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China sees AI as new internet era: Analyst

China sees AI as new internet era: Analyst

CNA9 hours ago

George Chen, Managing Director and Co-Chair of Digital Practice at The Asia Group, tells CNA that China sees AI as its second chance to shape global technology standards, an opportunity to rewrite the rules it missed during the rise of the internet.

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Hong Kong's New World Development gets US$11.24 billion refinancing
Hong Kong's New World Development gets US$11.24 billion refinancing

CNA

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  • CNA

Hong Kong's New World Development gets US$11.24 billion refinancing

Hong Kong builder New World Development said on Monday (Jun 30) it had received commitments for a HK$88.2 billion (US$11.24 billion) loan refinancing, as the builder finalises a crucial lifeline in a distressed property market. New World's refinancing, poised to be one of the largest ever seen in Hong Kong, concludes months of negotiations over a debt package designed to steer the company away from the brink of default. The deal offers a temporary reprieve, while China's prolonged property downturn continues to cast a shadow over the developer's outlook. New World said it had refinanced portions of its existing offshore unsecured debt, including bank loans, through a new facility, and had also aligned the terms of its remaining loan agreements. The new facility consists of multiple tranches of bank loans with different maturities, with the earliest being Jun 30, 2028. The refinancing includes terms such as financial covenants and security over certain assets that provide the firm with greater flexibility to effectively manage its ongoing business operations and financial requirements, the company said. 'We would like to express our sincere gratitude to the banking community for their continued support. This is a testament to the confidence placed in our operation,' said Echo Huang, CEO of New World. She added that the Group's financial management strategy is to prioritise reducing indebtedness and improving cash flow.

Hong Kong's China Medical System Holdings plans SGX secondary listing
Hong Kong's China Medical System Holdings plans SGX secondary listing

Independent Singapore

time37 minutes ago

  • Independent Singapore

Hong Kong's China Medical System Holdings plans SGX secondary listing

SINGAPORE: Hong Kong-listed China Medical System Holdings (CMS) plans a secondary listing on the Mainboard of the Singapore Exchange (SGX), with shares set to trade in July 2025. This is part of its regional expansion strategy to tap investors in the city-state and expand in Southeast Asia's fast-growing healthcare market. The secondary listing is expected to raise its profile and tap a pool of sophisticated healthcare and life sciences investors. The firm has already secured a letter of eligibility from the Singapore bourse. China Medical System is part of the Hang Seng Large-Mid Cap (Investable) Index. Since 2023, it's also been part of the Hang Seng Innovative Drug Index. This is due to its evolving focus on cutting-edge therapies. The last two years have been challenging for the company due to the impact of Beijing's stand on volume-based procurement (VBP) policy. Designed to reduce the cost of drugs and medical devices, the VBP scheme has driven steep price competition, affecting firms with more traditional product lines. This led CMS to transition to an innovation-led business model that focuses on high-value, clinically driven products. According to company reports, it's in gradual recovery from the effects of VBP. It predicts renewed growth momentum, with a pipeline of approximately 40 innovative projects as of the end of 2024. With a regional population close to 700 million, Southeast Asia's growing demand for medicine is fuelled by a mix of factors. This includes a growing regional middle class, the spread of lifestyle diseases, and ageing demographics in countries like Singapore and Thailand. CMS will tap this market through two entities. The first is Singapore-based Rxilient Health, a regional unit focused on global licensing and commercialisation of pharmaceuticals. The second is CMS's associated firm, PharmaGend Global, which has acquired a Singapore-based contract development and manufacturing organisation (CDMO). This facility spans over 60,000 square metres and can produce up to 1 billion tablets and capsules annually. Rxilient Health has operations in Malaysia, Vietnam, Indonesia, the Philippines, and Thailand. This will enable market localisation, while commercial production in Singapore, which began at the end of 2024, will enable supply to regional customers. The Singapore facility has received a Good Manufacturing Practice certification from the US Food and Drug Administration (FDA) and passed inspections by Singapore's Health Sciences Authority (HSA). FY2024 saw China Medical System face significant financial challenges. Its earnings dropped by 32.5% compared to the previous year, falling to RMB 1.62 billion (~US$288 million or S$367 million). This also saw a decline in gross profit (11.2%) as well as net profit (32.3%). The company is banking on its investments in innovation and overseas market expansion to drive future recovery and growth. The timing of the secondary listing comes amid strong momentum on the Singapore bourse. SGX shares rose 7.2% last week, hitting a five-year high of S$14.72 on Jun 27. The Straits Times Index (STI) closed the week at 3,966.20, up 0.7%. Investors appear to be leaning on Singapore's stability as global concerns over inflation, oil prices, and tariffs continue. Trading activity has picked up noticeably, especially in the small and mid-cap segments.

‘Using AI is no longer optional': Microsoft now includes AI use to evaluate employee performance
‘Using AI is no longer optional': Microsoft now includes AI use to evaluate employee performance

Independent Singapore

time37 minutes ago

  • Independent Singapore

‘Using AI is no longer optional': Microsoft now includes AI use to evaluate employee performance

Microsoft is now including the use of artificial intelligence (AI) tools as part of evaluating employee performance. The company has reportedly told managers to take into account how employees are using internal AI tools when assessing their work. Business Insider reported, citing two sources familiar with the matter, that some teams may add formal AI usage metrics to upcoming performance reviews. 'AI is now a fundamental part of how we work,' the company's Developer Division president Julia Liuson told employees in an internal email, adding: 'Just like collaboration, data-driven thinking, and effective communication, using AI is no longer optional — it's core to every role and every level.' According to India Today, while the company has been heavily promoting Copilot, adoption within its own workforce has remained lower than expected. Now, Microsoft expects employees, especially those working on AI products, to use its internal tools while still permitting external AI tools like Replit. In May, Bloomberg reported that amid its push for AI spending, the company is cutting about 6,000 jobs worldwide, or less than 3% of its workforce. In addition, India Today, citing a Bloomberg report, said thousands of employees in the Xbox division could be laid off as early as next week, marking the fourth round of cuts in the unit since 2023. Internal sources said the upcoming layoffs are 'considerable', given the ongoing financial scrutiny of the gaming business. /TISG Read also: Microsoft to launch 3 new data centres in Malaysia by mid-year as part of US$2.2B investment Featured image by Depositphotos (for illustration purposes only)

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