SCMP World

Bruce Rockowitz identifies artificial intelligence as a growth driver for wellness, dining, and media businesses, emphasizing its role as a competitive advantage beyond mere productivity tools. He highlights AI's transition from experimentation to execution across industries.

Xiaomi, a smartphone vendor now one of Tesla’s biggest challengers in mainland China’s EV market, is developing a new SUV line called Sky Nomad with extended-range battery technology to counter domestic sales slowdown.

Small-cap IPOs in Hong Kong are underperforming as the market shifts focus to mega-deals like Zhipu AI. Five of 13 IPOs debuted below their issue prices this week, including Luxshare, a major Apple supplier, which fell over 9%.

ChangXin Memory Technologies (CXMT), China’s leading DRAM maker, set a subscription date for a US$4.3 billion Shanghai IPO on July 16, with the offering expected to be the second-largest on the Star Market. The company, based in Hefei, Anhui, will hold its initial price consultation on Monday.

Shares of Zhipu AI and Iluvatar CoreX Semiconductor surged after they launched secondary placements to raise billions of Hong Kong dollars for hardware and research. Zhipu AI, trading as Knowledge Atlas Technology, saw its stock rise 9% following an accelerated bookbuild offering.

Hong Kong stocks retreated as regional tech volatility and a tech sell-off in neighboring markets dampened sentiment. The Hang Seng Index fell 0.78% while the Hang Seng Tech Index declined 0.06% despite optimism around recent IPO lock-up expirations.

Two-thirds of ultra-rich expatriates in Hong Kong plan to retire in the city due to stronger financial benefits, according to a St James’s Place survey of 450 affluent residents. The survey found 17% of respondents held Hong Kong or mainland China passports, while others were citizens of various global jurisdictions.

The article discusses Yuan's global ambitions. No further details are provided in the content.

Goldman Sachs forecasts a 50% increase in Contemporary Amperex Technology Co Limited (CATL)'s share price over the next 12 months, driven by rising demand for energy independence and growth in its battery energy storage system business.

AXA Group launched AXA Global Private in Hong Kong on 8 June to serve high-net-worth and ultra-high-net-worth individuals and globally mobile families across Asia. The debut included a press conference and a private gala attended by senior executives and VIP guests.

China's four major state-run banks are the largest globally in asset scale, according to a report by The Banker magazine. The report highlights that Chinese banks occupy seven of the world’s top 10 positions, reflecting Beijing’s efforts to strengthen its global financial influence.

Hong Kong’s retail leasing market faces ongoing pressure with rental rates below pre-pandemic levels. Analysts cite Beijing’s capital flight crackdown and potential US Federal Reserve rate hikes as factors adding uncertainty, while the food and beverage sector experiences closures, including operations cuts by fast-food chain Maxim’s MX.

The owners of The Peninsula hotel chain and SF Holding have received approval from Hong Kong’s Insurance Authority to establish captive insurers, supporting Hong Kong’s development as a risk management hub. The Hongkong and Shanghai Hotels and SF Holding were granted licenses for their respective captive insurance ventures.

Beijing urged the Netherlands to ensure fair treatment for Chinese companies and maintain stable chip supply chains during a visit by the Dutch trade minister, as both sides navigate tech tensions with Washington and seek resolution over Nexperia.

Chinese investors withdrew a record $2.91 billion from domestic gold ETFs in June, driven by a stock-market surge and a strong yuan reducing gold's appeal. The World Gold Council attributed the outflows to improved risk appetite, with investors shifting to higher-risk, higher-return assets.

Hong Kong delayed an IPO debut for the first time in over eight months due to missing regulatory data requirements. DKE Holding Company postponed its IPO after failing to provide investors with an offer price and bookbuilding results.

China’s central bank announced measures to expand Hong Kong’s role as an offshore yuan hub, allowing mainland institutions to purchase a net 800 billion yuan annually via the Southbound Bond Connect scheme, a 60% increase. The move aims to inject vitality into Hong Kong’s markets and support broader international use of the yuan.

A heatwave in Europe led to surging sales of Chinese-made air conditioners and fans, with Alibaba's Spanish fan sales nearly doubling and Midea's European air-conditioner sales rising over 70% in the first half of the year. The article questions the relevance of comparing US and Chinese AI models amid these developments.

BYD is challenging Porsche’s 911 with the European launch of its Denza-branded electric supercar, the Denza Z, featuring the company’s self-developed DiSus body control system. The vehicle will debut at the UK’s Goodwood Festival of Speed.

Business and marketing leaders attended the South China Morning Post's The Lede Summit in Hong Kong to discuss how quality journalism impacts decision-makers and drives measurable influence. The event included the Agency Leaders Breakfast and CMO Circle Luncheon.