Latest news with #Shenzhen
Al Arabiya
3 hours ago
- Business
- Al Arabiya
Lawmakers want US Commerce Department to probe Chinese smartphone maker OnePlus
Two US lawmakers on Friday asked the Commerce Department to investigate whether devices sold by Chinese smartphone maker OnePlus in the United States pose security concerns, according to a letter seen by Reuters. Why it matters Representative John Moolenaar, a Republican who chairs a House of Representatives committee on China, and the panel's top Democrat, Representative Raja Krishnamoorthi, noted that major U.S. retailers sell OnePlus devices for use on two U.S. wireless networks. The lawmakers said a recent analysis by a commercial company provided to the committee indicates that these devices may potentially collect and transmit extensive user data -- including sensitive personal information to servers under Chinese jurisdiction without explicit user consent. Shenzhen-based OnePlus did not immediately respond to requests for comment. The U.S. Commerce Department also did not immediately comment. Context BestBuy and both sell OnePlus phones for U.S. consumers, which operate on the Verizon and T-Mobile networks, the committee said. The lawmakers asked the department to task its Information and Communications Technology and Services program with investigating OnePlus phones, including to determine user data types collected by OnePlus devices without explicit user consent 'including potential transfers of sensitive personal information and screenshots.' Washington in recent years has cracked down on Chinese telecoms, revoking the authorization for China Telecom's US subsidiary and others to operate in the United States, citing national security concerns. The Federal Communications Commission in November 2022 banned approvals of new telecommunications equipment from Huawei and ZTE as well as telecom and video surveillance equipment from Hytera Communications, Hangzhou Hikvision Digital Technology Zhejiang Dahua Technology Co.
Associated Press
6 hours ago
- Business
- Associated Press
Somerset Asset Management Expands Operations in Europe and Middle East
SHENZHEN, China, June 28, 2025 (GLOBE NEWSWIRE) -- Somerset Asset Management, renowned for offering personalized wealth management services to high-net-worth individuals, families, non-profit organizations, and corporate retirement plans, is excited to announce the expansion of its client acquisition operations in Europe and the Middle East. This strategic move enhances the company's ability to serve a growing global client base with tailored wealth management solutions designed to meet a wide range of needs. The expansion allows Somerset to support its international clients better, providing bespoke strategies that focus on growing, protecting, and managing wealth. By delivering independent, unbiased financial advice, the company ensures that every recommendation aligns with clients' financial needs and objectives. Tailored Wealth Management with a Personal Touch 'Our team has always been driven by a shared vision of offering exceptional financial services globally,' said Jake Taylor, Chief Client Officer at Somerset Asset Management. 'Expanding our operations in Europe and the Middle East allows us to bring our client-first approach to an even broader audience, helping clients make well-informed decisions while securing their financial futures.' Building Long-Term Relationships with Clients At Somerset Asset Management, building long-term relationships based on trust and mutual respect is central to its philosophy. By continuously putting client interests first, the firm develops comprehensive financial roadmaps that evolve to meet clients' changing needs and aspirations over time. About Somerset Asset Management Somerset Asset Management specializes in crafting personalized wealth management solutions for high-net-worth individuals, families, and institutions. With decades of experience, the company combines its independent, unbiased approach with a focus on long-term relationships, empowering clients to achieve their financial goals and build lasting financial security. For more information, please contact: Angela Lin, Chief Communications Officer [email protected] +86 7553 331 8533 Disclaimer: This press release is provided by the Somerset Asset Management. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.A photo accompanying this announcement is available at
South China Morning Post
6 hours ago
- Business
- South China Morning Post
Elevated rents a ‘big problem' for Hong Kong restaurants as closures mount
Hong Kong's restaurant industry is bracing for the wave of business closures to continue into the second half of the year with little hope for a quick turnaround, following a string of shutdowns of well-established chains in the city. 'We are worried about the overall situation in the second half of the year,' Simon Wong Ka-wo, president of the Hong Kong Federation of Restaurants and Related Trades, told a radio show on Saturday. Wong cited rent as a 'rather big problem', with industry observers saying that prices remained elevated. However, some landlords had recently reduced rents, and in certain areas, prices dropped by up to 15 per cent over the past six months, he added. 'However, when calculated by cost compared with the Greater Bay Area, especially Shenzhen, our costs are still higher,' he said. 'So, in terms of labour, rent, ingredients, other administrative expenses and promotion, it is precisely the cost-effectiveness that puts immense pressure on operating a restaurant in Hong Kong.' Bakery chain Taipan Bread & Cakes, the inventor of 'snow skin' mooncakes, closed down all of its branches earlier this week after more than four decades in the business, becoming the latest in the list of major chains that have shut down in recent years.
Forbes
11 hours ago
- Business
- Forbes
Chairman Of Chinese Gold Jeweler Zhou Liu Fu Becomes A Billionaire After Stock Surge
Getty Li Weizhu, the chairman of Zhou Liu Fu Jewellery, joined the billionaire ranks after shares of his Shenzhen-based gold jewelry retailer soared 67% over their first two trading days on the Hong Kong stock exchange on Friday. Li, 47, is Zhou Liu Fu's largest shareholder with a 57% stake through wholly-owned investment vehicles. Based on his stake, Forbes estimates his net worth to be $1.2 billion. Li's older brother Weipeng, who is Zhou Liu Fu's cofounder and vice chairman, has a fortune of $522 million based on his 24% ownership, Forbes estimates. Li entered the three-comma club a day after Zhou Liu Fu made its debut on the Hong Kong bourse on Thursday. The company raised HK$1.3 billion ($164.6 million) in its initial public offering. Zhou Liu Fu didn't respond to a comment request. Zhou Liu Fu is widely considered a clone of Chow Tai Fook Jewellery, controlled by Hong Kong billionaire Henry Cheng, and Luk Fook Holdings, another Hong Kong-listed jeweler, due to its name's similarity to those of its more established rivals. The 'Zhou' in Zhou Liu Fu is the Mandarin spelling of 'Chow' in Chow Tai Fook, while 'Liu Fu' is the Mandarin equivalent of 'Luk Fook' in Luk Fook Holdings. Zhou Liu Fu said in its prospectus that it was named as a co-defendant in seven legal disputes. Among them was a 2023 case in which Zhou Liu Fu and one of its franchisees were sued for product trademark infringement; the company has denied those allegations. The case was settled after Zhou Liu Fu agreed to stop selling the disputed products and paid off all related fees to the plaintiff. Meanwhile, the company has in turn also been suing smaller rivals for trademark infringement. Zhou Liu Fu said in its prospectus that it was the plaintiff in 25 ongoing legal disputes, many of which involved trademark infringement claims. Zhou Liu Fu applied to list on the Shenzhen stock exchange in 2019, but got turned down by regulators, who cited concerns over the company's trademark ownership disputes and its heavy reliance on revenue from franchised stores. The regulators eventually greenlighted Zhou Liu Fu's Shenzhen IPO application in 2022, but the company later opted to switch to Hong Kong amid a revival in the city's IPO market. Formally known as Zhou Tian Fu, the company was established by Weipeng and a friend in 2004, when China further opened up its jewelry industry by launching a massive trading center in Shenzhen's Shuibei area and turning it into one of the world's biggest retail markets for gold. Weizhu, who had a brief stint at a bank after graduating from the Guangdong University of Foreign Studies with a finance degree, joined Zhou Liu Fu simultaneously as a general manager. In 2004, he acquired all of the stake from his brother's friend. Like many other Chinese gold jewelers, Zhou Liu Fu over the years expanded aggressively through the franchise model. Focusing on the mass market segment of the jewelry industry, the company is China's fifth largest jewelry chain by store count in 2024, citing consultant Frost & Sullivan. It boasts 4,125 stores in the country, nearly 98% of them are franchisees and more than half are located in third-tier cities or below. Zhou Liu Fu also has four overseas shops in Cambodia, Laos and Thailand. Despite China's consumption slowdown, Zhou Liu Fu saw its 2024 net profit rise 7% to 706.3 million yuan ($98.5 million) on revenue that climbed 11% to 5.7 billion yuan. The company attributed the growth to the expanded franchise network. Zhou Liu Fu's IPO follows the Hong Kong debut of younger rival Laopu Gold last June. Shares of Laopu Gold have since then skyrocketed more than 1,100%, propelling its founder Xu Gaoming into the ranks of the world's richest. The Beijing-based company defied China's broader retail downturn through its premium position. Its intricately crafted gold jewelry priced independently of daily gold market fluctuations has become a craze with Chinese consumers seeking a safe-heaven asset. In response, Zhou Liu Fu has in recent years sought to elevate its brand image, opening stores at high-end malls and launching products that incorporate traditional Chinese gold craftsmanship techniques. MORE FORM FORBES Forbes Ex-China Fisheries Clerk Becomes Billionaire With 'Hermès Of Jewelry' By Yue Wang Forbes Ex-Baidu AI Scientist Becomes A Billionaire After Shares Of His Self-Driving Tech Startup Jump 16% By Zinnia Lee Forbes Billionaire Brothers' Chinese Bubble Tea Giant Mixue Surges In Hong Kong Debut By Zinnia Lee
Globe and Mail
a day ago
- Business
- Globe and Mail
Yocan Launches iShred Grinder: Revolutionising Herb Preparation with Visible Grinding Tech
Shenzhen, China--(Newsfile Corp. - June 27, 2025) - Yocan, a global leader in vaporization technology, proudly introduces the iShred Smart Grinder, a revolutionary device that elevates herb preparation with its innovative see-through grinding system and intelligent protection features. Key Features Dual-Mode Smart Grinding System Auto Mode: (2-click activation) for hands-free grinding Manual Mode: (press-and-hold) for real-time control Anti-Jam Protection: Automatically reverses blades when stuck Exclusive See-Through Grinding Window Transparent top lid for real-time grinding observation Zinc alloy blades ensure ultra-smooth, even results All-in-One Portable Design 450mAh battery with USB-C fast charging (1 hour charge = 100 mins runtime) Dual-function glass chamber for grinding + storage User Experience Upgrades Precision You Can See: Watch materials transform with perfect consistency Never Stuck: Smart auto-reverse protects motor lifespan Professional-Grade Cuts: 1mm precision zinc alloy blades Grind & Go: Leak-proof glass jar stores ground material "iShred solves two historic pain points-inconsistent grinds and messy transfers," says Yocan's Chief Product Designer. "It's the first true 'what-you-see-is-what-you-get' professional grinder." Target Users Perfectionist connoisseurs Outdoor enthusiasts needing portability Medical users prioritizing hygiene Tech-savvy gadget lovers What's Included iShred Glass storage jar Cleaning brush USB-C cable User manual Market Position As the legal herb market grows, demand for precision tools has skyrocketed-the iShred answers this need with Yocan's signature blend of engineering and ergonomics. Available Colors Black, Ivory, Sky Blue, Banana Yellow, Sakura Pink, Emerald Green. For more detail, visit Yocan iShred. About Yocan Since 2013, Yocan has led the vaping industry with innovative designs, rigorous quality standards, and user-centric solutions. Committed to refining the vaping experience, Yocan continues to develop advanced devices that promote performance, safety, and style for users worldwide. Website: Facebook: Instagram:
