World

Alibaba Group Holding is paving the way for China’s 210 million investors to buy a stake in the e-commerce giant as it pushes ahead with a plan for a primary listing of its shares in Hong Kong, Asia’s third-largest stock market. The process, expected to be completed by end-August, is a prerequisite to be included in the cross-border exchange link programme and will allow the US$400 billion company to leverage on its visibility and investor familiarity in the world’s second-largest economy. The Hangzhou-based company, whose shares are not listed on mainland China, disclosed a progress report on the plan while unveiling its financial results for the financial year that ended in March with JPMorgan Chase saying Alibaba’s shares could be included in the Stock Connect scheme by September...

China’s largest insurer Ping An Insurance (Group) has sold HK$392 million (US$50 million) worth of its shares in London-based HSBC in an apparent tantrum days after reports that the bank’s largest shareholder voted against the reappointment of the lender’s departing CEO Noel Quinn as a director. Ping An sold 5,648,800 shares of HSBC, the largest of Hong Kong’s three currency-issuing banks, at an average price of HK$69.3074 on May 7, lowering its stake in the lender to 7.98 per cent from 8.01 per cent, according to a filing with the Hong Kong stock exchange on Friday. Ping An, HSBC’s largest shareholder, lodged a protest vote against Quinn’s leadership at a general shareholder meeting on May 3, Bloomberg reported on Sunday. Quinn was reelect...

More than 800,000 people in Europe and the US appear to have been duped into sharing card details and other sensitive personal data with a vast network of fake online designer shops apparently operated from China. An international investigation by the Guardian, Die Zeit and Le Monde gives a rare inside look at the mechanics of what the UK’s Chartered Trading Standards Institute has described as one of the largest scams of its kind, with 76,000 fake websites created. A trove of data examined by reporters and IT experts indicates the operation is highly organised, technically savvy – and ongoing. Operating on an industrial scale, programmers have created tens of thousands of fake web shops offering discounted goods from Dior, Nike, Lacoste, Hugo Boss, Versace and Pra...

China's significant investment in Cambodia, including infrastructure support as part of the Belt and Road Initiative, has turned Cambodia into a major manufacturing hub and bolstered its global supply chain ties. But given China's dominant influence on Cambodia's economy and substantial loans, it is essential for Cambodia to diversify its investment and trade partners, strengthen its debt management initiatives and invest in education and skills development to ensure long-term economic resilience and sovereignty. For decades, China has influenced global supply chains and has had a major impact on the economic landscape of Asia. Due to its advantageous geographic position and expanding economy, Cambodia has drawn significant interest from China, which has influenced Cambodia’s inte...