|Bid||270.000 x 0|
|Ask||270.000 x 0|
|Day's range||269.000 - 272.600|
|52-week range||222.000 - 286.200|
|Beta (5Y monthly)||1.53|
|PE ratio (TTM)||36.00|
|Earnings date||26 Feb 2020|
|Forward dividend & yield||7.44 (2.73%)|
|Ex-dividend date||27 Aug 2019|
|1y target est||283.00|
The London Metal Exchange (LME) has cancelled its LME Asia Week dinner in Hong Kong and postponed the seminar that would have taken place during the same week because of the coronavirus, the exchange said in a notice on Friday. The annual gathering of the metal industry known as LME Asia Week 2020 was due to take place in the first week of May. "Against the backdrop of the novel coronavirus, HKEX Group has made the difficult decision to cancel the LME Asia Dinner and postpone the LME Asia Seminar," the LME said.
The European Union's markets watchdog said on Thursday it has asked its British counterpart to ensure that ICE Futures Europe and the London Metal Exchange fully comply with the bloc's market transparency rules for commodity derivatives. The European Securities and Markets Authority (ESMA) said it "encourages" Britain's Financial Conduct Authority to "employ timely" measures to ensure compliance with transparency obligations at ICE Futures Europe and the LME.
The London Metal Exchange (LME) will retain traditional open-outcry trading for closing prices after largely negative feedback from members about a trial that used electronic final prices, the exchange said on Wednesday. The announcement by the LME confirmed a Reuters story last year that quoted industry sources saying that the electronic trial of the benchmark nickel contract failed to boost volumes and lacked support from members. "Many respondents took time to state their general concerns about the LME moving away from ring pricing and towards electronic reference prices," the 143-year-old LME said in a statement on Wednesday.
Today we're going to take a look at the well-established Hong Kong Exchanges and Clearing Limited (HKG:388). The...
(Bloomberg Opinion) -- Hong Kong is missing an opportunity to displace the U.S. as an offshore listing venue for Chinese companies by keeping trading fees too high. Alibaba Group Holding Ltd.’s $11 billion offering in November showed the potential for the city’s stock exchange to attract U.S.-listed mainland enterprises amid an unsettled trade relationship between the two largest economies. Relatively expensive costs threaten to undermine that appeal.Investors get more for their dollar when they trade on the New York Stock Exchange. In Hong Kong, bid-ask spreads are wider and minimum investment requirements are higher. That increases the chance of so-called slippage, when there is a difference between the expected price of a trade and the level at which it is actually executed. With zero stamp duty and lower minimum trade requirements, the NYSE has a more favorable environment for active investors.Alibaba’s Hong Kong trading volume has slumped since the internet giant made its debut on the local exchange. On Nov. 26, shares valued at the equivalent of about $1.79 billion changed hands. Since mid-December, that figure has dropped to a daily average of about $322 million. The Hong Kong listing has made no dent in Alibaba’s stock trading in New York, where volume has averaged $3.2 billion since late November.To be sure, trading costs are by no means the only factor — or even the main one — in deciding where to buy and sell. To begin with, the U.S. is a more deep and liquid market. It has other advantages, including a more active and developed options market that gives traders more ways to hedge or speculate on stocks. That said, Hong Kong could do a better job of rolling out the welcome mat.Since losing out to New York for Alibaba’s record $25 billion initial public offering in 2014, Hong Kong Exchanges & Clearing Ltd. has made a number of rule changes to enhance its viability as a platform for technology startups from China and elsewhere. In April 2018, the exchange amended its provisions to admit companies with dual-class shares. Smartphone maker Xiaomi Corp. and internet services company Meituan Dianping listed soon after, demonstrating that when HKEX makes smart decisions, the exchange benefits.More U.S.-traded Chinese companies are looking at Hong Kong for potential secondary listings. They include travel services provider Trip.com Group Ltd., formerly known as Ctrip; game and website operator Netease Inc.; web search provider Baidu Inc.; and e-commerce giant JD.com Inc. The way is open for Hong Kong to create a new offshore ecosystem for U.S.-listed Chinese companies seeking better positioning for the mainland while hedging their bets against a renewed deterioration in the U.S.-China relationship after the phase one agreement was signed this month.It makes little sense to squander this opportunity by maintaining trading costs that are a major barrier to entry. The Hong Kong government and the exchange must work together to make dual listing opportunities both beneficial and attractive to companies while encouraging investors to trade here. However, HKEX regulators seem to have their heads in the sand when it comes to reducing fees and the minimum buy-in to entice more companies. That may be a reflection of its monopoly status: Unlike the NYSE, which must compete with Nasdaq, HKEX has no local rival.Reducing fees would lower the barrier to entry for active investors and increase trading volume. As I wrote in September, cutting stamp duty would help improve liquidity and make Hong Kong stocks more attractive to retail and institutional investors. The ripple effect from this would further strengthen Hong Kong’s position as a global financial center. It’s time for the government and exchange to look beyond the immediate impact of reduced revenue and consider the long term. To contact the author of this story: Ronald W. Chan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Ronald W. Chan is the founder and CIO of Chartwell Capital in Hong Kong. He is the author of “The Value Investors” and “Behind the Berkshire Hathaway Curtain.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The "depth of the devastation" inflicted on Hong Kong's economy by more than six months of anti-government protests will be seen in the coming weeks, the chief of the city's stock exchange operator said on Thursday. HKEX itself posted its steepest profit slide in nearly three years in the third quarter, as investor sentiment was hit by months of unrest that pushed the city into recession for the first time in a decade. Li said what made Hong Kong great was "one country, two systems", and that he believed China would fundamentally come to the judgement that the two systems worked for the world's second-largest economy, even in the worst case scenario.
(Bloomberg) -- Hong Kong Exchanges & Clearing Ltd. is discussing secondary listings with Chinese technology companies including Trip.com Group Ltd. and Netease Inc. after Alibaba raised $13 billion in its 2019 share offering in the city, according to people familiar with the matter.Bourse officials have held follow-up talks with the two U.S.-listed firms about the possibility of a secondary share sale, the people said, requesting not to be named because the matter is private. The discussions are preliminary and subject to change, they added.Hong Kong Exchanges & Clearing Ltd. has said it’s seeing a spike in inquiries about secondary listings from Chinese firms. The interest comes at a time when U.S. scrutiny of Chinese companies has intensified. A decision to proceed would see China’s biggest online travel service provider and second-biggest gaming company -- with a combined market value of about $60 billion -- follow in the footsteps of Alibaba Group Holding Ltd., which last year pulled off the financial hub’s largest equity offering since 2010.Hong Kong Exchanges’ shares rose 2.9% Thursday, their biggest gain in nearly four months. Trip.com, known also as Ctrip, climbed 10.2% to mark its biggest rise since March. And Netease stock surged 7.2%, the most since August, helped by a rally in Chinese technology stocks listed in New York.Read more: China Tech Inc. Straps in for Turbulence After a Wild 2019Ctrip and the Hong Kong exchange declined to comment in emailed statements. A Netease representative had no comment when contacted.Alibaba’s share sale marked a triumph for Asia’s largest stock exchange operator, which has lost many of China’s brightest technology stars to U.S. rivals. The city’s bourse introduced new rules to allow dual-class shares after initially resisting such a change, a move that had prompted Alibaba’s decision to debut in New York in 2014.More secondary listings from technology companies would bolster the Hong Kong exchange, which posted its worst profit drop in almost three years in the September quarter. The financial hub has also been shaken by months of anti-government protests, casting uncertainty over its 2020 prospects.Total fundraising from Hong Kong initial public offerings will drop by as much as 27% in 2020 to HK$230 billion ($29.5 billion), PwC estimated on Thursday. About 180 companies may debut, with more “new economy enterprises” to seek listings thanks to rule reforms.“More U.S.-listed Chinese concept stocks will come back to Hong Kong in 2020,” Benson Wong, a partner at PwC, said at a press briefing in Hong Kong. That trend will persist beyond next year, though it will be harder to see offerings on Alibaba’s scale, he added.Why Now, and Why Hong Kong, for Alibaba’s Share Sale?: QuickTakeA secondary offering in Hong Kong would help Chinese tech companies hedge their risks as U.S. tensions simmer. The Donald Trump administration is stepping up scrutiny against Chinese technology players beyond Huawei Technologies Co. Lawmakers have called for curbs on U.S. pension fund investments in the country’s companies.It could also help raise capital to tide them over an economic slowdown and increasing competitive pressure in 2020. Ctrip in particular has about $700 million worth of convertible bonds due in July. Its shares are trading at about $33.50, 38% below the agreed convertible price of $54, according to data compiled by Bloomberg.New tech debutantes like Alibaba will get a boost if they’re added to the benchmark Hang Seng Index and a stock connect program that allows mainland investors to buy shares in Hong Kong. Hang Seng Indexes Co. plans a consultation in the first quarter to discuss a raft of issues, including whether firms with weighted voting rights, like Alibaba, should be eligible for the HSI. Members of the stock connect program require reviews by the China Securities Regulatory Commission, the stock market watchdog.Read more: Alibaba’s Hong Kong Rally Is At Risk From Three Misconceptions(Updates with Ctrip and Netease gains in the fourth paragraph)\--With assistance from Kiuyan Wong and Zheping Huang.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Candice Zachariahs at email@example.com, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the...
This is the first time CEO Charles Li has sold shares in Hong Kong Exchanges and Clearing Ltd (HKEX) during his nine years in the job. The exchange operator has had a turbulent year. The company made an unsolicited $39 billion dollar bid for the London Stock Exchange , in September.
(Bloomberg) -- Alibaba Group Holding Ltd.’s landmark $11 billion share sale and listing in Hong Kong on Nov. 26 was galvanized by expectations the Chinese e-commerce giant will attract a vast pool of capital from its home country. But some investors caution against unrealistic expectations, especially by mainland investors, and highlight certain restrictions that still govern -- and potentially curtail -- trading activity in Alibaba’s Hong Kong shares.The company’s sheer size and the unprecedented nature of its secondary listing (the primary listing is still in New York) and unique management structure present challenges for investors hoping to gauge everything from Alibaba’s inclusion in indexes -- crucial because they direct the flow of capital from tracker funds -- to its listing status.Here’s what we know.1\. Will Alibaba get added to the Hang Seng Index?Not right now. Alibaba will be added to Hang Seng Composite Index on Dec. 9, but it isn’t qualified to join the benchmark Hang Seng Index or the Hang Seng China Enterprise Index because they comprise only primary listings and corporations without so-called weighted voting rights (WVR).Membership of the 50-member Hang Seng is coveted by corporations because it could trigger billions of dollars of inflows from funds tracking the 50-year-old gauge. Hang Seng Indexes Co. plans a consultation in the first quarter to discuss issues including whether firms with weighted voting rights, like Alibaba, should be eligible for the HSI. Any conclusions should be published by May, Daniel Wong, its head of research and analytics, said in a statement. Even if the index compiler decides to overhaul its rules, the required process means it may not be until late 2020 before Alibaba could join the major Hang Seng benchmarks.Representatives for HKEx and Alibaba declined to comment.Read more: Why Now, and Why Hong Kong, for Alibaba’s Share Sale?: QuickTake2\. Will Alibaba be included in the stock connect program?Maybe, but a lot hinges on policy makers. China doesn’t spell out criteria or qualifications for joining the program, which allows mainland investors to buy stocks listed in Hong Kong. Unlike the HSI, the program isn’t limited to primary listings. It does require review by the China Securities Regulatory Commission, the stock market watchdog.The first companies in stock connect with weighted voting rights were Meituan Dianping and Xiaomi Corp., which mainland investors got access to in late October through the program. That’s after similarly structured Chinese firms started listing in July on Shanghai’s new tech-focused Star board. Many investors expect Beijing to ultimately allow Alibaba’s Hong Kong shares to trade through the stock link with the city as well.But it may not necessarily be in China’s best interest to do so. That’s because other U.S.-listed Chinese firms -- among the country’s largest corporations, from JD.com Inc. to Baidu Inc. -- may be encouraged to follow in Alibaba’s footsteps and conduct their own secondary listings in Hong Kong, bypassing the Shanghai or Shenzhen bourses. That may run counter to Beijing’s longstanding ambitions of developing healthy, vibrant mainland exchanges, particularly as unrest grips Hong Kong.3\. Can Alibaba change its primary listing to Hong Kong?It’s possible -- thereby attracting investors with a preference for main listings, and at the same time scoring brownie points with some in Beijing who could view that as supporting China’s policy ambitions. Alibaba was given the green light to list in Hong Kong based on a new “Secondary Listing” rule, or Chapter 19C. It allows companies to conduct follow-on share offerings without complying with more stringent rules laid down by Hong Kong Exchanges & Clearing Ltd. governing first-time listees.Alibaba may enjoy special status in having more freedom to comply with Hong Kong listing requirements. Under rules laid out in a consultation paper in April last year, Chinese firms that went public before Dec. 15, 2017 don’t need to comply with “WVR” safeguards if they later switch their primary listing to Hong Kong. Alibaba, which debuted in New York in 2014, said in its Hong Kong listing prospectus it’s a “WVR” company similar to Meituan and Xiaomi.Meanwhile, Alibaba employs a fairly unique structure in which a group of partners have the right to nominate a majority of the firm’s board -- exerting outsized influence on Alibaba’s direction.In addition, Hong Kong listing rules say if trading volume there exceeds 55% of global turnover over an entire fiscal year, the stock has to adopt primary listing status in Hong Kong. HKEx gives such Chinese companies a year to comply. But with Hong Kong’s stock registration office listing just 23% of outstanding Alibaba shares as of Nov. 28, a majority of trading volume occurring there may be a tall order.\--With assistance from Paul Geitner and Fox Hu.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin Chan, Kevin KingsburyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
London Stock Exchange shareholders overwhelmingly backed the exchange's $27 billion takeover of data and analytics company Refinitiv on Tuesday, a deal designed to broaden LSE's trading business and make it a major distributor of market data. LSE Chairman Don Robert told a shareholders meeting in London that the exchange's board was unanimous in recommending the Refinitiv deal because it was a "compelling opportunity" in the best interests of shareholders and the company. One shareholder asked whether the LSE was simply bulking up to avoid becoming a future takeover target.
London Stock Exchange shareholders met on Tuesday to vote on the exchange's $27 billion takeover of analytics and data company Refinitiv, a deal designed to broaden LSE's trading business and make it a major distributor of market data. LSE Chairman Don Robert told the meeting in London that the exchange's board was unanimous in recommending the Refinitiv deal because it was a "compelling opportunity" in the best interests of shareholders and the company. One shareholder asked whether the LSE was simply bulking up to avoid becoming a future takeover target.
(Bloomberg) -- Alibaba Group Holding Ltd. rose 6.6% in its Hong Kong debut, fueling the ambitions of China’s largest internet company as well as an Asian city rocked by violent anti-government protests.Chairman Daniel Zhang, lieutenants wearing Alibaba lapel pins and Hong Kong dignitaries were on hand to strike the opening gong Tuesday at a celebration of the city’s biggest stock listing this year. The company presented a Chinese-style painting to the exchange -- a souvenir to go with the showy coming-out party. The Chinese e-commerce giant’s shares rose to HK$187.60, versus a HK$176 issuance price. They traded under the code 9988 -- auspicious numbers in Chinese culture that signify prosperity.Asia’s most valuable corporation raised about $11 billion in the financial hub’s largest issuance of stock since 2010, a triumph for a stock exchange that over the years lost many of China’s brightest technology stars to U.S. rivals. Now, the blockbuster debut by one of China’s most successful companies signals confidence in Hong Kong’s future even as pro-democracy protests grip the city, earning Alibaba goodwill in Beijing. It makes it easier for investors in the mainland to buy and sell Alibaba shares, which are primarily listed in New York.It’s also a homecoming for Alibaba, whose decision to hold its $25 billion initial public offering five years ago in New York dealt a blow to Hong Kong’s ambitions. Listing closer to home has been a long-time dream of billionaire co-founder Jack Ma’s. More broadly, his company has been trying to sustain growth at a time the engines of China’s economy are sputtering. Like fellow internet giant Tencent Holdings Ltd., Alibaba’s exploring new markets as China clashes with the U.S. over everything from trade and technology to investment.“We came home. We came back to list in Hong Kong,” Zhang said to applause. “It helped make up for our regret five years ago.”Why Now, and Why Hong Kong, for Alibaba’s Share Sale?: QuickTakeA marquee name like Alibaba’s could draw investors and boost trading liquidity for Hong Kong Exchanges & Clearing Ltd., which just saw its biggest profit slump in more than three years following a failed bid to buy its London counterpart in September. Efforts to court Alibaba emanated from the very top, with Chief Executive Carrie Lam, Hong Kong’s leader, herself lobbying Ma.The Chinese company’s decision to forge ahead despite a recent escalation in protest-related violence pleased officials trying to persuade the world that the troubled city still has a future as a financial hub. Alibaba’s sale could tempt Chinese tech unicorns from Didi Chuxing Inc. to ByteDance Inc. to opt for Hong Kong over the U.S. if they eventually go public.“Alibaba will be the leading light for bringing more companies in,” Andrew Sullivan, a director at Pearl Bridge Partners, told Bloomberg Television. “You may see some new money being allocated. The keen competitor is going to be Tencent, which has historically traded at a premium.”The new funds now help Alibaba finance a costly war against homegrown rivals nipping at its heels. It could swell the company’s cash pile to about $44 billion, more than any other internet company and roughly double that of arch-rival Tencent’s. The capital could bankroll competition with Tencent and Baidu Inc. in cloud computing and entertainment, with Meituan Dianping in food delivery and travel, and with everyone in terms of investing in promising startups that yield technology, talent or market share. And it could divert investor cash from those rivals -- Alibaba is now the largest corporation to be listed in Hong Kong, pipping Tencent for the title.Demand for Alibaba’s stock surpassed supply by several times and more shares were allocated to small investors. It’s a feather in the cap for Zhang, who took over as chairman from Ma in September. The former accountant is now spearheading the company’s expansion beyond Asia as well as into adjacent business lines from cloud computing to entertainment, logistics and physical retail.Alibaba could put the capital to work investing in new technologies such as artificial intelligence, or fast-expanding affiliates such as Ant Financial. Courting investors closer to home also serves as a buffer of sorts should U.S.-Chinese tensions worsen. Already, U.S. lawmakers such as Senator Marco Rubio are agitating for measures to curb investment flows to Chinese companies, including the extreme option of tossing U.S.-listed firms off American bourses.Read more: Alibaba’s Sales Jump 40% Despite Cooling China Economy(Updates with share action from the first paragraph.)To contact the reporters on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.org;Kiuyan Wong in Hong Kong at email@example.comTo contact the editors responsible for this story: Peter Elstrom at firstname.lastname@example.org, Edwin Chan, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The London Metal Exchange is considering creating a new market for "green" aluminium, using warehouse ownership documents to identify low-carbon material instead of spinning off a new futures contract, its chief executive said on Wednesday. The 142-year-old LME said last month it was in discussions with the metals industry over how to support the transition to a low-carbon economy, especially in aluminium. "By Q1 of next year we want to define a clear route forward on green aluminium," CEO Matt Chamberlain told Reuters on the sidelines of the Asia Copper Conference.
(Bloomberg) -- Alibaba Group Holding Ltd. priced the retail portion of its Hong Kong share sale Friday, issuing an appeal to individual investors in a city in the throes of recession after months of violent pro-democracy protests.The largest Chinese e-commerce company capped the 12.5 million shares available to individual investors at HK$188 apiece -- an auspicious number in Chinese culture -- making it the most expensive first-time share sale in Hong Kong. Alibaba said it may price the remainder of its 500 million-share offering above that ceiling, signaling that it aims to raise at least $12 billion in what would be one of the world’s largest sales of stock this year. The company will price the rest of its international offering by Nov. 20.Asia’s largest corporation is proceeding with what could be Hong Kong’s biggest share sale since 2010. Slated for late November, it’ll be the Chinese e-commerce juggernaut’s official Asian coming-out party -- half a decade after snubbing the financial hub for a record Wall Street debut. Alibaba’s return hands a much-needed victory to a city wracked by protests since the summer, and will please Chinese officials who’ve watched many of the country’s largest private corporations flock overseas for capital. If the deal goes through, Alibaba will challenge Tencent Holdings Ltd. for the title of the largest Hong Kong-listed corporation.“The listing in Hong Kong will allow more of the company’s users and stakeholders in the Alibaba digital economy across Asia to invest and participate in Alibaba’s growth,” the company said. “During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright,” Daniel Zhang, chief executive officer of Alibaba, said in a letter to investors.Read more: Alibaba Is Taking Orders for $11 Billion Hong Kong ListingListing closer to home has been a long-time dream of billionaire Alibaba co-founder Jack Ma’s. A successful Hong Kong share sale could help finance a costly war of subsidies with Meituan Dianping in food delivery and travel, and divert investor cash from rivals like Meituan and WeChat operator Tencent. It will also be a feather in the cap for Zhang, who took over as chairman from Ma in September. The former accountant is now spearheading the company’s expansion beyond Asia but also into adjacent markets from cloud computing to entertainment, logistics and physical retail.What Bloomberg Intelligence SaysAlibaba’s secondary listing in Hong Kong could lead to a shake up of the Hang Seng Index, the city’s main stock benchmark. The 50-member index is heavy on financial stocks, when comparing weights to other leading equity indexes in the world. Meanwhile, IT, industrials and consumer discretionary stocks are severely underrepresented.\- Steven Lam, analystClick here for the researchA marquee name like Alibaba’s could draw investors and boost trading liquidity for Hong Kong Exchanges & Clearing Ltd., which just incurred its biggest profit slump in more than three years. For Hong Kong, it’s bit of welcome news following half a year of often violent protests that have at times paralyzed the city and its service industry. Efforts to court Alibaba emanated from the very top, with Chief Executive Carrie Lam herself exhorting Ma to consider a listing in the city.Alibaba has considered a Hong Kong listing for a long time, Michael Yao, head of corporate finance at Alibaba, said on a call with investors this week. The deal size hasn’t changed as a result of the protests, he added.(Updates with details of price per share comparison in second paragraph)\--With assistance from Zhen Hao Toh.To contact the reporters on this story: Lulu Yilun Chen in Hong Kong at email@example.com;Alistair Barr in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, Edwin Chan, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The London Metal Exchange (LME) said on Tuesday it would take an extra six months to make its telephone trades compliant with transparency requirements set by European regulators. The deadline for compliance with the European Securities and Markets Authority's (ESMA) rules is Jan. 1, 2020. Most of the trades on the LME, world's oldest and largest metals exchange and owned by Hong Kong Exchanges and Clearing Ltd, adhere to transparency rules under the Markets in Financial Instruments Directive II (MIFID) and waivers apply to most that do not.
Hong Kong's stock exchange operator said quarterly profit dropped 8%, the steepest slide in nearly three years, as investor sentiment was hit by months of political unrest that pushed the Asian financial hub into recession. Hong Kong's Hang Seng index declined 8.6% during the quarter to end-September, marking its worst quarter in four years. While Hong Kong's pro-democracy protests show no signs of abating, the exchange's earnings could be bolstered by a pick up in IPOs in the fourth quarter.
A look at the shareholders of Hong Kong Exchanges and Clearing Limited (HKG:388) can tell us which group is most...
The London Metal Exchange will allow warehouses in its network to extend queues for loading out metal, and will require them to report stocks stored outside the LME system that could be brought in at a later date, it said on Friday. The LME will change that to full rent for 80 days and no rent thereafter. The first stage will be a move to 50 days of full rent payable in February next year, followed by 60 days in May, 70 days in August and 80 days in November 2020.
Hong Kong bourse Chief Executive Charles Li said there are fundamental flaws in the "one country, two systems" formula that governs the former British territory as it grapples with its biggest political crisis in decades. The comments by Li mark a rare public condemnation of the system that governs the Chinese-ruled city from a senior Hong Kong business executive. "The great concept, the great creation of one country, two systems... has some fundamental flaws at the very beginning of the implementation," he said.
Hong Kong bourse Chief Executive Charles Li said there are fundamental flaws in the "one country, two systems" formula that govern the former British territory. The comments by Li mark a rare public condemnation from a senior Hong Kong business executive of the Beijing-backed administration under which the territory is ruled at a time when it is grappling with its biggest political crisis in decades. "The great concept, the great creation of one country, two systems is really, has some fundamental flaws at the very beginning of the implementation," he said.
The London Metal Exchange is planning to create a committee to represent the interests of producers and users of lithium, a key component in electric car batteries, it said on Tuesday. Announcing the committee during LME Week, an annual gathering in London of metals consumers, producers, traders and brokers from around the world, the LME said it was likely to include representatives of nine companies. The LME is planning a lithium contract, and in June selected Fastmarkets to provide a reference price, but has given no timeline for an official launch.