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Xiaomi has revealed the YU7 electric SUV, set to compete with comparable models from Tesla, Li Auto, and Nio in 2025. The creation of the YU7 highlights Xiaomi's increasing assurance in its electric vehicle sector, which successfully achieved its goal of manufacturing 100,000 vehicles this year.

"Why declare it so soon?" Lei questioned in his update. "Our aim is to eliminate the intense disguise on trial automobiles as quickly as we can, facilitating more thorough, specific, and enduring, wide-ranging assessments to guarantee the superior quality of our product."

Lei has shared on a separate Weibo post that the YU7 is presently being subjected to thorough road examinations. Details about the interior and cost of the YU7 were not disclosed.

As per the MIIT website, the dimensions of the YU7 are 4.999 metres long, 1.996 metres wide, and 1.6 metres tall. This implies that it would be more spacious and lower in profile compared to the existing Model Y SUV from Tesla.


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Citigroup and Bank of America Depart from Global Climate-Banking Alliance Amid Pressure from Republican Lawmakers

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Citigroup and Bank of America align with Wall Street financiers in exiting international climate-banking coalition. There's mounting pressure on American financial institutions from GOP legislators to disassociate themselves from corporate entities advocating for carbon emission cuts.

Citigroup and Bank of America (BofA) have announced their departure from an international climate-banking coalition. This makes them the most recent Wall Street financial institutions to withdraw from the group within the last month.

Citigroup announced that despite its dedication to accomplishing net zero emissions, it is withdrawing from the Net-Zero Banking Alliance (NZBA). Likewise, Bank of America, in an independent statement on Tuesday, confirmed that it too was departing from the NZBA, but assured that it would persist in assisting its clients in decreasing greenhouse gas emissions.

The exit of various banks from NZBA is succeeding that of Goldman Sachs and Wells Fargo. The most substantial financial establishments in the US are experiencing escalating stress from Republican legislators to separate themselves from trade organizations that advocate for a decrease in carbon emissions.

The New Zealand Bankers' Association (NZBA) is a member of the Glasgow Financial Alliance for Net Zero, an organization endorsed by the United Nations that comprises various climate alliances. Both Citigroup and Bank of America are among the original members of this group, known as GFANZ. GFANZ announced on Tuesday that it plans to increase its efforts to attract private funding in order to assist with the transition to cleaner forms of energy.

The Chief Executive Officers of Bank of America and Citigroup, Brian Moynihan and Jane Fraser respectively, are members of the GFANZ's Principals' group. This group is tasked with determining the priorities for GFANZ, as stated on the alliance's official website.

Citigroup announced in a press release that they intend to back GFANZ in its upcoming stage. The firm also stated that they will persist in assisting their customers in their shift towards a more eco-friendly economy, while also contributing to energy consistency, considering the variety of transition methods being implemented across their worldwide network.


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Hong Kong Property Market Rides High: Transaction Values Soar to $68.2 Billion in 2024, Hitting a Three-Year Peak

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The real estate market in Hong Kong is expected to keep its pace following a three-year peak in transactions. According to data from Midland, the total number of property sales reached 67,662, with a total worth of US$68.2 billion in 2024.

The real estate market in Hong Kong is anticipated to gain momentum following a three-year peak in 2024, due to an uplift in outlook. Factors such as increased loan amounts, reductions in interest rates, and interest from investment-migration programs are contributing to this positive shift.

As of December 30, there were 67,662 transactions for new and pre-owned residences, offices, stores, industrial spaces, and car parks, showing a 16% increase from the 58,035 deals in 2023. This is the highest number since the 96,133 transactions in 2021, based on the data gathered by Midland Realty on Monday.

"The overall recorded property value last year surpassed HK$530 billion (US$68.2 billion), marking an increase of over 10 per cent from the HK$477.9 billion recorded in 2023," stated Buggle Lau Ka-fai, the lead analyst at Midland. This comes following a bounce back in the number of transactions.

Nevertheless, the total number of transactions last year dropped by 6 per cent compared to the annual average of 72,380 from 2019 to 2023. Additionally, the total worth was 20 per cent less than the average yearly value during the same timeframe, which stood at HK$654 billion, he further commented.

1:00 PM

Why Hong Kong's real estate market is one of the globe's priciest

The rise in total property registrations last year was primarily driven by the housing sector, states the real estate firm.


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Alibaba Divests $1.7 Billion Stake in Sun Art to DCP Capital, Refocusing on Core E-commerce Business

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Alibaba has decided to offload its complete shares in Sun Art Retail Group to the Chinese private-equity company DCP Capital, for a price of US$1.7 billion. The move is intended to allow Alibaba to concentrate more on its e-commerce operations.

Upon completion of the sale, Alibaba is projected to record a loss of 13 billion yuan (equivalent to US$1.8 billion) that will be charged to its shareholders. Alibaba is the current owner of the South China Morning Post.

The disposal of Sun Art provides a "valuable chance" for Alibaba to "cash in its peripheral assets and use the generated income to concentrate more on the expansion of its primary businesses," according to the company's official statement.


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DeepSeek: The Revolutionary Chinese Start-Up Reimagining AI Training with Cost-Efficient Large Language Models

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Introducing DeepSeek: the Chinese newcomer revolutionizing AI training methods

The Hangzhou-established company, DeepSeek, is being hailed as the most significant underdog of 2025 in the arena of open-source large language models by Nvidia's research scientist, Jim Fan.

"[The latest AI model] demonstrates how limitations on resources compel you to creatively transform in outstanding manners," Fan noted, alluding to the way DeepSeek produced the product with significantly less financial investment than what other tech firms typically put into the construction of LLMs.


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Emerging Reality: China’s Economic Slowdown and the Declining Confidence of Investors and Consumers

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Perspective | Chinese Economy: Beijing Needs to Brace for a Phase of Lower Expansion

It's projected that China will achieve a 5 per cent economic growth this year; however, this figure no longer holds significance for numerous investors and consumers.

Numerous Chinese individuals will likely recall 2024 as the year they had to reconcile with the potential for an extended phase of sluggish economic expansion.

The anticipated release of data from China's statistical bureau, suggesting approximately 5 per cent economic growth for the year, has seemingly lost its significance for numerous investors and consumers.

The enduring systemic limitations impacting China's economic expansion, such as a declining population and an excess of housing, have become more apparent this year. This has led numerous private companies to either reduce their investments or abandon their businesses altogether.

Over the years, the Chinese government has enforced numerous limitations on real estate developers and aspiring homeowners to control speculative buying. Despite these attempts, the nation's property market downturn continued, even when the government eased these constraints or changed particular policies. Consequently, many families have stopped viewing real estate as the perfect place to invest their money.


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China’s Accelerated Mergers in $1.6 Trillion Brokerage Sector: A Push for Global Competitiveness Following Guotai-Haitong Megamerger

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Analysts predict China will encourage consolidations in the $1.6 trillion brokerage industry following the colossal Guotai-Haitong merger. It is expected that more state-directed transactions will surface in 2025 as a result of the massive merger between Guotai Junan Securities and Haitong Securities.

The unification process within China's brokerage industry, worth 12 trillion yuan ($1.6 trillion), is predicted to quicken in the forthcoming year. This comes as more businesses heed the Beijing government's call to build top-tier investment banks capable of competing with international powerhouses such as Goldman Sachs and Morgan Stanley.

Shanghai, which hosts China's biggest stock market, has indicated that it plans to support the development of two to three globally competitive investment banks by 2035. The city recently revealed a three-year strategy aimed at bolstering the restructuring of its publicly traded firms. Within this plan, Shanghai underscored the urgency of speeding up consolidations among brokerages to build premier investment banks.

"The merger trend in the brokerage sector is speeding up," stated Xu Yingying, a researcher at Caitong Securities. "It's quite clear that the policy focus is to enhance competitiveness through consolidations and purchases, in addition to refining the distribution of public financial properties."

The concept to foster domestically-produced, top-notch investment banks was initially proposed by Wu Qing, the chairman of China Securities Regulatory Commission, as a solution to halt the downward trend in the stock market. This goal was later supported in a comprehensive guideline document released by the State Council this year, which advocated for an industry overhaul to enhance competitiveness.


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New Year, Old Debt: Chinese Developers Face Persistent Challenges Amid Lingering Debt and Sluggish Home Sales

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As the new year begins, Chinese developers continue to grapple with longstanding issues due to a debt crisis that keeps bond investors on edge. There's scant relief for these struggling developers with housing sales still sluggish and persistent funding restrictions.

The upcoming year might not bring much relief for distressed Chinese real estate developers due to ongoing worries related to debt maturity. Key players in the market such as China Vanke and Country Garden Holdings are up against deadlines for repayment and restructuring.

Property bonds worth over 700 billion yuan (about US$5.1 billion) are set to be repaid in 2025, a slight decrease compared to the 770 billion yuan that was due in 2024, as reported by the China Academy Index.

Everbright Securities estimates suggest that there will be an initial strain with 160 billion yuan in the first and second quarters, which will then increase to 190 billion yuan in the quarter of September. The last quarter of 2024 saw 126 billion yuan come to maturity, encompassing both onshore and offshore liabilities.

"Real estate developers continue to face significant pressure to pay off debts in 2025, as many are still undergoing bond extensions or reorganization," stated Wang Xingping, a top analyst at the rating firm Fitch Bohua. "The income from home sales and external funding are still restricted."

10:57 AM

Upsurge, collapse, and debt: Is China's real estate market in decline?

The real estate industry in China, which was a key economic contributor, faced a significant downturn following the implementation of the "three red lines" policy by the Beijing government in August 2020. This policy aimed to curb the extreme borrowing among struggling property developers. Rather than resolving the issue, it inadvertently led to a severe shortage of available cash, causing an unprecedented amount of bond defaults worth $160 billion.

According to official figures, residential property sales experienced a 20% decrease, dropping to 7.49 trillion yuan between January and November, compared to the same period the previous year. Real estate investment also saw a decline of 10.4%, amounting to 9.36 trillion yuan.


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China Amplifies Forex Rules: Banks Mandated to Heighten Scrutiny on Cryptocurrency Trades Amidst Financial Stability Concerns

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China's updated foreign exchange regulations are mandating stricter oversight from banks on cryptocurrency transactions. The State Administration of Foreign Exchange is pressing banks to keep a watchful eye and report any risky operations, including those that involve cryptocurrencies.

The regulations, which apply to domestic banks throughout mainland China, also mandate them to monitor these activities, taking into account the involved institutions and individuals' identities, the origin of the money, and the rate of trading, among other elements.

Moreover, the regulator stated that banks must establish risk-management protocols for these entities and limit the delivery of certain services to them.

The most recent regulations demonstrate how Beijing persists in implementing strict controls to eliminate commercial activities related to cryptocurrencies like bitcoin trading and mining. This is because digital assets are viewed as a risk to the nation's financial stability.


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Elon Musk’s Starlink Pledges Satellite-Powered Mobile Service to Ukraine Amidst Conflict: A New Era of Space-Based Connectivity for Kyivstar Customers

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Musk's Starlink will deliver satellite-driven mobile service in Ukraine. Users of Ukraine's top mobile provider will have the option to utilize connectivity from space when ground network service is not accessible.

The agreement will enable clients of Kyivstar to utilize satellite-linked connections when the ground network cannot cover a specific area, as per the Monday announcement from the Ukrainian firm.

Kyivstar anticipates rolling out text messaging capabilities via their technology in the last quarter of 2025, with plans to incorporate voice and data functionalities in the subsequent phases.

Since their invasion in February 2022, Russian troops have consistently targeted Ukrainian infrastructure, including telecommunication systems.

Starlink mobile terminals are essential for Ukraine's battle strategy, offering fast broadband internet for both military communications and the general public.


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Hong Kong Stocks Close 2024 on a Resilient Note, Hang Seng Surges by 18% While CSI 300 Gains 15%: A Look at the Snap of a Four-Year Losing Streak

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Hong Kong's stock market concludes 2024 positively, breaking a four-year downfall. The Hang Seng Index experienced an 18 per cent increase this year, while in mainland China, the CSI 300 Index saw a 15 per cent rise.

The Hang Seng Index saw a slight increase of 0.1 per cent, reaching 20,059.95 during a reduced trading session this Tuesday. Conversely, the Hang Seng Tech Index experienced a 0.7 per cent drop. In mainland China, both the CSI 300 Index and the Shanghai Composite Index faced a 1.6 per cent decrease. The markets will not be open this Wednesday due to the New Year's Day holiday.

Throughout the year, the standard index saw an increase of 18 per cent, breaking a four-year record of continuous annual losses. This turnaround happened after China introduced a recovery plan to stimulate growth. The plan includes the provision of new funding avenues for buying stocks and the removal of restrictions on home purchases.

Investors are closely monitoring the execution of stimulus initiatives, following senior leaders' promises for more assertive policy relaxation in the coming year. The CSI 300 Index experienced a 15 per cent increase in 2024.

Shen Fanchao, an analyst at Zheshang International, commented that the Chinese economy is experiencing a sluggish rebound and the momentum is fairly frail. He noted significant stress on the downgrade of profit predictions. However, he mentioned that more favorable policies are anticipated to be implemented in 2025. At the moment, he suggests that investors should tread carefully with the market in the short run.


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Hong Kong’s Resurgence: IPO Bankers Poised for a Strong 2025 as Mainland Industry Giants CATL and Foshan Haitian Seek Listing

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IPO bankers are set to have a more lucrative year as Hong Kong fights its way back into the top 10 markets. Among the dominant players in the mainland industry looking to list in Hong Kong in 2025 are EV battery producer CATL and sauce manufacturer Foshan Haitian.

Businesses and shareholders garnered $11 billion through 64 initial public offerings (IPOs) on the primary platform, as per data gathered by the London Stock Exchange Group. This achievement places it as the fifth most active IPO location. The leading spots were held by India's two primary exchanges and the American stock markets, Nasdaq and New York Stock Exchange (NYSE).

The top 10 locations were rounded out by Tokyo, the Saudi Exchange, Abu Dhabi, Madrid, and the ChiNext board in Shenzhen.

The income from Initial Public Offerings (IPOs) in Hong Kong saw a significant increase of 87% compared to the previous year. This growth was largely driven by Midea Group's deal in September, which raised HK$35.6 billion (US$4.6 billion) and ranked as the second biggest IPO worldwide in 2024. The list of top three offerings was completed by US real estate company Lineage's US$5.1 billion IPO on Nasdaq and Hyundai Motor India's US$3.3 billion IPO.

Louis Wong, the Executive Director of Phillip Capital Management, described the past year as "satisfactory." He predicted that the Initial Public Offering (IPO) market would maintain its strength into the following year, thanks to supportive policies by mainland Chinese regulators and a more accommodating interest-rate environment.

Bankers involved in Initial Public Offerings (IPOs) will certainly breathe a sigh of relief when reminiscing about 2024, as they had to persist with minor deals, leading to a ranking of 13th – the lowest in 20 years. As of today though, the domestic stock market would have wrapped up its first profitable year since 2019, based on the capital generated.


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WeDoctor’s Revived Hong Kong IPO Plan: Tencent-backed Healthcare Platform Targets $500M Amid AI-Enabled Healthcare Boom

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WeDoctor, an online healthcare platform supported by Tencent, has renewed its intention to go public in Hong Kong. Previously this month, insiders indicated that the company was projected to secure funding between US$400 million and US$500 million.

The digital health firm based in Hangzhou has submitted its IPO application to the Hong Kong stock exchange on Tuesday, while keeping the details about its fundraising goals and schedule undisclosed. Earlier in the month, insiders indicated that the company anticipates raising funds in the range of US$400 million to US$500 million, with a target to conclude the listing by June. This marks their second venture to become a public entity since 2021.

WeDoctor is capitalizing on a surge in the healthcare sector that, according to deal brokers, will bolster the city's IPO market in the coming year. Data compiled by Deloitte reveals that healthcare and pharmaceutical firms made up 27% of the 90 listing applications currently active that the exchange received this year.

"Our goal is to cater to the increasing need for AI-driven healthcare services in China, while maintaining our steady growth and profit through multiple strategic plans," stated WeDoctor in its application.

Market research company Frost & Sullivan projects that China's market for AI-based healthcare solutions will expand at a CAGR of 46.2%, reaching a value of 138.7 billion yuan (approximately US$19 billion) by 2030, up from 9.7 billion yuan in 2023.


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