offences.
They added that alleged But he added under national
political offences were security law provisions, they
also usually exempted from would also have to give a truthful
extradition agreements. account of any offences they were
The Post has learned that involved in and report any crimes
others on the list include ex-
legislator Sixtus Baggio Leung
Chung-hang, former British con-
committed by others.
The department has received
more than 500,000 tip-offs about
sulate employee Simon Cheng possible violations of national
Man-kit and activists Sunny security legislation since a special
Cheung Kwan-yeung and hotline was launched in 2020.
Raymond Wong Toi-yeung. The hotline was set up to give
Cheung is the former spokes- the public a way to relay informa-
man of the Hong Kong Higher tion, photos, and audio and video
Institutions International Affairs clips to police by SMS, WeChat or
Delegation, who lobbied for email.
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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 Wednesday, July 5, 2023
FOCUS
Xi fires latest salvo in
battle of narratives
Beijing pushes respect for diversity of civilisations as part of new charm offensive, but
analysts argue that this message is unlikely to resonate anywhere outside Global South
Jane Cai
jane.cai@scmp.com
Warner Bros Discovery executive
Vikram Channa was there – as
was Oscar-winning British
documentary director Malcolm
Clarke. The two were among four
foreign film industry players
invited by the State Council
Information Office to give an
online lecture late last month on
how to tell China’s stories to the
West.
More than 10,000 attendees
from government departments,
Communist Party bodies,
universities, media, embassies
and consulates took part in the
virtual workshop in a quest to
understand “advanced” interna-
tional methods to “explain the
charm of China, Chinese culture
and Chinese civilisation”, accord-
ing to the information office.
“China has been the subject of
a lot of negative publicity in the
West during the last 10 years,”
Clarke said in a video for the work-
shop. “Part of what I’m trying to
do is to counter that kind of
negative publicity, not by
necessarily telling happy, good
stories about China, but just
simply by telling the truth about
what’s happening here.”
The workshop was the
country’s latest effort to build soft
power through a cultural counter-
offensive as Beijing and
Washington engage in an intense
war of narratives.
Earlier in June at a symposium
in Beijing, President Xi Jinping
said China’s unique development
path was rooted in the continuity
of its culture. Since then, Xi’s vocal
support for traditional culture – as
shown by his recent visits to the
National Archives of Publications
and Culture and the Chinese
Academy of History – has been
echoed by state media.
I think that what we
have is a clash of
ideologies, not cultures
GEORGE MAGNUS, OXFORD UNIVERSITY’S CHINA CENTRE
While at home the party aims
to boost confidence in China’s
history and culture, to the outside
world, it is promoting the Global
Civilisation Initiative (GCI).
The initiative calls for respect-
ing the “diversity of civilisations”
and opposes “stoking ideological
confrontation” or imposing the
Beijing’s new values of one country onto
initiative seeks another.
to use China’s Xi unveiled the initiative in a
culture to help keynote speech to the Communist
sell its policies. Party High-Level Dialogue with
Photos: VCG, World Political Parties in March,
Handout an event attended by leaders of
about 500 political organisations
from more than 150 countries.
At the dialogue, Xi called for
respecting the diversity of civilisa-
tions, advocating common values,
valuing the history and innova-
tions of different cultures and
strengthening people-to-people
exchanges and cooperation.
“The practice of stoking
division and confrontation in
the name of democracy is in itself
a violation of the spirit of
democracy,” he told the audience.
“It will not receive any support.”
Xi’s speech came just two
weeks before United States
President Joe Biden co-hosted his
second Summit for Democracy. A
total of 85 world leaders took part
in the meeting – and China was
not invited.
George Magnus, a research
associate at Oxford University’s
China Centre, said it was probably
no accident that the two meetings
took place back to back.
“The important question is
whether Xi’s framing of the GCI is
fundamentally any different from
Biden’s framing of the struggle of
democracies and autocracies,”
Magnus said.
“I think that what we have is a
clash of ideologies, not cultures,
which ultimately comes down to
differences in the ways we
perceive rights, beliefs, standards
and values.
“Xi’s China and liberal-leaning
democracies may speak to a
common agenda of peace, devel-
opment, equity, justice, democ-
racy and freedom, but he uses
Marxism and ancient Chinese
culture to define a very different
version of what these mean from
the alternative, based on rights
and the rule of law.”
According to Magnus, the
stark contrast in the narratives is
designed to cement bonds with a
disparate group of nations with
differing political systems and
goals.
He said that while Xi probably
had little chance of swaying devel-
oped market economies to his
side, there were hopes that many
countries in the Global South –
encompassing most of the world
outside North America, Europe
and a few rich Asia-Pacific nations
– could be persuaded.
A domestic political analyst
who requested anonymity said
the Communist Party launched
the GCI to counter the cultural
hegemony of the West.
“The party thinks that the
China model of development and
modernisation is downplayed
and even criticised in the Western-
dominated narrative. What
Beijing wants to do is to make its
voice heard, make the Chinese
wisdom a public product for the
world and fight back against
Western cultural hegemony,” the
analyst said.
“The rhetoric of appreciating
perceptions of values by different
civilisations has some appeal to
developing countries, which are
desperate for funds, technology
and know-how from China or
share China’s disdain for Western
values.”
Liu Zhenmin, a diplomat who
was undersecretary-general for
the United Nations Department
of Economic and Social Affairs
from 2017 to 2022, said the GCI,
together with China’s Global
Development Initiative and
Global Security Initiative,
reflected Xi’s world view of a
“shared destiny for mankind”.
“[This world view] is to break
the values-based Western diplo-
macy, stop suppression by
Western countries under the
name of democracy and unite
countries around the world,” Liu
told a GCI symposium in March
hosted by the Study Times, the
newspaper of the Central Party
School, in Beijing.
Under the development initia-
tive, a complement to the Belt and
Road Initiative announced in
2021, China says it will
deliver public goods beyond
infrastructure, prioritising poverty
reduction in low-income
countries.
Under the security initiative,
unveiled last year, China says it
wants to show the world that it
seeks peace and development. As
part of the framework, Beijing has
made a proposal to end the war in
Ukraine and brokered a truce
between Iran and Saudi Arabia.
Beijing’s efforts in general do
seem to be gaining it some favour.
In a report released last
October, University of Cambridge
researchers found that 62 per cent
of citizens in developing countries
viewed China favourably, which
rose to 70 per cent among those
who did not live in liberal
democracies.
It is not so much an
anti-Western message as it
is a non-Western message
SOURABH GUPTA, INSTITUTE FOR CHINA-AMERICA STUDIES
And for the first time since the
surveys started in 2011, slightly
more people in developing coun-
tries were favourable towards
China than towards the United
States (61 per cent).
According to the study, which
used data from 30 surveys cover-
ing 137 countries, developing
nations with high levels of trade
with China – especially members
of the belt and road scheme – had
the most favourable view of it.
Early last year, China formed a
group in the United Nations called
the Friends of the Global
British documentary maker Malcolm Clarke offers
advice on telling China’s story.
62%
This share of developing nations had a
favourable view of China, according to a study
last October, versus 61 per cent for the US
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C O P Y R I GH T
Development Initiative, with 53
member states. It had nearly 70
last month, the Ministry of Foreign
Affairs revealed.
While China is making some
progress in its bid to build a
multipolar world, especially in the
Global South, few countries will
go all in on Beijing, as it remains in
their best interests to hedge
between the rival superpowers
and avoid picking sides, according
to analysts.
“Quite a few countries tilt
towards China only for short-term
interests, as Western cultures and
values have a bigger sway after a
long period of colonisation or
because Western countries have
economic or market supremacy,”
the anonymous analyst said.
Sourabh Gupta, a senior fellow
at the Institute for China-America
Studies in Washington, said China
intended to “soften the ground”
for its rise – and acceptance of that
rise – globally.
“The aim seemingly here is to
suggest that China’s rise will not
follow the beaten path of the
Western powers, and that Beijing
cherishes and advocates for the
diversity of world civilisations. It is
not so much an anti-Western
message as it is a non-Western
message to those interested in
lending an ear,” Gupta said.
“The GCI narrative will not
sway countries markedly one way
or the other. The civilisational
dialogue theme is a tried-and-
tested one and runs up against a
certain [low] ceiling in terms of its
resonance.”
Gupta said that when it came
to stoking cultural pride at home,
Xi was preaching to the choir, but
“for the great mass of the non-
converted beyond China’s
borders, they will stay that way”.
Beijing should do more to
explain the GCI to those outside
China, he added.
“Westerners have neither the
curiosity nor the inclination to
parse these highly conceptual
utterances, especially beyond
economic policy measures, and I
doubt they will provide a platform
for engagement and contestation
in a ‘narrative war’.”
Pang Zhongying, a professor of
international affairs at Sichuan
University, said the initiative
needed to be well defined.
“What does ‘global civilisation’
mean? If it refers to a new
civilisation that unites countries
regardless of ethnicity and
nationality to address global crises
and challenges such as climate
change, it would be a good
initiative,” he said. “So far, the
initiative is still ambiguous, with
empty slogans.”
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
SOUTH CHINA MORNING POST WEDNESDAY, JULY 5, 2023 A5

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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A6 Wednesday, July 5, 2023
ENVIRONMENT
JAPAN’S NUCLEAR
WASTE PLAN TO BE
STUDIED FURTHER
More risk assessments will be carried out by
Hong Kong, with details sought on process, as
UN body gives approval for discharge into sea
Lo Hoi-ying and Ezra Cheung
More risk assessments will be
undertaken by Hong Kong on
Japan’s plan to discharge treated
radioactive water from the
Fukushima nuclear power
station, despite a UN watchdog
giving the go-ahead to pump it
into the sea.
The International Atomic
Energy Agency (IAEA) yesterday
said, after two years of considera-
tion, that the Japanese plan to
dispose of the contaminated
water was in line with interna-
tional safety standards.
The report, presented in Tokyo
to Japanese Prime Minister Fumio
Kishida by the IAEA director
general Rafael Mariano Grossi,
said controlled and gradual
discharge of the treated water
“would have a negligible
radiological impact on people and
the environment”.
“We have agreed that the IAEA
will have its continued presence at
the site and will continue to review
if the plan moves forward … the
IAEA will be permanently here
reviewing, monitoring and assess-
ing this activity for decades to
come,” Grossi said yesterday.
The water from the plant,
damaged by an earthquake and
tsunami in 2011, will be diluted
with seawater to one-40th of the
concentration permitted under
Japanese safety standards before
it is released.
Professor Vincent Ko Chi-chiu of City University (left), Yang Yi, also of City U, and Professor Rudolph Wu, of
Education University, holding “artificial mussels” at Education University in Tai Po. Photo: Jonathan Wong
COURTS
Former radio host urges judges to throw
out sedition conviction under 1938 law
Brian Wong
brian.wong@scmp.com
The first person to be tried on
sedition charges since the city
returned to Chinese sovereignty
has asked an appeal court to
overturn his conviction, arguing
the colonial-era law outlining the
offence fell short of international
legal standards.
Jailed opposition activist Tam
Tak-chi, also known as “Fast
Beat”, yesterday took his grievance
to the Court of Appeal as he looked
to strike down his convictions on
seven counts of uttering seditious
words under the legislation from
1938.
The 51-year-old former radio
host was earlier found guilty of 11
charges, which included the seven
counts of sedition, in relation to a
raft of allegedly offensive acts at
various public gatherings
following the anti-government
protests in 2019.
Tam, a former vice-chairman
of the now-disbanded People
Power party, was also pursuing an
appeal against his 40-month jail
sentence arguing that it was
excessive.
His lawyer, senior counsel
Philip Dykes, argued the sedition
law constituted a disproportion-
ate restriction of freedom of
speech and expression, as it
lacked an objective set of criteria
for outlawing offensive speech or
action.
Prosecutor Anthony Chau
Tin-hang, meanwhile, said the
legislation was consistent with
human rights safeguards because
It is expected it will take up to
30 years to dispose of the 1.37
million tons of contaminated
water in the plant, a process which
sparked fears in the Hong Kong
government and among law-
makers over the potential health
and environmental effects.
The government
should adopt a
more conservative
approach to
address concerns
LUK BING-LAM,
HONG KONG NUCLEAR SOCIETY
The Environment and Ecology
Bureau said a task force set up to
examine the plan was reviewing
the IAEA final report, and would
make further risk assessments
and ask Japan for more informa-
tion on the discharge plan.
It added it had several times
told Japanese authorities that,
once the country started to dis-
charge the water, Hong Kong
would introduce precautions,
including import controls on
marine produce from high-risk
prefectures in the country to pre-
vent potentially contaminated
food from entering the city.
Elizabeth Quat, the chair-
the National People’s Congress
Standing Committee, the coun-
try’s highest legislative body, had
decided to keep it while imposing
the national security law on the
city in June 2020.
Dykes also cited decisions
made in US, Canadian and Indian
courts which noted that a defend-
ant’s intent to incite violence was
an essential element that prosecu-
tors must prove in a sedition case.
He argued that the judge over-
seeing Tam’s trial had been wrong
to ignore decisions made in other
common law jurisdictions.
The local court must also take
into account the fundamental
rights and freedoms enshrined in
the Basic Law, the city’s mini-con-
stitution, as well as the Hong Kong
Bill of Rights and international
treaties, Dykes said.
He further cited a 2002 govern-
ment consultation document
concerning the implementation
of national security legislation
under Article 23 of the Basic Law.
In 2003, authorities shelved
the legislation when half a million
people took to the streets in pro-
test over fears of a possible curtail-
ing of civil liberties and rights.
The document cited by Dykes
suggested that “mere expression
of views” should not be criminal-
ised unless it endangered the state
through “war, force, threat of force
or serious unlawful means”.
“Government officials should
be used to trenchant criticism,
even if it is unfair,” he stressed in
his written filing.
“It is the price they pay for
seeking to govern [Hong Kong]
residents. Free citizens are not
woman of the Legislative Council
panel on environmental affairs,
appealed to the government to
immediately ban the import of
seafood from Fukushima and
surrounding areas.
She added that members of
the public had told her they were
worried the release of the water
would irreversibly damage the
global marine ecology and affect
the health of future generations.
Luk Bing-lam, the chairman of
the Hong Kong Nuclear Society,
said although radioactivity levels
in treated waste water were usu-
ally not high enough to damage
human health, he agreed the
government should conduct
stricter checks on Japanese food
imports.
“As a responsible government,
they should not completely rely
on another country’s research.
The government should adopt a
more conservative approach to
address citizens’ concerns and do
their own risk assessment,” he
said.
The news came as scientists
from the Education University of
Hong Kong and City University
unveiled a cheap device designed
to test for radioactive contami-
nants in marine areas.
“Artificial mussels” – small,
gel-filled containers – were
created to check levels of heavy
metals in marine areas and cost
about HK$8 each. They have been
modified to track the presence of
radioactive contaminants i.
“Artificial mussels can resolve
the limitations presented by
detection methods,” said Rudolf
Wu Shiu-sun, an environmental
science professor at Education
University, who led the project.
obliged to demonstrate ‘affection’
for the government or temper
criticism to maintain social and
political ‘harmony’ as perceived
by the government.”
But Chief Judge of the High
Court Jeremy Poon Shiu-chor
countered by highlighting the
absence of express wording in the
local law that required proof of
incitement on the part of the
accused.
Poon, who was joined by jus-
tices Derek Pang Wai-cheong and
Anthea Pang Po-kam, said the
ordinance classified seven types
of seditious intent, but only one of
them had explicit reference to the
risk of violence.
The court is expected to hand
down its judgment within nine
months. Poon said the adjourn-
ment was necessary given the
potential impact the ruling might
have on future cases.
Thirty people have been con-
victed of sedition since the
national security law took effect in
the city to outlaw acts of seces-
sion, subversion, terrorism and
collusion with foreign forces.
The offence’s conviction rate
since the city’s handover in 1997 is
100 per cent. All 10 accused who
contested their charges were
found guilty after trial, while the
other 20 had pleaded guilty.
Sedition is punishable by up to
two years’ imprisonment upon a
first conviction.
Tam is also among 31 opposi-
tion figures awaiting sentence on
a joint charge of conspiracy to
subvert state power for their roles
in an unofficial legislative primary
election in July 2020.
Heady days are here
One of the four bronze heads of Chinese zodiac animals from
Beijing’s Yuanmingyuan, or Old Summer Palace, that are on
display until October 31 at The Indra and Harry Banga Gallery at
City University in Kowloon Tong.
The show, “The Grand Gathering of the Century: Zodiac Heads
NATIONAL SECURITY LAW
Minister dares wanted activist to return
Nathan Law is one of eight suspects overseas a HK$1m reward is offered for
Kahon Chan
kahon.chan@scmp.com
Secretary for Security Chris Tang
Ping-keung has challenged
wanted activist Nathan Law
Kwun-chung to leave the United
Kingdom and stand trial in the
city, while accusing the former
student leader of exploiting young
protesters’ misfortunes for his
own gains.
Tang yesterday dubbed the
opposition figure a “modern-day
traitor”, hours after Law disputed
the collusion charges against him
and called on police to share their
evidence.
A day earlier, the force offered
a bounty of HK$1 million each to
anyone who could offer informa-
tion leading to the arrest of Law
and seven other opposition activ-
ists accused of violating the
national security law.
The fugitives were last known
to be living in Australia, the United
States and the UK.
Superintendent Steve Li Kwai-
wah of the police National
Security Department had con-
ceded that arrests were only pos-
sible if the suspects set foot in
Hong Kong.
Responding to the bounty,
DISCIPLINED SERVICES
Applications to join police jump after entry rules relaxed
Ng Kang-chung
kc.ng@scmp.com
Police have received four times as
many applications in May as a
year ago for constables to join the
force after entry requirements
were relaxed, according to the
security minister.
Nearly 500 Hong Kong
students in their final year at
mainland universities also signed
up for a recruitment scheme to
join the force after graduation,
with 123 of them already complet-
ing the selection process.
Secretary for Security Chris
Tang Ping-keung revealed the
figures yesterday as he briefed
lawmakers on manpower in the
six disciplined services.
Tang told members of the
Legislative Council security panel
that staff turnover in the force had
improved in recent years.
Police recorded a wastage rate
of 2.2 per cent in 2022-23, down
from 2.9 per cent the year before
and 3.4 per cent in 2020-21.
The rate was the lowest among
the disciplinary services, while the
Government Flying Service had
the highest at 10.1 per cent.
Tang said the revised entry
requirements for police had
helped attract more applicants,
adding: “We are of the view that
you will not be prevented from
becoming a good and effective
cop if you are one inch shorter
than that required.”
Law said: “What I’ve done has
been legitimate peace advocacy
work. I urge Steve Li to disclose
any evidence that I have colluded
with foreign forces – I have neither
received any foreign funds nor
been employed by any foreign
government agencies,” he said.
Speaking after a Legislative
Council panel meeting, Tang
dared the opposition activist to
return to the city to learn more
about the evidence against him.
“If he thinks [what he has done
is] legitimate and legal, I urge him
to come back to Hong Kong and
we will show the evidence to all
Hong Kong residents in court,”
the minister said.
Law was believed to have left
Hong Kong for the UK before
Beijing imposed the national
security law in June 2020, obtain-
ing refugee status a year later.
According to his personal web-
site, the fugitive activist also pub-
lished a book titled Freedom in
November 2021 and has engaged
in a string of speaking engage-
ments in Britain.
Referring to Law’s role as a
well-known activist during the
2019 anti-government unrest,
Tang accused him of exploiting
young protesters’ misfortune for
his own benefit.
He was referring to the relaxed
rules adopted since May 5, under
which previous requirements for
applicants to be at least 163cm tall
and 50kg in weight were removed.
Glasses are also allowed to be
worn for vision tests under the
new rules.
Applicants who failed their
Chinese and English-language
subjects in the Diploma of
Secondary Education examina-
tion will now be given an
alternative written test.
Tang told the panel: “In May,
the number of applicants for con-
stables increased by four times
compared with a year ago. The
number of applicants for inspec-
tors also increased by two times.
“We believe this is very much
linked to the updated entry
requirements.”
Staff wastage rate in disciplined services in past 3 years (%)
2020-21 2021-22 2022-23
10
8
6
4
2
0
Police Correctional Customs Fire Services Immigration Government
Services and Excise Department Department
Department Department
Source: Security Bureau
from the Yuanmingyuan and Important Treasures”, features the
original bronze head statues of the tiger, pig, ox and monkey, along
with other national treasures.
It was jointly organised by City University, China Tourism
Group Corporation and Poly Art Museum. Photo: Elson Li
or information on their
movements.
The minister also stressed that
“You have been acting like a it was illegal to provide financial
cowardly turtle hiding its head support to those accused of
and … indulging in a lavish life in national security offences.
a foreign country, while young Tang declined to say whether
people incited by you in Hong the families of the suspects,
Kong are left to bear the legal con- including Elmer Yuan Gong-yi,
sequences,” the minister said. would be interviewed as part of
Tang reiterated that city any investigations.
authorities would “exhaust life- Yuan is the father-in-law of
long efforts” to bring the eight New People’s Party legislator
suspects to justice, warning they Eunice Yung Hoi-yan, who
could become “abandoned bought a newspaper advert last
pawns” once they were no longer August saying she had severed ties
useful to their foreign hosts. with the staunch opposition
supporter.
The lawmaker told a radio
programme yesterday that she
had advised her husband, political
Young people analyst Derek Yuen Mi-chang, to
be mindful of the legal and finan-
incited by you in cial implications of maintaining
ties with his father.
Hong Kong are left “[Yuan] has become so
to bear the legal extreme in his views against the
country. Birds of a different
consequences feather do not flock together,” she
said.
SECRETARY FOR SECURITY CHRIS TANG
Barrister Ronny Tong Ka-wah,
a member of the government’s
He said that Hong Kong inves- Executive Council, told a separate
tigators were also working on radio show that a son offering
tracking down those funding and financial support to his father out
supporting the suspects, adding of filial piety was not a violation of
that the bounties would encour- the law, since the act was not
age residents to come forward intended as a national security
with evidence about them threat.
But he assured legislators that services. The Government Flying
the quality of officers would not Service followed closely with a
be compromised. “What is rate of 16 per cent. The Fire
important is that when you have Services Department reported the
completed the training, you will lowest at 2.5 per cent.
be physically fit enough and will Tang said the high vacancy
be equipped with sufficient rates were partly because of the
policing knowledge to be a police decline in the overall labour force.
officer,” he said. The disciplined services would
Tang noted the force had also consider greater uptake of
received a “positive and favoura- technology to reduce manpower
ble” response to a scheme demand, Tang said, citing robots
designed to attract Hong Kong used for nighttime patrols at
students studying on the prisons.
mainland. Meanwhile, lawmaker
Since its launch last November, Ambrose Lam San-keung, who
the scheme had received a total of represents the legal sector,
477 applications, according to suggested the force subcontract
Tang. trivial work, such as handling
But the force still had 5,911 disputes over water seepage or
posts left unfilled in 2022-23, or a catching stray pets.
vacancy rate of 17.8 per cent, the Elizabeth Quat, of the
highest among the disciplined Democratic Alliance for
Betterment and Progress of Hong
Kong, said work combating illegal
parking should also be contracted
out.
The Legco panel yesterday
also expressed support for a
HK$5.5 billion plan to redevelop
the Lai Chi Kok Reception Centre,
a maximum security institution
under the Correctional Services
Department mainly for adult men
in custody on remand.
The government plans to sub-
mit the funding request to the
Overall legislature by the end of the year.
Flying If approved, work is expected to
Service be completed in phases from 2025
onwards. The last phase is set to
SCMP be finished at the end of 2031.
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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

We have heard that the Biden administration is
looking to take a more measured and selective
approach to the restrictions it is imposing on China
ALFREDO MONTUFAR-HELU, HEAD OF THE CONFERENCE BOARD’S CHINA CENTRE FOR
ECONOMICS AND BUSINESS, ON SPECULATION WASHINGTON IS BEING PRESSURED BY
AMERICAN BUSINESSES TO ADJUST ITS APPROACH TO CHINA > CHINA A8
Love scam
unravels on
ledge of
high-rise flat
Fraudster who posed
as rich gentleman to
swindle eight women
gets stuck trying to flee
Yating Yang
yating.yang@scmp.com
A con man who took more than 3
million yuan (HK$3.24 million)
from eight women was caught
after getting stuck on a 23rd-floor
window ledge while trying to flee.
The man, surnamed Nie, from
Anhui province, met his victims
on an online dating site where he
posed as a gentleman who owned
a successful home renovation
company in Hefei, the provincial
capital.
A report in the news outlet
Sichuan Observation said he
cultivated relationships with eight
women from 2019 until 2023,
during which he defrauded them
of more than 3 million yuan in
total.
The transcripts of his online
conversations with the woman
show Nie earning their trust by
transferring thousands of yuan to
them on online payment apps.
However, once trust was
established, he started borrowing
money and perpetually delayed
repayment.
In a screenshot of a conversa-
tion with one of the victims on
WeChat, he justified the delay by
saying: “The company account
cannot transfer such a large sum
of money at once.
“I don’t have any money left in
my account. All of today’s
withdrawals went towards paying
salaries.”
When questioned about the
money he claimed to have, he
replied to one woman: “I have
said it thousands of times. If I
don’t have the money, would I be
talking about buying a house?”
The scam came apart last
month after one of the women,
surnamed Zhang, ran out of
patience and demanded repay-
ment of the 300,000 yuan he owed
her, prompting Nie to try and flee
through a window of the flat he
was in.
However, he became trapped
on a ledge of the 23rd floor and
had to call the police for help,
ending his elaborate love scam.
Nie has been placed in custody
while the case is under
investigation.
The news has been greeted
with shock on Chinese social
media. One person asked: “What
charm does this man have to
make several women lend him
millions?”
“He really dug himself into a
hole,” said another.
The number of love scam
cases on the mainland has been
rising in recent years.
According to Chinanews.com,
one district court in Beijing han-
dled 45 such cases between 2019
and 2021, eight of which involved
more than 1 million yuan.
Red Star News reported in
April this year that a man involved
in more than 20 such scams since
2017 had swindled more than
700,000 yuan from his victims, but
only two had gone to the police.
DEFENCE
J-20 stealth fighter tests advanced WS-15 engines
Minnie Chan
minnie.chan@scmp.com
After two decades of develop-
ment, China’s most powerful
engine has had its maiden flight in
one of the country’s most
advanced stealth fighters, an
upgrade that defence analysts say
narrows the technology gap with
the United States.
According to a video circulat-
ing online since June 28, a J-20
prototype jet fighter fitted with
two WS-15 engines took off from
a test airfield in Chengdu.
The city in Sichuan is the base
of the J-20’s developer, Chengdu
Aerospace Corporation.
It is unclear when the flight
took place and there was no offi-
cial announcement from the
People’s Liberation Army.
But photos and footage of the
test have been circulating freely
on social media platforms at
home and overseas, a sign of
official endorsement in China’s
Riding to the rescue
Flood-trapped residents are transported to drier ground in the
Wanzhou district of Chongqing yesterday. Water levels of seven
rivers in the megacity were still above the warning level in the
DIPLOMACY
BORRELL VISIT OFF AGAIN
AFTER BEIJING DECISION
EU foreign and security policy chief told dates for next week ‘no longer
possible’, meaning talks on issues such as ‘systemic rivalry’ must wait
Orange Wang
orange.wang@scmp.com
China has cancelled a visit next
week by the European Union’s
top diplomat, Josep Borrell, just
days after the bloc announced his
rescheduled trip.
The foreign and security policy
chief was due to arrive in China on
July 10 for a bilateral high-level
strategic dialogue, EU ambassa-
dor to Beijing Jorge Toledo said on
Sunday.
“Unfortunately, we were in-
formed by the Chinese counter-
parts that the envisaged dates next
week are no longer possible and
we must now look for alterna-
tives,” EU spokeswoman Nabila
Massrali said yesterday.
When he announced the trip,
Toledo said Borrell would meet
Foreign Minister Qin Gang and
other senior officials, adding that
Brussels wanted to engage on all
issues with Beijing, including
“partnership”, “competition” and
“systemic rivalry”.
Differences over the Ukraine
war, the lack of progress in trade
talks and human rights concerns
were among the issues, he said.
heavily censored information
environment.
Military enthusiasts also
posted clips of the J-20’s maiden
flight with Russian AL-31 engines
in 2011 and Chinese WS-10Cs in
2021, comparing them with the
most recent test.
“The lack of censorship of
social media posts about the latest
maiden flight represents quasi-
official confirmation of the suc-
cessful development of the WS-15
turbofan engine,” said Zhou
Chenming, a researcher at the
Beijing-based Yuan Wang military
science and technology think
tank.
“With the new WS-15, we can
see the J-20 is much more
manoeuvrable and faster in
climbs, showing it is almost on a
par with the American F119
engine designed for its F-22 and
F-35 stealth fighters.”
Zhou said the WS-15 would be
fitted to the J-20B variant of the
fighter, overcoming a major
“heart problem” with the aircraft.
“This will be the place to raise
all these issues, especially the
strategic issues that we have with
China,” Toledo said on the side-
lines of the World Peace Forum in
Beijing on Sunday.
Borrell, who is also a vice-
president of the European
Commission, the bloc’s executive
arm, had been due to visit Beijing
from April 13 to 15, soon after
commission head Ursula von der
Leyen and French President
Emmanuel Macron, but tested
positive for Covid-19.
His rescheduled trip would
have come on the heels of a visit to
Beijing by the EU’s top climate
official and commission first
vice-president Frans Timmer-
mans, who arrived for a two-day
trip on Monday. Timmermans
also had to cancel a planned visit
in April due to Covid-19.
He met Beijing’s special envoy
for climate change Xie Zhenhua
on Monday, and joined Vice-
Premier Ding Xuexiang yesterday
to co-chair the first in-person,
high-level bilateral dialogue on
climate and the environment
since the pandemic.
The high-level EU visits come
as China focuses on developing
“After 12 years since the J-20’s
maiden flight in 2011, the Chinese
air force finally got the engine it
had long been waiting for,” he
said. “The accomplishment of the
sophisticated WS-15 engine
Photos and footage of the J-20 prototype fighter with two new WS-15
engines have circulated freely online, exciting enthusiasts. Photo: Weibo
morning. A railway bridge in the city also partially collapsed after
several days of heavy downpours, fuelling concerns that more
rain-induced disasters will hit the country. Photo: Xinhua
European ties amid growing pres-
sure from the US. But the bloc’s
new playbook on China does not
sit well with Beijing.
On Friday, just before the visit
by Timmermans, the European
Council affirmed the bloc’s “mul-
tifaceted” approach towards
China, labelling it as “simultane-
ously a partner, a competitor and
a systemic rival”.
Leaders from the 27 member
states also agreed to continue to
de-risk and diversify from China
where necessary and appropriate,
but not to decouple from what is
the world’s No 2 economy.
Speaking on the same panel as
Toledo on Sunday, the Chinese
Academy of Social Sciences’
international studies director,
Zhou Hong, said de-risking and
decoupling involved just “playing
with words” for a policy essen-
tially “moving in the same
direction”.
She also criticised Brussels for
positioning the China-EU rela-
tionship as a systemic rivalry,
calling it “a backward step”.
Toledo argued that the notion
was a description of fact: “Not
only do we have different policies
[and] political systems, but also …
means the PLA Air Force will no
longer [be at risk of a] ‘heart
attack’.”
But former PLA instructor
Song Zhongping said the WS-15
did not yet have the endurance of
China has changed in the last few
years”.
He said the systemic rivalry
was reflected in many interna-
tional issues including the war in
Ukraine, which was “extremely
important and consequential” for
the EU-China relationship.
“We think that China [as one of
the five permanent members of
the UN Security Council] has a
special responsibility and that you
cannot be neutral in the face of a
war of aggression.”
China’s ambiguous stance on
the Russian invasion of Ukraine
has been a major sticking point in
its relationship with the EU.
The EU also had systemic
issues with China over human
rights, Toledo said, adding that
Brussels would continue to raise
these points.
He also criticised the lack of
“substantial progress” in eco-
nomic and trade talks with China
over the past four years.
He said high-level economic
and digital dialogues coming up
in September would have to lay
the groundwork for the EU-China
summit – a regular dialogue
mechanism between the premier
and the heads of the European
Commission and European
Council.
The last two summits, both
held virtually, failed to produce a
joint statement.
the American engines, which can
exceed 500,000 flight hours.
“There is still a gap between
WS-15 and the F119 engines,”
Song said. “It’s an experimental
success for the WS-15, but it’s
too early for it to enter mass pro-
duction. It still needs tests and
improvements.”
China is keen to have a stealth
aircraft capable of competing with
the best in the world as tensions
rise in the Asia-Pacific and the
United States ramps up deploy-
ment of its fifth-generation F-22
and F-35 fighters in the region.
The PLA introduced its most
advanced J-20 in March 2017, an
aircraft with Russian AL-31
engines.
China has produced at least
200 J-20 fighters, most of them
powered with AL-31 engines, with
the thrust-vectoring WS-10C
engine as stopgaps.
The US plans to deploy up to
300 of its stealth fighters to the
region by 2025, according to
earlier reports by the Post.
Wednesday, July 5, 2023 A7
ECONOMY
Top planner meets
private companies
to hear of concerns
NDRC officials sit down with 5 prominent firms
to gather feedback and seek ways to spur growth
and medium-sized firms, most of
Beata Mo
which are privately run, fell to 88.9
beata.mo@scmp.com
in May from 88.8 in April – higher
than the same period in 2022, but
China’s top economic planner has lower than the same period in
heard the pleas of private 2021.
companies as they continue to The June purchasing
endure persistent struggles and a managers’ index for China’s man-
lack of policy awareness. ufacturing sector also showed that
On Monday, the National the activities of small and medium
Development and Reform enterprises remained in
Commission (NDRC) sat down contraction territory.
with some prominent private Meanwhile, January-May
firms to “listen to their operations, private investment fell 0.1 per
difficulties and suggestions”, cent, year on year, compared with
while also discussing practical an 8.4 per cent rise by state-owned
solutions to achieve the strongest enterprises in the same period.
possible post-Covid recovery. “Private enterprises still need
The NDRC has put in place a to enhance their confidence,” said
new communication mechanism Li Zibin, head of CASME.
to connect with private firms, and
it is a start in the eyes of struggling
business owners, giving them
hope that Beijing’s policymakers
will take greater measures,
60%
including the implementation of
stimulus programmes before a The private sector accounts
key Politburo meeting in late July. for more than this
The NDRC would keep proportion of China’s GDP
soliciting honest feedback directly and employs 80 per cent
from private enterprises while of the urban workforce
studying effective measures and
working to create a good
environment for them to thrive, its
chairman Zheng Shanjie said at Li said that removing legal and
the meeting. regulatory barriers and hidden
The five participating private obstacles that affect fair competi-
firms were construction tion and common development
machinery producer SANY among various types of enter-
Group, home appliance maker prises, and solving the problem of
AUX Group, logistics firm YTO overdue payments, “must be
Express, down clothing giant done” to boost the confidence of
Bosideng and bottled water private enterprises.
supplier Nongfu Spring. To further support the private
The private sector is a crucial economy, the State
driving force for economic growth Administration for Market
and social stability, as it accounts Regulation launched the second
for more than 60 per cent of the “Month for Services to National
country’s gross domestic product Individual Businesses” in late
and employs 80 per cent of the June, with the theme of “Precise
urban workforce. Service, Optimised Environment
However, it was also hardest and Improved Quality”.
hit by the pandemic. Although “Individual businesses have
zero-Covid controls were lifted shown clear signs of recovery in
late last year, it has been difficult various operating indicators cur-
for small and medium enterprises rently, but they still face many
to return to their normal difficulties in development. To
production levels in just a few promote the development of indi-
months. vidual businesses, it is necessary
According to the China to improve the level of policy
Association of Small and Medium awareness and precision,”
Enterprises (CASME), the index according to the market
measuring the condition of small regulator.
AVIATION
‘I will vomit on you,’ says
elderly woman during
dispute over window seat
another seat to separate them,” an
Alice Yan
airline official said in the Bailu
ting.yan@scmp.com
Video report.
There were reports that the
An elderly woman filmed swear- flight attendant upgraded the
ing at a young woman who older woman to business class,
refused to swap seats with her on but the airline denied this.
a plane has triggered heated “This flight only has economy
public discussion in China. class, no business class. It’s
The incident occurred on a impossible to upgrade seats,” the
Jiangxi Airlines flight from Qing- official added.
dao in Shandong province to The young woman said on
Shenyang in Liaoning province,
on June 20, video news portal
Bailu Video reported.
It began when the young
Chinese social media that when
she boarded the plane, she found
her seat was already occupied by
the older woman who was meant
woman, who filmed the video and to sit in another seat next to the
shared it online recently, declined young woman.
to swap her window seat with an “She said she wanted to sit
elderly woman who began to beside the window. She said she
abuse her verbally. had hypertension and heart dis-
“Since you are young, you ease. If I did not give her the win-
should favour my interests,” the dow seat, she threatened to vomit
older woman said in the video. on me. She said if she got sick, she
“Why should young people would make me take responsibil-
favour your interests?” replied the ity,” the young woman said.
young woman. She said the old woman’s hus-
A male flight attendant came band also threatened to physically
over to investigate the commotion assault her after they landed.
and took the side of the older The internet on the mainland
woman. has been abuzz over the dispute,
“Auntie, I will find you an with most people criticising the
empty seat,” he told the older behaviour of the older woman
woman. He then pointed at the and the flight attendant.
younger woman and said: “Stop “I don’t understand why this
quarrelling, otherwise, you will be old woman felt so justified to
accused of interfering with a pub- make a scene. Is it only because
lic function.” she is old?” one person said on
The airline said it had dealt Douyin.
with the incident in accordance “The flight attendant should
with aviation regulations. apologise. He accused the victim
“We noticed that two passen- of hampering public order but
gers were involved in a dispute. was kind to the person who
We mediated their quarrel and destroyed the public order and
handled it according to the rules. swore at the other passenger,”
We took the older passenger to another person said.
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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 Wednesday, July 5, 2023

CHINA
U.S.-CHINA RELATIONS
That’s not my mummy
Curbs ‘a potential
bargaining chip’
to counter tech ban
Export controls on key raw materials may help
Beijing gain leverage in US talks, experts say

that although Beijing’s curbs were

Khushboo Razdan
“likely have an impact on a
khushboo.razdan@scmp.com
large number of countries”,
Washington was “the main
Beijing’s decision to impose target”.
export controls on critical raw “The US is the No 1 target of
materials used in manufacturing the export control imposed on
semiconductors, communication gallium and germanium,” said
equipment and solar panels could Aadil Brar, a visiting scholar at
complicate the US-led efforts to Taipei’s National Chengchi
shift critical supply chains away University.
from China, experts have said, as “Germanium goes into major
it seeks to gain leverage in military technology as well. China
negotiations with Washington is targeting the US’s restrictions
over access to core technology. on selling semiconductor chips to
“If China chooses to weap- Chinese companies. It’s a clear
onise these supply chains, it retaliation against US actions on
will greatly complicate the calcu- semiconductors,” he said.
lus in the US, European Union He added that since it would
and Asia in terms of reducing be difficult for US President Joe
dependence on China,” an effort Biden’s administration to cancel
that is just beginning, said Paul the restrictions leading up to the
Triolo, a senior associate at the 2024 elections, it would probably
Centre for Strategic and “escalate the tech war in the
Schoolchildren observe a gilded cartonnage – a papyrus used to wrap mummies – belonging to an anonymous woman as part of a guided tour yesterday of the Meet You International Studies, a think tank medium term”.
Museum in Beijing. The pupils were enjoying “Meet Egypt: The Exhibition of Rare Relics and Mummies in China” at the museum in the capital. Photo: Simon Song in Washington. China is the world’s largest
He added that it would take producer of the two elements,
considerable time and investment with more than 95 per cent of the
to recreate “even a portion of crit- global gallium output and 67 per
U.S.-CHINA RELATIONS ical mineral supply chains”, cent of germanium production.
stressing that Beijing “almost According to a recent US

WASHINGTON UNDER PRESSURE

certainly sees these controls as a Geological Survey and
potential bargaining chip, which Department of the Interior report,
it could use to attempt to convince between 2018 and 2021, 53 per
the US and Western governments cent of US gallium imports came
to roll back elements of recent from China, followed by Germany

AT HOME TO ADJUST APPROACH

Sources reveal that some American companies have been lobbying for de-escalation of tensions
Kandy Wong
kandy.wong@scmp.com
Washington is under pressure
from American businesses to
adjust its approach to China as the
United States seeks to resume
economic engagement with
Beijing, although uncertainties
remain and may even worsen
ahead of a possible leaders’
summit later this year, according
to sources and analysts.
US Treasury Secretary Janet
Yellen is expected to travel to
Beijing tomorrow to meet her new
Chinese counterparts in charge of
economic affairs and trade during
a long-awaited four-day visit.
And after US Secretary of State
Antony Blinken wrapped up a
closely watched two-day visit with
a meeting with President Xi
Jinping last month, there have
been expectations that Commerce
Secretary Gina Raimondo and
climate envoy John Kerry will also
visit China.
Blinken had been expected to
visit Beijing earlier, but postponed
his trip in February when a
suspected Chinese spy balloon
flew over American territory.
Engagement on economy and
trade used to prevent bilateral
relations from derailing, but in
recent years, a technological
rivalry has intensified, and Beijing
has also spearheaded indigenous
innovation to break US-led
containment efforts, which it
views as an existential crisis for
China’s economic growth.
But some US companies have
been lobbying Washington to
de-escalate tensions, according to
sources who refused to be identi-
fied because of the sensitive
nature of the issue. “European
companies are doing the same
with their respective govern-
ments,” said one of the sources.
“And this was the message
they gave to the European Union
Commission President [Ursula
von der Leyen] in her most recent
visit to China.”
Another source said some
European executives had
expressed their discontent with
what the US was doing as it
appeared that it was dragging
their countries and companies
into an “unnecessary conflict”.
300b
The amount, in US$, of
Trump-era tariffs placed
on the import of Chinese
goods that is unlikely to be
withdrawn any time soon
“And I guess this is the same
feeling of some EU governments,
as we hear that one of the main
reasons the US is now trying to
narrow down its approach is
because of the EU pressure,” the
source said.
US business communities are
divided over whether Washington
should soften its approach or
become more hawkish with
China, but analysts said keeping
lines of communication open was
key to de-escalating overall
tensions.
But uncertainties remain, and
“much could go wrong” before a
possible visit by Xi to the US in
November.
Han Lin, China country head
at consulting firm The Asia Group,
said US businesses could “find
comfort” that leaders in
Washington and Beijing were
seeking ways to de-escalate
tensions, and mitigate the
contractionary and inflationary
ramifications of decoupling. “This
gives businesses a breathing space
to focus on China’s economic
fundamentals as they plan their
2024 budget,” he said.
Chinese officials have also
pinned their hopes on US busi-
nesses actively playing a role to
mediate and bridge the gap, and
they have taken chances to send
strong signals against
decoupling.
Fang Xinghai, vice-chairman
of the securities regulator, said at
a financial forum last month that
Beijing would never seek decou-
pling with the outside world but
would like to proactively connect
with others.
Tesla CEO Elon Musk was
greeted by Foreign Minister Qin
Gang and executive vice-premier
Ding Xuexiang during his visit to
China at the end of May.
Two weeks later, Xi greeted Bill
Gates in Beijing and called the
Microsoft co-founder “an old
friend” during his first meeting
with a foreign business leader in
recent years.
“China’s officials likely met
with Musk and Gates to help
restore the confidence of the US
business community, which has
been shaken in recent months by
[the Capvision] investigations and
slower-than-expected economic
bounceback after China’s reopen-
ing,” said Nick Marro, the lead
analyst of global trade at the
Economist Intelligence Unit.
“While Musk and Gates came
to China for different reasons,
they and other visiting CEOs
underscore how important peo-
ple-to-people exchange – a mod-
est but important outcome of the
Blinken visit – can be in tempering
US-China misunderstandings,”
said Lin at The Asia Group.
“Nonetheless, what may be a
temporary lull in US-China ten-
sions could get noisy in
Washington going into next year’s
election season.”
Doug Barry, a former official at
the US Commercial Service, said
despite low expectations for a
substantial improvement in over-
all relations, “there may yet be a
path forward through additional
high-level dialogue culminating
in President Xi’s probable visit to
the US in November”. “But there
is much that could go wrong
between now and then,” he said.
A business insider said while
they still saw potential in the
Chinese market, US companies
were hesitant in making moves
amid concerns over possible
sanctions from both sides.
“A white list on what compa-
nies can invest may be helpful for
bilateral collaboration,” the
insider said.
Alfredo Montufar-Helu, the
head of The Conference Board’s
China Centre for Economics and
Business, said the Biden adminis-
tration seemed to have adopted
an approach more in line with the
EU’s call to de-risk the relation-
ship with China rather than push-
ing for a complete decoupling.
“We have heard that the Biden
administration is looking to take a
more measured and selective
approach to the restrictions it is
imposing on China,” he said.
“So, they are no longer talking
about more commercial technol-
ogies, such as biotech and clean
tech, and I think this is in line with
Secretary Yellen’s speech in April
at Johns Hopkins School of
Advanced International Studies.”
Lu Xiang, a US-China relations
expert at the Chinese Academy of
Social Sciences, said that practical
issues such as trade were still an
area where both countries could
find the middle ground and com-
mon interest.
“The conflict between the US
and China is structural in nature,
whereas trade might help bring a
rebound of the bilateral relation-
ship from the bottom,” he said.
“But it might not be a big
breakthrough and we also don’t
know to what extent trade can
help reset the relationship, given
the US is not very transparent on
managing the [import] tariff list.”
It is widely expected that the
Biden administration will keep
US$300 billion of Trump-era
tariffs on Chinese goods and tech
containment on its China
playbook.
The Economist Intelligence
Unit’s Marro said there would be
an “indefinite maintenance of
those US tariffs on China”.
“There isn’t enough political
space, domestically, for the Biden
administration to consider
removing these tariffs, making
their elimination an unlikely out-
come,” he said.
But Marro said there were
“simply too many linkages”
between the world’s two largest
economies.
“The US recognises that it
can’t push for a full economic
‘decoupling’ with China, even if,
to an extent, this has already hap-
pened in parts of the global tech-
nology and digital ecosystem,” he
said.
export controls on semiconduc- and Japan at 13 per cent each,
tors and semiconductor manu- Ukraine at 5 per cent and others at
facturing equipment”. 16 per cent.
Starting on August 1, exports of “In 2022, gallium metal
gallium, germanium and several imports increased by an esti-
other industrial compounds will mated 34 per cent from those in
be subject to restrictions to “safe- 2021 owing to increased imports
guard national security and inter- from Canada, China, Slovakia and
ests”, China’s Ministry of the United Kingdom,” the report
Commerce and Administration of said.
Customs announced on Monday. For germanium imports,
Exporters will be required to have China accounted for 54 per cent
approval from the State Council followed by Belgium, Germany,
for the listed items. Russia and others at 27, 9, 8 and 2
The announcement came just per cent respectively between
hours after US Treasury Secretary 2018 and 2021. The report added
Janet Yellen’s plans to visit Beijing that in 2022, zinc concentrates
this week were made public. containing germanium were pro-
“While in Beijing, Secretary duced at mines in Alaska and
Yellen will discuss with [People’s Tennessee in the United States.
Republic of China] officials the Brar said the US had signifi-
importance for our countries – as cant deposits of germanium but
the world’s two largest economies had strict control on its extraction.
– to responsibly manage our rela- “Now the US and EU would start
tionship, communicate directly seriously looking at alternative
about areas of concern and work sources, but replacing China
together to address global chal- immediately would be difficult,”
lenges,” the Treasury Department
said on Sunday.
The US Commerce and
he said.
Thorsten Benner, director of
the Global Public Policy Institute
Treasury departments did not in Berlin in Germany, said
respond to requests for Beijing’s actions were a “very use-
comment. ful reminder” of the “urgency of
Calling the measure retaliation de-risking from China on critical
for the United States’ October resources” even if that meant
2022 ban on the export of some “higher costs and/or engaging in
cutting-edge semiconductor unpopular pursuits of mining and
technology to China, experts said refining at home”.
A university technician looks at a gallium oxide wafer. The metal is a
key ingredient in the manufacture of semiconductors. Photo: VCG

MONGOLIA

Land links with China to operate 24/7, building up economic ties

Ralph Jennings and Kandy Wong
Mongolia plans to increase its number
of 24-hour ports and transport links
along the border with China, pinning
hopes of economic growth on the
post-Covid recovery on its southern
neighbour, according to a high-ranking
Mongolian official.
Port recovery is “one of the pillars”
of Mongolia’s economic development,
according to the minister in charge of
road and transport development,
Byambatsogt Sandag, and the country
“intends to expose all ports, connect
them by road and rail”.
“In the future, we will make
Gashuunsukhait, Hangi, Bichigt and
Bulgan ports 24-hour operational,
which is important for the further
expansion of trade and economic
cooperation between [China and
Mongolia],” he said in a written
response to the Post.
Sandag was one of the ministers of
the Mongolian delegation that visited
China for the World Economic Forum
held in the northern port city of Tianjin
between June 27 and 29.
During the visit, Prime Minister
Luvsannamsrain Oyun-Erdene and
Minister of Border Port Recovery B.
Tulga met director general of the
General Administration of Customs,
Zhao Zenglian, and they discussed the
24-hour operation of the Zamin-Uud
and Erlian ports.
All-day operations will also extend
to other ports on the 4,700km land
border between the two countries.
Both governments aim to develop
ports, which Sandag described as an
“air vent” that opened occasionally
now but would become more akin to a
“door” that was always open.
The closer bilateral economic
relations came as Mongolia launched
its “New Recovery” policy in 2021,
which aims to spur investment in areas
such as energy, border ports,
industrialisation, urban and rural
recovery, green development, and
public sector efficiency.
A cargo truck crossing from Inner
Mongolia to Mongolia at Ganqmod Port.
During the epidemic,
the Mongolian people
felt the importance of
building infrastructure
SUMIYA CHULUUNBAATAR,
MONGOLIAN ACADEMY OF SCIENCES
Landlocked Mongolia relies on
China for a range of investments, while
China sees the other side as a key node
in its trade with Central Asia.
Total trade value from Mongolia to
China reached US$4.2 billion for the
first quarter, surging 1.7 times year on
year, according to Mongolian official
data. Coal comprises 63 per cent of
Mongolian exports.
During the Mongolian prime
minister’s visit to China, the contract
for railway construction in the eastern
region was signed for US$1.8 billion,
according to Sandag.
“Within the framework of the
development of the eastern railway
corridor, a major construction project
is being started to renovate the railway
line from the Russian-Mongolian
border to Ereentsav-Choibalsan, and to
construct a new railway from
Choibalsan to the Mongolian-Chinese
Bichigt-Zunkhatavch port,” he added.
“In this regard, the eastern railway
corridor connecting Mongolia-Russia-
China will be created, and our country
will have the second railway corridor “In terms of new infrastructure,
connecting Asia and Europe.” there is a great need for Mongolia,
Mongolia’s railway in the eastern Russia and China to expand their road
region is planned to be 420km long, and rail corridors, to have new
running through Choibalsan, the corridors, to connect their ports, to
fourth-largest city, to the Khuut coal learn from China’s urban planning and
mine and Bichigt, the border-crossing infrastructure experience in reducing
station. congestion in Ulaanbaatar, and to
Sumiya Chuluunbaatar, a non- attract investment in this area,” he said.
resident fellow at the Mongolian Trade between China and Mongolia
Academy of Sciences’ Institute of via Ganqmod Port in Inner Mongolia
International Studies, said the – the largest highway port between the
construction of railways in these two nations – cleared nearly 8 million
southern regions of Mongolia is one of tonnes of goods in the first quarter of
the most critical factors in becoming “a 2023, an increase of more than fourfold
land-connected country”. from last year, Xinhua reported.
“During the epidemic, the The volume of imported coal from
Mongolian people felt the importance Mongolia was 7.68 million tonnes, up
of building infrastructure and customs- 525.4 per cent year on year, the Chinese
clearance capabilities,” he added. media added, while imports of refined
Sandag said in his written response copper powder grew by 12.2 per cent
that the development of the road and year on year to 201,200 tonnes.
transport sector is the “lifeblood of the “Trucks and food shipments from
economy” because the development of China to Russia are increasing,” Sandag
other sectors depends on said. “We are inviting both Russian and
“infrastructure, accessibility, quality of Chinese sides to the construction of the
services, transparency and speed”. Eastern Region Railway Corridor.”

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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 frequency of floods and droughts, and the
high human and economic cost associated with
them, make climate change adaptation and water
management important in Thailand
FABRIZIO ZARCONE, WORLD BANK COUNTRY MANAGER FOR THAILAND, REACTS AS THE KINGDOM
PREPARES PLANS TO DEAL WITH A POTENTIAL DROUGHT THAT COULD LAST YEARS > ASIA A10
Taylor Swift
gigs spark
frenzy for
bank cards
Battle heats up as fans
from across Asia rush
to get tickets for star’s
Singapore concerts
Bloomberg
Taylor Swift fans across Asia have
flocked to sign up for United
Overseas Bank’s (UOB) cards as
the frenzy to get hold of the pop
star’s Singapore concert tickets
heats up.
Daily average credit card
applications across Singapore,
Thailand, Malaysia, Indonesia
and Vietnam jumped 45 per cent
in the week Swift announced her
concert dates, compared with
earlier in June, UOB said in
response to queries, as fans try to
get in on a presale that is exclu-
sively available to the bank’s
cardholders.
UOB cardholders in those five
markets get access to tickets
today, a full 48 hours before the
general public. Debit card appli-
cations in Singapore and Vietnam
were up nearly 130 per cent, the
lender said.
Globally, Google searches for
the keywords “UOB” and “Taylor
Swift” spiked to peak popularity
on June 21 when details of her Asia
tour were released, data from the
search engine showed. In multiple
Telegram group chats set up
ahead of Swift’s concerts in
March, many fans could be seen
discussing UOB card applications,
while others say they plan to seek
help from friends and relatives
who are existing cardholders.
More than half of those who
recently got their new credit cards
are women. Customers aged 30 to
40 constituted over one-third of
the total number, UOB said.
Last week, Swift added more
dates to her only Southeast Asian
stop, matching British rock band
Coldplay who will perform six
shows next year.
Swifties across the region are
looking to fly into Singapore to
catch her concert. Pathramon
Niamsaing, a business develop-
ment professional from Thailand,
has researched hotels and flights
ahead of ticket sales. “I felt kinda
bummed that Taylor wasn’t com-
ing to Bangkok. I saw that she was
coming to Singapore so I knew I
needed to go,” said the 29-year-
old fan, who intends to travel with
two friends.
Swift is bringing in ticket sales
of more than US$13 million a
night, putting her on pace to
deliver the highest-grossing tour
in music history. In Singapore, her
tickets are priced from S$108
(HK$626) to S$348 while VIP pack-
ages cost up to S$1,228.
Pop star Taylor Swift
THAILAND
Party leader Pita faces obstacles to becoming PM
Associated Press in Bangkok
Thailand’s new parliament has
convened nearly two months after
a progressive opposition party
won a stunning election victory,
but there is still no clear sign that
its leader will be able to become
prime minister and end nine years
of military-dominated rule.
To form a government, a party
must have the backing of a com-
bined majority of the elected
House of Representatives and the
military-appointed Senate, which
represents the country’s tradi-
tional conservative ruling class.
The Move Forward Party’s un-
expected election victory alarmed
the ruling establishment, which
regards it as a threat to the status
quo and the monarchy. Some
senators have already announced
their opposition to party leader
Pita Limjaroenrat, a 42-year-old
Harvard-educated businessman.
Pita has formed an eight-party
Fan fair
Hiogi fans, with blades made from cypress, are taken from
storage and aired yesterday at the world heritage-listed Kumano
Hayatama Taisha shrine in Shingu, Wakayama prefecture,
AUSTRALIA
‘DOOR REMAINS OPEN TO
CHINESE INVESTMENTS’
Analysts see approval of Shanghai Decent deal with Australian nickel firm
as positive sign after various blocked ventures amid previously frosty ties
Su-Lin Tan
sulin.tan@scmp.com
Australia’s recent approval of a
Chinese investor’s US$270 million
investment in a nickel company
shows it remains open to invest-
ments from the country as ten-
sions between the nations ease,
according to experts.
The Foreign Investment
Review Board (FIRB) on Monday
approved Shanghai Decent
Investment Group’s US$270 mil-
lion investment in Australian-
listed nickel product producer
Nickel Industries. It will go
towards Nickel’s acquisition of an
Indonesian nickel project.
Shanghai Decent is a subsidi-
ary of the world’s largest stainless
steel producer, Tsingshan, based
in Zhejiang province.
The investment will make
Shanghai Decent the company’s
biggest shareholder with an inter-
est of just over 28 per cent.
While the investment was nei-
ther unique nor related to sensi-
tive assets, James Laurenceson,
coalition holding 312 seats in the
500-seat lower house, which
leaves it short of an overall major-
ity without the support of a
significant number of the 250
senators.
The election results showed
that Move Forward’s progressive
agenda resonated with a public
weary of nine years of mili-
tary-controlled rule under Prime
Minister Prayuth Chan-ocha, who
as army commander seized power
in a 2014 coup and returned as
prime minister after a 2019 gen-
eral election.
But what made Move Forward
popular with many voters was
what alarmed royalist conserva-
tives. The party pledged to reform
many powerful institutions, in-
cluding the monarchy and the
military, which retain power
and influence under a constitu-
tion writ ten during Prayuth’s
administration.
While the threats from Move
Forward’s ideological foes are
director of the Australia-China
Relations Institute, said it “made
the point that there was no blan-
ket ban on Chinese investments”
in Australia.
There were concerns in China-
Australia investment circles that
previous blocks on Chinese deals
during what was the lowest point
in bilateral relations between 2018
and 2022 and sweeping changes
to Australian investment legisla-
tion politically targeted Chinese
investors.
David Olsson, president of the
Australia China Business Council
(ACBC), echoed Laurenceson’s
sentiment. “It highlights the fact
that Australia’s door to foreign
investment remains open and
that FIRB assessments [of all for-
eign investments] are assessed on
their merits,” he said.
In turn, Chinese businesses
showed a willingness to invest in
investments that mattered to
Australia, Olsson said on a recent
trip to China organised by ACBC.
Olsson led a delegation of 15
local government officials and
business executives, including
Pita Limjaroenrat faces opposition from some senators. Photo: AFP
clear, what was less expected are
the tensions between it and the
biggest partner in its coalition, the
Pheu Thai party.
Pheu Thai and its predecessor
parties have won all national elec-
tions since 2001 until this past
May. It is the latest in a string of
parties linked to former prime
minister Thaksin Shinawatra, who
was ousted by a military coup in
2006.
Japan, ahead of the annual Ogi-Tate Matsuri ritual. The Shinto
ritual is said to commemorate Jimmu, the first emperor of
Japan, and his arrival in the locality. Photo: Kyodo
those from Rio Tinto, Fortescue,
Cochlear and HSBC, on a six-day
visit to China in April just as min-
isterial visits between the two
countries resumed.
“In recent senior business
round-table [discussions] held by
ACBC in China, we see an increas-
ing awareness on the China side
that their future involvement in
our economy should consider
partnership with Australian coun-
terparts as well as providing some
form of downstream value add to
Australia’s economy,” Olsson
said.
The Albanese government has
made efforts to invest in manufac-
turing in Australia and called for
Australian firms to carry out
downstream and midstream
manufacturing locally rather than
shipping raw materials overseas.
FIRB approval of Shanghai
Decent’s investment comes after
Treasurer Jim Chalmers blocked
China’s Yuxiao Fund from
increasing its stake in one of
Australia’s key rare earths produc-
ers, Northern Minerals, in March.
Chalmers did not reveal the
Royalist power holders have
harboured enmity towards Thak-
sin – a billionaire populist now in
exile – for a long time. Prayuth’s
2014 coup ousted a government
formed by Thaksin’s sister, Ying-
luck Shinawatra.
Move Forward and Pheu Thai
had been squabbling over which
will get the post of House speaker,
which was chosen by parliament
yesterday.
reasons for the block but rare
earths are listed as critical whereas
nickel is not, according to
Australia’s critical minerals list
that was updated in June.
Chinese miner Tianqi
Lithium’s proposed takeover of
Western Australian lithium miner
Essential Metals in April would
have been another test of whether
Canberra was taking strides
towards protecting its critical
minerals assets and supply chains
from foreign investors.
However, shareholders of the
company did not approve the
scheme. Lithium is a listed critical
mineral for Australia.
Other previous blocks include
Huawei Technology’s involve-
ment in Australia’s 5G network,
the proposed A$370 million sale of
Australia’s biggest single share-
holding, the S. Kidman & Co cattle
empire to China’s Dakang, and
the A$300 million takeover of
building contractor Probuild by
the China State Construction
Engineering Corporation.
In 2020, the Scott Morrison
government, which had angered
Beijing over its stance to pursue
an independent inquiry into the
coronavirus, made sweeping
changes to the Australia Foreign
Acquisitions and Takeovers Act.
“The position of the House
speaker is essential because he
will determine the agenda of par-
liament, and so therefore the
degree of political transforma-
tion,” said Tyrell Haberkorn, a
Thai studies scholar at the Univer-
sity of Wisconsin.
The two parties announced a
compromise after a meeting on
Monday. The coalition nomi-
nated Wan Muhamad Noor
Matha, a veteran leader of the
Prachachat Party, to be House
speaker, with Move Forward and
Pheu Thai to each have one dep-
uty speaker. Wan’s candidacy was
unanimously approved by the
new 500-member House that held
its first sitting yesterday.
Attachak Sattayanurak, a pro-
fessor of history at Chiang Mai
University in northern Thailand,
suggested that the apparent
distrust between the two parties
was potentially the biggest
threat to Pita’s possible prime
ministership.
Wednesday, July 5, 2023
DIPLOMACY
India ‘wary’ about
China’s push for
BRICS expansion
New Delhi concerned Beijing wants a bigger bloc
to boost its own strategic influence, analysts say
Maria Siow
maria.siow@scmp.com
Not all members of the BRICS bloc
of major emerging economies are
behind the push to expand, with
India particularly “wary” of the
plan, analysts said, as doubt lin-
gers about whether the grouping
could become a counterweight to
existing regional blocs.
BRICS members – comprising
Brazil, Russia, India, China and
South Africa – gather for a leader-
ship summit next month in South
Africa and countries expected to
join the bloc include Argentina,
Egypt, Indonesia, the United Arab
Emirates, Saudi Arabia, Algeria,
Bangladesh and Iran.
A three-day meeting involving
senior officials began yesterday,
with the expansion proposal
expected to be on the agenda.
Once seen as a loose associa-
tion of diverse emerging econo-
mies, BRICS – aimed at promoting
peace, security, development and
cooperation – represents 43 per
cent of the world’s population, 26
per cent of its area and about 30
per cent of the global economy.
Last year, China said it wanted
the bloc to start a process to admit
new members, but Indian Foreign
Minister Subrahmanyam
Jaishankar last month said the
process was still a “work in pro-
gress”, citing the need to deliber-
ate on standards, criteria and
procedures of what an expanded
grouping would look like.
Oliver Stuenkel, an associate
international relations professor
at Brazil’s Fundacao Getulio
Vargas university, said there was
some concern within India as to
“what extent an expansion is in
New Delhi’s interest”.
“I think we’d have to wait and
see if there’d be any significant
movements in that direction,”
Stuenkel said. Noting that China
was by far the strongest advocate
of an enlarged BRICS, followed by
Russia, he said both India and
Brazil were “a bit wary of losing
influence in a large grouping”.
“The new members would
largely join to be closer to China
and not to Brazil or India,”
Stuenkel said, adding that the bloc
had already emerged as a coun-
terweight to the West and an
alternative model to the powerful
G7 grouping comprising Britain,
Canada, France, Germany, Italy,
Japan and the United States.
“Irrespective of whether there
will be an expansion, the five
BRICS countries [already] have
significant influence in their
respective regions,” Stuenkel said.
Anu Anwar, a fellow at Harvard
University’s Faculty of Arts and
Sciences, said India’s recent tilt
towards the West suggested it was
an “outlier” of BRICS, which
“makes sense” for other members
to expand the bloc.
In recent months, Delhi has
strengthened economic, defence
and technological cooperation
with the US, Japan, Australia and
the European Union, and has
played an active role in the Quad.
The Quad – which includes
Australia, Japan and the US – was
revived in recent years in response
to China’s growing influence.
Anwar said it was unlikely that
BRICS could emerge as an alter-
native to the G7, as almost all
countries in that grouping were
Nato members or in other forms
of military alliances with the US.
“None of the BRICS members
have a military alliance among
themselves, and it is highly
unlikely to form one in the near
future,” Anwar said, adding that
Ministers of BRICS nations pose for a photo with representatives from
Africa and the Global South during a summit last month. Photo: Reuters
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C O P Y R I GH T
A9
such an alliance was key to build-
ing a new world order. “Although
expanding members to a few
middle powers and regional play-
ers could indeed make a signifi-
cant shift in the global balance of
power, it is unlikely to contribute
to forming an alternative interna-
tional order.”
Gunther Maihold, deputy
director of the German Institute
for International and Security
Affairs, said a transformation of
the world order was a clear inter-
est of China and Russia.
“They are together fostering
the enlargement of BRICS in order
to legitimise this aspiration,”
Maihold said, noting that Brazil,
India and South Africa were more
interested in the status quo. He
said China’s interest in enlarging
the group and “extending its
clout” might be “counterproduc-
tive” as it could generate resist-
ance from other members.
“[It might] generate more
internal rivalries,” Maihold said,
especially between China and
India, referring not just to the poor
relations between the two over
border clashes, but also the com-
petition for greater regional and
international influence.
New members
would largely
join to be closer
to China and not
to Brazil or India
PROFESSOR OLIVER STUENKEL
Shirley Ze Yu, a senior practi-
tioner fellow at Harvard Kennedy
School’s Ash Centre, said an
enlarged BRICS would reflect the
bloc’s strength and Beijing’s
growing influence, as China alone
represented two-thirds of the
BRICS economy.
“As more members subscribe
to a common multilateral frame-
work, China will become the
rule-setter,” Yu said, noting the
rule-setter would carry much s
influence in the decades to come.
Yu said that unlike Western
blocs, BRICS countries were not
aligned on common ideology, but
instead on a common desire to
reform the existing international
system to reflect the development
needs of developing nations.
In 2015 BRICS established the
New Development Bank (NDB)
aimed at funding infrastructure
developments in emerging econ-
omies alongside the Asian
Infrastructure Investment Bank.
At the bank’s annual meeting
in May Vice-Premier Ding
Xuexiang said Beijing remained
determined to develop the NDB
into an open multilateral bank.
The NDB has accepted Egypt,
Bangladesh and the UAE as new
members in recent years. Uruguay
is in the process of joining, while
Saudi Arabia is also in talks to join.
Stuenkel said given the earlier
expansion, new countries were
likely to join soon, noting that the
NDB was capable of countering
the influence of Western-
dominated multilateral banks
such as the World Bank and the
International Monetary Fund.
“It already does so,” Stuenkel
said, noting there was a demand
across the developing world for a
more powerful, influential NDB.
“The potential for an NDB expan-
sion is probably greatest and
where the impact of the BRICS
grouping is most tangible.”
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
A10 Wednesday, July 5, 2023
ASIA
Tax scandal
spurs PwC
Australia
into sell-off
A day after firing top
bosses, firm offloads
lucrative government
advisory business
Agence France-Presse in Sydney
Consulting giant PwC yesterday
said it had offloaded its lucrative
Australian government advisory
business for A$1 (HK$5.20), as it
tries to move on from a damaging
tax leak scandal.
PwC Australia has been mired
in controversy since January,
when news emerged that staff had
shared information from a confi-
dential government tax briefing to
drum up new business.
After sacking a string of execu-
tives on Monday, PwC yesterday
completed the sale of its govern-
ment advisory business, which
held contracts worth A$255 mil-
lion last year. Buyer Allegro Funds
said the new entity would be
called Scyne Advisory and have
around 1,750 staff.
Scyne Advisory partners Tim
Jackson and Ben Neal said: “We
have a once-in-a-generation
opportunity to lead the change
required in government advisory
in Australia.”
The needs of clients would
remain “paramount”, they said,
adding: “Restoring those clients’
trust is our number one priority.”
The sale means Scyne could be
liable to pick up new government
contracts and continue work that
may have been taken from PwC.
PwC Australia said it had fired
eight partners, including its for-
mer chief executive, as part of an
internal investigation into the
leak. The investigation found mul-
tiple examples where the “misuse
of confidential information”
breached professional standards
and also identified “a failure of
leadership and governance” to
address the breaches, PwC said.
“Accountability is critical to
improving our culture and based
on our investigation to date, it is
clear that the conduct of a number
of partners fell short of what was
expected of them. They are now
being held accountable for their
misconduct,” acting CEO Kristin
Stubbins said.
The eight partners include
former chief executive Tom
Seymour, who resigned in May
after admitting he had received
emails containing confidential
information about the govern-
ment’s tax plans.
Three partners were singled
out for actions that “failed to meet
their professional responsibili-
ties”. The other five were removed
because of failures to prevent the
actions or “hold others accounta-
ble for their behaviours”.
“This enabled poor behav-
iours to persist with no accounta-
bility. These behaviours are not,
and never have been, acceptable
under PwC’s standards,” said
PwC, one of the world’s “big four”
accounting firms.
The scandal that led to the sale
dates back to 2015, when the
Australian government intro-
duced a series of new rules
designed to stop foreign firms
shaving their tax obligations by
shifting profits to offshore havens.
A government inquiry this year
found that a senior PwC staff
member who was briefed on the
reforms shared the information
with other partners, breaching
confidentiality rules. The firm
then used its knowledge of the
new rules to “aggressively market”
itself to new customers.
Police have been investigating
the leak since May, while parlia-
ment’s finance committee is gear-
ing up to question executives at a
series of public hearings.
Additional reporting by Reuters
AVIATION
7 injured in severe turbulence on flight to Sydney
Associated Press in Honolulu
A Hawaiian Airlines flight from
Honolulu to Sydney hit severe
turbulence, injuring seven people
on board.
The plane was carrying 163
passengers and 12 crew members
when it “encountered unexpected
severe turbulence approximately
five hours into the flight”, the
airline said. “The plane just
dropped,” passenger Sultan
Baskonyali told ABC News. “We
weren’t prepared.”
She described one man going
upwards, hitting his head on the
ceiling and dropping back down.
Airport doctors assessed and
released three injured passengers
INDONESIA-AUSTRALIA TIES
Anthony Albanese and Joko Widodo visit the Sumatran tiger enclosure at Taronga Zoo in Sydney during the Indonesian leader’s visit. Photo: AP
WIDODO HAILS CLOSER
LINKS WITH CANBERRA
Nations’ leaders agree to collaborate on mining, climate and infrastructure, as
Jakarta moves closer to becoming a hub for making electric vehicle batteries
Resty Woro Yuniar
restyworo.yuniar@scmp.com
Indonesia is inching closer to its
goal of becoming a regional
manufacturing hub for electric
vehicle batteries, with the country
set to deepen its cooperation with
Australia in mining key minerals.
The move is among a series of
pacts agreed between Australian
Prime Minister Anthony Albanese
and President Joko Widodo, who
arrived in Sydney on Monday for
what is likely to be his last visit as
leader of Southeast Asia’s largest
economy. Widodo is barred from
running again after his second
five-year term expires next year.
“There is a lot that Australia
can offer Indonesia … including
the global move towards electric
vehicles. We are rich in all the
components and the expertise
needed for renewable energy,”
Albanese said yesterday during a
joint news briefing.
The government of Western
Australia and the Indonesian
Chamber of Commerce and
Industry agreed in February to
form a key mineral supply chain
partnership to attract investment
from both sides.
MALAYSIA
Multiracial country ‘unconstitutional’, Mahathir warns
The Star
It is unconstitutional to promote a
multiracial Malaysia, according to
the country’s two-time former
prime minister Mahathir Moha-
mad, as the federal constitution
does not refer to Malaysia as a
multiracial country.
“I’m just raising the provisions
of the constitution. Is it against the
law to defend the constitution?
Instead, what is against the consti-
tution is promoting a multiracial
when the flight landed in Sydney,
the airline said.
One passenger and three flight
attendants were referred to hospi-
tals for evaluation. The flights
attendants had since been
released, the airline said on
Monday, but added that it was
waiting to hear from the
passenger.
“I haven’t heard from the
airline at all even though both my
children who were on the flight
sustained minor injuries,” another
passenger, Tara Goodall, said.
They were returning home to
Sydney on Thursday after visiting
Hawaii – the first overseas trip for
her two sons.
It was difficult, she said in text
messages, “seeing your kids being
Widodo has previously tar-
geted increasing imports of lith-
ium, a key component in EV
batteries, from Australia.
Western Australia accounts for
half of the world’s lithium produc-
tion, while Indonesia has the
world’s largest nickel reserves,
another key element in EV batter-
ies, at 21 million tonnes, accord-
ing to the US Geological Survey.
Widodo viewed the move as
one of the “many positive devel-
opments” in the bilateral relation-
ship. “Indonesia and Australia
must build a more substantive
and strategic economic coopera-
tion through the joint production
of EV batteries,” he said.
Aside from increasing collabo-
ration on nickel and lithium min-
We are rich in all
the components
and the expertise
needed for
renewable energy
ANTHONY ALBANESE, AUSTRALIAN PM
country,” Mahathir said on
Monday.
“Is the government going
against the rule of law – including
the constitution – which did
not mention that Malaysia is a
multiracial country?
“Instead, the constitution
stresses a Malay-Malaysia.”
Mahathir was responding to a
call by Huzaidi Husin, the infor-
mation chief of Umno’s Bukit
Gelugor branch, for the elder
statesman to stop fanning racial
sentiments.
thrown around the plane cabin”
and being unable to make them
feel safe.
She said she was not yet ready
to discuss the turbulence in more
detail because she was still upset
and emotional about it.
The airline said: “Our immedi-
ate priority is to continue to care
for our passengers and crew
affected by this turbulence event,
and we thank Sydney airport first
responders for their swift
assistance.”
Last year, severe turbulence
injured 25 people on board a
Hawaiian Airlines flight. Four
passengers and two crew mem-
bers were seriously hurt. The
plane sustained minor damage.
The captain of the December
ing, the two leaders also sought to
boost cooperation in climate and
infrastructure, with Albanese
announcing a A$50 million
(HK$261.8 million) fund to unlock
investments into Indonesian
small and medium-sized enter-
prises that were focused on cli-
mate and clean energy.
Widodo was particularly inter-
ested in attracting Australia’s pri-
vate sector and national capital
authority to invest in Indonesia’s
planned new capital, Nusantara.
In 2020, the two countries
signed the Indonesia-Australia
Comprehensive Economic Part-
nership Agreement. According to
Australia’s Bureau of Statistics,
investment in Indonesia was
US$524.4 million last year, up
from US$195.2 million in 2021.
Meanwhile, Indonesian travel-
lers are set to face relaxed visa
rules, as Albanese extended the
duration of business visas for
Indonesians from three years to
five. He said Canberra would
move to make Indonesians eligi-
ble for the frequent travellers’ visa.
“This offers a 10-year visa
validity, making an enormous
difference in removing bureau-
cratic impediments to have a
closer relationship,” he said.
In his response, Mahathir also
took a swipe at the current cabinet
line-up.
“Yes, DAP [the Democratic
Action Party] only has four minis-
ters. But within the government,
there are 40 DAP MPs. If DAP
retracted its support … Anwar
Ibrahim’s government would
collapse,” he said.
“That is why Anwar has to fol-
low DAP’s manifesto, specifically
making a multiracial Tanah
Melayu [Malay land] and replac-
ing the official religion of Islam
Oxygen masks drop and a man
applies an ice pack on the plane.
Australians arriving in Indo-
nesia can get a visa on arrival
allowing a 30-day stay for US$50
at any port of entry. Indonesians
still need to present a range of
documents to gain a short-term
visitor visa for Australia.
Widodo and Albanese also
discussed security, including sta-
bility in the Indo-Pacific region,
the worsening crisis in Myanmar
and the war in Ukraine, of which
“they strongly deplored the
aggression by the Russian Federa-
tion against Ukraine and reiter-
ated their call for compliance with
the United Nations’ Charter and
international law”, according to a
joint statement.
They also talked about
Indonesia’s concern about
nuclear proliferation in the region
and reaffirmed their commitment
to strengthening the global
nuclear non-proliferation and
disarmament regime. Indonesia
was a vocal critic of the Aukus
alliance, under which Australia
will acquire eight nuclear-pow-
ered submarines from the United
States and Britain.
But Jakarta’s view on the deal
has shifted in recent months, with
Widodo saying in May that he
urged Southeast Asian countries
to view Aukus and the Quad – a
strategic security dialogue
between Australia, India, Japan
and the US – as partners instead of
competitors.
with a secular country and a coun-
try without an official religion.”
Huzaidi said on June 16 that it
was pointless for Mahathir to
stoke racial sentiments because
most Malays were more eager to
see the country’s economic recov-
ery. Huzaidi also denied that DAP
had a big influence within the
government, as the party only had
four ministers.
“Enough with manipulating
Malays by playing up racial issues
for power and positions,” Huzaidi
was quoted as saying.
18 flight from Phoenix to Honolulu
told investigators that conditions
were smooth with clear skies
when a cloud shot up in front of
the plane, and that there was no
time to change course, according
to a report by the National
Transportation Safety Board.
Hawaiian Airlines chief oper-
ating officer Jon Snook said at the
time that such turbulence was
unusual, noting the airline had
not experienced anything like it in
recent history.
The sign to fasten seat belts
was on at the time, though some
of the people injured were not
wearing them, he said.
It happened about 40 minutes
before landing in Honolulu,
according to the NTSB report.
THAILAND
Nation braces for
drought with the
onset of El Nino
Officials draw up contingency plans amid fears
dry spell may hit global supplies of sugar and rice
this year because drought condi-
Bloomberg
tions could coincide with seasonal
production in the second half,
Thailand is preparing contingency especially for rice, Paracuelles
plans to deal with a potential said. The central bank forecasts
drought that could last years and Thailand will clock GDP growth of
squeeze global supplies of sugar 3.6 per cent this year, accelerating
and rice. from 2.6 per cent last year.
Rainfall across the nation may Power demand in Thailand hit
be as much as 10 per cent below a record in April when some
average this monsoon season, regions saw all-time high temper-
and the onset of the El Nino atures, forcing companies and
weather pattern could lower households to increase the use of
precipitation even further over the air-conditioning to escape the
next two years, according to sweltering heat.
government officials. Thailand Crops such as sugar and
will face widespread drought rubber will suffer from the bigger,
conditions from early next year, global impact of below-average
authorities have warned. rainfall, which could even
The dire outlook has prompted threaten the nation’s position as
Thai authorities to ask farmers to the world’s second-biggest sup-
restrict rice planting to a single plier of rice. Shipments tumbled
crop to conserve water, while by a third to around 7 million
sugar producers see output falling tonnes in 2019, the first year of the
for the first time in three years. A previous El Nino.
drought is certain to fuel inflation
in the country as the cost of vege-
tables, fresh food and meat get
pricier on reduced harvests and 28%
more expensive animal feed.
Prime Minister Prayuth Chan-
ocha has asked the Electricity Thailand has received
Generating Authority and the this percentage less
Office of Natural Water Resources rainfall so far this year
to help draw up contingency compared to the same
plans to conserve water. So far this period last year
year, the nation has received 28
per cent less rainfall compared to
the same period last year.
El Nino can lead to drier Sugar cane is a sturdy crop, but
conditions in parts of Asia and the nation’s millers have forecast
Africa, and heavy rains in South a decline in output. That will cut
America, damaging a wide range the supply to the world market
of crops globally. Previous El and further fuel a rally in refined
Ninos have resulted in a marked sugar prices that are hovering
impact on global inflation and hit around a decade-high. The nation
gross domestic product in nations produced about 11 million tonnes
from Brazil to India and Australia. of sugar in the 2022-23 season and
Thailand is seeking to nurture is estimated to have exported
a rebound in economic growth about 80 per cent of its output.
that is already facing headwinds Thailand’s lack of long-term
from a slowdown in China, the mitigation efforts to deal with
nation’s largest trade partner, and floods and droughts are likely to
a prolonged drought may scupper aggravate the impact of extreme
efforts to keep inflation under weather on the nation, according
check. Thailand has already grap- to the World Bank.
pled with record heat this year. “The frequency of floods and
“El Nino will pose a bigger droughts, and the high human
worry on growth than inflation,” and economic cost associated
said Euben Paracuelles, an analyst with them, make climate change
at Nomura Holdings. “Thailand is adaptation and water manage-
a large food exporter, with only ment important in Thailand,” said
half of total output consumed Fabrizio Zarcone, the World
domestically. So the buffers could Bank’s country manager for
help limit the near-term inflation Thailand. “A more robust
impact, alongside government framework prioritising risk
price controls and subsidies.” mitigation planning, investing in
If El Nino turned severe, it water resources infrastructure,
could shave off 0.2 percentage and managing land and water use
point of gross domestic product is needed.”
For many farmers in north and central Vietnam, planting rice in the
dark has become a lifesaver during hot weather. Photo: AFP
VIETNAM FARMERS BEAT CRUELLEST
OF HEAT BY PLANTING RICE IN DARK
It is 3am and pitch black when rice farmer Tran Thi Lan heads into
waterlogged fields on the outskirts of Hanoi to begin planting,
desperate to finish before the day’s brutal heat arrives.
Planting in the dark has become a saviour for countless farmers
in north and central Vietnam during increasingly hot summers as
South and Southeast Asian nations battle record-high temperatures
this year. “It’s so hard to plant rice when the strong sun is directly on
my back and the warm water splashes my face,” said Lan, 47.
Lan had managed a few days of daytime planting during a brief
respite from the heat. But she switched to night work as another
heatwave descended on northern Vietnam in early July, with
forecasters predicting a long stretch where daily temperatures would
exceed 37 degrees Celsius.
“With not enough light, the planting might not be on a straight
line,” Lan acknowledged, as she quickly buried some roots into a
patch of paddy illuminated by her headlamp.
Like Lan, 62-year-old farmer Nguyen Hung Phuong will now work
from 4pm to 9pm and again from 3am to 9am.
“With extremely high temperatures, it’s very uncomfortable and
exhausting to work during daytime, although of course I can see
more clearly,” Phuong said. Working at night made him “more
productive and less distracted”, he said.
Night planting began a few years ago at Nguyen Thi Hanh’s farm.
“Our parents did not have headlamps. The weather was also not
as hot,” 56-year-old Hanh said. Night planting has its advantages for
the rice, which Hahn said was sensitive to extremes in temperature.
“It’s in fact much better because the water is cooler, and more
suitable for the young plant”, Hanh said.
Day or night, farmers such as Lan and Phuong can earn up to
US$40 a shift, a large sum in a country where labourers in rural
areas normally earn around US$250 each month. But the work is so
tough that hardly anyone wanted to do it, Lan said.
“Planting in the dark takes much more time compared to during
the day,” she said.
Agence France-Presse
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 Wednesday, July 5, 2023 A11

Your family’s last name and the size of your

bank account are not a measure of merit, and
should have no bearing on college admissions
LAWYER IVAN ESPINOZA-MADRIGAL SAYS A SUPREME COURT RULING AGAINST HARVARD UNIVERSITY
ADMISSIONS POLICIES THAT PUT RACIAL GROUPS AT A DISADVANTAGE SHOULD MEAN THE END OF ALL
DISCRIMINATION, INCLUDING THAT WHICH BENEFITS RICH WHITE STUDENTS

GEORGIA
Death on the streets of Philadelphia
Health fears grow
for jailed former
leader Saakashvili
Doctors say emaciated ex-president is at risk of
dying from conditions developed in custody

Saakashvili to Ukraine and “save

Agence France-Presse
this man”.
It was not immediately clear if
Former Georgian president the ambassador was being for-
Mikheil Saakashvili appeared on mally expelled. Ukrainian Foreign
television for the first time in Minister Dmytro Kuleba said the
months on Monday, looking frail ambassador would arrive at his
and emaciated, fuelling concerns offices yesterday.
over the detained politician’s Kyiv, which has been battling
treatment. a Russian invasion for 16 months,
The 55-year-old – who before has accused Tbilisi of increasingly
jail was a large man – was almost cooperating with Moscow.
unrecognisable and looked like a Zelensky accused Russia of “kill-
ghost of his former self. The ing” Saakashvili “at the hands of
images prompted war-torn the Georgian authorities”.
Ukraine – of which Saakashvili is a
citizen – to summon the Georgian
ambassador, asking him to go to
A police officer searches for clues at the scene of a mass shooting in the Kingsessing Outlaw said. She said three guns were recovered from the scene, including a rifle and Tbilisi to help “save” Saakashvili.
section of South Philadelphia in Pennsylvania. Four people were killed and two a handgun that belonged to the suspect. The motive of the suspect was not Leader of the Caucasus coun-
injured by a suspect who, officers said, was wearing a bulletproof vest and carrying immediately known. try from 2004 to 2013, Saakashvili
multiple weapons. Three of the men who died were aged between 20 and 59, while the fourth was was jailed after returning from
The suspect, a man in his 40s, has been taken into custody. He did not appear to believed to be aged between 16 and 21. The two injured children – aged two and 13 – exile on abuse of power charges
have any connection to the victims, Philadelphia Police Commissioner Danielle were in a stable condition, Outlaw said. Photo: EPA that rights groups denounce as
politically motivated.
Doctors have said Saakashvili
risks dying from conditions he has
WAR IN UKRAINE developed while in custody,
though Georgian authorities say

LITHUANIA URGES QUICK PATH

he is being given adequate
medical care.
Appearing via video link for a Putting me in jail
court hearing on the “abuse of
office” charges, Saakashvili, 55, will not break me.

TO NATO FOR KYIV AFTER WAR

Bolder stance by the military alliance will lift Ukraine’s fighting spirit against Russia, president says
Reuters
Lithuania’s president has urged
Nato leaders to be bolder in
addressing Ukraine’s push for
membership at a summit in his
country next week, saying this
would boost Kyiv’s battlefield
performance while Moscow
would see any caution as
weakness.
In an interview with Reuters,
President Gitanas Nauseda
advised Nato allies to disregard
fears that bringing Ukraine into
the US-led military alliance would
provoke Russia, which invaded
Ukraine on February 22, 2022.
“We should not hesitate to
take bolder decisions because
otherwise the Putin regime will
decide that the Western allies are
too weak, [that they should be]
pushed to the corner and they will
surrender,” Nauseda said.
“Our stronger wording on
Ukraine’s [membership] perspec-
tive would for sure increase the
fighting spirit of Ukrainian
soldiers on the battlefield. And
this is very important,” he added.
Ukraine has been pressing
Nato to declare at the July 11-12
summit that Kyiv would join the
alliance soon after the end of the
war, and to set out a road map to
membership.
But other members such as
the US and Germany have been
SENEGAL
lifted his shirt to show his ribs
protruding from his chest, a
I am going to be
hollow abdomen and skin cling- actively involved in
ing to his bones.
“A totally innocent man is Georgian politics
being kept in custody,” he said in
MIKHEIL SAAKASHVILI
Sweden applied to join Nato coverage carried live on several
following the invasion, but Turkey independent television channels.
and Hungary have so far blocked “I did not commit any crime.” Two groups of doctors – one
more cautious, wary of any moves some shift in the minds of their given a “signal” at the meeting: “I ratification. He is being held at a civilian set up by Georgia’s rights ombuds-
they fear could take the alliance leaders,” Nauseda said. hope he will be here and he will Nauseda said he expected hospital, where he was transferred person, another consisting of
closer to an active war with Russia, “We all understand that right play an important role in the Germany to deploy 4,000 troops in last year after staging a 50-day US-based doctors – have said
which has long seen Nato’s now, in the midst of the war, decision making in Vilnius.” Lithuania, with families and hunger strike to protest against his Saakashvili’s health continued to
expansion as evidence of Western Ukraine is not able to join Nato Several countries were ready- equipment, by about 2026-2027, detention. decline well after he ended his
hostility. immediately. We understand that. ing an “additional portfolio of in gradual increases. The deploy- “Putting me in jail will not hunger strike.
Nauseda said that a promise of Ukrainians understand that. But [military support] obligations” for ment was pledged by German break me. I am going to be actively The group of US-based doc-
an easier path to Nato member- we need to create procedures, Ukraine, to announce at the Nato Defence Minister Boris Pistorius involved in Georgian politics,” he tors, who examined Saakashvili in
ship after the war and more how to proceed … so there is no summit, Nauseda said. last week, and Canada was taking said. person, said his deteriorating
military support pledges could be wasting of time if the war is over However, the possibility of the decision to increase its troops In Kyiv, Ukrainian President health was the result of “torture”
offered to Ukraine at the next and victory is on Ukrainian side.” Sweden being accepted into Nato in Latvia, Nauseda said. Volodymyr Zelensky said the in custody, saying he needed an
week’s gathering. Nauseda said he expected in Vilnius was getting “compli- The Lithuanian president said Georgian ambassador to Kyiv immediate transfer to a medical
“We have some countries Ukrainian President Volodymyr cated”, and the chances it would the host country expected provo- would be asked to “leave Ukraine centre abroad. Saakashvili, who
which are cautious about the Zelensky to show up in Vilnius, be able to join at the summit were cations, during and after the within 48 hours to hold consulta- once weighed more than 100kg,
stronger wording on Ukraine’s despite warnings that he saw “no going down “with each additional summit, along its border with tions with his capital” on has lost around 60kg while in
perspective. But I already see point” in going if Kyiv was not day”, Nauseda said. Belarus, where the Russian Saakashvili’s treatment. prison, the doctor groups say.
Wagner private militia has been Zelensky wants Saakashvili – The European Union and the
offered refuge after its failed coup. whom he made a Ukrainian citi- United States have urged Georgia
“You can expect that the zen in 2019 – to be transferred to a to ensure Saakashvili is given
KYIV ‘ATTACKS MOSCOW WITH AT LEAST 5 DRONES’ [Wagner] fighters can emerge at clinic in Ukraine or the West. He medical treatment and his rights
the border as migrants, as citizens called on Georgia to “hand over” are protected.
Russia yesterday said Ukraine had attacked One drone was shot down in Kubinka, some of Belarus..… we can expect a lot
Moscow with at least five drones that were either 63km west of Moscow, where a Russian airbase is of provocations there, especially
shot down or jammed, though one of the capital’s located. Russia’s foreign and defence ministries ahead of the Vilnius summit or
main airports had to divert flights for several hours. denounced the attack as terrorism. afterwards. And I think this is a UNITED STATES
Four Ukrainian drones were shot down by “The Kyiv regime’s attempt to attack an area very important element of our
Russian air defences while a fifth was jammed and where civilian infrastructure is located, including security,” Nauseda said.
crashed into the Odintsovo district of Moscow, the
defence ministry said. No one was injured.
Russian news agencies reported that two drones
the airport, which incidentally also receives foreign
flights, is yet another act of terrorism,” said foreign
ministry spokeswoman Maria Zakharova.
Up to 12,000 forces, including
3,000 Lithuanian troops and 1,000
from Nato allies will be responsible
Harvard’s ‘legacy’ policy
were intercepted near a village 30km southwest of
the Kremlin. One drone was detected in the
“The international community should realise
that the United States, Britain, France – permanent
for security during the high level
meetings.
challenged for favouring
neighbouring Kaluga region.
Landings and take-offs at Moscow’s Vnukovo
members of the UN Security Council – are financing
a terrorist regime,” she said.
The Lithuanian capital is
expecting 48 foreign delegations mostly white students
international airport were restricted for several There was no immediate comment from Kyiv. with about 2,400 members,
hours yesterday before normal operations Ukraine almost never publicly claims responsibility including 40 heads of state and up
resumed. A number of Russian flights and those for attacks inside Russia or on Russian-controlled to 150 other high-ranking politi- immediately respond to a request
Reuters
from Turkey, the United Arab Emirates and Egypt territory in Ukraine. cians who need to be protected. for comment.
were diverted. Reuters Additional reporting by The groups are represented by
Deutsche Presse-Agentur Harvard College has been hit with Lawyers for Civil Rights, a Boston-
a complaint claiming its policy of based non-profit group that
giving preference to applicants for describes itself on its website as
undergraduate admissions with working with “communities of
family ties to the elite school colour and immigrants to fight
overwhelmingly benefits white discrimination”.
students, days after the US Ivan Espinoza-Madrigal, the

President rules out third term after violent unrest
Reuters in Dakar
Senegalese President Macky Sall
has said in a speech that he will
not run for re-election next year,
ending widespread speculation
that he would seek a third term his
critics said would have been
illegal.
Rumours that Sall would try to
extend his stay in power have
fuelled bouts of unrest since 2021
in which dozens have been killed,
shaking Senegal’s reputation for
calm in a restive region.
“There has been much specu-
lation and commentary on my
eventual candidature on this elec-
tion,” Sall said in a televised
speech on Monday.
“The 2019 term was my
second and last term.
“My decision, carefully con-
sidered … is not to run as a candi-
date in the upcoming election on
February 25, 2024. And this, even
though the constitution grants me
the right.”
Sall’s announcement is likely
to quell fears of a democratic their mandate and extend their Moussa Faki Mahamat, praised who will run for many of the main
backslide in Senegal. hold on power. Sall’s decision, while Bazoum said parties. Supporters at his party
Some had worried that he Regional leaders including the that it would ease tensions. headquarters in an upscale neigh-
would follow other regional lead- presidents of Niger, Mohamed Sall’s decision will trigger a bourhood in the capital were
ers, including in Ivory Coast and Bazoum, Guinea Bissau’s Umaro search for a successor to lead the divided on Monday evening after
Togo, who used changes to the Sissoco Embalo and the chairman ruling party just months before Sall’s speech. Some applauded,
constitution as an excuse to reset of the African Union Commission, the February polls. It is unclear while others cried.
“That’s his choice, and he is
our leader. We accept his deci-
sion, and we will support whoever
he designates,” a female sup-
porter said in tears.
Unrest last month was sparked
by the sentencing of opposition
leader Ousmane Sonko to two
years in jail on charges stemming
from an alleged rape – accusations
he denies and says were politically
motivated to stop him from run-
ning in the elections.
Rioters, angered in part by
what they saw as Sall’s serial side-
lining of opponents, torched
buildings and vehicles and threw
stones at police, who responded
with tear gas.
At least 16 people were killed in
the clashes, some whose relatives
said that security forces opened
A riot officer patrols during clashes with supporters of opposition leader Ousmane Sonko. Photo: Reuters fire with live rounds.
Supreme Court struck down its
race-conscious admissions
policies.
Three civil rights groups filed a
group’s executive director, said
the Supreme Court last week
made clear that any policies that
disadvantaged racial groups were
complaint with the US unlawful by noting that “eliminat-
Depart ment of Education on ing racial discrimination means
Monday, claiming that Harvard’s eliminating all of it”.
preferences for “legacy” “Your family’s last name and
applicants violates a federal law the size of your bank account are
banning race discrimination for not a measure of merit, and
programmes that receive federal should have no bearing on the
funds, as virtually all US colleges college admissions process,” he
and universities do. said in a statement.
Last week, the Supreme Court According to the complaint,
said race-conscious policies nearly 70 per cent of Harvard
adopted by Harvard University applicants with family ties to
and the University of North donors or alumni are white
Carolina to ensure that more non- and are about six times more
white students were admitted likely to be admitted than other
were unconstitutional. applicants.
The decision was a major blow About 28 per cent of Harvard’s
to efforts to attract diverse student class of 2019 were legacies, the
bodies and is expected to prompt groups said in the complaint. That
new challenges to admission meant fewer admissions slots
policies. were available for non-white ap-
Harvard College is the under- plicants who were far less likely to
graduate school of Harvard have family ties to the school, they
University. said.
The groups in Monday’s com- The groups are asking the
plaint said the Supreme Court Department of Education to
ruling had made it even more investigate Harvard’s admission
imperative to eliminate policies practices and order the school to
that disadvantaged non-white abandon legacy preferences if it
applicants. wants to continue receiving
Harvard College did not federal funding.

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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 Wednesday, July 5, 2023

Saudi Arabia proves

worth of city having
China misses out
the right connections James David Spellman says TikTok, AI innovation and the Indian market are
all the talk in Cannes this year at the global advertising industry’s Oscars
The Cannes gathering was also alive with talk of
generative AI. The threat to jobs aside, AI has become
ubiquitous and its abilities are being tapped for
advertising campaigns. Alibaba has created a virtual

H
influencer called Noah, with customers voting for his

S
ong Kong’s international status and connections have
pend a few days at the Cannes Lions – such as interest rates, state subsidies and trade character style and interactions with customers set
never been more important to its success. And they
International Festival of Creativity, the deals – to give online marketing a freer rein. to influence his development.
are being tested, as rivals strive for growth amid a Oscars of the global advertising industry, However, the government’s grip on public discourse Despite the new developments, much of
sluggish global recovery from the pandemic. and you quickly see three trends – the remains tight, as seen from the blocking of economic advertising’s playbook remains the same. In
Declines in the city’s standings in competitiveness growing power of TikTok, the feverish race and financial writer Wu Xiaobo from Weibo. marketing, one must do three things: Attract
and new listings tables may reflect that. To meet the challenge, the to deploy artificial intelligence (AI), and an eagerness The Chinese market seems to be missing out on attention. Retain it long enough to cause a twitch in
about the Indian market. – or estranged from – the latest advertising and one’s thinking. Convert that into action.
city must leave no stone unturned to capitalise on its role as a bridge Above all, you realise China isn’t the presence it marketing trends, which promise a reinvention of To accomplish this, AI can be used to amass and
and super connector to the Chinese market, including collaboration should be at Cannes if Beijing hopes to reboot ways to influence how we think and buy. analyse data to orchestrate personalised customer
with other regional financial hubs. consumption to re-energise a struggling economy Yet Chinese-owned TikTok, which is unavailable interactions. The potential is staggering, although
So it is good to hear that Saudi Arabia, a Middle Eastern financial burdened by US-China tensions, an ageing on the mainland, has a stand-out offering, having early efforts show AI-generated content still needs to
population and a property sector debt crisis. successfully engaged with audiences, especially be fine-tuned to better align with a marketing
centre, plans to deepen its collaboration with Hong Kong, using the China didn’t use the Lions to announce that it is those tired of lengthier product pushes on YouTube. campaign’s voice and its targeted audience.
city’s unique advantage as a bridge to the mainland. open for business. Its muted presence contrasted The days of TikTok influencers using fluorescent As discussions at Cannes vacillated between AI
Saudi Minister of Communications and Information Technology with the beachfront sanctuaries of Google, Meta, purple hair and better-than-Beyonce dance moves doom and nirvana, global regulation was seen as
Abdullah Al-Swaha, on a visit to Hong Kong, said key areas included Amazon, Dentsu and even newcomer Saudi to go viral has given way to insights emerging from inevitable and needed.
Research and Media Group. Yes, a Chinese agency behavioural economics and new AI tools. There was also an eagerness surrounding India’s
fintech, technological entrepreneurship and strategies to attract the did win a Titanium Lion, the country’s first. But the In the ever-growing challenge of attracting market. India’s e-commerce market is expected to
funding of venture capitalists. Hong Kong also welcomes Saudi United States dominated the awards, followed by interest, personalised interaction is essential, as is nearly double over the next three years to US$150
start-ups to raise capital, and not just Aramco, the Saudi Arabian Brazil and Britain. In the Asia-Pacific, Australia, syncing advertising in real time to an individual’s billion. With more than half the population made up
public petroleum and natural gas company. India, New Zealand and Japan were the top winners. mood, desires, habits and intellect. With “physical” of millennials and Gen Z, India is also one of the
I detected no real buzz about the China market at interaction the ambition, TikTok has unveiled two world’s largest social media markets. Establishing a
The minister outlined a number of areas of interest to Saudi
the festival, attended by some 15,000 people, unlike tools: “shake” your mobile or “tap” on an image to stronghold in India is now a top priority for
Arabia within Hong Kong’s specialities, such as biotech and the the excitement over Latin America, Saudi Arabia or do a task, such as breaking up a biscuit. Completion advertising agencies in lockstep with their clients,
fundraising that goes with it, artificial intelligence, robotics and India, or around the topics of AI, diversity and is rewarded with virtual confetti and possibly a such as Apple, which recently opened its first official
smart cities. Generation Z. discount code. Meanwhile, data is collected to learn retail store in Mumbai.
It suggests a darker outlook for China’s more about what makes you tick. Despite global lay-offs and cost cuts, at Cannes,
He chose Hong Kong as the starting point for a whirlwind China
consumption this year, amid speculation among Many marketing denizens shrugged off fears in there was little concern about a global recession. The
trip to explore the potential of digital transformation and information local media buyers that advertising budgets were the US that China is using TikTok users’ data for gathering showed that many possibilities are up in
and communications technology. contracting. It is hard to imagine how the world’s pernicious reasons. If TikTok is toppled, they see it as the air but clients are spending money.
At an event to mark the launch of a Hong Kong chapter of the largest e-commerce market can thrive in the long happening not from regulatory threats but from the
Saudi Arabia-China Entrepreneurs Association, 11 hi-tech firms, term without unfettered communications. emergence of another platform that leverages James David Spellman, a graduate of Oxford University, is
It also raises the need for Beijing to look beyond behavioural science. A new app can go viral in as principal of Strategic Communications LLC, a consulting
including eight located at the Hong Kong Science and Technology the traditional tools used to jump-start consumption little time as it takes for its predecessor to implode. firm based in Washington, DC
Park, signed deals with an Arabian venture capital firm to explore
opportunities in the Middle East.
Chief Executive John Lee Ka-chiu said that since his visit to Saudi
Arabia and the United Arab Emirates in February, a number of local
companies had followed up with Saudi businesses, exploring
openings in sectors such as banking, investment and architecture.
Hong Kong’s information and technology blueprint includes its
role as what Lee terms a “value-added super connector” of the
mainland with the world. In that regard there will also be a special
Middle East session in Hong Kong’s Belt and Road Summit in
September.
This highlights how Hong Kong’s role as a connector has been
fully recognised by the Saudis, a reminder to other countries and
investors that they should not overlook it. Hopefully, it will also
prompt the city’s flag carrier, Cathay Pacific Airways, to consider
operating a direct flight to Riyadh, instead of via Abu Dhabi.

China women again

show men how to win

T
he thrilling win by China’s women’s basketball team on
Sunday, to secure an Asian Cup triumph, was a long time
coming. The nail-biting victory against Japan ended a
12- year wait. But that made the success all the sweeter.
This was a landmark achievement. The Japanese team Cyclists can enjoy this colourful track at the Central Harbourfront. Photo: Xiaomei Chen
were aiming for their sixth consecutive Asian Cup before a packed
crowd in Sydney. They had defeated China in the previous two finals.
China’s preparations had been hampered by injuries. The final
saw Japan seize the initiative, leading by nine points at half-time. But
China staged a dramatic comeback, overturning the deficit to take
Share your views with us and other Post readers in a Letter to the Editor.
the lead in the third quarter. This set the stage for a tense finish and a Include your full name and address, plus a phone number for verification.
win by 73 points to 71. Please keep your letter to a maximum of 400 words. Email us at letters@scmp.com.
The epic victory sparked emotional scenes with at least one player Address: 19/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
in tears. It was greeted with much enthusiasm back home. The team
have won the cup 12 times, a record tied with South Korea.
There will, however, not be much time for the players to revel in
their success. They hope to succeed at the Asian Games in Hangzhou
Titan tragedy shows how arrogance has lethal consequences
in September. Their performance in Sydney also cements a place in
The implosion that killed all passengers on board figuratively or literally exploring uncharted waters become a more affordable mode of transport uniting
the qualifying tournament for the Paris Olympics next year.
the Titan submersible was tragic, and its causes will – but stringent safety standards should always be families, streamlining logistics networks, facilitating
The success bodes well for the future. It was driven by young not come to light until an inquiry into the accident upheld. human interaction and shortening travel time.
players with experience in the Women’s National Basketball is complete. Yet, it has been reported that early, After all, there are risks inherent in new The core of the issue is that when we innovate,
Association in the United States. Player of the final and tournament repeated warnings about the Titan’s design were not technology. A prime example would be self-driving we need to proceed with caution, acknowledge
Han Xu, scored 26 points and 10 rebounds in the match against heeded. vehicles. Before they are mass-produced, robust limitations, establish safety protocol and abide by
If those safety concerns did fall on deaf ears, the testing has to be done to ensure their ability to regulations. There is no room for corner-cutting,
Japan. Li Meng contributed 17 points. These talented players should accident would be yet another poignant reminder of navigate wide-ranging traffic conditions and particularly in the face of nature.
help ensure the team progress in the years ahead. how erroneous judgment costs lives, despite the best potentially dangerous situations. Efforts to tame nature could be futile and even
But their achievements are also due to teamwork, determination intentions of human beings in the field of innovation Some may argue that a luxury deep-sea tour to lethal when human arrogance is involved. The aim
and strong character. The Chinese Basketball Association described and technology. the Titanic’s resting place should not be compared of innovation is to improve lives, not put lives at risk.
Understandably, to make breakthroughs in to an everyday application of technology, but who is The human race should keep a respectful distance
the players as fearless. science and technology, improve standards of to say such exploration won’t shed new light on some from nature, and innovate with humble hearts.
The win was welcome news for China’s sports fans. There have, in living and advance civilisation, a risk-taking, aspect of science and lead to new discoveries later?
recent months, been multiple scandals in the sports sector involving entrepreneurial spirit is necessary, especially when Air travel was a luxury decades ago but it has since Jason Tang, Tin Shui Wai
match-fixing and other forms of corruption.
Once again, it is China’s sportswomen who have created positive
headlines. In addition to basketball, the women’s volleyball team beat City is letting down without having to worry whether they
can also ace non-STEM subjects.
School, Sir Ellis Kadoorie Primary School
and Secondary School, and Islamic
city. We need them in our participation
in the Belt and Road Initiative.
the US 3-2 in South Korea on Sunday. These results follow the success our STEM geniuses Kasim Tuet Memorial College are the
of the women’s football team. When it comes to sport, China’s women Ken Chan, Tsing Yi better-known ones, while the Delia Joseph Chan, chairman,
The results of India’s Joint Entrance Group of Schools and Confucius Hall Silk Road Economic Development
are doing more than holding up half the sky.
Examination (Advanced) are out. A Secondary School also accommodate Research Centre
young man named Vavilala Chidvilas ethnic minorities.
Reddy from Hyderabad is the top scorer. Nevertheless, these schools do not
He will get into the prestigious Indian Teach Chinese history impose a compulsory Chinese subject
Institute of Technology, which supplies
some of the world’s best engineers.
to ethnic minorities on these students in their Diploma of
Secondary Education exam year, but Why risk lives on
Tammy Tam Editor-in-Chief I’m not sure if he will be a poet too,
but he has a high chance of becoming a
Ethnic minorities in Hong Kong are
often mistakenly regarded as only the
allow them to take the much easier
International General Certificate of
extreme tourism?
Chow Chung-yan Executive Editor Zuraidah Ibrahim Executive Managing Editor distinguished engineer. South Asians who are part of the city’s Secondary Education Chinese paper Last month, the world mourned the five
Yonden Lhatoo Managing Editor, Content Eugene Tang Managing Editor, Business & Projects India is fostering STEM geniuses. colonial legacy. But we also have large purely to enable them to apply for people, including two billionaires, who
Does it make a difference whether these contingents of Filipinos, Vietnamese, university locally. This does not help died on the uncertified mini-sub in the
Editorial office 19/F, Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong young men and women are also up to Indonesians, Anglo-Saxons and lately ethnic minority children develop a sense Atlantic. It was a warning to wealthy citi-
Editorial feedback, general inquiries 2565 2222, news@scmp.com
Advertising Enquiry 2565 2435, advertising@scmp.com
pa r i n t he hu ma n it ies or foreig n Africans, not to mention people of mixed of Chinese national identity. zens in every country that they shouldn’t
Reprint permission and back copies 2680 8180, reprint@scmp.com languages? races and children of intermarriages. I urge schools and the Education follow in the footsteps of those five. If
Place a classified or recruitment ad 2565 8822, classified@scmp.com Hong Kong might produce a lot more However, only a limited number Bureau to teach all students Chinese and they really want to go on such an expe-
Subscription and delivery hotline 2680 8822, printsupport@scmp.com
Online / digital inquiries 2680 8822, digitalsupport@scmp.com engineers, programmers and scientists of government or government-aided Chinese history at the same level. dition, they should do so virtually using
Charity giving 2680 8159, osc@scmp.com if we tweak the minimum requirements schools admit ethnic minority children Ethnic minorities are part of Hong robots rather than risk their own lives.
Events and conferences 2680 8160, conferences@scmp.com
for publicly funded undergraduate in large numbers willingly. The likes Kong’s talent pool and they make Hong
Both SOUTH CHINA MORNING POST ® and 南華早報 ® are registered in the People’s Republic of China. programmes. Our Vavilalas must thrive, of Li Cheng Uk Government Primary Kong a truly diverse and multicultural K.M. Nasir, Mid-Levels

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Bold reforms needed
Yukon Huang says to deter ‘de-risking’, China must make its economy too attractive to resist
P
remier Li Qiang used his speech
at the World Economic Forum
(WEF) in Tianjin to warn against
the sowing of “divisions and
even confrontation”. It was his
first onstage appearance at what has been
called the “Summer Davos”.
In response to concerns about China’s
economic deterioration and countries
“de-risking” from China, he stressed global
cooperation, echoing what he recently told
business leaders in Germany: “Failure to
cooperate is the greatest risk, and failure to
develop is the greatest insecurity.”
Europe takes a softer approach to
de-risking from China than the United
States, which appears to see Beijing as more
of an enemy than a competitor. To Beijing,
Washington’s actions, from restricting
China’s access to hi-tech products to
restructuring supply chains, are a facade for
its economic and technological
containment of China.
Europe’s more nuanced approach
reflects the sentiments captured in a recent
poll by the European Council on Foreign
Relations. Europeans want to stay neutral
in a US-China conflict and are reluctant to
de-risk from China. They generally do not
see China as a power that wants to
undermine Europe, and do not buy into US
President Joe Biden’s “democracy vs
autocracy” characterisation of the relation-
ship. Instead, the prevailing view is that
China is Europe’s “necessary partner”.
Differences in bilateral trade partly
explain why there is no unified Western
position on de-risking. Former US president
Donald Trump’s trade war led imports
from China to plunge in 2019 and 2020.
Wagner mutiny sets back Macron’s vision for Europe
Imran Khalid says the French president may have to stop pushing EU autonomy for a while
F
rench President Emmanuel Macron
is banging the drum again for
European autonomy, about three
months after he made similar comments
following his trip to Beijing. The reaction
to those remarks highlighted divisions in
the European Union over its China policy
and suggested cracks in the US-EU
alliance amid Russia’s invasion of
Ukraine.
“For me, it’s very important to have a
much more autonomous Europe and
European Union. Why? Because it’s useful
for the global order. I think it’s useful even
for the US. It’s useful to have a more
powerful Europe being in capacity to fix
conflicts at its border,” Macron told CNN.
The optics and tone of the interview,
which some see as Macron’s policy
statement on key issues, reflect a distinct
contour emerging among European
leaders, including German Chancellor
Olaf Scholz, who has also shown an
eagerness to chart a rather more
independent approach for his country on
global issues. These leaders see the
multipolarisation of the world as a new
reality that cannot be denied or ignored.
They also advocate for Europe’s role as
a pole in this multipolar world. They assert
the imperative of Europe maintaining an
autonomous stance to safeguard its
interests. This perspective heralds a shift
in European politics, one in which leaders
such as Macron, Scholz, Spanish Prime
Minister Pedro Sanchez and European
Council President Charles Michel could
take centre stage. This cluster of leaders
Although imports from China have
recovered to reach a record high last year,
their share of US imports have fallen to 16.5
per cent. In contrast, the European Union’s
imports from China have increased steadily
over the years to make up 20 per cent of the
EU total last year.
Europe is more supportive of “free
trade” than the US because it is more
dependent on China for the intermediate
goods needed for its manufactured exports.
But Washington sees its trade deficit with
China as undermining its status as the
dominant economic power.
Washington sees its
trade deficit with China
as undermining its
status as the dominant
economic power
The implications for de-risking based
on foreign investment trends are of greater
concern. The combination of geopolitical
tensions, the pandemic and financial
pressures has led to a sharp cutback in
foreign investment in China.
To counter this, Premier Li warned the
foreign business community that Beijing
was “sternly against politicising economic
problems” and wants to jointly protect
global industrial chains. If there is risk in a
certain industry, he said, it is businesses
that are “in the best position to assess such
offers the continent a fresh direction
– embracing multipolarity while asserting
Europe’s independence in shaping its
destiny.
Macron has been advocating the
notion of EU strategic autonomy for years,
positioning it as the third superpower
alongside the United States and China.
His persistent endorsement of an
autonomous EU resonates with an
evolving thinking – both in Europe and
elsewhere – that the West should desist
from automatically viewing global issues
through Washington’s lens.
Macron, alongside other like-minded
European leaders, finds himself trapped
in the cross hairs of an unfolding global
schism. This unsettling predicament has
prompted them to accelerate their
strategic realignment, seeking to swiftly
adapt to this new phenomenon.
“There is a big risk of a global divide
because of the war in Ukraine and the
whole dynamic, and this divide is the West
against the rest. And this narrative is
pushed by some big countries, I would say
for several reasons,” Macron warned.
Europe stands at a critical juncture,
forced to forge its own path towards
securing peace within its borders and
beyond. The need to develop a robust
capacity for maintaining regional stability
has become clear to European leaders like
Macron. By seeking to emancipate
themselves from relying too much on any
one country, like-minded European
leaders are showing a keenness to shore
up their strategic sovereignty.
risk” and governments “should not stretch
the concept of risk to turn it into an
ideological tool”.
Political and economic factors will
shape how seriously de-risking is applied.
The coming US presidential election
suggests Washington will be locked into
anti-China sentiment for some time.
European views of China will depend in
part on the outcome of the Ukraine war and
the choices Europe faces if it strengthens
economic links with China to offset a
diminished Russian market.
For foreign firms, the attractiveness of
de-risking depends on China’s growth
prospects. A China in the throes of long-
term economic stagnation becomes an
easy de-risking target. But a dynamic and
rapidly growing China would be a market
that foreign businesses find hard to
replicate elsewhere, given its unique
combination of size, labour skills and
supportive services.
China’s economic malaise is a
consequence of deep structural weak-
nesses rather than cyclical factors. While
Beijing’s shedding of its draconian
Covid-19 policies late last year generated a
burst of enthusiasm about reviving growth
based on pent-up consumption, these
sentiments were short-lived.
In recent months, there has been a
steady flow of reports about declining
exports, a slowdown in manufacturing and
private investment, a lacklustre property
market despite supportive measures, local
governments overwhelmed by rising debt,
and fresh graduates going jobless. This has
led to a heated debate on the need for a
major stimulus programme.
This drive for independence is rooted
in the fundamental realisation that while
the world is increasingly polarised by
Washington’s obsession with the China
threat, not all US allies are ready to
sacrifice their economic interests on the
altar of Sino-US rivalry. Macron’s
approach resonates with this as he
advocates for a Europe that can stand
independently in terms of technology,
defence, energy and the essential pillars of
daily life.
The goal is not to isolate
Europe or detach it from
the global community,
but to fortify its
autonomy and resilience
Macron envisions a Europe capable of
withstanding any challenge on its own,
unaffected by the decisions of a United
States that may be going in the opposite
direction. In this narrative, the goal is not
to isolate Europe or detach it from the
global community, but to fortify its
autonomy and resilience. Although
Macron’s approach is the right one, the
timing of his search for support among
European colleagues is inopportune.
The Ukraine war, already a deterrent
against like-minded European leaders
China’s State Council is reportedly
considering such a package, and this has
raised hopes of more support for the
distressed property market, incentives to
boost consumption and a further easing of
monetary policy.
But this approach would not be
financially viable or effective for sustainable
growth. Previous stimulus efforts have
pushed up China’s debt to levels close to
alarming, leaving little room for another
major fiscal expansion.
The likelihood of a property market
rebound is minimal, given a shrinking
population and the slackening pace of
urbanisation. A significant monetary
expansion is also unlikely to encourage
more investment given weak external and
domestic demand.
Dealing with these structural issues
needs a more fundamental rethinking of
the role of the state in its control over
resources and labour markets. In particular,
the private sector remains too regulated
and under-financed compared to richly
resourced state-owned firms.
This makes little sense given the much
higher profit rates of private companies
compared to state-owned firms. And as
discussed at the WEF, speeding up a reform
of the hukou household registration system
could free up the massive spending power
of hundreds of millions of urban residents,
while medium-term growth measures,
rather than stimulus, would support more
sustainable growth.
By embracing such bolder reforms,
China could grow robustly for another
decade, making de-risking an unrealistic
option for the global community.
Yukon Huang is a senior fellow at the
Carnegie Endowment for International Peace
openly rallying behind his cause, has seen
the possibility of its trajectory being
altered in Kyiv’s favour after the mutiny
last month by the Wagner private
mercenary group against Russian
President Vladimir Putin’s rule.
It has generated a new confidence in
Kyiv and European capitals that Putin’s
authority is weakening and raised
questions about his ability to win the war,
but also aroused concern that a too-weak
Putin could bring fresh chaos to Europe.
“He is clearly losing the war,” said US
President Joe Biden. “He is losing the war
at home, and he has become a bit of a
pariah around the world.”
The episode has served as a catalyst,
amplifying the message that aligning with
the US and standing firmly behind
Ukraine is crucial in the face of shifting
geopolitical dynamics. For the US and its
allies, it is an opportunity to seize the
narrative and harness it to their
advantage. They are leveraging the
Wagner incident not only to showcase the
threats around Putin’s regime but also to
invigorate transatlantic cooperation and
solidarity and to mobilise greater support
for Ukraine’s war effort.
Under such circumstances, Macron
may have to stop banging the drum for EU
strategic autonomy for a while, at least
until Putin can effectively reassert his full
authority over Russia. Ironically, a strong
Putin would give Macron’s endeavours a
boost, reinvigorating his push for strategic
autonomy and igniting a surge in
multilateralism.
Dr Imran Khalid is a freelance contributor
based in Karachi, Pakistan
Wednesday, July 5, 2023 A13
Problems remain
despite US-India
‘honeymoon’
Gao Jian says it is clear Washington is
wooing New Delhi as part of its efforts
to contain China, but whether the
South Asian power can meet the
West’s standards is open to question
I
ndian Prime Minister Narendra Modi received an
exceptionally warm welcome during his recent
visit to the United States. The US Congress spared
little effort in showing favour to Modi, despite
concerns about human rights in India.
It seems the principle of defending human rights
can be traded in the pursuit of diplomatic interests.
But how certain is the conclusion that Modi’s visit is
the prelude to a honeymoon in US-India relations?
When he met the media at the White House, Modi
was pressed on human rights. There has been growing
pressure in the US for the Biden administration to
openly criticise the Modi government’s human rights
record. So it was surprising that Biden responded to a
question about this by saying both countries have “an
overwhelming respect for each other because we’re
both democracies”.
Yet this seemingly positive response exposes the
prerequisite for India’s entry into the Western club:
only when India becomes a Western-style
“democracy” can it be fully accepted and respected.
Superficially, India has adopted the Western
political system. But as an Eastern country with its
own cultural characteristics, India has its own ideas
about modernisation. The Biden administration’s
efforts to weaponise the ideology of democracy will
only end up eroding the West’s credibility.
Anyone with some sense of international politics
can guess why the US would wish to ingratiate itself
with India, a country with the potential to mature into
an important power. On the American chessboard,
there is no better choice than India to contain China
in the Asia-Pacific.
A master of propaganda, Modi sketched out his
vision of India’s future as the world’s third-largest
economy in his speech to the US Congress.
Theoretically, India could replicate China’s economic
growth, given its substantial workforce, large market
and aspiration of becoming a superpower.
It may be that in Modi’s
diplomatic chess game, he sees
the US as a pawn which can
further India’s ambitions
But there are stark differences between China and
India, in cultural ideology, national character, political
system, social governance, labour force participation
and infrastructure. India must find a way to
modernise that is in line with its national
characteristics. Would this be politically, or even
culturally, acceptable in the eyes of Western powers?
History suggests there is no free lunch when it
comes to the West, as the Plaza Accord that punctured
Japan’s economic rise and, more recently, the
containment of China show. Yet if India is to be
nothing more than a puppet of US interests, what can
be expected from such an unequal relationship?
There are also structural contradictions in
US-India relations that are difficult to overcome. It is
hard to see New Delhi as a high-end partner in the US’
Indo-Pacific Economic Framework for Prosperity
(IPEF), given India’s current level of modernisation.
For India to develop economically, it not only needs
massive foreign investment but also an enormous
overseas market – but the IPEF does not provide
greater access to the US market.
The core interest of the US government is the
repatriation of its capital and the restoration of its
industry. Defending the interests of American
companies and ensuring the return of jobs are the top
priorities of the Democratic Party. Opening up the US
market further appears to be next to impossible.
Another area that will prove challenging to resolve
is environmental protection and climate governance.
IPEF essentially seeks to impose the standards of
developed countries in several areas on developing
Asian countries. To what extent can a US focused on
“America-first” interests accommodate the climate
and energy concerns of an ambitious India?
India has long had a sense of itself as a great power,
and independence remains the undertone of modern
India’s diplomacy. It may be that in Modi’s diplomatic
chess game, he sees the US as a pawn which can
further India’s ambitions while Delhi maintains a
delicate balance in its border diplomacy.
By allowing itself to be drawn into the US ambit,
India has secured a favourable position in any
economic integration in the Indo-Pacific, a region
widely acknowledged as the powerhouse of the
world’s economic future. At the same time, it has been
allowed to take a stance different from the US on the
Russia-Ukraine crisis.
Perhaps, in the evolving relationship between the
US and India, the wisdom of a much more ancient
civilisation will yet reveal itself.
Gao Jian is a scholar at the Shanghai International Studies
University and a China Forum expert
Joe Biden and first lady Jill Biden welcome Narendra
Modi to a state dinner at the White House. Photo: AP
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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
A14 Wednesday, July 5, 2023

The supermoon rises behind

the Temple of Poseidon in
Cape Sounion near Athens,
Greece, while a visitor
captures the moment on
camera.

Supermoon rising

The supermoon behind the Camlica Mosque in Istanbul, Turkey; a

tower in Dubai, United Arab Emirates (below); and the Sugarloaf cable The first supermoon of the year From above: a Soviet-era monument in St Petersburg, Russia, commemorating the World War II defenders of
car in Rio de Janeiro, Brazil (right). the city, which was then called Leningrad; a view of the full moon at the side of a building in Singapore; and
glowed big and bright around the two people are silhouetted as they cross the Al-Shuhada bridge over the Tigris River in Baghdad, Iraq.
world on Monday night. The
phenomenon occurs when the moon
is at perigee, its closest approach to
Earth. July’s full moon goes by
different names, depending on
location and culture. It is commonly
referred to as the Buck Moon, its
native American name, as it takes
place in the northern hemisphere’s
summer when male deer grow new
antlers. This week’s full moon is the
first of four supermoons to rise in
2023. The next two are in August,
followed by another in September.
Photographers with Reuters, AP,
Xinhua and EPA capture the spectacle
at sites across the globe.

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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

Wednesday, July 5, 2023
Lee Kai-fu
creates AI
start-up to
build LLM
Former president of
Google China has lined
up big tech executives
to form core team
Xinmei Shen
xinmei.shen@scmp.com
Lee Kai-fu, a prominent venture
capitalist and former president of
Google China, has unveiled his
new artificial intelligence (AI)
start-up, which aims to build its
own large language model (LLM)
as Chinese firms race to catch up
with their US peers, including
ChatGPT maker OpenAI.
Lee’s new company, Lingyi
Wanwu, headquartered in Beijing,
has assembled dozens of core
members including former
executives from big tech firms
such as Alibaba Group Holding,
Baidu and Didi Chuxing, accord-
ing to Sinovation Ventures, a
venture capital firm run by Lee,
in a WeChat article published on
Monday. Alibaba owns the Post.
Sinovation said Lingyi Wanwu
planned to take “the most difficult
path” by developing its own LLM
from scratch.
China had at least 79 LLMs as
of May and the number is still
increasing as investors and entre-
preneurs rush to tap the Chinese
market, which is likely to remain
closed to ChatGPT and Google’s
Bard.
The investment frenzy has
already fanned debates on
whether China has poured too
much money into LLMs.
Lee appeared unfazed by the
scepticism, saying LLMs pre-
sented a “historical opportunity”
that China must not miss, accord-
ing to Sinovation.
If the country kept relying
on open-source models built by
foreign companies, it said, it
would risk high fees and restricted
access. Only by developing its
own LLMs could China gain a
competitive edge in the field of AI,
Lee was quoted as saying.
Lingyi Wanwu, conceived in
March, was officially established
on May 16, according to Chinese
corporate database Qichacha. It is
helmed by Ma Jie, former head of
metaverse operations at Baidu,
who holds a 99 per cent stake. The
remaining 1 per cent is owned by
Sinovation.
Sinovation said that, within
three months of Lingyi Wanwu’s
conception, the start-up had
already begun internal testing of
an LLM that had tens of billions of
parameters.
In general, the more parame-
ters an AI model has, the more
sophisticated it is. GPT-3,
launched by OpenAI in 2020, had
175 billion parameters, while the
latest GPT-4 is thought to have
many more.
Lee’s new venture is one of the
most high-profile generative AI
endeavours launched by Chinese
tech executives. Alibaba, Tencent
Holdings and Baidu are all devel-
oping their own LLMs, with inter-
net search giant Baidu claiming
recently the LLM used in its Ernie
Bot had outperformed ChatGPT
in key metrics.
ECONOMY
Mainland firms ‘face longest payment delays’
Mia Nulimaimaiti
miyasha.nulimaimaiti@scmp.com
Mainland companies are faced
with the longest payment delays
among major Asian economies,
according to a new report, a weak-
ness that could be amplified amid
the country’s slower-than-
expected post-coronavirus recov-
ery and may bring new threats to
the domestic economy.
The average payment delay on
the mainland fell to 83 days last
year from 86 days in 2021, accord-
ing to global trade credit insur-
ance group Coface.
But this was almost twice as
long as in Japan, which reported
the shortest delay, according to
the survey of 2,300 companies
CEMENTING THE LEAD
China takes top spot in global IPO ranking amid
market reforms and AI frenzy > LISTINGS B2
Building work
An employee works on part of a tower crane in a workshop
belonging to Zhejiang Construction Engineering Machinery
Group in Deqing, Zhejiang province. Set up in 1958, the
MARKETS
CALL TO LURE INVESTORS
TO TAP CONNECT SCHEMES
‘Best days are ahead for city’ in its role as ‘super-connector’, HKEX chief
says at event marking sixth anniversary of the bond link programme
Mia Castagnone
mia.castagnone@scmp.com
The capital markets of Hong Kong
and the mainland must continue
to open up and welcome foreign
investors to participate in the
schemes that link them, with the
city playing a key role as a “super-
connector”, according to financial
and government leaders.
“There is nothing globally that
even comes close to the pioneer-
ing and vital programmes of con-
nectivity that [Hong Kong] has,”
Nicolas Aguzin, chief executive of
Hong Kong Exchanges and
Clearing (HKEX), which operates
the city’s bourse, said at an event
marking the sixth anniversary of
the Bond Connect scheme.
“This initiative [Bond Connect]
played a significant role in
cementing Hong Kong’s position
as one of the world’s premier
international financial hubs.”
The city’s schemes, including
the recently launched north-
bound channel of Swap Connect,
which allows outside investors to
trade mainland interest rate swap
contracts, and the new “dual-
counter model”, which gives
investors the option of using off-
shore yuan funds to buy yuan-
denominated shares listed on the
from nine markets and 13 sectors
conducted between November
and April.
The mainland’s payment
delay is also longer than the 72
days in Australia, 63 days in Hong
Kong, 62 days in Taiwan and
56 days in both Singapore and
India.
“Most economies reported
longer payment delays, albeit to
various degrees,” said the report,
which was released yesterday.
However, the report added,
longer payment delays did not
go hand in hand with a rise in
firms with overdue payments
as the proportion of respondents
that experienced an increase in
the value fell to 26.8 per cent in
2022 from 35.5 per cent a year
earlier.
Hong Kong exchange, provided
investors with greater choice,
Aguzin said.
The city had an important role
to play as an “East-West super-
connector” that was “trusted by
international investors”, he said at
yesterday’s event.
Northbound Bond Connect
saw a trading volume of 4 trillion
yuan (HK$4.3 trillion) between
January and May with an average
daily turnover of 39.6 billion yuan,
according to the scheme’s official
website.
“The world is still very much
underinvested in China,” Aguzin
said. “Enhancements to the
connect programme over the
last year are reflective of China’s
There is nothing
globally that even
comes close to the
pioneering and vital
programmes of
connectivity that
[Hong Kong] has
NICOLAS AGUZIN, HKEX CHIEF EXECUTIVE
A long payment delay could
affect the production and opera-
tion of enterprises, hurt bank
credit and lead to more firms
being caught in debt situations
they are unable to resolve, which
could further exacerbate financial
risks.
The main reason for payment
delays was found to be customers’
financial difficulties, given fierce
competition and higher raw
material prices.
The mainland was considered
the market where the risk of
so-called ultra-long payment
delays remained elevated com-
pared to others, at 36.4 per cent,
the survey said.
This is almost four times that
of Japan and Singapore, where
firms experienced the least
company makes tower cranes, building hoists and construction
machinery. Its products are widely used in China, Southeast
Asia, the Middle East and North Africa. Photo: VCG
ongoing commitment to opening
its market.
“With the right initiatives, the
right products [will come] over
time. We know that liquidity will
bring the liquidity, and volume
will bring additional volume, but
our connect initiatives and prod-
ucts have the potential to provide
even greater value in the many
years ahead.
“For Hong Kong as a super-
connector, the best days are
ahead of us.”
Bond Connect is a mutual
market access scheme that allows
investors from the mainland and
overseas to trade in each other’s
bond markets.
Northbound trading started
on July 3, enabling investors from
Hong Kong and other regions to
invest in the mainland interbank
bond market. Southbound trad-
ing allows mainland investors to
buy and sell offshore debt through
Hong Kong.
“Looking towards the future,
Hong Kong will continue to
strengthen its connection with
the mainland capital markets,”
Financial Secretary Paul Chan
Mo-po said in a keynote address
at yesterday’s event.
Chan said the government
intended to keep bolstering Hong
Kong’s position as a hub for global
chance of payments being over-
due by more than six months
exceeding 2 per cent of their
annual turnover, according to
Coface.
At a Politburo meeting in
April, Beijing placed a focus on
risks in key areas and vowed to
coordinate efforts to reform small
83
The average payment delay
on the mainland fell to this
many days last year from
86 days in 2021, according
to Coface
Hong Kong group offers toolkit to help parents better
support their children’s mental health > LIFE B8
yuan business and an interna-
tional risk management centre,
ensuring the connect schemes
continued to expand in scale,
offerings and volume.
It planned to extend its scope
as a market maker and provide
more choices for investors in the
secondary market while increas-
ing the attractiveness of Hong
Kong for investment, said Eddie
Yue Wai-man, CEO of the Hong
Kong Monetary Authority.
Yue said the de facto central
bank aimed to improve settle-
ment efficiency and was working
on other measures to boost the
city’s competitiveness and the
quality of its liquidity manage-
ment services.
“The steady development of
the [Bond Connect] platform
provides further development
for Hong Kong as well,” he said.
“The government will continue to
optimise the southbound connect
for investors and institutions.”
Securities and Futures Com-
mission CEO Julia Leung Fung-
yee said the connect schemes
had allowed Hong Kong to boost
its competitiveness while lower-
ing the financing costs for yuan-
denominated bonds.
Fei Gao, deputy director gen-
eral of the financial market de-
partment at the People’s Bank of
China, said “continuing to open
up” and “innovate” was vital
to welcoming more foreign
investors to participate in the
mainland market.
and medium-sized banks, insur-
ance firms and trust institutions.
According to a research report
released by Bank of China on
Monday, the global financial
system will continue to face
uncertainties in the third quarter,
especially credit and liquidity
risks.
Mainland banks should take
responsibility to proactively
adapt to lower interest rates,
increase asset support to the real
economic sectors and strengthen
their capabilities to cope with
risks, it said.
Private firms on the mainland
have a gloomy business outlook
as economic data has failed to
meet market expectations of
a quick recovery following the
border reopening.
+0.57
Close: 19,415.68 Up: 109.09
FOR PEACE OF MIND
PROPERTY
June deal volume
drops by 9.6pc as
caution takes hold
Trend likely to get even worse in July amid fears
that cycle of rising interest rates is far from over
Lam Ka-sing
kasing.lam@scmp.com
Property transaction volumes in
Hong Kong fell to a five-month
low in June, declining by a tenth
from a month ago and nearly a
quarter from the previous year’s
levels as caution prevailed, official
data showed yesterday.
The number of properties
changing hands, including
residential, commercial and
industrial units and parking
spaces, totalled 4,777, down by
9.6 per cent from May, according
to Land Registry figures.
Transactions dropped by
24.1 per cent from June last year
when 6,290 deals were struck, and
were 44.4 per cent lower than the
March level of 8,599, a 20-month
high at the time.
The flow of deals could fall for
the fourth consecutive month to
hit lows not seen since January,
experts say.
“Although the United States
and Hong Kong both suspended
interest rate rises in mid-June,
the message is that there is still a
chance of two increases in the
future, which makes the markets
cautious,” said Derek Chan, head
of research at Ricacorp Properties.
“The overall transaction
volume will remain under pres-
sure this month.”
The corresponding value of
the deals struck dropped by 11
per cent month on month to
HK$39.67 billion in June.
The decline in value follows
the slide in prices of lived-in
homes in May, the first fall this
year, as rising interest rates soured
appetite.
People queue to buy flats of Novo Land Phase 2A in Tuen Mun in June.
More interest rate rises are expected to come. Photo: Xiaomei Chen
CK Asset set to launch new
project despite weak market
Salina Li
salina.li@scmp.com
CK Asset Holdings – the flagship
property developer of billionaire
Li Ka-shing and his family and one
of Hong Kong’s largest builders –
will soon launch The Coast Line
residential project in Yau Tong,
becoming the latest company to
offer a new development in the
city’s weakening housing market.
The project at 8 Tung Yuen
Street is being developed in two
phases and will have 886 flats
altogether. A second phase with
658 units has also obtained pre-
sale approvals and will be
launched within the month.
CK Asset did not disclose
prices for The Coast Line, but the
developer would reference other
Kowloon East waterfront projects,
including residential develop-
ments around Kai Tak station, as
well as the city’s actual economic
environment, executive director
Justin Chiu Kwok-hung said.
The company will focus on
“affordability”, Chiu said. “We
want to help homebuyers buy
houses,” he said.
The Coast Line’s launch comes
amid a decline in Hong Kong’s
lived-in home prices. Prices of
such properties fell in May for the
first time this year, as looming
interest rate increases cast a long
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C O P Y R I GH T
%
Hang Seng Index:
That trend is unlikely to
reverse any time soon.
Hong Kong Monetary
Authority CEO Eddie Yue Wai-
man warned last month the cycle
of rising interest rates was far
from over, although the de facto
central bank hit the pause button
after 10 consecutive increases in
its base rate that started in March
last year.
Bank of East Asia said it
expected commercial lenders to
raise their prime rates by 25 basis
points in July after the Hong Kong
interbank offered rates, or Hibor,
hit the highest levels since 2007 in
June.
Chan expects the number of
transactions to continue to shrink
this month, to about 4,610 prop-
erty units, down by 3.5 per cent
from June.
Rival agency Midland Realty
forecasts a sharper decline, at
4,500 deals.
These predictions could make
July the slowest month since
January. Centaline Property
Agency echoed the view that July’s
figure could fall to the lowest since
January’s level of around 4,427.
Still, Ricacorp expects the
flow of deals to improve in August
when new property launches pick
up.
Even though the market for
new homes had the best sales
performance among all categories
in June, the number of deals
edged up by only 3.5 per cent to
1,013 as the market watched the
impact of interest rate rises.
Sales of lived-in homes fell by
13 per cent to 2,411 in June, the
weakest month this year.
> CHINA HOMES SALES FALTER B2
shadow over a market facing a glut
of newly built flats. Lived-in
homes saw sales plummet 13 per
cent to 2,411 in June, which was
the weakest month of 2023.
Non-residential properties
saw a 5 per cent decline in sales to
735 in June from a month ago.
CK Asset was expected to give
a discount of around 5 per cent,
analysts said.
“We will not see a big price
reduction,” said Raymond Cheng,
managing director of CGS-CIMB
Securities in Hong Kong. “But the
developer is likely to adjust [prices
to reflect] the decline in the Hong
Kong property market over the
past year, and it will give some
discounts on the newly launched
phase to attract homebuyers.”
Hong Kong home prices and
volumes saw a strong rebound in
the first quarter, but started to
slow down in the second three-
month period, Ken Yeung, a
property analyst with Citi, said in
a research note yesterday.
The bank is more bearish than
developers about the second-half
home price outlook, as it has seen
a quick decline in transaction
volumes since April with
abundant new supply, on the
back of a higher-for-longer inter-
est rate environment.
“We expect home prices to see
a 6 per cent correction in the
second half of 2023,” Yeung said.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
B2 Wednesday, July 5, 2023
BUSINESS
CLIMATE CHANGE
CONTRACT
WOES ‘STALL
GREEN PUSH
IN SHIPPING’
Lack of consistency in chartering agreements
and uncertainty over fuel transition rules among
barriers to decarbonisation in sector, experts say
Eric Ng
eric.mpng@scmp.com
The largely unregulated nature of
shipping contracts and uncertain
regulations for fuel transition
are among the biggest barriers
keeping the shipping sector from
accelerating its decarbonisation,
experts said.
The long chain of contracts
between shipowners, charterers
and sub-charters often created
complex disputes over respon-
sibility, especially when new
carbon emission regulations
were passed during the course
of long-term agreements,
said Natalie Chan, managing
director of PIE Strategy, a Hong
Kong-based sustainability
consultancy.
The … industry
is navigating
uncharted waters
to seek the ideal
low- or zero-carbon
marine fuels
STEPHENSON HARWOOD AND PIE REPORT
“Perhaps one of the biggest
single carbon inefficiencies in the
maritime industry emanates from
contractual obligations between
the many layers of owners,
charterers, cargo interests and
bill-of-lading holders,” a report
published jointly by international
law firm Stephenson Harwood
and PIE said on Monday.
More than 80 per cent of global
trade by volume is transported
across the seas, with ocean-going
vessels contributing around 3 per
cent of global greenhouse gas
emissions annually, according to
the United Nations Conference
on Trade and Development.
Interviews conducted by PIE
with 26 key business decision-
makers, more than half of them in
the maritime industry, found the
industry faced big uncertainties
about fuel transition, which
LISTINGS
Mainland takes top spot in
IPO ranking amid market
reforms and AI frenzy
Zhang Shidong
shidong.zhang@scmp.com
China was the world’s most active
market for initial public offerings
in the first half of the year,
accounting for almost half of
global fundraising, as Beijing
unleashed capital market reforms
that made it easier for companies
to sell new shares.
Chinese firms raised a com-
bined US$31.3 billion from list-
ings on the Shanghai, Shenzhen
and Beijing exchanges in the six
months to June, compared with a
global total of US$67.9 billion,
Bloomberg data showed.
While trading in China’s stock
markets has largely been sluggish
this year due to a faltering growth
outlook, investors are more
welcoming to companies raising
funds, in particular those from the
recently popular artificial intelli-
gence (AI) sector.
In February, Beijing over-
hauled its listing regulations
requiring exchanges to imple-
ment stricter information dis-
closure standards while also
removing administrative caps
on prices of new shares to be sold
to the public.
“The launch of the new regis-
tration system has left the door
open for more high-quality offer-
ings on China’s capital market,”
said Lin Jin, an analyst at Shenwan
Hongyuan Group in Shanghai.
“That is an effective push for
connecting the real economy
with the capital market.”
China’s three exchanges
handled 172 listings in the first six
complicated investment deci-
sions about the construction
of new vessels as well as the
retrofitting of existing ships.
“The shipping industry is
navigating uncharted waters to
seek the ideal low- or zero-carbon
marine fuels,” the report said.
“This choice is crucial, with
implications for everything from
investment decisions to long-
term business planning.”
While liquefied natural gas
leads the race, accounting for 222
out of the 275 alternative-fuel
ships ordered last year, methanol
gained ground with orders for 35
vessels, according to shipping
classification provider DNV.
Orders were also received for 18
hydrogen-fuelled ships.
A lack of consistency in
chartering contracts and legal
risks around the sharing of
information among industry
participants due to antitrust
concerns in the European Union
had also presented a barrier to
effective cooperation in the
supply chain, the report said.
“We have got to transition
from policy to contractual
certainty, and that’s one of the
hardest things that we are going
to face in this new world,” said
Stephenson Harwood partner
Andrew Rigden Green, a dispute
resolution specialist. “There is no
solution yet as we are at the
beginning of a journey.”
The International Maritime
Organisation (IMO), the United
Nations safety and pollution
standards-setting agency, did not
regulate chartering contracts, and
shipowners and charterers were
free to agree on terms as long as
they were in compliance with
the laws of relevant jurisdictions,
Green said.
However, by sharing
information on sailing routes
and coordinating sailing speed
digitally, and through a new
contractual framework, operators
of vessels could reduce their speed
and hence fuel consumption and
emissions, Green added.
In 2018, the London-based
IMO announced a goal for total
global shipping greenhouse gas
emissions to be at least halved by
2050 compared to the level in
2008.
months of the year, compared
with 166 a year earlier, Bloomberg
data showed.
By sector, industrials led with
an aggregate 74.8 billion yuan
(HK$80.9 billion) of fundraising,
followed by technology com-
panies, which raised 51.8 billion
yuan.
The Shanghai exchange
hosted the mainland’s three big-
gest offerings during the period.
Nexchip Semiconductor, a maker
of 12-inch wafers, was the top
fundraiser, at 11.5 billion yuan.
Semiconductor Manufacturing
Electronics, a wafer foundry,
ranked second with its 11.1 billion
yuan deal, followed by the 7.2 bil-
lion yuan sale by power generator
Shaanxi Energy Investment.
However, the combined value
of listings dropped by 35 per cent
from the year before when the
tally was boosted by two jumbo
offerings – China Mobile’s 56
billion yuan sale and CNOOC’s 32
billion yuan flotation.
The global listing market was
dented in the first half as the US
Federal Reserve embarked on its
fastest monetary policy tightening
cycle since the 1980s even as
concerns about recession hurt
demand. The aggregate funds
raised fell by 28 per cent from a
year ago.
China is cementing its global
lead in the listing market, with
Swiss agrichemical giant Syngenta
Group expected to launch its 65
billion yuan sale. That offering is
on track to be the world’s biggest
this year, eclipsing the US$4.4
billion deal by US consumer
health company Kenvue.
PROPERTY
Potential buyers examine a development at a sales office in Beijing last month. Many are opting to rent amid economic uncertainty. Photo: VCG
Weak confidence dampens home sales
Economy at risk after 28.1pc year-on-year slump in transactions for June
Elise Mak
elise.mak@scmp.com
Grim figures for mainland home
sales last month show the sector
remains in crisis and will continue
to weigh on the country’s
economy as developers suffer
amid a lack of buyer confidence.
Sales in June fell by 28.1 per
cent among the 100 largest
developers by sales, compared
with a year earlier when Covid-19
restrictions were widely in place,
according to CRIC, one of China’s
largest property brokers.
They rose by 8.5 per cent
month on month, though that
marked the lowest recorded
growth in what is normally a
buoyant month.
Looking at just the top 25
developers selected by CGS-CIMB
Securities, the news was even
DIGITAL PAYMENTS
Malaysian smart card provider expands service to China
Tracy Qu
tracy.qu@scmp.com
A Malaysian smart card company,
a tiny player in the global online
payment business, is hoping
to learn from established giants
Alipay and WeChat Pay as it
expands its e-wallet service to
China, the world’s largest
e-payment market.
Touch ’n Go Group, majority-
owned by CIMB, announced its
cross-border payment expansion
in China last November through
a partnership with Alipay+, the
global digital payment solution
offered by fintech giant Ant
Group.
“It’s just as if you’re using
Alipay … you don’t need to
worry about foreign exchange.
Everything is converted behind
the scenes,” Alan Ni, the chief
executive of TNG Digital, a sub-
ENERGY
Riyadh, Moscow extend oil output cuts till August
Bloomberg
Saudi Arabia will prolong its
unilateral oil production cut by a
month, keeping a lid on supply
amid persisting fears over the
global economy. Its Opec+ ally
Russia also announced fresh
curbs on exports.
Riyadh will maintain the
1 million barrel per day (bpd)
reduction, launched this month
on top of existing curbs agreed
with Opec+, into next month and
could extend it further, according
to the Saudi Press Agency.
The country will pump about
9 million bpd, the lowest in several
years, sacrificing sales volumes for
what has so far been a minimal
reward in terms of higher prices.
Oil futures rose after the
announcement but trimmed
those gains later. Brent crude was
0.5 per cent higher at US$75.76
a barrel in late afternoon on
Monday in London.
worse as June sales fell by 38 per
cent year on year, said Raymond
Cheng, the firm’s managing
director, citing CRIC’s data.
“We think further sales
declines since April will lead to
more liquidity issues for the
sector and hurt China’s economic
recovery and job creation,” he
said.
“Typically, developers report
double-digit growth of 10 to 20 per
cent year on year or month on
month for June before the liquid-
ity issues started.”
Looking at the first half of 2023,
home sales by the 100 largest
developers grew by only 0.1 per
cent from a year earlier, according
to data from the China Index
Academy (CIA), one of the coun-
try’s largest independent property
research firms.
In fact, hopes of a recovery had
petered out as growth of 12.8 per
sidiary of Touch ’n Go, said in an
interview with the Post.
“If you’re a tourist in China,
only using cash [without an
e-wallet] is not easy to survive ...
because sometimes people just
say no change for you.”
Touch ’n Go’s TNG Digital
joint venture with Alipay, which
was formed in 2017, is now paying
off in a market that surpassed 911
million online payment users in
December last year, according to
the latest report from the China
Internet Network Information
Centre.
The Chinese e-payment
market is dominated by Alipay,
with a 55 per cent share, and
Tencent Holdings’ WeChat Pay,
with a 28 per cent share, according
to the Post’s 2021 China Internet
Report.
Tencent, the social media and
gaming giant, has begun to facili-
tate payments by Visa and other
The Saudi effort would be
assisted by Russia, which would
reduce oil exports by 500,000
bpd next month, Deputy Prime
Minister Alexander Novak said in
comments published by his press
service. He later said the country
would also aim to reduce pro-
The Khurais oilfield in Saudi Arabia. The country will pump about
9 million barrels of oil per day, the lowest in several years. Photo: AP
cent for the first four months
declined to 8.4 per cent for the first
five months before plunging to
essentially no growth for the first
six months, the CIA data showed.
“Since the second quarter, the
property market has been cooling,
and homebuying sentiment
remains weak,” the firm said.
People are hesitant to buy in
the near term, opting to rent and
save their money after an antici-
0.1%
Growth in home sales in
the first half of 2023 by the
100 largest developers,
according to data from
the China Index Academy
international bank cards through
WeChat Pay following a similar
move by Alipay.
The move will allow travellers
to use their smartphones to pay
tens of millions of merchants
across the country, from shops
and hotels to transport operators,
provided they already accept the
domestic version of WeChat Pay.
The first Touch ’n Go card was
introduced in 1997 and it has
since become a mode of payment
on trains and buses, expanding
the cashless experience for
Malaysians.
In 2017, the firm entered the
fintech market via TNG Digital.
“If you have a very big user
base, potentially you can do
something even more with this
user base,” Ni said.
The company is facing tough
competition in Malaysia, from
the likes of fintech giant Wise to
Southeast Asian ride-hailing
duction by this amount. Algeria
will cut output by 20,000 bpd next
month.
So far this year, Moscow has
dragged its heels on cutbacks
agreed with Opec+ as it faces
pressure to keep funds flowing to
its war on Ukraine.
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 Interim: Colour Life Services
Group
Tomorrow Interim: GTI Holdings
3rd Quarter: ECI Technology
Holdings
July 7 AGM: Chow Tai Fook Jewellery
Group
July 12 Interim: abc Multiactive
Final: LX Technology Group
July 13 3rd Quarter: Fast Retailing
July 14 3rd Quarter: Linocraft
Holdings
Final: GOME Retail Holdings
July 17 AGM: LeSaunda Holdings
pated post-pandemic economic
boom failed to occur, denting July 19 AGM: Link Real Estate
confidence in future income. Investment Trust, Vtech Holdings
Home sales plunged by 38 per
cent month on month in April, July 20 AGM: Lenovo Group,
then rebounded by 9 per cent in Zhongzheng International
May, according to data from the
National Bureau of Statistics. July 21 AGM: Oriental Payment Group
The bureau is expected to Holdings, Topsports International
release June data on July 17. Holdings
“Property sales in April-May
are running ahead of our annual July 28 AGM: Asia Grocery
forecast of a small decline, but Distribution, Echo International
there’s a risk current weakness Holdings Group, Mi Ming Mart
persists or deepens further,” said Holdings, MS Concept, Novacon
Wang Tao, head of Asia econom- Technology Group, Shentong Robot
ics and chief China economist Education Group, Willas-Array
at UBS Investment Bank.
Throughout the year, sales
were likely to drop by as much
Electronics (Holdings)
July 31 Final: QPL International
as 5 per cent to 12 trillion yuan Holdings
(HK$13 trillion) to 13 trillion yuan, AGM: ITE (Holdings), Oi Wah
S&P Global said in early June. Pawnshop Credit Holdings, Satu
Lower-tier cities, where sales Holdings, Shi Shi Services
are likely to fall by 10 per cent this
year, would “drag down national August 1 AGM: Greater Bay Area
property sales in 2023”, its report Dynamic Growth Holdings, Steed
said. Oriental (Holdings), Taste • Gourmet
Group, Quantum Thinking
August 2 AGM: Winson Holdings
Hong Kong
August 3 Interim: AsiaInfo
Technologies
AGM: CL Group (Holdings), Global Link
Communications Holdings, PF Group
Holdings
group Grab, which has rolled out
GrabPay as a digital payment August 4 AGM: Goldway Education
service for third-party Group, Good Fellow Healthcare
merchants. Holdings, Madison Holdings Group,
Regional e-commerce giant Man Shing Global Holdings
Sea has also made a move into
Malaysia with its e-wallet. August 7 AGM: KML Technology
Ni said he was trying to learn Group
from the mature business models
of Chinese companies such as August 8 AGM: Altus Holdings,
Meituan and Dianping, which
served people seeking informa-
tion on where to eat and play.
Guoen Holdings
August 9 Interim: Cathay Pacific
“All the business models in
China are already very stable,” Ni
Airways
said. “Southeast Asia is still at an
infant stage. That actually leaves CONTACT US
us [with] a lot of room to grow.”
Besides fighting the com-
petition, Ni said a major challenge Business News Desk
was how to change people’s Telephone 2565 2653
perceptions when it came to Fax 2565 1624
online payments. Email bizpost@scmp.com
Ant Group is an affiliate of If you have information on events that
Alibaba Group Holding, which should be included here, email
owns the Post. business.diary@scmp.com
The 23-nation Opec+ alliance instead fallen by about 11 per cent
aimed to achieve a balance in amid fears about the strength of
global oil markets and avoid an the economy as interest rates
accumulation in inventories, climb. Wall Street forecasters
United Arab Emirates Energy including Goldman Sachs and
Minister Suhail Al Mazrouei told Morgan Stanley have abandoned
the state-run WAM news agency. projections for the return of
The UAE is a leading member of US$100-a-barrel crude.
the coalition. In theory, the prolonged
“Faced with little investor con- supply curbs should not be
fidence and very narrow range- needed as global oil markets look
bound trading, Saudi Arabia had set to tighten during the second
virtually no other option but to half of the year. Opec’s Vienna-
extend the production cut,” said based research department is
Viktor Katona, head crude analyst projecting world oil inventories
at market intelligence firm Kpler. are already on track to deplete
Lacklustre demand in China at a brisk clip of around 2 million
has capped crude near US$76 a bpd.
barrel, below the level the Yet the measures revealed by
International Monetary Fund Riyadh and Moscow suggest they
believes Saudi Arabia needs to are wary of the narrative of an
cover its budget. Against this increasingly tightening market.
backdrop, the extension of the When Saudi Energy Minister
cuts was no surprise, with almost Prince Abdulaziz bin Salman first
all traders and analysts surveyed announced the extra production
predicting this outcome. cuts last month, he told reporters
Oil prices were widely he “will do whatever is necessary
expected to rally this year but have to bring stability to this market”.
Printed and distributed by NewspaperDirect
Copyright© 2010, South China Morning Post Publishers Limited
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C O P Y R I GH T A ND P RO T E C T E D B Y A P P L I C AB L E LAW

ECONOMY
Vessels under construction at Jiangsu Yangzi Mitsui Shipbuilding in Suzhou. The mainland’s manufacturing sector fell back into contraction in April. Photo: VCG
UNCERTAINTY RISES AS CHINA’S
GROWTH PROSPECTS RECEDE
With recovery seeming to have fizzled out, global investment banks have revised down forecasts
Ji Siqi
siqi.ji@scmp.com
On a sweltering afternoon in mid-
June, Shenzhen resident David Yu
carried US$8,000 in his backpack
and luggage and crossed the
border into Hong Kong.
Passing mainland customs
with so much cash could be
risky as Beijing, which has strict
capital control, only allows travel-
lers to carry up to US$5,000 in
foreign currency per trip without
declaring it.
But Yu decided to take the risk
– it was a great time to deposit the
money into a Hong Kong bank
with interest rates so high, thanks
to multiple rate increases by
the US Federal Reserve. More
importantly, he felt the urgency
to deploy some overseas assets.
“The uncertainty about
China’s economy is rising, so
there is a sentiment that it is safer
to have some money physically
outside China,” he said.
Yu is far from alone. That after-
noon, he waited for more than 40
minutes at a branch of HSBC
Holdings, with many Mandarin
speakers queuing in front of him
also depositing stacks of US
dollars.
A lack of confidence in China’s
economic growth has been
quickly spreading as its post-
coronavirus recovery appears to
have fizzled out after registering
4.5 per cent growth year on year
in the first quarter.
Premier Li Qiang has said
economic growth in the second
quarter, which is set to be released
ECONOMY
Banks offer 25-year loans to LGFVs to avert crunch
Bloomberg
China’s biggest state banks are
offering local government financ-
ing vehicles (LGFVs) loans with
ultra-long maturities and tem-
porary interest relief to prevent a
credit crunch amid growing
tensions in the US$9 trillion debt
market, according to people
familiar with the matter.
Banks including Industrial
and Commercial Bank of China
(ICBC) and China Construction
Bank had started to ramp up loans
that matured in 25 years, instead
of the prevailing 10-year tenor for
most corporate lending, to quali-
fied LGFVs with high creditwor-
thiness in recent months, said the
people, who asked not to be iden-
tified discussing a private matter.
Some came with waivers on
any interest or principal payments
in the first four years, though
the interest would be accrued for
later, the people said.
The total size of the longer-
term loans to LGFVs could not
immediately be determined.
on July 17, will be faster, but econ-
omists say the rate is more likely
to be higher because of a much
lower base a year earlier rather
than solid growth.
Most global investment banks
have revised down their second-
quarter sequential growth fore-
casts, from above 4 per cent on
average to around or less than 1
per cent, in contrast to 2.2 per cent
growth in the first three months
of the year.
They have also slashed annual
growth forecasts, moving closer to
Beijing’s modest target of “around
5 per cent” for 2023 set in March.
An indicator of economic
sentiment, the yuan tumbled by
5.7 per cent against the US dollar
in the second quarter. The cur-
rency weakness has in turn further
fuelled negative sentiment.
Economists expect the yuan to
face more pressure as a recent
series of stronger-than-expected
US economic data may lead to
more interest rate rises, compared
to more anticipated policy easing
from the People’s Bank of China
(PBOC) amid a fragile recovery.
“The initial forecast for this
year – US recession and Chinese
20.8%
The record level of youth
unemployment reached
in May. The overall urban
surveyed jobless rate stayed
at 5.2 per cent last month
The move comes at a time
when concerns over financial
fragility in the world’s second-
largest economy, particularly
among China’s local govern-
ments, have made policymakers
wary of repeating mega stimulus
packages of previous downturns.
Instead, they have turned to credit
expansion to avert potential
defaults at the government level,
where a broad measure of official
borrowing has swollen to some
US$23 trillion, according to
estimates from Goldman Sachs.
Beijing-based ICBC and
Construction Bank did not
respond to requests for
comment.
There is also an increasing
focus on the debt market for
LGFVs. While none has defaulted
on a public bond, a recent last-
minute payoff of a note raised
fresh concerns about the sector’s
debt-servicing abilities.
At the end of last year, an LGFV
in Guizhou province announced
it reached an agreement with
banks to extend loans of about
US$2.3 billion by 20 years.
rebound – is not happening. On
the contrary, the US is growing,
and China is slowing,” said Ipek
Ozkardeskaya, a senior analyst
with Swissquote Bank.
“At this point, the Chinese
government has no choice but to
regain people’s and investors’
confidence if it doesn’t want to
become too old before becoming
rich enough,” she said, as the
world’s second-largest economy
also faces a looming demographic
crisis after its population fell for
the first time in 60 years in 2022.
When China fully restarted its
economic engine in January,
economists expected domestic
consumption and investment
would be the key drivers amid
fading curbs on households and
businesses, as well as worsening
geopolitical tensions.
While the much-anticipated
revenge spending did materialise,
and although new businesses did
spring up, the trend did not last.
In April, the manufacturing
sector fell back into contraction
and growth in the service sector
started to slow down.
Ding Shuang, chief Greater
China economist at Standard
Chartered Bank, said consumers
and private firms still had the
ability to spend and invest, but
they lacked the expectation of a
steady future income.
Despite repeated pledges from
Beijing it would boost confidence
in the private sector, firms were
still reluctant to make long-term
commitments and investments,
Ding added.
“There are doubts on whether
the private sector can really be
The company will also make
only interest payments in the first
10 years and pay the principal
in instalments in the following
decade.
Local government finances are
strained as land sales, a major
source of income, dried up amid
an ongoing property crisis.
Slumping land sales and massive
ICBC is among lenders offering LGFVs long-term loans to prevent a
credit crunch amid growing tensions in the debt market. Photo: AFP
treated equally compared to the
state-owned enterprises [SOEs],
and the stringent pandemic con-
trol measures in the past three
years are still shadowing their
investment decisions,” he said.
In the first five months of the
year, investment from the private
sector, which accounts for more
than 55 per cent of the total,
declined by 0.1 per cent, in con-
trast to the 4 per cent overall
growth and an 8.4 per cent rise
from SOEs.
Last month, to help prop up
the stalling economy, the PBOC
lowered its one-year loan prime
rate, the medium-term lending
benchmark for corporate loans,
to 3.55 per cent and the five-year
rate, a reference rate for mort-
gages, to 4.2 per cent.
But these cuts were “almost
wasted”, Ding said, as the interest
rates were already low enough.
“The problem now is not that
private firms’ financing costs
are too high or they cannot get
loans,” he added.
Jobseekers also face the tough-
est market in decades, with youth
unemployment hitting a record
20.8 per cent in May. The overall
urban surveyed jobless rate stayed
at 5.2 per cent last month, but
there have been frequent reports
of lay-offs and pay cuts across
various sectors.
The rising uncertainties had
prompted people to cut spending,
repay mortgages ahead of time
and increase their precautionary
savings despite low interest rates,
Sheng Songcheng, a former head
of the central bank’s statistics
department, said in an article.
Covid-induced expenditures have
weakened the ability of local gov-
ernments to keep LGFVs, which
are mostly tasked with building
infrastructure, afloat.
LGFVs have also bumped up
land purchases. They bought
about 30 per cent of land sales in
May, up from around 22 per cent
in April, according to a tally by
BUSINESS
For the export sector, which
contributed around a fifth of
economic growth in 2020-22, the
outlook is set for more weak-
nesses amid geopolitical tensions
with the United States and slow-
ing global demand, industry
insiders and analysts say.
“A weakening yuan is theoret-
ically good for boosting exports,
but the favourable factor has no
way to resist the general trend, like
US reshoring and weak demand,”
said a Jiangsu-based shipping
agent, who gave his name as Xu.
Lu Ting, chief China econo-
mist at Nomura, said the markets
had underestimated the shock
from the property downturn and
the negative impact of worsening
geopolitical tensions.
“As the external environment
is difficult to improve in the short
term, the central government
still needs to boost the property
sector as it is the backbone of the
economy,” Lu said last month.
As the most crucial pillar of
the economy, the property sector
contributed around a quarter of
gross domestic product before
Beijing reined in the debt-ridden
market in 2021. It is the most
important source of fiscal revenue
and the biggest component of
urban household wealth.
Lu said while Beijing should
increase spending against the
backdrop of weak private invest-
ment and consumption, as well
as struggling local government
finances, Beijing should avoid
interfering too much in the private
sector and stay clear of creating
more inefficient debt.
“Let the market and the
government take their respective
positions to balance the supply
and demand of housing,” he said.
Huachuang Securities. That was
the first month-on-month
increase this year after the firms
pulled back from buying earlier,
the brokerage said in a report.
Beijing has rolled out a raft of
measures to prop up the econ-
omy, including asking big banks
to lower deposit rates at least
twice in less than a year to boost
lending, squeezing their margins.
Tasking banks with helping
local governments’ cash flow
may further aggravate challenges.
Banks have continued to lend to
the LGFVs at low interest rates
with the belief that local authori-
ties will not let any of them fail.
While LGFVs can easily help
banks achieve their lending
targets, there is a risk of creating
more non-performing loans
since many of the investments by
LGFVs have struggled to make a
profit to cover debt payments.
The International Monetary
Fund estimated in February
there was 66 trillion yuan (HK$71
trillion) of LGFV hidden debt
nationwide at the end of 2022, up
from 40 trillion yuan in 2019.
Wednesday, July 5, 2023 B3
TECHNOLOGY
UCloud warns of
investment risks in
Nvidia chip orders
Shanghai-based company flags uncertainty
as Washington tightens export restrictions
That UCloud service and
Iris Deng
Chinese firms’ AI development
iris.deng@scmp.com
initiatives, however, have been
undermined by a US government
Cloud computing service provider ban imposed last August on the
UCloud Technology has said it export to China of certain
faces uncertainty in securing products from chip suppliers
advanced semiconductors from Advanced Micro Devices and
Nvidia amid high demand as Nvidia, which has a near-
tightened US export restrictions monopoly on GPUs used to train
on such chips continue to impede AI systems.
China’s artificial intelligence (AI) The uncertainty over UCloud’s
development efforts. ability to secure an adequate
Shanghai-based UCloud, supply of Nvidia’s GPUs under-
which offers infrastructure-as-a- scores China’s massive demand
service and AI service platforms for advanced semiconductors
to internet firms and traditional to power new AI development
enterprises, told investors on projects, which has already
Monday its orders for Nvidia’s created a fast-growing local
A800 graphics processing units market for smuggled GPUs.
(GPUs), which were allowed
for export to China, had arrived
gradually and had “limited
contribution” to the company’s
operations. The company will
“The procurement cycle of
the company is affected by various continue to follow
factors, and there are uncertain-
ties in terms of the delivery time
up … Please be
and quantity of the remaining aware of the
GPUs we ordered,” UCloud wrote
in response to investor inquiries investment risks
about its A800 order through the
UCLOUD STATEMENT
Shanghai Stock Exchange’s online
platform.
“The company will continue to Beijing’s AI ambitions could
follow up on the supply. Please be face a fresh blow as the US
aware of the investment risks.” government is said to be con-
During its latest roadshow sidering restricting Chinese
with bankers, UCloud said it had companies’ access to American
placed orders for Nvidia’s A800 cloud computing services, which
and H800 GPUs, which were both would stop Amazon Web Services
the modified versions for export and Microsoft from using the
to China of the highly in-demand power of advanced AI chips to
A100 and H100 products, but it benefit their Chinese clients,
declined to reveal the quantity of according to a report by The Wall
its purchase. Street Journal yesterday.
The company announced Cloud computing services
those orders in June along with its enable companies to buy, sell,
launch of cloud infrastructure lease or distribute a range of
equipped with high-performance software and other digital
computers specifically for the resources as an on-demand
development of AI models, a new service over the internet, just like
offering designed for various electricity from a power grid.
domestic initiatives to create These resources are managed
ChatGPT-like services. inside data centres.
UCloud says it has placed orders for Nvidia’s A800 and H800 chips,
the modified versions of the A100 and H100 products. Photo: Handout
TECHNOLOGY
Instagram to launch highly
anticipated Twitter rival,
Threads, on Apple store
The app is available for pre-
Bloomberg
order and expected tomorrow,
according to the App Store
Instagram’s highly anticipated listing.
Twitter rival is expected to launch There, Threads is described
tomorrow, according to a listing as “where communities come
on Apple’s App Store.
The app, called Threads, will
function similarly to Twitter, with
text-based posts that can be liked,
together to discuss everything
from the topics you care about
today, to what’ll be trending
tomorrow”.
commented on and shared,
according to examples of screen-
shots on the App Store listing.
People will be able to follow
the accounts they follow on
Instagram and keep their user-
names. Instagram is owned by
Meta Platform.
With the launch, Meta is
seeking to profit from Twitter’s
problems since it was taken over
last year by Elon Musk. Among the Instagram owner Meta is known
issues that have angered some for borrowing its rivals’ ideas.
users are Twitter’s loosening
content moderation policies and
requirement for a monthly sub- Meta has a long history of bor-
scription fee to be labelled as an rowing ideas from competitors,
authentic account. and it has not always worked out.
There are also problems with But when the company’s copycat
site reliability. On Saturday, products succeed, they can catch
Twitter began temporarily limit- on quickly. The feature for posts
ing the number of posts users that disappear after 24 hours,
could see. called “stories”, was copied from
Twitter’s existing rivals, such Snapchat in 2016. Now, far more
as Mastodon and Bluesky, are people use that format on Meta’s
more nascent and have not yet apps than Snapchat.
built their networks to be viable Meta more recently made a
alternatives. Instagram has been short-video product similar to
touting its forthcoming app with TikTok, called “reels”. In earnings
various celebrities and influencers calls, company executives have
for months, aiming to generate a said reels were driving growth on
buzz when it launches. both Instagram and Facebook.
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
B4 Wednesday, July 5, 2023

DIRECTORY
Professional Services Tender Notices

Hong Kong, China Association of Athletics Affiliates Limited
Standard Chartered Hong Kong Marathon 2024
Tender for Transponder Timing Services
Hong Kong, China Association of Athletics Affiliates Limited (HKAAA)
is the governing body of athletics in Hong Kong and is the organizer
of the Standard Chartered Hong Kong Marathon (“the Event”). This
international renowned event will provisionally take place on 21 January
2024. Transponder timing system will be required for accurately record and
provide the times of each of the participants, the HKAAA wishes to invite
applications to provide the Transponder Timing Services for the Event.
The Service Provider should have extensive experience on the provision
of transponder timing services to events/races held globally and must
ensure that all rules and regulations relating to transponder timing
system as published in the World Athletics latest competition rules be
PRC DISPUTE, LITIGATION, strictly complied with. Interested parties should obtain further details
and tender documents from the HKAAA office (Tel: 852-2504 8215) and
ARBITRATOIN & INVESTMENT submit the tender to the HKAAA (Attention: Vice Chairman (Finance
and Management)), at 24/F, Guangdong Tours Centre, 18 Pennington
TEL: (852)2594 0766 OR (852)9150 7677 Street, Causeway Bay, Hong Kong by the tender closing date of
18 July 2023 5:00pm (Hong Kong Time).
EMAIL: jason.zhang@chinalegal.com.hk
Hong Kong, China Association of Athletics Affiliates Limited
Hong Kong-Zhuhai-Macao Bridge (HK Section) Half
Marathon 2023
Tender for Road Closure Services
Hong Kong, China Association of Athletics Affiliates Limited (HKAAA)
is the governing body of athletics in Hong Kong and is the organizer
of the Hong Kong-Zhuhai-Macao Bridge (HK Section) Half Marathon
2023 (“the Event”), which is planning to be held in mid-November 2023
With the continuous development of the Event, HKAAA wishes to invite
application to provide Road Closure Services to the Event.
The service provider should have proven extensive experience on road
closure for large scale international sporting events. The service provider
must also show strong coordination and excellent communication skills
with other working parties. Interested parties should obtain further details
and tender documents from the HKAAA office (Tel: 852-2177 2600) and
submit the tender to the Vice Chairman (Finance and Management) of
HKAAA, at 24/F, Guangdong Tours Centre, 18 Pennington Street,
Causeway Bay, Hong Kong by the tender closing date of 18 July 2023
5:00pm (Hong Kong Time).

ADD: RM B2, 32F/UNITED CENTRE,

95 QUEENSWAY, HONG KONG

PRC PRACTISING LAWYERS RESIDING IN HONG KONG

Hong Kong, China Association of Athletics Affiliates Limited

Property Standard Chartered Hong Kong Marathon 2024

Tender for Road Closure Services
Hong Kong, China Association of Athletics Affiliates Limited (HKAAA)
is the governing body of athletics in Hong Kong and is the organizer
of the Standard Chartered Hong Kong Marathon (“the Event”). With
the continuous development of the Event, HKAAA wishes to invite
Brand new offices
Commercial units application to provide Road Closure Services to the Event, which is
1
R with own toilet tentatively scheduled on 21 January 2024.
Long lease preferred, starting
D R RR DF from 13.5k
D Sheung Wan New Office, city/ The service provider should have proven extensive experience on road
R D D D FR sea view, quiet environment
. O Direct owner, no agent fee, closure for large scale sporting events. The service provider must also
10mins to mtr show strong coordination and excellent communication skills with other
K 81703850
working parties. Interested parties should obtain further details and
tender documents from the HKAAA office (Tel: 852-2504 8215) and
submit the tender to the HKAAA (Attention: Vice Chairman (Finance
Legal & General Notices and Management)), at 24/F, Guangdong Tours Centre, 18 Pennington
Street, Causeway Bay, Hong Kong by the tender closing date of 18 July
2023 5:00pm (Hong Kong Time).
F2 D PR2P RT
A sum of money was found
at Passenger Clearance
Building Hong Kong-
Zhuhai-Macao Bridge HK
Port on 2023-06-25. Any
claimant should contact with
staff of Lantau North Police Hong Kong, China Association of Athletics Affiliates Limited
Station (Tel.: 3661 1 68).
Standard Chartered Hong Kong Marathon 2024
Tender for Venue Setup and Decoration Services of
Victoria Park
Hong Kong, China Association of Athletics Affiliates Limited (HKAAA)
is the governing body of athletics in Hong Kong and is the organizer of
the Standard Chartered Hong Kong Marathon (“the Event”). With the
continuous development of the Event, HKAAA wishes to invite applications
to provide Venue Setup and Decoration Services of Victoria Park for its
annual marathon, currently named the Standard Chartered Hong Kong
Marathon 2024, which is now tentatively scheduled on 21 January 2024.
The service provider should have proven extensive experience on venue
and decoration for large scale international sporting events. The service
provider must also show strong coordination and excellent communication
skills with other working parties. Interested parties should obtain further
details and tender documents from the HKAAA office (Tel: 852-2504
8215) and submit the tender to the HKAAA (Attention: Vice Chairman
(Finance and Management)), at 24/F, Guangdong Tours Centre,
18 Pennington Street, Causeway Bay, Hong Kong by the tender closing
date of 25 July 2023 5:00pm (Hong Kong 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
 Wednesday, July 5, 2023 B5

MUTUAL FUNDS
All prices are for indication only BOCHK Balanced Growth Fund-A RMB $10.1426
BOCHK Balanced Growth Fund-A Administration USD
BOCHK Conservative Growth Fund-A USD
RMB171.6007
$17.7725 MPF/ORSO FUNDS
BOCHK Conservative Growth Fund-A HKD HK$139.2126 Bank of East Asia (Trustees) Ltd 3/7 NAV Growth Fund HK$22.09
BOCHK Conservative Growth Fund-A RMB RMB128.8086 BEA (MPF) Master Trust Scheme Hang Seng Index Tracking Fund HK$20.92
BOCHK Conservative Growth Fund-A Administration USD $9.9912 BEA (MPF) Growth Fund HK$22.5668 North American Equity Fund HK$25.65
BEA (MPF) Balanced Fund HK$19.7722 European Equity Fund HK$15.84
BOCHK Sterling Income Fund £9.9168/xd
BEA (MPF) Stable Fund HK$17.6273 Asia Pacific Equity Fund HK$28.66
BOCHK Asia Pacific Equity Income Fund-A USD $9.6745/xd
Allspring (Lux) Worldwide Fund 3/7 NAV BEA (MPF) Global Equity Fund HK$21.9327 Hong Kong and Chinese Equity Fund HK$19.79
BOCHK Asia Pacific Equity Income Fund-A RMB RMB70.1171/xd BEA (MPF) European Equity Fund HK$15.0696 Global Bond Fund HK$11.07
EUR Investment Grade Credit Fund Class I Acc €95.21 BOCHK Australia Income Fund A$8.9766/xd BEA (MPF) North American Equity Fund HK$29.3843 Age 65 Plus Fund HK$12.43
Global Long/Short Equity Fund Class AP Acc $106.82 BOCHK China Income Fund-A HKD HK$10.2724/xd BEA (MPF) Asian Equity Fund HK$24.3306 Stable Fund HK$11.87
Global Long/Short Equity Fund Class IP Acc $116.99 BOCHK China Income Fund-A RMB RMB9.5047/xd BEA (MPF) Greater China Equity Fund HK$18.2644 Chinese Equity Fund HK$12.22
U.S. All Cap Growth Fund Class I Acc $499.43 BOCHK Hong Kong Income Fund-A HKD HK$11.1845/xd BEA (MPF) Japan Equity Fund HK$9.9366 ValueChoice Balanced Fund HK$14.77
U.S. All Cap Growth Fund Class A Acc $440.53 BOCHK Hong Kong Income Fund-A RMB RMB10.3486/xd BEA (MPF) Hong Kong Equity Fund HK$16.5285 Global Equity Fund HK$20.52
USD Investment Grade Credit Fund Class A Acc $111.19 BEA China Tracker Fund HK$6.9748 ValueChoice North America Equity Tracker Fund HK$34.38
BOCHK Hong Kong Dollar Income Fund-A HKD HK$10.3810/xd
USD Investment Grade Credit Fund Class I Acc $114.93 BEA Hong Kong Tracker Fund HK$11.9212 ValueChoice Europe Equity Tracker Fund HK$17.47
BOCHK Hong Kong Dollar Income Fund-A USD $1.3253/xd BEA (MPF) Global Bond Fund HK$10.5782 ValueChoice Asia Pacific Equity Tracker Fund HK$12.60
U.S. Large Cap Growth Fund Class A Acc $365.44 BOCHK Hong Kong Dollar Income Fund-A RMB RMB9.6052/xd BEA (MPF) RMB & HKD Money Market Fund HK$10.6732 Hang Seng China Enterprises Index Tracking Fund HK$6.42
U.S. Large Cap Growth Fund Class I Acc $416.16 BOCHK Hong Kong Dollar Income Fund-A Administration HKD Acc HK$10.0483 BEA (MPF) Long Term Guaranteed Fund HK$12.7830 Invesco Hong Kong Ltd 3/7 NAV
U.S. Select Equity Fund Class A Acc $164.51 BOCHK RMB Fixed Income Fund-A RMB RMB9.8237/xd BEA (MPF) Conservative Fund HK$14.7515 Invesco Strategic MPF Scheme
U.S. Select Equity Fund Class I Acc $175.93 BOCHK RMB Fixed Income Fund-A HKD HK$10.6171/xd BEA (MPF) Core Accumulation Fund HK$13.7828 Growth Fund - Class A HK$24.1255
U.S. Short-Term High Yield Bond Fund Class I Acc $139.06 BOCHK RMB Fixed Income Fund-A USD $1.3554/xd BEA (MPF) Age 65 Plus Fund HK$11.0043 Growth Fund - Class H HK$25.0831
U.S. Short-Term High Yield Bond Fund Class A Acc $127.91 BEA (MPF) Industry Scheme Balanced Fund - Class A HK$22.3318
BOCHK Global Equity Fund-A USD $34.0471
U.S. Short-Term High Yield Bond Fund, Class I () Shares gross distr. $78.53 BEA (Industry Scheme) Growth Fund HK$23.2832 Balanced Fund - Class H HK$23.6415
BOCHK Global Equity Fund-A RMB* RMB246.7612 BEA (Industry Scheme) Balanced Fund HK$19.9851
Emerging Markets Equity Fund Class A Acc $106.52 Capital Stable Fund - Class A HK$19.8308
BOCHK Asia Pacific Equity Fund-A USD $34.3911 BEA (Industry Scheme) Stable Fund HK$17.9832 Capital Stable Fund - Class H HK$20.5860
Emerging Markets Equity Fund Class I Acc $117.55 BOCHK Asia Pacific Equity Fund-A RMB RMB249.2549 BEA (Industry Scheme) Asian Equity Fund HK$14.2605 Guaranteed Fund - Class G HK$12.1173
Emerging Markets Equity Income Fund, Class A () Shares gross distr. $94.63 BOCHK Asia Pacific Property Fund-A USD $8.7735 BEA (Industry Scheme) Greater China Equity Fund HK$14.6669 MPF Conservative Fund - Class A HK$12.2551
Emerging Markets Equity Income Fund Class A Acc $128.03 BOCHK Asia Pacific Property Fund-A RMB RMB63.5870 BEA (Industry Scheme) Hong Kong Equity Fund HK$9.8112 MPF Conservative Fund - Class H HK$12.2527
Emerging Markets Equity Income Fund Class I Acc $139.37 BOCHK Japan Equity Fund $15.6071 BEA China Tracker Fund HK$7.1938 Hong Kong and China Equity Fund - Class A HK$31.5387
AXA China Region Insurance Co (Bermuda) Ltd BEA Hong Kong Tracker Fund HK$11.9067 Hong Kong and China Equity Fund - Class H HK$31.4114
BOCHK China Equity Fund-A HKD HK$53.4172
Flexi Series Funds 3/7 bid/offer BEA (Industry Scheme) RMB & HKD Money Market Fund HK$10.6426 Global Bond Fund - Class A HK$14.3817
BOCHK China Equity Fund-A USD $6.8195 BEA (Industry Scheme) MPF Conservative Fund HK$14.1659
AXA Templeton Global Balanced Fund HK$22.7936/23.9903 Global Bond Fund - Class H HK$14.7600
BOCHK China Equity Fund-A RMB RMB49.4251 BEA (Industry Scheme) Core Accumulation Fund HK$13.7341 Asian Equity Fund - Class A HK$10.6042
AXA Fidelity International Fund HK$23.6661/24.9086 BOCHK China Golden Dragon Fund-A HKD HK$22.9711 BEA (Industry Scheme) Age 65 Plus Fund HK$11.0295 Asian Equity Fund - Class H HK$10.5396
AXA Amundi Balanced Fund HK$22.7754/23.9712 BOCHK China Golden Dragon Fund-A RMB RMB21.2543 BEA (MPF) Value Scheme RMB Bond Fund - Class A HK$9.9565
Cash Fund-30/6 HK$7.1872/7.5646 BOCHK China Consumption Growth Fund-A HKD Dis HK$16.4940/xd BEA Growth Fund HK$14.8116 RMB Bond Fund - Class H HK$10.0823
HONEY/FUTURE/DIMENSIONS Investment Fund 3/7 bid/offer BOCHK China Consumption Growth Fund-A USD Dis $2.1057/xd BEA Balanced Fund HK$13.4865 Invesco Hang Seng Index Tracking Fund - Class A HK$9.5675
Technology Fund $32.64/34.28 BEA Stable Fund HK$11.8495 Invesco Hang Seng Index Tracking Fund - Class H HK$9.6066
BOCHK China Consumption Growth Fund-A RMB Dis RMB15.2613/xd
Sustainable Global Thematic Fund $21.36/22.43 BEA Global Equity Fund HK$22.5059 Age 65 Plus Fund - Class A HK$10.8017
BOCHK China Consumption Growth Fund-A HKD Acc HK$8.1703
Select 500 Fund $20.57/21.60 BEA Asian Equity Fund HK$13.0441 Age 65 Plus Fund - Class H HK$10.8017
BOCHK China Consumption Growth Fund-A USD Acc $1.0431 BEA Greater China Equity Fund HK$15.9382 Core Accumulation Fund - Class A HK$13.5133
Balanced Growth Fund $17.71/18.60 BOCHK China Consumption Growth Fund-A RMB Acc RMB7.5597 BEA Hong Kong Tracker Fund HK$10.9209 Core Accumulation Fund - Class H HK$13.5133
Cash Fund-30/6 $11.32/11.89 BOCHK Hong Kong Equity Fund-A HKD HK$35.4115 BEA Global Bond Fund HK$9.2308 Invesco Global Index Tracking Fund - Class A HK$9.9877
Pacific Growth Fund $36.82/38.67 BOCHK Hong Kong Equity Fund-A RMB* RMB32.7650 BEA MPF Conservative Fund HK$11.0800 Invesco Global Index Tracking Fund - Class H HK$9.9877
Global Bond Fund $14.69/15.43 BOCHK Global Bond Fund-A USD $14.3393 BEA Core Accumulation Fund HK$13.8560 Invesco US Index Tracking Fund - Class A HK$10.0902
Global Value Fund $13.37/14.04 BEA Age 65 Plus Fund HK$11.0072 Invesco US Index Tracking Fund - Class H HK$10.0902
BOCHK Global Bond Fund-A HKD HK$112.3201
Emerging Markets Growth Fund $15.35/16.12 BOC-Prudential Easy-Choice MPF Scheme 3/7 NAV My Choice MPF Scheme 3/7 NAV
BOCHK Global Bond Fund-A RMB RMB103.9259
BOCHK Asset Management Ltd 3/7 NAV BOCI-Prudential Asset Management Ltd BOCI-Prudential Trustee Ltd
BOCHK Global Bond Fund-A Administration USD $9.3599 BOC-Prudential China Equity Fund HK$6.7655 My Choice Growth Fund HK$18.5732
BOCHK Wealth Creation Series BOCHK US Dollar Money Market Fund-A USD $13.5237 BOC-Prudential Hong Kong Equity Fund HK$34.4604 My Choice Balanced Fund HK$17.8018
BOCHK All Weather CNY Equity Fund Class A1 RMB9.04 BOCHK HK Dollar Money Market Fund-A HKD HK$12.5871 BOC-Prudential Japan Equity Fund HK$10.4954 My Choice Stable Fund HK$14.9392
BOCHK All Weather CNY Equity Fund Class A2 $7.74 BOCHK HK Dollar Money Market Fund-A Administration HKD HK$10.2698 BOC-Prudential Asia Equity Fund HK$15.9014 My Choice Global Equity Fund HK$23.2429
BOCHK All Weather CNY Equity Fund Class A3 HK$7.82 * Only available to investors of Mainland China, and is not offered in Hong Kong. BOC-Prudential Global Equity Fund HK$39.1459 My Choice Asia Equity Fund HK$17.1288
BOCHK All Weather CNY Equity Fund Class A9 HK$7.91 BOC-Prudential CSI HK 100 Tracker Fund HK$11.5396 My Choice China Equity Fund HK$20.8305
BOCI-Prudential Asset Management Ltd 3/7 NAV
BOCHK All Weather CNY Equity Fund Class I2 $7.90 BOC-Prudential European Index Tracking Fund HK$19.1395 My Choice Hong Kong Equity Fund HK$13.0807
BOC-Prudential Unit Trust-Provident Class
BOCHK All Weather Hong Kong Equity Fund Class A1 HK$7.61 BOC-Prudential North America Index Tracking Fund HK$30.5065 My Choice Hong Kong Tracking Fund HK$11.8559
BOC-Prudential Global Equity Fund HK$49.2390 BOC-Prudential Growth Fund HK$25.2186 My Choice Global Bond Fund HK$8.7998
BOCHK All Weather Hong Kong Equity Fund Class A2 $7.53 BOC-Prudential European Equity Fund HK$14.1206 BOC-Prudential Balanced Fund HK$21.4049 My Choice HKD Bond Fund HK$11.5342
BOCHK All Weather Hong Kong Equity Fund Class A7 RMB8.33 BOC-Prudential Asia Equity Fund HK$40.8609 BOC-Prudential Stable Fund HK$18.6666 My Choice RMB & HKD Money Market Fund HK$10.4554
BOCHK All Weather Hong Kong Equity Fund Class A3 A$7.27 BOC-Prudential China Equity Fund HK$33.2783 BOC-Prudential Bond Fund HK$11.6487 My Choice MPF Conservative Fund HK$10.3235
BOCHK All Weather Hong Kong Equity Fund Class I2 $7.64 BOC-Prudential Hong Kong Equity Fund HK$30.2636 BOC-Prudential MPF RMB & HKD Money Market Fund HK$11.3335 MY Choice Core Accumulation Fund HK$13.5115
BOCHK All Weather Asian Bond Fund Class A1 $7.27 BOC-Prudential Japan Equity Fund HK$20.6495 BOC-Prudential MPF Conservative Fund HK$12.3661 MY Choice Age 65 Plus Fund HK$10.7709
BOCHK All Weather Asian Bond Fund Class A2 HK$7.34 BOC-Prudential Core Accumulation Fund HK$13.8131 Principal Trust Company (Asia) Ltd 3/7 bid price
BOC-Prudential Global Bond Fund HK$20.1490
BOCHK All Weather Asian Bond Fund Class A7 RMB7.78 BOC-Prudential Age 65 Plus Fund HK$10.8465 Principal MPF - Smart Plan
BOC-Prudential Hong Kong Dollar Bond Fund HK$19.9454 BOC-Prudential Hong Kong Stable Retirement Fund HK$10.3304
BOCHK All Weather Asian Bond Fund Class X1 $9.62 Principal Age 65 Plus Fund HK$10.94
BOC-Prudential Hong Kong Stable Retirement Fund HK$10.4104 Fidelity Retirement Master Trust (MPF Scheme) 30/6 NAV Principal Balanced Fund HK$19.20
BOCHK All Weather Asian High Yield Bond Fund Class A1 $5.61 BOC-Prudential Index Fund Series-Provident Class-A (HKD) Asia Pacific Equity Fund HK$24.732 Principal Cash Fund HK$11.63
BOCHK All Weather Asian High Yield Bond Fund Class A2 HK$5.67 BOC-Prudential North America Index Fund HK$38.8851 Global Equity Fund HK$33.260 Principal Core Accumulation Fund HK$13.39
BOCHK All Weather Asian High Yield Bond Fund Class A4 A$5.57 BOC-Prudential S&P 500 Index Fund HK$20.2863 Hong Kong Equity Fund HK$27.267 Principal Dynamic Hong Kong Equity Fund HK$9.32
BOCHK All Weather Asian High Yield Bond Fund Class A7 £5.56 BOC-Prudential European Index Fund HK$20.9388 Fidelity Hong Kong Tracker Fund HK$10.872 Principal Dynamic Asia Pacific Equity Fund HK$13.22
BOCHK All Weather Asian High Yield Bond Fund Class A9 RMB5.79 Balanced Fund HK$25.630 Principal Dynamic Global Equity Fund HK$17.39
BOC-Prudential MSCI AC Asia Pacific ex Japan Index Fund HK$12.8531
BOCHK All Weather Asian High Yield Bond Fund Class A10 €5.58 Capital Stable Fund HK$19.675 Principal Growth Fund HK$20.77
BOC-Prudential MSCI Japan Index Fund HK$13.9091 Growth Fund HK$27.937
BOCHK All Weather Asian High Yield Bond Fund Class X2 HK$6.95 Principal - Hang Seng Index Tracking Fund HK$9.64
BOC-Prudential MSCI MPF Golden Dragon Index Fund HK$14.0455 RetireEasy Fund HK$8.395
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A1 $7.55 Principal Dynamic Asian Bond Fund HK$9.46
BOC-Prudential FTSE MPF China A Index Fund HK$7.3557 Stable Growth Fund HK$22.942 Principal Dynamic Greater China Equity Fund HK$18.81
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A2 HK$7.60 BOC-Prudential Index Fund Series-Provident Class-B (HKD) Hong Kong Bond Fund HK$12.585 Principal - MPF Conservative Fund HK$11.29
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class A7 RMB7.61 BOC-Prudential North America Index Fund HK$24.8753 RMB Bond Fund HK$10.360 Principal Stable Fund HK$15.86
BOCHK All Weather Asia (Ex-Japan) Equity Fund Class X2 HK$8.30 BOC-Prudential European Index Fund HK$13.8323 World Bond Fund HK$12.717 Principal Dynamic Global Bond Fund HK$8.33
BOCHK All Weather Asia Pacific High Income Fund Class A1 $4.96 MPF Conservative Fund HK$11.307 Principal MPF - Simple Plan 3/7 bid/offer
BOC-Prudential Index Fund Series-Provident Administration Class (HKD)
BOCHK All Weather Asia Pacific High Income Fund Class A2 HK$4.95 Fidelity SaveEasy 2050 Fund HK$12.613 Principal Age 65 Plus Fund HK$10.85/10.85
BOC-Prudential North America Index Fund HK$11.3931
BOCHK All Weather Asia Pacific High Income Fund Class A4 A$4.44 Fidelity SaveEasy 2045 Fund HK$12.811 Principal Balanced Fund HK$17.35/17.35
BOC-Prudential S&P 500 Index Fund HK$10.7692 Fidelity SaveEasy 2040 Fund HK$27.369
BOCHK All Weather Asia Pacific High Income Fund Class A8 RMB4.99 Principal Core Accumulation Fund HK$13.23/13.23
BOC-Prudential European Index Fund HK$10.1964 Fidelity SaveEasy 2035 Fund HK$26.951
BOCHK All Weather Asia Pacific High Income Fund Class X1 $5.77 Principal Dynamic Hong Kong Equity Fund HK$21.42/21.42
BOC-Prudential MSCI AC Asia Pacific ex Japan Index Fund HK$10.0110 Fidelity SaveEasy 2030 Fund HK$26.749
BOCHK All Weather Asia Pacific High Income Fund Class X2 HK$5.36 Principal Dynamic Asia Pacific Equity Fund HK$14.65/14.65
BOC-Prudential MSCI Japan Index Fund HK$10.6396 Fidelity SaveEasy 2025 Fund HK$26.114
Principal Dynamic Global Equity Fund HK$15.73/15.73
BOCHK All Weather Belt and Road Bond Fund Class A1 $7.69 BOC-Prudential Index Fund Series-Investment Class (HKD) Fidelity SaveEasy 2020 Fund HK$23.906
Principal Growth Fund HK$19.78/19.78
BOCHK All Weather Belt and Road Bond Fund Class A2 HK$7.67 Age 65 Plus Fund HK$10.677
BOC-Prudential North America Index Fund HK$27.6963 Principal - MPF Conservative Fund HK$/10.96
BOCHK All Weather Belt and Road Bond Fund Class A8 RMB7.91 Core Accumulation Fund HK$13.403
BOC-Prudential S&P 5 Principal Stable Fund HK$12.50/12.50
BOCHK All Weather China Income Fund Class A1 HK$5.12 Haitong International Investment Managers Ltd 3/7
Principal Dynamic Global Bond Fund HK$9.45/9.45
Haitong MPF Retirement Fund bid/issue
BOCHK All Weather China Income Fund Class A2 $5.11 Sun Life MPF Master Trust 3/7 NAV
Haitong Asia Pacific Fund-A HK$16.66/16.66
BOCHK All Weather China Income Fund Class A8 RMB5.27 Global Fixed Income Portfolio HK$8.52
Haitong Asia Pacific Fund-T HK$19.14/19.14
BOCHK All Weather China Income Fund Class X1 HK$5.80 Global Fixed Income Portfolio Class B HK$8.31
Haitong MPF Conservative Fund-A HK$11.53/11.53
BOCHK All Weather China New Dynamic Equity Fund Class A1 HK$10.02 Hong Kong Portfolio HK$35.71
Haitong MPF Conservative Fund-T HK$11.75/11.75
Hong Kong Portfolio Class B HK$37.64
BOCHK All Weather China New Dynamic Equity Fund Class A2 $10.04 Haitong Global Diversification Fund-A HK$23.25/23.25
Asian Portfolio HK$43.78
BOCHK All Weather China New Dynamic Equity Fund Class A8 RMB9.76 Haitong Global Diversification Fund-T HK$26.48/26.48
Asian Portfolio Class B HK$45.41
BOCHK All Weather China New Dynamic Equity Fund Class X1 HK$10.12 Haitong Hong Kong SAR Fund-A HK$60.42/60.42
Haitong Hong Kong SAR Fund-T HK$67.19/67.19 International Portfolio HK$21.55
BOCHK All Weather China New Dynamic Equity Fund Class X2 $8.58 International Portfolio Class B HK$23.40
Haitong Korea Fund-A HK$26.35/26.35
BOCHK All Weather ESG Multi-Asset Fund Class A1 $7.92 Haitong Korea Fund-T HK$28.99/28.99 Growth Portfolio HK$26.14
BOCHK All Weather ESG Multi-Asset Fund Class A2 HK$7.98 Haitong Core Accumulation Fund-A HK$13.81/13.81 Growth Portfolio Class B HK$27.16
BOCHK All Weather ESG Multi-Asset Fund Class A4 A$7.73 Haitong Core Accumulation Fund-T HK$13.91/13.91 Balanced Investment Portfolio HK$22.47
Haitong Age 65 Plus Fund-A HK$11.08/11.08 Balanced Investment Portfolio Class B HK$23.53
BOCHK All Weather ESG Multi-Asset Fund Class A7 £7.79
Haitong Age 65 Plus Fund-T HK$11.08/11.08 Stable Growth Portfolio HK$18.78
BOCHK All Weather ESG Multi-Asset Fund Class A9 RMB7.94
Hang Seng Mandatory Provident Fund 3/7 NAV (per unit) Stable Growth Portfolio Class B HK$19.77
BOCHK All Weather ESG Multi-Asset Fund Class A10 €7.79 Capital Stable Portfolio HK$15.36
SuperTrust Plus
BOCHK All Weather Greater Bay Area Strategy Fund Class A1 $7.22 Capital Stable Portfolio Class B HK$16.27
MPF Conservative Fund HK$13.11
BOCHK All Weather Greater Bay Area Strategy Fund Class A2 HK$7.22 Guaranteed Fund HK$9.82 RMB and HKD Fixed Income Portfolio HK$13.83
BOCHK All Weather Greater Bay Area Strategy Fund Class A3 MOP7.21 Core Accumulation Fund HK$22.77 RMB and HKD Fixed Income Portfolio Class B HK$14.60
BOCHK All Weather Greater Bay Area Strategy Fund Class A4 RMB7.80 Balanced Fund HK$21.10 Conservative Portfolio HK$11.48
Growth Fund HK$22.09 Conservative Portfolio Class B HK$11.57
BOCHK All Weather Greater Bay Area Strategy Fund Class A11 RMB7.37
Hang Seng Index Tracking Fund HK$20.92 Capital Guaranteed Portfolio HK$16.53
BOCHK All Weather Global Opportunities Fund Class A1 $11.15
North American Equity Fund HK$25.65 Capital Guaranteed Portfolio Class B HK$17.59
BOCHK All Weather Global Opportunities Fund Class A2 HK$11.27 Core Accumulation Fund HK$13.29
European Equity Fund HK$15.84
BOCHK All Weather Global Opportunities Fund Class A3 A$14.54 Asia Pacific Equity Fund HK$28.66 Age 65 Plus Fund HK$10.66
BOCHK All Weather Global Opportunities Fund Class X2 HK$12.81 Hong Kong and Chinese Equity Fund HK$19.79 YF Life Trustees Limited 3/7 NAV
BOCHK All Weather China High Yield Bond Fund Class A1 RMB5.65 Global Bond Fund HK$11.07 Mass MPF Scheme
BOCHK All Weather China High Yield Bond Fund Class A2 $4.79 Age 65 Plus Fund HK$12.43 Age 65 Plus Fund HK$10.7837
Stable Fund HK$11.87 Asian Pacific Equity Fund HK$14.1671
BOCHK All Weather China High Yield Bond Fund Class A3 HK$4.85
Chinese Equity Fund HK$12.22 Asian Bond Fund HK$24.9804
BOCHK All Weather China High Yield Bond Fund Class A4 A$5.1200
ValueChoice Balanced Fund HK$14.77 Core Accumulation Fund HK$13.4245
BOCHK All Weather China High Yield Bond Fund Class A8 $5.0400 Global Equity Fund HK$20.52 MPF Conservative Fund HK$11.2516
BOCHK All Weather Short Term Bond Fund-X2 HK$10.8978 ValueChoice North America Equity Tracker Fund HK$34.38 European Equity Fund HK$12.7139
BOCHK All Weather Short Term Bond Fund-A1 $10.7448 ValueChoice Europe Equity Tracker Fund HK$17.47 Greater China Equity Fund HK$16.2554
BOCHK All Weather Short Term Bond Fund-A2 HK$10.7409 ValueChoice Asia Pacific Equity Tracker Fund HK$12.60 Global Bond Fund HK$11.6187
BOCHK All Weather Short Term Bond Fund-A3 RMB11.3056 Hang Seng China Enterprises Index Tracking Fund HK$6.42 Global Equity Fund HK$33.3965
HSBC Mandatory Provident Fund 3/7 NAV (per unit) Global Growth Fund HK$24.2502
BOCHK Investment Funds 3/7 NAV NAV
SuperTrust Plus Global Stable Fund HK$21.0658
BOCHK Aggressive Growth Fund-A USD $29.6954 Guaranteed Fund HK$10.0145
MPF Conservative Fund HK$13.11
BOCHK Aggressive Growth Fund-A RMB $10.3415 Guaranteed Fund HK$9.82 Hong Kong Equities Fund HK$11.9580
BOCHK Aggressive Growth Fund-A Administration USD RMB215.2215 Core Accumulation Fund HK$22.77 US Equity Fund HK$30.7314
BOCHK Balanced Growth Fund-A USD $23.6767 Balanced Fund HK$21.10 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

1036 Standard Chartered Bank (Hong Kong) 101 Interior Design & Contracting Ltd Debt $1,180,520.71 Able Engineering Hldgs (F) 5¢ (3.5¢)......................................................... HK$174m +41.7% 4-Sep 27-Sep King Fook Holdings (F) 2¢ (1.6¢); (SD) 8¢ (nil) .......................................... HK$79.5m +32.3% 13-Sep 6-Oct
Accel Group Holdings (F) 1.6¢ (2.1¢) ......................................................... HL$56.5m -17.2% 18-Sep 13-Oct Kingmaker Footwear (F) 2¢ (nil); (SD) 0.2¢ (2¢) ....................................... HK$53.4m (-$18m) 1-Sep 25-Sep
Ltd Sun Wai Hon Vincent $2,331,678.39 AEON Credit (F) 22¢ (22¢) .......................................................................... HK$373.6m +9.05% 6-Jul 20-Jul KPa-BM Holdings (F) 3¢ (2.5¢)................................................................... HK$37.1m +222.9% 31-Aug 20-Sep
1037 The Hong Kong Mortgage Corporation Thousand Holdings Ltd Debt $9,017,270.42 Agricultural Bank of China (F) Rmb2.222 per 10 shs (Rmb2.068 per 10 Rmb259.1b +7.45% 17-Jul 8-Aug KRP Development (F) 4¢ (nil) ................................................................... Rmb180.8m -26% 5-Sep 21-Sep
Ltd Cheng Wai Yan shs) ............................................................................................................ Kwong Man Kee Group (F) 1¢ (05¢)........................................................... HK$19.1m +156.1% 29-Aug 3-Oct
AMS Public Transport (F) 9¢ (nil).............................................................. HK$39.3m (-$18.4m) 1-Sep 14-Sep L.K. Technology Holdings (F) 4.5¢ (4¢) ..................................................... HK$532.2m -14.9% 14-Sep 3-Oct
1038 China Resources Property Manage- China Parenting Network Holdings Ltd L&T $504,384.55 Amuse Group Holdings (F) nil (nil) ........................................................... HK$5.76m +289% _ _ L’Occitane Int’l (F) Eur0.03129 (0.06585) ................................................ Eur115.1m -52% 5-Oct 20-Oct
ment Ltd acting as the lawful attorney Anxian Yuan China (F) 1.5¢ (0.9¢) ............................................................. HK$104.9m +43.5% 15-Sep 6-Oct Lenovo Group (F) 30¢ (30¢) ...................................................................... US$1.61b -21% 28-Jul 10-Aug
and agent for and on behalf of AP Rentals Holdings (F) 0.65¢ (nil) ........................................................... HK$12.8m (-$4.46m) 29-Aug 11-Sep Longfor Group (F) 80fen (Rmb1.23) ......................................................... Rmb24.4b +2.13% 11-Jul 21-Aug
Eastern World Development Ltd Asia Allied Infra (F) 1.05¢ (1.1¢)................................................................. HK$105.1m -14% 29-Aug 11-Sep Luk Fook Holdings (F) 55¢ (55¢)................................................................ HK$1.28b -7.7% 24-Aug 6-Sep
Asia Comm Holdings (F) 4.69¢ (5.36¢) ..................................................... HK$44m -48% 18-Aug 4-Sep Lushang Life Services (F) 10.74fen........................................................... Rmb76.7m +1.23% 6-Jul 31-Aug
1039 Guangzhou Zhoutouzui Development Sun Zhichun Company NS Associated Int’l Hotels (F) 23¢ (21¢) .......................................................... -HK$1.58b (-$1.12b) 14-Sep 5-Oct Luzhou Xinglu Water (F) 5fen (5fen)......................................................... Rmb223.2m -14.5% 6-Jul 28-Jul
Ltd Chen Shaoling Ausupreme Int’l Holdings (F) 1¢ (1¢) ......................................................... HK$0.5m (-$0.84m) 22-Sep 6-Oct Man King Holdings (F) 3.5¢ (3.5¢) ............................................................. HK$42.1m +14.1% 8-Sep 21-Sep
Deng Luyan AV Concept Holdings (F) 4¢ (3¢) ............................................................... HK$40.7m -82.4% 8-Sep 27-Sep Man Wah Holdings (F) 10¢ (17¢) ................................................................ HK$1.9b -15% 6-Jul 20-Jul
B & S International (F) 2.5¢ (nil) ............................................................... HK$27.8m +4,556.5% 27-Sep 9-Oct Medialink Group (F) 0.42¢ (0.35¢) ............................................................ HK$47.5m +12% 25-Sep 30-Oct
BAIOO Family Interactive (SD) 1.5¢ (2¢).................................................... Rmb10.3m -61.6% 11-Jul 20-Jul Meilleure Health Int’l Ind (F) 1.6¢ (nil) ...................................................... HK$17.8m -70.5% 7-Aug 22-Aug
Key: Bank of China (F) Rmb2.32 per 10 shs (Rmb2.21 per 10 shs) ................... Rmb227.4b +5.02% 8-Jul 4-Aug Mi Ming Mart (F) 0.8¢ (0.6¢) ..................................................................... HK$20.7m +3.07% 17-Aug 15-Sep
AKA.........................................................................also known as GSD.......................................................good sold and delivered Bank of Communications (F) 37.3fen (35.5fen) ........................................
Beijing Energy Int’l (F) 1¢ (nil)...................................................................
Rmb92.1b +5.22%
Rmb269m -52.3%
6-Jul
30-Jul
12-Jul
21-Jul
Microware Group (F) 2.5¢ (6¢) ..................................................................
Microware Group (SD) 8¢ (nil) ..................................................................
HK$33.2m +3.78%
.
22-Aug 1-Sep
12-Jul 26-Jul
IP ................................................................. intellectual property L&T ...............................................................landlordand tenant BOE Varitronix (F) 23¢ (15¢) ...................................................................... HK$582.5m +78% 7-Jul 19-Jul Million Hope Industries (F) 1.7¢ (2.1¢) ....................................................... HK$12.1m -50.8% 7-Jul 24-Jul
MS...................................................................materials supplied Misrep ............................................................Misrepresentation Bosideng International (F) 13.5¢ (13.5¢) ................................................... Rmb2.14b +3.7% 28-Aug 15-Sep Minsheng Education (F) 4.29¢ (5.32¢) ...................................................... Rmb490m -15% p.a 31-Aug
Mobicon Group (F) 0.5¢ (0.5¢) .................................................................. -HK$0.38m (+$13.2m) 16-Aug 29-Aug
NS ..................................................................................not stated TA...................................................................................trading as Bright Smart Securities (F) 50¢ (10¢) .......................................................
BYD (F) Rmb11.42 per 10 shs (1.05 per 10)...............................................
HK$620.6m +11%
Rmb15.5b +446%
25-Aug
p.a
11-Sep
31-Aug Nameson Holdings (F) 0.6¢ (1.5¢) ............................................................. HK$134.8m -48.8% 10-Jul 25-Jul
BYD Electronic (F) 16.5fen (10.3fen) ......................................................... Rmb1.86b -19.6% p.a 31-Aug Nanjing Panda Electronics (F) 1.4fen (1.4fen) .......................................... Rmb40.5m -3.4% p.a 10-Aug
Central China Mngt (F) 2.7¢ (9.9¢) ............................................................ Rmb303.5m -60.6% 19-Jul 31-Jul National Elec Holdings (F) 1.8¢ (3¢) .......................................................... HK$48.9m -46.5% 5-Sep 20-Sep
CA Cultural Technology (F) nil (nil) ........................................................... -HK$1.03b (-$1.05b) _ _ Neusoft Edu Tech (F) 16.5¢ (14.1¢) ............................................................ Rmb385.4m +36% 9-Aug 25-Aug
OFFICIAL LIST Cafe de Coral Holdings (F) 28¢ (18¢) .........................................................
Capital Environment (F) nil (nil); (SD) 1¢ (nil) ...........................................
HK$110.4m +420%
Rmb1.5b (-Rmb22.9m)
14-Sep
11-Jul
25-Sep
28-Jul
New China Life Insurance (F) Rmb1.08 (Rmb1.44)...................................
New Higher Education (I) 11.9fen (10.6fen) ..............................................
Rmb102.9b -5.17%
Rmb390.5m +13.1%
p.a 10-Aug
5-Sep 22-Sep
Chen Hsong Holdings (F) 7.3¢ (11.6¢) ........................................................ HK$130.3m -39% 5-Sep 21-Sep Noah Holdings (F) Rmb5.5 ........................................................................ Rmb976.6m -25.7% p.a 31-Aug
Chevalier International (F) 28¢ (35¢) ........................................................ HK$233.9m -63.7% 11-Sep 20-Sep Novacon Technology (F) 0.1¢ (0.2¢).......................................................... HK$5.7m -49% 3-Aug 24-Aug
New listing China 21st Century Edu (F) 0.8¢ (0.63¢) ................................................... Rmb27.3m -6.4% 17-Jul 31-Jul Ocean One Holding (F) 4¢ (3.3¢) ............................................................... HK$50.2m +34.1% 24-Aug 8-Sep
Oi Wah Pawnshop Credit (F) 0.87¢ (0.71¢); (SD) nil (0.37¢) ..................... HK$86.1m +20.1% 4-Aug 22-Aug
GS-NQ100@EP2403A (10952), MB-SANDS@EC2311A (18110), MB-SANDS@EC2312C (18114), CT-TENCT@EC2310F (18116), China Aoyuan (F) nil (nil) ..........................................................................
China Aoyuan (I) nil (nil) ...........................................................................
-Rmb7.84b (-Rmb33b)
-Rmb2.92b (+Rmb2.09b)
_
_
_
_ Oriental Watch Holdings (F) 7.5¢ (10¢); (SD) 22¢ (30.5¢).......................... HK$295.4m -18.5% 4-Oct 26-Oct
CT-ALIBA@EC2407A (18117), CT-ALIBA@EC2408A (18118), CT-ALIBA@EC2312A (18120), CT-ALIBA@EC2401A (18123), China Baoli Technologies (F) nil (nil) ........................................................ -HK$24.3m (+$96.6m) _ _ P.B. Group (F) nil (nil) ...............................................................................
Pacific Textiles Holdings (F) 4¢ (14¢) ........................................................
-Rmb2.74m (+Rmb9.12m)
HK$268.6m -53.1%
_
17-Aug 31-Aug
_
China Chengtong Dev (F) 0.39¢ (0.54¢).................................................... HK$76m -27% 7-Jul 21-Jul
UB-ALIBA@EC2403E (18124), UB-XPENG@EP2312A (18125), HU-PINAN@EC2310A (18126), SG-LIAUT@EP2405A (18127), China Cinda Asset Mgt (F) Rmb0.4963 per 10 shs (Rmb0.9481 per 10 Rmb6.31b -47.7% p.a 18-Aug Pak Fah Yeow Int’l (F) 3.8¢ (3.8¢); (SD) 3¢ (1.8¢) ...................................... HK$30m -21.6% 12-Jul 11-Aug
shs) ............................................................................................................ Perfect Medical Health Mngt (F) 12.3¢ (7.1¢); (SD) 4.7¢ (nil) .................... HK$315.6m +3.4% 18-Aug 8-Sep
SG-PINAN@EC2311B (18128), SG-XPENG@EP2312A (18129), JP-ZTE @EP2401A (18130), GS-ALIBA@EC2403D (18131) and China Comm Construction (F) 21.707fen (20.371fen) ............................... Rmb20.1b +9.4% p.a 11-Aug Pico Far East Holdings (I) 2¢ (nil).............................................................. HK$101.1m +46.7% 18-Jul 28-Jul
Pioneer Global Group (F) 1.5¢ (2¢) ............................................................ HK$59.8m -71.8% 26-Sep 19-Oct
GS-TENCT@EC2311E (18132): Dealing in the derivative warrants begins today. China Construction Bank (F) 38.9fen (36.4fen)........................................
China Dongxiang (Group) (F) 0.49fen (nil) ...............................................
Rmb323.9b +7.1%
Rmb115m (-Rmb1.78b)
8-Jul
23-Aug
4-Aug
7-Sep Pizu Group Holdings (F) 1¢ (1¢) ................................................................. Rmb88m -23.5% 3-Oct 15-Dec
BP#HSI RC2606Z (68237), BP#HSI RP2603Q (68238), GJ#HSI RC2312C (68239), SG#TENCTRC2401N (68240), China Electronics Huada Tech (F) 8¢ (1.9¢) .............................................. HK$531.4m +323.6% 12-Jul 28-Jul Postal Savings Bank of China (F) Rmb2.579 per 10 shs (Rmb2.474 per Rmb85.2b +11.9% 7-Jul 10-Aug
China Gas Holdings (F) 40¢ (45¢) ............................................................. HK$4.3b -44% 29-Aug 3-Oct 10 shs) .......................................................................................................
SG#MTUANRC2312X (68242), SG#ALIBARC2311F (68245), SG#HSI RC2312T (68246), SG#HSI RP2402B (68248), SG#HSI China Int’l Marine Containers (F) 18fen (69fen) ....................................... Rmb3.2b -51.7% p.a 18-Aug Precision Tsugami (China) (F) 40¢ (40¢) .................................................. Rmb579.2m -13.2% 24-Aug 15-Sep
China Isotope & Radiation (F) 44.07fen (37.79fen) ................................. Rmb391.6m +16.6% 6-Jul 31-Aug Public Financial Holdings (I) 3¢................................................................. . 17-Jul 2-Aug
RP2402S (68249), SG#HSI RP2501C (68250), SG#HSI RC2401J (68251), SG#HSI RC2410D (68252), SG#HSI RC2312X (68253), China Jinmao Holdings (F) 2¢ (nil) ............................................................ Rmb1.98b -58% p.a 31-Aug Qinhuangdao Port (F) 71fen per 10 shs. ................................................... Rmb1.3b +26% p.a 25-Aug
Red Star Macalline Group (F) 3.4fen (10fen) ............................................ Rmb678.6m -65.4% p.a 26-Aug
SG#HSI RP2403Q (68254), HS#HSI RP2601L (68255), HS#HSI RP2602N (68256), HS#HSI RC2509G (68257), JP#HSI RC2409F China Kepei Education (F) 6¢ (6¢).............................................................
China Life Insurance (F) 49fen (65fen).....................................................
Rmb704.2m +158.8%
Rmb32.1b -37%
8-Aug
7-Jul
31-Aug
24-Aug Regina Miracle Int’l (F) 1.8¢ (7.2¢) ............................................................ HK$383.3m +26.4% 20-Sep 4-Oct
Rimbaco Group Global (I) MYR1.82¢ (MYR0.95¢) ..................................... MYR8.25m +48.5% 7-Jul 28-Jul
(68258), JP#ALIBARP2312F (68259), JP#JDCOMRP2404B (68260), JP#TENCTRP2402J (68261), JP#TENCTRC2402J (68263), China Merchants Securities (F) 18.5fen (54fen) ....................................... Rmb8b -30.7% p.a 30-Aug
Royale Home Holdings (F) 1¢ (1¢).............................................................. HK$5.6m -92.7% 25-Jul 18-Aug
China Rail Const (F) 28fen (24.6fen)......................................................... Rmb26.6b +7.9% p.a 31-Aug
JP#TENCTRP2401V (68264), JP#HSI RP2604A (68265), JP#HSI RC2409W (68266), JP#HSI RC2409J (68268), JP#HSI China Reinsurance (Group) (F) 1.4fen (4.5fen)......................................... Rmb1.87b -68.6% p.a 22-Aug Safety Godown (F) 3¢ (6¢) .........................................................................
Shanghai Fosun Pharma (F) 42fen (56fen) ..............................................
-HK$188.3m (-$84.5m)
Rmb3.74b -21%
28-Aug 18-Sep
p.a 31-Aug
China South City Holdings (F) 2¢ (nil) ....................................................... HK$2.25b +2,631% 28-Sep 29-Dec
RP2604B (68269), JP#HSI RP2604C (68270), JP#HSI RP2604D (68271), UB#HSI RP2512M (68272), UB#HSI RP2602T China Taiping Insurance (F) 26¢ (46¢) ...................................................... Rmb2.8b -62.8% 12-Jul 21-Jul Shoucheng Holdings (F) 5.31¢ (5.49¢) ...................................................... HK$922m (-$1.1b) 14-Jul 3-Aug
China Water Affairs Gp (F) 18¢ (18¢) ......................................................... HK$1.86b -1.94% 21-Sep 17-Nov Shougang Century Hold (F) 0.73¢ (1.5¢) ................................................... HK$47.9m -40.8% 17-Jul 31-Jul
(68273), UB#ALIBARP2405B (68274), UB#TENCTRC2311C (68275), UB#HSI RC2509Y (68277), UB#HSI RC2510H (68278), China-Hongkong Photo (F) 1¢ (1¢); (SD) 0.5¢ (nil)..................................... HK$40.8m +125.3% 17-Aug 6-Sep 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
UB#HSI RP2602U (68279), UB#HSI RP2602V (68280), GS#BYD RC2312I (68281), GS#HKEX RP2402C (68282), BP#HSI Chinney Investments (F) 5¢ (5¢)................................................................ HK$33m -40.8% 7-Sep 10-Oct
Sinotruk (Hong Kong) (F) 33¢ (68¢) .......................................................... Rmb1.8b -58.4% 6-Jul 8-Sep
Chow Tai Fook Jewellery (F) 28¢ (28¢); (SD) 72¢ (nil)............................... HK$5.38b -19.8% 14-Jul 31-Jul
RC2606A (68283), BP#HSI RP2603R (68284) and BP#HSI RP2603H (68285): Dealing in the callable bull/bear contracts starts CMA Logistics (F) 15fen (5fen) .................................................................. Rmb38.5m +32% 6-Jul 28-Sep 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
Computime Group (F) 2.1¢ (4.75¢) ............................................................ HK$22.5m -73.3% 19-Sep 9-Oct
today. COSCO SHIPPING Energy Trans (F) 15fen (nil) .......................................... Rmb1.5b (-Rmb5b) 20-Jul 28-Aug Southeast Asia Ppts&Fin (F) 3¢ (3¢).......................................................... HK$29.2m +10.2% 31-Aug 6-Oct
CRCC High-Tech Equip (F) 2.5fen (1fen) .................................................... Rmb115.6m +129.5% p.a 22-Aug Suga International (F) 4¢ (6¢); (SD) 3¢ (nil) .............................................. HK$59.8m +5.92% 16-Aug 25-Aug
UB#NQ100RC2312D (49840), BI#HSI RC2403A (68286), BI#HSI RC2403B (68287), GJ#HSI RC2312H (68288), GJ#HSI CRRC Corporation (F) 20fen (18fen) ......................................................... Rmb11.6b +13.1% p.a 11-Aug Sun Art Retail Group (F) 4.5¢ (4.5¢) ......................................................... Rmb109m (-Rmb739m) 23-Aug 6-Sep
Sun Hing Vision Group (F) nil (nil); (SD) 1.5¢ (1.5¢)................................... -HK$30.6m (+$9.09m) 25-Aug 13-Sep
RC2312A (68289), GJ#HSI RC2312I (68290), GJ#HSI RP2404H (68291), HS#HSI RP2603L (68293), HS#HSI RP2602O (68295), CSC Financial (F) Rmb2.7 per 10 shs (Rmb3.95 per 10 shs) .....................
CSI Properties (F) 0.42¢ (0.42¢) ...............................................................
Rmb7.5b -26.7%
HK$335.7m -71% 29-Aug
p.a 23-Aug
8-Sep
Suxin Joyful Life Ser (F) 17fen (nil) ........................................................... Rmb64.8m +17% p.a 31-Aug
Swang Chai Chuan (SD) 2.3¢ ..................................................................... . 17-Jul 14-Aug
HS#HSI RP2603M (68296), HS#HSI RP2603N (68297), HS#HSI RP2512H (68298), HS#HSI RP2512I (68299), HS#HSI RC2511M Dadi International Group (F) nil (nil) ........................................................ -HK$287.1m (-$217.8m) _ _
Tai Cheung Holdings (F) 12¢ (12¢) ............................................................. -HK$20m (+$2.9m) 5-Sep 19-Sep
Datang Renew Power (F) 5fen (3fen)........................................................ Rmb3.5b +72% p.a 25-Aug
(68300), HS#HSI RC2509H (68301), HS#TENCTRC2312B (68302), HS#ALIBARC2312R (68303), HS#HSI RC2411V (68306), Dickson Concepts (F) 27¢ (27¢) ................................................................. HK$252.6m +25.7% 17-Aug 25-Aug
Taizhou Water Group (F) 7.5fen (17fen)....................................................
Tam Jai International (F) 10.5¢ (11.4¢)......................................................
Rmb54.7m -55%
HK$141m -31%
6-Jul 22-Sep
17-Aug 6-Sep
DL Holdings Group (F) 1.03¢ (1.4¢) ........................................................... -HK$49.5m (+$109.8m) 15-Sep 4-Oct
HS#LIAUTRC2406C (68307), HS#BYD RC2407C (68309), SG#TENCTRP2402T (68311), SG#HSI RP2501Y (68314), SG#HSI 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
RP2504A (68315), SG#HSI RP2501S (68316), SG#GEELYRC2312F (68317), SG#LIAUTRC2406B (68321), SG#HSI RP2404W 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
(68322), SG#HSI RP2503B (68323), SG#HSI RC2407L (68324), SG#HSI RC2312B (68328), SG#HSI RC2410E (68329), SG#HSI 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
EFT Solutions Holdings (F) 2¢ (2¢) ............................................................ HK$19.3m +85% 21-Aug 28-Aug
RC2312E (68330), SG#HSI RC2312O (68331), SG#HSI RP2412B (68332), SG#HSI RP2412I (68333), SG#BYD RC2312M (68335), Tianyun International (F) 5¢ (nil) .............................................................. Rmb96.6m (-Rmb0.94m) 11-Jul 4-Aug
Emperor International (F) 0.3¢ (1.6¢) ....................................................... -HK$2.14b (-$469.3m) 28-Sep 16-Oct Time Interconnect Tech (F) 0.5¢ (1¢) ........................................................ HK$215.1m +27.9% 1-Sep 26-Sep
Expert Systems Holdings (F) 1¢ (0.77¢) .................................................... HK$19.7m +26.1% 22-Sep 10-Oct
SG#ALIBARC2401F (68336), SG#TENCTRC2311G (68339), SG#BYD RC2402A (68340), BP#HSI RC2606D (68341), BP#HSI Fairwood Holdings (F) 40¢ (40¢); (SD) 5¢ (nil) ......................................... HK$44.9m +5.25% 14-Sep 5-Oct
Topsports International (F) 5fen (7fen); (SD) 15fen (23fen) ..................... Rmb1.84b -24.9% 3-Aug 24-Aug
Trendzon Holdings (F) nil (nil) .................................................................. -S$2.06m (+S$1.02m) _ _
RC2606K (68342), BP#HSI RC2606L (68345), BP#HSI RC2606M (68346), BP#HSI RC2606N (68347), BP#HSI RC2606O Far East Consortium (F) 10¢ (16¢) ............................................................. HK$172.2m -86.8% 7-Sep 24-Oct Tsingtao Brewery (F) Rmb1.3 (Rmb1.1); (SD) 50fen (nil) .......................... Rmb3.71b +17.6% p.a 11-Aug
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
(68348), BP#HSI RC2606P (68349), BP#HSI RP2602M (68350), CT#PINANRP2312B (68351), CT#ALIBARP2312D (68354), Fourace Industries Gp (F) 1.5¢ (1.5¢); (SD) 0.8¢ (nil) ................................ HK$64.2m +7.51% 15-Aug 31-Aug 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
CT#BYD RP2401A (68356), UB#HSI RP2512N (68357), UB#HSI RP2601A (68358), UB#HSI RP2601C (68359), UB#HSI Fulum Group Holdings (F) 0.3¢ (nil) ......................................................... HK$21.1m (-$49.2m) 6-Oct 19-Oct Upbest Group (F) 2¢ (2¢) ........................................................................... HK$100.3m +15.3% 6-Sep 22-Sep
Gemdale Properties (F) 0.7fen (6fen)....................................................... Rmb2.3b -42% 18-Jul 7-Sep
RP2512O (68360), UB#LIAUTRC2405E (68361), UB#LIAUTRP2412A (68362), UB#HSI RP2511I (68363), UB#TENCTRC2312S Get Nice Financial (F) 3¢ (3¢) .................................................................... HK$149.8m -67.9% 31-Aug 7-Sep
Utd Laboratories Int’l (F) 14¢ (8¢); (SD) 6¢ (2¢) ........................................
Veeko International (F) 0.5¢ (nil) .............................................................
Rmb1.58b +60%
HK$5.03m (-$53.4m)
6-Jul
18-Sep
p.a
9-Oct
Get Nice Holdings (F) 0.5¢ (0.5¢) .............................................................. HK$183.7m +205.2% 31-Aug 7-Sep
(68364), UB#ALIBARC2312J (68366), UB#BYD RC2312I (68369), UB#ESBUYRC2406B (68370), UB#HSI RC2509P (68372), Golden Resources Dev (F) 1.45¢ (1.2¢) ...................................................... HK$128.7m +588.2% 5-Sep 19-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
UB#HSI RC2510S (68373), UB#HSI RC2510F (68374), UB#HSI RC2508E (68375), UB#HSI RC2510N (68376), UB#HSI RP2511J Goldwind Science & Tech (F) 12fen (25fen) ..............................................
Grand Ming Group (F) 5¢ (4¢); (SD) 15¢ (nil) .............................................
Rmb2.38b -36.1%
HK$1.28b +7,169% 14-Aug
p.a 30-Aug
18-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
(68377), JP#HSI RP2604E (68378), JP#HSI RP2602G (68380), JP#HSI RP2602R (68382), JP#TENCTRP2401W (68384), Greentown Management (F) 30fen (20fen); (SD) 8fen (nil) ..................... Rmb744.5m +31.7% 11-Jul 28-Jul Wah Sun Handbags Int’l (F) nil (2¢); (SD) 1¢ (2¢) ...................................... HK$8.5m -78.5% 6-Oct 26-Oct
Hanison Construction (F) 5¢ (5¢)............................................................... -HK$38.4m (+$154.3m) 7-Jul 24-Jul Wang On Group (F) 4¢ (nil) ....................................................................... HK$13m (-$305m) 29-Aug 13-Sep
JP#HKEX RC2401C (68387), JP#LIAUTRC2406A (68388), JP#ALIBARC2504A (68389), JP#ALIBARC2401G (68390), Hao Bai Int’l (Cayman) (F) nil (nil) ............................................................ -HK$33.2m (-$30.4m) _ _ Wang On Properties (F) 0.69¢ (0.75¢) ...................................................... HK$211m -26% 29-Aug 13-Sep
Herald Holdings (F) 3¢ (3¢) ....................................................................... HK$82.3m (-$61.1m) 5-Oct 17-Oct
JP#TENCTRC2401O (68392), JP#HSI RC2510Y (68393), JP#HSI RP2601M (68394), JP#HSI RC2512G (68395), JP#HSI Hisense Home Appliances (F) 53.1fen (21.4fen) ....................................... Rmb1.4b +47.5% p.a 15-Aug
Want Want China (F) US2.1¢ (US2.1¢); (SD) nil (US2.94¢) .........................
Wealthy Way Group (F) 3¢ (3¢)..................................................................
Rmb3.37b -19.8%
Rmb24.1m -21.2%
26-Aug 14-Sep
6-Jul 25-Jul
RP2604F (68396), JP#HSI RC2510F (68397), JP#HSI RP2604G (68398), JP#HSI RC2512B (68401), GS#BYD RC2312J (68402) HK Johnson Holdings (F) 1.22¢ (5¢) ...........................................................
HK Shanghai Alliance (F) 1.5¢ (1.5¢) ..........................................................
HK$30.6m -76.4%
HK$82.8m +26.5%
15-Sep
28-Aug
10-Oct
8-Sep
Wecon Holdings (F) 1.2¢ (1.2¢) .................................................................. HK$5.95m -58.1% 24-Aug 4-Sep
Winfair Investment (F) 12¢ (12¢) ............................................................... -HK$36.2m (+$13.5m) 14-Sep 28-Sep
and GS#TENCTRC2312E (68403): Dealing in the callable bull/bear contracts will start tomorrow. HKET (F) 7¢ (6.5¢) ...................................................................................... HK$27.5m -17% 14-Aug 8-Sep Winson Holdings HK (F) 1.65¢ (1.473¢) ..................................................... HK$24.7m +11.99% 8-Aug 28-Aug
HKR International (F) 1¢ (5¢) ..................................................................... HK$455.6m -57.4% 30-Aug 19-Sep Yangtze Optical (F) 46.2fen (28.1fen) ....................................................... Rmb1.17b +64.7% p.a 18-Aug
Hon Kwok Land (F) 12.5¢ (12.5¢) ............................................................... HK$153.4m +67.3% 7-Sep 4-Oct Yangtzekiang Garment (F) 2¢ (2¢) ............................................................ -HK$23.2m (+$30.7m) 29-Sep 16-Oct
Hong Kong Finance Group (F) 1.3¢ (1.3¢) .................................................. HK$58.9m -16.5% 12-Sep 6-Oct
Parallel trading Honma Golf (F) 1.5yen (2yen).................................................................... 3.26b yen -47.4% 22-Sep 10-Oct
Yankuang Energy Group (F) Rmb3.07 (Rmb1.6); (SD) Rmb1.23 (40fen);
(B) 5 bonus shares for every 10 shs (nil) ..................................................
Rmb30.8b +89.3% p.a 30-Aug
Huadian Power Int’l (F) 20fen (25fen) ...................................................... -Rmb30.8m (-Rmb3.3b) p.a 25-Aug
China Baoli Technologies Holdings: The parallel trading in the ordinary shares starts today under the following particulars: China Huishang Bank Corp (F) Rmb1.29 per 10 shs............................................ . 6-Jul 25-Aug
Yau Lee Holdings (F) 2.5¢ (2.5¢)................................................................ HK$49.6m -27.2% 20-Sep 10-Oct
Yeebo International (F) 5¢ (5¢); (SD) 5¢ (nil) ............................................ HK$615.1m +130.7% 28-Sep 12-Oct
Baoli-new (164) and China Baoli-old (2953). Hygeia Healthcare (F) 15fen (nil) .............................................................. Rmb476.8m +8% 7-Jul 27-Jul YGM Trading (F) 10¢ (5¢) ........................................................................... -HK$13.8m (+$3.28m) 29-Sep 16-Oct
i.century Holding (F) nil (nil) ..................................................................... -HK$4.96m (+$19.2m) _ _ Yoho Group Holdings (F) 2.4¢ (nil) ........................................................... HK$6.3m (-$0.23m) 7-Sep 27-Sep
ICBC (F) 30.35fen (29.33fen)..................................................................... Rmb360.5b +3.5% 8-Jul 18-Aug Yun Lee Marine Group (F) 1.8¢ (2¢) .......................................................... HK$36m -11.7% 6-Sep 27-Sep
i-Control Holdings (F) 0.5¢ (0.5¢); (SD) 1.2¢ (nil) ...................................... HK$5.74m -14.3% 14-Aug 6-Sep Zhengye International (F) 1.6¢ (10.92¢).................................................... Rmb47.2m -70.7% 20-Sep 12-Jul
Share consolidation Imperium Financial Group (F) nil (nil) ...................................................... -HK$117.6m (-$106.2m) _ _ Zhongtai Futures (F) 1.6fen (1.8fen) ......................................................... Rmb166m -12% p.a 10-Aug
ISDN Holdings (F) 4.7¢ (8.35¢) .................................................................. S$14.6m -42.6% 10-Jul 25-Aug
China Ruifeng Renewable Energy Holdings: Share consolidation of 5 shares into 1 consolidated share. A temporary counter under ITE (Holdings) (F) 0.5¢ (0.6¢) .................................................................... HK$4.82m -21.8% 16-Aug 1-Sep
Zibuyu Group (F) 5¢ (nil) ........................................................................... Rmb110.7m -44.8% 11-Jul 8-Aug

the stock code 2957 will be established from tomorrow for trading in the new shares to replace the original counter stock code 527 IWS Group Holdings (F)1.5¢ ( 5.4¢) ...........................................................
Jacobson Pharma (F) 2.38¢ (2.68¢) ..........................................................
HK$17.6m -68.8%
HK$251m +41.3%
22-Sep
17-Aug
12-Oct
1-Sep
for trading in the old shares. JBM (Healthcare) (F) 2.5¢ (nil) .................................................................. HK$57.1m +131.9% 17-Aug 1-Sep (I) Interim dividend (F) Final dividend (B) Bonus (SD) Sp dividend
Jiading International (F) nil (nil) ............................................................... -HK$67.2m (-$44.3m) _ _
Jiashili Group (F) 5¢ (5¢)............................................................................ Rmb55m -49.2% 20-Jul 18-Aug (Wrt) Warrant (Rts) Rights Issue (QD) Quarterly dividend
Jingneng Clean Energy (F) 12.02fwen (7.037fen) ..................................... Rmb2.8b +12.6% 7-Jul 10-Aug * with scrip with cash option @ on or before
Suspension of trading Johnson Electric (F) 34¢ (17¢) ................................................................... US$157.8m +7.83% 20-Jul 6-Sep
China Ruyi Holdings (136): Trading in the shares was suspended yesterday pending of an announcement which contains inside JOINN Laboratories (China) (F) 40fen (36fen) ......................................... Rmb1.07b +92.7% p.a 30-Aug
Karrie Int’l Holdings (F) 1.5¢ (4¢) .............................................................. HK$386m -30% 5-Sep 21-Sep
Companies in bold declared dividends in the current week
information of the Company inrelation to the entering in to of share subscription agreements. Kato (Hong Kong) Holdings (F) 2.2¢ (2.5¢) ................................................ HK$126.2m +27.5% 18-Aug 31-Aug

P d d d b d b N w p p D
© M m
W
 B6 Wednesday, July 5, 2023

MARKETS
HONG KONG STOCKS Sub-indices Close Change Ch (%)
Shanghai Composite Index
% 52-week Hong Kong daily round-up S&P/HKEx LargeCap Index
S&P GEM Index
28,088.36
31.17
+186.14
-
+0.67
- 3,245.35 Past 3 months
Code Share Close chg chg V'000 high low PE Yield Finance 33,657.16 +52.74 +0.16
1361
1244
361 Degrees
3D Medicines
3.720 -0.010
103.600 +6.950
-0.27
+7.19
759 4.51
584 114.00 27.70
3.04 9.2
-
-
-
Hang Seng Index Top HSI movers (%) Utilities
Properties
35,764.94
22,257
-110.13
+48.95
-0.31
+0.22
▲1.37 3,500
1530 3SBio 7.520 - - 14,991 9.10 4.86 8.5 1.3 Index 30-day moving average TECH
Commerce & Industry
4,074.42
10,527.64
+20.07
+94.81
+0.5
+0.91
3319 A-Living Services 5.160 -0.050 -0.96 3,567 11.78 4.29 3.5 - Hansoh Pharma
2018 AAC Tech 18.720 +0.280 +1.52 2,874 22.70 11.10 24.2 0.6 6.64 Hang Seng Composite Index 2,903.4 +16 +0.55 Turnover
6669 Acotec-B 13.300 +0.460 +3.58 218 19.88 7.40 50.4 -
Past three months Hang Seng LargeCap Index 1,765.99 +8.71 +0.5
3383 Agile Group 1.250 -0.010 -0.79 26,258 3.88 1.15 - - Orient Overseas (Int'l) 3.87 Hang Seng MidCap Index 3,801.32 +30.74 +0.82 387.12
1288 Agricultural Bk 3.100 -0.020 -0.64 175,552 3.28 2.20 4.0 8.1 23,000 Hang Seng SmallCap Index 1,438.85 +12.58 +0.88
1299 AIA Group 81.550 +0.550 +0.68 9,029 93.65 57.25 442.0 1.9 19,415.68 JD Health HS Energy 8,869.45 +42.63 +0.48 b yuan 3,000
81299 AIA Group-R # 75.100 +0.050 +0.07 16 75.75 70.45 453.8 1.8 3.86 HS Materials 5,973.18 +26.99 +0.45
6660
2121
753
AIM Vaccine
AInnovation
Air China
44.700 +0.050
17.920 -0.120
6.040 +0.040
+0.11
-0.67
128 100.00 14.94
1,027 27.50 14.88
+0.67 9,606 7.94 5.33
-
-
-
-
-
-
▲109.09 Sino Biopharm 3.47
HS Industrial Goods
HS Consumer Discretionary
HS Consumer Staples
1,089.42
2,770.1
18,355.35
+4.71
+12.86
+121.5
+0.43
+0.47
+0.67
1789
9926
AK Medical
Akeso
7.150 +0.240
40.150 +3.950
+3.47 1,928 11.18
+10.91 11,200 52.60 19.22
5.65 34.3 0.9
- -
(▲0.57%) Wuxi Biologics 3.41 HS Healthcare
HS Telecommunications
10,254.98
1,322.8
+412.19
+8.97
+4.19
+0.68
SHANGHAI A SHARES
9988 Alibaba Grp-SW 84.000 +0.450 +0.54 19,606 122.00 60.25 25.5 - HS Utilities 5,362.84 -8.34 -0.16 Index Close Change Ch %
89988 Alibaba Grp-SWR # 77.400 -0.050 -0.06 48 83.30 80.55 27.0 - China Mengniu Dairy 2.83 HS Financials 3,322.46 +2.43 +0.07
241 Alibaba Health 4.870 +0.080 +1.67 30,223 10.14 3.00 112.0 - HS Properties & Construction 2,005.63 -0.12 -0.01 Composite 3,245.35 +1.37 +0.04
1060 Alibaba Pictures 0.455 +0.025 +5.81 139,330 0.78 0.28 - - HS Information Technology 10,146.19 +68 +0.67
1563 Alliance Int’l Edu Le 4.980 +0.090 +1.84 744 19.62 2.88 18.6 -
JD.com-SW 2.82 HS Conglomerates 1,567.09 -6.47 -0.41 TO (b yuan) Ch ytd % Day high Day low
9966 Alphamab-B 8.040 +0.560 +7.49 8,730 17.70 5.45 - -
9956 ANE 5.730 -0.050 -0.87 3,528 6.14 1.82 - - CSPC Pharma 2.65 HSI constituents’ performance 387.12 -4.7 3,246.96 3,233.99
347 Angang Steel 2.060 -0.040 -1.90 4,842 2.98 1.58 107.3 0.4
6699 Angelalign xb 68.250 +1.750 +2.63 1,665 156.83 61.20 47.4 1.0 17,000 China Res Mixc 2.43
Stock
AIA Group
Close
81.55
Chg
+0.55
Stock
Henderson Land
Close
23.60
Chg
-0.15
SHENZHEN A SHARES
2020 Anta Sports 84.000 +1.700 +2.07 4,080 125.30 67.85 26.4 1.6
82020 Anta Sports-R # 77.350 +0.750 +0.98 80.50 74.00 27.4 1.5 Alibaba Health 4.87 +0.08 Hengan Int’l 32.25 -0.30 Index Close Change Ch %
6639 Arrail Group 7.770 +0.380 +5.14 893 16.02 5.88 - -
Key indicators -2.77 Tingyi Alibaba-SW
Anta Sports
84.00
84.00
+0.45
+1.70
HK&C Gas
HKEX
6.75
303.60
-0.07
+3.40 Composite 2,068.82 +8.69 +0.42
6855 Ascentage Pharm-B 22.650 +1.150 +5.35 2,191 34.45 11.24 - -
743 Asia Cement (China) 3.730 -0.140 -3.62 246 4.48 2.74 12.4 4.7 Bank of China 3.16 -0.03 HSBC Holdings 62.25 +0.30
Bidu-SW 141.10 +2.20 ICBC 4.19 -0.05 TO (b yuan) Ch ytd % Day high Day low
1675 AsiaInfo Tech 11.080 +0.080 +0.73 753 15.58 8.87 10.8 3.6 Turnover (HK$b) 76.05
522
1717
ASMPT
Ausnutria Dairy
79.850 -0.200
3.390 +0.020
-0.25
+0.59
1,432 85.00 41.60
159 7.60 3.26
12.6 4.0
25.3 1.8
H-share index BOC HK
Budweiser APAC
22.90
20.40
-0.05
-0.15
JD Health
JD.com-SW
52.45
142.20
+1.95
+3.90 542.02 -7.86 2,068.82 2,054.01
Volume (b shares) 177
2518
2357
Autohome-S
AviChina Ind
57.500 -0.650
3.940 +0.020
-1.12
+0.51
1 78.05 49.35
5,201 4.66 2.85
- 2.0
12.2 2.3
6,613.4 ▲22.58 BYD
CCB
264.80
5.09
+3.60
-0.03
Lenovo
Li Ning
8.55
44.00
+0.20
+0.80 AUSTRALIA
1958 BAIC Motor xd 2.020 - - 4,610 2.65 1.67 3.4 9.6 High 19,449.11 CG Services
China Hongqiao
10.28
6.69
-0.08
+0.04
Link Reit
Longfor Group
44.35
19.24
+0.25
+0.18 Index Close Change Ch %
9888 Baidu-SW 141.100 +2.200 +1.58 4,516 166.30 73.70 50.2 - Past 15 days China Life Ins 13.38 -0.12 Meituan-W 127.60 +1.20
89888 Baidu-SWR # 130.500 +1.500 +1.16 4 133.20 122.60 52.2 - Low 19,253.22 China Mengniu Dairy 30.85 +0.85 MTR Corp 36.10 -0.05 S&P ASX200 7,279 +32.9 +0.45
6608 Bairong-W 9.560 -0.020 -0.21 410 15.02 7.13 17.0 - 7,100 4,400 China Merchants Bank 37.25 +0.20 NetEase-S 157.40 +2.40
874
3988
Baiyunshan Pharm
Bank of China
23.650 -0.050
3.160 -0.030
-0.21 190 27.70 16.56
-0.94 365,739 3.45 2.51
8.6 3.4
3.8 8.3
Jul futures 19,343 ▲106 China Mobile 64.90 +0.40 New World Dev 19.44 -0.06 TO (A$b) Ch ytd % Day high Day low
1963 Bank of Chongqing 4.040 -0.020 -0.49 393 4.77 3.52 2.7 10.7 China Overseas 17.16 -0.02 Nongfu Spring 44.35 +0.30 3.98 +10.08 7,285.8 7,232.1
3328 Bank of Comm xd 4.720 -0.072 -1.50 23,135 5.65 3.83 3.7 8.9 Aug futures 19,388 ▲104 China Res Beer 52.35 +0.35 Orient Overseas (Int’l) 115.40 +4.30
China Res Mixc 40.05 +0.95 PetroChina 5.68 +0.02
23
2373
Bank of East Asia
Beauty Farm Med
10.860 -0.020
20.500 -1.150
-0.18
-5.31
543 11.46 7.42
199 32.90 19.70 35.2 1.9
8.2 7.5
H-share index 6,613.4 ▲22.58 China Res Land 34.10 +0.10 Ping An Ins 51.60 +0.15 BANGKOK
China Res Power 17.74 +0.06 Power Assets 40.95 -0.05
6160 BeiGene 118.20 +10.00 +9.24 2,084 170.50 74.90 - -
China Shenhua 24.15 -0.15 Sands China 28.20 +0.30 Index Close Change Ch %
694 Beijing Airport 5.200 -0.090 -1.70 1,568 6.54 3.87 - - Red-chip index 3,776.88 ▲11.31 China Unicom 5.25 +0.07 Shenzhou Int’l 77.70 +1.00
392 Beijing Ent xd 28.700 -0.200 -0.69 585 35.55 19.82 4.8 5.6
Chow Tai Fook 14.30 +0.20 SHK Properties 99.40 +0.60 SET 1,515.31 +8.47 +0.56
9669 Beisen Holding 9.090 +0.290 +3.30 510 29.80 5.00 - -
9626 Bilibili-W 124.100 +1.200 +0.98 1,627 228.00 66.10 - - Citic 9.48 -0.08 Sino Biopharm 3.58 +0.12 TO (b baht) Ch ytd % Day high Day low
3316 Binjiang Service 20.350 -0.450 -2.16 23 27.90 12.50 12.0 4.9 CK Asset Holdings 43.40 -0.15 Sinopec 4.65 -
371 BJ Ent Water 1.890 +0.010 +0.53 6,396 2.45 1.61 14.3 8.3 Stock performers CKH Holdings
CKI Holdings
47.95
41.85
-0.20
+0.10
SMIC
Sunny Optical
20.80
80.20
+0.20
+1.15
43.77 -2.88 1,520.02 1,502.5
6993 Blue Moon 4.030 +0.080 +2.03 753 6.71 3.80 36.9 4.2 3,400
6955 Boan Biotec 16.300 -0.100 -0.61 60 40.00 13.22 - - Advanced 3,252 5,900 CLP Holdings 61.10 -0.15 Techtronic Ind 87.40 +0.15
JAKARTA
CNOOC 11.60 +0.18 Tencent 339.20 +1.20
2588 BOC Aviation 64.350 -0.550 -0.85 386 69.80 48.25 284.7 3.2 4,833 Country Garden 1.64 -0.01 Tingyi 11.92 -0.34 Index Close Change Ch %
2388
82388
BOC Hong Kong xd
BOC Hong Kong-R # xd
22.900 -0.050
21.150 -0.200
-0.22 8,049 30.55 22.65
-0.94 160 22.50 21.10
9.0 5.9
8.3 5.7
Declined Red-chip index CSPC Pharma 6.96 +0.18 Trip.com-S 284.00 +4.00
ENN Energy 98.95 -0.30 WH Group 4.18 +0.01 Composite 6,681.75 -14.96 -0.22
710
3998
2076
BOE Varitronix
Bosideng Int’l
BOSS Zhipin-W
12.280 +0.280
3.450 +0.080
57.100 -
+2.33
-
1,929 20.50
+2.37 41,478 5.35
9.81
3.00
- 98.95 57.00
15.7 1.9
15.6 5.2
- -
Unchanged
4,084
3,776.88 ▲11.31 Galaxy Entertain
Geely Auto
51.60
10.14
-0.10
-0.02
Wharf Reic
Wuxi Biologics
39.70
39.40 +1.30
-
TO (b rupiah) Ch ytd % Day high Day low
Haidilao International 18.14 +0.30 Xiaomi-W 11.12 +0.14
1114 Brilliance China 3.360 +0.090 +2.75 10,137 5.86 1.57 2.1 28.6
1876 Bud APAC 20.400 -0.150 -0.73 3,106 27.40 15.90 37.8 1.5
Haier Smart Home 23.70 -0.25 Xinyi Glass 12.54 -0.08 3,011.44 +0.64 6,713.99 6,672.77
1211 BYD 264.800 +3.600 +1.38 3,927 330.00 161.70 41.1 0.5 Sources: Thomson Reuters, HKEX SCMP Hang Lung Prop 12.18 -0.08 Xinyi Solar 9.45 +0.08
285 BYD Electronic 25.100 +0.550 +2.24 7,947 29.10 16.54 27.0 0.7
Hang Seng Bk
Hansoh Pharma
111.40
13.82
+0.10
+0.86
Zhongsheng Group
Zijin Mining
32.10
11.98
+0.45
-0.04 KUALA LUMPUR
81211 BYD-R # 244.000 +2.000 +0.83 2 244.00 228.40 42.7 0.5
1908 C&D Intl 18.320 +0.140 +0.77 1,117 27.80 11.64 5.7 7.1 Index Close Change Ch %
2156 C&D Prop Mgt 3.790 +0.030 +0.80 8 5.21 2.40 17.8 2.6
3309 C-Mer Eye Care 3.930 +0.100 +2.61 1,222 5.58 3.08 - - FBM KLCI 1,392.49 -3.4 -0.24
341 Cafe de Coral 10.140 +0.060 +0.60 112 15.28 9.04 53.3 3.8 52-week % 52-week % 52-week
3931 CALB 19.200 -0.480 -2.44 256 38.45 15.00 38.6 -
%
Code Share Close chg chg V'000 high low PE Yield Code Share Close chg chg V'000 high low PE Yield
TO (m RM) Ch ytd % Day high Day low
Code Share Close chg chg V'000 high low PE Yield
6185 CanSino Bio 27.550 +0.650 +2.42 2,254 147.50 23.95 - - 683 Kerry Properties 16.700 +0.160 +0.97 520 22.05 12.22 8.8 8.1 1177 Sino Biopharm 3.580 +0.120 +3.47 67,485 5.39 3.25 23.2 3.4 1,560.31 -3.13 1,396.33 1,388.85
1381 Canvest Enviro 3.990 -0.010 -0.25 337 5.30 3.44 7.3 2.7 861 Digital China xd 3.170 +0.030 +0.96 1,432 4.28 2.91 13.7 2.1
9886 Dingdang Health 2.810 +0.010 +0.36 2,025 20.20 2.14 - - 2162 Keymed Bio-B 45.600 +3.450 +8.19 3,055 82.85 28.00 - - 83 Sino Land xd 9.670 +0.010 +0.10 1,540 12.36 8.25 12.7 5.9
2160
2171
CardioFlow-B
CARsgen-B
2.100 +0.170
10.760 +1.090
+8.81 13,739 3.96
+11.27 2,579 21.85 9.20
1.55 -
-
-
- 1709
1072
DL Holdings
Dongfang Elec xd
2.640 -0.010 -0.38
10.440 +0.120 +1.16
689
1,511
3.10
15.46
2.51
9.10
33.8 0.5
10.1 3.6
1277
148
Kinetic Dev
Kingboard Hold
0.495
22.000
-0.005 -1.00
+0.050 +0.23
1,684
322
0.75 0.49
33.60 18.66
1.4 26.3
6.7 4.8
3377
297
Sino-Ocean Group
Sinofert Holdings
0.460 +0.010
0.950 -0.020
+2.22
-2.06
29,332
2,950
1.37
1.21
0.43
0.78
-
5.3 6.6
- MANILA
293 Cathay Pac Airways 8.230 +0.010 +0.12 3,058 9.20 7.05 - - 268 Kingdee Int’l 11.000 -0.020 -0.18 7,356 19.88 8.87 - - 386 Sinopec Corp 4.650 - - 34,232 5.47 3.06 7.5 8.6 Index Close Change Ch %
9983 CC New Life 2.660 - - 254 4.12 2.17 5.3 15.1 489 Dongfeng Motor 3.740 +0.020 +0.54 3,115 5.94 3.30 2.8 9.1
189 Dongyue Group 6.120 +0.150 +2.51 7,079 9.95 5.16 3.1 9.8 1468 Kingkey Fin 1.460 -0.120 -7.59 16,915 1.99 0.49 - - 2386 Sinopec Engine 3.500 -0.020 -0.57 1,043 4.53 2.75 6.0 10.6
939 CCB 5.090 -0.030 -0.59 387,216 5.70 4.10 3.5 8.6 3896 Kingsoft Cloud 3.160 -0.150 -4.53 36,406 5.65 1.99 - - 934 Sinopec Kanton 3.030 +0.030 +1.00 509 3.22 2.11 17.3 6.6 Composite 6,514.47 +6.26 +0.1
6818 CEB Bank 2.260 -0.010 -0.44 5,701 2.78 2.03 2.7 9.2 1405 DPC Dash 55.050 +2.700 +5.16 11 65.30 42.00 - -
1797 East Buy Holding 30.700 +4.100 +15.41 25,299 75.55 14.30 - - 3888 Kingsoft Corp 32.050 +1.150 +3.72 4,965 42.35 17.30 - 0.4 1099 Sinopharm 24.000 +0.450 +1.91 1,967 28.45 14.60 7.7 3.8
1735 Central New Energy 18.720 -0.320 -1.68 722 20.70 13.94 - - 1024 Kuaishou-W 55.750 +0.150 +0.27 8,456 91.50 31.75 - - 598 Sinotrans 2.770 -0.050 -1.77 3,212 3.36 1.78 4.4 8.2 TO (b pesos) Ch ytd % Day high Day low
6098 CG Services 10.280 -0.080 -0.77 12,397 33.66 6.33 15.8 4.0 2138 EC Healthcare 4.220 +0.060 +1.44 1,125 9.89 3.95 24.6 2.4
2416 Edianyun 10.200 -0.920 -8.27 444 15.78 8.18 - - 81024 Kuaishou-WR # 51.400 -0.250 -0.48 9 54.90 49.75 - - 3808 Sinotruk (HK) xd 15.700 +0.230 +1.49 7,720 17.20 6.44 21.4 2.1
1164 CGN Mining 0.840 - - 975 1.23 0.71 11.7 -
3709 EEKA Fashion 10.460 +0.080 +0.77 1,090 12.98 8.98 16.4 3.8 135 Kunlun Energy 6.180 +0.030 +0.49 12,027 7.75 4.61 9.1 4.7 314 Sipai Health Tech 7.860 -0.240 -2.96 2,930 44.60 6.40 - - 2.04 +5.35 6,519.07 6,494.51
1811 CGN New Energy 2.200 -0.020 -0.90 4,858 3.81 2.02 6.2 3.2 1813 KWG Group 1.090 +0.020 +1.87 22,447 2.79 0.58 - - 2257 Sirnaomics 56.750 +0.200 +0.35 58 82.95 44.45 - -
2688 ENN Energy 98.950 -0.300 -0.30 1,569 134.80 75.00 16.7 2.9
1816
2600
CGN Power
Chalco
1.910 -0.010
3.480 -0.020
-0.52 8,424 2.20
-0.57 24,485 4.93
1.59
2.21
8.6 5.1
12.9 1.2 1821 ESR Cayman 13.260 +0.400 +3.11 1,319 23.50 10.94 13.2 1.9 973
746
L’Occitane Int’l
Lee & Man Chem
18.800
4.810
-0.200 -1.05
-0.030 -0.62
800
72
27.80 17.28
8.12 4.60
14.0 2.6
3.4 11.4
1696
1308
Sisram Med
SITC Int’l
9.360
15.140 +0.460
-
+3.13
-
4,407
537 16.60 5.20
27.50 12.50
13.9 1.9
2.6 26.4
MUMBAI
6178 Everbright Securities 5.420 - - 1,336 6.80 4.08 7.9 4.4
2778 Champion Reit 2.850 - - 309 3.67 2.28 - 6.9
1952 Everest Med-B 20.650 -3.250 -13.60 14,590 30.00 5.98 - - 2314 Lee & Man Paper 2.650 +0.010 +0.38 1,867 3.97 2.31 9.7 3.7 880 SJM Holdings 3.460 -0.010 -0.29 4,635 5.14 2.31 - - Index Close Change Ch %
2219 Chaoju Eye Care 4.630 -0.160 -3.34 538 6.70 2.60 15.5 3.8 3396 Legend Holdings xd 7.400 +0.100 +1.37 485 10.06 6.46 13.1 3.1 751 Skyworth Group 3.880 - - 7,081 5.64 2.54 10.8 0.8
6989 Excellence CM 2.580 -0.030 -1.15 530 4.54 2.08 6.9 8.0
2285 Chervon Holdings 34.500 +2.500 +7.81 301 46.80 25.00 15.5 1.6
35 Far East Consortium 1.850 +0.010 +0.54 398 2.39 1.68 3.8 10.0 992 Lenovo Group 8.550 +0.200 +2.40 32,573 9.06 5.26 8.1 4.4 315 SmarTone Telecom 4.900 +0.040 +0.82 168 5.39 3.81 12.8 6.1 Sensex 65,479.05 +274 +0.42
2145 Chicmax 25.300 +0.050 +0.20 114 36.80 23.05 55.1 1.1 80992 Lenovo Group-R # 7.910 +0.150 +1.93 366 7.94 7.31 8.2 4.4 981 SMIC 20.800 +0.200 +0.97 21,690 25.75 14.84 11.6 -
9668 China Bohai Bank 1.240 +0.010 +0.81 1,437 1.96 0.88 3.8 - 3360 Far East Horizon 6.120 -0.070 -1.13 3,386 7.40 5.17 3.7 8.0 TO (b rupees) Ch ytd % Day high Day low
6288 Fast Retail-Drs 19.800 -0.700 -3.41 2 21.00 12.87 42.3 0.7 2157 LePU Biopharma 5.620 - - 1,262 31.80 4.92 - - 6969 Smoore Int’l 8.220 +0.040 +0.49 5,258 24.90 7.43 17.5 2.2
1969 China Chunlai Edu 4.900 +0.200 +4.26 1,833 5.46 2.05 9.9 2.2 2291 LEPU ScienTech 26.650 -0.200 -0.74 87 43.00 23.40 - - 410 SOHO China 1.190 +0.010 +0.85 369 1.60 1.13 89.5 -
1359 China Cinda Asset 0.800 - - 15,617 1.23 0.72 5.1 6.8 2469
9638
Fenbi
Ferretti S.p.A.
4.830 -0.040 -0.82
24.700 +0.200 +0.82
25,113
123
15.04 2.96
26.00 16.90
-
15.9 2.0
-
2015 Li Auto-W 144.100 -2.900 -1.97 5,615 162.00 52.05 - - 2840 SPDR Gold Trust 1402.000 +11.500 +0.83 6 1498.00 1181.00 - - 43.07 +23.24 65,672.97 65,171.06
1898 China Coal 5.910 -0.010 -0.17 13,187 8.13 5.50 3.5 7.7 2331 Li Ning 44.000 +0.800 +1.85 9,353 82.70 39.75 25.2 1.2 2005 SSY Group 4.970 +0.010 +0.20 2,021 5.68 3.13 13.2 2.8
552
1800
China Com Svc
China Comm Cons
3.670 -0.010
4.420 +0.010
-0.27
+0.23
1,714 4.43
4,651 5.52
2.16
3.09
6.7 5.8
3.4 5.6
2038
142
FIH Mobile
First Pacific
0.830 +0.020 +2.47
2.750 -0.010 -0.36
3,691
8,808
1.12
3.30
0.63
2.08
-
3.8 8.0
-
82331 Li Ning-R # 40.450 +0.400 +1.00 1 43.25 38.20 26.0 1.1 6698 STAR CM Holdings 106.800 +0.400 +0.38 510 132.00 32.55 418.0 - SEOUL
6088 FIT Hon Teng 1.430 -0.010 -0.69 1,389 2.50 0.90 7.6 - 1302 LifeTech Scientific 2.820 +0.080 +2.92 7,416 3.45 2.23 32.5 - 2888 Std Chartered 68.800 +0.200 +0.29 158 74.90 46.10 10.3 2.1
3969 China CRSC 2.990 - - 994 3.69 2.13 8.0 6.3
6865 Flat Glass 27.050 +0.050 +0.19 2,792 30.60 15.50 24.2 0.9 823 Link-Reit 44.350 +0.250 +0.57 3,482 65.06 43.35 6.4 6.1 1836 Stella Holdings 7.730 +0.210 +2.79 161 9.15 6.93 6.6 11.3 Index Close Change Ch %
670 China East Airlines 2.820 -0.010 -0.35 3,500 3.60 2.52 - - 9959 Linklogis-W 2.820 -0.040 -1.40 7,335 7.00 2.30 - 8.9 6808 Sun Art Retail 2.150 +0.070 +3.37 6,448 3.50 1.25 169.3 2.1
667 China East Edu 3.100 +0.010 +0.32 2,337 7.35 2.34 16.3 6.5 6610 Flowing Cloud 1.840 -0.010 -0.54 19,906 5.21 1.43 11.0 - Composite 2,593.31 -9.16 -0.35
778 Fortune Reit 5.790 +0.060 +1.05 1,022 6.98 4.93 22.8 7.6 9857 Linmon Media 10.780 +0.830 +8.34 373 34.35 9.20 - - 1516 Sunac Services xd 2.260 - - 6,739 4.99 1.31 - 6.7
165 China EB 4.770 +0.010 +0.21 547 7.44 4.13 - 6.3 1513 Livzon Pharm xd 26.550 +0.694 +2.68 489 30.15 19.06 11.5 6.6 1686 Sunevision 4.120 +0.080 +1.98 336 6.09 3.89 19.7 5.0
257 China EB Enviro 3.130 - - 3,596 4.73 2.56 4.2 7.7 656 Fosun Int’l 5.500 +0.090 +1.66 2,174 7.87 4.40 81.2 0.3
558 LK Technology 7.700 -0.020 -0.26 6,420 15.10 5.84 16.9 1.1 435 Sunlight Reit 2.880 -0.020 -0.69 599 3.85 2.45 46.5 8.7
TO (tr won) Ch ytd % Day high Day low
839 China Edu Gp 6.130 -0.080 -1.29 4,773 13.90 4.50 7.4 9.0 2196 Fosun Pharm 21.400 +0.550 +2.64 2,739 34.00 17.36 13.2 2.2
3996 China Energy Eng 0.980 -0.010 -1.01 3,682 1.25 0.77 4.8 2.9 1992 Fosun Tourism 7.760 +0.160 +2.11 522 12.80 6.11 - - 3380 Logan Group 0.820 - - 11,490 2.18 0.32 - - 2382 Sunny Optical 80.200 +1.150 +1.45 3,081 125.50 65.00 32.3 0.6 12.20 +12.74 2,607.66 2,591.86
1521 Frontage Hldg 2.090 +0.060 +2.96 1,174 3.39 1.60 21.2 - 960 Longfor Group 19.240 +0.180 +0.94 6,491 37.60 7.26 4.2 6.4 6963 Sunshine Ins 4.330 - - 581 5.83 3.88 8.2 4.6
6186 China Feihe 4.500 +0.030 +0.67 14,616 8.84 4.17 7.2 6.3
506
6881
China Foods
China Galaxy Sec
2.840 -0.010
4.240 -
-0.35
-
644 3.08
5,783 5.28
1.97
2.92
10.7 4.7
5.4 6.1
1448
546
Fu Shou Yuan
Fufeng Group
5.560 +0.160 +2.96
4.090 +0.040 +0.99
3,742
1,978
7.45
5.73
3.89
3.61
17.0 2.4
2.4 17.0
3339
6623
Lonking Holdings
Lufax Holding
1.320
24.550
+0.010 +0.76
+0.950 +4.03
1,915
13
1.92 1.04
38.00 20.15
12.5 7.6
- -
9658
6806
Super Hi
SWHY
15.200 +0.160
1.520 -
+1.06
-
247
3,438
24.30 7.00
1.87 1.25
-
12.1 2.2
-
SINGAPORE
3606 Fuyao Glass 32.250 +0.250 +0.78 2,971 40.80 27.85 15.7 4.4 590 Luk Fook Holdings 19.500 -0.280 -1.42 1,296 29.50 17.00 8.2 5.6 19 Swire Pacific `A’ 60.500 -0.350 -0.58 644 72.90 42.60 21.6 5.0 Index Close Change Ch %
384 China Gas 9.130 +0.040 +0.44 3,592 13.02 6.94 6.6 6.0 2186 Luye Pharma 3.430 +0.160 +4.89 36,891 4.65 1.88 17.5 - 87 Swire Pacific `B’ 9.930 +0.010 +0.10 392 11.10 7.09 17.7 6.1
2099 China Gold Int’l 30.950 +0.450 +1.48 891 46.60 16.09 7.0 9.3 27 Galaxy Entert 51.600 -0.100 -0.19 3,873 59.80 33.55 - -
512 China Grand Pharm 4.490 +0.070 +1.58 1,882 5.40 3.28 7.7 3.1 1772 Ganfeng Lithium xd 51.950 +0.250 +0.48 888 86.65 43.95 4.5 2.2 2480
95
Luzhu Biotech-B
LVGEM China
32.550
1.550
-0.350 -1.06
+0.030 +1.97 1,884
96 40.00 16.14
1.83 0.72
-
-
-
-
1972
6069
Swire Properties
SY Holdings
19.200 -0.240
5.260 -
-1.23
-
1,245
736
23.35 14.70
6.86 4.75
14.1 5.2
21.3 1.4
STI 3,203.77 -3.33 -0.1
1378 China Hongqiao 6.690 +0.040 +0.60 7,862 9.55 5.45 6.3 7.6 2407 Gaush Meditech 46.850 -2.050 -4.19 74 56.10 37.30 - -
2799 China Huarong 0.375 +0.010 +2.74 7,312 0.55 0.22 - - 3800 GCL Technology 1.750 -0.060 -3.31 130,821 3.96 1.45 2.6 3.4 1999 Man Wah Hold xd 5.360 +0.150 +2.88 7,044 10.18 4.33 11.0 4.7 1070 TCL Electronics 4.210 +0.020 +0.48 4,478 5.74 2.61 22.7 3.0 TO (S$m) Ch ytd % Day high Day low
9698 GDS Holdings-SW 11.260 +0.020 +0.18 1,711 34.50 8.68 - - 945 Manulife-S 147.600 -0.100 -0.07 5 157.20 120.00 6.9 5.5 669 Techtronic Ind 87.400 +0.150 +0.17 2,120 110.50 68.65 19.0 2.1
3908 China Int’l Capital xd 13.900 -0.024 -0.17 4,206 19.20 10.32 8.4 1.5 1896 Maoyan Ent 7.500 +0.030 +0.40 924 11.06 4.51 72.3 - 700 Tencent 339.200 +1.200 +0.36 9,440 416.60 188.63 15.2 0.7 600.03 +2.68 3,209.23 3,197.01
612 China Inv Fund 2.340 -0.020 -0.85 1,264 5.06 1.45 - - 175 Geely Auto 10.140 -0.020 -0.20 36,770 18.74 8.30 17.6 2.1
80175 Geely Auto-R # 9.360 -0.040 -0.43 627 9.42 8.54 18.3 2.0 1183 MECOM Power 0.950 -0.010 -1.04 2,004 1.66 0.90 48.2 1.1 80700 Tencent-R # 313.000 - - 24 342.00 304.60 15.8 0.7
817 China Jinmao xd 1.160 -0.010 -0.85 18,774 2.13 1.01 6.6 9.5
1890 China Kepei Edu 2.360 -0.080 -3.28 1,148 4.04 1.63 6.2 2.5 535
1548
Gemdale Properties
Genscript Bio
0.455 -
18.380 +0.640 +3.61
- 2,834
17,179
0.72 0.41
33.60 13.96
2.9 1.7
- -
2252
2192
MedBot-B
Medlive Tech
23.300
7.280
-1.000 -4.12
+0.130 +1.82
3,535
641
44.80 16.40
17.24 5.80
-
39.3 1.0
- 2678
990
Texhong Intl Group
Theme Int’l
5.150 -0.030
0.920 +0.040
-0.58
+4.55
184
7,860
8.50
1.19
4.86
0.73
26.7 7.4
10.3 -
TAIPEI
2128 China Lesso 5.160 -0.100 -1.90 2,846 11.54 4.86 5.6 5.8
2628 China Life 13.380 -0.120 -0.89 13,282 15.84 8.53 10.4 4.1 1776 GF Securities 10.800 -0.120 -1.10 1,982 13.54 7.91 9.4 3.7 2415 MedSci Healthcare 12.440 +0.020 +0.16 751 13.46 7.60 - - 1600 Tian Lun Gas xd 5.310 +0.009 +0.17 450 6.18 2.75 10.4 3.9 Index Close Change Ch %
2367 Giant Biogene 34.950 - - 1,691 58.80 24.30 31.2 - 1268 MeiDong Auto 10.480 +0.420 +4.17 4,572 25.55 7.94 22.7 2.1 826 Tiangong Int’l 2.040 +0.090 +4.62 9,652 3.70 1.76 9.9 2.0
772 China Literature 34.600 +0.850 +2.52 2,739 45.75 18.90 51.2 -
916 China Longyuan 8.240 +0.030 +0.37 11,256 15.90 7.68 12.5 1.6 6616 Global New Material 4.400 - - 1,497 5.49 3.34 17.7 - 1357 Meitu 3.320 -0.080 -2.35 117,284 3.56 0.65 137.2 0.6 1773 Tianli International 1.990 -0.050 -2.45 2,319 3.15 0.77 40.4 2.6 Weighted 17,140.77 +56.57 +0.33
3308 Golden Eagle 6.500 - - 995 6.60 4.00 12.8 - 3690 Meituan-W 127.600 +1.200 +0.95 12,695 205.60 109.20 - - 819 Tianneng Power 8.590 +0.260 +3.12 4,282 12.50 6.35 4.7 4.7
867 China Med Sys 12.700 +0.400 +3.25 1,937 14.86 8.54 8.5 4.8 83690 Meituan-WR # 117.700 +0.400 +0.34 3 125.60 113.20 - - 9696 Tianqi Lithium 55.400 -0.200 -0.36 789 88.75 46.80 3.2 6.0 TO (NT$b) Ch ytd % Day high Day low
3968 China Mer Bank 37.250 +0.200 +0.54 10,981 53.45 25.40 6.2 5.3 1121 Golden Solar 6.810 +0.110 +1.64 166 14.24 5.42 - -
2208 Goldwind 5.360 -0.030 -0.56 9,470 15.34 4.72 9.2 2.5 200 Melco Int’l Dev 7.580 -0.030 -0.39 1,137 11.42 3.82 - - 3898 Times Electric xd 31.100 +1.050 +3.49 3,916 45.00 28.20 15.3 2.0
144 China Mer Port 11.000 -0.080 -0.72 1,199 13.80 8.91 5.5 7.5 2319 Mengniu Dairy 30.850 +0.850 +2.83 6,176 40.15 24.70 20.4 1.5 322 Tingyi 11.920 -0.340 -2.77 2,440 14.24 10.77 22.6 8.7 379.18 +20.56 17,154.1 17,042.6
6099 China Mer Sec 7.440 +0.010 +0.13 968 9.00 6.67 7.6 2.8 1271 Grand Ming 4.990 +0.020 +0.40 11 7.70 3.90 5.6 5.2
41 Great Eagle H 15.060 -0.240 -1.57 18 20.10 14.28 - 5.5 1618 Metallurgical 1.970 - - 11,893 2.49 1.25 3.9 4.8 1698 TME-SW 29.900 -0.200 -0.66 11 36.65 13.30 - -
941
80941
China Mobile
China Mobile-R #
64.900 +0.400
59.950 +0.100
+0.62 11,752 70.20 46.80
+0.17 132 60.40 57.25
9.8 6.8
10.2 6.4 3900 Greentown China 7.780 -0.010 -0.13 2,642 18.50 6.79 6.7 7.1 2282
2172
MGM China
MicroPort Neuro
9.790
13.800
+0.080 +0.82
-0.300 -2.13
3,664
378
11.22 3.01
26.80 10.86
-
-
-
-
3613
780
Tong Ren Tang CM
Tongcheng Travel
14.240 +0.160
16.980 +0.120
+1.14
+0.71
1,331
2,108
16.66 8.44
20.40 11.62
18.5 4.1
- -
TOKYO
1117 China Modern Dairy 0.820 +0.010 +1.23 3,183 1.22 0.77 10.2 2.0 9979 Greentown Mgt 6.220 - - 1,424 7.97 4.19 14.4 6.8
3993 China Molybdenum xd 4.280 +0.020 +0.47 8,966 5.80 2.38 13.4 2.2 2869 Greentown Ser 3.790 -0.050 -1.30 2,000 9.20 3.22 19.7 2.7 853 MicroPort Sci 14.940 +0.440 +3.03 6,128 28.65 12.30 - - 6100 Tongdao Liepin 8.830 -0.030 -0.34 282 14.66 5.80 88.5 - Index Close Change Ch %
2333 Gt Wall Motor xd 9.630 -0.010 -0.10 25,434 15.56 6.90 9.4 3.4 3990 Midea Real Est 7.200 +0.020 +0.28 222 14.06 5.11 4.7 11.1 6110 Topsports Int’l 7.090 +0.020 +0.28 2,842 8.19 3.88 21.8 5.1
1258 China NF Mining xd 3.800 +0.070 +1.88 3,181 4.75 2.70 6.9 5.8 909 Ming Yuan Cloud 3.610 +0.010 +0.28 4,063 12.94 3.17 - - 1083 Towngas Smart Engy 3.480 -0.020 -0.57 1,767 4.44 2.73 11.5 4.3 Nikkei-225 33,422.52 -330.81 -0.98
81 China O G Oceans 3.750 +0.010 +0.27 1,154 4.78 2.15 3.7 5.6 82333 Gt Wall Motor-R # xd 8.900 -0.020 -0.22 - 8.92 7.83 9.8 3.4
270 Guangdong Inv 6.820 +0.010 +0.15 3,206 9.00 4.90 9.4 9.0 9896 MINISO Group 34.600 +0.350 +1.02 459 40.10 8.76 60.8 - 2800 Tracker Fund 19.760 +0.120 +0.61 227,023 22.82 14.68 - 3.5
2669 China O’seas Prop 8.130 +0.110 +1.37 3,044 11.04 4.76 21.0 1.5
2238 Guangzhou Auto 4.960 -0.010 -0.20 17,594 8.18 4.40 5.7 5.5 1988 Minsheng Bank 2.930 +0.010 +0.34 5,100 3.52 2.19 3.7 8.0 570 Traditional C Med 3.670 +0.070 +1.94 11,994 5.08 2.62 21.2 1.4 TO (b yen) Ch ytd % Day high Day low
2883 China Oilfield 8.650 +0.110 +1.29 7,309 10.48 6.88 15.6 2.1 425 Minth Group 22.100 +0.050 +0.23 553 25.00 15.06 15.0 2.6 62 Transport Int’l 10.000 - - 82 11.74 8.20 32.7 5.0
581 China Oriental 1.100 -0.010 -0.90 1,502 1.86 1.00 4.5 9.1 53 Guoco Group 58.200 -0.700 -1.19 2 79.10 57.20 9.7 3.4 4,036.62 +27.79 33,576.45 33,338.78
1788 Guotai Junan 0.600 - - 1,078 0.89 0.53 71.4 8.3 1208 MMG 2.390 +0.030 +1.27 8,347 3.58 1.51 15.3 - 696 TravelSky Tech 13.780 +0.040 +0.29 1,252 18.40 11.08 57.1 0.4
688 China Overseas xd 17.160 -0.020 -0.12 6,635 25.60 14.40 7.2 4.7 1860 Mobvista 3.470 +0.020 +0.58 833 5.35 3.28 45.8 - 9961 Trip.com-S 284.000 +4.000 +1.43 1,000 321.80 159.80 - -
2380
1186
China Power
China Rail Cons
2.940
5.800 -0.080
- - 28,524 5.40
-1.36 9,394 7.46
2.23
3.75
11.9 4.3
2.9 5.4
2611
2273
Guotai Junan Sec
Gushengtang
9.260 -0.020 -0.22
50.750 +0.750 +1.50
386
701
11.14 7.77
60.25 25.40
6.6 6.5
56.7 - 2155 Morimatsu Int’l 5.980 -0.080 -1.32 5,496 12.00 5.69 8.3 - 168 Tsingtao Brewery 72.450 -0.500 -0.69 2,624 86.74 54.09 23.5 2.7 WELLINGTON
1179 H World Group 31.950 +0.450 +1.43 738 42.25 20.10 - 0.5 66 MTR 36.100 -0.050 -0.14 1,154 43.00 33.15 22.7 3.6 247 TST Properties xd 21.800 - - - 22.60 21.00 13.6 2.6
390 China Railway 5.190 -0.090 -1.70 7,140 6.30 3.37 3.8 4.4
1112 H&H Int’l Hldg 10.260 +0.260 +2.60 152 19.20 6.30 9.5 6.1 3918 NagaCorp 4.360 +0.020 +0.46 890 7.80 3.50 22.8 2.6 220 U-Presid China 6.630 +0.020 +0.30 947 8.49 5.70 21.0 5.7 Index Close Change Ch %
291 China Res Beer 52.350 +0.350 +0.67 4,166 65.60 35.90 34.3 1.2 2150 Nayuki Holdings 5.680 +0.050 +0.89 1,800 9.11 3.94 - - 467 United Energy 0.810 +0.020 +2.53 4,592 1.29 0.63 8.2 4.9
80291 China Res Beer-R # 48.150 - - - 50.40 45.90 36.0 1.1 2255 Haichang Holdings 1.170 +0.020 +1.74 10,831 4.29 0.81 - - NZX 50 11,980.33 +63.46 +0.53
6862 Haidilao Int’l 18.140 +0.300 +1.68 6,774 24.70 11.10 63.4 0.6 777 NetDragon 14.880 - - 314 20.70 13.08 8.5 8.7 3933 United Lab xa 6.530 +0.236 +3.75 4,978 7.53 3.14 6.7 4.3
1313 China Res Cement 3.240 -0.070 -2.11 1,530 5.47 2.80 11.7 4.0 9999 NetEase-S 157.400 +2.400 +1.55 4,052 158.30 84.05 22.5 1.5 2666 Universal Medical 4.330 +0.020 +0.46 1,976 5.40 3.22 3.8 7.9
1193 China Res Gas xd 27.200 +0.100 +0.37 1,315 39.00 19.84 13.0 3.9 6690 Haier Smart Home 23.700 -0.250 -1.04 6,083 31.55 19.52 13.3 2.7
1336 New Ch Life Ins 21.200 -0.100 -0.47 2,866 25.00 12.04 6.0 5.7 806 Value Partners 2.570 +0.030 +1.18 887 3.50 1.80 - 1.3
TO (NZ$m) Ch ytd % Day high Day low
1109 China Res Land 34.100 +0.100 +0.29 3,877 40.50 23.95 7.7 4.7 1882 Haitian Int’l 18.400 -0.060 -0.33 322 26.50 13.90 11.5 3.0
1209 China Res Mixc 40.050 +0.950 +2.43 1,388 47.10 22.05 36.8 2.3 665 Haitong Int’l 0.680 - - 1,325 1.09 0.56 - - 2001 New Higher Edu 2.400 -0.030 -1.23 199 4.42 1.75 5.6 9.9 2500 Venus Medtech-B 6.650 +0.370 +5.89 3,625 18.96 5.30 - - 87.43 +10.29 11,980.33 11,875.56
6837 Haitong Securities xd 4.850 -0.010 -0.21 811 6.01 3.77 8.6 4.8 9901 New Oriental-S 32.600 +0.950 +3.00 2,453 37.45 14.92 20.7 - 3331 Vinda Int’l 19.080 +0.100 +0.53 244 25.80 14.54 32.5 2.1
3320 China Res Pharm 6.690 +0.090 +1.36 4,637 8.13 4.34 10.1 2.4 17 New World Dev 19.440 -0.060 -0.31 2,517 27.95 15.36 39.2 10.1 345 Vitasoy Int’l 9.950 -0.040 -0.40 1,081 18.40 8.91 233.0 0.3
836 China Res Power 17.740 +0.060 +0.34 5,206 19.18 11.22 12.1 3.3 1905 Haitong UniTrust 0.860 - - 1,440 1.30 0.40 4.4 12.9
10 Hang Lung Group 11.940 -0.020 -0.17 254 15.34 9.90 6.0 7.2 1316 Nexteer Auto 4.650 +0.050 +1.09 13,871 7.16 3.46 25.8 0.8 933 Viva Goods 1.450 - - 993 1.72 0.92 19.4 -
1907 China Risun Gp 3.650 -0.030 -0.82 6,721 3.96 2.71 7.7 4.1 6606 NH Health-B 28.150 +0.650 +2.36 1,952 38.95 12.70 - - 3738 Vobile Group 2.500 +0.050 +2.04 4,586 5.02 1.66 126.3 -
136 China Ruyi Susp - - - 2.88 1.22 20.4 - 101 Hang Lung Ppt 12.180 -0.080 -0.65 3,301 16.28 9.28 14.3 6.4
2689 Nine Dragon Paper 5.030 +0.080 +1.62 8,006 8.19 4.18 6.6 0.5 856 VSTECS Holdings 4.120 +0.020 +0.49 2,352 6.42 3.59 7.1 4.1
1088
1055
China Shenhua
China South Air
24.150 -0.150
4.780 -0.010
-0.62 8,796 28.70 20.50
-0.21 7,968 6.00 3.99
5.8 12.0
- -
11
80011
Hang Seng Bank
Hang Seng Bank #
111.400 +0.100 +0.09
103.200 -0.100 -0.10
390 136.70 103.80
106.50 100.90
22.5 4.0
23.6 3.9 9866
1475
NIO-SW
Nissin Foods
77.950
6.710
-4.050 -4.94
- -
1,814
129
179.20 57.60
7.09 5.23
-
22.1 2.3
- 303
151
VTech Holdings
Want Want China
51.450 -0.050
5.290 -
-0.10
-
123
2,428
61.85 41.75
6.65 4.73
11.2 8.9
13.0 9.2
MSCI INDICES
1668 China South City 0.490 +0.005 +1.03 2,306 0.64 0.37 5.2 - 3347 Hangzhou Tigermed 47.800 +1.850 +4.03 2,027 115.00 41.35 18.2 1.3
3692 Hansoh Pharma 13.820 +0.860 +6.64 5,673 18.20 11.04 28.0 0.7 9633 Nongfu Spring 44.350 +0.300 +0.68 1,913 48.65 38.00 52.1 1.7 9898 Weibo-SW 106.400 +1.000 +0.95 16 188.25 76.52 37.4 6.2 INTERNATIONAL US$ Year-end
3311 China State Cons 8.980 -0.040 -0.44 2,456 10.82 6.95 5.7 5.4 659 NWS Holdings 8.910 +0.010 +0.11 6,174 8.92 5.51 22.0 6.9 2338 Weichai Power 12.180 +0.040 +0.33 3,205 13.70 7.00 19.1 2.4
956 China Suntien 2.880 - - 4,267 4.39 2.61 4.8 7.6 1558 HEC CJ Pharm 6.850 +0.120 +1.78 281 8.88 3.93 69.1 - Jul 3 Jun 30 chg%
9869 Helens Int’l 8.020 +0.130 +1.65 1,862 17.42 6.92 - - 1477 Ocumension-B 8.470 +0.520 +6.54 1,669 14.80 6.51 - - 1066 Weigao Group 10.560 +0.200 +1.93 4,400 14.36 8.60 15.5 1.8
966 China Taiping 8.400 - - 1,632 11.96 5.35 10.8 3.1 2602 Onewo 26.200 - - 2,071 57.10 24.25 16.6 1.0 9985 Weilong Delicious xa 7.980 -0.020 -0.25 441 12.20 7.67 101.3 3.4 World 2,972.0 2,966.7 +14.2
728 China Telecom 3.840 +0.040 +1.05 33,488 4.58 2.62 11.3 5.9 12 Henderson Land 23.600 -0.150 -0.63 753 30.60 19.00 12.4 7.6
1044 Hengan Int’l 32.250 -0.300 -0.92 2,045 43.00 30.10 17.3 5.0 6929 OrbusNeich Medical 8.710 -0.090 -1.02 226 16.86 8.04 35.1 - 2013 Weimob 3.950 +0.020 +0.51 14,088 7.65 2.21 - - EAFE 2,138.0 2,131.7 +10.0
1252 China Tianrui 6.000 +0.030 +0.50 182 7.20 4.50 34.8 - 316 Orient Overseas 115.400 +4.300 +3.87 1,099 228.29 92.15 1.0 71.4 2233 West China Cement 0.800 - - 3,920 1.19 0.70 3.2 9.3
6055 China Tobacco 10.800 +0.100 +0.93 739 13.08 7.53 19.9 1.9 921 Hisense Home App 19.960 -0.190 -0.94 1,827 21.55 6.06 16.8 2.9 Europe 1,923.7 1,928.4 +11.1
3 HK & China Gas 6.750 -0.070 -1.03 10,063 8.57 6.00 24.0 5.2 1833 PA Gooddoctor 19.280 +0.200 +1.05 2,531 34.20 13.38 - - 288 WH Group 4.180 +0.010 +0.24 8,831 6.14 3.95 5.0 7.2
788 China Tower 0.880 +0.010 +1.15 66,304 1.05 0.70 15.5 4.2 2343 Pacific Basin 2.460 -0.010 -0.40 19,124 3.58 1.82 2.3 31.7 4 Wharf (Holdings) 18.800 -0.060 -0.32 712 30.15 16.00 - 2.1 Pacific 2,838.1 2,800.5 +8.2
658 China Transmission 2.500 +0.030 +1.21 696 5.47 2.30 35.7 - 2638 HK Electric-SS 4.700 -0.010 -0.21 1,851 7.28 4.61 14.1 6.8
1137 HK Tech Venture 4.680 +0.100 +2.18 1,484 7.70 4.00 20.3 1.7 2411 Pagoda Ind 5.630 +0.070 +1.26 656 7.12 4.80 23.2 1.5 1997 Wharf REIC 39.700 - - 894 47.80 30.45 - 3.3 Far East 3,631.5 3,579.2 +10.2
308 China Travel HK 1.580 +0.030 +1.94 1,374 1.86 1.19 - - 327 PAX Global 6.010 - - 241 8.37 5.89 5.1 6.0 2359 WuXi AppTec 65.750 +1.900 +2.98 1,951 124.00 57.90 19.4 1.5
762 China Unicom 5.250 +0.070 +1.35 43,802 6.58 3.27 8.6 6.0 45 HK&S Hotels 6.970 +0.100 +1.46 103 8.95 5.95 - - Korea 489.6 478.2 +16.5
1310 HKBN 4.300 +0.090 +2.14 2,174 9.06 4.15 10.2 9.3 8 PCCW 4.040 -0.040 -0.98 8,196 4.30 2.96 198.0 9.4 2269 WuXi Biologics 39.400 +1.300 +3.41 24,085 87.00 35.00 33.0 - Malaysia 236.5 233.3 -12.2
2202 China Vanke 10.580 -0.060 -0.56 5,733 19.68 9.87 4.8 7.3 9996 Peijia Medical-B 7.050 +0.530 +8.13 5,569 14.32 5.46 - - 1128 Wynn Macau 7.450 +0.030 +0.40 3,633 10.32 2.95 - -
855 China Water 5.980 +0.030 +0.50 893 7.77 5.37 5.1 5.7 388 HKEX 303.600 +3.400 +1.13 2,031 382.40 208.20 38.1 2.4 Philippines 420.3 418.1 +0.4
80388 HKEX-R # 280.000 +1.600 +0.57 3 289.00 272.20 35.2 2.3 1830 Perfect Medical 4.050 +0.190 +4.92 1,094 4.95 2.70 16.3 5.0 2400 XD Inc. 20.550 +0.450 +2.24 1,176 29.30 12.26 - -
1866 China XLX Fertiliser 3.310 -0.080 -2.36 922 6.36 2.96 2.7 8.7 857 PetroChina 5.680 +0.020 +0.35 51,928 5.93 2.95 6.2 8.4 520 Xiabuxiabu 3.920 +0.130 +3.43 8,525 10.26 3.04 - 1.6 Thailand 355.2 351.7 -10.2
3188 ChinaAM CSI300 43.700 +0.280 +0.64 1,663 54.40 38.40 - 1.0 6823 HKT-SS 9.200 +0.060 +0.66 4,555 11.14 8.42 14.2 8.1
8137 Honbridge Holdings 0.480 +0.005 +1.05 602 1.03 0.22 - - 3759 Pharmaron Beijing 25.850 +1.200 +4.87 4,165 91.95 22.55 19.7 1.3 1810 Xiaomi-W 11.120 +0.140 +1.28 60,927 14.28 8.31 98.1 - MAJOR COUNTRIES - Local Currency
354 Chinasoft Int’l 5.140 +0.040 +0.78 5,979 8.22 4.60 17.4 1.1 1339 PICC Group 2.900 -0.010 -0.34 13,647 3.36 2.15 4.6 6.3 81810 Xiaomi-WR # 10.260 +0.060 +0.59 424 10.36 9.12 103.0 -
116 Chow Sang Sang 8.580 -0.070 -0.81 360 12.80 7.02 12.9 3.5 6689 Hongjiu Fruit 18.760 +0.240 +1.30 1,776 41.80 10.02 5.2 - Australia 1,437.6 1,430.2 +3.3
1765 Hope Education 0.530 - - 13,606 0.98 0.49 8.9 - 2328 PICC P&C 8.740 -0.090 -1.02 8,034 10.70 6.89 6.4 6.0 1799 Xinte Energy 16.320 -0.380 -2.28 2,367 27.70 13.76 1.6 -
1929 Chow Tai Fook 14.300 +0.200 +1.42 2,690 18.16 12.48 26.6 8.5 82318 Ping An Ins-R # 47.700 +0.050 +0.10 164 48.10 44.90 9.9 5.1 3868 Xinyi Energy 2.630 +0.070 +2.73 5,834 4.30 1.91 19.7 5.7 Austria 568.0 561.3 +2.4
2039 CIMC 4.680 -0.010 -0.21 396 8.48 4.08 7.0 4.3 754 Hopson Dev Hold xb 5.660 +0.040 +0.71 653 8.86 4.36 1.9 -
9930 Horizon CD 2.680 -0.100 -3.60 118 3.74 2.35 - - 2318 Ping An Insurance 51.600 +0.150 +0.29 13,333 65.10 31.30 9.5 5.3 868 Xinyi Glass 12.540 -0.080 -0.63 1,703 18.76 10.08 9.9 4.9 Belgium 874.4 873.5 -3.7
3899 CIMC Enric 7.150 +0.070 +0.99 698 9.70 6.21 12.0 3.4 6049 Poly Ppt Services 39.000 +0.750 +1.96 1,304 60.15 28.40 17.2 1.5 968 Xinyi Solar 9.450 +0.080 +0.85 9,842 13.72 7.16 22.0 2.1
267 CITIC 9.480 -0.080 -0.84 3,357 10.86 7.01 3.7 6.9 5 HSBC Holdings 62.250 +0.300 +0.48 19,450 62.45 38.50 10.7 5.3 Canada 2,542.8 2,542.8 +4.3
2828 HSCEI ETF 67.280 +0.280 +0.42 44,325 79.08 49.84 - 3.2 119 Poly Property 1.770 - - 2,071 2.39 1.20 7.2 2.7 9868 XPeng-W 54.450 -3.800 -6.52 20,806 131.20 24.75 - -
998 CITIC Bank 3.680 -0.010 -0.27 10,204 4.74 2.92 2.8 9.8 9992 Pop Mart Int’l 18.580 +0.400 +2.20 1,950 38.85 9.95 47.3 0.5 1368 Xtep Int’l 8.170 +0.070 +0.86 5,059 14.98 6.79 19.8 2.5 Denmark 17,233.3 17,367.2 +10.2
1205 CITIC Resources 0.390 -0.005 -1.27 3,131 0.54 0.34 2.3 15.4 82828 HSCEI ETF-R # 62.060 -0.140 -0.23 27 67.64 46.32 - 3.2
1347 Hua Hong Semi 27.150 - - 7,295 38.80 15.74 10.1 - 6 Power Assets 40.950 -0.050 -0.12 824 51.90 35.45 15.5 6.9 1585 Yadea Group 18.000 +0.100 +0.56 6,350 20.65 11.34 21.5 2.2 Finland 690.2 683.1 -11.2
6030 CITIC Securities xd 14.060 +0.060 +0.43 3,148 19.50 11.60 8.8 3.9 1238 Powerlong Real Est 0.960 +0.010 +1.05 5,001 2.26 0.62 8.7 - 3668 Yancoal Australia 25.000 +0.350 +1.42 800 39.70 22.05 1.8 26.6
1883 CITIC Telecom 3.010 -0.020 -0.66 985 3.36 2.31 9.3 8.1 336 Huabao Int’l 3.600 +0.700 +24.14 49,501 7.74 2.66 - 2.4 France 2,613.6 2,619.2 +13.3
1071 Huadian Power 4.160 -0.010 -0.24 7,460 4.37 2.24 - 5.3 1913 Prada 52.800 +0.450 +0.86 807 63.65 31.50 35.5 1.8 6869 Yangtze Optical xd 11.860 +0.302 +2.61 1,654 20.85 11.50 6.8 4.4 Germany 1,018.4 1,023.1 +12.0
1113 CK Asset Hldg 43.400 -0.150 -0.34 1,749 57.00 42.00 7.3 5.3 650 Productive Tech 0.660 -0.020 -2.94 1,536 1.67 0.60 - - 1171 Yankuang Energy 22.400 -0.200 -0.88 26,810 36.50 19.52 3.2 21.9
775 CK Life Sciences 0.780 +0.010 +1.30 2,016 0.94 0.57 56.9 1.0 902 Huaneng Power 4.920 +0.020 +0.41 18,412 5.28 2.62 - -
1003 Huanxi Media 1.140 -0.010 -0.87 2,440 1.83 0.84 - - 2378 Prudential 110.900 - - 154 136.50 68.75 38.9 1.3 1230 Yashili Int’l Hold Susp - - - 1.20 1.04 - - Greece 64.3 63.5 +39.5
1 CKH Holdings 47.950 -0.200 -0.42 2,336 54.55 38.55 5.0 6.1 1658 PSBC 4.870 - - 29,331 5.94 3.58 5.1 6.0 9923 Yeahka 17.960 +0.140 +0.79 357 33.80 13.00 40.7 - Hong Kong 13,595.6 13,409.3 -7.6
1038 CKI Holdings 41.850 +0.100 +0.24 532 50.85 34.90 13.6 6.1 6886 Huatai Securities 9.810 -0.010 -0.10 1,380 11.28 7.65 7.4 5.2
6655 Huaxin Cement 6.850 -0.240 -3.39 577 11.58 6.15 4.7 8.3 1478 Q Technology 3.310 +0.180 +5.75 3,554 5.84 2.86 20.4 - 2306 YH Entertainment 4.680 +0.110 +2.41 738 6.48 3.60 1.1 - Ireland 283.3 283.0 +22.8
9899 Cloud Music 83.700 +1.750 +2.14 21 115.20 50.65 - - 3660 Qifu Tech-S 71.250 +1.250 +1.79 1 98.35 50.00 - 1.8 2158 Yidu Tech 5.630 +0.170 +3.11 6,673 10.78 3.63 - -
9955 ClouDr Group 7.420 -0.030 -0.40 567 30.70 5.90 - - 6830 Huazhong In-V 2.360 -0.020 -0.84 3,122 2.91 2.34 34.2 0.4 Italy 898.5 891.8 +18.8
87001 Hui Xian Reit # 1.100 +0.020 +1.85 2,021 1.31 0.79 - 7.6 2777 R&F Properties 1.370 +0.110 +8.73 11,540 2.67 1.03 - - 1579 Yihai Int’l 17.360 +0.080 +0.46 2,305 33.20 12.60 20.4 1.2
2 CLP Holdings 61.100 -0.150 -0.24 899 69.85 51.45 167.1 5.1 9993 Radiance Hldgs 3.710 -0.060 -1.59 1,142 5.00 3.01 7.8 - 3948 Yitai Coal 17.220 -0.040 -0.23 303 17.28 8.64 4.5 - Japan 1,426.1 1,405.3 +24.2
302 CMGE Technology 1.820 +0.040 +2.25 8,658 2.71 1.10 - - 9878 Huitongda Network 30.300 -1.250 -3.96 295 64.70 27.90 47.1 -
215 Hutch Tel HK 1.240 - - 356 1.55 1.02 - 6.0 1196 Realord Group 5.930 +0.110 +1.89 2,948 10.78 4.89 74.3 - 2858 Yixin Group 0.830 +0.010 +1.22 1,948 1.24 0.60 12.8 3.9 Netherlands 2,592.4 2,582.8 +18.2
3323 CNBM 4.880 -0.040 -0.81 7,296 8.93 4.35 4.5 8.8 9995 Remegen 40.350 +6.200 +18.16 7,355 74.80 29.70 - - 3669 Yongda Auto 4.070 -0.030 -0.73 1,847 7.57 3.40 4.9 7.9
883 CNOOC 11.600 +0.180 +1.58 62,474 13.36 9.22 3.4 22.7 13 HUTCHMED (China) 20.000 +1.360 +7.30 5,983 33.20 11.36 - - New Zealand 159.5 158.8 +4.1
6078 Hygeia Healthcare xd 45.250 +2.700 +6.35 2,083 66.80 33.30 51.9 0.4 486 Rusal 3.360 +0.100 +3.07 278 4.36 2.97 3.6 4.7 2279 Yonghe Medical 7.250 +0.110 +1.54 389 12.44 6.31 - -
80883 CNOOC-R # 10.740 +0.120 +1.13 462 10.78 10.10 3.5 21.2 338 S’hai Pechem 1.240 -0.010 -0.80 5,738 1.56 1.01 - - 9858 Youran Dairy 1.790 +0.010 +0.56 460 3.28 1.53 14.5 1.4 Norway 3,277.6 3,247.5 -3.4
1610 COFCO Joycome 1.940 +0.020 +1.04 15,731 4.06 1.63 18.8 - 14 Hysan Dev 19.360 -0.120 -0.62 721 27.40 16.72 - 7.4
1398 ICBC 4.190 -0.050 -1.18 294,730 4.73 3.36 3.8 8.2 1755 S-Enjoy Service xd 4.300 +0.080 +1.90 1,220 11.06 3.41 7.7 4.2 551 Yue Yuen Ind 10.500 +0.100 +0.96 883 13.32 7.81 7.3 10.5 Portugal 107.9 106.8 -0.9
914 Conch Cement 20.850 -0.300 -1.42 2,495 35.45 20.00 6.2 7.9 178 Sa Sa Int’l 1.430 - - 812 2.15 0.83 76.1 - 123 Yuexiu Property 8.880 -0.180 -1.99 3,926 12.63 5.96 6.5 6.7
587 Conch Enviro 2.220 -0.080 -3.48 5,935 7.32 2.03 10.9 - 1119 iDreamSky Tech 3.630 +0.140 +4.01 9,764 5.49 2.80 - - Singapore 1,341.3 1,339.2 -0.3
9969 Innocare 7.940 +0.420 +5.59 5,289 15.90 6.45 - - 1910 Samsonite Int’l 22.600 +0.200 +0.89 1,971 25.85 15.68 13.3 - 405 Yuexiu Reit 1.680 +0.020 +1.20 5,062 3.07 1.32 - 7.7
586 Conch Venture xd 10.160 -0.160 -1.55 1,272 18.34 9.48 1.0 3.9 1928 Sands China 28.200 +0.300 +1.08 6,402 31.55 12.50 - - 6626 Yuexiu Services 2.960 +0.050 +1.72 1,526 5.12 2.25 9.7 3.7 Spain 973.5 968.1 +18.2
182 Concord NE 0.640 - - 8,160 0.81 0.59 5.8 5.5 1801 Innovent Biologics 33.100 +3.100 +10.33 14,334 47.95 21.20 - -
596 Inspur Int’l xd 3.020 +0.090 +3.07 1,000 6.39 1.40 25.7 0.7 631 Sany Heavy Equ 10.400 -0.020 -0.19 2,036 11.40 6.40 17.4 1.8 1052 Yuexiu Transport 3.990 +0.010 +0.25 194 4.87 2.91 13.1 5.0 Sweden 17,562.3 17,601.8 +9.7
1967 Confidence In 18.380 +0.380 +2.11 5 48.50 14.72 - - 6600 SciClone Pharma 10.820 +0.300 +2.85 1,077 12.38 5.65 7.6 3.6 9987 Yum China 455.800 +2.800 +0.62 79 514.50 300.00 55.5 0.9
2866 Cosco Ship Dev 0.990 +0.010 +1.02 4,149 1.62 0.89 3.0 9.9 1760 Intron Tech 5.170 +0.270 +5.51 3,521 7.55 3.18 12.0 2.5 Switzerland 1,466.4 1,473.8 +4.7
2823 iShares A50 13.340 +0.180 +1.37 2,484 17.04 11.68 - 2.0 1030 Seazen Group 1.550 - - 20,152 4.20 1.22 31.8 - 2325 Yunkang Group xd 13.800 +0.040 +0.29 114 19.18 12.70 18.6 2.2 United Kingdom 2,149.9 2,152.0 +0.3
1138 COSCO Ship Engy 8.400 -0.030 -0.36 8,732 9.57 4.11 24.3 2.0 20 Sensetime-W 1.990 -0.190 -8.72 1,778,670 3.70 1.11 - - 6060 ZA Online 22.750 +0.600 +2.71 1,567 28.40 13.98 - -
1199 COSCO SHIP Ports 4.720 - - 2,095 6.59 3.78 6.7 6.0 8446 ITP Holdings 2.800 -0.210 -6.98 2,158 12.00 1.81 307.7 - USA 4,234.6 4,228.6 +16.3
1167 Jacobio - B 6.200 +0.390 +6.71 7,153 10.48 3.30 - - 80020 Sensetime-WR # 1.850 -0.190 -9.31 2,776 2.23 1.83 - - 9688 Zai Lab 24.200 +1.550 +6.84 3,018 44.00 16.92 - -
1919 COSCO Shipping 7.700 +0.300 +4.05 64,938 12.76 6.76 1.0 49.1 1787 Shandong Gold 14.880 +0.120 +0.81 2,203 18.46 11.92 70.3 0.5 2098 Zall Smart 0.360 -0.010 -2.70 3,814 0.51 0.35 - -
120 Cosmopolitan Intl Susp - - - 1.71 0.96 2900.0 - 6618 JD Health 52.450 +1.950 +3.86 4,710 90.75 39.30 380.6 -
86618 JD Health-R # 48.300 +1.500 +3.21 - 49.35 43.90 394.9 - 412 Shandong Hi-Speed 5.880 -0.420 -6.67 5,840 6.82 2.89 - - 1818 Zhaojin Mining 10.280 +0.100 +0.98 2,250 14.70 5.16 129.0 0.4
2007 Country Garden 1.640 -0.010 -0.61 86,535 4.89 1.00 - -
1415 Cowell Holdings 16.240 +0.220 +1.37 4,079 21.05 9.17 20.6 - 2618
9618
JD Logistics
JD.com-SW
12.460 +0.120 +0.97
142.200 +3.900 +2.82
2,881
6,735
18.02 10.90
269.80 122.70
-
38.0 5.2
- 2727
1385
Shanghai Electric
Shanghai Fudan xd
1.880
20.600
+0.010 +0.53
-0.150 -0.72
1,440
3,731
2.23
42.00 17.28
1.51 -
13.8 0.7
- 576
9863
Zhejiang Express
Zhejiang Leapmotor
5.950 -0.030
46.000 -1.950
-0.50
-4.07
1,265
468
7.23 4.73
48.25 17.50
4.3 7.1
- -
All data except that on Hong Kong Stocks
2601 CPIC 20.900 +0.100 +0.48 5,723 26.50 12.10 7.2 5.4
3618 CQRC Bank 2.800 -0.010 -0.36 8,313 3.35 2.35 2.8 10.8 89618
9877
JD.com-SWR #
Jenscare-B
130.800 +3.000 +2.35
32.350 +0.400 +1.25
7
8
143.40 122.00
94.70 26.00
39.4 4.9
- -
363
2607
Shanghai Ind H
Shanghai Pharm
11.260
15.360
-0.160 -1.40
-0.040 -0.26
313
1,021
12.68 7.56
16.60 10.14
5.3 8.2
8.4 4.5
2016
2390
Zheshang Bank xr
Zhihu-W
2.560 -0.020
18.840 +0.240
-0.78
+1.29
252
101
3.91 2.40
36.60 13.66
4.2 9.1
- -
supplied by Thomson Reuters unless
1515 CR Medical 6.510 +0.340 +5.51 5,752 8.36 3.57 52.5 0.6
1766 CRRC Corp 4.340 -0.010 -0.23 7,305 5.26 2.37 9.5 5.1 9636
177
JF Wealth xd
Jiangsu Express
16.360 +0.060 +0.37
7.260 -0.050 -0.68
179
891
17.68 14.72
8.63 5.37
11.9 3.1
8.6 6.9
69
2066
Shangri-La Asia
Shengjing Bank
6.060
5.300
+0.040 +0.66
- -
224
-
8.48
6.18
4.21
4.99 41.8
- -
-
881
3633
Zhongsheng Group
Zhongyu Energy
32.100 +0.450
5.790 -0.050
+1.42
-0.86
3,398
1,057
56.20 26.45
6.95 4.92
10.3 3.4
94.3 0.5
otherwise indicated.
2232 Crystal Int’l 2.530 -0.020 -0.78 21 3.12 1.99 5.4 6.6 548 Shenzhen Express 6.760 +0.010 +0.15 1,230 8.37 5.50 7.1 6.5 1458 Zhou Hei Ya 3.140 -0.010 -0.32 3,146 6.00 2.92 255.3 -
6066 CSC Financial xd 7.950 - - 1,649 9.72 5.68 8.2 3.8 358 Jiangxi Copper 12.280 - - 2,553 15.00 8.56 6.2 4.5
2362 Jinchuan Group 0.415 - - 32,219 0.96 0.39 518.8 0.5 152 Shenzhen Int’l 6.960 -0.050 -0.71 926 8.28 5.12 12.9 3.7 1176 Zhuguang Hold 0.700 - - 3,744 1.24 0.55 - -
2822
82822
CSOP A50 ETF
CSOP A50 ETF-R #
12.700 +0.090
11.720 +0.010
+0.71
+0.09
3,303 16.48 11.25
49 14.06 10.48
- 2.3
- 2.3 579 Jingneng Cln Engy 1.870 -0.030 -1.58 3,206 2.17 1.42 4.8 7.3 604 Shenzhen Inv 1.420 - - 1,539 1.64 1.01 6.1 10.6 2899 Zijin Mining 11.980 -0.040 -0.33 14,525 14.80 7.18 13.8 1.9 On scmp.com See full stock listings
9666 Jinke Services 11.360 -0.100 -0.87 363 20.10 8.33 - - 2313 Shenzhou Int’l 77.700 +1.000 +1.30 1,527 109.70 53.10 22.7 2.5 6979 ZJLD Group 8.270 +0.170 +2.10 3,486 9.97 6.76 - -
1093 CSPC Pharma 6.960 +0.180 +2.65 33,673 10.36 6.55 12.1 3.0
1951 Jinxin Fertility 4.490 +0.060 +1.35 14,849 8.28 3.55 82.1 - 873 Shimao Services 1.570 -0.020 -1.26 1,493 3.86 1.25 - - 1157 Zoomlion Hvy Ind xd 3.810 - - 5,501 5.18 2.50 12.2 9.5 in real time for Hong Kong, plus
317 CSSC Offshore 11.580 -0.160 -1.36 1,051 12.58 5.79 21.1 0.1 2877 Shineway Pharm 8.950 +0.290 +3.35 214 9.80 4.63 9.4 5.3 763 ZTE Corp 31.950 +0.250 +0.79 4,261 32.30 13.26 16.8 1.4
3877 CSSC Shipping xd 1.390 +0.050 +3.73 5,880 1.48 0.96 5.1 7.2 9922
3306
Jiumaojiu Int’l
JNBY Design
13.520 +0.300 +2.27
8.440 -0.060 -0.71
6,027
90
23.95 11.52
11.50 5.61
353.9 0.1
6.7 10.3 86 SHK & Co 3.030 -0.010 -0.33 34 3.74 2.63 - 8.6 2057 ZTO Express-W 196.200 -4.400 -2.19 55 236.40 121.42 28.6 1.5
indices for leading markets, along
2616 CStone Pharma-B 2.630 +0.140 +5.62 17,608 6.22 2.26 - -
1880 CTG Duty-Free 111.200 +1.100 +1.00 623 280.00 104.80 38.4 0.8 179 Johnson Elec H 10.800 +0.620 +6.09 1,776 11.70 7.36 8.0 4.7 80016
16
SHK Prop-R #
SHK Properties
91.500
99.400
-
+0.600 +0.61
-
1,356
- 93.70 89.40
115.90 83.10
10.4 4.8
11.3 5.0
2190 Zylox-Tonbridge-B 11.900 -0.240 -1.98 52 16.98 8.50 - - with investor relations information
2487 Cutia-B 23.200 -1.200 -4.92 179 32.60 19.00 - - 1691 JS Global Life xd 1.260 +0.040 +3.28 159,080 2.50 1.02 1.7 -
2356 Dah Sing Banking 5.820 - - 262 6.91 4.51 5.1 6.7 1877 Junshi Bio 23.850 +0.550 +2.36 1,365 48.50 21.20 - - 697 Shoucheng Hldg 1.910 +0.010 +0.53 5,289 2.30 1.05 14.7 4.9 such as company results and
173 K Wah Int’l 2.550 +0.010 +0.39 396 3.03 2.19 5.8 8.2 639 Shougang Fushan 2.060 +0.010 +0.49 8,415 3.35 1.83 3.8 20.9
440 Dah Sing Financial 19.540 -0.020 -0.10 37 26.45 15.20 5.3 5.8 xr = ex-rights xa = ex-all xb = ex-bonus reports at www.scmp.com/
3799
991
Dali Foods Group
Datang Power xd
3.500 +0.010
1.500 -0.010
+0.29 10,928 4.18
-0.66 11,502 1.94
2.43
0.95
13.9 5.1
- 2.2
9997
1888
Kangji Medical
KB Laminates
8.550 +0.090 +1.06
7.850 +0.060 +0.77
493
1,505
11.00
10.70
5.28
6.15
19.1 2.5
12.8 4.5
272
242
Shui On Land
Shun Tak Holdings
0.890
1.250
-0.010 -1.11
- -
1,213
584
1.09
1.85
0.71
1.00
6.8 11.2
- - Key xd = ex-dividend # = traded in RMB * adjustment business/investor-relations
2423 KE Holdings-W 39.600 -0.250 -0.63 106 55.80 24.75 - - 460 Sihuan Pharm 0.790 +0.010 +1.28 14,684 1.29 0.65 - 9.4
1798 Datang Renew 2.650 -0.010 -0.38 7,596 3.31 1.75 5.8 2.1
636 Kerry Log Net 9.360 -0.090 -0.95 458 17.50 8.92 4.7 7.1 2096 Simcere Pharma 7.770 +0.330 +4.44 7,678 14.70 6.56 19.3 2.3 Stocks in bold saw price changes of more than 5%
3958 DFZQ 4.340 -0.020 -0.46 1,094 5.29 2.89 11.0 3.9

COMMODITIES CURRENCIES CAPITAL MARKETS BONDS

DBS Group Holdings 1.169 2 22/11/2024 94.4 5.44
China / HK US$ fixed Mid pr M yield
DBS Group Holdings 1.194 2 15/3/2027 87.78 4.85
Coupon Frq Maturity (US$) (Ann) %
PRECIOUS METALS BULK RATES FUTURES US$ MARKET RATES HKMA Link Finance Cayman 2009 3.6 2 9/3/2024 97.64 5.73
United Overseas Bank
United Overseas Bank
1.25
3.75
2
2
14/4/2026
15/4/2029
89.52
98
5.37
6.43
Settlement Bid Ask Link Finance Cayman 2009 2.875 2 21/7/2026 92.64 5.54
The following are the opening indicative counter Oversea-Chinese Banking 4.25 2 19/6/2024 98.28 6.13
Fix (per oz) Chg exchange rates for July 4, 2023
Month price Chg Vol. O.I. Money market operations CK Hutchson 3.25 2 4/11/2024 98.02 5.94 Sp Powerassets 3.25 2 24/11/2025 95.19 5.42
HK ($) 7.8306 7.8315 (July 4, 2023)
Hong Kong gold HK$17,995 (tael) +135 Currency Sell Buy T.T. Buy O.D. One-month Hibor CK Hutchson 3.625 2 4/11/2029 92.72 5.1 Sp Powerassets 3 2 26/9/2027 93.06 4.84
Jul-23 95.15 - - 5 Japan (¥) 144.27 144.30 Opening aggregate balance $45,192 million
Gold (Lon spot) US$1,927.85 +6.42 HK dollars to 100 units of foreign currency
Closing aggregate balance $44,895 million
Swire Pacific Mtn 4.5 2 10/9/2023 99.71 5.57 Capitaland Treasury 3.8 2 28/8/2024 99.55 4.22
Silver (Lon spot) US$23.017 +0.13 Australian dollars 530.85 514.80 511.60 Aug-23 95.15 - - - Euro (€) * 1.0898 1.0902 Swire Pacific Mtn 3 2 7/5/2024 97.39 5.73 Korea US$ fixed
Brunei dollars 586.55 573.60 572.60 Sep-23 95.15 - - - Change attributable to:
Platinum (Lon spot) US$917.24 +10.74 UK (£) * 1.2727 1.2731 Sun Hung Kai Prop 2.75 2 13/5/2030 87.51 4.92 Republic of Korea 3.875 2 9/11/2023 99.66 5.72
Canadian dollars 599.40 583.15 581.15 Market activity: nil
Palladium (Lon spot) US$1,237.13 +8.02 Oct-23 95.15 - - - Switzerland (SFr) 0.8954 0.8955 Hkt Capital No6 3 2 18/1/2032 84.02 5.36 Republic of Korea 5.625 2 11/3/2025 100.2 5.53
Swiss francs 882.35 865.80 864.50 Interest payment / issuance of Exchange Fund paper: nil
Three-month Hibor China Overseas Fin 3.05 2 27/11/2029 87.01 5.49 Republic of Korea 4.125 2 6/10/2044 93.91 4.58
Danish kroner 116.25 113.30 110.00 Canada (C$) 1.3222 1.3226 Discount window reversal: -$297 million
Euro 865.40 843.85 841.05 Jul-23 95.15 -0.04 - - China Overseas Fin 4.75 2 26/4/2028 97.14 5.43 Korea Development Bank 3.75 2 22/1/2024 98.65 6.31
Australia (A$) * 0.6693 0.6694 Discount window Today: nil
Indian rupees 10.25 8.90 8.55 Sep-23 95.25 -0.05 - 30 Sinochem Offshore 1.5 2 24/11/2024 93.77 6.27 Korea Development Bank 1.625 2 19/1/2031 80.19 4.79
PHYSICAL (HK$) Japanese yen 5.520 5.319 5.308 Dec-23 95.18 - - 20 China (yuan) 7.2148 7.2168
Discount window; base rate: 5.5%
Effective Exchange Rate Index: 104.5 (-0.3) Sinochem Offshore 1.625 2 29/10/2025 90.52 6.08 Export-Import Bk Korea 2.375 2 25/6/2024 96.93 5.68
(July 4) Buy Sell Malaysian ringgit 170.45 165.20 164.45 Mar-24 95.20 -0.05 - 10 Indonesia (Rup) 14,990 14,995 Sinopec Grp Oversea 2015 3.25 2 28/4/2025 95.51 5.9 Export-Import Bk Korea 3.25 2 8/12/2026 93.62 5.52
Norwegian kroner 74.65 71.90 71.45 Exchange Fund bills Sinopec Grp Oversea 2014 4.375 2 4/10/2024 98.89 5.88 Korea EXIMBank 4 2 14/1/2024 99.16 5.65
99 gold (1 tael) 17,977 18,012 New Taiwan dollar 25.55 24.80 24.80 Malaysia (RM) 4.6490 4.6550 Terms Yield Cnooc Finance 2014 4.25 2 30/4/2024 98.65 5.96 Woori Bank 4.75 2 30/4/2024 98.64 6.47
London gold (1 oz)
London silver (10 oz)
15,087
1,792
15,122
1,810
New Zealand dollars
Philippine pesos
488.50
14.60
475.85
13.75
473.85
13.45 HIBOR Philippines (peso)
New Zealand (NZ$) *
55.2190
0.6199
55.2390
0.6203
1 week
1 month
…………………………………
…………………………………
4.80%
4.33%
Cnooc Finance 2014
Export-Import Bank China
4.875
3
2
2
30/4/2044
15/4/2024
95.85
97.94
5.2
5.75
Woori Bank 5.125 2 8/6/2028 9
Pakistan rupees 3.00 2.45 2.15 3 months ………………………………… 4.22%
Zurich platinum (1 oz) 7,077 7,227 Chinese Onshore rmb 109.45 106.95 106.95 Period Fixings Period Fixings Singapore (S$) 1.3476 1.3481 Export-Import Bank China 3.625 2 31/7/2024 98.09 5.49
Chinese Offshore rmb in HK 109.25 106.75 106.75 Overnight …… 5.36893 2 months …… 4.93167 6 months ………………………………… 4.23% China Cinda Finance 5.625 2 14/5/2024 99.33 6.42
Great Wall silver (10 tael) 2,110 2,190 Swedish kronor 73.55 71.00 70.50
S Korea (won) 1,293.39 1,294.24 9 months ………………………………… 4.25%
1 week …… 4.98060 3 months …… 4.96988 China Cinda Finance 4.75 2 2/8/2028 95.5 5.88
Singapore dollars 586.30 573.85 572.85 Taiwan (NT$) 31.0720 31.1020 1 year ………………………………… 4.25%
2 weeks …… 4.94119 6 months …… 4.97060 AIA Group 3.2 2 3/11/2025 96.12 5.66
Thai baht 22.75 22.05 21.90 Thailand (baht) 34.8300 34.8500
US dollars 786.35 780.30 777.80 1 month …… 4.92881 12 months …… 5.00738 AIA Group 4.875 2 3/11/2044 96.63 5.14
INDUSTRIAL Korean won
South African rand
0.627
42.95
0.576
40.50
0.576
40.10
HK dollar interest settlement rates fixings at 11.15 am
yesterday.
India (rupee)
S Africa (rand)
81.9400
18.6311
81.9950
18.6389 EXCHANGE FUND
China RMB fixed
China Government Bond 4 2 22/5/2024 101.49 2.29
HK dollars to one unit of foreign currency China Government Bond 3.48 2 29/6/2027 103.31 2.61
Last Chg Sterling 10.020 9.860 9.805 * per unit. Rates at 10.15pm. Exchange Fund notes/bonds China Government Bond 4.29 2 22/5/2029 108.42 2.72
Aluminium (US$/tonne) 2,157.50 +6.00 USD forward rates
1 month 786.01 779.93
FORWARD RATES Terms Issue no Coupon Price Yield China Government Bond
China Development Bank
4.5
4.2
2
2
22/5/2034
19/1/2027
113.93
104.75
2.99
2.78
Copper (US$/tonne) 8,398.00 +82.50 2 years 02Y2502 3.75 99.48 4.138
Lead (US$/tonne) 2,092.00 -7.50
2 months
3 months
6 months
785.41
784.90
783.17
779.33
778.80
777.07
ON
USD Deposits
4.99/5.06
HKD Deposits
4.88/5.18 KEY LENDING RATES 3 years 15Y2508 2.39 96.75 4.044
China Development Bank
Export-Import Bank China
4.3
3
2
2
8/2/2032
15/4/2024
109.73
97.94
3.07
5.75
Nickel (US$/tonne) 20,580.00 +64.00 Sterling forward rates
1 week 5.02/5.22 4.86/4.96 4 years 15Y2702 1.51 92.53 3.764 Export-Import Bank China 3.25 2 28/11/2027 94.44 4.66
1 month 5.14/5.39 4.86/4.96 HK prime 5.750% UK bank base 5.000%
Tin (US$/tonne) 27,377.00 +590.00 1 month 10.019 9.859 5 years 10Y2406 1.96 98.01 4.250 ICBC ASIA 1.2 2 20/7/2025 91.63 5.6
2 months 10.012 9.852 2 months 5.26/5.51 4.87/4.93 US fed fund 5.250% Euro prime 4.250% Singapore US$ fixed
Zinc (US$/tonne) 2,365.00 -23.00 3 months 10.004 9.844 3 months 5.37/5.62 4.90/5.00 7 years 15Y2902 2.48 94.70 3.558
US prime 8.250% Tokyo prime 1.475% Temasek Financial I 3.625 2 8/1/2028 95.61 4.6
Nymex (US$/barrel) 70.72 +0.93 6 months 9.975 9.815 6 months 5.68/5.93 4.90/5.00 10 years 10Y2412 1.84 96.85 4.174 Temasek Financial I 4.0475 2 3/5/2035 102.79 3.75
Brent (US$/barrel) 75.63 +0.98 Source: Hong Kong Association of Banks 1 year 5.80/6.05 4.94/5.04 Taiwan prime 3.119% S’pore prime 5.250% 15 years 15Y2908 2.24 93.09 3.532
Nat gas (£/MWh) 84.30 +0.65
BANKNOTE RATES DEPOSIT RATES GOVERNMENT BONDS ASIAN USD BOND INDEX MARKIT
AGRICULTURAL The free market rates for banknotes on July 4 were:
Currencies Saving 1 Wk 1M 3M 6M HKD MARKET RATES Dur. Yield Ch Dur. Yield Ch ADBI China HK Phil Indo Korea Malay Thai Spore India Vnam SLanka
Australia 0.0010 0.0010 0.0010 0.0010 0.0010
Country Unit per
Customer Customer Britain 0.0010 0.0010 0.0010 0.0010 0.0010 Bid Ask HK UK Current level 127.9 126.0 130.1 129.1 140.9 122.0 123.0 126.7 120.5 144.8 156.0 79.1
Last Chg Sell Buy Canada 0.0010 0.0100 0.0100 0.0100 0.0500 US ($) 7.8303 7.8309 ON 4.880 - ON 4.950 - Previous day level 127.9 126.1 130.2 129.0 140.8 122.0 123.0 127.0 120.6 144.8 155.8 79.1
Australia Dollar 1 5.196 5.276 China 0.1000 0.2500 0.2500 0.3000 0.3000 1y 4.280 0.001 1y 5.375 -0.067 Net changes (%) -0.02 -0.06 -0.06 0.09 0.10 -0.02 -0.05 -0.24 -0.11 -0.04 0.10 0.00
Cotton (US¢/lb) 83.30 Closed Britain Pound 1 9.89 10.04 Japan (¥)* 5.4208 5.4223 5y 3.746 0.009 5y 4.683 -0.036 Country weighting (%) 100.00 41.23 9.80 5.54 13.86 12.89 3.18 1.44 2.83 6.37 0.13 0.00
Europe 0.0010 0.0010 0.0010 0.0010 0.0010 Euro (€) 8.5322 8.5331
Rubber (US¢/kg) 130.80 -0.70 Canada Dollar 1 5.887 5.967 Hong Kong 0.7500 0.7500 0.7600 0.7600 0.7750 10y 3.745 0.002 10y 4.422 -0.019 Index yield (%) 5.61 5.97 5.25 5.06 5.36 5.29 5.10 5.90 4.60 6.31 6.19 0.00
Sugar (US$/tonne) 641.90 -1.40 China Yuan 100 107.50 108.80 Japan 0.0001 0.0001 0.0001 0.0001 0.0010 UK (£) 9.9406 9.9445 15y 4.145 0.003 30y 4.426 -0.016 Index duration (yr) 5.20 4.04 5.25 7.66 8.20 3.60 7.90 8.12 6.25 4.62 1.34 0.00
Palm oil (RM/tonne) 3,815.00 -130.00 Denmark Krone 1 1.106 1.166 N Zealand 0.0010 0.0010 0.0010 0.0010 0.0010 Switzerland (SFr) 8.7421 8.7467 China Germany Index spread 144 167 112 99 134 94 107 188 47 214 73 0
Euro zone Euro 1 8.5 8.58 Canada (C$) 5.9155 5.9182 ON 1.188 - ON 4.250 - Spread change -0.76 0.45 -0.28 -2.77 -2.60 -0.31 -0.81 1.41 0.37 -0.38 -5.95 0.00
Rice (US$/cwt) 18.045 +0.24 India Rupee 100 7.60 12.60
Switzerland 0.0010 0.0010 0.0010 0.0010 0.0010
1y 1.823 -0.015 1y 3.599 -0.043
Wheat (US$/bushel) 6.285 -0.003 US 0.8750 0.8750 0.8750 0.8750 0.9000 Australia (A$) 5.2353 5.2373 Average life (yr) 7.39 5.41 6.84 11.16 13.40 4.09 12.71 14.95 9.49 6.33 1.38 0.00
Indonesia Rupiah 100 0.0352 0.0652 5y 2.435 0.010 5y 2.661 0.013 Average coupon (%) 3.62 3.29 3.49 4.68 4.50 3.03 3.77 4.26 2.72 4.28 4.80 0.00
Soyabean (US$/bushel) 15.620 -0.025 Japan Yen 100 5.38 5.47 All interest rates are for indication only China (yuan) 1.0844 1.0845 10y 2.705 0.012 10y 2.472 0.040 Clean price level 82.94 83.11 85.27 77.44 84.38 87.99 80.11 81.94 84.73 89.92 89.70 41.22
Corn (US$/bushel) 5.573 -0.018 Korea Won 100 0.583 0.653 Indonesia (Rupiah)* 0.0522 0.0522 20y 3.130 -0.054 30y 2.454 0.069
Macau Pataca 1 0.935 0.985 Total Mkt Cap (mm) 759,115 312,947 74,382 42,076 105,220 97,855 24,145 10,955 21,455 48,351 988
3,306.00 Closed Malaysia (RM) 1.6821 1.6844 US South Korea
Cocoa (US$/tonne)
Coffee (US¢/lb) 165.20 Closed
Malaysia
New Zealand
Ringgit
Dollar
1
1
1.533
4.8
1.833
4.9
CURRENCY FORWARDS Philippines (peso) 0.1418 0.1418 ON
1y
4.990
5.432
-
-
ON
1y
3.454
3.563
-
0.005
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
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5y 4.191 - 5y 3.596 -0.001
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P d d d b d b N w p p D
© M m
W
 Wednesday, July 5, 2023 B7

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

8 9 10

11 12

13 14 15 16

17 18 19 20

21

22 23 24 25

Non-Sequitur by Wiley Miller

26 27 28 29

30 31 32

Across 31 So unhealthy 23 Develop part of

8 Alight on gold sounding (3) a revolver (6)
carriage (6) 32 A trial resulting in 24 Press a rare
9 Time for some the rope (6) reform (6)
of the race (3) 28 In which are the
10 What a well Down grass-roots of
lubricated man 1 Information held horse-racing (4)
becomes? (4) in mind at all 29 Theodora Lawrence
11 Not generally events (4) takes in a viva
selective? (10) 2 It may be seen under voce (4)
Doonesbury Flashback by by
Garry
GarryTrudeau
Trudeau 12 Urges production an old copper mine
entrance (4)
of layers (4)
13 It will dawn on us 3 Not in form,
when she appears (6) apparently, but
16 I’m adopting an surpass the
attitude to be others (8)
prominent (8) 4 To do this to a lost
17 To arouse passion in soul could be a
shocking scene (7) miracle (7)
18 Do a turn round a 5 A part’s recast as an
circular building (7) eastern tyrant (6)
22 Comes to 6 Take a turn in the
understand a rise air (10)
Les is awarded (8) 7 Vessel sporting an
25 Put into a grave ensign (6)
position, because 14 Uranium on Royal
of a wrong note to Navy vessel (3)
a doctor? (6) 15 Superficially
26 The Scriptures covering too much
Yesterday's solution:
completely betting? (10)
recorded, we 19 Set aside too much
hear (4) control? (8)
20 Crazy about a
Pooch Cafe by Paul Gilligan 27 Mental lapse
producing runner’s mother (3)
remarkably bare 21 Intrinsic quality
food allowance (10) of transformation
30 Poetic end to the scenes before
day is calm and the end of the
unruffled (4) pantomime (7)

Universal Crossword

Bridge Sudoku Kokonotsu Supersudoku

West dealer. Neither side vulnerable.
NORTH
♠AQ3
♥Q
2 3
♦854
♣AJ9732 8 3 6 5
WEST EAST
♠85
♥AJ843
♠ 10 9 7 6 2
♥765
9 4 8
♦AKJ92 ♦63
♣ 10
SOUTH
♣Q84
6 2 9 3 5
♠KJ4
♥ K 10 9 2
♦ Q 10 7

The bidding:
♣K65
5 2
West North East South
1♥
Pass
2♣
3 NT
Pass 2 NT
2 4
Opening lead: king of diamonds.
Assume you get to three notrump on the Across 61 “Fancy that!” 38 Nintendo’s Super ___
bidding shown and West leads the K-A-J 1 Cockeyed 62 Toffee bar brand 40 Kind of grant for
of diamonds. When East discards a spade 63 Where gladiators a student
6 Definitely will
on the third diamond, you learn that West
started with five fairly robust diamonds, and
7 4 1 6 11 Rte. finder faced off 43 Fill to excess
because West opened the bidding with one 14 Excel 64 Complete jerk 46 “How relaxing!”
heart, you know that he must have at least 15 Self-help book’s genre 65 Points at the 47 Thirds of thirds
five hearts as well. 16 50 Cent piece dinner table? 48 Bad day for Caesar
Having assimilated this information, 17 Library’s policy 66 Bakery or 49 Walk down
you must now decide how to proceed. forbidding book brewery supply the runway
Obviously, you cannot afford to lose the 50 Bros
lead, which in turn means you must bring Yesterday's solution: Yesterday's solution: reservations?
Complete the grid so Complete the grid so 19 She raised Cain Down 52 Story that takes
in the club suit without loss to make the
that each row, column that each row, column 20 Even so 1 Far from ruddy hours to tell
contract. At the moment, though, it’s not 5 1 4 6 3 2 7 9 8
clear whether you should first play the king and 3x3 box contains and 3x3 box and the 21 Absorbent fabric 2 One has a sole 53 Average, in statistics
or the ace. every digit from 1 to 9, two centre diagonal 6 9 2 5 7 8 3 1 4 22 Avarice 3 Bagpiper’s wear 54 Big furniture retailer
To try and solve this problem, you start inclusive. lines contain every digit 8 3 7 4 1 9 5 2 6 24 Old MacDonald’s 4 Wrap up 55 Contact, for one
by cashing the K-Q of spades. When West 5 White terrier, 56 Aspiring atty.’s exam
follows suit to both spade leads, you are in Difficulty: 4/5 from 1 to 9, inclusive. refrain
1 2 6 8 9 3 4 7 5 25 Animals in a pride informally 59 Big name in
a far better position to judge how to play Difficulty: 2/5 6 Omar who portrayed outdoor gear
the clubs. 7 4 3 1 2 5 6 8 9 26 Pals who need more
It now appears likely that West started room to stretch out at Doctor Zhivago 60 Exist
with two spades, five hearts and five
9 5 8 7 4 6 2 3 1 7 “How terrible!”
a sleepover?
diamonds, which leaves him with at most 2 8 9 3 6 4 1 5 7 30 Length x width, for 8 Out of whack
one club. You must therefore hope that a rectangle 9 Wireless standard
West’s singleton club is either the queen 3 6 1 9 5 7 8 4 2 letters
or the 10. 31 Dance partner?
Accordingly, you next cash the ace 4 7 5 2 8 1 9 6 3 32 Annex 10 Hotels and such
of clubs. After West produces the 10, you 35 Digitises, as a 11 Spicy sauce made
lead the jack from dummy, and when East document with tomatillos
follows with the eight, you confidently 39 Dress up at a 12 Applies 41-across
let the jack ride. When West discards a
heart, the trouble you took to clarify West’s
Target comic con 13 Didn’t dillydally
18 “Cold one”
distribution is rewarded, and you end up 41 Roadwork gunk
42 Finds a function for 23 Fishing pole
making four notrump.

HM I
Observe that if you had mechanically How many words of four letters or more Yesterday’s solution: attire, attorn, 44 Name within 24 “A Visit From the Goon
cashed the king of clubs at trick four without can you make from the letters shown earn, inert, inertia, inter, intra, “mesmerised” Squad” author Jennifer
bothering to play two rounds of spades introit, irate, iron, ITERATION, natter, 45 True statement about 25 Carson’s successor on
first, you would have gone down instead of
here? In making a word, each letter may “The Tonight Show”
be used once only. Each must contain nattier, near, nitrate, nitre, nitrite, a Crown Dependency
making the contract. in the Irish Sea? 26 Bringing up the rear Yesterday's solution:
the centre letter and there must be at noir, orate, orient, ornate, otter, rain, 27 Aptly named boat

T N A
rani, rant, rate, ratio, ration, ratite, 50 Passe phone features
least one nine-letter word. No plurals in “Jaws”
rein, rent, retain, retina, riot, rite, 51 Destructive kind
ending with ‘s'. Reference: Collins of wave 28 Close calls
Steve Becker Concise English Dictionary roan, rota, rotate, rote, rotten, tare, 29 Paris 2024 grp.
52 Food at a
tarn, taro, tarot, tart, tear, tenor, tern, Japanese bar 33 Condemn to perdition
ONLINE Today’s target: 22 words good; 35 words tertian, tetra, tier, tinier, titre, toner, 53 Pans for gold, e.g. 34 Turned red, say?

S I C
very good; 47 words excellent. tore, torn, tort, torte, train, trait, 54 Feverish, perhaps 36 What floods into a
For details about local bridge events, treat, trine, trio, trite, triton, trot glass house
go to the HK Contract Bridge 57 Commercials
See solution tomorrow. 58 Malt shop’s claim 37 Egyptian fertility
Association website hkcba.org goddess
to fame?

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• 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
B8 Wednesday, July 5, 2023
CRAFTS
Rachel Rosenkrantz holds her guitar made using honeycomb in her studio in Providence, Rhode Island. Photos: AFP
Funky fungi: using mushrooms to make guitars
US luthier’s sustainable instruments offer solution to overlogging issues
Agence France-Presse
Leave mushroom spores in a
mould for a couple weeks and
they will bloom into a puffy
material akin to Brie cheese that
fills its container, says Rachel
Rosenkrantz, a sustainably
minded guitar-maker innovating
with biomaterials.
Once her mycelium – the root-
like structure of fungus that pro-
duces mushrooms – mimics the
rind of a soft-ripened cheese,
Rosenkrantz dehydrates it into a
lightweight, biodegradable build-
ing material – in this case, the
body of a guitar.
The musician, who trained as
an industrial designer, embarked
on her career as a luthier – a maker
of string instruments – about a
decade ago, and over the past
several years has integrated myce-
lium and other biomaterials in her
quest to create more environmen-
tally friendly, plastic-free
instruments.
Rosenkrantz chuckles as she
delivers her Brie analogy that’s
also a nod to her French roots; the
designer was raised in
Montfermeil, an eastern suburb of
Paris, and now lives near
Providence, in the US state of
Rhode Island, where she teaches
at the prestigious Rhode Island
School of Design.
The basement atelier below
her sunny flat full of plants and
books is home to her craft and
BOOKS
Erotic fiction novel exposes steamy side of ballet
Associated Press
Melanie Hamrick, who knows her
way around a quick pirouette, had
to move quickly when her six-
year-old son Deveraux recently
picked up a copy of her debut
novel, First Position, as she was
signing books.
“I didn’t realise how well he
was reading,” the former ballet
dancer and first-time author says
of her first-grader, whom she
shares with partner Mick Jagger,
the Rolling Stones frontman she
has reportedly just become
engaged to.
“He opened it and I was like,
‘Oh my gosh, give me that book!’”
She suggested an alternative:
The Cat in the Hat.
Wise move. First Position is the
novel’s name but it might easily
have been called “Fifty Shades of
Ballet”.
Hamrick, who spent 16 years
at American Ballet Theatre (ABT)
before leaving to raise Deveraux,
writes about a young dancer,
Sylvie, who joins a prestigious
Home-made Kombucha leather
(above); before-and-after moulds
of a mycelium-grown guitar body.
In the design world,
everybody’s
working with
biomaterial. It’s
exponential
RACHEL ROSENKRANTZ, LUTHIER
national ballet company and tries
to make her mark.
As the dancers move vertically
up the workplace ladder, there’s
also a lot of, er, horizontal action.
Hamrick says she wanted to give
readers a good time, but also a
view of what ballet is like “behind
the gilded curtain” – a world that
presents as pristine and perfect.
“You see this image on stage,”
Hamrick, 36, says.
“But if you saw what’s in the
wings you’d be shocked. There’s
shouting. There’s moving sets.
People having snacks, people on
their phones. And then on stage,
it’s just this beautiful, perfect
bubble. I love showing people that
it’s not always what you see.”
OK, but do ballerinas really
hang out in Parisian sex clubs?
“I personally haven’t been but
I have friends who have,” Hamrick
says. “I can’t give away names
because I don’t want people to be
mad at me.”
The former ABT dancer says
that after Deveraux was born, the
balance of being a mother and
being in the studio 10 hours a day
doubles as a science lab, where
she’s growing materials like
kombucha leather to make banjo
heads, and using fish leather to
make pickguards.
“In the design world, every-
body’s working with biomaterial.
It’s exponential,” the 42-year-old
says.
“It’s not, like, a hippie solution
any more,” she says, pointing to
BMW, which has used flax fibre in
dashboard construction, or
Hermès, which has used mush-
room-derived leather in its purse
linings.
“It’s not a pie in the sky like just
five years ago. It’s actually very
tangible.”
Traditionally, luthiers con-
struct guitars with woods includ-
ing cedar, rosewood, mahogany
and ebony, depending on the
tonal qualities sought.
Wood, of course, is also
biodegradable, but issues includ-
ing overlogging have led makers
like Rosenkrantz towards more
sustainable options, reclaiming
wood and sourcing from local
woods.
“Do we really need to use the
same species as 400 years ago?
“This is an industry where I
feel because it’s craft-based,
there’s a lot of ‘how things are
supposed to be’,” she says, adding
that woods like poplar or bamboo
were long ignored but could offer
new opportunities.
“What if it’s Frankensteining
parts of guitars that are still good,
Melanie Hamrick; the cover of
her novel First Position. Photo: AP
didn’t work for her. She left the
ballet company in 2019 before the
pandemic hit. With the time she
had, she began writing down the
many stories she had for a book.
“The ballet world was a
no-brainer,” she says.
“That’s what I know. And I
love a good romance novel. I
wondered why there’s no
so we don’t discard the whole
instruments?” Rosenkrantz says.
“We have to keep our eyes peeled
and see the potential in different
things.”
Cue mycelium, the fungal net-
work that lies beneath mush-
rooms. It’s easy to grow, easy to
mould and easy to replace even if
it begins to disintegrate, and can
be made into both acoustic and
electric instruments.
And sound-wise?
Rosenkrantz’s mushroom guitar
is layered and fine-tuned, and
doesn’t sound exactly like a tradi-
tional guitar. It’s a bit nasal – but
rife with possibility.
“The idea came about when I
was looking at packaging, since
mushroom has been used to
replace polystyrene … [which] is
known to be a good sound con-
ductor, because it’s full of air,” she
says.
The designer found that her
mycelium also conducted sound
– “but it has a different timbre. So
it doesn’t sound like something
else before”.
“It’s just a new sound,” she
adds. “It won’t replace cedar
because it’s not cedar.”
She’s found the mushroom
materials generally work best with
electric formats.
“There’s a regular pickup, so it
sounds like a normal electric
guitar, and there’s also another
microphone that’s in the
mushroom.
“So then you can switch how
much mushroom sound you
want.”
Some of Rosenkrantz’s
romance novel set in the ballet
world.
“Ballet is so beautiful, so sexy,
the dressing rooms and the tutus
and the leotards. I wrote some-
thing I felt I would want to read.”
The reason she turned to
erotic fiction is that it’s a form of
escapism.
She says Fifty Shades of Grey
The Bridge Collection is 9,000 years of drinking
vessels, telling the story of mankind and its
association with alcohol. I’ve tried to choose
things that are iconic in terms of telling a story
ADRIAN BRIDGE, CEO OF THE FLADGATE PARTNERSHIP, TALKING ABOUT HIS COLLECTION
ON DISPLAY IN A MUSEUM IN PORTO, PORTUGAL > TRAVEL & LEISURE B9
custom-made guitars are made
completely out of wood, and
others integrate the more experi-
mental biomaterials.
Given the time it takes to make
a unique guitar from scratch, her
instruments start at about
US$6,000.
But when it comes to the
mushroom-based prototype, “my
dream is for a big company to say,
‘Let’s produce it, 50 bucks, every
kid can have one’,” Rosenkrantz
says.
Much of Rosenkrantz’s work is
driven by curiosity: she keeps
bees, and has trained them to
build an art piece of a guitar by
providing them the instrument’s
bracing – the part “that guides the
sound and gives some stiffness to
the instrument”.
The bracing mimics the top
bars of a hive, and “the bees com-
municate through the comb at
309 hertz, which is in the guitar
range”, she explains.
“So we’re going to make a
honeycomb that is a natural
sound diffuser.”
And it worked: the bees built
their comb along her structure,
ate their honey over the winter,
and left Rosenkrantz with a
cleaned-out guitar that
resonated.
The project was less about
future use and more about “the
poetry of it”, she says, another test
to find biomaterials with acoustic
qualities.
It’s exploration she hopes can
help build a more sustainable
future: “I’m experimenting to help
the cause in some way.”
was
w a phenomenon in that it
embraces
e sex and talks about sex.
Black Swan, a 2010 psycholog-
ical
ic thriller directed by Darren
Aronofsky,
A is another source of
influence
in for the book.
First Position also touches on
the
th serious issue of young women
being
b mistreated by powerful
men
m in charge, something that
Hamrick
H says “happens in every
career,
c everywhere”.
“I find people can relate to
that.
th And ballet has always been
such
s a male-dominated world –
yet
y it’s a female-dominated work-
place.
p But I love that it’s changing.
There
T are now more female direc-
tors
to than there used to be.”
She hopes her book will appeal
to a wide audience – she has
already submitted her second
novel, focusing on protagonist
Sylvie’s friend – and that people
are reading it.
“I loved one [online] review,
something like, ‘I didn’t think I
was a prude, but this was too sexy
for me.’ And I’m like, ‘Oh, I did it!
I shocked someone.’ It’s so hard to
shock people these days.”
HEALTH
A TOOLKIT
TO SUPPORT
CHILDREN’S
WELL-BEING
Hong Kong group launches digital information
and resources to help parents better understand
their youngsters and foster their mental health
Kate Whitehead
life@scmp.com
Children around the world faced
unprecedented challenges during
the pandemic, and in Hong Kong
they were particularly affected.
Forced to deal with some of
the longest periods of online
schooling in the developed world,
students had to adapt to new ways
of learning that took a toll on their
mental health. The suspension of
in-person classes and almost 450
days of school closures led to
increased stress and anxiety.
In 2020, Hong Kong came
bottom in an international survey
of children’s well-being. In 2021,
the suicide rate of children under
the age of 15 reached an all-time
high of 1.7 deaths per 100,000 –
the worst in the world.
There is no doubt Hong Kong
children need support. The
question for many parents is how
to offer it.
The City Mental Health
Alliance Hong Kong has come
forward with a solution: the
launch of a “Parents Toolkit” – a
digital resource for Hong Kong
parents that provides information
and access to resources to help
them support their children’s
mental health.
It covers the development of
children’s brains and emotions,
and the potential mental health
issues young children and
adolescents could face.
Alex Bowen, a father of two,
says the past three years have
been challenging but have taught
him to better understand his
children’s behaviour.
At the start of the pandemic
and working from home, he was
frustrated when his daughter
wanted to engage with him during
a Zoom call, and interpreted it as
bad behaviour. Then he changed
his mindset.
“She couldn’t understand why
someone she loves couldn’t
engage with her. That’s a
challenging concept for a four- or
five-year old to understand.
“Now when I see behaviour, I
interpret it as communication. It’s
her way of communicating some-
thing she hasn’t got the language
to express, or it’s a feeling she
cannot process,” says Bowen,
chief operating officer of PayMe at
the bank HSBC and co-chair of
HSBC Ability, speaking at the
launch of the toolkit. According to
Dr Kimberley Carder, clinical
psychologist at MindNLife
Psychology Practice in Hong
Kong, attention-seeking behav-
iour is just that – a child is commu-
nicating that they need more
attention. The question is how to
give it to them.
“We give attention to more of
the behaviour that we want to see.
If you notice your child acting out,
say what you see: ‘I notice you are
throwing your toys around, that
looks like you are frustrated’.”
First, it acknowledges the
child’s feelings and lets them
know that they are seen. Second,
it lets them know that their behav-
iour looks like frustration. By
opening up a conversation and
asking about their behaviour, you
can help them express their
feelings and thoughts.
“Continual communication is
Helping children express their feelings is important. Photo Getty Images
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C O P Y R I GH T
a big protective factor of good
mental health,” Carder says.
Nicole Lee, youth programmes
manager at Mind HK, a mental
health charity, says Hong Kong
Chinese parents often don’t want
to admit their child needs help or
they have a mental health issue.
“Local parents may acknowl-
edge their child has a mental
health problem, but they don’t
want people to know. This stigma
prevents them from seeking help,
and is why the youth don’t want to
seek help,” Lee says.
Mental health is a part of our
overall health, just like physical
fitness. It’s important to take care
of our mental health as there will
be times when it’s good and times
when it’s less so. By talking about
mental health, we make it easier
to get help when we need it.
“A common misconception
with parents and families is, ‘If we
talk about these scary things, will
that make them real for my child?’
No, the more you give these things
a name and talk about it the better
it is,” Carder says.
Having open and honest con-
versations with family and trusted
friends is a great starting point,
Bowen says. “That’s when it
becomes easier to employ the
services of a mental health profes-
sional, who has much more in
their toolkit than a family friend,”
he says.
Continual
communication
is a big protective
factor of good
mental health
KIMBERLEY CARDER, PSYCHOLOGIST
If you’re a parent seeking sup-
port for your child, one of the best
options is to go through their
school. Hong Kong schools have
two social workers on staff, as
required by the Education Bureau.
International schools are better
resourced, with at least one clini-
cal professional for every grade.
Young people aged 12 and up
can also go to an Integrated
Community Centre for Mental
Wellness. Each district has one
centre and there are 24 in total.
“This service is free. Not a lot of
people know about these centres
and the service uptake is low,” Lee
says.
For parents who may be feel-
ing overwhelmed and unsure
about balancing the demands of
work and home life, it’s important
to be kind to yourself.
“The key is not just flexibility,
but a little bit of self-compassion.
You try and keep every plate spin-
ning and it’s inevitable when you
are so intent on not letting one
drop that they all drop, and you
are not in a good place. So I try and
give myself a little space. Some
plates will drop,” says Bowen.
If you are having suicidal thoughts,
or you know someone who is,
help is available. For Hong Kong,
dial +852 2896 0000 for The
Samaritans or +852 2382 0000 for
Suicide Prevention Services.
A ND P RO T E C T E D B Y A P P L I C AB L E LAW

Steppes to a modern city
Mongolia’s capital
Ulaanbaatar is moving
into the future with an
explosion of bars,
restaurants and
lifestyle shops and a
growing cultural scene
Mavis Teo
life@scmp.com
Goats and sheep grazing in green
fields pass by in a blur as I am
driven from the new Chinggis
Khaan International Airport
towards the Mongolian capital
Ulaanbaatar, before tall buildings
begin to stud the horizon as we
enter the capital’s outskirts.
Here, summer wild flower
meadows surround haphazardly
distributed yurt districts – settle-
ments of nomads who have left
their pastures but aren’t ready to
completely abandon their peripa-
tetic lifestyles, or are priced out of
the property market in the city.
Most travellers fly into the air-
port – which opened in July 2021
to replace the previous main
international gateway, Buyant-
Ukhaa – to be driven to the wide-
open spaces for which the country
is known.
Since 2017, I have returned to
Mongolia every year (except dur-
ing the pandemic) for a 10-day
horse riding camp. As someone
from land-scarce Singapore, I
relish galloping across Mongolia’s
endless steppes.
However, during my trip in
July 2022, I lingered in Ulaanbaatar
to get to know the city better. I also
wanted to experience the biggest
festival on the Mongolian
calendar.
Naadam, which runs from July
11 to 13 each year, celebrates the
traditional sports of wrestling,
horse riding and archery.
The opening ceremony is held
mostly at Ulaanbaatar’s National
Stadium, more commonly known
as the Naadam Stadium. The fes-
tival is also celebrated in districts
and villages all over Mongolia,
each having their own events
during the five days of public
holiday that begin on July 11.
There is very little current
information about Ulaanbaatar in
English online, making it chal-
lenging for foreigners to do more
than scratch the city’s surface.
Fortunately, I met Surenbaatar
Nergui, chief financial officer at
New Juulchinn Tours, one of
Mongolia’s top tour operators,
PORTUGAL
Drinking vessels tell of man’s relationship with alcohol through the ages
Chris Dwyer
life@scmp.com
The Unesco World Heritage site of
Oporto, in northern Portugal – better
known in the English-speaking world
as Porto – is linked to the world of wine
like few other cities.
It not only gave its name to port
wine, but is home to arguably the
world’s most remarkable private
collection of drinking vessels.
They are housed in a museum in
the World of Wine cultural district,
known as WOW, near the Douro, the
river that enabled the port trade – and
the British penchant for fortified wine
– to flourish from the 18th century.
The Bridge Collection, consisting of
more than 2,000 items, belongs to and
is named after Adrian Bridge, CEO of
The Fladgate Partnership, which owns
port producers including Taylor’s
(which began producing the drink in
1692) and Croft (1707).
It’s safe to say there’s no better way
to experience the collection than on a
tour led by the man himself, a British
polymath who clearly loves a story.
“The Bridge Collection is 9,000
MONGOLIA
Clockwise from top: a view of Ulaanbaatar from Highland Park, a private members club; the opening ceremony for the festival of Naadam is held mostly in Ulaanbaatar’s National
Stadium; Juulchin Street, one of two thoroughfares designated as “morning streets”, is now car-free between 6am and 9am. Photos: Mavis Teo, Bitsy & Co
who went out of his way to give me Bitsy has a secret access – as
pointers as to what was new in his speakeasies traditionally should
city. – through a convenience store
Although parts of Ulaanbaatar inside the mall, although there is
remain run-down, with crum- also an entrance that opens onto
bling facades and potholed roads, the main street.
the city is modernising in some Having lived in cities overseas,
respects: there has been a surge in the owners want to raise the
bar, restaurant and lifestyle-store standard of cocktail bars in
Khorhog, a openings since the end of the Mongolia, they say. On summer
medley of pandemic, for example. evenings, locals and expatriates
meats A glance at the directory in the spill out of the 46 square metre bar
pressure- city’s swankiest shopping centre and onto the pavement.
cooked in a – the Shangri-La Mall (named Bitsy is doing so well, the own-
sheep’s after the development’s five-star ers have opened a second bar,
stomach, is a hotel) – reveals that luxury brands Canté, a 20-minute walk away.
speciality at Balmain and Balenciaga can now Gobi Cashmere, Mongolia’s
Tegri); be found in Ulaanbaatar. most well-known cashmere
Bitsy & Co, a Among the mall’s more inter- brand, has moved into a flagship
speakeasy, esting bars is Bitsy & Co, a speak- store at Galleria, a shopping cen-
aims to raise easy opened by a trio of young tre near Sukhbaatar Square, a
the standard of Mongolians in 2021, in the midst major city landmark flanked by
cocktail bars. of the pandemic. imposing government buildings.
Galleria also houses the coun-
try’s largest restaurant, MG Hot
Pot, with a dining floor of around
371 square metres, and Otori, an
atelier that produces traditional
Mongolian costumes with
delicate Japanese brocades.
The arts and culture scene is
thriving, too. In summer 2022, I
saw the play The Last of the Hunnu
Empire in the pink-and-white
National Academic Theatre of
Opera and Ballet, which dates
back to 1963.
The cast featured some of the
country’s most famous actors, the
costumes were extravagant and
the sets lavish. At the end, the
packed audience gave a standing
ovation.
years of drinking vessels, telling the Dawenkouzen, in present-day
story of mankind and its association Shandong province, eastern China.
with alcohol,” he says. “This is amazing eggshell pottery,
“I’ve tried to choose things that are about 5,000 years old. It’s recognisable
iconic in terms of telling a story, or as a wine glass, and whoever put it
pieces that are extraordinary in terms together thought very hard because the
of aesthetic. Also, pretty much stem is big enough and easy to hold,”
everything in here has been used, [by Bridge says. “The fact it’s very thin and
everyone] from peasants to princes.” forms this lip also means it’s easy to
We pick six stand-out pieces from drink from.
his collection, with their backstories. “We have this temptation to think
we’re very sophisticated now and in
1. Jomon terracotta vessel the past people lived in the woods. You
The Jomon people were hunter- look at this and just go ‘wow’.”
gatherers who lived in the Japanese
archipelago from about 14,000BC. 3. Alexander the Great bronze kylix
They would have mixed water with This bronze kylix – a type of drinking
wine in this substantial pottery vase cup – was found in the royal tombs at
with markings, before serving the Vergina, in northern Greece – the final
mixture in smaller cups. resting place of Alexander the Great’s
“This is the oldest piece in the father, King Philip II of Macedon. Such
collection, anywhere between 8,000 to vessels were placed beside the dead as
10,000 years old,” Bridge says. “Water a symbol of wealth and also used in the
was typically not safe to drink, full of symposium, a ritual drinking party for
bugs, so you needed to neutralise it. elite Greek men.
You could put in vinegar – but it’s not “This is a bronze cup from the time
as nice to drink as wine.” of Alexander the Great [356-323BC],”
Bridge says.
2. Chinese Neolithic long-stemmed cup “When we restored it, we
The Neolithic Dawenkou culture discovered mud inside it – and in that
thrived more than five millennia ago in mud we discovered gold.
TRAVEL & LEISURE
Book cafes that are sprouting
across the city are proving popular
with the young and trendy.
Thanks to a government initi-
ative to encourage healthy habits,
such as rising early, Juulchin
Street – a row of shophouses that
has been given a coat of bright
colours and is one of two
thoroughfares designated as
“morning streets” – is now car-
free between 6am and 9am.
The cafes and restaurants that
line the street serve breakfast and
coffee, and then wine after 3pm.
Chick lit and self-help books
on mindfulness fill the shelves of
Juulchin Street literary cafes such
as Anjuna Book & Art.
“Many Mongolians didn’t
know the difference between a
latte and a cappuccino when we
first opened, but more are aware
now,” the mother of the owner
told me.
Increasingly, as Mongolians
return from overseas, they are
bringing new ideas with them,
especially when it comes to
cuisine.
Tegri, a restaurant that serves
modern takes on European and
Mongolian classics, was opened
in the city centre just before the
pandemic by Munguntsetseg
Orgodol, who had lived in Beijing
for five years. The restaurant has
since moved to the southern out-
skirts of Ulaanbaatar.
Although Munguntsetseg
imports seafood from South
Korea, her beef comes from free-
range cattle that feed on nutri-
“Alexander the Great was a big
drinker and murdered a friend in a
drunken brawl at the age of 33 – in part
because of all that booze.”
4. French silver beaker
Made of silver and from Amiens, in
France, this beaker was made in 1386.
In silver with gold inlay, it features the
lettering Prenés en gré, or “receive with
pleasure” – an extract from a poem by
Christine de Pisan (1364-1430).
“De Pisan was the daughter of the
Part of the Bridge Collection in a museum in Porto. Photo: World of Wine
Wednesday, July 5, 2023
ent-dense grass and herbs in
eastern Mongolia. The beef is
aged – a new concept in Mongolia.
Another speciality at Tegri is
khorhog, a medley of meats
pressure-cooked in a sheep’s
stomach and traditionally served
at a yurt camp as a celebratory
dish. Here, though, root vegeta-
bles are added to give the meat
sweeter and richer flavours.
Five Up was opened in 2019 by
Buyan Dorji, a 35-year-old
Mongolian who grew up in
Switzerland, and is a short walk
from the Shangri-La Mall.
Many Mongolians didn’t
know the difference between
a latte and a cappuccino
THE MOTHER OF A CAFE OWNER
Trained in French cuisine,
Buyan wants to showcase creative
ways of using Mongolian staples
– such as fermented mare’s milk
(airag), yak milk cheese, and
plants such as sea buckthorn
berries and pine nuts – in Western
cooking.
Over six days in Ulaanbaatar, I
stayed at a range of hotels.
The Shangri-La Ulaanbaatar,
which remains the most luxurious
in the city seven years after open-
ing, is worth a stay for the food
alone – the hotel’s Hutong restau-
chief adviser to Charles V of France,
Charles the Wise,” Bridge says. “That’s
probably why this survives. She is
considered the world’s first feminist, a
poet with royal connections.
“Used for consuming wine, from an
historical point of view, this beaker is
really quite important.”
5. The Battle of Waterloo victory glasses
Bridge bought these in 2015, in
London. They were used in one of
history’s most famous toasts.
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C O P Y R I GH T
B9
rant is reputedly the best Chinese
restaurant in the city.
The Novotel Ulaanbaatar is
the capital’s newest hotel, having
opened in 2018, but it is more
functional than fancy.
More enmeshed in the evolv-
ing city is the 23-year-old
Edelweiss Art Hotel, which under-
went a major renovation in 2019
during which the Edelweiss Art
Gallery was added.
I find the society to
be forward-looking
and interested to
make things better
GARY BIONDO,
EDELWEISS ART HOTEL MANAGER
The gallery runs a calendar of
art shows, and displays a collec-
tion of work by up-and-coming
Mongolian artists that is for sale,
commission-free.
I asked Edelweiss Art Hotel
manager Gary Biondo, an
American who arrived as the
pre-opening general manager of
the Shangri-La, why he has
remained in Ulaanbaatar for nine
years.
“I find the society to be
forward-looking and interested to
make things better,” he said.
“Changes in the city are obvi-
ous – there are new buildings,
restaurants and shopping malls.
There are also improvements to
hospitals and schools – all steps to
a country’s development.”
It would have been impossible
to obtain tickets for any Naadam
events without the help of New
Juulchin Tours’ Surenbaatar
Nergui, a 41-year-old who has
worked in Australia and whose
interest goes beyond the
professional.
He told me he would like the
world to know that there is
another side to Mongolia: a mod-
ern side, one that goes beyond
Genghis Khan’s legacy, the grass-
lands and ore mining.
As I stood in the National
Stadium for the Naadam opening
ceremony alongside thousands of
Mongolians wearing their deel,
the traditional costume, all
appeared to sing their national
anthem with pride.
Outside the stands, families
shopped at makeshift stalls and
ate khuushuur – a fried dumpling
filled with minced beef or lamb
that, during Naadam, takes on a
rounded shape instead of the
usual crescent.
The ceremony had started at
Sukhbaatar Square, where men in
uniform paraded banners before
riding with them to the Naadam
Stadium.
President Ukhnaagiin
Khürelsükh led proceedings
inside the stadium and the sense
of optimism was palpable, as the
whole country prepared to
celebrate its national identity.
Although the face of Mongolia
is changing, it is clear that, in the
Land of the Eternal Blue Sky, the
city and the grasslands beyond
remain inseparable.
• On July 1, Miat Mongolian Airlines
raised its number of weekly flights
from Hong Kong to Ulaanbaatar
from three to seven.
“These glasses were used by the
prime minister, Lord Liverpool and
Lord Bathurst, the minister of war,
following the end of the Battle of
Waterloo in 1815,” he says.
“One of Wellington’s men,
aide-de-camp Major Henry Percy,
rushed back to London to give the
prime minister news that Napoleon
[Bonaparte] had been defeated. The
prime minister and minister of war
drank toasts to honour the victorious,
blessing God, the king and the dead.”
6. First world war collapsible cup
Finally, to one of the simplest but most
emotive vessels in the collection.
“I love this for its simplicity, a
collapsible cup which folds in on itself
and has a compass,” Bridge says.
“You can see somebody sending
that to their loved one [a British soldier]
in the first world war [1914-1918] and I
love the symbolism of the compass,
saying ‘come home safely’. Pull it out,
open it up, have your tot of whisky to
look after yourself – and think of us.
“This is hugely, emotionally
powerful, and probably the cheapest
thing in the entire collection; a £25
investment.”
A ND P RO T E C T E D B Y A P P L I C AB L E LAW
 B10 Wednesday, July 5, 2023

RACING
TOMORROW’S HAPPY VALLEY FIELDS FIRST LOOK

STOLTZ RETURNS TO THE VALLEY

TURF A COURSE
RACE 1 Rated 40-0 (Class 5) 1,650m 6:45pm

ONE YEAR ON FROM LAME LOSS

FA HUI PARK HANDICAP
(Total stakes: HK$810,000)
1 510 CHARIZARD  A. T. Millard 135 (40) K. C. Leung 1
2 226 HAPPY JAI JAI T. P. Yung 134 (39) Y. L. Chung -7 4
3 678 SUN OF MAKFI  D. Hall 134 (39) M. F. Poon -2 7
4 107 OUR CREED K. H. Ting 133 (38) L. Ferraris 9
5 585 CHIRON D. A. Hayes 131 (36) H. Bowman 8
6 859 FIERY FLYING  A. S. Cruz 131 (36) M. Dee 6
7 080 SIX BEST FRIENDS K. L. Man 129 (34) B. Avdulla 3
8 668 DAILY BEAUTY C. Fownes 124 (29) C. Y. Ho 2
9 750 JUBILATION L. Ho 124 (29) M. L. Yeung 5 Track record holder makes first appearance there since injuring right front leg on same day in 2022 Vincent Ho Chak-yiu will ride
10 723 BEAUTY NOVA John Size 123 (28) Z. Purton 10 Joyful Hunter again, one of this
11 475 MISTER ARM Y. S. Tsui 123 (28) L. Hewitson 11
12 408 HEAVENLY THOUGHT C. H. Yip 115 (17) * A. Badel 12
term’s Tony Cruz Award
Blinkers: Nos 1, 3, 8, 12. Hood: No 6. Visor: Nos 4, 9. Tongue tie: Nos 1, 2, 5, 6, 7, 10. Stoltz’s rider, Zac Purton, told “He had a leg problem, but One win behind Fownes in the winner-elect’s eight assignments
Mark Worwood
Crossed nose band: No 3. Sheepskin cheek pieces: Nos 5, 7. Jockey Club stewards he thought he’s recovered,” said Lui of Stoltz, unsanctioned Happy Valley across tomorrow’s nine-race card.
mark.worwood@scmp.com
RACE 2 Rated 100-80 (Class 2) 1,000m 7:15pm the More Than Ready gelding’s one of only six runners in the trainers’ championship, Lui will Ho, who requires eight more
HONG KONG PARK HANDICAP heavy impost of 135 pounds and highest-rated race on tomorrow’s cheer on Brave Star, Skyey victories this campaign to become
(Total stakes: HK$2,640,000) One year to the day he sustained starting position of gate eight card. “It took him a long time Supreme, The Equalizer, Theta the first local jockey to win 100
1 506 KURPANY  C. Fownes 130 (100) C. Y. Ho 5
2 851 STOLTZ K. W. Lui 130 (100) Z. Purton 4 the injury that put him contributed to the three-time to come right. We gave him a lot Hedge, Stoltz and fellow last-start races in a term, and Purton, who
3 468 PING HAI GALAXY John Size 126 (96) K. Teetan 6 out of action for nearly nine Happy Valley 1,000m winner’s of time.” victor Joyful Hunter during this needs another five successes to
4
5
765
502
WHIZZ KID
CARROLL STREET
A. S. Cruz 124 (94)
D. Whyte 120 (90)
H. Bowman
L. Hewitson
2
3
months, Happy Valley 1,000m poor performance at $4.8. More Lui said the calendar forced term’s penultimate meeting at the eclipse Joao Moreira’s single-
6 414 EASON F. C. Lor 120 (90) A. Badel 1 track record holder Stoltz will significantly, though, veterinary him to run Stoltz over 1,200m on city circuit. season record of 171 triumphs,
Blinkers: Nos 1 (replaced), 4, 5. Visor: No 6. Tongue tie: Nos 1, 4, 5, 6. Sheepskin cheek pieces: No 2. return to the city circuit tomorrow surgeons identified lameness in his first two starts this season – Joyful Hunter turned heads at now have 40 chances to salute the
RACE 3 Rated 40-0 (Class 5) 1,200m 7:45pm to contest the Class Two Hong the right front leg of the Francis “sometimes, the programme Happy Valley on June 14 when he judge after the Jockey Club added
KOWLOON PARK HANDICAP Kong Park Handicap over his Lui Kin-wai-trained sprinter. gives you no choice” – but, as the overcame gate 10 to win a Class an 11th event – another Class Four
(Total stakes: HK$810,000) favourite trip. Lui was patient with Stoltz – 100-rated sprinter showed at Sha Four contest over 1,200m by two dash – to Sunday’s programme
1 582 HAPPY GATHERING K. L. Man 135 (39) H. Bowman 7
2 000 GENEROUS FRIEND  C. H. Yip 134 (38) Y. L. Chung -7 2 Tomorrow will see Stoltz’s the former Annabel Neasham- Tin on his third outing, 1,000m is lengths on debut. at Sha Tin.
3 144 JACK WIN A. S. Cruz 134 (38) K. Teetan 11 first appearance at Happy Valley prepared galloper did not pass his optimum distance. “It’s not easy to do that at Outgoing Tony Cruz Award
4 740 ORIENTAL SPIRIT  D. A. Hayes 134 (38) L. Currie 4 since July 6 last year when he his compulsory veterinary “He’s kept his form. The Happy Valley. I wasn’t surprised. I winner Matthew Chadwick is fit to
5 193 SUNSHINE LEGENDARY F. C. Lor 134 (38) K. C. Leung 6
6 023 THETA HEDGE K. W. Lui 134 (38) Z. Purton 5 finished 11th of 12 over the same examination until February 27 – distance is his best trip. He’s a knew he had potential,” Lui said. resume riding after recovering
7 007 EAGLE RUN  D. Whyte 133 (37) L. Hewitson 12 course and distance he had and the five-year-old speedster lovely horse,” said Lui, who will “He’s improved out of his first from the back injury he sustained
8
9
943
940
JAZZ STEED
YOUNG SPARKLE
C. Fownes 131
A. T. Millard 125
(35)
(29)
C. Y. Ho
A. Hamelin
9
8
covered in 55.85 seconds to rewarded his trainer and saddle up six gallopers tomorrow run. He has quality, but he’s still dismounting the ill-fated Man
10 001 CIRCUIT SPLENDOR T. P. Yung 122 (26) M. Dee 3 shatter the track record and break connections with his impressive as he tries to beat Caspar Fownes green. He tries – you saw that in Light at Sha Tin last weekend.
11 029 TRAVEL GLORY Y. S. Tsui 119 (23) H. W. Lai 10 through for his maiden Hong third-up victory under Purton in the unofficial race for the King his first run that he won. He has a Chadwick has a book of three
12 430 VIVA A LA L. Ho 115 (18) * A. Badel 1
Blinkers: Nos 1 (replaced), 2 (removed), 3, 4, 6, 9, 11. Hood: Nos 3, 5. Pacifiers: No 12.
Kong win in January 2022. over 1,000m at Sha Tin on May 28. of the Valley crown. good fighting heart.” rides at Happy Valley tomorrow.
Tongue tie: Nos 2, 3, 6, 7, 8, 12. Shadow roll: No 7. Sheepskin cheek pieces: No 5.

RACE 4 Rated 60-35 (Class 4) 2,200m 8:15pm

1 598 FLYING SILVER

KOWLOON TSAI PARK HANDICAP
(Total stakes: HK$1,080,000)
C. S. Shum 135 (59) Y. L. Chung -7 7
Move-on notice
2 204 KOWLOON GREAT C. S. Shum 134 (58) H. Bowman 10
3 422 SUPER HONG KONG A. T. Millard 128 (52) K. Teetan 3
4 331 MANAGEMENT FOLKS D. Hall 127 (51) Z. Purton 9
5 427 REACH GOAL P. F. Yiu 127 (51) A. Badel 6
6 264 NICE BIRDIE C. S. Shum 124 (48) C. L. Chau -2 8
7 423 HAPPY ANGEL P. C. Ng 122 (46) C. Y. Ho 4
8 084 TELECOM CHEETAH C. H. Yip 120 (44) H. Bentley 1
9 936 BORN THE SAME DAY C. W. Chang 118 (42) M. Dee 11
10 228 EL VALIENTE C. Fownes 118 (42) * L. Currie 5
11 901 CIRCUIT ELITE  A. S. Cruz 117 (41) M. Chadwick 2
Blinkers: Nos 3, 6, 7, 8, 11. Hood: No 9. Tongue tie: Nos 1, 2, 3, 5, 6, 8, 10, 11.
Crossed nose band: Nos 8, 9. Sheepskin cheek pieces: Nos 1, 2.

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

MORSE PARK HANDICAP
(Total stakes: HK$1,080,000)
1 403 MASTER TORNADO W. Y. So 135 (60) K. Teetan 8
2 755 SKYEY SUPREME  K. W. Lui 135 (60) Y. L. Chung -7 11
3 990 SUPER BABY  P. F. Yiu 135 (60) B. Avdulla 1
4 390 D STAR A. S. Cruz 127 (52) H. Bowman 5
5 880 LUCKY BANNER C. Fownes 127 (52) L. Currie 4
6 494 PALACE PAL D. Hall 123 (48) M. F. Poon -2 12
7 852 BEAU GOSSE D. Whyte 121 (46) L. Hewitson 3
8 430 STRONGEST BOY D. A. Hayes 120 (45) C. Y. Ho 7
9 173 TO INFINITY J. Richards 120 (45) K. C. Leung 2
10 770 KUNGFUMASTER PANDA K. L. Man 119 (44) A. Badel 10
11 320 SUPERB MOVE C. H. Yip 117 (42) M. Dee 6
12 032 UNITED ENDEAVORS L. Ho 117 (42) H. Bentley 9
Blinkers: Nos 1, 2, 4, 8, 9, 10, 11. Hood: Nos 4, 5, 7, 12. Tongue tie: Nos 1, 2, 4, 5, 7, 8, 9, 10, 11.
Sheepskin cheek pieces: No 3 (removed).

RACE 6 Rated 60-40 (Class 4) 1,000m 9:15pm

SHAN KWONG ROAD PARK HANDICAP
(Total stakes: HK$1,080,000)
1 279 G ONE EXCELLENT C. S. Shum 135 (58) C. Y. Ho 8
2 298 SAVVY DELIGHT John Size 135 (58) B. Avdulla 11
3 228 STAND UP F. C. Lor 131 (54) H. Bowman 5
4 0 BULB TYCOON J. Richards 129 (52) C. L. Chau -2 7
5 831 COLOURFUL PRINCE D. Whyte 128 (51) L. Hewitson 1
6 562 SERGEANT PEPPER Y. S. Tsui 127 (50) Z. Purton 12
7 367 OVERSUBSCRIBED D. Hall 125 (48) A. Badel 10
8 700 DEVIL AND GOLD C. H. Yip 121 (44) A. Hamelin 9
9 904 PLENTIFUL P. C. Ng 120 (43) K. Teetan 2
10 310 STARRY NIGHT D. A. Hayes 120 (43) M. Dee 6
11 000 YOO YOO KNIGHT T. P. Yung 119 (42) M. L. Yeung 3
12 070 DASHING TRIUMPH L. Ho 118 (41) H. T. Mo -2 4
Blinkers: Nos 1, 10. Hood: No 9. Pacifiers: No 2. Visor: No 4 (removed). Tongue tie: Nos 1, 2, 4, 5, 8, 10,
12. Crossed nose band: Nos 7, 9. Shadow roll: No 4 (1st time), 5. Sheepskin cheek pieces: Nos 9, 12. Ring
bit: No 4 (removed).

RACE 7 Rated 60-40 (Class 4) 1,200m 9:45pm

VICTORIA PARK HANDICAP - Sec 2
(Total stakes: HK$1,080,000)
1 149 LUCKY GOR C. Fownes 135 (60) L. Ferraris 4
2 443 JUNEAU FLASH John Size 134 (59) K. Teetan 9
3 000 LUCKY ARCHANGEL  F. C. Lor 134 (59) H. Bowman 10
4 000 THE EQUALIZER  K. W. Lui 134 (59) H. W. Lai 11
5 259 HARMONY N HOME C. S. Shum 131 (56) L. Hewitson 2
6 246 WATCH BUDDY P. F. Yiu 128 (53) A. Badel 1
7 080 H Z TOURBILLON T. P. Yung 127 (52) C. L. Chau -2 6
8 924 MELBOURNE HALL D. Hall 127 (52) Y. L. Chung -7 5
9 364 ISLAND SURPRISE K. L. Man 123 (48) K. C. Leung 8
10 940 BABY K. H. Ting 119 (44) A. Hamelin 3
11 900 MY INTELLIGENT L. Ho 118 (43) H. T. Mo -2 12
12 553 OUR CLASS ACT A. T. Millard 115 (40) ** H. Bentley 7
Blinkers: Nos 1, 8, 9, 10. Hood: No 12. Ear plugs: No 1. Pacifiers: No 2. Visor: No 11 (replaced).
Tongue tie: Nos 1, 4 (removed), 7, 9, 10, 11. Crossed nose band: Nos 3, 4 (1st time), 8.
Sheepskin cheek pieces: Nos 3, 6 (1st time).

RACE 8 Rated 60-40 (Class 4) 1,200m 10:15pm

VICTORIA PARK HANDICAP - Sec 1
(Total stakes: HK$1,080,000)
1 1 JOYFUL HUNTER K. W. Lui 135 (60) C. Y. Ho 5
2 265 CIRCUIT BOOMING A. S. Cruz 134 (59) Y. L. Chung -7 7
3 578 E BROTHER K. L. Man 133 (58) Z. Purton 11
4 860 SAVVY CHIC F. C. Lor 132 (57) H. Bowman 4
5 264 EXUBERANT C. S. Shum 128 (53) H. Bentley 1
6 279 WOOD ON FIRE L. Ho 128 (53) K. Teetan 6
7 80 PRESTIGE MOOCHI J. Richards 125 (50) M. Dee 2
8 474 TIMESTORM D. Hall 122 (47) L. Ferraris 3
9 814 COLONEL P. F. Yiu 121 (46) B. Avdulla 12
10 000 CROWN OF STAR W. Y. So 121 (46) L. Currie 9
11 627 FLAMING EAGLE P. C. Ng 121 (46) A. Badel 8
12 370 ABOVE ALL A. T. Millard 117 (42) M. Chadwick 10
Blinkers: Nos 3, 5, 8. Hood: Nos 6, 12. Visor: Nos 9, 11. Tongue tie: Nos 2, 3, 4, 5, 6, 7, 8, 10, 11.
Crossed nose band: Nos 1, 8, 12. Michael Dee gallops Superb Move at Sha Tin yesterday ahead of their participation in expires following Sunday’s programme at Sha Tin. Dee has ridden four winners from 90
RACE 9 Rated 80-60 (Class 3) 1,200m 10:50pm the Class Four Morse Park Handicap (1,650m) at Happy Valley tomorrow night. The rides since arriving in Hong Kong, including Class Three victor Young Brilliant at Sha Tin
WATERFALL BAY PARK HANDICAP meeting will be Dee’s last at Happy Valley before his short-term Jockey Club licence on June 18 for Superb Move’s trainer, Dennis Yip Chor-hong. Photo: Kenneth Chan
(Total stakes: HK$1,725,000)
1 353 LUCKY EIGHT P. F. Yiu 135 (76) H. Bowman 4
2 222 MAJESTIC KNIGHT D. Whyte 135 (76) L. Hewitson 3
3
4
829
339
CALIFORNIA CIBLE
WINGS OF WAR
A. S. Cruz 134
A. T. Millard 134
(75)
(75)
M. Chadwick
K. Teetan
5
9
TALKING POINTS - SAM AGARS
5 645 ARMOUR EAGLE J. Richards 132 (73) H. Bentley 1
6 222 REWARD SMILE John Size 132 (73) Z. Purton 2
7 834 SMART IDEA F. C. Lor 131 (72) K. C. Leung 6
8
9
10
11
12
120
427
287
006
168
BRAVE STAR
VICTORY SCHOLARS
ACT OF FAITH

PRIME MORTAR 
K. W. Lui
C. Fownes 123
John Size 121
GOODBAN BANBANBANG C. S. Shum 120
K. H. Ting 119
130 (71)
(64)
(62)
(61)
(60)
C. Y. Ho
K. H. Chan -5
A. Badel
M. F. Poon -2
M. Dee
7
8
12
10
11
Hong Kong’s 2022-23 Group races by the numbers
Blinkers: Nos 1 (1st time), 2, 4, 5. Hood: No 7. Visor: No 9. Tongue tie: Nos 3, 5, 6, 7, 11, 12.
Crossed nose band: Nos 5, 8, 12. Sheepskin cheek pieces: No 12. *Probable 1 lb overweight.
**Probable 2 lbs overweight.  up in Class.  down in Class. Trio of jockeys, two local handlers dominate elite-level features as short-priced runners shine Chairman’s Sprint Prize at $1.2 – while the
EXOTIC BETS: Six Up: 4-9 1st DT: 2, 3 2nd DT: 4, 5 3rd DT: 6, 7 4th DT: 8, 9 longest-priced elite-level victory came in
1st Treble: 3, 4, 5 2nd Treble: 7, 8, 9 TT: 5, 6, 7 ($1m Jackpot)
the final Group One of the season, with

T
here are still four meetings to go in the
TRACK STARS 2022-23 Hong Kong racing season
and plenty to unfold in the way of
Race 1: (2) Happy Jai Jai, (5) Chiron, (8) Daily Beauty, milestones and records, but with the term’s
(10) Beauty Nova. Group racing done and dusted, we take a
look at who came to the fore in the city’s
Race 2: (2) Stoltz, (4) Whizz Kid, (5) Carroll Street, biggest races.
(6) Eason.
Trio of jockeys dominate Group Ones
Race 3: (1) Happy Gathering, (3) Jack Win, Zac Purton has dominated just about
(5) Sunshine Legendary, (10) Circuit Splendor. every riding metric this season, but his
decision to partner California Spangle
Race 4: (4) Management Folks, (5) Reach Goal, over Lucky Sweynesse in the Queen’s
(7) Happy Angel, (11) Circuit Elite. Silver Jubilee Cup means he had to share
the Group One spoils with James
Race 5: (1) Master Tornado, (7) Beau Gosse, (9) To Infinity, McDonald and Vincent Ho Chak-yiu at
(12) United Endeavors. three elite-level wins apiece.
Purton’s Group One wins came aboard
Race 6: (1) G One Excellent, (3) Stand Up, (5) Colourful Prince, California Spangle in the Hong Kong Mile
(6) Sergeant Pepper. and Lucky Sweynesse in the Centenary
Sprint Cup and Chairman’s Sprint Prize.
Race 7: (1) Lucky Gor, (5) Harmony N Home, (6) Watch Buddy, McDonald’s Queen’s Silver Jubilee
(8) Melbourne Hall. Cup victory aboard Lucky Sweynesse was
sandwiched between his Hong Kong Cup
Race 8: (1) Joyful Hunter, (2) Circuit Booming, (3) E Brother, and QE II Cup successes with Romantic
(5) Exuberant. Warrior, while Ho enjoyed wins in the
Stewards’ Cup, Gold Cup and Champions
Race 9: (1) Lucky Eight, (2) Majestic Knight, (6) Reward Smile, Mile in tandem with the unrivalled talent
(9) Victory Scholars. that is Golden Sixty. The season’s other
elite-level races were shared between
Ryan Moore (Wellington, Hong Kong
Sprint), Damian Lane (Win Marilyn, Hong
Kong Vase) and Hugh Bowman (Russian
Emperor, Champions & Chater Cup),
meaning five of the 12 major features went
to international jockeys on hit-and-run
missions. Purton had a clear upper hand
across all of the city’s Group races,
however, winning a phenomenal 14 of 31.
Local trainers have their way
Manfred Man Ka-leung had never even
won a Group One race before this season,
but thanks to Lucky Sweynesse, he was
the premier feature-race trainer in
2022-23. Lucky Sweynesse’s Centenary
Sprint Cup-Queen’s Silver Jubilee
Cup-Chairman’s Sprint Prize hat-trick saw
Man share top-level honours with Francis
Lui Kin-wai, while the speedster’s seven
Group wins overall saw his trainer stand
alone in the feature-race stakes.
Lui’s three Group One wins came
thanks to Golden Sixty’s Stewards’ Cup,
Gold Cup and Champions Mile successes,
while Danny Shum Chap-shing’s Hong
Kong Cup-QE II Cup double with
Romantic Warrior saw home-grown
trainers take out eight of the 12 elite-level
contests.
Sixty keeps on, Sweynesse arrives
Golden Sixty’s third consecutive Group
One-winning season saw him break all
sorts of records, with the seven-year-old’s
nine career top-line victories a Hong Kong
peak.
Lucky Sweynesse became the first
horse since the great Silent Witness to
sweep the Hong Kong Speed Series with
his three Group One wins, while Romantic
Warrior was the other galloper with
multiple successes against the best.
Wellington and Russian Emperor
added to their Group One CVs, while
California Spangle broke through at the
top level, and Japan’s Win Marilyn was the
only overseas raider to head home with
Hong Kong riches.
Shorties the order of the day
Remarkably, not a single Hong Kong
Group race during the 2022-23 season was
won by a horse at double-figure odds.
California Spangle was the shortest-
priced winner of the lot in the campaign’s
very first Group race, winning the Group
Three Celebration Cup on September 25
at $1.1.
Lucky Sweynesse was the shortest-
priced Group One winner – taking out the
Russian Emperor rolling Romantic
Warrior in the Champions & Chater Cup
at a quote of $9.35.
Five of the 12 Group Ones were won by
odds-on pops and eight by gallopers
priced $2.6 or less, while a further nine
Group contests went to runners $1.6 or
shorter.
The four-year-old series was a different
story, however, with Ricky Yiu Poon-fai’s
Voyage Bubble winning the Classic Mile at
$11 and the Hong Kong Derby at $46, with
the Classic Cup victory of Chris So
Wai-yin’s $3.4 favourite, Super Sunny
Sing, in between.
Emperor rules abroad
It was not only on home soil that Hong
Kong horses competed at the top level,
and while Wellington’s recent 10th at
Royal Ascot was not the ideal way to
finish, there were some stronger
performances earlier in proceedings.
Russian Emperor’s win in the Qatar
Group One H.H The Amir Trophy was the
highlight, while the performances of
second-string speedsters Sight Success
(fourth) and Duke Wai (fifth) in the Group
One Al Quoz Sprint on Dubai World Cup
night were admirable.

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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
 Wednesday, July 5, 2023 B11

SPORT
FOOTBALL
Serving
up a salvo After a chaotic 12 months,
World No 1 Carlos Alcaraz serves
to France’s Jeremy Chardy in
Pochettino promises to
their first-round singles match at
Wimbledon yesterday. The turn it around at Chelsea
Spaniard was in a ruthless mood
as he routed the veteran 6-0, 6-2,
7-5 and underlined his status as “Together, we are going to be
Associated Press
the main challenger to reigning in a perfect situation to work and
champion Novak Djokovic. The develop the way we want to apply
20-year-old, who has five titles to It is fair to say things have not ourselves on the pitch.”
his name already this season, is gone to plan for Todd Boehly at While Potter had to try to
in fine form after winning his Chelsea. Mauricio Pochettino is balance a bloated squad on the
maiden grass-court trophy at promising to change all that. back of Chelsea’s recruitment
Queen’s Club last month. The The English Premier League drive, Pochettino takes over after
Wimbledon seedings have club’s new manager has officially a slew of players have departed.
Alcaraz and Djokovic on course got down to work and in his first N’Golo Kante, Kalidou
to meet in a blockbuster final at day in the office gave a glimpse of Koulibaly, Mateo Kovacic, Kai
the All England Club. the ambition that likely convinced Havertz, Edouard Mendy and
Photo: AP Boehly he was the man to turn Ruben Loftus-Cheek have all
Chelsea’s fortunes around. gone.
“In the last 10, 12, 15 years,
Chelsea are the greatest team in
England. I know very well the
Premier League and what the
culture of Chelsea means,”
Pochettino said. “We need to be
sure that we bring what the club
TENNIS needs to be at the top because the
history of the club is to be at the

DJOKOVIC IN OMINOUS FORM AS

top.”
Pochettino is already Boehly’s
third managerial appointment in
what has been a chaotic first year
of the American businessman’s

HE CLOSES ON MORE RECORDS

Defending champion has little trouble in opener at Wimbledon despite a 70-minute delay after rain
Reuters
Defending men’s champion
Novak Djokovic was all business
as he started his Wimbledon
campaign in ominous fashion.
Djokovic, 36, has only lost
twice at Wimbledon in a decade
and began the Centre Court
programme with a 6-3, 6-3, 7-6
win over Argentine Pedro Cachin
after a 70-minute delay, despite
the roof being closed as ground
staff laboured to dry the turf.
The Serbian jokingly wiped the
grass with a towel amid a frustrat-
ing break in play before ground
staff used leaf blowers to get the
job done and allow Djokovic to get
his quest for an eighth Wimbledon
title off to a flying start.
In the women, there were
mixed fortunes for two highly
rated Americans. Fourth seed
Jessica Pegula advanced with a
blustery 6-2, 6-7, 6-3 win over
fellow American Lauren Davis.
But 19-year-old seventh seed
Coco Gauff’s hopes were
shattered as she lost 6-4, 4-6, 6-2
to compatriot Sofia Kenin, the
former Australian Open champ
who came through qualifying.
“This means a lot, I had to go
through qualies,” Kenin said. “I
battled out there, and I took this
match as any other match. I know
Coco has had a great season, I’m
super proud of myself.”
Gauff said: “I think it makes me
want to work even harder. I feel
like I have been working hard, but
clearly it’s not enough.
“I have to go back to the draw-
ing board and see where I need to
improve and how to do the right
drills to do that.”
Earlier, the All England Club
gates swung open for the start of
the grass-court major with some
notable absentees but one very
familiar face in Djokovic fixing his
eyes on more records.
Wimbledon’s favourite son
Roger Federer, now retired, the
injured Rafael Nadal and Serena
Williams, also retired, are hard
acts to follow and fans will lament
their absence.
Australian maverick Nick
Kyrgios, who pushed Djokovic
hard in last year’s men’s final, was
also missing having pulled out
with a wrist injury on the eve of the
slam.
But Wimbledon remains rich
in plots, not least Djokovic’s quest
to match Margaret Court’s record
24 grand slams, equal Federer’s
eight Wimbledon crowns and also
equal the Swiss and Bjorn Borg’s
record of five successive titles.
The Serbian began in serene
fashion, although he was as
mystified as everyone else by the
lengthy stoppage after light rain
got onto the surface before the
roof slid shut.
“It was very strange that for
more than an hour the situation
was not changing for the better,”
Djokovic said. “Hopefully they’ll
fix it because if it starts raining, if
you can’t play under the roof,
that’s a bit of an issue.”
Five-time champion Venus
Williams made her record 24th
appearance in the women’s
singles, aged 43. But any hope of
rolling back the years was ended
by Ukraine’s Elina Svitolina who
won 6-4, 6-3 in a high-profile
battle of the wild cards.
Italian eighth seed Jannik
Sinner impressed in crushing
Argentina’s Juan Manuel
Cerundolo 6-2, 6-2, 6-2, while
fourth seed Casper Ruud of
Norway had a little more trouble,
dropping a set on his way past
French qualifier Laurent Lokoli.
Canada’s 11th seed Felix
Auger-Aliassime became the
highest men’s seed to fall, suffer-
ing a shock 7-6, 6-7, 7-6, 6-4 defeat
against American Michael Mmoh.
Andrey Rublev marked the
return of Russian and Belarusian
players after last year’s ban
following the invasion of Ukraine
as the seventh seed beat Australian
Max Purcell 6-3, 7-5, 6-4.
co-ownership with private invest-
ment firm Clearlake Capital.
Champions League-winning I know what the
manager Thomas Tuchel was
fired within weeks of the start of culture of Chelsea
last season and replaced with
Graham Potter, who was then
means ... the history
shown the door seven months of the club is to
into a five-year contract.
Interim boss Frank Lampard be at the top
saw out the end of a miserable
MAURICIO POCHETTINO
campaign, which was Chelsea’s
worst ever in the Premier League
and saw the club fail to qualify for They are expected to be
Europe. All that, despite Boehly followed by Cesar Azpilicueta,
and Clearlake overseeing a Pierre-Emerick Aubameyang,
spectacular transfer spend of Romelu Lukaku and Hakim
about US$630 million on new Ziyech.
players. Pochettino is in his first job
Notably, Pochettino said there since leaving Paris Saint-Germain
would be more arrivals this off last year. Having been under
season, following the signings of consideration for the Manchester
forwards Christopher Nkunku United job before Erik ten Hag’s
and Nicolas Jackson for a report- appointment, he had to wait for
edly combined fee of £87 million the right position to become
(HK$865 million). available.
“It is not closed, the squad, and “We will have good times,
the club are doing a fantastic job create good relationships, have a
to finish the squad so we have the nice environment, relationships
players here to work with us as with people, but the most impor-
soon as possible,” he said. tant thing in the end is to win.”

JK

Awards bring season to roaring close

As the 2022/23 horse racing season draws
to a close, The Hong Kong Jockey Club’s
much anticipated race for end-of-season
honours is heating up as public votes flood
in for the highly coveted Most Popular Horse
and Most Popular Jockey awards.

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 £23m
A club record fee for Brentford in signing
Ireland defender Nathan Collins from Wolves
Wednesday, July 5, 2023

DOMINATING TURF ACT JUST BUSINESS AS USUAL

While Zac Purton had to share elite-level victories, he Defending champion Novak Djokovic has little trouble,
won 14 of 31 Group races in the season > RACING B10 despite a rain delay, in Wimbledon opener > TENNIS B11

MULTISPORT
MASSIVE HK
SQUAD FOR
ASIAD IN
HANGZHOU
Delegation of athletes could swell to more than
800 before the entry deadline and city will even
have a kabaddi team for the regional showpiece
Chan Kin-wa
kinwa.chan@scmp.com
An Asian Games delegation of
close to 700 athletes has been
approved by the Hong Kong
Olympic Committee, with a men’s
kabaddi team set to represent the
city for the first time at an Asiad in
Hangzhou in September.
The number already far
surpasses the size of the delega-
tion that went to Jakarta five years
ago, when Hong Kong was
represented by 584 athletes.
And it is expected this year’s
number will swell further before
the entry deadline of July 15, set by
Hangzhou organisers.
Our overall sports
standard has been
improving. Major
sports are sending
strong squads
Sprint power
which runs from September 23 to
October 8.
Kabaddi, a contact team sport
between two teams of seven
players is popular in South Asia
and surrounding Asian countries.
It has been a medal programme in
the men’s event since the 1990
Beijing Asian Games, with the
women’s event added 20 years
later in Guangzhou.
The Hong Kong Kabaddi
Association is not yet a member of
the Olympic Committee and
technically cannot send teams to
the Asian Games. But the commit-
tee has opened another path for
its athletes to appear in Hangzhou,
through the Sport for All Alpecin-Deceuninck’s Belgian rider Jasper Philipsen But this time, the 25-year-old outmuscled the other “It was tense,” Philipsen said after his seventh win of
Confederation. celebrates winning the third stage of the Tour de France fast men to take a high-speed bunch finish in Bayonne. the season. “Everyone wanted to put everything into
“We still have to examine the as the cycling classic arrived in France after two days in The only time Philipsen trembled was when race this sprint ... you try to take the shortest path.” Mark
team’s qualification criteria, such the Spanish Basque region. Sprint ace Philipsen had commissioners reviewed the images to check if he had Cavendish finished sixth to miss a first chance to beat
as recent international results, the attracted ridicule last year for signalling what he not deviated from his route when he cut off compatriot the record for Tour stage victories of 34 which he jointly
selection process of athletes, and believed to be a stage win when in fact compatriot rider Van Aert. There followed a few anxious minutes where holds with the Belgian legend Eddy Merckx. English
training preparation for the Wout van Aert had already crossed the line on a solo Philipsen scrutinised a small screen in the protocol area rider Adam Yates, of UAE Team Emirates, retained the
Games, before giving them the escape. A Netflix series about the 2022 Tour then before his victory ahead of German Phil Bauhaus and overall lead ahead of his Slovenian teammate Tadej
ticket. But we are confident of nicknamed him “Jasper the disaster”. Australian Caleb Ewan was approved. Pogacar, the 2020 and 2021 champion. Photo: AFP
sending a team to Hangzhou,” the
official said.
Cycling won three out of the
eight golds for Hong Kong at the FOOTBALL
2018 Games but they face a tough
task to repeat their success in

Steel Roses ‘realistic’ over prospects at World Cup

OLYMPIC COMMITTEE OFFICIAL Hangzhou. Two of those golds
came from retired track cycling
“Some big team sports like star Sarah Lee Wai-sze, who plans
[men’s and women’s] football to become a coach and will not
have yet to submit their names compete on the track any more.
and we are therefore expecting “We are sending more than 20 Coach Shui Qingxia tempers expectations amid hosts the United States, but their ‘SOMETHING SURREAL’ FOR BRAZIL’S MARTA
more to come in the next 10 days,” riders to Hangzhou but whether recent patchy form suggests a
an Olympic Committee official we can hit the same number of patchy form and being drawn in a tough group similar run in Australia and New
TO PLAY IN HER SIXTH GLOBAL SHOWCASE
said after the selection meeting. gold medals or even more remains Zealand is unlikely.
“Our overall sports standard to be seen,” Cycling Association Danes in Perth on July 22. China’s China were boosted in their Brazil forward Marta says it feels
Reuters
has been improving, and major chairman Leung Hung-tak said. goals are likely to come from latest friendlies, against Russia in “surreal” to be preparing for a
sports such as swimming, fencing, “Lee has been the key to our striker Wang Shuang, the 2018 Qingdao, winning 1-0 last sixth Women’s World Cup and that
cycling and athletics are sending success over the past decade and China were riding high after a Asian Women’s Footballer of the Saturday and 2-1 yesterday. the tournament in Australia and
strong squads.” now our riders have to rise to the dramatic Asian Cup final triumph Year who plays for Racing But until the latest wins over New Zealand will be her last.
Coupled with the govern- occasion in her absence.” last year but a string of mediocre Louisville FC in the National Russia, China had won just once The 37-year-old made her
ment’s funding for eight sports While veterans Leung Chun- recent results and being drawn in Women’s Soccer League. – a victory over Taiwan last July – World Cup debut in 2003 and is
teams – men’s baseball, as well as wing, Leung Ka-yu, and Leung a tough group has tempered their Versatile captain Wang since claiming the Asian Cup. Brazil’s all-time leading scorer
women’s softball and football, Bo-yee remain forces to be reck- expectations ahead of the Shanshan has scored 55 goals for Shui said the Asian Games with 117 goals. She has won the
basketball, handball, hockey, oned with, youngster Ceci Lee Women’s World Cup. her country but can also play in later this year, as well as the Paris Copa America three times but is
volleyball and water polo – Sze-wing will try to leave her mark The Steel Roses were runners defence, and midfielder Tang Jiali Olympics next year, if China yet to lift the World Cup. Brazil’s
officials believe the total number at her first major regional up at the third Women’s World is also crucial to their campaign. qualified, offered other opportu- best result at the global football
of athletes going to Hangzhou will multisport Games ahead of next Cup in 1999 but their stock has China came close to winning nities for success. showpiece was runner-up to
be well over 800. “This will be the year’s Paris Olympics. fallen in recent years and coach the World Cup in 1999 when they Germany in 2007.
largest delegation ever since our After winning last week’s Shui Qingxia believes getting out were beaten in a shoot-out by > EDITORIAL A12 “Yes, it will be my last World
Games debut in Manila in 1954,” national road race title in Tin Shui of a group that also features Cup,” she told local media in
the official said. Wai, the 22-year-old said she felt European champions England, Brasilia. “We have to understand
The development of team excited with the Asian Games Denmark and debutants Haiti that a time comes for us to
sports means more squads will be looming, after it was postponed would be a success. prioritise other things. I just have A swansong is looming for Marta.
travelling this time to the Asiad, amid the pandemic. “The goal of the World Cup is to be thankful to have lived all
definitely to go as far as possible, those years in the national team.
preferably to take the title,” Shui To have the opportunity to go to another World Cup, a sixth one, for me
told the Beijing Evening News. is something surreal.”
WOMEN’S PGA CHAMPIONSHIP WINNER “This wish is good, everyone Coach Pia Sundhage said Marta, who has won the Fifa World Player
wants to achieve more, but it is of the Year award six times, could start the tournament on the bench as
YIN RUONING SPEARHEADS CHINA CHARGE better to be more realistic. We she continues to recover from a knee injury. Marta had surgery to repair
should do the best we can in our a torn anterior cruciate ligament last year and returned to the national
Women’s PGA Championship winner Yin Ruoning will lead China’s group and try to get to the knock- team in February after an 11-month absence.
golfers at the Asian Games in September, in a squad that also out stages.” She did not play in friendlies against England and Germany in April
includes rising men’s amateur Ding Wenyi. The host nation have With England clear favourites but came on as a 74th-minute substitute in Sunday’s 4-0 win over Chile.
named a competitive men’s team for the tournament at Hangzhou’s to win the group at the World Cup, Brazil kick off their World Cup campaign against Panama on July 24
West Lake International Golf Course, with Ding joined in the men’s Shui thinks China’s progress is before taking on France and Jamaica, and will be favoured to make it
trio by DP World Tour member Wu Ashun and Chen Guxin. likely to hinge on the outcome of out of their group along with France.
But it is on the women’s side that China will expect to challenge their opening match against the China celebrate winning the Asian Cup in Mumbai last year. Photo: AP Reuters
for gold, with Yin joined by Lin Xiyu, who came third at last month’s
major in the US, and their LPGA Tour colleague Yu Liu. Hong Kong’s
golf officials have opted for a squad that mixes the experience of
Taichi Kho, who has won on the Asian Tour, Matthew Cheung, Jason BADMINTON
Hak and the city’s only LPGA
Tour golfer Tiffany Chan, with
rising stars such as Terrence Ng,
Arianna Lau and Sophie Han.
“It seems like we’ve been
waiting for this opportunity for
Former world No 1 becomes new HK men’s coach
such a long time, given the event
was postponed for a year “His experience and exposure No 1 Vincent Wong Wing-ki ranked one place behind Ng, replacement for the Asian Games
Chan Kin-wa
because of the pandemic,” Tim at the highest level both as a player acting as caretaker coach. revealed in May he had convinced in September, and the beginning
Tang, the Hong Kong Golf and a coach will certainly help the The men’s team had been Hong Kong-based Wong to return of the 2024 Paris Olympic qualifi-
Association’s head coach, said. Former badminton world No 1 team as we look forward to the coached by Malaysian Wong Tat to his home country and coach cation cycle, which will end in
Yin Ruoning leads bid for gold. “But in that time our players Wong Choong Hann of Malaysia Asian Games in Hangzhou and Meng since last summer, and him, filling the spot left vacant by April next year.
have gone from strength to has been appointed the new the world tour for the remainder both Ng and Lee said that they Indonesia’s Indra Wijaya since “The new coach has seen the
strength. It’s just a great opportunity to show the world how far the men’s singles coach of the Hong of the season.” were able to make progress under late last year. performance level of our players
game of golf has come in Hong Kong.” Kong team, ending months of The 46-year-old Malaysian, his guidance. Wong’s sudden departure and is confident of bringing them
With professional players allowed to compete for the first time, uncertainty after the sudden who reached the top spot in the In March, Ng lifted his first shocked the Hong Kong camp, to a higher level ahead of the
the tournament, from September 29 to October 1, will see some of departure of Wong Tat Meng. world rankings in August 2002 silverware in three years when he with them having to quickly find a major events,” coach He added.
the best in the region battle for individual and team honours. The Sports Institute head coach before making it to the World won the German Open in Meanwhile, Chan Yin-chak
inclusion of LIV Golf’s Anirban Lahiri, who has won multiple times on Tim He Yiming said they were Championships final in Mulheim. A month before, he won the men’s singles title at the
tours around the world, in an Indian team that is without Olympian fortunate to secure such a quality Birmingham the following year, reached the final of the Thailand Mongolia International Challenge
Diksha Dagar speaks volumes for the importance countries are coach in a short period of time. will start his new role in Hong Masters and finished joint third at last weekend, defeating Daniil
placing on the Games. Lahiri, who won silver at the Asian Games in “It was not easy for us to find Kong this week to work mainly the Indonesia Masters. Dubovenko of Israel in the final
Doha in 2006, is joined by Khalin Joshi, SSP Chawrasia and Asian the replacement,” He said. “As a with Angus Ng Ka-long, the world Lee reached the semi-finals of 21-19, 21-11.
Tour member Shubhankar Sharma. player, Wong has won many No 13, and Lee Cheuk-yiu, who is the German Open before losing to In the women’s doubles, Hong
In the women, Aditi Ashok, who narrowly missed out on a medal honours including a silver medal four places behind his his teammate Ng, and reached the Kong’s Ng Wing-yung and Lui
in Tokyo, is joined by Pranavi Urs and 16-year-old Avani Prashanth, at the World Championships, and compatriot. final of last month’s Thailand Lok-lok also stood atop the
who won the Queen Sirikit Cup in the Philippines earlier this year. was the coaching director at the Both players are currently Open. podium after beating Angela Yu
Josh Ball Badminton Association of competing at the Canada Open in However, Malaysia’s strug- Malaysian Wong Choong Hann and Setyana Mapasa of Australia
Malaysia after his retirement. Calgary, with former Hong Kong gling No 1 Lee Zii Jia, who is now * was world number one in 2002. 21-16, 21-18.

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