13/12 GBA Briefs

HK cops earn HK$1b: Hong Kong’s police force has shelled out nearly HK$1 billion for officers working overtime over the past six months of social unrest, with each of nearly 11,000 police officers having received HK$14,394 a month on average. Read more on SCMP.

Outlook falls further: Hong Kong’s economy would probably have contracted by 1.5% in 2019, down from the previously forecasted zero growth, said Fitch Ratings, one of the major credit rating agencies to downgrade the city’s creditworthiness. Read more on SCMP.

GBA startups measured: Shenzhen has the biggest share of the GBA’s fastest-growing companies, according to a new study put out by SCMP and an analytics firm, Statista. Hong Kong was second. The fastest-growing unicorn was fintech firm WeLab, based in Hong Kong. Read more on SCMP.

Shenzhen CPI: Shenzhen’s CPI rose 0.5% in November over October, 0.3 percentage points slower than last month. The YoY growth rate was 5%, 1 percentage point up on last month. This is partly due to pork prices surging 5.4% from October. Inflation in the year to date is 3.2%. Read more in Chinese.

Xpeng personnel change: Joseph Tsai, Alibaba co-founder and executive vice chairman, has stepped down as a board member of an affiliate of the Guangzhou-based new-energy vehicle manufacturer Xpeng, according to public records updated on Monday. Xpeng said it was a “normal” corporate board change. Read more on Caixin.

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