China’s Gold Imports Plunge Nearly 60% Amid Economic Uncertainty
China’s gold imports plummet by nearly 60% in June 2024, marking the lowest level since May 2022. This decline is attributed to soaring gold prices and a sluggish economy, prompting consumers to prioritize savings over luxury purchases. Analysts warn that ongoing economic challenges may further dampen gold demand, potentially impacting global gold market dynamics.
Sunwoda Electric Vehicle Battery Co. Considering IPO in Hong Kong
Sunwoda Electric Vehicle Battery Co., a unit of Sunwoda Electronic Co., is considering an IPO in Hong Kong due to challenges faced by Chinese companies in getting approvals for listings on mainland exchanges. The EV battery maker had applied to list on Shenzhen’s ChiNext board last year and successfully raised 1.65 billion yuan in a financing round. Stay tuned for more updates on this potential IPO and its impact on Sunwoda Electronic’s stock performance.
Direct Flights Between Hong Kong and Saudi Arabia to Begin in October
Direct flights between Hong Kong and Saudi Arabia are set to commence in October this year following the signing of a cooperation agreement between the Air Connectivity Program and Cathay Pacific Airways. This move will allow travelers to explore the tourism potential of Saudi Arabia and enhance the airline’s presence in the Middle East, providing passengers with more travel options and increased comfort when traveling to and from the Kingdom. The agreement signifies a significant step in strengthening economic ties between Hong Kong and Saudi Arabia, with potential benefits for both countries in terms of trade, business, and tourism.
Man in Hong Kong in Critical Condition After B Virus Infection from Monkey Attack
A 37-year-old man in critical condition after being attacked by monkeys in a Hong Kong country park has tested positive for B virus, marking the first case of the deadly infection in the city. The Health Department has issued a warning to the public to avoid touching or feeding wild monkeys and urged anyone injured by monkeys to seek immediate medical attention. The B virus, carried in the saliva, urine, and stool of macaques, a type of wild monkey commonly found in Hong Kong, can cause severe brain damage or death if not treated promptly.
Former financial secretary urges Hong Kong to seek alternative revenue sources
Former financial secretary John Tsang Chun-wah has urged the government of Hong Kong to seek alternative revenue sources to cover government spending, cautioning that the city has entered an era of structural fiscal deficits. Tsang criticized the revenue-boosting measures from the recent budget, highlighting that they were expected to generate only about HK$2 billion, falling far short of the required tens of billions to achieve fiscal balance.