China's Alibaba has delayed its up to 15 billion dollar listing in Hong Kong.
That's according to sources, who told Reuters exclusively that it comes amid growing unrest in the financial hub.
One said while the Chinese tech titan was supposed to list in August, it would, quote: "certainly annoy Beijing by offering Hong Kong such a big gift given what's going on in the city." The financial community has been closely watching for Alibaba's decision, seeing it as an indicator on the business environment in the embattled financial hub.
Tear gas has been streaming through the city's glistening skyscrapers, its international airport was shut down, and more than 700 people have been arrested in nearly three months of often violent pro-democracy demonstrations.
(SOUNDBITE) (English) HONG KONG CHIEF EXECUTIVE CARRIE LAM, SAYING: "...they did not mind destroying Hong Kong's economy." Hong Kong leader Carrie Lam has said the protests will take a toll on the territory's finances.
And its stock market fell to seven-month lows last week.
Alibaba's listing is a big deal for Hong Kong's exchange, which has fallen behind New York in the battle to be king of global listings.
Just last month, AB InBev scrapped a $10 billion IPO for its Asia Pacific unit.
The sources say no new timetable has been set for Alibaba's listing in Hong Kong, though it could come as early as October.
They also said it's not being viewed as a blow by the company.
Alibaba declined to comment on the Reuters report.
A local court in Gurugram summoned founder of Alibaba Group, Jack Ma over a former employee's complaint seeking a compensation of Rs 2 crore from the Chinese company. Lawyer Atul Ahlawat said, "My client Pushpandra Singh Parmar has filed a civil suit against Jack Ma, the Founder of Alibaba Group, for wrongful termination. He was working as an Associate Director with Alibaba's UC Web Mobile Company. He is seeking a compensation of Rs. 2 crore. The allegations which are contained in the civil suit are very serious and the allegations are of such nature if found true, gives greater importance and shows the modus operandi of the Chinese companies in India and while they're trying to push narrative of their country. They are harming public notion. There are more than 13 crore Indian users of UC browser as per claimed by the company and the fake news or misinformed public opinion is being circulated." He further said, "Gurugram District Court has issued summons to the defendants, including Jack Ma, the Founder of Alibaba Group. Summons are returnable for 29th July. Till date, we have not received any response from the defendants."
Former Ambassador to Uzbekistan and Republic Of Korea, Skand Ranjan Tayal accused the Chinese ambassador in Delhi of spreading lies. He said, "The Chinese ambassador in New Delhi is spreading lies in India. He is misusing Indian hospitality and speaking in different forums and spreading lies. Only those privileges given to our ambassador in Beijing should be reciprocated."
US President Donald Trump on Monday said that the US "has already responded" in many ways to the sanctions posed by Beijing on American officials and added that phase-1 deal with China means "very little". Trump told reporters here. He asserted that China should not have allowed the global spread of COVID-19. Trump further went on to say that China is treated "way more differently" than the US. Speaking about the Iran and US deal, the US President said, "Iran would make a deal with the US within a month if he wins the elections in November". However, with regard to a deal with China, he said that Washington "may not want" to have a deal with Beijing.
CNN reports Hong Kong media tycoon Jimmy Lai was arrested early Monday. Lai is known for his support of the city's pro-democracy movement and criticism of China. The arrest comes under the new security law imposed on the city last month by Beijing, which bans "collusion with foreign forces." The Hong Kong Police Force say seven people were arrested, aged 39 to 72. Charges against them include collusion with foreign forces to endanger national security, and conspiracy to commit fraud.
In a controversial move, Jimmy Lai, a media mogul in Hong Kong was arrested reportedly under a new security law. He is the owner of Next Digital Ltd which runs the flagship newspaper, Apple Daily. Police personnel were seen carrying boxes out of Lai's organisation's office. The news organisation has backed pro-democracy protests rocking the city since last year when Beijing tried to enforce a controversial extradition law which critics said was an assault on Hong Kong's autonomy. Large-scale, and sometimes violent, protests have gripped the territory in opposition to an alleged assault on the 'one country, two systems' principle which has ensured that the former British colony enjoys greater personal freedoms than mainland China. Beijing's critics have also slammed the new security law, calling it a tool to crush dissent and protests. It contains punishment for charges like secession, subversion, terrorism and collusion with foreign forces. Lai has reportedly been accused of the last one. Many countries like the United States of America and the United Kingdom have also unequivocally criticised the security law. However, pro-China voices claim that the legislation will help end unrest and bring 'normalcy' back to the city. Watch the full video for more.
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In a pair of interviews on Tuesday, President Donald Trump railed against his competitor. He attacked Biden for being weak on China... but stopped short himself, reports CNN. Trump refuses to condemn China's repression of its Uyghur ethnic minority. He has also avoided commenting on China's crackdown on political freedoms in Hong Kong. "China will own the United States if this election is lost by Donald Trump." Trump, referring to himself in the third person.
Beijing’s top representative office in Hong Kong said on Saturday that sanctions imposed by Washington on senior Hong Kong and Chinese officials were “clowning actions” that would not frighten or intimidate Chinese people. Olivia Chan reports.
Hong Kong leader Carrie Lam on Friday postponed a Sept. 6 election for the city's legislature for a year because of a spike in novel coronavirus cases, dealing a blow to the pro-democracy opposition hoping to make gains in the vote. Soraya Ali reports.
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