Category Archives: News

Coronavirus update: HK jumps

Guangdong added 14 new COVID-19 cases yesterday, all imported from overseas. Five were reported in Guangzhou, five in Shenzhen, two in Foshan, and one each in Zhuhai and Jieyang. Four more patients were released from hospital, leaving the number under treatment at 62, according to the Guangdong Health Commission.

Hong Kong had a day with record new infections of 48, refreshing the record daily tally of 25 on Wednesday. This takes the city’s total of confirmed cases to 256. Three were released from hospital, bringing the total discharges to 98, while 312 remain under observation, according to the Centre for Health Protection.

The death toll in the GBA remained at 12.

The rest of the country reported 25 new cases yesterday, all of which were imported, taking the total imported cases to 228. Hubei has stopped adding new cases for a second day, while announcing two new deaths, according to the Hubei Health Commission.

Of China’s total 80,967 confirmed cases, around 88% have left hospital, with 730 discharged yesterday alone, according to the National Health Commission.

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GBA Briefs: 3/20/2020

Cathay shuts down: Cathay Pacific Airways will operate only 4% of its services in April and May, down to three flights a week to 12 destinations, citing a drastic drop in demand and travel restrictions. The group’s subsidiary HK Express has announced to halt all flights from March 23. SCMP.

Bad loans climb: Bad loans are on the rise in the banking sector, which recorded 3.3 trillion yuan of nonperforming loans, or 2.08% of total outstanding loans by the end of February, 0.05 percentage point higher than January. Caixin.

Shenzhen CPI: Shenzhen’s CPI has dropped by 0.1% in February from January, 2.3 percent points lower than the previous month’s growth rate, said the Shenzhen team of National Statistics Bureau, citing price-control measures by the government as well as a sluggish property rental market. Food prices rose by 2.5% while service prices fell by 1.6% month-on-month. Sznews.com.

Shenzhen boosts infrastructure: Shenzhen has started plans on the construction of five new railway projects today, totalling 410km of length and 201.8 billion yuan of investment. Projects are expected to boost both citywide networks and links to other GBA cities including Huizhou, Guangzhou and Dongguan. Southern Metropolis Daily.

Li & Fung’s move: Hong Kong’s Fung family has made a HK$7.2 billion (US$928 million) offer to privatise the 114-year-old global merchandise supply chain manager Li & Fung at a price premium of 150%. SCMP.

HK jumps: Hong Kong’s benchmark index jumped by the most in almost a decade today as it led a broad rally in Asia-Pacific markets, as sentiment improved on steps by global central banks and policymakers to cushion damage by the coronavirus pandemic. SCMP.

Coronavirus update: HK jumps

Guangdong added nine new COVID-19 cases yesterday, all imported from overseas. Five were reported in Guangzhou, two in Shenzhen, and one each in Zhaoqing and Meizhou. Six more patients were released from hospital, keeping the number under treatment at 52, according to the Guangdong Health Commission.

Hong Kong had a day with record new infections of 25, after adding its first double-digit daily increase of 10 in the previous day. Most of them were imported cases or their close contacts. This takes the city’s total of confirmed cases to 192. Three were released from hospital, bringing the total discharges to 95, while 230 remain under observation, according to the Centre for Health Protection.

The death toll in the GBA remained at 12.

Macau confirmed three new imported cases today, all of whom entered Macau via the Hong Kong-Zhuhai-Macao Bridge after taking a flight to Hong Kong. A total of seven patients are being kept in isolation.

The rest of the country reported 25 new cases yesterday, up 17 from the previous day’s eight. All of them were imported, taking the total imported cases to 155. Hubei finally stopped adding new cases, while announcing eight new deaths, according to the Hubei Health Commission.

Of China’s total 80,928 confirmed cases, around 87% have left hospital, with 819 discharged yesterday alone, according to the National Health Commission.

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GBA Briefs: 19/3/2020

Guangdong resumes (1): Nearly 94% of the 15,000 key manufacturing firms surveyed by the government in Guangdong have resumed work, according to the provincial human resources and social security department. More than 83% of employees in the sector have returned, with labor shortages mostly for general workers, including equipment operators, packaging workers and tally clerks. Southern Metropolis Daily.

Guangdong resumes (2): Trivium China’s “back to work” index shows 100% of Guangdong’s leading companies (those with revenues above 20 million yuan) have resumed normal operations.  Trivium

Continue reading GBA Briefs: 19/3/2020

Coronavirus update: Imports surge in Guangdong, HK

Guangdong reported five new COVID-19 cases yesterday, three in Guangzhou and two in Shenzhen, all imported from overseas. Five more patients were released from hospital, keeping the number under treatment at 49, according to the Guangdong Health Commission.

Hong Kong recorded its first double-digit daily increase in more than a month, adding 10 new cases on Tuesday, of which six were imported or close contacts of imported cases. Meanwhile, at least eight more have tested positive for COVID-19 this morning, according to medical sources quoted by SCMP, although yet to be officially confirmed by the health authorities. This takes the city’s potential total of confirmed cases to 175. Four were released from hospital, bringing the total discharges to 92, while 267 remain under observation, according to the Centre for Health Protection.

The death toll in the GBA remained at 12.

Macau confirmed three new imported cases, all of whom entered Macau via the Hong Kong-Zhuhai-Macao Bridge after taking a flight to Hong Kong.

The rest of the country reported eight new cases yesterday, all imported. China has recorded 155 imported cases so far. Hubei added just one new case and announced 11 new deaths, according to the Hubei Health Commission.

Of China’s total 80,894 confirmed cases, around 86% have left hospital, with 922 discharged yesterday alone, according to the National Health Commission.

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GBA Briefs: 18/3/2020

Mobile payment surges: Mobile payments surged by 73.6% year-on-year in the fourth quarter of 2019, accounting for around half of the country’s electronic payments, or 94.9 trillion yuan. Caixin.

Gree expands medical investment: The Zhuhai-based major appliance manufacturing giant Gree plans to pump 1 billion yuan into the research and development of high-end medical equipment, as the group’s chairwoman Dong Mingzhu cited the country’s “inadequacy of core technology” on Tuesday. Caixin.

Tencent music sings: Tencent Music has finally turned a profit of 1.04 billion yuan in the fourth quarter of 2019, a turnaround from the net loss in the same period of 2018, signalling the business model can sustain itself as paying users grew 47.8% year-on-year. Caixin.

Shenzhen invests in sports: Shenzhen authorities have announced a series of financial support for the city’s sports industry, offering millions of yuan in subsidies to sports events and industrial parks, as well as up to 80 million yuan to professional clubs. Sznews.com.

Coronavirus update: Imports rise

Guangdong reported three new COVID-19 cases yesterday, imported from the UK, France and the Philippines, respectively. One patient was released from hospital, leaving only 49 under treatment, according to the Guangdong Health Commission.

Hong Kong added nine new infections, seven of whom were imported patients or their close contacts, taking the city’s total of confirmed cases to 157. Four were released from hospital, bringing the total discharges to 88, while 173 remain under observation, according to the Centre for Health Protection.

The death toll in the GBA remained at 12.

Macau confirmed one new imported case, a 47-year-old from Spain, who flew in via Beijing. He joined a Korean casino worker who had returned from Portugal the previous day. These were Macau’s first cases in more than a month.

The rest of the country reported 18 new cases yesterday, of which 17 were imported. China has recorded 143 imported cases so far. Hubei added just one new case and announced 12 new deaths, according to the Hubei Health Commission.

Of China’s total 80,881 confirmed cases, around 85% have left hospital, with 930 discharged yesterday alone, according to the National Health Commission.

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GBA Briefs: 17/3/2020

Income gap widens: A third of Chinese households with annual incomes of between 10,000 yuan and 30,000 yuan would see their earnings dropping significantly this year, while only 13% of high-income households believe their earnings would be severely hit by the coronavirus outbreak, according to a survey conducted by Gan Li, professor of economics at Texas A&M University. SCMP.

JD considers dual listing: Chinese e-commerce giant JD.com is considering a secondary listing in Hong Kong in May or June, with Citibank, UBS and CLSA selected as the lead underwriters, according to a source familiar with the matter. Caixin.

Restaurants suffer: Chinese restaurants are in the process of reopening, but only to find it difficult to recover even half of their revenues prior to the coronavirus outbreak amid loss of dine-in business. Caixin.

Nansha amid outbreak: A piece by Southcn.com takes a closer look at how Guangzhou’s Nansha district managed to control the coronavirus outbreak with the employment of both digital and human surveillance. Southcn.com.

Foshan gets subsidies: Guangdong’s government-run fund has offered subsidies of 26.8 million yuan to 178 science and technology projects in Foshan, covering a variety of areas including advanced materials and biomedical industry. Southcn.com.

Cars rev up again: Guangdong’s automobile manufacturing industry is on the way to recovery, with major companies including Nissan, Volkswagen, Toyota and BYD restarting their production lines in partial capacity. Southcn.com.

Coronavirus update: Importation concern climbs

Guangdong has reported five new cases since Friday, with one on Saturday and four on Sunday, all imported from overseas. While 10 more patients were released from hospital, leaving only 47 under treatment, according to the Guangdong Health Commission.

Hong Kong added 17 new cases since Friday, among which 11 were imported cases, taking the city’s total of confirmed cases to 148. Nine patients were released from hospital, bringing the total discharges to 84, while 166 remain under observation, according to the Centre for Health Protection.

Hong Kong reported its fourth death of the COVID-19 on Friday, an 80-year-old man whose wife had been infected earlier, raising the death toll in the GBA remained to 12.

The country reported 47 new cases since Friday, of which 35 were imported. The country has recorded 123 imported cases so far. Hubei added 12 new cases, with 37 new deaths bringing the province’s total to 3,099, according to the Hubei Health Commission.

Of China’s total 80,860 confirmed cases, around 84% have left hospital, with 838 discharged on Sunday alone, according to the National Health Commission.

Continue reading Coronavirus update: Importation concern climbs

GBA Briefs: 16/3/2020

Economy plunges: China’s economy appears to have collapsed during the coronavirus outbreak at a far deeper rate than many analysts had been expecting. Industrial production, retail sales and fixed-asset investment declined by double digits in January and February, official data shows. SCMP.

PBOC acts: The People’s Bank of China cut the reserve-requirement ratio for the second time this year, pumping 550 billion yuan into the economy on Friday (Reuters.) and then saying on Sunday it would use a variety of measures including monetary tools to lower rates for companies hit hard by the outbreak. SCMP.

HK Disneyland losses: Hong Kong Disneyland said today its losses had doubled to HK$105 million for the year ended September 2019, largely due to months of social unrest sparked by the anti-extradition bill as well as the coronavirus outbreak. SCMP.

Apple opens (and closes): As China brings its infection numbers under control, Apple has reopened all 42 stores in the mainland which were forced to close in January due to the outbreak, while it closed all its stores in the rest of the world until March 27. CNBC.