Latest news with #WangZheng
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Hong Kong's international financial centre role gives it an edge in AI market, experts say
Advertisement 'For AI companies, having easy access to capital is extremely important,' SenseTime chief financial officer Wang Zheng said in a panel discussion at the South China Morning Post's China Conference 2025 on Tuesday. 'Hong Kong has a really deep, world-class capital market .' Founded in Hong Kong in 2014, SenseTime was able to raise 'a lot of private capital' in the city to support its growth before eventually going public on the Hong Kong stock exchange , according to Wang. 'Hong Kong is really fantastic in playing the role of a capital connector,' Wang said. 'I think this is the one area that Shenzhen and Singapore would be very hard-pressed to surpass in the foreseeable future.' That reflects efforts by Hong Kong's government to reposition the city as a regional technology hub by 2035, while bolstering its role as a bridge between mainland China and the rest of the world. Advertisement
The Star
03-07-2025
- Business
- The Star
Wang-Zheng estimates RM20mil provisional loss from Rawang factory fire
PETALING JAYA: Wang-Zheng Bhd estimates a provisional loss of approximately RM20mil from the fire that had broken out at the factory and warehouse of its wholly-owned subsidiary, Carefeel Cotton Industries (M) Sdn Bhd (CCI). In a reply to a query from Bursa Malaysia, the company, which is principally engaged in manufacturing, processing and distribution of fibre-based products, said it is still unable to determine the actual losses to be incurred by CCI. 'From the occurrence of discussions with our insurance providers to quantify the financial impact, preliminary assessments suggest that any financial effects, including business disruption, will be mitigated through our existing insurance coverage. 'Based on information available at this time, the estimated provisional loss for this incident is approximately RM20mil, arising from the loss of plant, machinery and inventories, prior to insurance claim from the fire incident. Wang Zheng announced earlier this week that the fire incident occurred at CCI's factory in Rawang, Selangor, in the morning on Monday, June 30. 'As the Fire and Rescue Department operations are ongoing and investigations into the cause of the fire are underway, the operations at the factory and warehouse have been halted and closed. Our staff in CCI have been relocated to other factories of our subsidiary companies. 'A further announcement will be made on the actual losses incurred by CCI and the group from the fire outbreak upon completion of the investigation and assessment by the company's internal team, insurance company and authorities concerned.'
