Trailblazing executives revolutionize sectors and fast-track worldwide innovation. The EOY 2024 accolades acknowledge accomplishments in the fields of technology, healthcare, logistics, and sustainability. Two forward-thinking businesspeople from mainland China and Hong Kong/Macau have been celebrated for propelling innovation and nurturing sustainable development.

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Acknowledged for their game-changing contributions to the international semiconductor and logistics sectors, Xiao Shengli from Tianshui Huatian Technology and James E. Thompson from Crown Worldwide Group have been honored as recipients of this year's EY Entrepreneur Of The Year (EOY) awards.

The EY World Entrepreneur Of The Year awards, recognized worldwide, encompass 79 nations and areas, honoring the essence of entrepreneurship through a consolidated assessment system.

In addition to his corporate duties, Xiao is deeply dedicated to societal obligations, providing aid for disaster-struck areas and impoverished communities. He also champions a company environment that values patriotism and creativity.

"Nothing is beyond our reach if we can imagine it. Everything we can envision, we can accomplish," he expressed at the grand celebration and prize distribution event, communicating his faith in the potency of creativity and resolve.

SMIC and Wuxi Bio spearhead Hong Kong's market upturn following Trump's shift in position on TikTok prohibition. The incoming President's more lenient view on the Chinese video platform could potentially enhance US-China relations.

The Hang Seng Index experienced a 0.8 per cent increase, closing at 19,883.13. This follows a 1.3 per cent decline from the previous week. Meanwhile, the Hang Seng Tech Index saw a slight uptick of 0.3 per cent.

Business transactions in Hong Kong are anticipated to be quiet this week due to the Christmas break, with investors likely to refrain from active participation. Monday's turnover was recorded 24 per cent lower than the regular 30-day average, based on Bloomberg's data. The Hong Kong stock market will accommodate morning trades on Tuesday, then proceed to close until Thursday.

On the mainland, there was a 0.2 per cent increase in the CSI 300 Index, while the Shanghai Composite Index fell by 0.5 per cent.

During a talk with right-wing backers in Phoenix, Arizona, Trump expressed his disagreement with TikTok's departure from the American market, marking a fluctuation in his previously inconsistent views on the well-liked social media platform. In April, the US Senate approved a bill mandating TikTok's parent company based in China, ByteDance, to divest the app due to worries over national security.

Copley Acquisition, a SPAC, is aiming for a US$150 million IPO on the NYSE, looking for potential investments in the technology and lifestyle industries. The SPAC is overseen and supported by top officials from Pacific Aegis Capital Management, Gobi Partners, and Hermitage Capital.

Copley Acquisition, a unique acquisition corporation (SPAC) supported by Hong Kong's investment companies such as Pacific Aegis Capital Management (PACM), Gobi Partners, and Hermitage Capital, intends to generate $150 million on the New York Stock Exchange (NYSE).

The SPAC set the price of its Initial Public Offering (IPO) at $10 per unit for a total of 15 million units, as revealed in its submission to the US Securities and Exchange Commission last Friday.

The SPAC's listing may occur in February 2025, pending regulatory approval. The funds raised will be leveraged to merge with potential partners in the technology and lifestyle industries in North America and the Asia-Pacific region, with the exception of China.

"We are looking out for chances backed by the rise in the equity market, particularly when the new U.S. government comes into power next year," said Francis Ng, joint CEO of Copley, on Monday. "The publicly-traded SPAC should be in a position to capitalize on the market's momentum next year."

Copley stated in the document that there is a wealth of opportunities for business mergers within the technology and lifestyle sectors, especially for those significantly benefiting from emerging technologies.

The appeal of the Greater Bay Area's attractions is proving irresistible for Hongkongers, according to a survey. An influx of Hong Kong locals are heading to the Greater Bay Area for reasons such as shopping and hot springs, drawn by the lower costs and the promise of unique experiences.

The survey indicates that Hong Kong locals enjoy participating in activities such as rafting and visiting hot springs when they visit cities in the Greater Bay Area on the mainland.

Over a third of Hong Kong residents who have visited mainland China at least thrice in the previous year have engaged in rafting, according to a study by online travel firm Tongcheng Travel. Additionally, the survey revealed that 26 per cent have taken pleasure in hot springs, while about 22 per cent have indulged in spa and massage services. Other activities such as skiing, golf, and horse riding were also popular, as shown in the survey of 2,000 participants which was published last week.

The count of individuals from Hong Kong visiting the mainland has escalated following China's removal of Covid-19 travel limitations in the beginning of 2023. This increase has been driven by the broadening of cross-border transportation, including an upsurge in high-speed train services and the introduction of new bus routes.

The survey indicated that the top cities frequented by Hong Kong residents, particularly those aged 36 to 45, include Shenzhen, Guangzhou, Zhuhai, Foshan, and Dongguan in the bay area. These individuals reportedly visit these cities no less than 11 times annually. Meanwhile, those aged 25 to 35 visit these locations about nine times per year.

Tourist buses from Hong Kong roll in almost every day, and during public holidays, close to half of the guests are from Hong Kong," shared Shen, the manager of a hot springs hotel in Dongguan, who chose to only reveal his last name.

Bitcoin experiences its first weekly drop since the U.S election win of Donald Trump. The initial digital currency had fallen over 7 per cent over the course of a week, up until 9:27am on Monday in Singapore.

The aggressive shift also subdued the speculative enthusiasm that was ignited in the cryptocurrency market by Trump's promise of supportive regulations and his endorsement of a national bitcoin reserve.

Last week's unprecedented withdrawal from US exchange traded funds that directly invest in bitcoin will likely impact its prices in the immediate future, according to Sean McNulty, trading director at liquidity firm Arbelos Markets.

Bitcoin registers its initial weekly drop since Donald Trump's triumph in the US Presidential elections. The primary digital currency plunged over 7 per cent throughout the week leading up to 9:27am on Monday in Singapore.

The aggressive shift also subdued the speculative enthusiasm stirred in the cryptocurrency market by Trump's promise of supportive regulations and his endorsement for a national bitcoin reserve.

Sean McNulty, the trading director at Arbelos Markets, stated that the unprecedented withdrawal from US exchange traded funds that directly invest in bitcoin last week may lead to a decrease in prices in the immediate future.

Jinke Property, a construction company, has disclosed information about its court-monitored debt reorganization plan. Jinke anticipates lowering its debt-to-asset ratio from over 90% to approximately 30%.

Jinke Property Group, a Chinese real estate developer, has disclosed information about its court-monitored domestic debt restructuring plan to a selection of its creditors, according to individuals with knowledge of the situation.

According to the strategy, the company based in Chongqing intends to distribute cash payments up to 50,000 yuan (equivalent to $6,851) to each bondholder, according to sources. These disbursements are contingent upon the company's receipt of 1.8 billion yuan from a pair of local companies acting as a financial savior for the reorganization. However, this plan still requires the consent of creditors and judicial sanction, the sources said.

The remaining debt will be settled through a debt-for-equity exchange and a trust product, according to sources. Each debt holder would be given approximately 2.5 Jinke shares and a projected 1.9 yuan in the trust for every 100 yuan of outstanding debt, as per the insiders. As of Monday morning, Jinke's shares were being traded at 1.64 yuan, Bloomberg data indicates.

Should the strategy prove effective, Jinke, previously recognized as China's 25th biggest developer based on contracted sales, may present a blueprint for restructuring to other firms grappling with debt repayment. However, if the creditors withhold their support, the company's likelihood of going into liquidation may increase.

The strategy outlines that Jinke will establish a trust lasting eight years to handle debt repayment, which will be supported by the shares of 20 subsidiary companies. These 20 subsidiaries are responsible for overseeing over 200 projects nationwide for Jinke, as stated by one individual.

There might also be a subsequent cycle of payback through stocks and the trust, though the specifics are not clear, according to the sources.

Former Citigroup equity trader triumphs in wrongful termination lawsuit in Hong Kong

Citigroup also faced lawsuits from traders they dismissed in London and Tokyo, prior to receiving a penalty from the SFC in 2022.

A sales trader specializing in Asian equities, who was dismissed from Citigroup in 2019, emerged successful in an employment case against the American bank. This verdict was announced on Monday by the Labour Tribunal of Hong Kong.

Citigroup was unable to provide a valid reason for its "summary dismissal" of an ex-employee, Cindy Lui, as stated by Deputy Presiding Officer Grace Chan during a hearing. Summary dismissal, which is essentially instant termination without notice or compensation instead of notice, usually occurs when businesses conclude that their employees have engaged in severe misbehavior.

Lui was part of a group of traders based in Hong Kong who were dismissed over five years ago, following local regulatory bodies discovering persistent issues with how Citigroup's Asian markets sector relayed information about specific stocks to customers.

In 2022, the Securities and Futures Commission imposed a penalty of HK$348.3 million (US$44.8 million) on Citigroup due to what the regulatory body termed as "widespread deceptive conduct" during the execution of stock trades for customers. The SFC stated that between 2008 and 2018, the bank's traders occasionally suggested that there was genuine client interest in trading specific stocks, despite the absence of such orders.

The institution's Asian equity sales traders incorrectly labeled the initial signs of trading demand, also known as "indications of interest" (IOIs), from prospective buyers and sellers of specific shares. In response to these IOIs, Citigroup frequently took on a leading role, purchasing or selling shares directly from the clients.

"A spokeswoman from Citigroup has stated that they are currently evaluating the Tribunal's verdict and will provide additional remarks when appropriate."

Unprecedented attendance at the 2024 Asian Insurance Forum to tackle worldwide patterns and obstacles

The forum, held in Hong Kong, gathered 2,400 attendees including international regulatory authorities and industry pioneers, to discuss the evolving trends and difficulties that the insurance sector is grappling with in the face of global instability.

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The Asian Insurance Forum (AIF) 2024, which took place on December 10 at the Hong Kong Convention and Exhibition Centre, attracted an unprecedented 2,400 attendees both physically and virtually.

With the central subject being "Overcoming Difficulties in Times of Worldwide Uncertainty," the AIF, organized by the Insurance Authority (IA), served as a crucial forum for international regulators, insurance executives, and policymakers to share their thoughts on the urgent issues and transformative possibilities.

Staying strong in an unpredictable world

Stephen Yiu, the head of the IA, greeted the international attendees at the seventh iteration of the event, which followed a half-day schedule. He expressed gratitude for the enhanced collaborations across different sectors, stemming from careful selection of discussion themes and panelists.

The Japanese automakers, Honda and Nissan, have consolidated their businesses to create the world's third biggest car manufacturing company, just as the focus shifts from traditional fossil fuel vehicles to electric ones. This development occurs as the car industry pivots from fossil fuel based vehicles towards electric ones, where Japanese firms have been struggling to keep up with competition.

Honda and Nissan, two major Japanese auto manufacturers, have unveiled their intention to merge. This partnership is set to create the world's third-largest car manufacturer in terms of sales. This move comes at a time when the industry is experiencing significant shifts in its transition towards more sustainable energy sources and away from fossil fuels. Moreover, fierce competition from Chinese automakers is prompting traditional car manufacturers to reassess their business strategies.

The two corporations announced that they had formalized an agreement on Monday. They also confirmed that Mitsubishi Motors, a minor member of the Nissan alliance, had consented to participate in the discussions concerning the amalgamation of their enterprises.

Nissan's CEO Makoto Uchida expressed in a statement that if the integration is successful, it can significantly enhance the value they offer to a broader range of customers.

Japanese auto manufacturers have been trailing their major competitors in the electric vehicle market and are now striving to reduce expenses and recuperate the lost ground.

In China, the rising demand for domestically-produced electric vehicles is causing foreign brands to struggle to stay afloat, and Japanese auto manufacturers in the country are grappling with excessive production capacity.

Earlier this month, rumors began to circulate about a potential merger, with speculative sources suggesting that the desire for closer cooperation was partially fueled by Taiwan's iPhone manufacturer, Foxconn's ambition to team up with Nissan. Notably, Nissan maintains a partnership with Renault SA from France and Mitsubishi.

For the first time in half a decade, sales of industrial robots in China have decreased due to 'diminishing demand'. It's projected that the total number of industrial robots delivered this year will be around 300,000, marking a 5 per cent decline from 2023.

According to recent findings from the Shenzhen Gaogong Industrial Institute (GGII), a market consultancy firm, the total distribution of industrial robots in the country for this year is projected to hit 300,000 units, a 5 per cent decline compared to 2023.

The dip in industrial robot sales, which is below the anticipated amount, signifies the initial decrease since 2020, as stated by GGII data. The institute had earlier predicted an unprecedented sale of 320,000 units this year.

The report indicates that industrial robot producers are undergoing a survival challenge. It highlighted the fact that sluggish demand has sparked a pricing battle within the sector.

The surge in China's foldable smartphone deliveries experiences a slowdown as worldwide demand decreases. Huawei continues to be the top-selling vendor of foldable smartphones in China, contributing to approximately 50% of all nationwide shipments.

According to a recent market report released by Counterpoint on Friday, the delivery of foldable mobile phones in China, which holds the biggest smartphone market globally, is projected to hit 9.1 million units this year, a 2% increase from 2023.

This stands in sharp contrast to the three-digit yearly percentage increase observed in past years, such as 103 per cent in 2023, 191 per cent in 2022, and a staggering 442 per cent in 2020.

The projected decrease in China's foldable phone deliveries mirrors the recent global slump in demand.

According to a November report by Counterpoint, worldwide shipments of foldable phones experienced a 1% decrease year-on-year in the quarter ending September, following six straight quarters of increase.