United States

Donny Kwok

UPDATE 1-HKEX Q3 profit rises 20 pct; weaker markets cloud outlook

Nov 07 2018

* CEO says confident about rest of 2018 despite macro headwinds (Adds CEO comments, earnings details, context)

Hong Kong Sept retail sales grow at slowest pace in 15 months

Nov 01 2018

* Sept retail sales value up 2.4 pct y/y, volume up 1.4 pct y/y * Jan-Sept retail sales value up 11.1 pct y/y, Q3 down 2.9 pct q/q * Sept tourist arrivals rise 1.8 pct y/y, Jan-Sept up 9.5 pct * External uncertainty, weak asset markets may hit sentiment- govt By Donny Kwok HONG KONG, Nov 1 Hong Kong's retail sales in September grew at their slowest pace in 15 months, government data showed on Thursday, with outlook clouded by external headwinds including mounting trade friction between Beijing and Washington. Retail sales in September rose 2.4 percent from a year earlier in value terms to HK$36.6 billion ($4.67 billion), marking their 19th month of expansion, but the slowest growth since June 2017. That compares with a revised 9.4 percent rise in August. In terms of volume, retail sales grew 1.4 percent in September, compared with a revised 7.9 percent rise in August. This marked the slowest growth in retail sales since June last year. Retail sales grew at a slower pace, dented by lean tourism due to typhoon Mangkhut, while Sino-U.S. trade tensions also likely weighed, a government spokesman said. "External uncertainties and weaker asset markets may increasingly affect consumer sentiment," the spokesman said. "Favourable labour market conditions and buoyant inbound tourism should continue to support the retail sector in the near term." For the first nine months of 2018, total retail sales rose 11.1 percent in value and 9.6 percent in volume. The value of third-quarter retail sales in the city slipped 2.9 percent from the previous quarter, while volume was down 3 percent. China's economy grew less than expected at 6.5 percent in the third quarter from a year earlier, marking its weakest expansion since the global financial crisis amid a trade war with the United States. China's retail sales rose 9.2 percent in September from a year earlier. The country is planning more tax cuts to help spur domestic consumption and take more timely steps to support its economy, which faces increasing pressures. Analysts are optimistic that tourist arrivals in Hong Kong from mainland China will remain strong over the long-term as the Guangzhou-Shenzhen-Hong Kong high-speed railway and Hong Kong-Zhuhai-Macau Bridge will drive up mainland tourist numbers and benefit the whole retail market in the city. September tourist arrivals rose 1.8 percent from a year earlier to 4.72 million, according to the Hong Kong Tourism Board, the slowest growth since January. The count of mainland visitors grew 3.9 percent, the slowest so far in 2018, accounting for 78.7 percent of the total. https://bit.ly/2Dgc5gP Sales of jewellery, watches, clocks and valuable gifts increased 2.2 percent in September, compared with a revised 20.8 percent surge in the previous month, government data showed. Growth in medicines and cosmetics rose 4.9 percent from a revised 16.2 percent in August, while department store sales were up 2.0 percent compared with a 11.7 percent growth in August. Cosmetic chain Sa Sa International Holdings saw slower growth in quarterly sales with average sales per transaction of local customers rising 2.8 percent, but mainland tourists down by 2 percent. Sa Sa International said consumer sentiment turned sour due to a weaker Chinese currency and stock market volatility. Hong Kong-based Chow Tai Fook Jewellery Group and smaller rival Luk Fook Holdings (International) also posted slower store sales growth in July-Sept period as compared with the previous quarter. ($1 = 7.8386 Hong Kong dollars) (Reporting by Twinnie Siu and Donny Kwok; Editing by Sherry Jacob-Phillips)

Hong Kong banks raise benchmark lending rates for first time in 12 years

Sep 27 2018

HONG KONG Hong Kong commercial banks raised their benchmark lending rates on Thursday for the first time in 12 years, increasing the cost of home mortgage repayments in one of the world's most expensive property markets.

All aboard: Hong Kong bullet train signals high-speed integration with China

Sep 22 2018

HONG KONG Hong Kong's controversial bullet train got off to a smooth start on Sunday, as hundreds of passengers whistled north across the border at speeds of up to 200 kph (125 mph), deepening integration of the former British colony with mainland China.

Tencent-backed Meituan climbs 5 percent on debut, brightens outlook for HK IPOs

Sep 20 2018

HONG KONG Meituan Dianping rose 5 percent on debut in Hong Kong on Thursday, valuing the Chinese online food delivery-to-ticketing services firm at about $55 billion and sending a positive signal to companies lining up to list in the financial hub. | Video

Global luxury brands again chase China's young, rich and spendthrift

Aug 22 2018

HONG KONG Global luxury brands from Prada to LVMH are investing in China for the first time since a crackdown on conspicuous spending five years ago, focusing on smaller, less developed cities even as the world's second-largest economy slows. | Video

UPDATE 1-China Resources Beer H1 profit rises 29 pct on higher prices

Aug 17 2018

* Says Heineken deal to boost presence in China's premium mkt (Adds company comment, updates shares)

As China trade row deepens, WH Group boosts U.S. pork exports to Japan, South Korea

Aug 14 2018

HONG KONG WH Group Ltd, the world's largest pork company, has boosted its U.S. exports to Japan, South Korea and Mexico to reduce the impact of the trade spat between Washington and Beijing, Chairman Wan Long said on Tuesday.

China Tower joins growing list of subdued Hong Kong IPO debuts

Aug 08 2018

HONG KONG China Tower Corp Ltd's shares closed flat on their debut in Hong Kong on Wednesday, with escalating Sino-U.S. trade tensions dragging on investor sentiment toward the world's biggest initial public offering (IPO) in two years. | Video

Hong Kong's IPO market braces for China Tower debut after string of poor starts

Aug 07 2018

HONG KONG Hong Kong is readying to host the world's biggest initial public offering (IPO) in two years on Wednesday, as China Tower Corp Ltd debuts in a market with record IPO numbers but where recent floats have struggled to maintain issue prices.

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