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Straits Times
21-06-2025
- Politics
- Straits Times
China's top HK official says security will ensure city's success
Director of the Hong Kong and Macau Affairs Office Xia Baolong's comments build on China's emphasis on national security in recent years PHOTO: AFP HONG KONG - China's top official for Hong Kong affairs said the city needs to prioritize national security to ensure prosperity. The China-imposed national security law helped Hong Kong maintain its status as an international financial hub, Mr Xia Baolong, director of the Hong Kong and Macau Affairs Office in Beijing, said on June 21 on his third trip to the semi-autonomous city in three years. 'Profound changes are occurring inside and outside Hong Kong. It is necessary to fully implement the One Country, Two Systems principle, guided by national security, to provide favourable safety protection for achieving better development of Hong Kong,' Mr Xia told a government forum marking the fifth anniversary of Beijing's implementation of the 2020 national security law, which silenced dissent in the once-freewheeling territory. His comments build on China's emphasis on national security in recent years, after massive pro-democracy protests roiled the former British colony in 2019. A continuing crackdown on perceived threats and the introduction of supporting legislation has stifled political dissent and led to the imprisonment of dozens of former activists. Earlier this month, Beijing's national security office in the city carried out its first known joint operation with local police to investigate a case of alleged foreign collusion. In the same week, authorities invoked a security law to ban a Taiwanese-made video game they accused of advocating for overthrowing the government. Mr Xia's speech at the forum represents the most public appearance he has made during his five-day trip that began o n June 18 , which has included meetings with political and business leaders. He also held discussions with university presidents earlier in the week, in a move seen as reinforcing Beijing's vision for Hong Kong as an innovation and talent hub. Appointed as Beijing's top man in Hong Kong in 2020, Mr Xia's tenure has seen growing integration between the Asian financial hub with the rest of China. He has urged the city to accelerate the development of its so-called Northern Metropolis, a sprawling area bordering the mainland city of Shenzhen. Mr Xia's visit comes as Hong Kong grapples with economic headwinds, buffeted by a slowing Chinese economy and a prolonged property slump. The city is also caught in the crossfire of the US-China trade war, with tariffs imposed by the Trump administration now applying to Hong Kong-made goods, further blurring the lines between the city and mainland China. Still, some observers argue Hong Kong could paradoxically gain from the deteriorating US-China relationship. Having declared the city 'over' in February 2024 , former Morgan Stanley Asia chairman Stephen Roach said recently that the territory may benefit because of its unique position as China's most important window to international finance. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
21-06-2025
- Politics
- Business Times
China's top Hong Kong official says security will ensure city's success
[HONG KONG] China's top official for Hong Kong affairs said the city needs to prioritise national security to ensure prosperity. The China-imposed national security law helped Hong Kong maintain its status as an international financial hub, Xia Baolong, director of the Hong Kong and Macau Affairs Office in Beijing, said on Saturday (Jun 21) on his third trip to the semi-autonomous city in three years. 'Profound changes are occurring inside and outside Hong Kong. It is necessary to fully implement the One Country, Two Systems principle, guided by national security, to provide favourable safety protection for achieving better development of Hong Kong,' Xia told a government forum marking the fifth anniversary of Beijing's implementation of the 2020 national security law, which silenced dissent in the once-freewheeling territory. His comments build on China's emphasis on national security in recent years, after massive pro-democracy protests roiled the former British colony in 2019. A continuing crackdown on perceived threats and the introduction of supporting legislation has stifled political dissent and led to the imprisonment of dozens of former activists. Earlier this month, Beijing's national security office in the city carried out its first known joint operation with local police to investigate a case of alleged foreign collusion. In the same week, authorities invoked a security law to ban a Taiwanese-made video game they accused of advocating for overthrowing the government. Xia's speech at the forum represents the most public appearance he has made during his five-day trip that began on Wednesday, which has included meetings with political and business leaders. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He also held discussions with university presidents earlier in the week, in a move seen as reinforcing Beijing's vision for Hong Kong as an innovation and talent hub. Appointed as Beijing's top man in Hong Kong in 2020, Xia's tenure has seen growing integration between the Asian financial hub with the rest of China. He has urged the city to accelerate the development of its so-called Northern Metropolis, a sprawling area bordering the mainland city of Shenzhen. Xia's visit comes as Hong Kong grapples with economic headwinds, buffeted by a slowing Chinese economy and a prolonged property slump. The city is also caught in the crossfire of the US-China trade war, with tariffs imposed by the Trump administration now applying to Hong Kong-made goods, further blurring the lines between the city and mainland China. Still, some observers argue Hong Kong could paradoxically gain from the deteriorating US-China relationship. Having declared the city 'over' last February, former Morgan Stanley Asia chairman Stephen Roach said recently that the territory may benefit because of its unique position as China's most important window to international finance. BLOOMBERG
Mint
21-06-2025
- Business
- Mint
China's Top HK Official Says Security Will Ensure City's Success
China's top official for Hong Kong affairs said the city needs to prioritize national security to ensure prosperity. The China-imposed national security law helped Hong Kong maintain its status as an international financial hub, Xia Baolong, director of the Hong Kong and Macau Affairs Office in Beijing, said Saturday on his third trip to the semi-autonomous city in three years. 'Profound changes are occurring inside and outside Hong Kong. It is necessary to fully implement the One Country, Two Systems principle, guided by national security, to provide favorable safety protection for achieving better development of Hong Kong,' Xia told a government forum marking the fifth anniversary of Beijing's implementation of the 2020 national security law, which silenced dissent in the once-freewheeling territory. His comments build on China's emphasis on national security in recent years, after massive pro-democracy protests roiled the former British colony in 2019. A continuing crackdown on perceived threats and the introduction of supporting legislation has stifled political dissent and led to the imprisonment of dozens of former activists. Earlier this month, Beijing's national security office in the city carried out its first known joint operation with local police to investigate a case of alleged foreign collusion. In the same week, authorities invoked a security law to ban a Taiwanese-made video game they accused of advocating for overthrowing the government. Xia's speech at the forum represents the most public appearance he has made during his five-day trip that began Wednesday, which has included meetings with political and business leaders. He also held discussions with university presidents earlier in the week, in a move seen as reinforcing Beijing's vision for Hong Kong as an innovation and talent hub. Appointed as Beijing's top man in Hong Kong in 2020, Xia's tenure has seen growing integration between the Asian financial hub with the rest of China. He has urged the city to accelerate the development of its so-called Northern Metropolis, a sprawling area bordering the mainland city of Shenzhen. Xia's visit comes as Hong Kong grapples with economic headwinds, buffeted by a slowing Chinese economy and a prolonged property slump. The city is also caught in the crossfire of the US-China trade war, with tariffs imposed by the Trump administration now applying to Hong Kong-made goods, further blurring the lines between the city and mainland China. Still, some observers argue Hong Kong could paradoxically gain from the deteriorating US-China relationship. Having declared the city 'over' last February, former Morgan Stanley Asia Chairman Stephen Roach said recently that the territory may benefit because of its unique position as China's most important window to international finance. This article was generated from an automated news agency feed without modifications to text.
The Star
07-06-2025
- Business
- The Star
Hong Kong's still ‘over' but Stephen Roach says city a surprise trade war winner
American economist Stephen Roach has said that Hong Kong has benefited from the US-China trade war despite last year having declared the city to be 'over', even as he claimed that other aspects of the financial hub had worsened. The former Morgan Stanley Asia chairman sparked debate last year after he penned an opinion piece which argued, in part, that Hong Kong would be caught in the 'crossfire' of the worsening US-China rivalry. 'The word caught is the word that, if I had to write the piece again, I would probably change, because I think, ironically, Hong Kong has benefited from the crossfire between the US and China,' he told the Post in a recent interview. Despite worsening ties between the two superpowers since US President Donald Trump began levying his so-called reciprocal tariffs on China and the rest of the world, Hong Kong's stock market has seen solid gains. The benchmark Hang Seng Index is up by around 50 per cent since Roach made his original claim, while Hong Kong has rocketed to the top of the global fundraising table following a string of high-profile initial public offerings last month, including from mainland Chinese battery maker Contemporary Amperex Technology. Roach, who is now a faculty member at Yale University, said the 'sell America' trade had become a 'global mantra' and Hong Kong was a beneficiary. But asked whether he felt his initial assessment of the city being 'over' was premature, he noted he would say the same again. 'No economy or city state is over ... but this image of a dynamic, powerful system as part of the 'one country, two systems' model, I think that's just as close to being over today as it was when I originally wrote the piece,' he said, referring to the city's governing principle. 'The governance story is still, I think, very much working against this notion of Hong Kong as a free, independent, autonomous city state. If anything, it's gotten worse.' Roach added that the strong performance of the city's stock market had 'instilled sort of a new swagger in Hong Kong bordering on denial'. He said there were 'questions that could be raised' about the city's independent rule of law, pointing to the departure of foreign non-permanent judges. He also raised concerns about the fast-tracking of the domestic national security law last year and what he described as continuing efforts to 'quash dissent'. While the Hong Kong government had 'risen to the challenge' to demonstrate to the world that the city should be considered 'special', American investors in particular had developed an 'unwillingness' to distinguish it from the rest of China, he said. 'Where I've come out, reluctantly, is that as great a city as Hong Kong is, it's just another big Chinese city,' he said. 'I think it's increasingly a one country, one system model with a solid financial capital raising infrastructure embedded in Hong Kong.' Executive Council convenor Regina Ip Lau Suk-yee, who previously hit back at Roach over his 'Hong Kong is over' remarks, maintained that the American economist did not understand the city. She said the 'pessimistic views' Roach expressed last year 'were primarily based on the Hong Kong stock market's poor performance'. 'He overlooked China's strength in technological innovations and Hong Kong's unique advantages based on its separate systems. We are the only part of China that can invest, manage and provide trading platforms for digital assets.' She cited the city's recently passed law on stablecoins, which she said would help Hong Kong be the country's 'testing ground' for cryptocurrencies. Stablecoins are a type of cryptocurrency token that maintain a fixed value by being pegged to a reference asset, typically fiat currencies such as the US dollar. The law, which was passed last month and is set to take effect later this year, establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. 'Despite ongoing US-China tensions, Hong Kong will continue to have an important role to play in building bridges between China and the West,' Ip said. - SOUTH CHINA MORNING POST
Yahoo
29-03-2025
- Business
- Yahoo
Nio prices 136.8M shares at HK$29.46 in upzised offering
NIO (NIO) announced the pricing of its upsized HK$4,030.13M offering of 136,800,000 class A ordinary shares of the Company at an offering price of HK$29.46 per Placement Share. The Placement Shares have been offered to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act of 1933, as amended. The Company expects to close the Equity Placement on or about April 7, 2025, subject to the satisfaction of customary closing conditions. Morgan Stanley Asia, UBS AG Hong Kong Branch, China International Capital Corporation Hong Kong Securities and Deutsche Bank, Hong Kong Branch have been appointed as the placing agents. The Company currently plans to use the net proceeds from the Equity Placement for research and development of smart electric vehicle technologies and new products, further strengthening balance sheet as well as general corporate purposes. Easily identify stocks' risks and opportunities. Discover stocks' market position with detailed competitor analyses. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on NIO: Disclaimer & DisclosureReport an Issue Nio total raise from share issuance amounts to about $500M, says Macquarie Nio proposes offering 188.8M new shares NIO Stock Slides Despite $450M Capital Raise to Boost EV Development BABA, JD, NIO: China Proposes Closer Ties with Canada as U.S. Trade War Intensifies Nio Inc. Earnings Call: Record Deliveries Amid Challenges Sign in to access your portfolio
