Bill Hwang, the creator of Archegos, has been given an 18-year prison term for a major fraud case in the United States. Hwang's privately-held hedge fund was implicated in a market rigging plot that reportedly resulted in billions of dollars in losses for international investment banks.

Ex-billionaire trader, Bill Hwang, received an 18-year jail term on Wednesday due to the downfall of Archegos Capital Management, an event that led to Wall Street banks losing over US$10 billion.

US District Judge Alvin Hellerstein, based in Manhattan, handed down a sentence to Hwang. This follows Hwang's conviction by a jury in July on ten criminal counts. These included wire fraud, securities fraud and market manipulation.

"The damages inflicted by your actions surpass any other I've encountered," Hellerstein stated prior to declaring the verdict.

The sudden collapse of Archegos in March 2021, which occurred in under a week, left Wall Street and Hwang's creditors in shock.

The Manhattan US Attorney's office has advocated for a 21-year imprisonment sentence for Hwang. This length of sentence is atypical for financial crimes. Additionally, they are pushing for him to surrender $12.35 billion and provide compensation to those affected.

Meituan plans to initiate drone delivery services in Hong Kong's low-altitude economy. This food delivery behemoth is among many Chinese technology powerhouses contending for fresh expansion in Hong Kong.

The corporation, already providing drone delivery services in key Chinese cities such as Beijing, its headquarters, alongside Shanghai and Shenzhen, intends to seek membership in Hong Kong's low-altitude economy regulatory sandbox, as stated by Mao, the leader of Meituan's drone delivery department.

The term "low-altitude economy" pertains to operations carried out in airspace under 1,000 meters. After it was designated as a "strategic emerging industry" by the Chinese government in December of the previous year, John Lee Ka-chiu, Hong Kong's Chief Executive, vowed in his yearly policy speech last month to foster growth in this sector through various practical uses. These include rescue missions, mapping, product transportation, and passenger commute.

Mao suggests that the undulating landscape of Hong Kong may provide drones with an advantage in making deliveries, when compared to traditional ground methods. Yan Yan, who leads public affairs for Meituan's drone department, informed Hong Kong Commercial Daily, a local news outlet, that drones are capable of delivering meals in an average of 15 to 20 minutes. This is roughly half the time required for conventional delivery methods.

Blackstone is set to coach wealth managers in Hong Kong as private assets become more attractive to investors. The alternative asset manager is kicking off the Blackstone University program in collaboration with the Private Wealth Management Association.

The firm, having operated the Blackstone University scheme internationally for 13 years, is set to introduce it in Hong Kong in association with the Private Wealth Management Association (PWMA).

The objective of the program is to equip wealth managers with the necessary skills and tools to assist personal investors who are progressively seeking to broaden their investment portfolios and channel their resources into private markets, as stated by the PWMA and Blackstone on Thursday.

"Despite the growing trend towards the use of private markets, the allocation for individual investors is still relatively low," commented Ed Huang, the Asia-Pacific lead for Blackstone Private Wealth Solutions. "We predict that this allocation is set to increase as wealth management experts and individual investors strive for diversifying their portfolio and appealing risk-adjusted returns."

Alibaba's chief executive underscores AI progress at Chinese internet conference

This year's Wuzhen meeting puts a significant emphasis on AI, amid escalating tech competition between China and the US.

The online retail behemoth is dedicated to establishing the foundational infrastructure and backing mechanisms for AI progression in the nation, Wu informed participants at the World Internet Conference held by the Cyberspace Administration of China in the waterfront town of Wuzhen in east Zhejiang province.

"Over the next 30 years, AI is expected to significantly boost global productivity," he remarked, as quoted in a press release by Alibaba, the parent company of the South China Morning Post.

"Artificial intelligence is progressively infiltrating different sectors to fuel a range of efficiency transformations," stated Wu, noting that the company currently provides open-source iterations of its AI models for utilization by partners in conventional industries.

Bitcoin reaches a value of $97,000 as the cryptocurrency industry aims for a position in the Trump administration. The most significant digital asset worldwide achieved a record peak in Asia on Thursday.

The team of Trump is contemplating the creation of a new role that has never existed before, with the industry advocating for the position to have direct communication with the president-elect, who has now become a huge advocate for cryptocurrency.

The recent discussions represent another enhancement from the US for the sentiment of the digital-asset market. This is in conjunction with MicroStrategy's intentions to expedite their acquisition of the cryptocurrency and the introduction of options on the country's bitcoin exchange-traded funds.

The biggest digital asset surged over 2 per cent, hitting an all-time high of US$97,002 around 12.15pm on Thursday in Hong Kong. Since Trump's electoral triumph on November 5, the overall cryptocurrency market has amassed gains close to US$900 billion, as per CoinGecko's data.

There is a growing interest among speculators about the possibility of Bitcoin escalating up to a value of US$100,000. Those who support its supposed function as a contemporary store of wealth regard this six-figure mark as a counterargument to critics who question the practicality of cryptocurrency and criticize its association with money laundering and illicit deeds.

Hong Kong's share market declines following three consecutive days of increases as traders evaluate earnings and potential stimulus. The enthusiasm has simmered down and a more cautious approach is now prevailing in the trading environment following the recent surge, according to an analyst from Shengang Securities.

The Hang Seng Index wrapped up with a 0.5 per cent decrease, ending at 19,601.11, despite having experienced a 1.4 per cent increase in the past three days. The Hang Seng Tech Index also saw a decrease of 1.2 per cent.

Equity standards in China went against the downward trend. Both the CSI 300 Index and the Shanghai Composite Index ended up increasing by 0.1 per cent.

The Chow Tai Fook Jewellery Group experienced a drop in value ahead of next week's earnings announcement, which is expected to reveal a decrease in profits. Among Chinese developers, Longfor Group Holdings led the downturn.

Investors are seeking new incentives to revive shares following disappointing financial strategies from a Chinese legislative conference and the impending risk of increased US tariffs. The Hang Seng Index has declined approximately 15 per cent from its peak this year in October, surrendering some of the progress stimulated by monetary loosening and wide-ranging efforts by Beijing to bolster the real estate market.

So far, around 35 firms on the Hang Seng Index have reported their quarterly earnings, showing an average profit rise of 0.1% compared to the same period last year, based on data from Bloomberg. In the quarter before, the growth in profit was at 7.3%.

Mount Everest climber propels Lenovo Retail Solutions to international acclaim

Lawrence Yu leads the tech company's division that earned the Bronze Edison Award, recognized as the industry's 'Innovation Oscars'

Lawrence Yu leads the tech company's division that earned the Bronze Edison Award, recognized as the industry's 'Innovation Oscars'

Lawrence Yu draws a similarity between his experience of scaling Mount Everest and leading the business team at Lenovo Retail Solutions. He started both journeys from the base and, in his words, both have led to completely satisfying results.

In my view, the task we're undertaking at Lenovo Retail Solutions is akin to scaling a new peak from the base," he states. "This is going to be a marathon, not a sprint. It requires immense commitment and tenacity, and it's precisely this spirit that clients expect to see when they approach Lenovo."

The retail sector is wrestling with ongoing problems like changing consumer demands, lack of workforce, and operational inadequacy. Artificial intelligence (AI) presents a hopeful solution to tackle these obstacles.

Despite high ambitions, many companies are not ready to embrace AI. Around 69% of retailers intend to incorporate AI into their operations, but 65% struggle to stay abreast with the fast-paced tech advancements. Furthermore, 41% lack the necessary AI know-how within their team. Implementing AI across an entire organization is a challenging and time-consuming process.

"Implementing AI is the challenging part," according to Yu. "A major hurdle is the customer's uncertainty about the results. Understanding this, we collaborate with customers to gradually introduce AI solutions, beginning with a proof-of-concept project in one area before broadening it, which is one of our methods."

Lenovo's goal is to assist businesses of all scales in their journey of integrating Artificial Intelligence (AI), from spotting potential applications to handling data and launching solutions. Lenovo's AI Services comprise a team of business consultants, premier data scientists and a robust AI-ready infrastructure, simplifying the process. The company is dedicated to making AI accessible to the public, corporations, and personal data, to expedite the AI integration process for retailers and trigger smart transformation.

The man ranked as the second wealthiest in China is calling for an apology from the founder of ByteDance due to a series of digital attacks. Nongfu Spring's creator, Zhong Shanshan, holds ByteDance's social media platforms responsible for the continued online harassment.

ByteDance chose not to make a statement on Thursday.

The string of assault initiatives sparked a discussion concerning the accountability of the Chinese government, thought leaders, the general public, and social media in stirring up nationalist emotions. However, Zhong is the inaugural entrepreneur to overtly blame online platforms.

Specifically, he pointed out Douyin, the most widely used short-video application in China, and Toutiao, a newsfeed service by ByteDance, as the offenders.

Tsim Sha Tsui in Hong Kong has been ranked as the fourth priciest shopping area globally. Despite dropping from the third spot, it remains the costliest place to shop in the Asia-Pacific region, as reported by Cushman & Wakefield.

Tourist hotspot property prices increased by 7% compared to the previous year, reaching $1,607 per square foot in 2024, according to a report released on Thursday by real estate firm Cushman & Wakefield.

"Rent prices for retail spaces in Tsim Sha Tsui, Central, Causeway Bay and Mong Kok, the main districts, hit their lowest in 2023," stated Rosanna Tang, the leading executive and research chief at Cushman & Wakefield in Hong Kong. "The rent increase in these areas has stayed in the single digit percentage range, from 3 to 6 per cent, for this year up until the end of the third quarter."

Reports indicate that iPhone sales dropped during China's Singles' Day shopping fest. There was a noticeable decrease in iPhone sales, with a two-digit percentage drop compared to the previous year, during the two-week sale event. This is largely due to the strong competition from local Chinese competitors.

This year's fortnight-long Singles' Day sales led to a significant decrease in iPhone sales compared to last year, according to a study released on Wednesday by Counterpoint Research. The report suggests that Apple was under intense competition due to an unusually high influx of new premier smartphone models introduced by local rivals just prior to and during the yearly shopping event.

The report failed to specify the precise percentage decrease or the reduced quantity of iPhone sales that Counterpoint monitored during the event's sales duration, stretching from October 28 to November 10.

In general, the sales of smartphones on Singles' Day this year saw a decline of 9 per cent from the previous year. This drop in sales is attributed to a lower market demand and a less enthusiastic response to promotions, a result of economic challenges, as stated in the Counterpoint report.

Hong Kong's second attempt to sell land attracts 33 developers, although bids are anticipated to be conservative. MTR Corp's proposal for a Tung Chung location comes after a high-ranking government official urged developers to demonstrate their confidence in Hong Kong's future.

Even with governmental encouragement, surveyors anticipate that bidding will be modest due to an oversupply that is dampening market enthusiasm.

The site, referred to as Tung Chung Town Lot No 53, has garnered a total of 33 potential bids, according to a statement made by MTR Corp on Thursday. They also mentioned that they will be finalizing the sale, though they did not give a definite timeline. The site had previously pulled in 32 interested entities the previous year.

Due to a lukewarm reaction last year, the corporation decided to reduce the project's size by 50%. Now, it plans to accommodate roughly 600 apartments and is projected to be constructed in stages until 2029.

The objective of the project is to appeal to developers of medium to large scale, according to Alex Leung, the senior director at CHFT Advisory and Appraisal.

Alibaba plans to consolidate its local and international e-commerce divisions, appointing Jiang Fan as the CEO. This new conglomerate will unite Taobao and Tmall Group, Alibaba International, and numerous other e-commerce businesses.

The South China Morning Post is owned by Alibaba.

The freshly formed division, formally referred to as Alibaba E-commerce Business Group, is set to merge operations from the Taobao and Tmall Group, Alibaba International Digital Commerce, the 1688 Marketplace, Idle Fish and various other e-commerce activities.