Standard Chartered Renminbi Globalisation Index (RGI), a measure of the Chinese currency's advancement of internationalization, went up by 1.2% to 2,048 points in November over a month earlier, mainly driven by increasing levels of cross-border RMB payment, according to an emailed company announcement. RMB payments accounted for 22% of all traded goods in November, of […]

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Fosun Industrial Holdings Ltd., a wholly owned subsidiary of Fosun International, has subscribed convertible bonds valued at US$15 million issued by Hong Kong-listed solar power plant investor and operator United Photovoltaics Group Limited, according to a company announcement. The announcement came after an investment fund under Ping An Insurance (Group) Company of China said last […]

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China’s National Development and Reform Commission (NDRC) announced this morning that China will accelerate investment in seven key strategic sectors. Media reported that the overall investment plan will exceed RMB10 trillion, and RMB7 trillion projects will kick off this year. The seven sectors include oil and gas, healthcare, environmental protection, clean energy, food, transportation, information […]

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Hangzhou, Zhejiang province-based Chinese taxi and private car hailing app maker Kuaidi Dache has completed US$800 million series D financing, according to unverified Chinese media reports. Representatives of Kuaidi Dache did not respond to inquiries to confirm the news. Alibaba Group Holdings, New York-based investment firm Tiger Global Management LLC, and two unnamed investment funds […]

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The Chinese market in 2015 is likely to be choppy, as President Xi Jinping's "New Normal" means lower growth, combined with high and rising leverage, this could prove lethal to the financial system, says a research report by BofA Merrill Lynch Global Research. Even without factoring in a credit crunch, the bank forecasts Hang Seng […]

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Thirteen people were arrested and drugs worth $806 million seized following a three-year investigation by Mainland, Hong Kong and Indonesian law enforcement agencies.

Indonesia's National Narcotics Board seized 862kg of 'ice' during the exercise in Jakarta on January 5. With an estimated street value of around HK$806 million, it is Indonesia's second-largest drug seizure.

Nine men, aged 21 to 48, including four Hong Kong residents, four Indonesians and one Malaysian, were arrested. One of the Hong Kong suspects is believed to be the drug syndicate's leader.

During the joint investigation, Hong Kong officers arrested four local residents, including two men and two women aged 27 to 52 for money laundering in connection with the syndicate.

Searches of their residences and safe deposit boxes led to the seizure of $1.63 million in cash and $5.23 million worth of valuables. In addition, $11 million in suspicious bank accounts was also frozen.

Police have seized a new HSBC $1,000 counterfeit note purporting to be of its 2003 series, and appeal to people not to re-use dubious bills.

At a press briefing today, Police Chief Inspector Cheng Ka-wai explained how to differentiate between fake and genuine banknotes. He said this recent fake is the same type of counterfeit banknote as previous fake banknotes found in 2013, but with two defining features.

The new one’s issue date printed on the banknote has been changed from 2008 to 2009 in both Arabic numbers and Chinese characters. Under ultraviolet light, the new counterfeit banknote has a fluorescent barcode that is similar to the genuine one which has a bright, clear pale yellow colour under the ultraviolet light.

Anyone who receives suspicious banknotes should hand them in to Police or ask for the bank’s assistance, he said. Otherwise, they may commit the crime of passing counterfeit banknotes.

Immigration and Police officers arrested 43 Mainland workers in the New Territories for breaching their conditions of stay yesterday.

The 13 men and 30 women aged 17 to 69 were arrested in Sheung Shui.

They are believed to have been involved in parallel goods trading of milk powder, wine, food, daily necessities, clothes, vehicle parts, mobile phones and electronic products.