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Webinar on Future Technology in China | Transformation in the Chinese Automotive Industry

We've asked Paul Gong, the chief of China Autos Research at UBS, to talk about the growing popularity of Electric Vehicles (EVs) in China and how this shift is posing challenges for international auto manufacturing partnerships, and igniting intense rivalry among Chinese EV producers.

Don't forget to save this piece and tune in to the live broadcast on Thursday, January 9, at 10.30am HKT.

The year 2024 was a significant one for Chinese electric vehicle producers, characterized by unprecedented manufacturing and sales achievements. However, it was also a year of intense rivalry that saw some newcomers fall behind, with only a handful of EV producers able to show profits that reflected their hard work.

From July onwards, the adoption rate of electric vehicles (EVs) has surpassed 50 per cent in China, supported by government consumer grants. Concurrently, with the surge in local EV sales, several overseas automobile manufacturers are encountering a critical threat in China. This nation has accounted for a substantial share of their worldwide sales for the past twenty years or so.

In the meantime, in 2024, the export of electric vehicles from China experienced a decline. This was due to the heavy tariff barriers imposed by the European Union, the United States, and Canada on EVs manufactured in China


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Hong Kong Stocks Encounter Worst New Year Kickoff Since 2019 Amid Global Economic Uncertainty

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The start of the trading year in Hong Kong has seen the worst performance since 2019. The Hang Seng Index began the year down by 2.2% compared to its 2.8% drop on the first trading day of 2019.

The Hang Seng Index experienced a 2.2 per cent drop, ending at 19,623.32. It had previously taken a 2.8 per cent blow on the first trading day of 2019. Likewise, the Hang Seng Tech Index went down by 2.5 per cent. In mainland China, the CSI 300 Index suffered a 2.9 per cent fall, marking its most significant downturn since 2016 when it plummeted by 7 per cent. Meanwhile, the Shanghai Composite Index decreased by 2.7 per cent.

The Caixin manufacturing purchasing managers' index, which primarily measures the performance of smaller companies, dropped to 50.5 in December, down from 51.5 in November, according to an announcement made by Caixin and S&P Global on Thursday. Although the reading was over 50, signifying growth in activity, it did not meet the median prediction of 51.7 made by economists monitored by Bloomberg.

The somber atmosphere is further intensified by a change in attitude towards US stocks, which finished 2024 on a low note with four days of back-to-back falls. Investors have redirected their attention to the possible implications of tariffs and inflation-inducing strategies by the upcoming Trump administration, moving away from their initial enthusiasm for fiscal support and tax reductions, as per analysts. The Federal Reserve has moderated predictions for monetary easing, projecting just two rate reductions for this year in the dot plot.

Bocom International anticipates that the trend of confined trading will persist, as stated in their Thursday report. Whether there will be a significant shift in the market relies heavily on the potential improvement of China's economic base in a long-term manner, along with the speed of interest rate reductions globally.


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Beijing’s 2025 Policy Push: Amplifying Low-Carbon Hydrogen Use for Emission Reduction in Refining and Chemical Industries

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Beijing's new policy initiative in 2025 will boost the use of low-carbon hydrogen. Beijing has mandated that national refining and chemical firms ramp up their consumption of low-carbon hydrogen to cut down on emissions.

The strategy proposed that the nation's refining and chemical enterprises expand their utilization of hydrogen in their manufacturing methods to cut down on emissions. It also urged these businesses to enhance their research and development initiatives in the field of green methanol and green ammonia, which are two hydrogen-sourced fuels that have no carbon footprint. These can be employed in the electricity production and transportation sectors.

The strategy also proposes an increase in the usage of hydrogen fuel cell vehicles, alongside the creation of hydrogen-fueled ships, planes, and trains.

The plan suggests that by the year 2027, the industrial field is expected to be significantly advancing in the generation and utilization of low-carbon hydrogen and related fuels.

"BOCI Securities analyst Wu Jiaxiong has asserted that hydrogen's potential in the industrial sector is undeniable," as stated in his Tuesday report.


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Record-Breaking December EV Sales in China: BYD, Nio, Xpeng, Li Auto, Leap, and Zeekr Benefit from Government Subsidy

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Sales of electric vehicles (EVs) from BYD, Nio, Xpeng, Li Auto, Leap, and Zeekr skyrocketed in December due to a shopping frenzy in China. All these companies, including Leapmotor backed by Stellantis and Geely's Zeekr, reported record-breaking EV deliveries last month.

The incentive of 20,000 yuan (approximately US$2,740) for swapping gas-guzzling cars with electric vehicles, which represented about 10 to 20 percent of the cost of half of the electric vehicles on China's roads, was offered from July to December. This led to a flurry of eager customers securing deals before the close of the year, according to Zhao Zhen, a sales director at Wan Zhuo Auto, a dealership located in Shanghai.

In this manner, they can "take advantage of the grant", she pointed out, adding that the sales trend might not continue in 2025 due to the end of the grant. This is because economically careful Chinese buyers might avoid purchasing high-cost products in the face of a decelerating economy.


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Intel Veteran Bai Peng Takes Reins as New President of China’s No.2 Chip Foundry, Hua Hong, Amid Management Reshuffle

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Hua Hong, China's second largest chip foundry, appoints an ex-Intel stalwart as their new president

With more than three decades in the semiconductor manufacturing industry, Bai has served in leadership roles in numerous chip-making companies, including Intel.

The second-largest chip manufacturer in China, Hua Hong Semiconductor, has recruited a former veteran from Intel to be its new president during a recent restructuring of management.

Hua Hong Semiconductor, a chipset producer headquartered in Shanghai and known for its advanced node technology, announced via a stock filing on Thursday that they have appointed Intel's ex-global vice-president, Bai Peng, 62, as their new president under a three-year agreement. Bai is replacing Tang Junjun in the presidential role, however, Tang will continue as the chairman and executive director of the firm.

Bai boasts more than three decades of expertise in the field of semiconductor manufacturing and has served in high-ranking roles at several chip-producing companies, including the American powerhouse, Intel. Bai's educational journey began at the esteemed Peking University in China and he subsequently achieved his undergraduate degree in physics in 1985 from the University of Bucharest in Romania. His physics doctorate was granted by New York's Rensselaer Polytechnic Institute, as stated in his official biography.

Bai previously served as the CEO of Rong Semiconductor (Ningbo) Co, a company that produces image sensors, power management chips, and display drivers utilizing well-established node technology ranging from 28- to 180-nanometer. Prior to this, Bai held several roles at Intel, including process integration engineer, director of yield engineering, R&D director, vice-president, and finally global vice-president, as stated in the report.

Bai's induction comes shortly after Hua Hong initiated operations at a new facility in Wuxi, a city close to Shanghai in Jiangsu province. This comes on the heels of a decision by the state-owned Hua Hong Group, the parent company of Hua Hong Semiconductor, to name Qin Jian as the new chairman, taking over from Zhang Suxin, who held the position since 2016.

The reorganization of leadership occurs as China's chip-making sector confronts fresh challenges, amid the US initiating a commerce probe into China's manufacturing of traditional semiconductors – a significant area of concern for Hua Hong.

In the third quarter of 2024, the Hua Hong Group secured a position as the world's sixth largest global foundry, propelled by the needs of domestic chip design firms. Based on information from the Taiwanese IC research firm TrendForce, the Group's market share for the quarter stood at 2.2 per cent, a slight decrease from the 2.6 per cent it held during the equivalent period the previous year.


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Debunking 2025 Market Forecasts: Unraveling 5 Prevailing Myths from US Stocks to China’s Growth

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Perspective | From American shares to China's economic expansion, 5 misconceptions obscure the predictions for 2025

While there are predictions of a 10 per cent increase for the S&P 500 and a lagging China this year, crucial factors make these results complex.

Every legend carries a measure of truth within it. When expressing these, there's a chance that a portion of the legend may indeed be accurate.

Predictions for the market in the upcoming year will be influenced by unpredictable events, which ex-US defense secretary Donald Rumsfeld would describe as "unknown unknowns" – factors we can't anticipate yet still upset established trends. Therefore, I measure the accuracy of my 2024 predictions not in fixed terms, but in relation to how correct I was.

The top five misconceptions prevalent in the markets for 2025 are listed below.


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China Records 21% Surge in Sovereign Investments, Dominated by Middle East Funds: A 2024 Global SWF Report

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China experiences a 21% increase in government investments, primarily driven by Middle Eastern funds. According to Global SWF, $10.3 billion was invested in China by state-owned investors last year, with 62% of this amount originating from nations in the Persian Gulf.

China's significance in the portfolios of sovereign investors has increased, with a 21 percent annual surge in inflows in 2024, as per a monitor of approximately 750 globally owned state investors.

The globe's second biggest economy drew in $10.3 billion from investments managed by central banks, sovereign wealth funds, and public pension funds. This is an increase from the $8.5 billion in 2023, as reported by Global SWF. The surge in investments can be attributed to the improving relationship between China and the Middle East, as well as the amplified diversification objectives among investors.

"China is becoming increasingly significant to sovereign investors due to their desire to broaden their portfolios beyond developed markets," shared Diego López, the creator and chief executive of the data platform, with the Post on Thursday. "We anticipate this pattern to persist in both equity capital markets and private investments."

Last year, Persian Gulf countries, such as Saudi Arabia's Public Investment Fund (PIF), Abu Dhabi's Mubadala and Investment Authority (ADIA), and the Qatar Investment Authority (QIA), were responsible for 62% of the total investments made by sovereign wealth funds in China. Meanwhile, Singapore, including entities like Temasek and GIC, contributed to 24% of these investments.

The investors showed interest in sectors such as real estate, financial services, and technology, to name a few.

"The two agreements came about due to sell-offs that occurred in the midst of China's property market crisis. This situation led to a significant increase in borrowing expenses and triggered Beijing's strict regulation of the real estate industry," stated Global SWF in a Wednesday report.


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Hong Kong’s Increasing Appetite for Catastrophe Bonds: Taiping Re Joins as Sixth Issuer, Total Issuance Reaches US$748 Million

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The demand for catastrophe bonds in Hong Kong is increasing, with Taiping Re emerging as the sixth issuer. The most recent transaction has raised Hong Kong's total issuance to US$748 million since the inception of insurance-linked securities in 2021.

Hong Kong investors are demonstrating increased interest in catastrophe bonds after the most recent issuance by Taiping Reinsurance. This is the city's sixth offering of insurance-linked securities since the inception of the regulatory system in 2021.

Taiping Re has successfully garnered $35 million from private investors via a specially designed entity known as Silk Road Re, as per an official announcement. In this deal, Silk Road Re is set to offer Taiping Re protection for several years against the risk of earthquakes in mainland China and specific windstorm threats in the United States.

Asia's first three-year bond, which includes two types of risks and two payout triggers, has been oversubscribed and priced at the lower spectrum of the unspecified indicative offer price range, according to the reinsurer. The five transactions prior to this only included coverage for a single nation and one class of natural calamity.

The issuance of bonds has successfully provided the firm with a varied approach to managing risks related to potential disasters, stated CEO Yu Xiaodong. He also noted that it fosters the linkage between the insurance sector and the capital market.

Disaster bonds, often referred to as cat bonds, are insurance-related securities utilized by insurance companies to shift severe risks to bond investors. Ever since China Reinsurance (Group) launched the first of these bonds in October 2021, the total amount has grown to $748 million. King & Wood Mallesons delivered legal counsel for all the transactions.


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Apple Slashes Prices on iPhones in China Amidst Rising Huawei Competition: Short-term Promotions and Steeper Discounts on Other Products Announced

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Apple is introducing new price reductions on iPhones in China due to intensified rivalry with Huawei. From January 4th to 7th, there will be a promotion that gives Chinese buyers a $68 price drop on the premium iPhone 16 Pro models.

A discount of 400 yuan will be provided for the standard iPhone 16 and iPhone 16 Plus models. Previous versions, such as the iPhone 15 and iPhone 14 series, will receive a reduction of up to 300 yuan.

The MacBook Air will have significant price reductions of up to 800 yuan. Additionally, the company's website indicates that there will be slight price decreases for iPads, Apple Watches, AirPods, and Apple Pencils.

The reductions in price will also be available at the company's physical Apple Stores, however, the promotional items will be restricted in numbers, with just 29,300 discounted iPhones on offer.


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Hong Kong’s Struggle for Gender Diversity: 85 Listed Companies Fail to Meet Women-on-Board Deadline

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85 companies listed in Hong Kong fail to meet the deadline for including women in their boards

HKEX data indicates that the percentage of firms with only male boards has dropped from 40 per cent to 3 per cent since the rule was initially introduced in 2022.

The proportion of firms with exclusively male boards has dropped from 40 per cent to 3 per cent since the rule was first implemented in 2022, as per HKEX data.

According to the operator of Hong Kong's stock exchange, 85 companies listed in Hong Kong have not adhered to the regulation necessitating the presence of at least one female in their board of directors.

Approximately 3% of the 2,650 companies listed on the exchange do not have any female representation on their boards, as per data from HKEX. Additionally, over 40% of these listed companies have more than a single female board member.

"2025 represents a significant turning point for companies listed in Hong Kong, as boards consisting of only one gender are no longer permitted on HKEX's markets," stated Katherine Ng, the head of listing at HKEX. "Our community of listed issuers has largely welcomed this new era, leading to the creation of hundreds of positions for women directors. However, we believe this is merely the start."

Out of the 85 firms that failed to comply, merely 12 did not have any female board members throughout the three-year transition period. The remaining companies initially had women in these positions, who subsequently resigned.

The majority of firms which did not fulfill the requisite communicated through stock-exchange documents to clarify the circumstances. Many have suggested their intentions to incorporate a female member into their board of directors in a timeframe of three to six months.

TravelSky Technology, China Railway Signal & Communication, and Century Sunshine Group are some of the publicly traded firms that are not meeting compliance standards.


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China’s Drive Towards Tech Self-Reliance: Kingsoft’s WPS Surpasses Microsoft Office with 100 Million Daily Users

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China's competitor to Microsoft Office, Kingsoft Office's WPS, hits 100 million daily users in the midst of push for independence

Even with the widespread use of Microsoft Office, WPS from Kingsoft Office has gained increased usage in key industries within China.

China's initiative to substitute foreign hardware and software with homegrown versions has reached a significant marker with WPS Office. This domestic alternative to Microsoft Office, which has been in existence for a long time, has now garnered 100 million daily active users.

Kingsoft Office Software, the developer behind WPS, boasts that its desktop version, which is touted as being extremely compatible with Microsoft Word, Excel, and PowerPoint, is used by over 100 million devices in China daily, as per a Monday post.

Microsoft Office continues to be widely utilized in China. However, as the capital city Beijing's worries about cybersecurity intensify due to disputes with Washington, WPS is gaining more traction, particularly in critical areas like government, finance, and telecommunications.

WPS, a Chinese-language word-processing system developed in China, was introduced in 1988, five years subsequent to Microsoft's launch of Word. Microsoft didn't begin operations in China until 1992, which gave WPS a considerable amount of time to build a dedicated user base.


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China Accelerates Nuclear Power Ambitions: Major New Hualong One Reactor Begins Large-Scale Operation

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China's push for nuclear power is gaining momentum as a significant new reactor starts operating. The initiative in Fujian province represents the inaugural large-scale commercial use of China's third-generation Hualong One reactor.

China's quickly growing nuclear power sector achieved a significant landmark on the first day of the year, with the inaugural reactor at a vast new facility on the nation's southeastern shore beginning to supply power to the national network.

This is the inaugural instance of a Hualong One, China's third-generation nuclear reactor, being deployed for widespread commercial use, says its creator. This step intensifies China's drive to become a dominant force in the nuclear energy arena.

The Zhangzhou facility in the Fujian province is slated to be China's biggest nuclear plant employing third-generation tech. It is planned to house six reactors, each with a potential output exceeding a million kilowatts.

The initial reactor at the facility cleared safety checks and commenced operations on the first day of January, with four more presently being built.

In recent times, China has been heavily investing in the advancement of its nuclear power facilities. This move is largely driven by China's goal to lessen its dependence on overseas technology, while simultaneously increasing its capacity for green energy.

Every single reactor has the capacity to reduce China's yearly coal usage by 3.12 million tons, which translates to a decrease of 8.16 million tons in carbon dioxide emissions annually.


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Exponential Boom in AI Apps Predicted by Baidu Founder, Robin Li: Anticipates Investments to Bear Fruit in 2025

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Robin Li, the founder of Baidu, forecasts a dramatic surge in AI applications by 2025. The CEO anticipates that Baidu's investments in AI will begin to yield profits this year, as mentioned in his New Year's message to the team.

Robin Li Yanhong, CEO of China's leading search engine company, Baidu, conveyed in a New Year's message to his employees on Wednesday that the company's investments in Artificial Intelligence are predicted to yield profits this year.

"AI technologies that can create new content, driven by base models, are swiftly being implemented in different sectors and situations," he stated in a document of 1,200 words. "While no 'ultimate application' has been developed yet, the rate of AI adoption is not minimal and we should anticipate a surge in growth by 2025."

We are hopeful that the seeds sown in 2023 and 2024 will germinate, bloom, and yield results in 2025 as the market begins to appreciate and recognize their value more," stated the letter, which referred to "AI" on 11 occasions.

Baidu, despite being a pioneer in China's AI industry, is up against stiff rivalry from numerous large tech firms and emerging businesses pushing their own LLMs. Li has previously expressed concern over the surplus of LLMs in China, urging tech heads to concentrate on developing AI-driven applications.


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