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Fosun Health Group, a subsidiary of Fosun Pharmaceutical, said it plans to build its first overseas hospitals in Indonesia amid a push by Chinese healthcare companies to expand abroad. The announcement underscores Indonesia's appeal – home to the world's fourth-largest population of 287 million – as Beijing encourages its healthcare sector to “go global”. Fosun planned to establish “several hospitals” in Indonesia, CEO Frank Hu Hang told delegates at the South China Morning Post's China......

Shares of Hong Kong-listed Shanghai XNG Holdings opened 12 per cent lower on Wednesday, extending Tuesday's plunge of more than 28 per cent, after the company confirmed it had suspended operations at 10 Shanghai Min restaurants in mainland China. Its shares opened at HK$0.02 on Wednesday. The restaurants serve formal Shanghai cuisine. In a statement filed with the Hong Kong stock exchange on Tuesday night, the group said the closures were part of a strategic realignment. The company's struggles......

China's state-backed investors are stepping up funding for artificial intelligence-driven drug developers as Beijing pushes for technological self-reliance, with at least one company already advancing an AI-designed therapy into late-stage clinical trials. Hangzhou-based METiS TechBio, founded in 2020, raised 400 million yuan in Series D financing in August last year, led by the Beijing Medical and Health Industry Investment Fund and the Daxing Industrial Investment Fund – both government-linked......

WuXi Biologics expects a sharp rise in full-year earnings for 2025, forecasting a 46.3 per cent increase in profit as it secures more projects across the drug development value chain, from discovery through to manufacturing. In a positive profit alert filed with the Hong Kong stock exchange on Wednesday, the company said profit attributable to equity shareholders would reach about 4.91 billion yuan (US$710 million), while revenue is set to climb 16.7 per cent to 21.79 billion yuan. Shares rose......

Shares of Country Garden inched higher on Wednesday after the Chinese property developer disclosed that the Shanghai Stock Exchange had issued a “circulated criticism” over its failure to disclose overdue debts in a timely manner. Country Garden shares opened at HK$0.285, up about 1.8 per cent from Tuesday's close of HK$0.280. In a filing to the Hong Kong Stock Exchange on Tuesday night, Country Garden said it and three executive directors – chairwoman Yang Huiyan, co-chairman Mo Bin and chief......

Semiconductor Manufacturing International Corp (SMIC), China's largest contract chipmaker, said it expected first quarter revenue to remain flat as a decline in low-end orders partly offset surging demand for memory chips for use in artificial intelligence applications. SMIC reported on Tuesday that 2025 revenue increased 16.2 per cent from a year earlier to US$9.3 billion, while net profit surged 39 per cent to US$685.1 million. The growth was mainly due to increases in wafer shipment and......

Hong Kong stocks rose on Wednesday, supported by holiday-related flows ahead of the Lunar New Year break, with investors adjusting positions as the market heads into a shortened trading schedule next week. The Hang Seng Index rose 0.2 per cent to 27,246.18 at the open, adding to the 0.6 per cent gain recorded on Tuesday. The Hang Seng Tech Index climbed 0.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index were little changed. Wuxi Biologics jumped 3.6 per cent to......

Chinese healthcare companies are looking to expand overseas to serve Chinese communities in regions such as the Middle East and Southeast Asia, where many mainland companies are setting up operations across sectors. “A wide range of Chinese companies are expanding overseas,” setting up local operations and bringing Chinese employees with them, said Philip Wang, CEO of Distinct Healthcare Holdings, in an interview on Monday. “Chinese expatriate workers are often not familiar with the local......

As Consensus 2026 officially kicks off in Hong Kong this week, digital asset firms are rolling out product updates to coincide with one of the industry's most significant events. Digital asset custodian Hex Trust launched Aura on Wednesday, a wealth management platform for private investors that integrates trading, investment and estate planning. “Aura marks a new evolution for Hex Trust,” said the firm's CEO and co-founder Alessio Quaglini in a press release. He noted that while Hex Trust had......

In an intensifying giveaway war among artificial intelligence apps in China, TikTok parent ByteDance's Doubao chatbot has joined the fray to offer robots and drones, following multibillion-yuan campaigns from Alibaba Group Holding and Tencent Holdings to hand out cash and bubble tea. ByteDance said on Tuesday that it planned to give more than 100,000 tech products as gifts, as well as red packets of up to 8,888 yuan (US$1,284), through lucky draws on the Doubao app on the eve of Lunar New......

The biggest threat to middle powers in the artificial intelligence era is “digital colonisation” from expensive and proprietary AI stacks, an Indonesian telecoms executive has said, adding that China's open-source sales pitch offers better protection for local sovereignty. The emphasis on localisation and digital sovereignty comes as major Chinese AI cloud providers look to compete with US rivals in fast-growing Southeast Asian markets such as Indonesia. “The world is moving out of proprietary......

TikTok parent ByteDance has unveiled its latest generative artificial intelligence image model that it says undercuts the popular Nano Banana image editor from Alphabet's Google, a fresh development that comes as China and the US intensify their AI competition. ByteDance's new image model faced immediate competition from Alibaba Cloud, which also released its latest image-generation model, Qwen-Image-2.0, on Tuesday. Chinese short-video giant ByteDance said its Seedream 5.0 image model ships......

Hong Kong-listed mainland developer China Overseas Land & Investment won a bid for a 3,132-square-metre (33,712 sq ft) residential plot in Kowloon East, beating some of the city's largest developers with a higher-than-expected tender. The state-backed developer beat eight rivals to secure a 50-year grant for the parcel in Ngau Tau Kok with its bid of HK$1.8 billion (US$230 million), according to a statement from the Lands Department on Tuesday. The site is expected to yield 470 flats. The plot......

Taiwan's move to defend its “silicon shield” is the latest sign of the island's tech dominance being used as a bargaining chip in trade negotiations, as it faces increased geopolitical pressure to shift semiconductor manufacturing capacity overseas, according to analysts. It would be “impossible” to move 40 per cent of the island's semiconductor capacity to the US, Taiwan officials have told the US, according to Taiwan vice-premier Cheng Li-chiun in an interview with local broadcaster Chinese......

China's commercial real estate stress will force some Hong Kong banks with significant exposure to the sector to set aside additional reserves for potentially higher non-performing loans, which could weigh on their second-half 2025 earnings, according to Citi. In a report on Tuesday, Citi Research said Bank of China (Hong Kong) (BOCHK), the Hong Kong subsidiary of state-owned Bank of China, and Bank of East Asia (BEA) had the highest exposure to China's commercial real estate, which is under......

The Shanghai Integrated Circuit Industry Investment Fund, backed by the municipal government, has expanded one of its three funds more than 11-fold to pump more capital into the financial hub's chip firms as part of China's broader pursuit of tech self-reliance. The third phase of the fund, also known as Shanghai IC Fund III, recently increased its registered capital by 5.5 billion yuan (US$794 million) to 6 billion yuan, according to business registry database Aiqicha. It added two new equity......

China's roughly 50 electric-vehicle (EV) makers, previously rebuked by the government for excessive price wars, are once again turning to discounting as reduced stimulus measures sap demand. January saw average price cuts of 14.8 per cent for new-energy vehicles, exceeding the 10.5 per cent average for the whole of 2025, according to the China Passenger Car Association. There was a 15 per cent reduction for internal combustion engine models. The revival of cutthroat price competition, or......

More than a month after China's central bank upgraded the digital yuan from a cash equivalent to “digital deposit money” – allowing it to accrue interest like a bank deposit – many residents and merchants in Beijing have yet to notice a major difference. While signs accepting digital yuan – also known as e-CNY – have long been commonplace in department stores and supermarkets, multiple sales staff said the dedicated point-of-sale machines had sat idle for months, if not years. At most wet......

Hong Kong housed nearly 3,400 single-family offices by the end of last year, a 25 per cent rise in two years, as the affluent refocused on the city amid US-centred trade tensions and the rise of China's tech sector, according to a report by Deloitte on Tuesday. The global auditing firm made the estimates after surveying 136 market participants across Hong Kong's family office sector, including 85 single-family offices, whose wealth originated across all major regions, and 36 multi-family offices......

Chinese onshore investors raised their investments in Hong Kong-listed drug makers through the cross-border trading link over the past week, as a wave of out-licensing deals between Chinese pharmaceutical firms and global partners rolls on. The Hang Seng Southbound Connect Hong Kong Innovative Drug Index, which tracks around 40 of the largest Hong Kong-listed Chinese drug manufacturers, biotech researchers and AI-driven drug developers by market capitalisation, rose about 9 per cent between......