Hong Kong's life insurance sales reach an all-time high due to local demand; Middle East and Southeast Asia also show an increase. The fresh life insurance sales hit HK$169.6 billion (US$21.8 billion) in the initial three quarters of 2024, which is the most significant amount since the establishment of the authority in 2016.

Sales of life insurance in Hong Kong reached an all-time high last year, with a significant boost coming from local consumers. The surge was also fueled by increased business from the Middle East, Southeast Asia, and mainland China.

In the first three quarters of 2024, there was a 15.7% increase in sales, raising the total to HK$169.6 billion (US$21.7 billion), a significant jump from HK$146.5 billion during the same timeframe in 2023, as per the Insurance Authority (IA). The surge in the city's sales, the most considerable since the IA's inception in 2016, was primarily due to mainland customers purchasing Hong Kong's insurance as a safeguard against the weakening value of the yuan compared to the US dollar.

"Individuals from various global locations, such as Indonesia, the Philippines, and Singapore, are purchasing life insurance plans in Hong Kong," stated Marty Lui, the IA's executive director of long-term business, in a press conference. "We are also seeing a growing trend of visitors from the Middle East acquiring policies in Hong Kong."

The agency plans to gather additional information on the purchasing behaviors and kinds of policies these guests prefer. This information will be used to devise strategies to boost sales and safeguard their interests, he mentioned.

"Lui stated that if the data indicates an increase in purchases by Middle Eastern visitors, it will be necessary to produce Arabic educational materials. This would be done to increase customer awareness and safeguard them. He also mentioned that the IA plans to introduce steps to stop insurance providers from exaggerating possible policy dividends, and to reassess the commissions given to sales agents."

Revenue from visitors from the mainland decreased slightly by 0.4% to HK$46.6 billion in the span of nine months, relative to the same period the previous year. According to the data, mainland purchasers of insurance accounted for 27.6% of all life and health insurance sales during that time.

China's largest cities see steady real estate prices due to stimulus efforts from Beijing

In December, the decline in property prices in 70 key cities was the least in a year and a half, while a price increase was observed in the top four cities.

Nonetheless, analysts predict that it might take a while for the country's substantial real estate industry to experience a robust revival, given that builders still have a considerable amount of properties to sell off.

In the previous month, the cost of newly constructed homes in the 70 primary cities of mainland China saw a slight decrease of 0.08 per cent from the preceding month, as per statistics published by the National Bureau of Statistics (NBS) this past Friday. This marks the first instance in 18 months where the housing prices in China remained almost the same, in the midst of a real estate downturn that has reportedly eroded roughly US$18 trillion of Chinese domestic wealth since 2021.

In the four major cities – Beijing, Shanghai, Guangzhou and Shenzhen – there was a 0.2 per cent increase in prices on a monthly basis.

"Decreased loan rates for properties and easier conditions for non-residents to purchase apartments in the most progressive cities have sparked an increase in the demand for homes," stated Zhu Xinhai, a sales executive at 5i5j Real Estate Brokerage, based in Shanghai. "An outpouring of deferred demand for housing emerged as the primary catalyst in the latter part of 2024."

For the fourth consecutive month in December, the drop in real estate prices in 70 cities lessened. This improvement came after both the national and local governments introduced various strategies to rescue the struggling property market.

Alipay shoulders the financial impact of a system glitch that mistakenly gave discounts to user transactions. The system glitch incorrectly added a 20% 'government subsidy' to an unspecified quantity of transactions on Thursday, as reported by users.

This guarantee was intended to alleviate worries about possible fraud. Alipay emphasized that they hadn't dispatched any SMS to retrieve funds and cautioned users against clicking on links within any messages they might get concerning this issue.

The CEO of NWD in Hong Kong acquires an apartment constructed by the company for $6.4 million. Echo Huang Shaomei, who took over as CEO in November, becoming the second person to hold the position within a span of two months, bought a four-bedroom house in North Point, measuring 1,522 square feet.

As of Wednesday, the project had 21 residential units and 49 parking spaces up for pre-purchase through tender. Bids for an additional six residences and nine parking spaces had already been accepted by the seller, Orient Sea Investments, a subsidiary of NWD, according to the reported documents.

Huang's bid was approved after taking into account aspects such as the existing luxury real estate market in Hong Kong, the going rate and average cost per square foot for comparable properties in the vicinity, as well as the prices of other successful bids for other apartments in State Pavilia, according to the statement.

The board believes that this sale offers a great chance for the group to capitalize on the value of its land holdings and/or properties, generate extra operating funds, and bolster the group's financial stability and liquidity, according to the document.

The suggested construction project encompasses a cumulative gross floor space exceeding 279,600 square feet. This includes approximately 133,400 square feet for residential use, around 75,200 square feet designated for offices, and nearly 47,000 square feet allocated for retail, as stated in NWD's yearly report.

JD.com has introduced a new gifting feature, positioning itself as a rival to Alibaba and Tencent just in time for the Lunar New Year. This move by the tech powerhouse, based in Beijing, aligns with the recent rise in popularity of online gifting within China's e-commerce industry.

When exploring a range of available products, users of the JD.com app will notice a button marked "Gifting IT." Once they click on this, they will be guided through a straightforward process to purchase an item and arrange for it to be sent straight to the recipient.

This action ignited conversations regarding WeChat's increasing ability to serve as Tencent's newest tool in China's intensely competitive e-commerce industry.

Mobile phone powerhouse Honor appoints a seasoned Huawei executive as the new CEO, following the resignation of George Zhao Ming. The reshuffling at the helm of Honor might introduce some level of instability in the firm's plans for its first public stock offering.

Honor's board of directors made a statement on Friday, recognizing Zhao's significant contributions to the company throughout his term. They anticipate that his successor, Li, will persist in introducing inventive products and experiences to customers globally.

"Throughout the last ten years, Honor has been my everything," shared Zhao, who assumed the role of Honor's leader in 2015, at a time when it was merely Huawei's inexpensive smartphone division. "Starting from the V40 model, the new Honor [after the split] experienced some downturns… but it also made significant progress in both the domestic and international markets."

However, he highlighted that the extended work periods and demanding tasks have negatively impacted his health. He further mentioned his eagerness to recuperate, engage more in reading, and devote more of his time to his family.

Mobile phone powerhouse Honor appoints Huawei stalwart as new CEO, following the resignation of George Zhao Ming. The recent changes in Honor's top management may bring a certain level of unpredictability to the company's plans for its debut on the stock market.

Honor's board of directors, in a statement released on Friday, recognized Zhao's remarkable achievements during his tenure at the company. They anticipate that his successor, Li, will carry on with bringing creative products and experiences to customers globally.

Zhao, who took the reins of Honor in 2015 when it was merely Huawei's economical smartphone division, expressed that Honor has been his entire world for the last ten years. Beginning with the V40 model, the revamped Honor, after its separation, experienced both dips and peaks in the Chinese and international markets.

However, he emphasized that the extended work hours and demanding job have negatively impacted his health. He further expressed his eagerness to recuperate, engage in reading, and devote more time to his family.

The US Supreme Court supports the law mandating TikTok's sale or prohibition. The Supreme Court has declared that the legislation demanding ByteDance to sell the video-sharing platform to a non-Chinese purchaser or confront a US ban starting from Sunday is within the constraints of the constitution.

On Friday, the Supreme Court of the United States validated a law that mandates the prohibition of TikTok, a widely used Chinese short-video application, in the country unless it finds a buyer outside of China by the end of the weekend.

The decision stands as a major setback for TikTok, which boasts a user base of 170 million Americans, in the face of growing apprehensions regarding potential national security threats linked to the app's Chinese proprietorship.

The judiciary's decision marks a significant milestone in a long-standing political, legal, and commercial drama involving China, which has been ongoing for almost half a decade. The conversation around the app posing a possible danger to the security of the United States commenced in 2020.

Nonetheless, the final outcome for TikTok could potentially be dictated by executive decisions, given the promises made by President-elect Donald Trump – who initially was against the app – to rescue it.

In a peculiar action, Trump submitted a friend-of-the-court brief in the lawsuit, asking the court to pause the prohibition to allow him some time to pursue a solution via "political methods".

The court, in an opinion without any attribution, stated unequivocally that TikTok serves as a unique and broad platform for self-expression, interaction, and community-building for over 170 million Americans.

Chinese AI company MiniMax has launched affordable open-source models that compete with leading chatbots. This launch, featuring basic and multimodal models, follows closely on the heels of competitor DeepSeek, which recently raised the bar by releasing its own open-source models.

In performance evaluations shared on its official WeChat account, MiniMax demonstrated that its fresh foundational language model matches the global top-tier AI models in tests that cover mathematical problem-solving, specialist knowledge, adherence to instructions, and prevention of delusions or factual inaccuracies.

Hong Kong shares are nearing a two-week peak as the US inflation data increases the likelihood of interest rate reductions. The consumer price index has brought about an 'agreeable shock' and indicates a 'subtle reduction of constant inflationary strains', according to an investor.

The Hang Seng Index saw a 1.2 per cent rise, closing at 19,522.89, a record high since January 6th. Similarly, the Hang Seng Tech Index also increased by 1.2 per cent. Meanwhile in China, the CSI 300 Index saw a marginal increase of 0.1 per cent, while the Shanghai Composite Index went up by 0.3 per cent.

Chinese aluminum producer, China Hongqiao Group, saw its shares surge over 5%, making it the top performer on the Hang Seng index, following its share repurchases. Meanwhile, Wharf Real Estate Investment was the leader among Hong Kong's property developers, buoyed by hopeful sentiments about a potential decrease in borrowing costs in line with the US, which would ease the mortgage pressure on those purchasing homes.

The core US consumer price index, which does not include food and energy expenses, rose by 0.2% in December on a monthly basis, indicating the first deceleration in half a year. Inflation on an annual basis sped up by 3.2%, exceeding the Federal Reserve's goal of 2%. Certain officials have expressed optimism that inflation will keep decelerating based on these numbers. The S&P 500 saw a nearly 2% increase and the Nasdaq 100 surged over 2% in after-hours trading.

"Stephen Innes, the managing director at SPI Asset Management in Bangkok, revealed that a crucial inflation report unexpectedly suggested a reduction in the rate of primary cost increases. He noted that this slowdown pointed towards a mild relief from the ongoing inflationary stresses that have been troubling the market. Given this data, we can anticipate a more promising trading day across Asia this Thursday," he said.

Market participants will also be vigilant for crucial economic figures from China, scheduled for public release on Friday morning. Economists monitored by Bloomberg anticipate that economic growth for the fourth quarter likely quickened to 5 per cent, up from 4.6 per cent in the previous quarter. If this projection comes to fruition, it will aid China in achieving its yearly growth objective of approximately 5 per cent for 2024.

TikTok is set to cease operations in the US this Sunday unless a last-minute pardon is granted, according to insiders. The company has indicated that if TikTok's US operations are halted, it could result in the app becoming inaccessible for users in several other countries.

People who have already installed TikTok could, in theory, continue using the app. However, the legislation prevents American businesses from offering services that would facilitate the distribution, upkeep, or updating of the app starting from Sunday.

The Trump transition team didn't respond right away. Trump has expressed that he should be given time post-inauguration to seek a "political resolution" for the matter.

"TikTok is indeed an exceptional platform," stated Mike Waltz, Trump's soon-to-be national security adviser, during a Fox News interview on Wednesday. "We're determined to maintain it while ensuring the security of users' data."

BitMEX has been slapped with a US$100 million penalty for breaching US laws against money laundering. The founders of BitMEX have been charged with neglecting to implement anti-money-laundering measures and "know your customer" protocols.

BitMEX, also recognized as HDR Global Trading, received its sentencing from US District Judge John Koeltl in Manhattan after admitting guilt last July.

The verdict incorporates a two-year probation period. BitMEX and its creators, who admitted their guilt in 2022 and received a probationary sentence, had earlier paid approximately US$110 million in connected criminal and civil lawsuits, as indicated by court documents.

The legal representatives for BitMEX were not quick to answer inquiries for their views.

The prosecution has charged BitMEX and its founders, Benjamin Delo, Arthur Hayes, and Samuel Reed, with intentional breach of the Bank Secrecy Act from 2015 to 2020. They allegedly neglected to implement anti-money-laundering and "know your customer" measures, thereby transforming the exchange into a conduit for money laundering.

In 2021, BitMEX consented to pay a maximum of $100 million as a settlement of civil allegations made by two US regulatory bodies. The charges stated that the company inadequately vetted its customers and allowed them to trade in cryptocurrencies without proper registration.