American financial executives show caution towards cryptocurrency with anticipated regulatory relaxations during Trump's tenure. David Solomon, Chief Executive Officer of Goldman Sachs, stated that the financial behemoth would consider trading in leading digital currencies such as bitcoin and ether, should there be any alterations in regulations.

Trump wooed cryptocurrency campaign contributions by vowing to be a "crypto president" and halt the Biden administration's tough measures on the industry. However, banks are still not expected to hastily dive into the unpredictable asset, according to banking professionals.

"The rules and regulations need to progress… and everyone is guessing how these regulations will change, but it's still not certain," stated Goldman Sachs CEO David Solomon.

Recently, BNY initiated the provision of safeguarding services for cryptocurrencies owned by exchange-traded items, according to the bank's CEO, Robin Vince. He also mentioned that the bank is venturing into a variety of services related to digital assets. However, he emphasized that any new initiative must be implemented with suitable precautions and must withstand several macroeconomic fluctuations.

"Already, we've observed a few cycles in the crypto realm. It remains to be seen how some of these assets will develop," he further stated.

BDO acknowledges superior ESG performance with prestigious awards

The auditing company's yearly event for the sixth time lauds Hong Kong businesses for their exceptional accomplishments in environmental, social, and governance aspects.

Following a prolonged period of elevated average global temperatures, 2024 is poised to be the warmest year ever recorded, based on information provided by the World Meteorological Organization in November. This update emphasizes the continuous demand for measures to combat and adjust to climate change. It also highlights that the reaction of the corporate world to these critical issues is equally significant as that of the government.

The significant contribution of the private sector towards addressing the climate emergency was recognized at the sixth yearly BDO ESG Awards event held in Hong Kong this month.

Since 2018, BDO, ranking as the fifth largest global accounting and advisory network, has been coordinating the awards ceremony. This event acknowledges businesses listed in Hong Kong that have successfully incorporated environmental, social and governance (ESG) factors into their operational structures.

Over 110 applications were submitted this year for the awards, coming from various businesses from different sectors and of different sizes. Andrew Lam, the managing director at BDO Hong Kong, expressed his satisfaction that an increasing number of public companies are acknowledging the significance of ESG (Environmental, Social and Governance) and are committed to its long-term development. He further noted that the awards have achieved significant market recognition. As a proponent of sustainable development, BDO is thrilled to observe a growing interest in ESG among companies listed in Hong Kong.

By acknowledging and celebrating the growing count of Hong Kong businesses that have incorporated ESG into their operational strategy, BDO helps increase both corporate and public understanding of the significance of social responsibility and the essential shift towards a more environmentally friendly and sustainable world.

As awareness of environmental sustainability and social responsibility increases, more investors and businesses are integrating ESG factors into their investment choices and are inclined to back firms adhering to ESG standards," stated Johnson Kong, the managing director of BDO Hong Kong. He further noted that ESG policies bolster a company's competitive edge and draw in additional investors.

As the quality of ESG reports from public companies keeps getting better, BDO engaged an independent expert group to create an initial list of contenders for this year's awards. Following this, a panel of industry leaders assessed and chose the recipients of the awards.

Apple persists in its AI deployment to iPhones by introducing personalized emojis during the festive shopping period. The iPhone's enhanced operating system, iOS 18.2, furthers Apple's immersion into AI while competing with Samsung and Google.

The newest batch of AI features includes "Genmojis", a term coined by Apple for emojis that iPhone users can request the technology to generate and then distribute. Apple asserts it is imposing certain restrictions on its AI's emoji creation to stop the spread of violent or hate-driven graphics. Additional features involve an "Image Playground" for an assortment of AI-designed images, writing instruments, and choices for condensing emails.

The anticipation of exclusivity is forecasted to trigger a wave of iPhone upgrades from this holiday shopping season into the coming year, boosting Apple's profit beyond the $94 billion it earned in its most recent fiscal year that ended in September. This expectation is the primary driver behind the roughly 30% increase in Apple's stock price this year, edging the company's market value nearer to the $4 trillion mark for the first time.

Apple is expanding the appeal of its AI suite by adding English versions specifically designed for Australia, Canada, Ireland, New Zealand, South Africa, and the UK in the most recent software update.

Exclusive | US sets sights on China, plans to limit access to cutting-edge semiconductors: insiders

As the second step-up in chip restrictions this month, the US is strategizing to shut down procurement gaps via intermediary nations, according to insiders.

The latest export control regulation will concentrate on regulating the worldwide distribution of high-performance graphic processing units (GPUs), which are crucial in training AI models. This is intended to address gaps in current regulations, say two individuals who are acquainted with the issue but chose to remain anonymous due to its sensitive nature. The intention is to manage the spread of US products to aid in preserving the country's global dominance in AI.

The implementation date is still uncertain as the measure hasn't been finalized yet. However, if approved, it would represent a swift intensification from the previous round of chip-related sanctions that were issued earlier this month.

The regulation was composed with contributions from Gina Raimondo, the US Secretary of Commerce, and Jake Sullivan, the National Security Adviser. Both are viewed as tough on China, as per the information from one of the insiders.

The United States Commerce Department chose not to provide any remarks this Wednesday.

Over half of China's luxury shoppers on the mainland intend to boost their expenditure, as per a report. The report indicates that 56% of these high-end consumers in mainland China are looking to augment their buying from local brands.

Consumers are showing a growing interest in high-end experiences and lifestyle items, not just physical luxury products, says Simon Tye, the chief executive of MDRi. This information comes from the company's yearly luxury report.

Tye expressed that Chinese consumers are inclined to increase their spending across a variety of global brands. MDRi conducted a survey involving 1,500 luxury consumers from mainland China and 500 from Hong Kong between April and May of this year for their report.

Every participant was obliged to have spent at least 50,000 yuan or HK$50,000 on high-end purchases in the previous year.

The study revealed a rise in buying capacity among mainland Chinese in 2023. Surveyed consumers reported spending an average of 234,500 yuan (US$32,330) on high-end goods, marking a 7% growth compared to 2022.

In 2023, shoppers from China's secondary cities demonstrated the greatest buying strength, spending an average of 253,800 yuan, a jump of 22 per cent compared to 2022.

Moreover, 56% of luxury consumers from mainland China have expressed intentions to boost their buying from local luxury brands in the upcoming year.

Commentary | China's economic expansion faces three hurdles in 2025

While the economy seems to be on the upswing, issues in the real estate market, municipal debt, and the potential comeback of Trump can obscure the future prospects.

China's cyber watchdog intends to persist in its clampdown on unlawful digital financial services. The Chinese Cyberspace Administration has announced they've taken measures against several profiles on social media platforms.

China's leading authority on cybersecurity has pledged to persist in its clampdown on illicit online financial services, ranging from unsanctioned stock advice to unregulated financial intermediary services.

Certain profiles have taken advantage of the recent surge in capital-market actions, offering advice on stock trading or utilizing live broadcasts, brief clips, or publications to suggest high-cost recommendations, according to the statement. This has resulted in financial losses for investors.

The CAC has declared its commitment to continue its battle against these unlawful actions and ensure the systematic distribution of financial services.

Investors have speculated on various sectors, including real estate and consumer products, with the expectation that Beijing would introduce financial rescue plans for these areas. Additionally, they wagered on shares bearing names akin to the two contenders in the recent US presidential race.

Hong Kong Initial Public Offering: Foshan Haitian, a Chinese producer of soy sauce, is considering a dual listing. The board of the condiment manufacturer based in Foshan has approved the fundraising strategy.

Foshan Haitian Flavoring & Food, the largest publicly traded condiment producer in mainland China and listed in Shanghai, is looking to secure a dual listing in Hong Kong. This move could potentially generate up to HK$1.5 billion, equivalent to US$193 million.

The producer of soy sauce announced in a report to the Shanghai Stock Exchange on Thursday that its board has given the green light for plans to generate capital for its worldwide growth.

The earnings could potentially expand the brand on a global scale and improve its worldwide brand reputation and competitive edge, according to the statement. As reported by Bloomberg in October, Foshan Haitian aimed to gather as much as US$1.5 billion, referencing sources knowledgeable on the subject.

Haitian is the most recent among several mainland firms responding to Vice Premier He Lifeng's appeal to register on the Hong Kong stock exchange. The exchange in the city has suggested a rapid listing process for eligible Chinese companies that are already trading on domestic stock markets.

These entries will increase the number of 159 Chinese businesses that are dual-listed, such as the Industrial and Commercial Bank of China and the electric car manufacturer BYD.

Urban Revivo, a Chinese fashion label, has launched in Bangkok and is setting its sights on New York and London. Its parent company, FMG, is said to be preparing for an initial public offering in Hong Kong, estimated to be over US$100 million.

Urban Revivo, a leading Chinese fast-fashion retailer that surpasses Zara and H&M in its domestic market, officially opened its biggest foreign outlet in Bangkok on Thursday. This expansion signifies its ongoing global ambitions, with future openings planned for London and New York.

"Our goal is to become the most impactful fashion brand globally, be it in China, Southeast Asia, or regions throughout Europe and the Americas," stated Leo Li Mingguang, the Chairman and CEO of Fashion Momentum Group (FMG), during a press conference in Thailand's capital on Thursday.

Expanding globally can not only tap into the purchasing potential of international customers, but also offer advantages such as initial responses that can assist the business in modifying its product range and promotional tactics, according to Li. The company has recently inked deals for its forthcoming locations in New York and London.

"Li stated that it's common for Chinese firms to concentrate on gaining considerable domestic growth prior to branching out internationally, which is a sound approach. However, if we consider US brands, a lot of them have a global presence right from their inception."

It's been reported that FMG is intending to garner over US$100 million by launching an initial public offering in Hong Kong. FMG has opted not to disclose specifics regarding the schedule of this listing.

Urban Revivo's retail outlet, located in the bustling center of One Bangkok, covers nearly 3,000 square meters. In close proximity is Benlai's debut international store, a casual brand of FMG that promotes the use of eco-friendly materials and improved functionality. The Benlai shop, which was launched at the same time, occupies a space of 1,286 square meters.

Li is optimistic about the brands' prospects in the global market.

The recent teardown report suggests that Huawei's latest Mate 70 smartphone chip doesn't feature significant modifications. This contradicts the excitement shared on Chinese social networks, where users asserted that the new Kirin 9020 chip had a performance increase of 30 per cent.

The Pro+ version of the Mate 70, which is one of the four variants in the most recent Mate 70 line launched last month, includes the Kirin 9020 chipset. This was revealed in a study conducted by the Canadian semiconductor research company, TechInsights. They carried out a detailed analysis of the 5G smartphone on Wednesday.

"TechInsights stated that this chip does not represent a significant overhaul for the Kirin series."

Recent discoveries oppose the excitement seen on Chinese social media networks such as Bilibili, where users praised the 9020 as a completely domestically-produced chip that offers a 30% improvement in performance compared to the previous 9000s and 9010 chips found in the Mate 60 Pro, which was launched in 2023.

The report emerges a week following the US amplifying its export regulations on China's semiconductor sector. This involved adding 140 Chinese semiconductor companies to a trade blacklist and prohibiting the sale of high-bandwidth memory chips to China. The measures are designed to stop US's central technology from enhancing China's military strength.

Beijing scrutinizes PDD's 'refund-only' policy in the e-commerce industry

The Market Regulation State Administration along with the Commerce Ministry have instructed PDD, the owner of Pinduoduo, to rectify this method.

PDD has yet to reply to a comment request made on Thursday. There was no data regarding PDD's meeting available on the websites of the two agencies.

The involvement of the SAMR and the Commerce Ministry showcases the damage unchecked and aggressive "refund without return" practices have inflicted on the earnings of online sellers.

"Platforms have been exploiting the policy to use their superior standing to draw in consumers, often at the detriment of merchants. This results in unjust actions and market imbalance," stated Wu Libin, a high-ranking associate at M&T Lawyers. "The goal of regulatory intervention is to maintain a balance between platforms and merchants, while also promoting equitable competition."

Audemars Piguet enhances shopping experience with the launch of a new AP House in Macau.

[This article is created by our promotional partner.]

In a time when high-end retail is shifting from conventional sales tactics to more engaging experiences, the esteemed Swiss luxury watchmaker, Audemars Piguet, boldly announces the opening of a new AP House in Macau. This move revolutionizes the customer experience by introducing a superior experiential strategy.

A hospitable abode for watch enthusiasts

The 149-year-old watchmaker from Le Brassus is keen on providing a comfortable haven for its customers and watch lovers. Their innovative AP House combines exclusive hospitality with an homage to their history and local allure. This new approach, which was first introduced in Milan in 2017, revolutionizes the way clients engage with the brand. It seamlessly combines a deep admiration for the carefully designed watches, known for their innovation, with the company's rich history in a setting that feels like a luxurious private home.

The exclusive AP House hospitality idea was created in partnership with some of the brand's most esteemed customers. It mirrors how founders Jules Louis Audemars and Edward Auguste Piguet would interact in the modern world – leading a lifestyle focused on globe-trotting and sharing their love for exquisite timepieces. The Macau location is one of a global network of 23 AP Houses, each situated in bustling cities and cultural hotspots, such as Amsterdam, Hong Kong, London, New York, and Tokyo.