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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.


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Imminent HSBC Job Cuts as Part of Rapid Restructuring, High-Level Executive Reveals

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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.


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AuGroup Debuts on Hong Kong Stock Exchange as ‘First Share of Furniture Going Overseas’, Showing Bright Growth Prospects

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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.


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DBS Bank Capitalizes on Property Slump, Acquires 75th Floor in ‘The Center’: Expansion into Hong Kong Market Continues

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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.


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US Chip Restrictions Challenge China’s AI Ambitions; SMIC CEO Sees Potential in Legacy Chips Demand

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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.


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Hong Kong Housing Market to Stabilize Following Unexpected Prime Rate Cut: Analysts’ Predictions

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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.


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TSMC Ceases Advanced Chip Production for Mainland China Amidst US Export Curbs Evasion Allegations: Inside Sources

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TSMC stops taking advanced chip orders from mainland China following US export restrictions evasion: insider

TSMC has informed its mainland Chinese customers that it will cease the production of advanced chips for them, as per an individual who was informed about the announcement.

Earlier this week, TSMC announced that it will cease to take orders for the processing of advanced nodes at 7-nanometre or less from certain customers, starting from the upcoming week. This information was provided by an executive from a mainland chip design company who wished to remain anonymous due to the delicate nature of the topic. The executive had been informed about the notice.

The initial report about the domestic semiconductor industry came from Ijiwei.com, a Chinese news publication, on Friday. There was no immediate reaction from TSMC when asked to give their comments.

TSMC has rejected any claims of misconduct and has vowed to cooperate with the US Commerce Department in examining the matter. Meanwhile, Huawei has stated that it hasn't made any chips through TSMC since the amended foreign direct product rule, which was aimed at Huawei, was enforced by the US Department of Commerce in 2020.


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Global Giants Lean on Tech & Localized Supply Chains: Betting on China’s Market Amid US Trade Tensions

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International corporations are wagering on China's economy in spite of Trump's triumph and US commerce disputes. During Shanghai's CIIE trade exhibition, overseas businesses dismiss concerns of a fresh trade conflict between the US and China following Trump's win.

3M, the American multi-industry corporation known for creating a variety of products from industrial to domestic goods, announced that they are implementing smart technologies like robotic arms in their automotive production lines in China. These technologies will be used to monitor product specifications and provide personalized suggestions based on customer needs. The company launched its operations in China four decades ago and currently has seven manufacturing plants across the country.

Jack Xiong, the director of research and development operations for 3M China in Greater China, asserts that a localized supply chain is beneficial to both production and growth. He explains that this facilitates product development that caters specifically to the needs of local consumers and enhances the promptness in the supply chain response.

Kim Nam-kook, who is the head of investment and operations at E-Land Group — South Korea's biggest fashion and retail firm — has stated that they have made substantial investments in implementing advanced technologies within their supply chain in China.

Kim stated, "The magnitude of the Chinese market is so vast that it constitutes a 10 to 20 percent portion of the total international sales for some Korean firms. This percentage remains firm even amidst market instability."


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Trump’s Election Triumph Ignites Optimism Among Chinese Cryptocurrency Advocates: Anticipating a Bright Future for Digital Assets in Mainland China and Hong Kong

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Cryptocurrency supporters in China are elated by Trump's election win

These supporters anticipate a promising outlook for digital assets and associated regulations in mainland China and Hong Kong.

"He also mentioned that this change could potentially impact the regulatory perspectives on digital assets in mainland China in a positive way."

Bitcoin values soared past $75,000 at a certain moment on Wednesday, marking an increase of over 66% since the beginning of the year.


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Global Food Giants Cater to Chinese Tastes: Insights from CIIE Attendees on China’s Growing Appetite for Quality International Products

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International food businesses seeking expansion are focusing on the sophisticated Chinese market, according to attendees of CIIE. They also stated that Chinese customers are seeking premium milk products and food items without any additives.

Global food corporations are striving to remain viable in the Chinese market by focusing on consumers who frequently travel, appreciate nutritious food, and are increasingly interested in Western commodities, according to participants at the biggest international trade fair.

"She commented that consumers in China have a significant preference for items such as high-protein milk drinks," during her speech at the China International Import Expo (CIIE) in Shanghai on Wednesday. The CIIE has attracted 3,500 exhibitors from over 150 different countries and regions, with big multinational corporations like Volkswagen Group and L’Oreal among them.

Goodman Fielder is particularly keen on targeting younger Chinese individuals who travel overseas for education, work, or leisure and develop a longing for the tastes they encountered in Western countries upon their return. Tang mentioned that consumers from China's top-tier cities travel internationally and acquire a liking for types of bread like ciabatta and sourdough, and seek these out when they return home.

Utilizing insights gained from their market studies, Goodman Fielder has expanded its product range for China by introducing La Famiglia frozen garlic bread and a pancake mix.

Theland, a dairy corporation from New Zealand, is introducing innovative products such as honey-infused milk to maintain its edge in the Chinese market, as stated by its Asia-Pacific CEO Sheng Wenhao. He noted that even amidst economic downturns, there are still areas experiencing growth.


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MTR Lab Supports AI Startup Ensonic in Landmark Chinese Investment: A Leap in Acoustic Detection Systems for Quality Control and Maintenance

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MTR Lab supports Ensonic, an AI startup, in its initial investment in mainland China. Ensonic specializes in developing AI-driven sound detection systems that are employed for the quality assurance and upkeep of equipment.


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AI Revolution: How Cyberport’s Start-ups are Enhancing Efficiency and Security in the Financial Sector

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AI Leading the Way: How Cyberport Start-ups are Enhancing Efficiency and Security in the Finance Sector

[This article has been created by our promotional partner.]

The initial stage of the AI Supercomputing Centre is anticipated to start functioning within the current year. Cyberport, recognized as the city's digital technology center, is ready to assist AI-based start-ups like 221b, Aereve, AutoML Capital, AIFT (formerly known as OneDegree Group), and Wizpresso, to develop revolutionary AI-driven solutions for the finance industry.

AI is revolutionizing modern fintech in areas such as risk management and fraud identification. Cyberport is at the forefront of this shift, fostering growth for over 430 fintech startups and in excess of 300 AI, big data, and robotics firms. This is encouraging progress in fields like compliance, cybersecurity, wealth management, and credit risk reduction, among others.

Effective adherence to AML regulations

Aereve, a start-up from Cyberport, focuses on crafting AI-powered compliance solutions specifically for the Asian and Middle Eastern markets where non-Latin languages such as Japanese, Chinese, and Arabic are predominantly used.

The firm's systems for countering money laundering (AML) and customer identification (KYC) use proprietary natural language processing (NLP) technology to enhance the precision and effectiveness of compliance procedures. In addition, they provide integrated assistance for non-Latin languages such as Traditional and Simplified Chinese, Japanese, and Arabic.


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Markets in Flux: Stocks and Bitcoin Surge After Trump Victory Amid Rising Inflation Concerns and European Market Decline

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Shares and bitcoin skyrocket following Trump's win, as fears over inflation grow; Dow jumps by 1,500.

Nonetheless, apprehensions regarding inflation and increased interest rates surface, prompting a drop in the prices of Treasury bonds and in European equity markets.

On Wednesday, the American stock market, including Elon Musk's company Tesla, banks, and bitcoin, all experienced a surge in value as investors speculated on the potential economic and global implications of Donald Trump's potential return to the White House. The renewable-energy sector and those concerned about increased inflation may, however, be perceived as being on the losing end by the market.

The S&P 500 experienced a 2.5 percent surge, marking its most successful day in almost two years. The Dow Jones Industrial Average saw a dramatic increase of 1,508 points, equivalent to 3.6 percent, and the Nasdaq composite grew by 3 percent. All three indexes surpassed recent record highs.

Historically, the US stock market has shown an upward trend irrespective of the victorious party in the Presidential elections. However, since 1945, the market has seen larger average increases under Democratic leadership.

However, the dominance of Republicans could lead to significant changes in the industries that prosper or fail, hidden beneath the surface. Investors are increasing their stakes based on earlier predictions about the potential consequences of Trump's preference for higher tariffs, reduced tax rates, and less stringent regulations.

"Everyone in the markets is rushing to understand the forthcoming scenarios. However, at present, the market is factoring in a projection of increased growth and inflation," said Peter Esho from Esho Capital.

Naturally, the extent of alterations Trump can implement in his second tenure will probably rely on if his Republican colleagues secure a majority in Congress, a result yet to be confirmed. This uncertainty could potentially allow for reversals in some of the impulsive actions observed on Wednesday.


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