Isabella Steger reports: Beijing is striving to present a united front with its supporters in Hong Kong’s legislature, even as the pro-establishment camp is rocked by a series of leaked online conversations related to last week’s failed vote on a 2017 election overhaul.
“According to the leaked conversations published by the Oriental Daily, participants in the online chat included Jasper Tsang, a veteran pro-Beijing politician who is also the president of the legislature. The conversation shows Mr. Tsang was involved in the discussion last Thursday morning to orchestrate the timing of the vote.”
On Thursday, Hong Kong’s Oriental Daily newspaper published a series of conversations among a group of pro-Beijing lawmakers on the popular mobile messaging service Whatsapp, showing the internal debate before the vote took place and the politicians’ reactions afterwards.
“That compromised Mr. Tsang’s obligation to remain neutral as president of the Legislative Council, opposition lawmakers said, with some demanding that he step down.”
Pro-Beijing lawmakers last week attempted to stage a walkout of Hong Kong’s Legislative Council to delay a vote on the election plan. Yet the tactic backfired: The vote was not postponed, and the package – which had been expected to narrowly fall short of passage – met a resounding defeat. In the wake of the vote, pro-Beijing lawmakers such as Regina Ip, a former security secretary, and Jeffrey Lam, who initiated the walkout, delivered emotional public apologies over the blunder.
“Everyone who could be a potential defector in the opposition has already spoken, it doesn’t look like there will be a change to the final result.”
— Mr. Tsang wrote in the chat, according to the leaked transcripts
The election plan, which for the first time would grant the public the right to vote for the city’s top leader, is opposed by pro-democracy lawmakers because it only allows pre-screened candidates to run. While pro-Beijing lawmakers hold a majority in Hong Kong’s legislature, the pro-democracy camp’s opposition to the measure denied it the two-thirds majority required for passage. Read the rest of this entry »
Alyssa Abkowitz writes: The dog days of summer have arrived.
As locals prepare for the annual Yulin Dog Eating Festival in China’s Guangxi region, animal rights organizations are unleashing high-profile figures and waging global social media campaigns in an effort to bring the event to heel.
“An estimated 10,000 dogs are slaughtered for the annual festival, which marks the traditional start of summer and will occur on June 22 this year. Festival participants typically pair dog meat with lychees and a bevy of grain alcohol.”
As of June 18, Animals Asia, a Hong Kong based advocacy group, said that within the past two weeks, around 70,000 people had signed a letterasking China’s dog meat traders to stay away from the festival. It’s the first year Animals Asia has run a petition, the group said.
British comedian Ricky Gervais has partnered with Humane Society International to campaign against the festival. Mr. Gervais recently tweeted out, “Please help our best friend. #StopYuLin2015.” He included a photo of a canine with lipstick rings on its face, along with the caption: “The only marks you should leave on a dog.”
— Ricky Gervais (@rickygervais) June 18, 2015
Humane Society International also launched a letter-writing campaign and has bestowed the name “Ricky” (in Mr. Gervais’ honor) to a black-and-white pooch rescued from a Yulin slaughterhouse last month. According to the Humane Society, 400,000 people have used the organization’s websiteto send messages directly to Guangxi’s Communist Party secretary, Peng Qinghua. Mr. Peng could not be reached for comment, and Humane Society officials did not immediately respond to a request for further details on how the messages were delivered and whether they had successfully reached his office.
Raise UR Paw, a non-profit in Canada, said that as of June 15 its letter to Chinese President Xi Jinping on the petition website change.org had received more than 340,000 signatures. Read the rest of this entry »
The territory blocks Beijing’s preferred election law
Hong Kong democrats celebrated Thursday as the city’s legislature blocked passage of the Beijing-backed election law that sparked last year’s 75-day mass protests. Not that this was a surprise. Beijing’s vision of democracy—a rigged election in which Hong Kongers could vote only for candidates chosen by a small pro-Beijing committee—was politically dead on arrival.
“All 27 pro-democracy legislators voted no and even picked up a vote from outside their caucus. The pro-Beijing camp staged a disorderly last-minute walk-out, leaving only eight votes in support of Beijing’s proposal. The veto would have held either way, but the scene was an appropriate end to the government’s attempt to subvert universal suffrage.”
Democrats in the legislature had the votes to block Beijing’s plan since it was announced last August. Then came the protests, during which democrats displayed greater numbers and determination than anyone expected. Public opinion, long critical of the government but divided on the reform vote, increasingly came to favor veto. Outside the legislature on Thursday, democrats outnumbered nominal pro-Beijing demonstrators, who wore matching shirts, refused to speak to the media and spoke Mandarin, not Hong Kong’s dominant Cantonese language.
“Unless Beijing puts forward a more acceptable plan, Hong Kong’s next leader will be selected in 2017 like the last, by a 1,200-member committee of the territory’s elite.”
All 27 pro-democracy legislators voted no and even picked up a vote from outside their caucus. The pro-Beijing camp staged a disorderly last-minute walk-out, leaving only eight votes in support of Beijing’s proposal. The veto would have held either way, but the scene was an appropriate end to the government’s attempt to subvert universal suffrage. Read the rest of this entry »
For the Chinese government, the defeat was a blow to its effort to integrate Hong Kong into the mainland. And it was a rare defeat for the country’s Communist Party
The outcome was expected, but the vote was called abruptly amid the second day of debate for the package, which would have allowed Hong Kong citizens to vote for their leader for the first time but required that candidates be vetted by a pro-Beijing committee.
“After about 20 months of intense political wrangling, many people feel fatigued. No matter what the result today, society needs some time to calm down and reflect on what has happened over these past 20 months, and think about the future direction of Hong Kong.”
— Carrie Lam, the city’s No. 2 official who has spearheaded the effort to sell the electoral overhaul plan
Pro-government lawmakers walked out of the legislature before the vote, leaving the chamber filled with mostly opposition lawmakers, who had vowed to reject the plan. The vote was 28 against and eight in favor, with 34 not voting. The vote would have required a two-thirds majority to pass.
“After about 20 months of intense political wrangling, many people feel fatigued,” said Carrie Lam, the city’s No. 2 official who has spearheaded the effort to sell the electoral overhaul plan, in concluding remarks in the legislature just before the vote. “No matter what the result today, society needs some time to calm down and reflect on what has happened over these past 20 months, and think about the future direction of Hong Kong.”
“We used our sacred vote today to veto a fake universal suffrage proposal. We helped Hong Kong people send a clear message to Beijing that we want real choice. This isn’t the end of the democracy movement in Hong Kong. A new chapter starts today.”
— Alan Leong, a pro-democracy legislator, told reporters after the vote
The vote on Thursday marks probably the most critical event in Hong Kong’s political development since pro-democracy activists started angling for greater democracy in the territory in the 1980s. Ms. Lam said Thursday that she couldn’t predict at what point Hong Kong’s democratic development would resume.
— The New York Times (@nytimes) June 18, 2015
The rejection of the reform proposal was a victory for pro-democracy legislators who stuck to their pledge to reject the plan. The group had come under pressure from Beijing, which said they could be held to account for their votes. It was a serious defeat for Hong Kong’s government, which was forced to promote Beijing’s plan despite opposition in Hong Kong.
“We used our sacred vote today to veto a fake universal suffrage proposal,” Alan Leong, a pro-democracy legislator, told reporters after the vote. “We helped Hong Kong people send a clear message to Beijing that we want real choice. This isn’t the end of the democracy movement in Hong Kong. A new chapter starts today”. Read the rest of this entry »
Hong Kong (AFP) – Hong Kong lawmakers rejected a Beijing-backed political reform package Thursday as pro-democracy legislators united to vote down the divisive electoral roadmap that has sparked mass protests.
Most pro-government lawmakers staged a walkout as the bill headed for defeat, with just eight casting their vote in support of the package and 28 voting against it.
Isabella Steger reports: Hong Kong’s legislature is expected to vote down a proposal that would let the public directly elect the city’s chief executive in 2017 — but only from a prescreened slate of candidates. The showdown follows city-wide protests and a year and a half of efforts by Hong Kong’s leaders to sell the Beijing-backed election plan. Here are five things to know about the vote.
1. The Legislature Will Vote This Week
The proposal currently on the table will be put to a vote this Wednesday and Thursday. This is arguably the most critical of five stages in the election overhaul blueprint, laid down by Beijing and in accordance with the Basic Law, Hong Kong’s mini-constitution
2. Pro-Democracy Lawmakers Oppose the Package
The package lays out the rules for electing Hong Kong’s chief executive in 2017 within a framework formulated by Chinese authorities, in which all candidates must be nominated by a 1,200-member committee that is heavily pro-Beijing. After slight tweaks announced in April, the opposition maintains that the system is not democratic enough to allow one of their own candidates to stand.
3. The Plan Is Not Likely to Pass
27 pro-democracy lawmakers — who control a little more than one-third of the city’s legislature –say they will vote against the package, as has one lawmaker who isn’t part of the opposition camp. Read the rest of this entry »
Thousands march on the legislature to demand a freer vote
Joanna Plucinska reports: Nine months after the Umbrella Revolution began, pro-democracy protesters again took to the streets of Hong Kong to demand a say in the way the city’s leader is elected in polls slated for 2017.
“We’re not North Korea, we know what freedom is.”
— Carol Lo, a protester at Sunday’s rally
A crowd of 2,000 to 3,000 people—workers and families as well as students and democracy activists—marched on Sunday afternoon from Victoria Park, a traditional gathering place for protests, to the legislature buildings downtown. Many carried yellow umbrellas—adopted as the symbol of Hong Kong’s democracy movement after protesters took to carrying them during last year’s unrest to protect themselves from police pepper spray.
Others carried signs that read “Citizens Against Pseudo-Universal Suffrage,” declaring their opposition to the form of democracy described in a political reform bill to be voted on by the city’s legislature on June 17. That bill will allow the central government in Beijing, and a 1,200 member electoral college composed mostly of pro-establishment figures, to vet all candidates for the position of Chief Executive, as the city’s top official is known. Similarly unrepresentative electoral methods helped to spark last fall’s Umbrella Revolution, and protesters are once again demanding broader political rights.
“I’m a genuine citizen of Hong Kong, I’m not from China. Most people from China are after money, but I’m after truth.”
— Protester and Uber driver Chao Sang
“We’re not North Korea, we know what freedom is,” said Carol Lo, 35, a protester at Sunday’s rally and a parent of a 9-year-old girl. Lo voiced fears for the political future of Hong Kong’s next generation: “How will [my daughter] survive, if this situation gets worse and worse?” she said.
Another protester, Uber driver Chao Sang, voiced the growing tendency of many Hong Kongers to see themselves as politically, linguistically and culturally separate from mainland Chinese. “I’m a genuine citizen of Hong Kong, I’m not from China,” he told TIME. “Most people from China are after money, but I’m after truth.” Read the rest of this entry »
The OSVehicle can be built in little over an hour from parts shipped in flatpacks from Italy and China
One Hong Kong-based start-up wants to help accelerate the disruption.
OSVehicle will on Tuesday launch its latest “do-it-yourself car” — an electric four-seater that it says can be built in little over an hour from parts shipped in flatpacks from Italy and China.
“It lowers the barriers to entry for start-ups and entrepreneurs who want to create vehicles in a whole new segment of the industry.”
— Carlo De Micheli, head of innovation at OSVehicle
The kit is aimed at companies that want to sell electric vehicles or run car sharing schemes, with would-be carmakers buying a platform from OSVehicle rather than a complete product.
“Companies that are entering this market are focusing on specific technologies, such as self-driving or high power electric vehicles. We are eager to see all the open source components that come out of their research…adopted by other companies worldwide.”
— Carlo De Micheli
They order the chassis, electric power-train, suspension, steering system and wheels from OSVehicle. Customers then create the bodywork to their own design.
“They order the chassis, electric power-train, suspension, steering system and wheels from OSVehicle. Customers then create the bodywork to their own design.”
“It lowers the barriers to entry for start-ups and entrepreneurs who want to create vehicles in a whole new segment of the industry,” said Carlo De Micheli, head of innovation at OSVehicle.
The kit car platform is based on another by OSVehicle that is a two-seater called Tabby.
The company has yet to decide on the price of the four-seater platform. The two-seater iteration of its Tabby platform retailed at $4,000, excluding the lithium-based battery pack.
The “OS” in OSVehicle stands for open source and the company is part of a growing trend of transparent innovation in the industry. Read the rest of this entry »
They are nimbler, lighter and work better with humans. They might even help bring manufacturing back to the U.S.
Robots deployed in manufacturing today tend to be large, dangerous to anyone who strays too close to their whirling arms, and limited to one task, like welding, painting or hoisting heavy parts.
“Robots are going to change the economic calculus for manufacturing. People will spend less time chasing low-cost labor.”
The latest models entering factories and being developed in labs are a different breed. They can work alongside humans without endangering them and help assemble all sorts of objects, as large as aircraft engines and as small and delicate as smartphones. Soon, some should be easy enough to program and deploy that they no longer will need expert overseers.
“Researchers hope robots will become so easy to set up and move around that they can reduce the need for companies to make heavy investments in tools and structures that are bolted to the floor.”
That will change not only the way an increasing number of products are made. It could also mean an upheaval in the competition between companies and nations. As robots become less costly and more accessible, they should help smaller manufacturers go toe to toe with giants. By reducing labor costs, they also may allow the U.S. and other high-wage countries to get back into some of the processes that have been ceded to China, Mexico and other countries with vast armies of lower-paid workers.
“That would allow manufacturers to make shorter runs of niche or custom products without having to spend lots of time and money reconfiguring factories.”
Some of the latest robots are designed specifically for the tricky job of assembling consumer-electronics items, now mostly done by hand in Asia. At least one company promises its robots eventually will be sewing garments in the U.S., taking over one of the ultimate sweatshop tasks.
“Robots are going to change the economic calculus for manufacturing,” says Hal Sirkin, a Chicago-based senior partner of Boston Consulting Group. “People will spend less time chasing low-cost labor.”
The changing face
Today, industrial robots are most common in auto plants—which have long been the biggest users of robot technology—and they do jobs that don’t take much delicacy: heavy lifting, welding, applying glue and painting. People still do most of the final assembly of cars, especially when it involves small parts or wiring that needs to be guided into place.
Now robots are taking on some jobs that require more agility. At a Renault SA plant in Cleon, France, robots made by Universal Robots AS of Denmark drive screws into engines, especially those that go into places people find hard to get at. The robots employ a reach of more than 50 inches and six rotating joints to do the work. They also verify that parts are properly fastened and check to make sure the correct part is being used.
The Renault effort demonstrates a couple of trends that are drastically changing how robots are made. For one, they’re getting much lighter. The Renault units weigh only about 64 pounds, so “we can easily remove them and reinstall them in another place,” says Dominique Graille, a manager at Renault, which is using 15 robots from Universal now and plans to double that by year-end. Read the rest of this entry »
HONG KONG— Isabella Steger writes: In showing an apartment of 180 square feet, a real-estate agent explained that all furniture essentially has to be made to order and described the window sill as a potential area for “entertainment.”
“Consumers have no bargaining power. Today if people want to buy property, like a couple who want to build a family, they don’t ask what the square footage is. They just ask about the price.”
— Barbara Leung, who teaches real-estate economics at Hong Kong Polytechnic University
The apartment, in a development called High Place, isn’t much bigger than the standard U.S. parking space. It went into contract in May for almost four million Hong Kong dollars (US$516,000.)
Even by Hong Kong’s cramped standards, apartments here are getting tinier and tinier.
So small are some of the new developments in Hong Kong that they have been given the moniker “mosquito-sized units.”
“People have to sacrifice and crowd into smaller apartments.”
— Joanne Lee, of real-estate broker and consultancy Colliers International in Hong Kong
The incredible shrinking apartments in Hong Kong is part of a broader trend of rising values of residential real estate in major cities around the world, as investors see property as a better investment than low-yielding bonds.
Hong Kong, much like London and New York, also is seeing strong demand from wealthy investors from other countries looking for safe places to park their money, with much of that investment coming from mainland Chinese buyers. While these investors go after higher-end Hong Kong property, they are helping boost prices in general, making it tougher for people simply looking for a place to live.
Hong Kong property prices have continued to rise despite repeated attempts by the government to keep them in check. The average price of private residential property, according to government data, has been on an upward trend since 2009, save for dips during three quarters in 2011 and a very mild correction during 2013 after the government stepped up measures to cool property prices.
“In a development called Mont Vert by Cheung Kong (Holdings) Ltd., controlled by the city’s richest man, Li Ka-shing, apartments even smaller than 180 square feet last year prompted a flood of YouTube videos showing people using arm spans to measure the living area.”
Such price increases have put strains on buyers in many major cities, but nowhere is the squeeze greater than in Hong Kong. Demographia, a U.S. think tank, in a recent study comparing median incomes with median housing prices, ranked Hong Kong property as the least affordable in the world, with home prices on average 17 times annual income, well above the 10.6 for second-place Vancouver. New York ranked seventh, with a 6.1 ratio.
Since 2007, incomes have risen about 42%, but home prices have soared 154%, according to a calculation of data provided by the Hong Kong government. Read the rest of this entry »
Leaving the urban clatter and chaos of Wan Chai for the home of architects Winnie Ling and Scott Findley is to enter a serene refuge.
“We love this part of town, we just like the vibrancy of it, plus the materials shops downstairs make a great resource library,” says Ling. “But I wanted [our flat] to be almost spa-like; a place I can come home to after work and feel like I can relax and be pampered.”
“We love this part of town, we just like the vibrancy of it, plus the materials shops downstairs make a great resource library…But I wanted…a place I can come home to after work and feel like I can relax and be pampered.”
Together they turned a cramped, three-bedroom 670 sq ft walk-up apartment into a contemporary, Asian-inspired, one-bedroom haven for two.
“We gutted the whole thing. Opened it up to space and light, but with flexibility and privacy, too.”
— Architect Winnie Ling
Although Ling acknowledges that married architects – both former directors at architectural practice RMJM – are bound to knock heads when designing their own home, the doubling up on expertise was a clear advantage.
On buying the flat four years ago, the pair agreed they would need to restructure the space. Working with a contractor, they opened it up into one long, narrow studio, with only the two bathrooms concealed. The living spaces are defined by partitions, furniture, light and mirrors…..(read more)
Dining area The stainless-steel dining table base and quartz stone top, and the chickenfeather- wood, Chinese-style screen were custom designed for Winnie Ling and Scott Findley’s former home, with the table modified to fit the new space. The Kwun Yum statue in cast bronze was purchased from Ovo Home (16 Queen’s Road East, tel: 2526 7226) while the ceramic tea set was bought years ago in the United States.
Living room The couch and pouffe set; stainless-steel desk, cabinets and office chair; and leather Cab armchairs by Cassina all came from the couple’s previous home, with the former cut down to fit the new layout (modification for HK$2,500 by Patrick Mau, tel: 2614 4118). Mirrored doors concealing deep storage cabinets were refitted from the previous property. The wrought-iron artefact stands (HK$3,300 each) were created to a custom size at Ovo Home, where the couple also purchased the painted metal wire display basket (HK$2,000), lit from beneath by an Ingo Maurer table lamp (no longer in production). An inverted tree base sculpture, from Lane Crawford Home Store (Pacific Place, Admiralty, tel: 2118 3668), came from the previous apartment. A sliding etchedglass partition provides privacy in the bedroom. The Tolomeo Basculante desk lamp, by Artemide, came from Aluminium (58 Queen’s Road East, tel: 2547 5323).
Living room detail An aluminium-clad credenza was reduced in length from five metres to three metres (by Chit Tat Sing, tel: 2699 1156, for HK$5,000) to fit the new apartment. It showcases a limited-edition print by mainland artist Zhang Xiaogang, from Gallery du Monde (Ruttonjee Centre, 11 Duddell Street, Central, tel: 2525 0529), architectural photographs that were gifts from the couple’s photographer son, Jason Findley (JLF Studio; www.jasonlfindley.com), and a brush painting by their daughter, graphic artist Jessica Findley (www.sonicribbon.com). The series of bronze sculptures, by Liu Ruowang, were purchased from Gallery 1949 (www.elite-concepts.com), in Beijing. Read the rest of this entry »
Some student groups won’t join annual vigil on June 4
HONG KONG— Isabella Steger reports: Every year for a quarter-century, large Hong Kong crowds have commemorated the 1989 crackdown on student protesters in Beijing’s Tiananmen Square. This June 4, some young Hong Kongers say they won’t join in.
Much like in Beijing in 1989, student groups were at the forefront of the monthslong pro-democracy protests that paralyzed much of Hong Kong last year and which challenged Beijing on how Hong Kong should elect its leader.
“I feel very sad. It’s a watershed year in my life” she said. “To call the ocean of candlelight ceremonial or perfunctory, it’s just not fair.”
— Claudia Mo, an opposition lawmaker and former journalist who was in Beijing during the 1989 crackdown
Unlike in Beijing, the Hong Kong protests ended peacefully, though with no visible concession from the Chinese government. What the rallies also did was lay bare a growing chasm between old and young over Hong Kong’s identity and relationship with Beijing. That rift is now playing out over the annual Tiananmen vigil, with some student groups saying Hong Kongers should focus on democratic rights in the territory rather than on the mainland.
“Every year it’s the same, we sing the same songs and watch the same videos. For some people, going to the vigil is a bit like clocking in. Should we continue looking back on a historical event, or focus on the more urgent situation here now?”
— Cameron Chan, 20, a social-sciences student at the University of Hong Kong
The University of Hong Kong’s student union will organize its own June 4 event “to reflect on the future of democracy in Hong Kong.” Separately, the Hong Kong Federation of Students, the main group leading last year’s protests, said that for the first time it won’t participate in the vigil as an organization.
“I feel very sad,” said Claudia Mo, an opposition lawmaker and former journalist who was in Beijing during the 1989 crackdown. “It’s a watershed year in my life” she said. “To call the ocean of candlelight ceremonial or perfunctory, it’s just not fair.”
“Going to the vigil is a bit like clocking in.”
—Cameron Chan, University of Hong Kong student
But to Cameron Chan, 20, a social-sciences student at the University of Hong Kong, it is precisely that the annual vigil has become such a fixture that is the problem.
The student group’s decision is baffling to many democracy supporters in the city, who see the annual candlelight vigil in Hong Kong’s Victoria Park to remember the Tiananmen victims as an important civic duty—not least because it’s the only mass commemoration of the event in the Greater China universe.
“I don’t see how Hong Kong can fully divorce itself from democracy movements on the mainland.”
—Joshua Wong, student leader
“I cannot understand [the students’] thinking,” said Jack Choi, a 36-year-old who works in finance and has been going to the vigil on and off since 2000. “It’s two separate issues. Our mother is China, if the mother is not free, how can the child be?” Read the rest of this entry »
“Things have been changing dramatically in the last two years. Since Xi Jinping came to power, what was tolerated before is not tolerated any longer, in China or Hong Kong.”
Ilaria Maria Sala writes: The shop assistant is abrupt when the question comes.
“We are not going to sell that one. Sorry,” he says, when asked for a copy of one of Hong Kong’s most eagerly searched-for books.
[Order Zhao Ziyang book “Prisoner of the State: The Secret Journal of Premier Zhao Ziyang” from Amazon.com]
“It might come back,” he says vaguely.
On the surface, there seems to be no censorship in Hong Kong. Unlike the mainland, the web is free, a wide range of newspapers is available, TV news covers demonstrations and protests, and nobody needs to apply for permission to print books.
“The pressure is on to stop Hong Kong people and mainlanders from reading unapproved books. When sales became harder, we started shipping books to individual customers in China. Nothing reached them. We tried through a courier in Shenzhen, but they stopped accepting books.”
“In 40 years, I know of only one book that has ever been stopped from distribution,” says Wong Sheung Wai, director of Greenfield Bookstore, a shop and distribution company, “and that was the Chinese translation of a guide to suicide.
“The real problem, though, is that our local government does not defend our autonomy. Rather, they lecture Hong Kong on how to behave to please the central authorities.”
“Taiwan translated it, but the Hong Kong authorities did not allow for it to be published and distributed here,” he says.
But mounting pressure from China to have greater control over what the Hong Kong public, and the Chinese tourists flocking there, read is creeping into this former British colony.
“Even the three big chains are commercial interests, so they do try to sell what clients want. At times certain books disliked by the Chinese authorities will still be available, but hidden behind a counter, or piled up with the spine turned to the walls.”
Through a complex web of self-censorship, soft censorship and mainland economic control, bookshops and media outlets in the territory have been changing their tone or giving less coverage to topics that China deems sensitive.
A slow but steady “mainlandisation” of Hong Kong, a key factor in bringing tens of thousands of protesters to the streets during last year’s umbrella movement, has been changing the face of the publishing and book distribution industry, with fewer shops willing, or able, to sell books forbidden in China.
Booming real estate costs add to that problem.
“Readers’ numbers are going down everywhere, and nobody can afford a ground-floor bookshop unless they are backed by people with very deep pockets,” says one publishing industry insider.
“If you ask me what is the biggest problem that Hong Kong faces right now, it is the Liaison Office, and their growing involvement in Hong Kong’s affairs.”
— Alex Chow, one of the student leaders at last year’s protests
The three main local bookshop chains, with a total of 51 outlets, are controlled by the Liaison Office, Beijing’s official representation in Hong Kong, which, she adds, makes sure they only pay a nominal rent for their operations. Read the rest of this entry »
Hong Kong is having another umbrella moment.
First there was the umbrella movement last year when young people took to the streets to defy China’s plan for watered-down democracy. Now there is an umbrella maker that’s stunned the stock market.
“It is a bit crazy. The fundamentals do not justify the current stock price.”
— Hannah Li, strategist at UOB-Kay Hian
Jicheng Umbrella Holdings Ltd.1027.HK +13.29% is an unlikely title holder of Hong Kong’s best performing newly listed stock in 2015. At its initial public offering back in February, it received little interest with bankers pricing it at the low end of an indicated price range. But once it got trading it went through the roof, and at one stage last month it rose nearly 20-fold from its IPO price and is still up 14-fold as of Friday.
“It is a bit crazy,” said Hannah Li, strategist at UOB-Kay Hian. “The fundamentals do not justify the current stock price.”
The rally means the company is worth 9.1 billion Hong Kong dollars ($1.17 billion), and is trading at a price-earnings ratio of 100, far higher than the 11.2 for the average of stocks in the Hang Seng index.
Exactly why investors are so keen on an umbrella maker to give it a sky high valuation is puzzling, while its shareholder structure looks even more bizarre. The Securities and Futures Commission, Hong Kong’s market regulator, issued a warning Thursday to investors that just 17 shareholders hold over 99% of the company’s shares (the major shareholder owns 75% of the company). This means a buyer could easily push the stock up substantially as there’s so few owners of the shares.
Ms. Li said while Jicheng’s business is in good shape, the small number of shares held by public shareholders is a major reason for the rally. Read the rest of this entry »
If you thought your commute to work was bad, spare a thought for these Chinese construction workers.
Upon closer inspection, he was astonished to find dozens of people crammed into the back of the six-seater minibus. Read the rest of this entry »
[VIDEO] ‘Seen By My Eyes’ Time Lapse Documentary by Hong Kong Independent Photographer Francis So 我所看見的美麗香港Posted: May 13, 2015
This time-lapse documentary caapturing scenes around Hong Kong, at Kowloon Peak, Yuen Long, Sai Kung, Tai Mo Shan, Po Toi, has swept four awards at a photography contest in Portugal, including top prize in the mountain view.
The justices, voting 5-4, ruled in two cases the deadlines for filing such lawsuits can be extended if plaintiffs tried their best to comply or simply failed to learn about important information before a deadline.
WASHINGTON (AP) — The Supreme Court on Wednesday made it easier for people to sue the federal government for negligence, in a decision that could affect military veterans with claims of medical malpractice.
“One case stemmed from a fatal traffic accident on Interstate 10 in Phoenix in which a car passed through a safety barrier into oncoming traffic. The plaintiff, Marlene June, represents the child of one of two people killed in the crash.”
The justices, voting 5-4, ruled in two cases the deadlines for filing such lawsuits can be extended if plaintiffs tried their best to comply or simply failed to learn about important information before a deadline.
“June claimed that the Federal Highway Administration made her wait more than two years before she was allowed to depose officials and uncover evidence that the barrier had failed a crash test.”
Justice Elena Kagan wrote the majority opinion that combined the cases and upheld rulings by the 9th U.S. Circuit Court of Appeals that said the deadlines were somewhat flexible under the federal law that deals with lawsuits against the government.
The Obama administration argued that Congress intended the deadlines to be firm and that the government should not leave itself open to old claims indefinitely.
“The other case involved a Hong Kong woman who sued the Immigration and Naturalization Service after she was detained in Oregon, strip-searched and deported.”
But Kagan said Congress did not clearly indicate it wanted those deadlines to be iron-clad when it passed the Federal Tort Claims Act. “The time limits in the FTCA are just time limits, nothing more,” Kagan wrote. Judges have discretion to extend the deadlines, she said. Read the rest of this entry »
Hong Kong’s electoral reform proposal can at times resemble a complicated math problem.
Real Time China‘s Isabella Steger writes: On Wednesday, the government unveiled an updated package for the 2017 chief executive election following a second round of public consultation. The gist of it? The government says their reform package now makes it easier for people to participate in the election. The opposition says in reality, the vote is still one rigged in favor of pro-Beijing candidates.
The government has repeatedly said that Beijing’s Aug. 31 decision that any candidate running in the election must be pre-screened by a nominating committee cannot be amended. The decision, simply referred to as “831” in Hong Kong, sparked last year’s Occupy protests.
“The government says their reform package now makes it easier for people to participate in the election. The opposition says in reality, the vote is still one rigged in favor of pro-Beijing candidates.”
But the government has hinted that tweaks could be possible within the nomination process. And that’s what the Hong Kong public got in the form of concessions on Wednesday.
Under the current electoral system, a nominating committee of 1,200, heavily stacked in favor of pro-Beijing and pro-business interests, nominates candidates for the chief executive position. A candidate requires one-eighth of votes, or support from 150 members of the committee, to be nominated. Read the rest of this entry »