Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Top officials and global executives call for global supply chain stability at supply chain expo;
- Profits of China’s major industrial enterprises improve in October.
Here’s what you need to know about China in the past 24 hours
Maintaining the stability of global supply chains is essential for addressing challenges confronting businesses worldwide, such as escalating costs, geopolitical tensions and rising protectionism, which could further fuel global inflation, government officials and business leaders said on Tuesday.
Delivering a keynote speech at the opening ceremony of the second China International Supply Chain Expo in Beijing, Vice-President Han Zheng said that China is willing to work with all countries to promote the establishment of an open world economic system and ensure the stability and smooth operation of global industrial and supply chains.
This year's expo, which runs through Saturday, has attracted over 620 Chinese and foreign companies, marking a 20 percent increase in the number of exhibitors compared with the first edition, according to the China Council for the Promotion of International Trade, the organizer of the event. The proportion of overseas exhibitors has climbed from 26 percent to 32 percent, it said.
Tim Cook, CEO of Apple Inc, reaffirmed the critical role of China's supply chains in supporting the US tech giant during his recent visit to China, aligning with other multinational companies in committing to the Chinese market and integrating more deeply into global industrial and supply networks.
In a visit before the opening of the expo, Cook said that the company is "very committed to China", citing that he has visited the country three times so far this year.
Sean Stein, incoming president of the US-China Business Council, said that over the past few decades, global supply chains have not only been the cornerstone of economic development, but also a key stabilizer for world peace and international cooperation.
Such interconnectedness has enabled the creation of resilient economies, supported innovation and generated employment opportunities, Stein said, adding that collaboration and development have benefited both China and the United States, as well as the whole world.
Greater Bay Area, Greater future
- The Airport Authority Hong Kong inked a deal to buy a 35 percent stake in neighboring Zhuhai Airport for 4.3 billion yuan yesterday. The aim is to enhance collaboration between Hong Kong International Airport and Zhuhai Airport, boosting the Greater Bay Area's aviation sector and building a world-class airport network.
- The new Zhongshan Passenger Port that runs cross-boundary route between Zhongshan and the Hong Kong SAR will come into service on Thursday. It will initially operate three routes toHong Kong International Airport, China Ferry Terminal in Tsim Sha Tsui, and Shenzhen’s Shekou Port. New routes to Taipa in Macao, islands off Zhuhai and water sightseeing routes are also in the pipeline.
- Hong Kong's latest retail infrastructure bond offering got off to a strong start yesterday with investors seeking between 5 and 15 board lots and banks doing brisk business for the bonds. The target size of the retail infrastructure bond is HKD20 billion, with each lot offered at HKD10,000 and a tenor of three years.
Next on industry and company news
- Profits at China's major industrial firms fell 4.3 percent to 5.8 trillion yuan in the first 10 months of the year from a year earlier. The drop of their monthly profit narrowed significantly by 17.1 percentage points from a month earlier, data from the National Bureau of Statistics showed on Wednesday. Their revenue rose 1.9 percent to 111 trillion yuan.
- Huawei launched its first car model jointly-developed with JAC Motors, the Maextro S800, priced at between 1 million and 1.5 million yuan. The luxury sedan, which aims to compete with the Mercedes-Benz S-Class, BMW 7 Series, and Audi A8L,uses the second-generation Tuling intelligent chassis. Huawei also unveiled its Luxeed S7 sedan yesterday, an electric vehicle co-developed by Chery Automobile. The EV comes in three versions with prices ranging from 229,800 yuan to 319,800 yuan. Huawei’s Harmony Intelligent Mobility Alliance delivered around 500,000 vehicles in the 32 months since it delivered its first co-developed car, according to Richard Yu, chairman of the Chinese telecoms giant’s consumer business group.
- Baidu plans to launch trial operations of its robotaxi service Apollo Go in specific areas of Hong Kong by the end of this year, marking significant progress for the Chinese tech giant's global autonomous driving layout, according to sources familiar with the matter.
Switching gears to financial news
- SF Holding Ltd’s shares rose in their debut in Hong Kong on Wednesday after completing the second-largest listing in the SAR this year. The Chinese mainland's biggest express-delivery firm’s stock climbed as much as 3.5 percent in early trading.
- Bank of China Hong Kong issued 5 billion yuan worth of 2-year panda bonds, with an interest rate at 2 percent per annum and attracted sovereign wealth funds from the Middle East. Though setting a new low in the interest rate of panda bonds, it was subscribed by more than two times yesterday, attracting the participation of more than 30 domestic and foreign investors, with nearly 80 percent of them participating for the first time.
- Alipay has launched a new line of exclusive voucher packs for international inbound passengers. Overseas registered users of the Alipay wallet can collect vouchers worth 200 yuan for flights, retail tickets, car-hailing orders, accommodation, and other travel needs.
Wrapping up with a quick look at the stock market
- Chinese A-share rallied on Wednesday as the benchmark Shanghai Composite climbed 1.5 percent to regain 3,300 points and the Shenzhen Component jumped 2.3 percent. Hong Kong’s Hang Seng index also gained 2.3 percent and the TECH index soared 3.6 percent.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
