Shenzhen-based China Merchants Fund Management Co. Ltd, a financial arm under China Merchants Bank Co. Ltd, has agreed to subscribe RMB420 million (US$67 million) convertible bonds of Hong Kong-listed solar power plant investor and operator United Photovoltaics Group Limited, according to a company announcement. Meanwhile, United Photovoltaics has also entered into joint agreements with Shenzhen […]

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Chinese banks' reported at the end of last year that their non-performing loan (NPL) ratio jumped to 1.29%, but that number may grossly underestimated the real bad loans among Chinese lenders, and make some investors overlook the dangers of a potential financial crisis in China, says a research report by BofA Merrill Lynch Global Research. […]

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Beijing-based mobile game media platform MoFang has completed RMB100 million (US$16 million) series A financing led by Shenzhen Capital Group, according to a company announcement. Existing investor Matrix Partners also participated in this round of financing. Founded in February 2013, MoFang received RMB10 million angel investment from Matrix Partners last June. "The future strategic plan […]

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Financial Secretary John C Tsang officiated at a cocktail reception today to celebrate International Customs Day.

The Customs & Excise Department celebrates the day annually since it entered the World Customs Organisation in 1987.

The theme this year is coordinated border management.

"Coordinated border management is a multilateral approach to lowering business costs, removing trade barriers and stimulating balanced growth. It is also central to international efforts in eradicating illegal activities, enhancing customs efficiency and nurturing a culture of compliance with the law, and customs-business partnership,” Mr Tsang said.

He also elaborated on how coordinated border management contributes to strengthening Hong Kong's role as an international trading and logistics hub.

Mr Tsang also presented the organisation’s Certificate of Merit to 19 officers of Hong Kong Customs and a representative of Hongkong Post in recognition of their significant contribution towards realising the concept of coordinated border management.

Special amnesty is not applicable in cases stemming from the Occupy movement, Secretary for Justice Rimsky Yuen said.

A legislator suggested special amnesty for those occupants who had not been involved in, or who had had little involvement in critical circumstances during the movement, to avoid unnecessary disputes in society.

Mr Yuen responded that the Justice Department has considered the related legal issue arising from special amnesty, but concluded it does not apply.

He stressed that the department will prosecute each case based on law, evidence and public interest.

Asked whether the recently concluded Independent Commission Against Corruption investigation into former Chief Executive Donald Tsang had taken too long, Mr Yuen said he did not comment on individual cases. He did emphasise similar cases take a long time to complete, and it is not desirable to finish in haste.