The cost of electric vehicle insurance in Hong Kong is expected to decrease, although third-party liability could stay elevated. As the prices of electric vehicles go down, insurance premiums are projected to follow suit. However, due to the frequency of accidents and the cost of repairs, third-party liability insurance is likely to stay high.

An industry executive has indicated that as the costs of electric vehicles (EVs) in Hong Kong decrease, the insurance premiums for these vehicles will also reduce. However, this might not necessarily result in a reduction in the cost of coverage for third-party liability.

Eric Hui, the CEO of Zurich Insurance in Hong Kong, advises EV owners in both China and Hong Kong to consider purchasing more than the minimum legally required insurance coverage in mainland China to match the standard in Hong Kong.

Full coverage auto insurance provides protection against third-party claims and pays for the policyholder's medical costs in the event of an accident. Additionally, it covers the cost of repairs, damages not caused by a collision, and theft.

According to legislation in Hong Kong, every car owner is legally required to have insurance that includes third-party liability coverage for a minimum of HK$100 million (US$12.8 million). In contrast, the legal requirement in mainland China is just 200,000 yuan (US$27,745). Typically, those who own older, less valuable cars choose to purchase only third-party coverage.

Geely intends to restructure Zeekr and Lynk divisions as the founder and investors withdraw $2 billion. Zeekr's value dropped by 24% in New York's market following the announcement of Geely Auto's restructuring strategy.

Geely Auto has consented to purchase an 11.3% share in Zeekr Intelligent Technology, which is listed on the New York Stock Exchange, at a cost of $806.1 million or $26.87 per share, as revealed in a stock market filing on Thursday. This acquisition will elevate its share to 62.8%. The entity selling is ultimately controlled by Li and his partners.

In a separate announcement, Zeekr revealed its plans to acquire a 50% share in the automobile manufacturer Lynk & Co. The deal, worth 9 billion yuan (approximately US$1.24 billion), will be purchased from two organizations connected to a prominent business magnate. Additionally, Zeekr plans to purchase more new shares in Lynk, increasing its ownership to 51%, which will subsequently reduce Geely Auto's stake to 49%.

Shares in Geely Auto dropped 5.2% to HK$13.18 last Friday, resulting in a significant loss of HK$7.3 billion (US$931.6 million) in its market valuation. Zeekr, which became publicly traded through a stock listing in May, saw a steep decline of 23.7% to US$22.24 in overnight trading in New York, trimming US$1.7 billion from its market cap.

According to their latest financial statements, Zeekr and Lynk continue to be in the red.

"Zeekr and Lynk have comparable product offerings and pricing structures, which will unavoidably result in [unwanted] rivalry, internal disputes, and capital wastage if not consolidated," stated Gui Shengyue, Geely Auto's CEO, during a profit report discussion on Thursday. "Inter-brand competition obstructs Geely's progress."

The purchase of Zeekr demonstrates the group's backing for the brand, according to a statement by Geely Auto. This move will streamline Zeekr's ownership framework, strengthen the group's sway over its business trajectory, and aid in the distribution of strategic resources and forthcoming plans, the statement further elaborated.

Li is restructuring his business empire based in Hangzhou, Zhejiang due to an over-supply in the market and fierce pricing competition among local EV manufacturers. Attempts to broaden his global reach have been hindered by heavy duties imposed on China-produced EVs in both the US and Europe. The win of Donald Trump in the US elections has increased the strain on Chinese exports.

Hong Kong shares end a six-day decline even with Chinese statistics on retail sales and housing prices

Despite a 4.8 percent increase in retail sales and a less rapid drop in housing prices, investor sentiment remained low.

The Hang Seng Index slightly dipped by 0.1 per cent to settle at 19,426.34, negating a potential rise of up to 0.9 per cent. Over the week, the main index suffered a 6.3 per cent decline, marking the largest drop in a month. Meanwhile, the Hang Seng Tech Index saw a marginal increase of 0.2 per cent.

Indices on the mainland also fell. The CSI 300 Index decreased by 1.8 per cent, and the Shanghai Composite Index went down by 1.5 per cent.

An earlier report issued by the agency on Friday indicated that the prices of new homes in 70 cities decreased by 0.5 per cent on a monthly basis in October, marking the smallest decrease in the past seven months.

The positive shift in economic figures has been overshadowed by Beijing's inability to sanction fiscal incentives aimed at enhancing consumption and employment during a legislative session last week. This is further complicated by the anticipated increase in tariffs by the incoming Trump administration. The Hang Seng Index has seen a 16 per cent decline from its peak in October. Initially, stocks had surged when Beijing implemented a variety of financial relief strategies and steps to support the real estate market, such as lowering mortgage rates, deed taxes, and removing restrictions on home purchases.

The decrease in China's new housing prices shows signs of slowing after 17 months, following the implementation of supportive measures. In October, the prices in 70 cities dropped for the 17th consecutive month, however, the rate of decline was slower, indicating that market stabilization might be due to these supportive actions.

The cost of new homes in China dropped for the 17th consecutive month in October, albeit at a reduced rate. This indicates that the capital, Beijing, might be nearing a point of market stability following a series of supportive interventions.

In 70 primary cities, the price of new homes saw a 0.5 per cent decrease from September, marking the most gradual drop in seven months, as revealed by the data put out by the National Bureau of Statistics on Friday.

The decrease in prices was 6.2 per cent compared to the previous year, a slightly steeper drop than the 6.1 per cent fall observed in September of the same year.

The prices in the four major cities – Beijing, Shanghai, Guangzhou, and Shenzhen – experienced a decrease of 0.2% in October on a monthly basis, which is less than the 0.5% drop observed in September, as indicated by the data.

Secondary cities like Tianjin, Wuhan, and Chengdu, along with tertiary cities such as Dali, Xuzhou, and Huizhou, experienced a 0.5% decrease in the cost of new homes last month, which is slightly less than the 0.7% reduction seen in September.

The average cost of previously owned houses in top-tier cities increased by 0.4% in October, following a 1.2% decrease in September. This marks an end to a 13-month downward trend.

In tier-2 cities, the cost of previously owned homes decreased by 0.4 percent, which is lower than the 0.9 percent decrease from the month before. Similarly, in tier-3 cities, the prices saw a decline of 0.5 percent, compared to a 0.7 percent drop in the preceding month.

US lawmakers have raised questions about Amazon's partnership with TikTok for e-commerce. Certain individuals perceive this alliance, which enables customers to purchase Amazon products directly via the ByteDance-controlled application, as a strategy to complicate the process of prohibiting TikTok.

In September, the Select Committee on China from the House called upon Amazon to converse about a notable retail collaboration that both the companies made public in August, as per several sources knowledgeable about the situation. This meeting has not been undisclosed before.

The group, tasked with handling assumed dangers from China's government, expressed worry about a prominent U.S. firm, integral to the economy, collaborating with a Chinese-owned business on the brink of prohibition due to national security issues.

"The Select Committee communicated to Amazon the risks and imprudence associated with collaborating with TikTok, citing the serious national security risks posed by the app," a representative for the Select Committee on China informed Bloomberg.

An Amazon representative communicated through email, stating "We, like numerous other American companies, keep ongoing dialogue with authorities at all tiers of government to talk about matters concerning policymakers, our staff, and our patrons." TikTok, on the other hand, did not furnish a reply to a request for their statement.

Lenovo is set to increase its worldwide manufacturing presence as AI boosts its second quarter sales. The top global PC manufacturer intends to establish additional factories outside China, in response to potential 60% tariffs threatened by incoming US President Trump.

Chairman Yang Yuanqing announced that Lenovo is set to broaden its supply chain and is planning to establish more production sites outside of China due to the unpredictable global political climate.

Lenovo, the leading global manufacturer of personal computers, owns the majority of its factories in China, a typical scenario in the electronics sector that exposes potential risks as US president-elect Donald Trump plans to levy a 60 per cent tax on imports from China.

Yang conveyed to Reuters that although it's premature to forecast the strategies of the new US government, Lenovo holds a superior position compared to its rivals when it comes to mitigating such uncertainties. This is due to its wider range of manufacturing sources and procurement tactics, as well as evenly distributed regional income sources.

Although China continues to be the primary production hub, Lenovo runs over 30 production plants across nine distinct markets. The firm intends to establish operations in Saudi Arabia as a result of a significant investment agreement with the kingdom's Public Investment Fund, according to Yang.

The tech firm from China announced a quarterly revenue of $17.9 billion as of September 30, surpassing the anticipated $16.0 billion as per the data from LSEG.

Hong Kong is set to release a retail infrastructure bond worth HK$20 billion, marking the second issuance in two months. The bond, with a duration of three years, guarantees a return rate of 3.5 per cent, distributed semi-annually.

Hong Kong is amassing HK$20 billion (US$2.7 billion) through its second issuance of retail infrastructure bonds, providing citizens with an additional opportunity to contribute to the city's growth.

The government announced on Friday that the three-year bonds will offer bi-annual interest payments. These payments will be determined by the average consumer price index rate during that time. However, they also provide a guaranteed minimum return of 3.5 per cent.

Financial Secretary Paul Chan Mo-po announced that the retail infrastructure bond is designed to offer citizens a secure and trustworthy investment opportunity. This bond promises consistent returns and gives investors a feeling of involvement and profit in backing infrastructure projects crucial for the long-term growth of Hong Kong.

"This release will also enhance the growth of the retail bond market and financial inclusivity."

Individuals with Hong Kong ID cards can start purchasing bonds, starting at a minimum of HK$10,000 and increasing in that scale, from banks, securities brokers, and the Hong Kong Securities Clearing Company. This will be possible from 9am on November 26 until 2pm on December 6. The bonds will be released on December 17 and will be available on the Hong Kong stock exchange the following day.

The administration could potentially raise the bond's capacity to a ceiling of HK$25 billion, depending on the reaction.

Hong Kong is striving to reach zero shipping emissions by 2050 via a green fuel program. The city is charting a course towards a more environmentally-friendly future, backed by incentives for green fuel usage and subsidies for vessels.

Hong Kong has revealed a strategy to advance green fuel refuelling, which is part of an effort to raise the city's position as a global maritime hub.

The strategy revealed on Friday states that Hong Kong's port will aim to cut its yearly carbon emissions from international shipping by a minimum of 20% by 2030, in relation to the levels of 2008, and by 70% by 2040. The ultimate goal is to achieve zero net carbon emissions from international shipping by the year 2050.

In order to realize its objectives, Hong Kong is planning to set up a reward program aimed at promoting businesses that initiate environmentally-friendly fuel bunkering operations. Additionally, it will provide financial assistance for the eco-friendly conversion of ships and foster expertise in this sector.

"Lam Sai-hung, the Secretary for Transport and Logistics, emphasized that Hong Kong needs to speed up the progression of eco-friendly marine fuel supply to promptly meet market needs. By doing so, it can boost its position as a fuel supply port and augment its standing as a global shipping hub."

In his 2023 policy speech, Hong Kong's Chief Executive, John Lee Ka-chiu, stated that the city plans to establish itself as a worldwide hub for green maritime fuel bunkering.

Alibaba's three-month profits see a 58% increase due to robust cloud and international e-commerce expansion

The net income saw a significant rise of 58% reaching US$6 billion in the quarter ending in September, exceeding the predictions made by analysts.

The net profit dramatically increased by 58 per cent, reaching 43.9 billion yuan (US$6 billion) in the quarter, which exceeded the analysts' predictions of 25.7 billion yuan. However, the revenue, which climbed 5 per cent to 236.5 billion yuan, fell short of the anticipated 239.4 billion yuan by analysts, as per a Bloomberg survey.

The expansion of our cloud operations has quickened compared to previous quarters, with earnings from public cloud offerings increasing by a significant two-digit percentage and revenue from AI-based products soaring by an impressive three-digit percent," stated Eddie Wu Yongming, CEO of Alibaba.

"We have never been more assured about the strength of our primary operations and will maintain our commitment to fostering sustainable growth. Our auxiliary businesses have been enhancing their operational effectiveness, with a majority either boosting their profits or minimizing losses," said Wu.

The Cloud Intelligence Group, a crucial division for the company's expansion, saw its income increase by 7 per cent, reaching 29.6 billion yuan. This exceeded the 6 per cent rise from the last quarter, indicating the department's most rapid quarterly growth in the last two years.

Alibaba's essential e-commerce division, Taobao and Tmall Group, observed a revenue rise of 1 per cent, amounting to 99 billion yuan. This was primarily due to enhanced monetization and a significant upward trend in new customer acquisition, particularly leading up to the Singles' Day shopping event. The company also documented a substantial annual growth in gross merchandise value (GMV) over the quarter.

The Alibaba International Digital Commerce Group (AIDC) maintained its strong performance from previous quarters, registering a 29% increase in revenue in the September quarter, amounting to 31.7 billion yuan. This significant growth can be partly attributed to boosted sales in international markets like AliExpress and Trendyol, alongside enhanced operational and investment efficiency.

Dogecoin skyrockets as Trump appoints Elon Musk as the chief of a new DOGE effectiveness department. Musk, affectionately known as 'Dogefather', has been a steadfast supporter of the dog-themed cryptocurrency and is also a firm supporter of the incoming US president.

Wow, such a strong market.

Dogecoin, a digital currency represented by an adorable dog uttering phrases such as "much wow", has seen a significant increase in its worth following Donald Trump's victory in the recent presidential election.

The initiative is gaining momentum now, following Trump's appointment of Tesla's Elon Musk as a leader of the newly formed "Department of Government Efficiency". Despite its name, it's not a government agency but it does go by the acronym DOGE.

This all seems logical and possibly amusing for those who are perpetually connected to the internet. For those who aren't, here's a bit of clarification regarding what's happening:

What does dogecoin mean?

Dogecoin refers to a type of digital currency. Its value fluctuates against the US dollar, depending on what individuals are willing to pay for it.

Experts suggest that Trump's tariffs on solar panels could encourage Chinese investment in the US. They indicate that Chinese companies are bracing themselves for the worst-case scenario of Trump imposing tariffs on goods shipped from their Southeast Asian locations.

Industry experts suggest that Chinese firms may ramp up the manufacturing of solar panels within the United States. This strategic move is aimed at cushioning any negative impacts from potential increases in export tariffs from Southeast Asia, which may come into effect next year following the commencement of Donald Trump's second term as President in January.

Even if Trump follows through with his intentions to scrap President Joe Biden's $400 billion incentives for green energy initiatives under the Inflation Reduction Act (IRA) passed in August 2022, projections indicate that the demand in the US will still rise, according to sources.

"There will continue to be a strong market for solar energy because it's an established technology and there's a high level of customer understanding and approval," stated Frank Haugwitz, the originator of Asia Europe Clean Energy (Solar) Advisory. "It's significantly more cost-effective now than it was a handful of years back."

China is aiming to bolster its production supremacy in the "new three" industries, namely solar power technology, lithium batteries, and electric cars. Amidst a recent economic downturn marked by a struggling real estate sector and decreased private spending, these sectors emerge as promising facets of China's economy.

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Reasons for the EU and US's worry over China's excess production capacity

Last month, the Biden administration declared initial counterbalancing charges ranging from 2.9 to 30 percent on solar cells imported from Vietnam, Cambodia, Malaysia, and Thailand, potentially starting from April. The official data indicates that these imports to the US were worth about $11.9 billion last year. Haugwitz highlighted that the majority of solar panel manufacturing facilities in Southeast Asia are under Chinese ownership.

This follows a thorough inquiry lasting five months into claims made by American companies First Solar, Qcells, Meyer Burger, and REC Silicon, asserting that their Chinese counterparts enjoyed subsidy benefits. The US made the decision in September to hike up the tariffs on solar cells from China by 100%, bringing it to 50%. Solar cells, which are organized into panels, function by transforming sunlight into electricity.

OpenAI urges the United States to join forces with its allies to outpace China in the AI competition. The creator of ChatGPT suggests that the US and its neighbouring countries should work together in the field of AI and broaden their alliance to encompass nations in the Middle East.

The AI-based start-up announced on Wednesday that the US and its adjacent nations should establish a "North American AI Agreement" that simplifies the process of obtaining resources, funding, and supply chains for the development of the technology. The firm mentioned that this cooperative effort can potentially grow to incorporate a "worldwide network of US allies and associates", which may include countries in the Middle East.

OpenAI presented a new policy framework that encompasses the proposal during an event in Washington, organized by the Centre for Strategic and International Studies. This document contains OpenAI's most comprehensive public recommendations so far on how the US can sustain its dominance in the field of artificial intelligence and cater to the substantial energy requirements of this technology.

OpenAI has suggested that the US should support expensive energy infrastructure projects by pledging to buy power generated from them. The firm advised the US to create "AI Economic Zones" to hasten the approval process and assist in reviving nuclear reactors. It also put forward the idea of growing the nuclear energy capability by using the expertise of the US Navy, which has experience in constructing small-scale reactors for submarines.

"AI offers a critical chance to reestablish the industrial sector in the US, which can stimulate widespread economic expansion and breathe new life into the American Dream," stated OpenAI. "It also provides a crucial element for national security to safeguard our country and our allies from the rising power of China by promoting an AI system influenced by democratic principles, fostering personal freedom, and aimed at benefiting the largest number of individuals."