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Xiaomi has revealed a luxury car, resembling a Ferrari, priced at US$114,000 as part of their new venture. The SU7 Ultra has garnered mixed reactions such as doubt and praise from customers in the world's biggest EV market.

From March onward, Xiaomi has successfully shipped 75,688 SU7 sedans, with its monthly shipment exceeding 20,000 units for the first time ever in October, as per the company's reports. These figures place the new player, Xiaomi, on an equal footing with veterans in the field like Tesla and BYD.

Xiaomi's electric vehicle sector produced a revenue of 6.4 billion yuan in the second quarter, as per the company's financial statement. However, due to continuous investment, it suffered a net loss of 1.8 billion yuan.

Xiaomi's stock saw a minor increase of under 0.6% to HK$26 by the end of trading on Wednesday. This followed an announcement by the Beijing-based firm that they had garnered over 3,600 pre-orders for the SU7 Ultra within the first 10 minutes of opening registration late Tuesday.


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Saudi Arabia’s First ETF Tracking Hong Kong Stocks Makes Flat Debut on Tadawul: A New Chapter for Middle Eastern Investors

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The first Saudi Arabian ETF monitoring Hong Kong shares has a steady start on its Tadawul premiere. Albilad ETF, that follows 30 sharia-compliant stocks listed in Hong Kong, experienced a stable opening.

The Albilad CSOP MSCI Hong Kong China Equity ETF (Albilad ETF) has made a successful first appearance as the inaugural index fund in Saudi Arabia to track Hong Kong stocks. This significant listing has paved the way for investors from the Middle East to trade Hong Kong shares.

The ETF experienced a slight increase of 0.002 percent, reaching 10.02 Saudi riyals per unit during initial trading on the Saudi Stock Exchange (Tadawul).

The fund, which trades under the ticker symbol 9410, successfully generated over US$1.2 billion, as reported by CSOP Asset Management located in Hong Kong, who has formed an alliance with Albilad Capital. Bloomberg data confirms it as the biggest ETF ever listed in the Middle East.

Investors from Saudi Arabia are allowed to make a minimal investment of 10 riyals (equivalent to US$2.66) to purchase a unit of an ETF. This ETF monitors the top 30 companies in Hong Kong that adhere to the Islamic law regulations.

Contrary to the tradition at the Hong Kong stock exchange where a ceremonial gong is hit to announce a new listing, Tadawul prefers a more understated approach, where company leaders simply press a button to commemorate the event.

Paul Chan Mo-po, the Financial Secretary of Hong Kong, along with a significant delegation from the city, attended the listing ceremony. He is currently in Riyadh to participate in the FII summit which concludes on Thursday.


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Redefining Economic Success: The Urgent Need for Eco-Friendly Alternatives to GDP

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Commentary | The argument for a green replacement to GDP

There's a necessity for fresh measures that acknowledge the complete worth of biodiversity and the ecosystem, along with innovative fiscal instruments that incentivize preservation.

The consequences of diminishing biodiversity are not only affecting the environment but also making a substantial impact on the worldwide economy. The World Bank's study underlines a possible loss of $2.7 trillion in global GDP by 2030, resulting from the breakdown of ecosystem services provided by biodiversity, such as natural pollination, oceanic fisheries, and timber from original forests.

Researchers from Oxford University have suggested a higher projection that nature-based threats could lead to a global economic impact surpassing $5 trillion.

The world has been working together for some time to address these problems. In 2001, specifically in June, the United Nations initiated the Millennium Ecosystem Assessment, resulting in a number of reports. This initiative has had a substantial impact on public policy by offering a scientific basis for comprehending the connection between services provided by ecosystems and human welfare.

Even though significant strides have been made, we still face difficulties in correctly determining the financial worth of these services and turning that worth into solid investments. Overcoming these hurdles is vital for guaranteeing the enduring well-being of our world and the wealth of upcoming generations.


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HKEX Plans 2025 Saudi Office Launch to Bolster Middle East Ties Amid China-US Tensions

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HKEX, the stock exchange operator, plans to establish an office in Saudi Arabia in 2025 to enhance its Middle East networks. This action marks another attempt to build stronger ties with the Middle East amidst tension between China and the US.

The Hong Kong Exchanges and Clearing (HKEX) is set to establish a new office in Saudi Arabia in the coming year. This move is aimed at not only bolstering its foothold in the region but also improving the city's capacity as a financial link between mainland China and the Middle East.

The recently established office in Riyadh, the capital city, will offer local investors the necessary support, enabling them to tap into Hong Kong's financial offerings and seize opportunities stemming from massive trends driving Asia's economic growth, stated the stock exchange operator in a Wednesday announcement.

HKEX has established offices in Beijing, London, New York, Shanghai, and Singapore.

HKEX CEO, Bonnie Chan Yiting, has announced that their Riyadh branch is set to commence operations in the first half of the upcoming year. She mentioned that this development is the culmination of two years of negotiations with local authorities and marketing campaigns.

"Once the new branch is operational, our team in Riyadh will be able to offer insights to firms considering going public in Hong Kong," Chan stated in a press conference following the inaugural listing event of the first ETF monitoring Hong Kong shares on the Saudi Stock Exchange.

Chan reported that the London Metal Exchange, which is fully owned by HKEX, announced on Wednesday the introduction of two new delivery locations for copper and zinc in Jeddah, Saudi Arabia.

The HKEX has completed a practicality analysis on the possibility of warehouse operators establishing metals warehouses in Hong Kong, she further stated.


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GDS Secures $1 Billion Boost for Global Expansion: Aiming to Double Data Centre Capacity with Cloud Computing Technology

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GDS, a Chinese data center company, has secured US$1 billion in funding for the expansion of their infrastructure abroad. This financial boost will support the creation of data centers with a total capacity of up to 1 gigawatt outside of China, as stated by GDS.

In conjunction with the current equity of GDS International, the Series B financing will be adequate to fund the growth of up to 1 gigawatt of overall data centre capacity. This capacity is more than double the size of the company's existing facilities that are operational or being built outside the mainland, as per the announcement.

Cloud computing technology allows businesses to handle or disseminate a variety of software and other digital resources as a service that can be used as needed, akin to electricity from a power grid. These resources are housed within data centers.


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Gen Z Prioritizes Leisure Travel and Short-Term Goals Over Home Ownership: A Financial Trend Analysis by HSBC

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HSBC reveals Gen Z prioritizes saving for travel and short-term objectives, beginning to invest at a younger age. The survey indicates that almost 50% of Gen Z participants focus on saving for short-term aims, frequently associated with life enjoyment.

Brian Hui, who leads customer propositions and marketing for wealth and personal banking at HSBC Hong Kong, commented that each generation has its own unique lifestyle choices and economic requirements. He noted that almost 50% of the Gen Z participants in their study put a high priority on setting aside money for immediate objectives, which are frequently associated with life enjoyment.

The poll revealed that for 71% of Generation Z, the primary reason for working is to be able to travel, which they prioritize over buying a house or starting a family. Some participants expressed that buying a house seems like an unrealistic goal, showing a tendency towards jobs that provide personal satisfaction, especially those that involve travel.

In the last year, the participants reported they took trips approximately thrice, with an average expenditure of about HK$35,000 (US$4,504), which constitutes roughly 13% of their earnings.

Furthermore, individuals from Generation Z allocate almost 10 per cent more of their budget to leisure activities compared to other age groups. However, they also exhibit higher saving habits, putting away approximately HK$6,014 monthly, which represents 28 per cent of their earnings. This saving rate is the highest across all generations, as indicated by the survey.


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Hong Kong’s Residential and Retail Property Markets Surge Ahead, Office Sector Struggles Amidst Overabundance: A 2025 Forecast

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Residential and commercial real estate in Hong Kong is reviving, whereas the office sector is grappling with an excess supply. According to recent reports, strong weekend property sales suggest that the housing market will rebound faster than office spaces by 2025, say industry consultants.

The availability of empty office space kept increasing last month in several commercial areas of the city such as Central, Wan Chai, Causeway Bay, and Tsim Sha Tsui, as mentioned in JLL's most recent study. The property consulting firm noted a 1.1 per cent decrease in rents since August.

"Exiting the slump would require time, particularly as businesses are currently struggling to enlarge their workspace," stated Martin Wong, the chief director and leader of research and consultancy for Greater China at Knight Frank.

The market is currently dealing with an excess supply issue, with vacancy rates remaining close to record levels, says real estate services firm CBRE. Developers and property owners in Hong Kong are projected to introduce approximately 3 million square feet of additional office space next year, which will further exacerbate the surplus, the company predicts.

Three thirty-nine

Store occupancy is rebounding in Hong Kong, however, empty shops continue to dot the cityscape.

The vacancy rates are expected to deteriorate further by the end of 2025, and rents could potentially drop by an additional 5 per cent, as projected by CBRE.


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Hong Kong Stocks Hit Four-Week High as HSBC Soars to Six-Year Peak Amid Stellar Quarterly Profits

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Hong Kong shares achieve the most extended series of victories in a month; HSBC soars to a level not seen in six years. HSBC climbed to a level not witnessed in six years following a quarterly profit that surpassed experts' projections, aiding in boosting the Hang Seng Index's most durable victorious run in a month.

The Hang Seng Index saw an increase of 0.5 per cent, closing at 20,701.14, marking a three-day rise of 1 per cent. HSBC reached its highest point in six years while Wuxi AppTec, a biopharmaceutical company, experienced a surge after its third-quarter earnings exceeded market predictions. Meanwhile, the Hang Seng Tech Index grew by 1.1 per cent.

Stock market indicators on the mainland experienced a drop; with the CSI 300 Index declining by 1 per cent and a 1.1 per cent decrease observed in the Shanghai Composite Index.

Shen Fanchao, a financial analyst at Zheshang International in Hong Kong, suggests that China will probably increase its budgetary aid for economic expansion, with additional measures expected. The government has repeatedly emphasized its aim to reach this year's growth objectives. These efforts are predicted to enhance the mood in the marketplace.


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FII 2024: Inclusive Policies and Flexible Work Rules Propel Gender Diversity in Saudi’s Workforce, HERizon Summit Reveals

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FII 2024: Saudi summit informed that inclusive strategies and adaptable work regulations encourage gender diversity

HSBC's former CEO Noel Quinn and ex-HKEX chairman Laura Cha were among the speakers at the HERizon Summit in Riyadh.

Currently, women make up 36 per cent of the kingdom's workforce, close to twice the rate in 2016, as per data from the Saudi government. The strides made in diversity have exceeded expectations, achieving the goal six years ahead of schedule. This is in line with the Vision 2030 plan, which was established to reduce the economy's reliance on oil and promote the use of innovative and environmentally-friendly technologies.

Quinn departed from HSBC in September. He noted that at the time he left, close to one-third of the bank's staff in Saudi Arabia were women, a significant increase from the past when the number of women employees was merely in the dozens.

Across the world, women constitute 52 percent of the bank's workforce and one-third of its top management, as stated on HSBC's website. Quinn noted that twenty years ago, women only represented about 20 percent of its high-level executives.

"He stated during a panel discussion in Riyadh that the transformation was brought about by establishing an environment where individuals could be represented and avail opportunities."


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Diverging Paths: Hong Kong’s Home Prices Hit 8-Year Low While Rents Continue to Climb

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Housing prices in Hong Kong have plunged to an 8-year low, however, rental rates have increased. In September, the prices of secondary homes dropped by 1.7 per cent, yet there was a 0.1 per cent monthly increase in rental rates.

The cost of residential properties in Hong Kong dropped roughly 1.7 per cent in September, hitting its lowest point since August 2016, according to recent official figures. This comes as the property market struggles to recover, despite interest rate reductions, which have not yet had their intended effect.

Following a record peak in September 2021, housing prices have seen a decrease of approximately 28 per cent.

Simultaneously, the cost of residential rentals kept on climbing, going up by 0.1 per cent on a monthly basis and 5.8 per cent annually. The rental prices have seen an approximately 5.4 per cent hike this year. The present rental index stands at 196, a mere four points away from the highest point of 200.1 recorded in September 2019.

The economic relief efforts seem to be working, as new developments are receiving favorable feedback from property purchasers. This past Sunday saw the complete sale of all 198 apartments in Echo House, a collaborative project between Chinachem Group and Urban Renewal Authority situated in Cheung Sha Wan, on its opening day.


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HSBC CEO Elhedery Dismisses Spin-off Speculations as Bank’s Q3 Results Exceed Expectations, Driving Stock to Six-Year High

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Elhedery of HSBC quashes rumors of a spin-off following better-than-expected third-quarter results, leading to a surge in stocks. The bank saw a 9% increase in net profit, amounting to US$6.13 billion for the quarter ending on September 30, surpassing market predictions.

The CEO of HSBC has brushed off speculation regarding possible division separations, following the bank's significant growth in its wealth and personal banking sectors. This progress led to the bank's third-quarter results surpassing market predictions and propelled the share value to its highest in six years.

The CEO, Georges Elhedery, assured on a call Tuesday that the restructuring scheme the bank revealed last week does not indicate any plans to break up the company. This call followed the release of the bank's earnings report.

Under global accounting guidelines, the net earnings surged by 9% to reach US$6.13 billion in the quarter concluding on September 30, exceeding market predictions and marking growth for the first time in a year. Total income saw a 5% rise, hitting US$17.21 billion.

The financier has declared a stock repurchase worth US$3 billion, which supplements a US$6 billion buy-back scheme disclosed at the start of this year. Additionally, a mid-year dividend of 10 cents per share will be distributed.

Elhedery reported notable increases in income and positive results in wealth and bulk transaction banking. He added that their robust internal capital creation allows them to declare an additional US$4.8 billion in dividends and buy-backs for the third quarter, bringing the overall amount allocated so far in 2024 to US$18.4 billion.


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China’s Wealthiest Feel the Pinch: Hurun Rich List Reveals 10% Slump Amid Economic Slowdown and Market Turbulence

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Hurun Wealth Report: Economic downturn and market drops erode the fortunes of China's richest

The combined assets of China's richest individuals have fallen by 10 per cent compared to the previous year, amounting to US$2.97 trillion.

The consultancy discovered that there were 1,094 people from the mainland, Hong Kong, Taiwan, and Macau possessing personal wealth of a minimum of 5 billion yuan (US$700 million) as of August 30. This figure is 12 per cent less compared to the 1,241 people the previous year.

The combined wealth of these individuals fell by 10 percent compared to the previous year, amounting to US$2.97 trillion, according to the China Rich List released by Hurun on Tuesday.

"China's economy experienced a decline, and their stock markets were caught in a continuous slump," stated Rupert Hoogewerf, the chairperson and lead researcher of Hurun. "This marks the third year in a row that the population of China's ultra-wealthy has decreased."

Throughout the initial nine months of 2024, the economic expansion of China fell short of the 5% goal established by the Chinese government in March. The country is grappling with a sluggish real estate sector and low consumer spending. Moreover, by August 30, the standard Shanghai Composite Index had declined by 8.9% compared to the same period in the previous year, and the prestigious Hang Seng Index had dropped by 2.1%.

Since Beijing introduced a range of strategies in late September to boost stocks, real estate, and the broader economy, markets have bounced back. However, the sustainability of this recovery is under scrutiny, and traders are keenly anticipating further financial stimulus.


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Hongkong Land’s Strategic Pivot: Eyeing the ‘Ultra-Premium’ Market with $10 Billion Asset Sales for Double Profit by 2035

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Hongkong Land is on the hunt for US$10 billion through asset sales, as Jardine focuses on the 'ultra-premium' market. The strategic shift is intended to eventually double its profit before interest and tax, with a goal of increasing its managed assets to US$100 billion by 2035.

The biggest commercial real estate owner in Central has identified 50 potential properties to sell following a "comprehensive examination in the previous six months" of its strong points, financial health, and business strategy, according to CEO Michael Smith in a conversation.

"Hongkong Land has undertaken an extensive self-evaluation to comprehend our strengths and what we truly excel at," he stated. "Our ultimate aim is to emerge as the leading figure in Asia, focusing on gateway cities and concentrating on the ultra-luxury, integrated commercial properties."

"He insisted that this isn't a shift due to monetary concerns, but rather a strategic business realignment."

In a recent disclosure to the stock exchange on Tuesday, Hongkong Land revealed a plan to review strategy and sell assets. The company, which trades on the London and Singapore exchanges, is 53% owned by Jardine Matheson, a trading firm established in 1830.


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