Geely's CEO believes the company's financial success hinges on gasoline-powered vehicles despite the rising popularity of electric vehicles. "Without the production of petrol cars, automakers risk losing a significant source of profit growth," says CEO Gui Shengyue in an interview.

Geely Auto, the second biggest automobile manufacturer in China, has called for a return to fundamental business principles with a focus on profitability. It is relying on petrol-fueled cars to drive its earnings, even though electric vehicles (EVs) are selling strongly.

Traditional vehicles fueled by internal combustion engines (ICEs) are projected to account for 30 per cent of global car sales due to diverse consumer preferences and driving routines, coupled with inadequate electric vehicle charging infrastructure.

"Electric vehicles are not the sole representation of the automotive industry's transformation," stated CEO Gui Shengyue in a discussion with the Post. "As an auto manufacturer, if you don't produce gasoline vehicles, you'll miss out on a key source of profit growth."

The remarks contradict the widespread belief that electric vehicles (EVs) will take over the car industry as more nations commit to worldwide goals of lowering carbon emissions by 2030 and 2050. Just last week, William Li, the head of Nio, a high-end EV manufacturer based in Shanghai, predicted that the acceptance of EVs in China will exceed 90% by 2027.

He forecasts that hybrid vehicles, capable of operating on battery power for brief journeys and transitioning to gasoline for extended trips, would make up 40% of worldwide car sales. Meanwhile, solely electric vehicles are expected to account for the rest of the 30% market share. Both hybrid and purely electric vehicles are classified under the electric vehicle (EV) segment.

"Essentially, future models of internal combustion engine (ICE) cars will not consume excessive amounts of oil as they have been known to. They will need to be designed with fuel efficiency in mind to aid in the worldwide initiative to lower emissions," stated Gui. "They will also incorporate more smart technology, similar to their electric counterparts."

Hopewell, the leading property owner in Wan Chai, is venturing into the hotel industry, banking on the demand for tourism and conferences. Gordon Wu, the founder, anticipates retiring in two years following the renovation of Nam Koo Terrace, otherwise known as the Wan Chai Haunted House.

Hopewell Holdings, a significant commercial property owner in the Wan Chai district, is counting on its newest hotel business to thrive through an increase in tourists from mainland China and Southeast Asia, along with a growing need for large-scale conferences in the city.

The Hopewell Hotel, situated adjacent to the Hopewell Centre on Kennedy Road, plans to offer 1,000 rooms in addition to more than 70,000 square feet of open meeting and convention areas, as announced during a press conference on Tuesday. The hotel expects to draw a larger crowd from the mainland, thanks to recent government actions such as the implementation of multi-entry visas for residents of Shenzhen.

Gordon Wu Ying-sheung, the group chairman, disclosed that this hotel is poised to become the city's next destination for global conferences, thanks to its variety of auditoriums and venues of different sizes. He noted that there is a significant need for new, large-scale conference amenities in Hong Kong.

At the age of 89, Wu is optimistic about the future prospects of the city's hotel industry. He expects an increase in visitors from two specific regions due to a rise in national income. However, he acknowledges that it will be a challenging journey, indicating that it could take over ten years for the hotel business to start making a profit.

Wu stated that the total price for the property and building expenses equaled approximately HK$15 billion (US$1.9 billion). Given an annual interest rate of 5%, the project would need around 11 to 12 years before it begins to generate profit. Therefore, it could be excessively expensive for other potential competitors.

Shares in Hong Kong experience an uptick as Beijing suggests measures to enhance the worth of government-supported companies. China's state property regulatory body has also put forward suggestions regarding mergers and acquisitions, market-focused modifications, transparency in information, and repurchasing of stocks.

The Hang Seng Index saw an increase of 0.8 per cent, closing at 19,864.55 on Wednesday, marking its first rise in two days. The Hang Seng Tech Index also experienced a growth of 1.8 per cent. In mainland China, both the CSI 300 Index and the Shanghai Composite Index experienced gains, with the former rising 0.5 per cent and the latter growing 0.6 per cent.

The index that monitors businesses with the largest shares owned by state-run enterprises, known as the Hang Seng China Central SOEs Index, experienced a 0.8% boost. Shares in China Unicom saw an increase of 2.1%, reaching HK$7.17, while PetroChina's shares went up by 1.4%, landing at HK$5.85.

China has announced that the evaluation of state company executives will be based on their firm's stock performance. This directive applies to 409 companies listed on the mainland, which together have a total market worth of US$3.8 trillion.

The instructions have been issued during a period when the resurgence of Chinese stocks is waning, and the officials are keen to enhance the worth of shares denominated in yuan. Recently, investors have been left feeling exasperated due to the absence of clear information regarding how Beijing intends to bolster the stock and real estate markets, as well as the wider economy.

The most recent directives from Sasac are also a reaction to the central economic work conference that wrapped up last week. During the meeting, President Xi Jinping and other senior officials urged for stability in the stock and real estate markets.

"Companies listed and regulated by central government-owned corporations are the key players in the competition within the marketplace, and they play a significant role in maintaining the stability of the capital market," stated Sasac. "It's essential for us to focus on high-quality development, continually enhance our efficiency and profitability, and foster a selection of top-tier listed companies that demonstrate robust business results, potent innovation skills, and commendable corporate governance."

China's supremacy in worldwide shipbuilding is getting reinforced due to the escalating global demand. Chinese shipyards are projected to profit immensely from a surge of fresh orders, as their South Korean rivals are opting for a more "reserved" strategy, as per ING.

Analysts predict that China, the global leader in shipbuilding by market share, is set to gain a surge of new contracts as the international industry undergoes a revival.

China is poised to become the primary benefactor of this market surge, as its main rival, South Korea, is projected to adopt a more "prudent" strategy by concentrating on profitable and dependable orders, according to a study note released by economists on Monday.

"In the last couple of years, there's been a resurgence in previously shuttered Chinese shipyards, with these facilities resuming operations and receiving new orders," the examination stated. "The vast majority of the fleet that can be replaced is made up of bulk carriers, which are primarily constructed in China's shipyards.

"This could potentially trigger a greater demand for investment growth in China."

Hartland Shipping Services, an industrial consultancy firm located in both London and Shanghai, has also projected continuous expansion for the whole industry. They believe Chinese shipyards, in particular, have a very promising future.

In October, the requirement for newly constructed container vessels hit its peak, the highest since the second quarter of 2021, which was the apex of the previous global shipbuilding surge, according to a report released that month by the company.

Food delivery services in China impose rest periods for couriers working extensive hours in the gig economy. Meituan and Ele.me have implemented 'fatigue management' systems in various cities, putting a stop to orders after a 12-hour workday, as the workload increases in the decelerating economy.

Meituan, following the pattern set by China's system for long-distance lorry drivers, has been testing a "tiredness control" system in some cities. This system identifies extended work periods via the delivery app, and encourages riders to rest after a specified duration, usually more than 12 hours, according to a Meituan employee who spoke to the Post. If the rider disregards this advice, the app will ultimately force them to log out.

The alert system is being launched by these platforms because food delivery personnel and drivers similar to Uber are feeling the hardest hit from China's economic downturn and declining consumer expenditure. This situation is compelling them to put in excessively long hours just to get by.

An employee from Meituan, who wished to remain anonymous due to the confidential nature of the information, revealed that once a delivery person hits the 12-hour mark, the staff has the ability to send alerts, forcibly log them out, or cease giving them tasks.

"Meituan is paying attention to input from everyone involved, such as the riders, and remains committed to refining and enhancing our fatigue management systems," the firm shared in a communication with the Post.

HKEX launches a subscription data platform as a part of their product diversity expansion plan. The CEO of HKEX stated that investors worldwide are in search of more comprehensive and meaningful data to aid them in making investment decisions.

Dubbed as HKEX Data Marketplace, this online platform provides its members with extensive data regarding diverse shareholdings from its Central Clearing and Settlement System (CCASS) clearing house. It further provides comprehensive pricing and additional trading details for stocks and derivatives.

She stated that the extensive data from the platform will boost the appeal of Hong Kong's financial markets.

Zhang Yiming, the founder of ByteDance's investment fund, has been granted a Hong Kong asset management license. This regulatory endorsement allows the fund, which was initiated by the owner of the Chinese parent company of TikTok, to offer services to professional investors.

The business headquartered in the International Finance Centre in the Central business district has Liu Bide and Liu Zhao as its accountable executives. There are no other records associated with Liu Bide at the SFC. However, Liu Zhao previously served as a representative for Barclays Capital Asia between the years 2013 and 2015.

ByteDance chose not to respond. Attempts by the Post to contact Zhang for a statement were unsuccessful.

China needs to utilize advanced AI to revolutionize its financial industry, says ex-PBOC representative

This appeal surfaces as the Chinese administration is pushing to recharge the economy by nurturing "new superior productive forces."

An ex-vice governor of China's central bank has urged the nation's financial sector to harness the transformative power of budding artificial intelligence (AI) technology. This comes as Beijing aims to foster "new high-quality productive forces" to rejuvenate the economy.

Artificial Intelligence (AI) has significantly contributed to the evolution of conventional financial services including client assistance, investment, and risk management, stated Li Dongrong, the ex-deputy governor of the People's Bank of China. He expressed this at a professional gathering in Shenzhen on Sunday, as per a post on social media by the event's organizer.

"Currently, the development of advanced, large-scale language models has also become a crucial catalyst for the evolution of the banking sector."

Since the Chinese government released a development strategy for the AI industry in 2017, a holistic industrial infrastructure for AI has been established, according to Li. He further mentioned that the primary industry is now valued at approximately 600 billion yuan (equivalent to $82 billion USD).

Prominent Chinese banking entities like the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank are allegedly investigating methods to improve their functions through the use of extensive language models and additional AI technologies.

Hong Kong grants permits to four additional cryptocurrency exchanges in response to a spike in bitcoin prices. These approvals increase the overall count of licensed digital asset companies to seven, indicating Hong Kong's efforts to rejuvenate its cryptocurrency sector.

The green light has been given as the city takes steps to bolster the digital asset regulatory system it started two years ago. The aim is to rejuvenate the cryptocurrency industry in the city and safeguard individual investors. While mainland China continues its rigid prohibition on commercial activities related to cryptocurrencies, Hong Kong is striving to be a gateway to digital assets like bitcoin. The value of this digital currency has increased by 60 per cent over the past half-year and recently exceeded US$100,000 for the first time.

"Through active discussions with the top executives and primary stakeholders of VATPs, we are able to clearly communicate our expected regulatory norms and speed up our licensing process," stated Eric Yip, the SFC's head of intermediaries. "Our goal is to find a middle ground where we can protect investor interests while still promoting the ongoing growth of the virtual asset environment in Hong Kong."

The recently authorized exchanges are permitted to "conduct limited business operations" once they have fulfilled the necessary corrective measures, along with "an independent third party performing a satisfactory vulnerability assessment and penetration test", stated by the SFC.

Earlier, the regulatory authority had granted licenses to three domestic crypto platforms: OSL, HashKey, and HKVAX. This year, nearly 30 companies were vying for the license, but only about 12 are still in the running after several major platforms, such as OKX and HTX, pulled out their applications due to strict regulatory demands. Four new licences have now been issued.

Data indicates that the GenAI industry in China is experiencing more investments but fewer transactions, suggesting a trend towards consolidation. This year's total investments reached 35 billion yuan, a significant increase from last year's 20.5 billion yuan, indicating a more discerning approach from investors.

The generative artificial intelligence (GenAI) industry in China has attracted increased financial backing this year, despite a decrease in the number of deals. This is due to investors becoming more selective due to market saturation, as per industry statistics.

As of December 18, the GenAI sector in China had secured 113 agreements, a drop of roughly 20 per cent from the 143 recorded the previous year, based on information gathered by Itjuzi.com, a database service for start-ups.

The overall funding this year reached 35 billion yuan (US$4.8 billion), a significant increase from last year's 20.5 billion yuan. This indicates that investors are becoming more cautious in their investment choices due to the saturated market and the unpredictability of how new AI products will generate revenue.

The top four AI firms in China – Zhipu AI, Moonshot AI, Baichuan, and MiniMax, collectively referred to as the Chinese AI Tigers, have raised approximately $2.1 billion this year, as per company announcements and news stories. This accounts for nearly half of the total investment made in the Chinese GenAI market this year.

CATL plans on constructing 1,000 electric vehicle (EV) battery exchange facilities in China to alleviate concerns over driving distance. The company, along with its collaborators such as Changan Auto and FAW Group, will develop ten new EV models that incorporate this battery swap technology, as stated by the chairman.

The firm announced that the facilities would enable electric vehicle owners to swap their depleted battery packs with fully powered ones in less than two minutes. Some of these stations are planned for construction in Hong Kong and Macau, as part of increased efforts to transition more users away from gas-fueled vehicles.

"CATL is committed to advancing top-notch EV battery technologies," stated Robin Zeng Yuqun, the billionaire originator and head of the company, during a digital press conference on Wednesday. "Being the market front-runner, we plan to collaborate with our associates to establish a robust environment for facilitating innovative advancements."

Headquartered in Ningde, in the east of Fujian province, CATL has plans to construct a total of 30,000 battery exchange sites in the future, according to Zeng, who did not provide a particular timeline. To broaden the charging network, the company will also welcome outside investors.

CATL, a battery supplier for major clients like Tesla and BMW, also provides EV users with swappable battery rental services starting from 369 yuan (equivalent to US$51) per month. The company has received subscription orders for its Choco-SEB batteries from over 30 companies, amounting to a total of 107,500 units, as reported by Zeng at the press conference.

CATL, along with its collaborators including Changan Automobile and FAW Group, plans to create 10 additional electric vehicle models utilizing battery switch technology, the firm announced.