Shanghai is leading the advancement of flying cars for various purposes including tourism, logistics, surveillance, among others. The term "low-altitude economy" is used to describe businesses that use aerial vehicles operating under 3,000 meters.

Shanghai intends to establish a minimum of 100 zones specifically designed for companies that manufacture autonomous flying cars, allowing them to refine and monetize their technologies. This comes in response to Beijing's demand for an enhanced low-altitude economy.

Xue Bing, the head of Shanghai New Jinshan Century Aviation Development, announced on Thursday that over 40 companies at the East China Unmanned Aerial Vehicle (UAV) Base have developed flying drones. These drones are set to provide a variety of services including tourism, delivery, monitoring, and transportation services.

"Local governing bodies are constructing facilities and broadening trial regions to facilitate the functioning of eVTOL (electric vertical take-off and landing) vehicles in a wide range of areas," he stated at the China International Import Expo. "Shanghai is stepping up its efforts to grow its low-altitude economy."

The term "low-altitude economy" is used to describe companies that operate airborne vehicles below 3,000 meters. This sector has been on the rise since 2021, following the implementation of supportive policies and regulations by Beijing.

The New Jinshan Aviation Development, a state-owned company, oversees the East China UAV Base, which covers approximately 1,400 square kilometers of airspace. This base, established by local authorities, is one of 20 experimental zones sanctioned by the Beijing government for businesses specializing in eVTOL.

DJI, a manufacturer of drones, and SF Express, a logistics firm, are among the 40 companies performing experiments at the UAV base. The base not only functions as a training area, but also as a nurturing platform for potential start-ups, according to Xue.

The future of prosperity: DBS Treasures pioneers AI-driven and anticipatory banking services

DBS incorporates consumer-focused anticipatory technology into a greater number of fiscal solutions to enable customers to more efficiently handle their wealth.

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In order to stay at the forefront of the ever-changing wealth management industry, DBS Treasures is dedicated to incorporating cutting-edge technologies to provide innovative solutions and top-tier service.

In the midst of this digital revolution, DBS Bank in Hong Kong provides a customized, high-end banking and wealth management system for affluent individuals. This platform delivers solutions based on data and focused on the customer, catering to contemporary banking and investment requirements.

Online tools such as predictive analytics are poised to unlock a plethora of opportunities. They present customers with user-friendly trading platforms and crucial understanding of widespread market trends and upcoming topics, and how they influence investment choices.

"Continual improvements to our digital landscape are crucial components of our overarching fintech approach for wealth management. Our aim is to provide streamlined, effective, and extremely customized experiences," asserts Belinda Hsieh, the director in charge of Treasures Investment Products and Advisory, Consumer Banking Group, and Wealth Management at DBS Bank Hong Kong. "By incorporating advanced technologies such as artificial intelligence (AI), machine learning, and natural language processing, we're transforming the way clients interact with their investments, facilitating them to access markets and make knowledgeable, instant decisions."

The scope of digital improvements spans from initiating accounts and executing transactions to overseeing investments and procuring financial counsel. This all-inclusive strategy promotes more instinctive, savvy banking through clever system prompts, also known as "nudges", alongside personalized information and analytics-driven communications, which DBS Treasures calls "next best conversations". These consultative resources aim to aid clients in making better-informed choices, thereby enhancing their financial management.

The second most popular Initial Public Offering (IPO) in Hong Kong has yielded a 48% initial profit after being oversubscribed 5,678 times. This IPO of a Chinese car parts manufacturer is only surpassed by Kwai Chung’s 2018 IPO, making it highly sought-after by Hong Kong's retail investors.

The stocks started being exchanged at HK$4.20, compared to the initial public offering (IPO) price of HK$3.61, as per the data from the stock exchange. The increase surged to 48% or HK$5.33 by the end of the trading day, bringing the total value of the company to HK$2.9 billion (US$368.4 million).

Geely Auto, a significant client of APT Electronics, is a strategic investor. The vehicle manufacturer's originator, Li Shufu, also holds a minor personal share.

The interest from individual investors in APT Electronics was astronomical, outnumbering the available shares by a factor of 5,678. This led those managing the Initial Public Offering (IPO) to boost the share allotment to 19.32 million, up from the initial 3.36 million. The current city record for IPO subscription is held by Kwai Chung's 2018 IPO, which was oversubscribed by a factor of 6,289 times.

Taiwan's semiconductor manufacturer, TSMC, maintains its US investment plan despite Trump's election. TSMC is on the verge of receiving its last grant from the Chips and Science Act, a program initiated by Biden, which Trump has criticized as 'very poor'.

"The company affirmed that their investment strategy in the US continues to be the same," was the late Thursday announcement made via email, with no further details provided.

TSMC, the leading global contract chip manufacturer and significant provider for firms like Apple and Nvidia, plans to invest $65 billion in constructing new facilities in Arizona, USA.

During his campaign, Trump alleged that Taiwan was taking away the US semiconductor industry.

TSMC, GlobalFoundries, and potentially one more semiconductor manufacturer are on the brink of getting their last Chips and Science Act grants from the Biden government, as informed by two individuals familiar with the situation this week.

Hong Kong's stock futures plummeted following Beijing's disclosure of a strategy to handle local government debt. During the conventional trading session, the Hang Seng Index fell by 1.1 percent, and the situation deteriorated even further post-closure.

"After 4pm, when the NPC press conference began, HSI futures fell by over 400 points," stated Louis Wong, the executive director of Phillip Capital Management in Hong Kong. "This could indicate that investors are somewhat let down by the announcement of the stimulus package, which primarily aimed at tackling the covert debt issues of provincial governments."

During the standard trading period, the Hang Seng Index dropped by 1.1% to 20,728.19, and the Tech Index slipped by 0.2%. The Shanghai Composite Index also saw a decrease by 0.5%. Meanwhile, the CSI 300 Index receded by 1%, reducing its surge this week to 5.5% – nonetheless, it's the greatest increase in the last five weeks.

The market took a hit as Chinese property developers experienced a drop, with Longfor Group suffering the most as it plummeted 5.8 per cent to HK$13.72. China Overseas Land and Investments also felt the blow, dipping 3.8 per cent to HK$15.36, while China Resources Land saw a decrease of 2.9 per cent to HK$26.75. Additionally, online gaming company NetEase saw a 5.6 per cent decline to HK$119.40, and food delivery service Meituan also took a hit, falling 4.1 per cent to HK$191.80.

Carlos Casanova, an economist at the Swiss private bank UBP, suggests that Beijing might delay any additional moves until more information about the tariff plans of US President-elect Donald Trump is revealed.

'The Monarch returns': Binance tycoon CZ outlines post-prison existence

The creator of the globe's biggest digital currency exchange discusses his four-month jail term, upcoming endeavors, and beyond.

Making a return from a US prison located across the globe, the cryptocurrency tycoon known as CZ isn't resuming his position as the head of the biggest crypto exchange. His agreement with the US Department of Justice (DOJ) prevents him from being at the forefront of the company, a condition he says he is comfortable with.

Zhao expressed in the interview that he does not foresee returning to his position as Binance's CEO. This was his first public statement since being freed. He shared that he had led the company for seven years and while he found it rewarding, it was also demanding. He believes that part of his life is now closed.

Zhao revealed that he has been approached with proposals to buy his majority share in the exchange, a stake that comprises a significant portion of his wealth. However, he chose not to disclose the identities of the potential buyers or the proposed amounts.

The leading executive at HSBC Holdings has announced that job cuts will commence within a few weeks as part of the bank's extensive restructuring. The bank's new global wholesale banking division's chief stated their intention to complete the restructuring process rapidly.

"We understand fully that this is causing a distraction and disruption, so our goal is to resolve this as rapidly as we can," Roberts expressed to Bloomberg TV's Manus Cranny. "We're looking at a few weeks until we disclose the initial stage, followed by a few more weeks. We're committed to operating at a very swift pace."

He mentioned that information regarding the overall count of impacted jobs will be disclosed around the period of HSBC's annual results. "By February, we'll not only have a figure ready, but also an established organisational structure," he added.

Roberts is in charge of HSBC's operations in the US and the Americas, a position he took up five years ago following a 30-year stint at Citigroup, where he was primarily the chief lending officer. As part of his new duties, which involve implementing a new wholesale banking model, he will be moving from New York to London in January. The search for someone to take over his US position has already begun, according to Roberts.

AuGroup has made its debut on the Hong Kong Stock Exchange, marking a significant milestone as the first overseas furniture stock, and it shows great promise for future growth. [This article was brought to you by our advertising affiliate.]

The relaxing cycle of foreign central banks and the ongoing rollout of positive policy cues from the Mainland have significantly boosted investor confidence in the Hong Kong stock market. The Initial Public Offering (IPO) market has also seen a considerable rebound. Lately, a slew of large-scale IPOs and "A + H" shares have surfaced in Hong Kong, attracting substantial investor interest. On November 8, another high-quality stock, AuGroup (2519.HK), made its official debut on the Hong Kong Stock Exchange, earning the title of "first furniture stock to go international" in Hong Kong's stock market.

Public data reveals that AuGroup is a global frontrunner in the international e-commerce sector, with a focus on high-quality furniture and home decor. In 2023, the firm topped the chart in the B2C foreign e-commerce market for furniture and home decor sold by Chinese vendors; and secured fifth place in the worldwide B2C e-commerce market for the same category. In its recent Initial Public Offering (IPO), AuGroup's public offering in Hong Kong was oversubscribed by a factor of 17.7, culminating in a final offering price of HK$ 15.600.

AuGroup is targeting the furniture and home decor sector, a rapidly expanding B2C e-commerce segment with minimal return rates. Leveraging their robust supply chain and extensive logistics framework, AuGroup can swiftly create a variety of high-quality, competitively priced products to keep up with the fluctuating market needs. Consequently, they have quickly gained considerable market sway in the furniture and home decor sector.

Currently, AuGroup possesses a number of unique brands including ALLEWIE, IRONCK, LIKIMIO, SHA CERLIN, HOSTACK, and FOTOSOK that have gained popularity worldwide. In the year 2023, each of these 11 brands managed to generate over RMB100 million in Gross Merchandise Value (GMV). Based on information from Frost & Sullivan, in 2023, the company topped the charts in six categories for GMV on Amazon's U.S. website. Additionally, the company held a market share exceeding 10% in ten categories on the same site, again in terms of GMV, in the same year.

DBS Bank acquires the entire 75th floor of The Center, expanding its venture into the Hong Kong real estate market. The most recent acquisition from 'Cassette King' Chan boosts DBS's ownership to 11 floors in a building that was previously the world's priciest tower.

DBS Group Holdings, the largest bank in Singapore, is leveraging a dip in property prices to grow its Hong Kong operations by acquiring additional office space in a building formerly known as the world's priciest office tower.

DBS Bank's branch in Hong Kong spent HK$646 million (approximately US$83.1 million), equivalent to HK$27,028 per square foot, to purchase the whole of the 75th floor of The Center situated in the city's business hub, as per official documents dated November 6. Previously in September, the bank had shelled out HK$700 million, at a rate of HK$26,000 per square foot, for the 66th floor.

The most recent acquisition signifies a markdown of 18% compared to the price in 2018. China Unicom (Hong Kong), a cellular service provider, is presently the tenant of the 75th floor, paying a monthly lease of HK$1.46 million, set to expire in June 2027 as per official documents. Following this transaction, DBS will increase its stake in the tower to 11 floors.

DBS has not provided an immediate response to a request for a statement.

The CEO states that American limitations on chip technology obstruct China's leading chip foundry's AI aspirations.

Zhao Haijun, the joint CEO of SMIC, maintains that the foundry can still take advantage of the growing need for less sophisticated 'legacy chips' necessary for certain AI items.

"AI is a boon for the semiconductor production industry," stated Zhao in a financial results discussion with analysts on Friday. "It has the potential to drive our business expansion in the forthcoming years."

The rise of artificial intelligence (AI) in recent years has resulted in a heightened need for global foundries. These foundries have swiftly adjusted their production lines to concentrate on manufacturing graphics processing units (GPUs). These chips are essential for training AI models. TSMC, the world's leading contract chip manufacturer, expressed optimism about its prospects for the coming year in October, attributing this to the robust demand for AI.

CIIE: L'Oreal, the cosmetics titan, bolsters its supply chain in China to minimize disruption risks

'Our focus is on this localisation strategy, aiming to manufacture as much as possible, wherever possible in China,' states the executive.

"By doing this, our reliance on international supply chains, primarily those not only in China but also majorly in the US or Europe, will gradually decrease."

The team has already improved its supply chain procedures in Suzhou and Yichang and began utilizing Guangzhou as a port, after discovering an excessive dependence on Shanghai. This over-reliance became problematic when Shanghai faced significant delays during Covid lockdowns.

"We've established storage facilities in locations previously unoccupied, such as the northeastern region of China, bringing us nearer to our consumers," Gupta stated. "In addition, we're mechanizing our larger facilities, which lessens our reliance on numerous personnel."

The business has also utilized technology to strategize for internet sales.

Analysts predict a stabilization in Hong Kong's housing prices following a rate decrease in the near future. The surprise reduction in the prime-rate by domestic lenders is anticipated to attract more purchasers, bolstering prices.

The surprising reduction in the prime rate by Hong Kong banks on Friday will decrease financing expenses and attract additional purchasers to the market. Experts anticipate that city's housing prices will reach their lowest point "in the near future".

BOCHK, HSBC, and its affiliate Hang Seng Bank are set to reduce their prime rate by a quarter point, bringing it down to 5.375% starting Monday, as per individual announcements. Standard Chartered, Bank of East Asia, and ICBC (Asia), the regional division of China's largest bank, will also lower their prime rate to 5.625%.

The actions of the banks came as a surprise, considering that Hong Kong banks usually lower their rates only once for every two to three reductions by the US, stated Raymond Cheng, who is a managing director at CGS International Securities in Hong Kong.

"The most recent reduction implies that the mortgage rate in Hong Kong will also decrease by 25 basis points, dropping to 3.625 per cent from its previous rate of 3.875 per cent."

In Hong Kong, a significant number of home loans are designed as prime-based lending, where the interest rates are determined at a level either higher or lower than the bank's prime rate. As a bank decreases its prime rate, the interest rate for these prime-associated mortgages similarly goes down, which aids in lessening the monthly expenditures and total borrowing costs for those purchasing homes.