Latest news with #Guangdong
CNA
12 hours ago
- Business
- CNA
China soy sauce maker rises on Hong Kong debut
HONG KONG: Shares in China's top soy sauce maker Foshan Haitian ended slightly higher on its debut on Thursday (Jun 19) after raising US$1.3 billion in one of Hong Kong's biggest initial public offerings (IPO) this year. The listing came weeks after openings by Chinese battery giant CATL and pharmaceutical firm Jiangsu Hengrui boosted hopes that the Asian financial hub is bouncing back as a destination for stock market flotations. Foshan Haitian's shares rose as much as 4 per cent in opening trade before sinking back towards their HK$36.30 (US$4.62) listing price, which was the higher end of its offer range. The stock ended the day up 0.55 per cent at HK$36.50, though it outperformed the Hang Seng Index, which sank 2 per cent. Chairwoman Cheng Xue called the listing "another important milestone in Haitian's development history". Foshan Haitian was founded in southern China's Guangdong province in 1955 and has developed from a small family workshop into a major producer of soy sauce, an essential ingredient in East Asian cuisine. The company has claimed the title of China's largest condiments maker by volume for 28 years, and its IPO came after it listed in Shanghai in 2014. Cornerstone investors for the Hong Kong listing - including private equity giant Hillhouse, Singapore's sovereign wealth fund GIC and Royal Bank of Canada's Global Asset Management - agreed to buy shares worth US$595 million. The firm exercised its option to issue additional shares, reflecting robust market demand. Foshan Haitian says it will use the proceeds to develop products, expand capacity and explore overseas markets in Southeast Asia and Europe. Hong Kong's stock market has taken a battering in recent years as appetite for new listings in the city was dampened by the COVID-19 pandemic and China's lethargic domestic growth, while a strict security law added to uncertainty. But it is now seeing a strong rebound, with an increasing number of listed Chinese companies flocking to the former British colony for secondary offerings. "We are cautiously optimistic that Hong Kong is well-positioned to contend for the top position in the global IPO market in 2025," Edward Au, Deloitte China's southern region managing partner, wrote in a note. But "adverse geopolitical or macroeconomic disruptions" could affect the optimism, he warned. Foshan Haitian's listing comes after Jiangsu Hengrui raised around US$1.3 billion in May in one of the world's biggest biopharma IPOs this year. That was days after the US$4.6 billion taken by CATL, which was the most so far in 2025. Proceeds from IPOs and additional share sales in Hong Kong have reached US$26.5 billion as of June, compared with US$3.8 billion over the same period last year, according to data compiled by Bloomberg.
CNA
14 hours ago
- CNA
Cute, coveted - and counterfeit: China seizes 46,000 fake Labubu toys as state media sound alarm
BEIJING: Chinese customs authorities have recently seized more than 46,000 counterfeit Labubu toys, as the viral popularity of the trendy collectibles fuels a parallel boom in fakes and scalping. The surge in knock-offs has prompted state media warnings about a growing 'black market chain' exploiting consumers and infringing on intellectual property rights. Featuring a scruffy, wide-eyed creature with a devilish grin, Labubu shot to international fame through a combination of celebrity endorsements and social media hype. Sold by Chinese toy giant Pop Mart, Labubu's appeal has been fuelled by limited-edition drops and themed collections that heighten its sense of exclusivity. But the frenzy has also sparked a flood of counterfeits, dubbed 'Lafufu' by collectors. The latest seizures by Chinese customs authorities spanned three regions, with a significant haul logged last Thursday (Jun 12) at the Hong Kong-Zhuhai-Macau Bridge checkpoint in Zhuhai, Guangdong province. A total of 20,599 fake Labubu dolls were seized in three separate inspections of export-bound trucks. The shipments were found to have the Pop Mart logo printed on the packaging and the toys without authorisation, said China Customs in a statement on Wednesday evening. Similarly, customs officials at Ningbo in Zhejiang province found 20,240 counterfeit Labubu products while inspecting a batch of children's toys, plastic cups and other goods. In another incident at Shanghai's Pudong Airport, customs officers inspecting outbound express mail seized 5,961 knock-off Labubu toys that had been falsely declared as 'plush ornaments'. China Customs did not specify the exact dates of the seizures in Ningbo and Shanghai Pudong Airport, stating only that they took place 'recently'. It reminded exporters and agents that all goods must be truthfully declared under the law, including accurate disclosure of their intellectual property status. Offenders risk having their goods confiscated and being handed a fine. In more serious cases, they could face criminal prosecution and jail, the authorities warned. STATE MEDIA WARN OF FAKES AND FLIPPERS As the Labubu craze sweeps across China and the rest of the world, Chinese state media have warned of a growing influx of counterfeit goods and scalpers profiting at the expense of unsuspecting consumers. A commentary published Wednesday on the official WeChat account of People's Daily, China's Communist Party's flagship newspaper, warned that 'outlaws' were capitalising on the hype through rampant scalping of limited-edition Labubu dolls and the sale of counterfeits. It cited a recent case of law enforcement officers in Zhejiang busting three separate cases involving the manufacturing and sale of fake Labubu dolls. The commentary also mentioned the rush to buy Labubu dolls in the secondary market, referencing the auction in Beijing earlier this month where a human-sized Labubu figure was sold for a record 1.08 million yuan (US$150,220). 'In some secondhand markets, scalpers maliciously hoard goods and resell them at high prices, seriously disrupting normal market order,' the commentary said, adding that some merchants were selling imitation Labubu products under labels such as 'affordable substitutes' or 'one-to-one high imitations'. The People's Daily commentary also criticised cases where scalpers used software to buy genuine Labubu products, then colluded with 'high-imitation merchants' to mix authentic and fake dolls for resale. This has made it difficult for consumers to protect themselves, as a 'black market chain' has been formed, said the commentary. 'The blatant sale of these high-end Labubu (dolls) not only seriously infringes on Pop Mart's intellectual property rights and damages its brand image, but it also greatly infringes on the legitimate rights and interests of consumers.' The People's Daily's commentary further called on online platforms to 'fulfil their principal responsibilities', such as strengthening reviews on merchants and penalising those who sell counterfeit products, as well as protecting consumers' rights and interests. It also called on regulators to enhance consumer protection mechanisms, step up intellectual property enforcement, and intensify crackdowns on copyright infringement and counterfeits.
Yahoo
15 hours ago
- Automotive
- Yahoo
GAC makes global debut of GOVY AirCab flying car at Hong Kong event
Guangzhou Automobile Group (GAC) made the global debut of its first mass-produced flying car, the GOVY AirCab, at the opening of the 2025 International Automotive & Supply Chain Expo in Hong Kong. The GOVY AirCab, developed by GAC GOVY, is claimed to be the world's first autonomous multirotor flying car intended for mass production. The vehicle features a composite carbon fibre body, quick 25-minute charging capability, and 'intelligent' low-altitude obstacle avoidance. It incorporates multiple redundant safety systems for power, energy, flight control, and communications. GAC announced that the pre-order price will not exceed 1.68m yuan ($0.23m). Demonstration operations will begin later this year in the Guangdong-Hong Kong-Macao Greater Bay Area, with deliveries expected by the end of 2026. GAC also presented eight vehicles at the expo among which four models, AION Y PLUS, AION V, HYPTEC HT, and the E9 PHEV have already been launched in the Hong Kong market. Outside of China, GAC has expanded its manufacturing operations to countries including Malaysia, Thailand, and Indonesia. According to the company, these facilities are equipped with the latest GAC Production System (GPS3.0), incorporating a global quality assurance framework, advanced intelligent manufacturing techniques, and rigorous quality control measures. Since 2025, GAC stated that it has launched its advanced intelligent technology brand, GAC ADiGO 6.0, along with the intelligent driving technology system, GAC ADiGO GSD, and the newly introduced GAC X-SOUL Safety Protection System. The company stated that it aims to become a leading player in intelligent driving assistance technology within China by 2025 and to rank among the global top tier in technological innovation and R&D capabilities by 2027. At the Shanghai Auto Show this April, GAC showcased the X-SOUL AI panorama, which is designed around four key scenarios—Sky, Robot, Home, and Vehicle—aiming to establish a 'new paradigm' in intelligent mobility. At the International Automotive & Supply Chain Expo, the company also announced its "Hong Kong ACTION", the localised implementation of "One GAC 2.0" global strategy in Hong Kong, as well as the Hong Kong launch of its global 'premium' compact model, AION UT. GAC president Wei Haigang: "GAC will fully leverage the advantages of its industrial system centered around our Panyu headquarters in Guangzhou, and will adhere to the principles of long-term commitment and win-win cooperation, and adopts a full industry chain ecosystem globalisation approach, focusing on Hong Kong consumers' needs, in Hong Kong, for Hong Kong, integrating into Hong Kong, serving Hong Kong, and contributing to Hong Kong. GAC aims to establish as a reliable automotive brand among Hong Kong consumers." "GAC makes global debut of GOVY AirCab flying car at Hong Kong event" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 hours ago
- Automotive
- Yahoo
China Car Subsidy Halted in Some Areas as Funds Run Low
(Bloomberg) -- China's trade-in subsidy to boost sales of electric and fuel-efficient vehicles has been suspended in key cities across at least six provinces as funds run short and officials scrutinize the prevalence of 'zero-mileage' used cars. Security Concerns Hit Some of the World's 'Most Livable Cities' How E-Scooters Conquered (Most of) Europe JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Cities in provinces including Guangdong, Henan and Zhejiang have suspended the program, which gives consumers up to 20,000 yuan ($2,780) toward the purchase of a newer model car and had been scheduled to run until the end of this year, according to reports from local media including Dahe Daily. The practice of dealers and traders purchasing new cars in bulk, registering them in order to qualify for rebates, then selling them on the used-car market without ever being driven has added to fiscal pressures and led to probes by authorities, the reports said. Regulators are studying ways to prevent such practices and ensure proper fiscal allocations before continuing to support auto consumption, the Dahe Daily reported, citing people it didn't identify. Authorities said on Wednesday that 300 billion yuan in ultra-long special treasury bonds have been earmarked to support consumption stimulus, including a program for the trade-in of home goods. About 162 billion yuan has been disbursed so far. The program will continue until the end of the year and the central government is guiding provinces to spend the funds in a way that maximizes the policy effect, according to a report by the Securities Times. The cash-for-clunkers program, part of the broader trade-in package aimed at boosting retail sales to support a weakening Chinese economy, has been an important pillar for the nation's car sales. About 70% of personal car purchases in May utilized the trade-in subsidy, broadly in line with the figure for April, according to data from the China Passenger Car Association. The pause to the program adds to growing challenges facing automakers in the world's largest car market. The industry has found itself under growing scrutiny after an extended price war caught the attention of authorities. That includes the Ministry of Industry and Information Technology which, along with two other agencies, convened a meeting with 17 major Chinese automakers in early June to address issues including 'zero-mileage' used cars, Bloomberg News has previously reported. 'These cars came under scrutiny as they're considered a tactic to fraudulently claim the subsidy,' Li Yanwei, an adviser to the China Automobile Dealers Association, said in an interview. Guangdong and Jiangsu provinces started to strengthen the verification of second-hand car sales in May, he said. Some provinces paused their subsidy programs in June, and are re-assessing cars that have had multiple ownership transfers within a short period of time, according to Li. By the end of May, there had been more than 4.12 million applications for the vehicle trade-in subsidy, according to the Ministry of Commerce. --With assistance from Qianwei Zhang. (Updates to add government response in fourth paragraph) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Mark Cuban Has Done Sports, Reality TV and Now Health Care. Why Not US President? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P.
CTV News
2 days ago
- Climate
- CTV News
A river overflows in southern China, stranding people and turning streets into canals
A Chinese flag flies outside of the Secondary Intermediate People's Court of Tianjin northeastern China's Tianjin municipality, Wednesday, Dec. 26, 2018. (AP Photo/Mark Schiefelbein) BEIJING — Rescue workers used rubber dinghies to evacuate people and deliver food and water Wednesday after floodwaters overwhelmed towns in southern China's Guangdong province. About 30,000 people have been evacuated in Huaiji County after days of heavy rain, state broadcaster CCTV said. More than half of the county's roads were submerged and power and internet outages were widespread. The Suijiang River overflowed in an urban area, turning wide swaths of streets into canals. Aerial footage showed high-rise apartment buildings and leafy green trees sticking up from a sea of mud-colored water. In some parts, the water reached about halfway up the first floor and left only the tops of cars visible. Huaiji County is near the border with the Guangxi region and about 140 kilometres (90 miles) northwest of Guangzhou, a major industrial and port city that is the provincial capital. Tropical storm Wutip brought heavy rain to the region and was followed by monsoon rains earlier this week. Five people died in Guangxi in two landslides triggered by the tropical storm last weekend. A rescue worker interviewed on a livestream by the Southern Metropolis Daily newspaper said his team needed to evacuate seriously ill patients from a hospital. The team had delivered milk powder and water to a woman with a newborn baby and was sending supplies to dozens of children and elderly people who were at a school. The Associated Press
