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South China Morning Post

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Hong Kong retail sales rise 8.6% in April on back of higher visitor arrivals

Hong Kong’s retail sales rose by 8.6 per cent year on year in April, extending the sector’s recovery for a 12th consecutive month, supported by continued growth in visitor arrivals and holiday spending. Provisional figures released by the Census and Statistics Department on Wednesday showed retail sales reached HK$31.4 billion (US$4 billion) in April, compared with HK$28.9 billion a year earlier. Retail sales for the first four months of 2026 rose 11.3 per cent from the same period last year. A...

South China Morning Post

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IT/기술

Tencent shares jump on expectations of AI agent within WeChat super app

Shares of Tencent Holdings surged as much as 8 per cent on Tuesday, driven by investor optimism over reports that the Chinese tech giant is close to launching an artificial intelligence agent within its super app WeChat. Tencent was testing a prototype AI agent for the WeChat ecosystem, which boasts 1.4 billion active users, and planned to start the compliance process as soon as this month for a public launch, according to a report by the Financial Times on Tuesday, citing anonymous sources. The...

Hong Kong Free Press

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Huge state subsidies give China unfair edge over foreign rivals, OECD says

Chinese companies in 15 key industrial sectors received vastly more state support than their international competitors between 2005 and 2024, according to an OECD report released on Monday. The 15 sectors received US$108 billion in 2024 alone, according to data compiled by the Organisation for Economic Cooperation and Development in its Manufacturing Groups and Industrial […]

South China Morning Post

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Trump’s US$1.8 billion ‘weaponisation’ fund is on hold, sources say

US President Donald Trump’s US$1.8 billion ⁠fund to compensate victims of alleged government “weaponisation” has been put on hold, two sources familiar with the plan said on Monday. The fund emerged from a legal settlement between Trump and the ‌Justice Department to resolve an unprecedented lawsuit in which the president had sued the Internal Revenue Service for US$10 billion over the alleged mishandling of his tax records. The US$1.776 billion was meant to pay people who said they had been the...

South China Morning Post

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Akeso lung cancer drug shines in trials, boosting hopes in US$20b market

Akeso, whose drug ivonescimab was hailed as biotech’s “DeepSeek moment” amid US competition last year, announced better-than-expected clinical results showing it can treat a type of lung cancer commonly found in smokers, potentially expanding its approved uses. Analysts suggest it could become a backbone therapy in the US$20 billion global non-small cell lung cancer market and have revised their target prices upwards. The drug’s phase three trial found that ivonescimab reduced the risk of death...

RTHK News (Hong Kong)

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Towngas in talks with govt to raise gas prices

Towngas on Monday said it is in discussions with the government to raise gas fees due to the latest energy price spikes caused by the conflict in the Middle East. Peter Wong, the managing director of Hong Kong's sole gas provider, told a press conference that the prices of naphtha, which accounts for about 40 percent of the raw materials for producing gas, has doubled since the start of the year. "We are currently under pressure to raise charges and we're in close communication with the government over the extent of the price increase. It's also because of the rise in energy prices and inflation," he said. "As to when a decision will be made, It's up to the government. But if we look back to two years ago, our previous price increase was implemented on August 1," he added. Wong, however, did not give a timeline on when the prices would go up. He noted that the firm has so far saved more than HK$20 billion on fuel costs for local customers because of its long-term "take or pay" contract with a supplier in Australia to secure natural gas. Under their 25-year agreement, signed in 2006, the Australian firm would supply natural gas to Towngas for fixed prices during the period. Towngas has also started negotiations with the Australian supplier over the new prices of their contract as the current one is set to expire in 2031, but "it's difficult to assess the new pricing", Wong said. Separately, he forecast that the city's total gas consumption would decline by three percent year-on-year in the first half of the year, partly because of the high temperatures that has reduced residential demand. But he added that the decline is likely to be smaller for the full year, pointing to a recent increase in gas consumption in the hotel and catering sectors. Meanwhile, Wong expressed optimism over the Northern Metropolis development, noting the company is laying pipelines to meet the demand of the expected additional 1.5 million residents and commercial users there. Edited by Aaron Tam

South China Morning Post

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산업/기업

Hong Kong government’s venture fund eyes bigger bankroll after double-digit return

The government’s investment arm achieved a double-digit internal rate of return last year, greater than many newly established venture capital funds, according to its CEO. “Many overseas funds have a J-curve performance, as they tend to suffer an initial loss before a gain,” said Clara Chan Ka-chai, CEO of Hong Kong Investment Corporation (HKIC). “But we have already bypassed the J-curve, as we have earned HK$2.3 billion [US$293 million] in 2024, while we have achieved a double-digit rate of...

South China Morning Post

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How has China’s year-long law enforcement campaign changed local governance?

Beijing has revealed the sweeping scale of a year-long campaign targeting irregular law enforcement against businesses as the country intensified its efforts to discipline local bureaucracies and improve governance. The Information Office of the State Council, China’s cabinet, said in a press briefing on May 21 that the campaign uncovered more than 66,000 problematic administrative law enforcement cases and helped companies to recover 30.7 billion yuan (US$4.5 billion). Authorities said more...

South China Morning Post

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Myanmar’s China-backed mega dam revival risks Kachin rebel backlash

Deep in the forested highlands of northern Myanmar, where the Irrawaddy River rises from two tributaries in the hills of Kachin state, a contentious infrastructure project is stirring again – and threatening to reopen wounds that never fully healed. The Myitsone Dam, a US$3.6 billion Chinese-financed hydroelectric megaproject that was shelved more than a decade ago after igniting a storm of popular fury, is back on the table. Myanmar’s military rulers have begun holding public consultations on...

South China Morning Post

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Can Hongkong Post be saved or should it become a taxpayer-funded public service?

Hongkong Post’s worsening financial situation may require not only an injection of funds but also a return to being a government-funded department providing basic public services, observers have said. The analysts’ views follow the authorities’ plan to inject HK$4.6 billion (US$587 million) as a lifeline to support Hongkong Post’s operations over the next three years, amid similar losses faced by postal operators worldwide. Hongkong Post has operated on a self-funding basis since 1995, following...

South China Morning Post

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Why the US Navy must look to allies if it wants to catch up to China at sea

Washington’s plans to work with allies on warship design and construction face steep opposition at home, but analysts warn that the US must outsource shipbuilding to South Korea and Japan if it wants to close its gap in fleet size with China. The US budget submission for the next financial year includes US$1.85 billion for a study on outsourcing parts of the design and construction of frigates and destroyers, according to media reports last month. USNI News, the news service of the US Naval...

South China Morning Post

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From nuclear submarines to trade, South Korea and US remain deadlocked ahead of talks

South Korea and the United States are heading into talks in Seoul next week with different priorities over the implementation of last year’s summit agreement, with President Lee Jae Myung pushing for the supply of nuclear-powered submarines and Washington seeking progress on a major investment pledge by the Lee administration. US approval on the use of nuclear fuel for South Korea’s submarines is a key goal for Lee, while Washington wants Seoul’s US$350 billion investment promise it previously...

South China Morning Post

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New Zealand tells US it lacks billions ‘under the couch’ to raise defence spending

New Zealand does not have the fiscal headroom to increase defence spending to the levels the US might expect, Finance Minister Nicola Willis said. US Defence Secretary Pete Hegseth told delegates at an Asia security forum in Singapore on Saturday that New Zealand’s target of raising defence spending to 2 per cent of the economy is not enough and was an example of “freeloading”. He hinted that nations should aspire to a target as high as 3.5 per cent. “That would be extremely challenging,” Willis...

South China Morning Post

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Chasing billions: Indonesia’s commodity export crackdown sows confusion

Indonesia lost nearly US$1 trillion in resource wealth over a 34-year period due to deceptive trade practices, President Prabowo Subianto declared in parliament on May 20. That same day, a set of new export controls was unveiled. Foreign-exchange earnings would be locked in Indonesian banks for a prescribed time limit and producers of coal, palm oil and ferroalloys would be required to route sales through a new state-owned enterprise. But barely had the ink dried on the new rules when talk of...

South China Morning Post

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Trump ordered to address fraud claims in IRS case that led to ‘slush fund’ for allies

A federal judge ordered US President Donald Trump to respond to “grievous allegations” that his deal with the government to create a US$1.8 billion fund to resolve his lawsuit against the Internal Revenue Service was the result of a “fraud” on the court. In an order on Friday, US District Judge Kathleen Williams gave the president’s personal lawyers until June 12 to respond to a request by a group of former federal judges that she reopen the proceedings to investigate conduct by the president...

South China Morning Post

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US judge freezes Trump ‘slush fund’ for allies

A federal judge on Friday temporarily blocked the Trump administration from moving ahead with a US$1.8 billion compensation package that critics have denounced as a “slush fund” for President Donald Trump’s political allies. US District Judge Leonie Brinkema barred the administration from taking any further action to create or operate the fund while she considers whether to impose a longer-lasting pause. Her order blocks the transfer of money into the fund, the consideration of claims and the...

RTHK News (Hong Kong)

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CUHK Medical Centre loan repayment deal 'a triple win'

The opening up of beds at a private hospital run by the Chinese University of Hong Kong (CUHK) for use by public healthcare system patients is a triple win, Secretary for Health Lo Chung-mau said on Friday. The move is part of a repayment deal for a loan made by the government for the development of the CUHK Medical Centre in Sha Tin. It will see the centre allocate 120,000 inpatient bed days over a 15-year period till 2037 to repay interest on the HK$4.033 billion building loan, with the principal set to be repaid in full in March next year. Lo, in a Legislative Council health panel meeting, called the deal a triple win as it allows Hospital Authority patients to receive faster treatment as well as enjoy services at the private hospital at public healthcare rates and reduces the financial burden on the university, which is planning to help the centre repay the loan. He told lawmakers the authorities have agreed in principle to allow the centre to repay the loan in full by March, ahead of the 2028 deadline that had been agreed after the centre twice sought repayment extensions. The interest due under the loan is a different matter. Under the original agreement, the HK$4.033 billion loan was interest-free for the first five years starting from March 2017, with the government starting to charge interest at a floating rate since 2022. "Even though CUHK Medical Centre will be repaying the loan [principal] in full, it will not be repaying the interest due during this five-year period [between 2022 and 2027]. It will not repay the interest early," Lo said. "For interest due in the five years between 2022 and 2027, they will [repay] by allocating about 120,000 in-patient bed days [for use by public hospitals]." Lawmaker Chan Pui-leung asked what the government would do if CUHK Medical Centre fails to meet its obligation to allow access to more than 120,000 bed days as that would result in changes having to be made to the 15-year interest repayment plan in 2037. Lo said the centre could make repayments if its financial situation improves but that would depend on the plan it comes up with at the time. University council chairman John Chai told lawmakers that the institution plans to offer a loan to the centre and/or provide a guarantee that allows it to secure bank loans. While the council has yet to make the final decision on the issue, he assured lawmakers that it will not take money away from funds that have been designated for other specific purposes. “Between 2024 and 2025, CUHK recorded solid investment returns, its funds have particularly recorded more desirable growth," Chai said. "Therefore, CUHK is considering using part of those funds that have no designated purpose yet to provide a loan to CUHK Medical Centre." Lo said the university, CUHK Medical Centre and the Hospital Authority would sign a memorandum of understanding to further step up cooperation so as to highlight the centre's role as a non-profit teaching hospital in the city's healthcare system, as well as its role as a bridge connecting both the public and private healthcare sectors. The move will also showcase the centre's commitment to promote sustainable development of healthcare services that offers the public more choices. Edited by Thomas McAlinden

South China Morning Post

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Can direct commercial sales fix Taiwan’s US$20 billion weapons backlog?

US defence industry leaders are pushing for deeper commercial cooperation with Taiwan to strengthen its military capabilities, as the island seeks faster ways to bolster deterrence amid Beijing’s mounting military pressure. But they cautioned that such business deals could not replace traditional American arms sales regarded as the backbone of Taiwan’s defence. Speaking at the Taiwan-US Defence Industry Forum in Taipei on Thursday, retired US General Charles Flynn and senior American executives...

RTHK News (Hong Kong)

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N Metropolis 'cries out for top-notch civic icon'

The quality of a government complex proposed to be built in Kwu Tung North should be high, as befits an investment in Hong Kong's civic pride and its being a flagship for the Northern Metropolis, said a member of the Sub-Committee on Planning and Land Conservation on Friday. Barry Wilson's remarks came after a HK$9.9 billion development plan was proposed for a 35-storey office block that would see the middle and upper floors primarily used for government offices and the ground and lower levels housing community facilities such as a district library, a post office and a kindergarten. Speaking on an RTHK radio programme, he said the building was important as it would be the "civic icon" for the Northern Metropolis. Wilson said the building should prioritise quality and functionality as it will become the centre of "a 15-minute walkable transit-oriented design community" and stressed a need on the part of the government to balance costs with community needs. "This is a building we hope will be around in a hundred years that society will be proud of, that society will have used endlessly and will have proven good value for money," he said. Addressing concerns over the the proposed costs of the project, Wilson believed that the investment will be worth it in the long term. "If we're going to attract talent, if we're going to attract business, if we're going to attract tourists, if we're going to create civic pride and create cohesive communities, I think it wouldn't be outrageous to spend a bit more," he said. He noted that the suggested building plan of 380 parking spaces could be reduced in a walkable neighbourhood environment, saying that might be an area where cost savings could be made. Edited by Thomas McAlinden

South China Morning Post

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China’s Innovent Biologics signs US$10.5 billion Pfizer deal for 12 cancer drug trials

China’s Innovent Biologics has signed a global collaboration with pharmaceutical giant Pfizer worth up to US$10.5 billion to jointly develop 12 cancer treatment programmes. The Hong Kong-listed drug maker said it would receive an upfront payment of US$650 million from Pfizer, and it is eligible for up to US$9.85 billion tied to development, regulatory and commercial milestone payments, according to an exchange filing on Friday. Innovent, which is based in Suzhou in China’s eastern Jiangsu...

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타임라인 키워드

Hong Kong retail sales rise 8.6% in April on back of higher visitor arrivals

Tencent shares jump on expectations of AI agent within WeChat super app

Huge state subsidies give China unfair edge over foreign rivals, OECD says

Trump’s US$1.8 billion ‘weaponisation’ fund is on hold, sources say

Akeso lung cancer drug shines in trials, boosting hopes in US$20b market

Towngas in talks with govt to raise gas prices

Hong Kong government’s venture fund eyes bigger bankroll after double-digit return

How has China’s year-long law enforcement campaign changed local governance?

Myanmar’s China-backed mega dam revival risks Kachin rebel backlash

Can Hongkong Post be saved or should it become a taxpayer-funded public service?

Why the US Navy must look to allies if it wants to catch up to China at sea

From nuclear submarines to trade, South Korea and US remain deadlocked ahead of talks

New Zealand tells US it lacks billions ‘under the couch’ to raise defence spending

Chasing billions: Indonesia’s commodity export crackdown sows confusion

Trump ordered to address fraud claims in IRS case that led to ‘slush fund’ for allies

US judge freezes Trump ‘slush fund’ for allies

CUHK Medical Centre loan repayment deal 'a triple win'

Can direct commercial sales fix Taiwan’s US$20 billion weapons backlog?

N Metropolis 'cries out for top-notch civic icon'

China’s Innovent Biologics signs US$10.5 billion Pfizer deal for 12 cancer drug trials