Miniso Group mulls spin-off of its pop toy business
The plan is preliminary, with no assurance of the timing, listing venue or other details, the lifestyle products retailer said in a statement.
Miniso has hired JPMorgan Chase & Co. and UBS Group AG for a planned initial public offering of the unit, TOP TOY, in Hong Kong, Bloomberg reported on Wednesday, citing sources.
The TOP TOY brand saw a 58.9 per cent rise in its March quarter revenue and an increase of 120 net new stores from a year before.
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Straits Times
4 minutes ago
- Straits Times
Microsoft Singapore managing director Lee Hui Li dies while on sabbatical
Find out what's new on ST website and app. SINGAPORE - Lee Hui Li, managing director of Microsoft Singapore, has died, shortly after going on sabbatical from her role in May. Her age could not be independently verified. An obituary seen by The Business Times stated that Ms Lee passed away on July 24. The wake will be held at the Church of St Ignatius on King's Road from July 25, with the funeral scheduled for July 28, the obituary read. 'Hui Li was a visionary leader whose impact on Microsoft and the broader technology landscape in Singapore was profound. Throughout her career, Hui Li was known not only for her strategic brilliance, but for her warmth, authenticity, and unwavering belief in the potential of others and of Singapore,' a Microsoft spokesperson told The Business Times. 'She mentored countless leaders, built inclusive teams, and inspired all of us to lead with purpose. We extend our heartfelt condolences to Hui Li's family, friends, and colleagues,' the spokesperson said. Ms Lee was appointed managing director of Microsoft Singapore in March 2022, according to her LinkedIn profile. She had announced a sabbatical in May, without disclosing a reason. She had shared on her LinkedIn page two months ago that she would be starting a new position. Top stories Swipe. Select. Stay informed. Singapore HDB resale price growth moderates in Q2, more flats sold Singapore Etomidate found in blood samples of 2 people involved in fatal Punggol Road accident in May: HSA Asia Live: Thailand-Cambodia border clashes continue for second day Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Business GIC's focus on long-term value aims to avoid permanent loss amid intensifying economic changes Opinion No idle punt: Why Singapore called out cyber saboteur UNC3886 by name Singapore Prison officer accused of taking bribes to smuggle nude photos, prescription drugs to inmate Sport 'We can match Malaysia or do even better', say Singapore's divers Before taking on the top Singapore role, Ms Lee was general manager of Asia-Pacific enterprise commercial at Microsoft from July 2021 to March 2022, where she led regional sales and industry teams. Her career spanned 27 years and included senior roles at IBM, Symantec, Dell, HP and EY, according to her profile. Ms Lee was based in Singapore and held a degree in economics from the National University of Singapore. In a December 2024 interview with BT, Ms Lee outlined Microsoft's plans to accelerate artificial intelligence adoption in Singapore through customised, industry-specific solutions for large organisations. In a separate interview in April that year, she reflected on her experiences as a female, Asian leader in the male-dominated tech sector. She spoke of her commitment to building a workplace rooted in diversity and inclusivity, and to fostering an environment where differing perspectives are encouraged to challenge groupthink. THE BUSINESS TIMES
CNA
an hour ago
- CNA
Commentary: EU-China ties will shape strategic room for Southeast Asia
SINGAPORE: European leaders met Chinese President Xi Jinping and Premier Li Qiang in Beijing on Thursday (July 24) at the EU-China summit, marking 50 years of diplomatic ties. In the era of Trump 2.0, China and the EU could have been a perfect match – at least in theory. They have a significant economic relationship and a mutual commitment to the multilateral trading system. According to 2024 data, they are each other's second-biggest trading partners, with bilateral trade exceeding US$760 billion. In April, Beijing and Brussels agreed that United States President Donald Trump's tariffs hurt international commerce, and committed to resolving their differences to 'jointly safeguard the normal functioning of global trade'. While these circumstances create a conducive setting for alignment, underlying frictions in security and trade had impeded summit preparations and strained their ties. In June, Brussels refused to hold a flagship economic meeting that usually serves a key role in summit preparations. Furthermore, China shortened the summit from two days to one, removing the Friday business meeting from the agenda. Against this backdrop, expectations of the summit were already low. The atmosphere at the meetings was reportedly tense. Mr Xi argued that the EU and China are at a 'critical juncture in history' and had to 'make the right strategic choices' to advance international stability. EU Commission President Ursula von der Leyen noted that relations have reached an 'inflection point' and need 'real solutions' to advance. How both sides manage these issues and the trajectory of their relationship after the summit present both challenges and opportunities for Southeast Asia. TENSIONS OVER UKRAINE AND SOUTH CHINA SEA In the realm of security, one key challenge of EU-China ties is their divergent perspective on the conflict in Ukraine. While China officially denies that it aids Russia's military‑industrial base, the EU considers China a 'key enabler' of Moscow's war effort in Ukraine. Multiple rounds of EU sanctions on Russia have included Chinese entities for their purported support to the Russian war machine. The latest package blacklisted Chinese banks for the first time, with two regional banks allegedly helping Russia to bypass economic sanctions. At the summit, European Council President Antonio Costa called on China to leverage its influence on Russia to help end the war. At the same time, some of the EU's activities in Asia trigger security concerns in China. In June, EU High Representative for Foreign Affairs and Security Policy Kaja Kallas visited the Philippines – a South China Sea disputant – and Brussels agreed to establish a dialogue on security and defense with Manila. During the visit, Ms Kallas reiterated the EU's commitment to 'addressing common concerns in the South China Sea'. Subsequently, the Chinese embassy to the Philippines told the European Union to refrain from stirring trouble in the South China Sea, and advised Manila against dragging external forces into the dispute. DISAGREEMENTS OVER TRADE On the trade front, one of the EU's chief concerns is the Chinese government's subsidies that lead to the inflow of cheap products into Europe. This has led the EU to put defensive trade measures in place that subsequently triggered retaliation from Beijing, in a counterproductive spiral. Last October, the EU imposed definitive anti-subsidy duties on battery electric vehicles imported to the bloc from China. In addition, the EU imposed provisional anti-dumping duties on hardwood plywood imports from China, and is currently conducting an anti‑dumping investigation into tire imports. Beijing also imposed trade measures on Brussels. It unleashed anti-dumping duties on brandy imported to China from the EU, while exempting some of the biggest producers. Moreover, China has an ongoing anti-subsidy probe into dairy products and an anti‑dumping investigation into pork imports from the EU. At the summit, Brussels called on Beijing to end these measures, which remains a sticking point in their relationship. Apart from long-standing concerns about product dumping, the EU is also worried about China's restrictions on rare earth exports, given its high dependence on those materials. Beijing's export controls since April have delayed rare earth supplies to Europe and disrupted industrial production across the continent. Even though Beijing fast-tracked related administrative processes, the EU emphasised the negative impact of restrictions at the summit and is pushing for a closure of export controls altogether – something that China seems unwilling to do. The summit confirmed that what Beijing regards as interdependence and interconnectivity is a source of geoeconomic vulnerability in the eyes of Brussels. EU-CHINA TIES HAVE SIGNIFICANCE FOR SOUTHEAST ASIA This top-level EU-China meeting and the subsequent development of their relationship carry significant implications for Southeast Asian nations, which were among the hardest hit by Mr Trump's initial tariff salvo until recent deals. A protracted stalemate could lead China to view the EU's increasing courtship of Southeast Asia with heightened suspicion, making it more difficult for the region to deepen ties with Europe without straining relations with Beijing. Further restrictions on European imports from China could exacerbate the already significant flow of cheap Chinese goods to the region. In addition, the EU could increase scrutiny on its imports from Southeast Asia, as Chinese businesses could reroute their Europe-bound imports to traverse through the region to dodge tariffs. If Beijing and Brussels manage to reduce key trade tensions at a later point, pressure would ease on the global trading system, already under strain from Washington's unilateral and protectionist policies. As US tariffs push Southeast Asian nations to scale back links with China, strengthening trade relations with the EU – ASEAN's third-largest trading partner – could provide an alternative source of growth and stability. Ultimately, the trajectory of EU-China relations after the summit will not only shape their economic and security ties but also influence Southeast Asia's strategic room for manoeuvre in a rapidly shifting global landscape.
CNA
2 hours ago
- CNA
Hong Kong-based digital asset platform OSL Group completes $300 million equity financing
HONG KONG/SHANGHAI :Hong Kong-based digital asset platform OSL Group said on Friday it had completed $300 million of equity financing, the latest sign of feverish investor interest in cryptocurrencies. The deal, which the company said was the biggest publicly disclosed equity raise in Asia's digital asset space, comes days before Hong Kong's stablecoin bill takes effect on August 1, and could add fuel to a rally in shares related to virtual assets. OSL shares have surged 120 per cent so far this year. Hong Kong's de facto central bank on Wednesday cautioned against growing frothiness of the market around stablecoins, saying the hype had led to "excessive exuberance". Proceeds from the share sale would be used to support global initiatives including stablecoin development, licensing efforts, and the build-out of a digital payment network, OSL said in a statement. "The funding will accelerate our global build-out - particularly in regulated stablecoin infrastructure and compliant payment rails," said Ivan Wong, chief financial officer of OSL Group. In a statement to the Hong Kong bourse, OSL said the share placing price is HK$14.90 per share, representing a 15.3 per cent discount to its closing price on Thursday, and a 16.2 per cent discount to the average closing price in the last five trading days. Shares of OSL opened down more than 10 per cent in Hong Kong on Friday, as the market reacted to the dilution impact and the discounted placing price. Since transforming last year into a company fully dedicated to digital assets, OSL has secured an exchange licence in Australia and completed acquisitions in Japan and Europe. OSL has also said it would step up investment in the so-called Real-World-Assets business, converting traditional assets into digital tokens.
