Wealth Report
Wealth Report
Your independent, authoritative guide to wealth in Hong Kong and Asia, providing insights on wealth management, investment trends, family offices, holistic wealth and the wider financial landscape across the region.
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South China Morning Post
4 hours ago
- South China Morning Post
Trump says he has group of ‘very wealthy' people to buy TikTok
US President Donald Trump said in a Fox News interview broadcast on Sunday that he had found a buyer for the TikTok short-video app, which he described as a group of 'very wealthy people' whose identities he will reveal in about two weeks. Trump made the remarks in an interview on Fox News' Sunday Morning Futures with Maria Bartiromo programme. He said the deal he is developing would probably need China's approval to move forward and he predicted Chinese President Xi Jinping would be likely to approve it. The US president earlier this month extended to September 17 a deadline for China-based ByteDance to divest the US assets of TikTok despite a law that mandated a sale or shutdown without significant progress. A deal had been in the works this spring that would have spun off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. 'We have a buyer for TikTok, by the way,' Trump said. 'I think I'll need probably China's approval. I think President Xi will probably do it.' A 2024 US law required TikTok to stop operating by January 19 unless ByteDance had completed divesting the app's US assets or shown significant progress towards a sale.
South China Morning Post
5 hours ago
- South China Morning Post
Stop the price wars: China's state media guns target cutthroat industrial competition
China's Communist Party mouthpiece has taken another shot at the unsustainable price wars dragging down industrial profits in the world's second-biggest economy, urging firms to abandon the race to the bottom and refocus on quality. In a front-page editorial on Sunday, People's Daily raged against cutthroat neijuan tactics 'infesting' various industries with excess capacity, including electric vehicles , photovoltaics and batteries. Neijuan, also known as 'involution', refers to a self-defeating cycle of excessive competition. 'Solar module prices have tumbled to just 0.6 yuan per watt, prices have been slashed on over a hundred EV models while producers of energy storage equipment seek to underbid each other in the race for orders,' the editorial said. 'Disorderly price undercutting and homogeneous competition have infested many industries, distorting the market mechanism. 'It is a race to the bottom and will weaken the competitiveness of the entire industry.'
The Standard
6 hours ago
- The Standard
China to resume import of some aquatic products from Japan
Nike plans to reduce reliance on China production for US market to soften tariff blow
