The leading semiconductor packaging company in China undergoes significant changes in its board. Gao Yonggang, ex-chairman of SMIC, stepped down from JCET's board following China Resources' acquisition of the largest share in the company.

The biggest chip-packaging firm in China has undergone a comprehensive reorganization of its board following the acquisition of its majority shares by a state-run conglomerate. This is the newest in a series of corporate restructuring within the semiconductor industry in mainland China.

The seasoned Chinese semiconductor professional, Gao Yonggang, who is also the chairman of Jiangsu Changjiang Electronics Tech (JCET), has stepped down from the company's board. The Shanghai-based company announced in a report on Thursday that two other directors, Peng Jin and Zhang Chunsheng, also resigned. These resignations follow the purchase of a 22.5% stake in JCET by the state-owned corporation, China Resources Group, making it the company's biggest shareholder.

JCET announced that they will convene a board meeting on November 29 to select a new overseer following the resignation of the current one, Wang Xian.

The departures occur while China Resources is broadening its footprint in the domestic semiconductor sector. The firm is already in possession of a chip subsidiary, China Resources Microelectronics.

Regular transactions among China's government-owned businesses, local administration entities, and state-supported funds are a component of the country's broader effort to become independent in the semiconductor sector by leveraging resources from diverse participants.

Shanghai-based hedge fund Pinestone has refuted allegations from the U.S. against its co-founder for stealing trade secrets. The U.S. Attorney's Office in Massachusetts accused Xiao Zhang last month of pilfering proprietary information during his tenure at an undisclosed U.S. fund in 2021.

Pinestone Asset Management, a leading Chinese hedge fund, has refuted allegations made by a federal grand jury in Massachusetts. The charges accuse its co-founder, Xiao Zhang, of illegally acquiring trade secrets from his previous employer in the United States.

The quantitative hedge fund based in Shanghai announced that Zhang has engaged the services of the American legal firm, Quinn Emanuel Urquhart & Sullivan, to protect his legal interests and reputation, as per a Thursday statement.

The accusation against Zhang, alleging that he pilfered commercial secrets to start his own venture in China, bears no relation to Pinestone, a company he helped establish in 2022, as per the statement.

"The timeline of the unfounded claims precedes the inception of Pinestone, and the entities facing charges do not encompass any firms where Zhang works or has founded," was further stated.

On October 31, the Massachusetts US Attorney's Office announced that they had charged Zhang with theft of trade secrets during his employment at a worldwide investment management company in 2021. The office claims that Zhang, while in China, infiltrated his employer's systems and duplicated their code, projects, and research.

Tencent has created 3,000 new positions in the third quarter, indicating a surge in China's Big Tech sector amidst the AI competition. The tech behemoth, headquartered in Shenzhen, has expanded its workforce to over 108,800, bringing close to a two-year period of reduction to a halt.

The recent employment opportunities continue the trend of payroll expansion witnessed in the second quarter. During this period, Tencent incorporated an additional 719 positions from the preceding quarter, bringing the total workforce to 105,506 by the close of June.

Prior to the current year, the number of employees at Tencent had been generally decreasing since its highpoint in March 2022 with 116,213 workers. The firm embarked on a journey of cost reduction in 2022 and 2023, which included staff reduction and closure of some peripheral businesses. This was due to the challenging economic conditions in China and regulatory oversight from the Chinese government.

Alibaba and JD.com report significant success in Singles' Day sales as customer expenditure recovers. The duo of e-commerce powerhouses noted a high volume of active consumers during this year's version of the world's foremost annual shopping event.

However, both TTG and JD.com persisted in not disclosing the total revenue generated from their promotions. This has been the standard procedure for these two companies since 2022.

Meanwhile, JD.com reported that over 17,000 brands on their platform experienced a transaction volume growth of more than five times during its Singles' Day promotion, in comparison to the previous year.

Approximately 30,000 small to medium scale sellers on JD.com each saw a 200% annual rise in their transaction volume.

Exploring Eco-Friendly Seafaring: Top Approaches in Hong Kong

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Hong Kong shipowners, as members of the global maritime industry, are bound by the international greenhouse gas (GHG) reduction goals established by the International Maritime Organization (IMO). These goals aim for a 40% decrease in carbon emissions from international shipping by 2030, and an adoption rate of at least 5% – ideally 10% – for fuels that produce zero or nearly zero GHG emissions by 2030. By 2040, the maritime industry is anticipated to lower GHG emissions by 70%, with the objective of achieving net zero emissions by 2050 or as close to this year as feasible.

On a regional level, the European Union (EU) has implemented tools to promote the use of fuels that produce little to no emissions. These tools include the EU Emissions Trading System (EU ETS). Additional strategies, referred to as FuelEU, will be initiated in 2025.

The competition to construct ships that can run on eco-friendly alternative fuels is already underway. Classification organization DNV reports that, as of February 2024, 29 ships can operate on methanol, with an additional 228 vessels being made. DNV also stated that there are orders for 13 dual-fuel ammonia vessels. At present, biofuel blends are often used by shipowners in Hong Kong as a method to adhere to the International Maritime Organization's strategy for reducing greenhouse gas emissions.

Currently, the availability of eco-friendly fuels is restricted. However, a shipowner can take numerous technical and operational steps to decrease greenhouse gas emissions. With regard to technical measures, shipowners can adjust propulsion mechanisms, incorporate air lubrication systems or wind assistance technologies, use advanced hull coating, and enhance the design of the ballast water system. Common operational strategies involve maximizing cargo space, reducing speed, optimizing routes, and using shore power.

These alternatives can lead to favorable results in terms of reducing greenhouse gas emissions, based on the type of ship and its current circumstances. Under certain circumstances, implementing multiple options may result in a cumulative effect.

The online bank supported by Ant focuses on providing fast and convenient financial services to small businesses. The web-based bank asserts that their clients require superior services and more straightforward access to funding. The virtual bank reiterates that customers demand enhanced services and simpler ways to obtain financing.

CEO of Anext Bank, Toh Su Mei, expressed that there's an increasing demand for digitalisation among MSMEs, particularly in the aftermath of the pandemic.

"Implementing our approach of integrated finance, by positioning our financial services on local and international platforms, consolidating our financial offerings and eliminating barriers, we significantly improve the accessibility of financial services for local and international MSMEs," she stated.

The financial institution presently provides services to MSME proprietors in 79 international locations, inclusive of Hong Kong and mainland China. According to the bank, by June, its international transactions had increased six times compared to the previous year, and its clientele had doubled in size. However, the bank refrained from revealing the exact figures.

The company utilizes a distant induction method that employs a unique instrument created by its superior entity, Ant International – the worldwide division of the Chinese financial technology behemoth, Ant Group, for electronic customer verification. Ant Group is a subsidiary of Alibaba Group Holding, which owns the South China Morning Post.

Small and Medium Enterprises (SMEs) that have been registered can establish a business account with the bank. This account can maintain funds in offshore yuan, Singapore dollars, US dollars, and euros, and is capable of facilitating international transactions.

HSBC's panda bond worth 4.5 billion yuan is set to strengthen the international presence of the Chinese currency. The bank mentions that the bond, with an annual interest rate of 2.15%, further cements Hong Kong's position as the global hub for offshore yuan transactions.

The bank reported on Wednesday that the sale surged from an initial size of 3 billion yuan after the demand exceeded the supply by 1.88 times. This is a component of the bank's 10 billion yuan bond-sale initiative, authorized by the central bank of China to be released in stages until October 2026.

The bond yields a yearly return of 2.15% and received the top triple-A rating from China Chengxin Credit Rating Group.

This agreement marks the first issuance of its kind for the UK banking group since the Chinese authorities permitted the return of panda bond revenues in 2022. Before this, overseas businesses required authorization from the State Administration of Foreign Exchange. In 2015, HSBC generated 1 billion yuan from its initial panda bond issuance.

Panda bonds refer to securities denominated in yuan, which are issued by overseas companies in mainland China.

Shares in Hong Kong mark the most extended period of losses in two months due to disappointment over China's economic stimulus. Analysts note that investors are beginning to lose faith and patience as they await decisive action from China.

The Hang Seng Index dropped slightly by 0.1% to end at 19,823.45, marking a total decrease of 5.4% over the past four days. The Hang Seng Tech Index experienced a less significant dip, falling less than 0.1%.

Chinese standards defied the norm. The CSI 300 Index saw a rise of 0.6 per cent, while the Shanghai Composite Index increased by 0.5 per cent.

The biopharmaceutical company Wuxi AppTec, along with its associate Wuxi Biology, led the group in stock declines. Investors are also preparing for a series of profit announcements from leading companies such as Tencent Holdings and Meituan this week.

On Tuesday, the Hang Seng Index fell below the 20,000-point threshold for the first time since September 26 due to investors adopting a more cautious approach following the unsatisfactory results of China's legislative assembly last week. The standing committee of the legislative body solely greenlighted bond releases to tackle local debt problems, thereby dampening hopes for initiatives to stimulate consumer spending and job growth.

The observed downturn in the Hong Kong stock market is reportedly due to the absence of specifics regarding the proposed financial stimulus plans from China aimed at counteracting the prevailing deflationary trend, according to Kelvin Wong, an analyst at Oanda. Wong noted that players in the financial market are beginning to doubt the commitment and timeliness of China's leading policymakers to implement powerful fiscal stimulus actions, often referred to as 'bazooka-like', to reignite consumer trust and expenditure.

If the Hang Seng Index breaks through the significant mid-term support level of 19,700, it's likely that the benchmark will drop to approximately 17,900, where its current 200-day moving average is situated, as per Wong's analysis.

China announces fresh tax cuts to stimulate real estate transactions and increase household liquidity. An analyst states that these significant deductions would alleviate financial pressures on both buyers and sellers, expediting property listings and sales.

China is revising its tax scheme on residential real estate dealings, essentially reducing the cost of owning property and offering new incentives to more potential buyers, as part of a series of actions to combat a four-year downturn.

The Ministry of Finance announced on Wednesday that beginning December 1, new homeowners purchasing properties 140 square meters (1,507 square feet) or smaller will be subject to a 1% deed tax. For properties larger than this, a 1.5% tax rate will apply. The current size threshold for these tax rates is 90 square meters.

A 2% property tax will now only apply to second-home purchases involving properties starting from 140 square meters instead of the previous 90 square meters, as per the new guidelines.

The ministry announced that a new uniform structure will be implemented across the country. This suggests that the rates in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen are expected to decrease from 3% for transactions related to larger properties and purchases of second homes.

"This is a significant step that will directly stimulate the need for medium to large-sized homes, particularly those larger than 90 square meters, by decreasing the cost of transactions," stated Yan Yuejin, the vice-president of the E-House China Real Estate Research Institute based in Shanghai. He added that the rates will be better balanced across the country, further aiding the recovery of the market.

Proposals to stimulate activity in the housing market come after local governments have, over the past few months, urged for an end to the differentiation between standard and non-standard homes. In mainland China, homes that are at least 144 square meters are considered larger than average and non-standard.

Despite facing scrutiny, TikTok and ByteDance have employed numerous Chinese employees in the United States. Over 60% of the more than 1,000 authorized H-1B hires for TikTok and ByteDance in the previous fiscal year were Chinese.

The majority of about 1,000 international employees that TikTok and ByteDance aimed to recruit for their US divisions through H-1B visa applications from October 2022 to September 2023 were Chinese.

Out of the 1,089 sanctioned H-1B employees for TikTok and ByteDance in the last fiscal year, 669 were Chinese, marking a 50% rise from the year before, as per the data from the US Citizenship and Immigration Services (USCIS). The data was acquired by Business Insider through a Freedom of Information Act request. The federal government's fiscal year spans from October to September.

Out of the 669 approved employees, 14 were enlisted to join TikTok's US Data Security Division, a department committed to preventing US user data from falling into the hands of the Chinese government and other entities considered as foreign foes by the US government. The positions filled included data science, fraud strategy, systems analysis, and software engineering.

The Chairman of Chinese battery behemoth CATL has stated that they would establish a factory in the US, given President Trump's approval. Trump has expressed his intention to prevent the import of Chinese electric vehicles and batteries, however, he seems amenable to the idea of these products being manufactured on American soil with a US workforce.

Robin Zeng, founder and chairman of Contemporary Amperex Technology (CATL), the leading global battery manufacturer, has communicated to Reuters that the company might pursue the establishment of a factory in the United States. This decision is contingent on whether the incoming President, Donald Trump, will facilitate Chinese investments in the electric vehicle supply sector.

"In the beginning, our attempts to invest in the US were rejected by the US government," said the Chinese billionaire in a discussion last week. "Personally, I maintain a very open-minded attitude."

The U.S. market has remained inaccessible to Chinese electric vehicle and battery manufacturers due to numerous protectionist trade policies, which are backed by both the Democratic and Republican parties, including Trump. Trump began an extensive trade conflict with China in the early stages of his presidency in 2017. Chinese electric vehicle and battery companies, which receive significant government subsidies, have been subject to some of the most stringent trade restrictions due to competition and national security worries.

Batteries manufactured in China are not eligible for the consumer electric vehicle (EV) subsidies introduced under the Biden administration. This administration has also taken steps to prevent any vehicle equipped with Chinese linked-car technology. Chinese-made EVs are hit with a 100% tariff, essentially creating a prohibition.

A Republican-drafted legislation, which has met resistance from the Biden administration, seeks to impose stricter rules on electric vehicle purchasing benefits. Specifically, it aims to restrict incentives for vehicles that utilize Chinese battery technology, even if they are licensed by US companies like Ford and Tesla.

Various trade restrictions have prevented some of the top global companies in the battery and electric vehicle (EV) industry, such as CATL and BYD, its biggest competition, from contributing to the acceleration of the US transition to EVs. Unlike CATL, BYD also produces electric cars and is currently challenging Tesla for the worldwide lead in EV sales.

Hong Kong political figure Bunny Chan secures Tin Hau's Whitfield Hotel at a 30% reduced price. Bunny Chan, a representative of the National People's Congress, along with Paggy Chan, have taken ownership of Twenty One Whitfield.

A businessman from Hong Kong, who also serves as a deputy to China's legislature, has purchased a hotel for a price that's one-third less than what the former owner paid. His acquisition is a gamble on the lasting strength of the city's tourism industry.

The Twenty One Whitfield hotel located in Tin Hau was sold for HK$268 million (US$34.7 million) on Monday, as per the details from the Land Registry. Bunny Chan Chung-bun and Paggy Chan Pik-kei, who are the listed directors of the purchasing entity, Huge Fame Limited, were identified in the Companies Registry.

Bunny Chan is a representative from Hong Kong for the National People's Congress, as well as being an independent non-executive director for the railway company MTR Corp.

"Chan expressed to the Post during a Wednesday phone conversation his strong belief in the long-term economic stability of Hong Kong, thanks to the support of Beijing's policies. However, he did note that the recovery process won't happen overnight."

Investors are swiftly buying up hotels, leveraging the significant price drops and repurposing them into accommodations for students. This move comes after the government's commitment to transform the city into a global center for education.