Miniso from China plans to broaden its reach to 10,000 stores worldwide by 2027 in a bid to boost profit margins. The retailer views the US and Europe as important markets, with sales in stores beyond mainland China observing a 43% increase.

Miniso Group, a Chinese budget lifestyle retail company, plans to build a worldwide network of 40,000 stores. This strategy aims to take advantage of an increasing trend of consumption driven by interests, by providing high-profit products based on popular entertainment franchises, as stated by senior executives.

"Young consumers are becoming more and more prepared to spend on things that bring them joy and contentment, a trend that can't be ignored," stated Ye Guofu, the founder and CEO of the company, at a press conference in Shanghai on Tuesday. "This presents a golden chance for Chinese brands to expand internationally."

The Guangzhou-based firm, with over 150 collaborations with brands ranging from Harry Potter to Barbie, identifies the United States and Europe as vital areas for its growth. This is because the per-person expenditure on franchise-related items in these regions is significantly higher – 25 times more in the UK and 60 times more in the US compared to China, according to Ye.

"In order to truly develop into a global brand, it's imperative to establish a strong presence in Europe and North America," he stated. "This is the most critical move."

Miniso runs upwards of 7,000 stores around the world, with over 2,700 located internationally. In the first half of this year, North America and Europe, which have only 478 stores, were responsible for approximately 11.6 per cent of the company's income, as stated in the company's half-yearly report.

Overall revenue increased by 25% reaching 7.8 billion yuan (US$378 million) in the first six months, compared to the same period last year, with about one-third of that coming from international branches. The adjusted net profit hit 1.2 billion yuan, marking a 17.8 % increase.

Zhipu AI from China claims that their app can control your smartphone for you. The Chinese startup states that their app, AutoGLM, can perform actions like ordering coffee, sending texts, and other tasks on smartphones, all by reacting to voice commands.

AutoGLM, an artificial intelligence application, can comprehend relatively intricate voice instructions like "reorder my latest cereal purchase from shopping history" or "buy a latte from the closest coffee shop", as reported by the company based in Beijing.

The instrument can subsequently map out the procedures required for each job, interpret data displayed on monitors, and execute the necessary tasks on mobile phones, according to Zhipu AI, a company that operates a range of AI systems and associated chatbots like ChatGLM.

AutoGLM exemplifies the recent trend of Chinese start-ups creating products that deliver AI features to consumers through smartphones, in a market predominantly missing major international contenders.

China is not included in the roster of nations and territories where both OpenAI, the creator of ChatGPT, and its competitor Anthropic provide their generative AI solutions. Recently, Anthropic introduced a function comparable to Zhipu AI's AutoGLM, titled "computer use", which automates specific computer tasks like organizing a spreadsheet or searching for particular details within thousands of data rows.

Hong Kong's share market declines due to varied profit reports and the potential for China's fiscal stimulus. Investors are preparing for the upcoming meeting of the National People's Congress Standing Committee next week.

The Hang Seng Index experienced a 1.6 per cent decline, ending at 20,380.64, and wiped out all progress from the previous three days. This drop was the most significant since October 21.

The Hang Seng Tech Index experienced a decrease of 2.4 percent. Mainland indicators also showed a downturn: the CSI 300 Index fell by 0.9 percent and the Shanghai Composite Index lost 0.6 percent.

"Currently, the Hong Kong market doesn't possess substantial growth potential and is expected to remain steady, owing to the unpredictability of the earnings season and increasing US Treasury yields," explained Yan Zhaojun, an analyst at Zhongtai Securities. "However, there's optimism about potential fiscal stimulus, although there's some caution about its extent and reach."

Home repossessions in Hong Kong increase and are set to stay high in the last quarter, according to Centaline.

The number of seized homes in Hong Kong will continue to be high during the final quarter, says Centaline.

Centaline states that the rate of home foreclosures in Hong Kong is expected to stay high through the fourth quarter.

Residential property repossessions in Hong Kong have seen an upward trend for two consecutive quarters, with further surges predicted in the near future, according to Centaline Property. This comes as real estate dealings are on the rise.

During the third quarter, the count of repossessed private homes, taken over by banks due to mortgage payment defaults, reached 189. This is an 11.2% increase from the previous quarter's 170, as reported by Centaline on Tuesday. The number of foreclosures in the third quarter was the second highest in the last two years. The property agency's data revealed that out of these foreclosed homes, 82 were new additions and 63 were either sold or reclaimed by the banks.

The number of repossessed properties worth HK$10 million (US$1.29 million) or less increased by 45%, which is equivalent to 66 units. This rise occurred because sales couldn't keep pace with the influx of new units, leading to an overall increase of 21% in the total number of these units.

Centaline reported an increase in foreclosure sales in the price range of HK$10 million to HK$20 million and above. They announced the addition of 16 new properties and the sale of 21, which resulted in a 15 per cent decrease in inventory for this price category.

Of the 82 fresh foreclosure additions, 43 were located in the New Territories, 26 in Kowloon, and the remaining 13 in Hong Kong Island.

Standard Chartered plans to concentrate on the wealth sector and offload divisions following positive earnings reports. The net profit from June to September significantly exceeded the analysts' predictions of US$886 million.

The net earnings for the quarter ending in September were reported at US$931 million, as per international accounting standards, surpassing the predicted amount of US$886 million.

The bank situated in London, earning a significant portion of its revenue from Asia, announced a pre-tax profit of US$1.7 billion, surpassing the US$1.5 billion prediction made by analysts. The operating income, equivalent to revenue in American accounting language, increased by 11% to reach US$4.9 billion.

"Our third quarter results have been robust, fueled by an unprecedented quarter in wealth solutions and significant expansion in our international markets division," CEO Bill Winters announced in a communication to the Hong Kong stock exchange on Wednesday.

"We are significantly increasing our investments in our steadily expanding and profitable wealth management sector. Moreover, we will persistently refine our broad retail business to concentrate on nurturing our prospective affluent and international banking clientele."

The bank's wealth solutions sector saw a 32% increase in operating income, reaching $694 million, which can be attributed to sustained solid momentum and a rise in wealthy new customers. The operating income of the global markets also experienced a 16% increase, amounting to $840 million.

The first Saudi Arabian ETF monitoring Hong Kong shares has a steady start on its Tadawul premiere. Albilad ETF, that follows 30 sharia-compliant stocks listed in Hong Kong, experienced a stable opening.

The Albilad CSOP MSCI Hong Kong China Equity ETF (Albilad ETF) has made a successful first appearance as the inaugural index fund in Saudi Arabia to track Hong Kong stocks. This significant listing has paved the way for investors from the Middle East to trade Hong Kong shares.

The ETF experienced a slight increase of 0.002 percent, reaching 10.02 Saudi riyals per unit during initial trading on the Saudi Stock Exchange (Tadawul).

The fund, which trades under the ticker symbol 9410, successfully generated over US$1.2 billion, as reported by CSOP Asset Management located in Hong Kong, who has formed an alliance with Albilad Capital. Bloomberg data confirms it as the biggest ETF ever listed in the Middle East.

Investors from Saudi Arabia are allowed to make a minimal investment of 10 riyals (equivalent to US$2.66) to purchase a unit of an ETF. This ETF monitors the top 30 companies in Hong Kong that adhere to the Islamic law regulations.

Contrary to the tradition at the Hong Kong stock exchange where a ceremonial gong is hit to announce a new listing, Tadawul prefers a more understated approach, where company leaders simply press a button to commemorate the event.

Paul Chan Mo-po, the Financial Secretary of Hong Kong, along with a significant delegation from the city, attended the listing ceremony. He is currently in Riyadh to participate in the FII summit which concludes on Thursday.

HKEX, the stock exchange operator, plans to establish an office in Saudi Arabia in 2025 to enhance its Middle East networks. This action marks another attempt to build stronger ties with the Middle East amidst tension between China and the US.

The Hong Kong Exchanges and Clearing (HKEX) is set to establish a new office in Saudi Arabia in the coming year. This move is aimed at not only bolstering its foothold in the region but also improving the city's capacity as a financial link between mainland China and the Middle East.

The recently established office in Riyadh, the capital city, will offer local investors the necessary support, enabling them to tap into Hong Kong's financial offerings and seize opportunities stemming from massive trends driving Asia's economic growth, stated the stock exchange operator in a Wednesday announcement.

HKEX has established offices in Beijing, London, New York, Shanghai, and Singapore.

HKEX CEO, Bonnie Chan Yiting, has announced that their Riyadh branch is set to commence operations in the first half of the upcoming year. She mentioned that this development is the culmination of two years of negotiations with local authorities and marketing campaigns.

"Once the new branch is operational, our team in Riyadh will be able to offer insights to firms considering going public in Hong Kong," Chan stated in a press conference following the inaugural listing event of the first ETF monitoring Hong Kong shares on the Saudi Stock Exchange.

Chan reported that the London Metal Exchange, which is fully owned by HKEX, announced on Wednesday the introduction of two new delivery locations for copper and zinc in Jeddah, Saudi Arabia.

The HKEX has completed a practicality analysis on the possibility of warehouse operators establishing metals warehouses in Hong Kong, she further stated.

GDS, a Chinese data center company, has secured US$1 billion in funding for the expansion of their infrastructure abroad. This financial boost will support the creation of data centers with a total capacity of up to 1 gigawatt outside of China, as stated by GDS.

In conjunction with the current equity of GDS International, the Series B financing will be adequate to fund the growth of up to 1 gigawatt of overall data centre capacity. This capacity is more than double the size of the company's existing facilities that are operational or being built outside the mainland, as per the announcement.

Cloud computing technology allows businesses to handle or disseminate a variety of software and other digital resources as a service that can be used as needed, akin to electricity from a power grid. These resources are housed within data centers.

Xiaomi has revealed a luxury car, resembling a Ferrari, priced at US$114,000 as part of their new venture. The SU7 Ultra has garnered mixed reactions such as doubt and praise from customers in the world's biggest EV market.

From March onward, Xiaomi has successfully shipped 75,688 SU7 sedans, with its monthly shipment exceeding 20,000 units for the first time ever in October, as per the company's reports. These figures place the new player, Xiaomi, on an equal footing with veterans in the field like Tesla and BYD.

Xiaomi's electric vehicle sector produced a revenue of 6.4 billion yuan in the second quarter, as per the company's financial statement. However, due to continuous investment, it suffered a net loss of 1.8 billion yuan.

Xiaomi's stock saw a minor increase of under 0.6% to HK$26 by the end of trading on Wednesday. This followed an announcement by the Beijing-based firm that they had garnered over 3,600 pre-orders for the SU7 Ultra within the first 10 minutes of opening registration late Tuesday.

HSBC reveals Gen Z prioritizes saving for travel and short-term objectives, beginning to invest at a younger age. The survey indicates that almost 50% of Gen Z participants focus on saving for short-term aims, frequently associated with life enjoyment.

Brian Hui, who leads customer propositions and marketing for wealth and personal banking at HSBC Hong Kong, commented that each generation has its own unique lifestyle choices and economic requirements. He noted that almost 50% of the Gen Z participants in their study put a high priority on setting aside money for immediate objectives, which are frequently associated with life enjoyment.

The poll revealed that for 71% of Generation Z, the primary reason for working is to be able to travel, which they prioritize over buying a house or starting a family. Some participants expressed that buying a house seems like an unrealistic goal, showing a tendency towards jobs that provide personal satisfaction, especially those that involve travel.

In the last year, the participants reported they took trips approximately thrice, with an average expenditure of about HK$35,000 (US$4,504), which constitutes roughly 13% of their earnings.

Furthermore, individuals from Generation Z allocate almost 10 per cent more of their budget to leisure activities compared to other age groups. However, they also exhibit higher saving habits, putting away approximately HK$6,014 monthly, which represents 28 per cent of their earnings. This saving rate is the highest across all generations, as indicated by the survey.

Residential and commercial real estate in Hong Kong is reviving, whereas the office sector is grappling with an excess supply. According to recent reports, strong weekend property sales suggest that the housing market will rebound faster than office spaces by 2025, say industry consultants.

The availability of empty office space kept increasing last month in several commercial areas of the city such as Central, Wan Chai, Causeway Bay, and Tsim Sha Tsui, as mentioned in JLL's most recent study. The property consulting firm noted a 1.1 per cent decrease in rents since August.

"Exiting the slump would require time, particularly as businesses are currently struggling to enlarge their workspace," stated Martin Wong, the chief director and leader of research and consultancy for Greater China at Knight Frank.

The market is currently dealing with an excess supply issue, with vacancy rates remaining close to record levels, says real estate services firm CBRE. Developers and property owners in Hong Kong are projected to introduce approximately 3 million square feet of additional office space next year, which will further exacerbate the surplus, the company predicts.

Three thirty-nine

Store occupancy is rebounding in Hong Kong, however, empty shops continue to dot the cityscape.

The vacancy rates are expected to deteriorate further by the end of 2025, and rents could potentially drop by an additional 5 per cent, as projected by CBRE.

Hong Kong shares achieve the most extended series of victories in a month; HSBC soars to a level not seen in six years. HSBC climbed to a level not witnessed in six years following a quarterly profit that surpassed experts' projections, aiding in boosting the Hang Seng Index's most durable victorious run in a month.

The Hang Seng Index saw an increase of 0.5 per cent, closing at 20,701.14, marking a three-day rise of 1 per cent. HSBC reached its highest point in six years while Wuxi AppTec, a biopharmaceutical company, experienced a surge after its third-quarter earnings exceeded market predictions. Meanwhile, the Hang Seng Tech Index grew by 1.1 per cent.

Stock market indicators on the mainland experienced a drop; with the CSI 300 Index declining by 1 per cent and a 1.1 per cent decrease observed in the Shanghai Composite Index.

Shen Fanchao, a financial analyst at Zheshang International in Hong Kong, suggests that China will probably increase its budgetary aid for economic expansion, with additional measures expected. The government has repeatedly emphasized its aim to reach this year's growth objectives. These efforts are predicted to enhance the mood in the marketplace.