Also in this week’s issue

Last week’s stories

News roundup

  • A Canadian court ruled that the crimes that Huawei’s chief financial officer Meng Wanzhou has been charged with in the United States are also offences in Canada. Meng’s lawyers argued that Canada is effectively being asked “to enforce US sanctions”. The ruling dashed hopes that Meng, who was detained in Vancouver in December 2018, could be poised for an early release and return to China. American authorities are asking for her extradition to the US.
  • US Secretary of State Mike Pompeo certified to Congress that Hong Kong no longer merits special treatment under US law, as it can no longer be considered “autonomous” from mainland China. The verdict, coming a few days after Beijing’s decision to introduce national security legislation in Hong Kong, could result in the city facing tariffs and investment restrictions from the US.
  • CK Hutchison has failed in a bid to build and operate a $1.5 billion desalination plant in Israel. The Israeli government said it had picked a local company over the Hong Kong-based conglomerate. The decision came less than two weeks after Mike Pompeo’s visit to Jerusalem, during which he expressed opposition to Chinese involvement in Israeli infrastructure projects.
  • The Shenzhen Stock Exchange warned that foreign shareholdings in three A-share firms are approaching the 30% regulatory cap. Overseas investors hold more than 26% of white goods maker Midea, third-party certification firm CTI and furniture producer Suofeiya. Global investors are not allowed to take new positions in a Chinese firm for two months once their collective shareholding reaches 28%.
  • Tencent is planning to invest Rmb500 billion ($70 billion) over the next five years in high-tech businesses. The investment will cover areas including AI, blockchain, 5G and quantum computing, newspaper CBN reports. The announcement came after the internet firm said it would raise up to $20 billion by selling bonds.
  • Tensions between China and India along a stretch of disputed border in the Himalayas have flared up again. Thousands of People’s Liberation Army troops have pitched tents and stationed heavy machinery near the border of eastern Ladahk in what India considers to be its territory. There were skirmishes between the two sides earlier this month which resulted in hundreds of injuries, Reuters reported.
  • An eight-man survey team from China has reached the summit of Mount Everest (known as Mount Qomolangma in China). Their mission is to remeasure the height of the world’s highest peak. The most recognised measure of its height – 8,848 metres including the snow cap – was determined by the Survey of India during British colonial rule.
  • $3 billion Bytedance’s net profit last year on $17 billion in revenue, Bloomberg reported. Bloomberg added that the company draws 1.5 billion monthly active users to “a family of apps” that includes international short-video app TikTok, its Chinese twin Douyin and news aggregator Toutiao.
  • 7.3% Vacancy rates at offices in recession-hit Hong Kong in the first quarter, a 10-year high, according to Colliers International.
  • 11,003 The number of people prosecuted successfully in China for violating trademarks, patents, copyright and business secrets last year, up 32% from 2018, the South China Morning Post reports. The country’s courts heard 418,000 cases linked to intellectual property rights last year, an increase of 45% compared to a year earlier.
  • 100 million Orders a day that Meituan-Dianping is targeting by 2025, notes the Financial Times. Meal delivery orders had returned to 90% of their pre-pandemic levels by mid-May, while Meituan’s hotel bookings had reached 70% of former levels.

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