China Slaps $9.8 Million Fine on Influencer Agency Three Sheep Over False Mooncake Advertising: Controversy Surrounds Influencer Crazy Little Brother Yang’s Claims
Influencer firm Three Sheep slapped with a US$9.8 million penalty by China for falsely advertising 'made in Hong Kong' mooncakes
The situation escalated when influencer Crazy Little Brother Yang deceptively marketed the mooncakes he sold as being dispatched from Hong Kong.
On Thursday, the commercial watchdog in Hefei, the capital of Anhui province in the east, instructed the influencer firm to halt its live-commerce activities. These activities involve selling goods online via live-streamed events.
Three Sheep expressed regret for "incorrectly promoting and deceiving customers" and promised to "carry out comprehensive corrections within the business," as per a declaration released on the company's official Douyin profile, TikTok's Chinese counterpart, on Thursday.
Established by Zhang Qingyang, who is more popularly known online as Crazy Little Brother Yang or Crazy Xiaoyangge, Three Sheep has been instrumental in fostering some of China's most successful short-video celebrities. In 2022, Zhang made history by becoming the first social media influencer in China to amass a following of 100 million on Douyin. Based on a list released by the Guangdong E-commerce Summit Forum, his earnings last year reportedly reached a staggering 3.12 billion yuan, outperforming his contemporaries.
The punishment issued this week comprised a monetary penalty and an undisclosed amount of confiscated illicit earnings, according to officials.
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Hong Kong Advances Stablecoin Bill: A Move to Regulate Virtual Tokens and Fortify Financial Stability
Hong Kong is set to present a new law concerning stablecoins in an effort to oversee digital currencies and safeguard economic steadiness. The Stablecoins Bill was made public by the government in the official journal on December 6, with its preliminary review in the Legislative Council scheduled for December 18.
The government of Hong Kong has released a bill concerning stablecoin in an official publication, advancing the suggested regulatory system towards legality. This move is an effort by the city to maintain both financial stability and consumer safety, while also advancing its focus on digital assets.
The suggested regulatory system mandates that individuals must obtain a license from the HKMA prior to issuing stablecoins or other tokens that claim to hold a steady value against the Hong Kong dollar. The statement also emphasized that licenses are mandatory for anyone intending to widely promote the issuance of such tokens to the general public.
The HKMA will be given the authority to carry out the required oversight, inquiry, and regulation to effectively enforce the system.
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Bitcoin's progress towards the unprecedented $100,000 mark slows down due to the wariness of crypto investors.
The government has announced that the Stablecoins Bill will have its initial presentation in the Legislative Council on December 18.
The proposed law is crucial for Hong Kong as it aligns with our commitments as a participant in the Financial Stability Board," stated Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury. "Our goal with this risk-oriented proposal is to encourage a sturdy regulatory setting, which is consistent with Hong Kong's standpoint on the growth of digital assets."
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NBA Ends 5-Year China Exile with Multimillion-Dollar Deal: Nets and Suns to Play in Macau’s Venetian Arena Starting 2025
The NBA's agreement with Macau signifies the conclusion of a 5-year absence in China, leading to the arrival of the Nets and Suns in the gambling metropolis. The basketball association and Sands China have inked a partnership worth millions of dollars to hold pre-season matches at the Venetian Arena, beginning in 2025.
The NBA is set to make a comeback in China by 2025, ending a lengthy hiatus caused by a 2019 tweet from an official backing the Hong Kong demonstrators. This reintroduction will be marked with two preseason matches in Macau.
A contract worth millions of dollars between the basketball association and Sands China was inked on Friday. The Brooklyn Nets and Phoenix Suns are lined up to compete in two games on October 10 and 12.
Mark Tatum, the Deputy Commissioner of the NBA, expressed his excitement as he participated in various press activities to publicize the shift. He also mentioned the deep-rooted connection basketball has with China and highlighted that Macau houses some of the most fervent fans.
"Since the mid-1980s, our games have been aired on CCTV, marking almost four decades of partnership. It's genuinely delightful for us to have the opportunity to reintroduce NBA games to Macau," added Tatum.
Sands China's CEO, Grant Chum, stated that his organization was at the forefront of introducing international events to boost Macau's tourism scene.
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The NBA has inked a contract with Sands China to host pre-season matches at the Venetian Arena in Macau.
Prior to the unfortunate tweet by Daryl Morey, the former General Manager of the Houston Rockets, amid the peak of civil discord in Hong Kong, the NBA had held 25 matches in China since 2004.
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China’s Strategic Empathy: A Potential Path to Mending Economic Ties with Europe Amid Trade Deficit and Market Accessibility Concerns
Opinion | China might employ strategic empathy to repair relations with Europe
There could be mutual economic advantages for both China and Europe if they deepen their cooperation, especially if China can alleviate investors' worries.
Three specific challenges exist: how Europe views the relationship between China and Russia, the two-way trade shortfall, and the extent to which European companies and investors can access China's market.
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Huawei’s Premium Smartphone Shipments Soar, Yet Apple Maintains Dominance in China’s High-End Market
There's been a significant increase in the delivery of Huawei's high-end smartphones in China, even though Apple still dominates this market segment. The dispatch of Huawei's luxury smartphones, which are priced over US$600, saw a growth of 34% in the third quarter.
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Expert Advocates for Dual Headquarters in Shenzhen to Boost Hong Kong Capital Flow and Innovation: Insights from Qianhai Forum
The merging of Hong Kong and Shenzhen could stimulate investment and innovation, according to a specialist. During the Qianhai Forum on Greater Bay Area collaboration, a policy expert proposed that Hong Kong companies should set up secondary main offices in Shenzhen.
An expert at a forum on Friday proposed that Hong Kong companies should have the permission to set up operations in designated areas in Shenzhen. This move would allow them to function under Hong Kong's legal system, thereby promoting the movement of capital into and out of the region.
This unique setup would permit companies registered in Hong Kong to function as offshore businesses in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, according to Xiao Geng, the head of the Institute of Policy and Practice at the Shenzhen campus of the Chinese University of Hong Kong. According to him, this would mean that these companies would fall under the oversight of Hong Kong regulatory bodies, as instructed by Shenzhen officials. He made these remarks at the Qianhai Forum in Shenzhen.
Funds from overseas are progressively being drawn to China's developing sectors, such as international e-commerce, which are mainly situated within the country, according to Xiao. He noted that investors typically choose to maintain their capital outside their home country.
Specialists and previous political figures at the discussion urged for additional changes to aid in unification, ranging from financial markets to technological advancements.
"Shenzhen and Hong Kong need to create a center of activity, though not merely a typical research center," suggested Gu Shengzu, an economic analyst and previous political figure. "It must be a global center that merges major corporations, technological advancements, and skilled individuals."
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Hong Kong’s US$2.7 Billion Infrastructure Bond Offering Falls Short of Expectations Amid Low Investor Demand
The US$2.7 billion infrastructure bond offer in Hong Kong has not been fully subscribed. The response from investors has been lackluster, falling short of predictions.
Approximately 128,000 investors enrolled for bonds valued at HK$17.85 billion during the subscription period, which started on November 26 and concluded on Friday, according to a government representative. The ultimate issuance size is projected to be around HK$17.8 billion. These numbers are initial estimates and may undergo revisions.
The authorities are set to reveal the distribution outcomes on the 13th of December. The bonds are scheduled for issuance on the 17th of December and will be available on the stock market the next day.
A representative from the government credited the mediocre reaction to investors choosing to invest their funds in the Hong Kong initial public offering market.
In conjunction with the HK$55 billion garnered from a Silver Bond sale in October, the government has accumulated a sum of HK$72.8 billion in the last two months to fund infrastructure developments.
Nonetheless, banks mentioned that investors prefer to invest in projects that promise steady returns.
"There has been sustained enthusiasm for the newest batch of retail infrastructure bonds, especially in the current climate of decreasing interest rates," said a representative from HSBC, a co-organizer of the bond sale, in a statement.
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US Appeals Court Backs Law Mandating TikTok Sale for Non-Chinese Ownership by January 19 or Face Nationwide Ban
In a recent development, a US appeals court has confirmed the legislation that prohibits TikTok unless it is purchased. As per the legislation, ByteDance, the company behind the widely-used short-video application, is required to sell it to a buyer outside of China by January 19.
The US Court of Appeals for the District of Columbia Circuit delivered a significant setback to TikTok on Friday. The court's decision allows for the potential prohibition of the widely used short-video application, which engages more than 170 million American users each day. The ban could take effect as early as January 19, unless TikTok finds a buyer that is not based in China.
A decision by the U.S. court of appeals backs a legislation endorsed by President Joe Biden in April. This law requires TikTok, a company under the Chinese technology behemoth ByteDance, to secure a U.S. buyer before the set deadline, otherwise it risks being eliminated from U.S. app stores and web-hosting platforms.
Earlier this year, Congress approved, and President Biden ratified, the Protecting Americans from Foreign Adversary Controlled Applications Act. This action was taken over fears that Beijing could influence ByteDance to modify its algorithm and gather personal information in manners that could potentially jeopardize US interests. TikTok, however, has constantly rebutted these allegations, insisting that they pose no threat to national security.
1:03
The chief executive officer of TikTok strongly refuted any connections with China's Communist Party during a contentious discussion with a US senator.
TikTok, along with two other plaintiffs, disputed the law by taking their case straight to the appellate court, which typically manages such examinations, asserting that it breached the First Amendment rights of the app's users. TikTok also argued that detaching from ByteDance was "technologically, commercially and legally unfeasible".
Stay tuned for more …
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ByteDance Triumphs with Research Award at AI ‘Olympics’, Amid Controversy Over Paper’s Lead Author
ByteDance, the company that owns TikTok, claimed the prestigious research award at the annual 'AI Olympics.' Despite the triumph, there were conjectures concerning if the main author of the paper was the former intern whom ByteDance had previously sued for a sum of US$1.1 million.
The primary author of the study is Tian Keyu, who shares a last name with a former intern, referred to simply as "Tian," who was let go by ByteDance in August. ByteDance is suing for 8 million yuan (equivalent to US$1.1 million) and a public apology in a case before the Haidian District Court in Beijing.
Both ByteDance and the main author of the article did not respond to a comment request made on Wednesday.
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Survival of the Retail Fittest: Landlords Lower Rents for Global Brands Amid Market Slump
'Adapt or perish': Property owners offer reduced rates to Five Guys, among others, due to retail downturn
Experts suggest that companies with global allure or distinctive features stimulate fresh interest for commercial premises in the city.
They also noted that further challenges are projected for 2025. However, brands that have global allure or distinctive features are creating fresh interest in the city's retail spaces.
Cathie Chung, the senior research director at JLL, stated that only the strongest will endure in the retail sector. She noted that the intense local and regional competition, combined with shifts in consumer behavior, will slow down the rate at which retail sales and rent get back to their levels before the Covid pandemic.
"Landlords in Hong Kong are beginning to comprehend and perhaps, become a tad more lenient regarding rents," stated Iain Ross-Mackenzie, the operations vice-president at Five Guys International.
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Store occupancy is bouncing back in Hong Kong, yet empty shops continue to be a common sight throughout the city.
Five brothers from the Washington DC region initiated the company, aiming to bypass college. Ross-Mackenzie stated that they are considering the New Territories for potential new locations next year. The company has established its Asia-Pacific headquarters in Hong Kong.
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Defying Regulatory Scrutiny, TikTok Shop’s Black Friday Sales Soar, Tripling US Revenue Amid Ban Threats
TikTok Shop's US sales tripled during Black Friday, even with a potential ban hanging over its head. The app saw its online sales skyrocket over US$100 million during the shopping spree following Thanksgiving.
TikTok Shop, the shopping function of the app, saw a massive 165 per cent yearly surge in users over the two-day period from Black Friday to Cyber Monday, according to the company. Posts featuring the hashtags #tiktokshopblackfriday or #tiktokshopcybermonday garnered over 7 billion views, as reported by TikTok.
Despite the heightened regulatory oversight, the surge in holiday sales demonstrates that users' fascination with TikTok remains undeterred, with over 170 million Americans using the platform. It also indicates that vendors still find the app a valuable tool for promoting their goods.
TikTok inaugurated its internal shopping center in the US in September 2023. As a result, the significant growth of TikTok Shop one year later is not unexpected. However, the triple surge in sales can also be attributed to TikTok’s dedicated efforts to amplify its e-commerce footprint in the US.
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ESR Shares Soar Following US$7.1 Billion Take-Private Offer by Founders and Consortium: An Effort to Refocus Business Strategy
Shares in ESR surge by 3.3% following a bid of $7.1 billion by founders and private funds to privatize the company
The consortium proposes a per share price of HK$13 to privatize ESR, or alternatively a share exchange with a foreign company, in an effort to reorient the business.
ESR Group's stock saw its biggest surge in two months when a group, including its founders, US investors, and Qatar's state investment division, proposed to privatize the company. This values the largest manager of logistics resources in the Asia-Pacific region at HK$55.2 billion (US$7.1 billion).
The group proposed a price of HK$13 for each share, aimed at acquiring approximately 60% of the corporation's shares that it doesn't currently possess or manage, as stated in a filing with the Hong Kong stock exchange on Wednesday evening. The group further provided an option to switch into shares of a foreign entity under its management. ESR shareholders have the liberty to choose a mix of cash and share exchange, the group further noted.
The group members, comprised of Starwood Capital, Sixth Street, SSW Partners, Warburg Pincus, Qatar Investment Authority, and the originators of ESR, will partially finance their privatization bid through a $1.5 billion loan facility provided by MUFG, Mizuho Bank, and United Overseas Bank.
The proposal for privatization intends to maximize the group's platform value over a prolonged period, as stated in the documentation. According to the statements, ESR, who oversees a portfolio worth US$154 billion, needs to transition into a less asset-heavy platform, concentrate on emerging market sectors, streamline its existing portfolio by selling off non-essential assets, and improve its financial statement.
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Hong Kong Stocks Dip Amid Trade Tensions, Tech Curbs Ahead of Beijing’s Key Policy Conference
Hong Kong shares pull back due to trade worries prior to crucial Beijing policy meeting
Shares fell from a peak of three weeks as a fresh set of technology restrictions indicates potential future issues in US-China trade.
The Hang Seng Index fell by 0.9 per cent, closing at 19,560.44 on Thursday. The Tech Index also saw a decline of 0.8 per cent. In contrast, the domestic stock benchmarks showed mixed outcomes. The CSI 300 Index recorded a 0.2 per cent decrease, but the Shanghai Composite Index saw a 0.1 per cent increase.
The e-commerce conglomerate, Alibaba Group, saw a drop of 2.4 per cent, bringing its shares down to HK$81.95. Similarly, electric vehicle manufacturer BYD experienced a 1.8 per cent decrease, setting the share price at HK$255.80. Meituan's shares also took a hit, plunging 3.6 per cent to HK$159.20. Shares of Trip.com Group, a Chinese online travel company, dipped 3.3 per cent to HK$512. Meanwhile, shares of hotpot restaurant chain Haidilao fell by 3 per cent to HK$15.42.
Next week, President Xi Jinping and key decision-makers are set to meet at the yearly central economic work conference. The event is likely to outline China's principal development strategies for 2025. The conference could potentially provide insight into how China plans to react to potential new tariffs from the US.
China intends to prohibit the export of essential minerals to the US, following Washington's decision to limit the supply of high-tech semiconductors to China. The upcoming President, Donald Trump, has promised to implement new tariffs on Chinese products on his initial day in office next month.
"Wu Xinkun, an analyst at Haitong Securities, shared that Trump's second term and the latest technology restrictions imposed by the US have affected market confidence and liquidity. The market is apprehensive about a possible intensification of the conflict between China and the US, which could hinder China's economic growth."
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