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Hong Kong investment scams top $60 million in a week, with one victim losing $45 million

Hong Kong police have recorded more than 30 cases of online investment scams with losses exceeding HK$60 million over the past week, including one victim who was defrauded of HK$45 million after being lured into a bogus environmental investment platform. 

Huanggang Port sees daily crossings double, surpassing 86,000 on weekdays

The newly developed Huanggang Port has seen an average of over 86,000 people crossing the border daily on weekdays, more than a twofold increase compared with that of the Lok Ma Chau Control Point in the past, Secretary for Security Chris Tang Ping-keung said.

Ex-husband's DNA found on hammer handle, court hears in Abby Choi trial

The DNA found on the hammer handle in Abby Choi Tin-fung's murder trial matches her former husband, Alex Kwong Kong-chi, but the hammer head yielded too little a sample for analysis, the High Court heard Wednesday. 

SKYTOPIA’s major facilities set to open by 2028 with sea-air sightseeing planned

The Airport Authority Hong Kong is developing its airport city SKYTOPIA into a new tourism landmark offering leisure, entertainment, arts, and sea-air joint sightseeing, with most amenities, including a minibus connection to Tung Chung, scheduled to debut by 2028.

LegCo subcommittee approves $2.03 billion for new Wo Hop Shek crematorium

The Legislative Council’s Public Works Subcommittee has approved a HK$2.033 billion funding application to build a new crematorium at Wo Hop Shek Cemetery, despite lawmakers’ concerns about operating costs and traffic arrangements.

Business Today

MPF members lose $8,677 each in October: GUM says

The Mandatory Provident Fund fell overall in October, with an average loss of HK$8,677 per member, while the year-to-date average gain per member stood at HK$11,610, according to the MPF rating agency GUM.

China's AI capabilities currently very close to that of the US: Qiming Venture Partners

At the “Investing in the AI Economy” forum at the 5th Global Financial Leaders' Investment Summit on Wednesday, Duane Kuang, founding managing partner of Qiming Venture Partners, asserted that China's AI model capabilities are now very close to those of the US, and the current valuation gap between large artificial intelligent model companies in China and the US reflects the business, revenue, and profitability of Chinese AI companies rather than the differentiation between the open-source models themselves. 

Oracle abandons US$7 billion Tencent AI deal under Trump pressure, FT reports

Oracle has canceled a multibillion-dollar chip leasing contract with Tencent (0700) after bowing to pressure from the Trump administration, the Financial Times reported on Wednesday.

Chinese banks have applied for 200 billion yuan loan quota to fund share purchases

Chinese banks applied for more than 200 billion yuan in loan quotas this week to fund share purchases by listed companies, the central bank said on Wednesday, as Beijing steps up support for a struggling stock market.

In One Above sells two units via tender for $68 million

In One Above in Ho Man Tin, co-developed by Chinachem and MTR Corporation (0066), sold two three-bedroom units via tender on Wednesday.

World/China

Democrats seize Congress in sweeping midterm repudiation of Trump

Democrats seized control of both the Senate and House on Tuesday, scoring sweeping victories in Republican strongholds for the first time in generations as tens of millions of voters delivered a scathing rebuke to President Donald Trump.

China's solar push reshapes traditional ways of life on Tibet's high plateau

Life has become unexpectedly easier and more lucrative for some shepherds on the world's highest plateau, after China began carpeting the area with solar panels in a drive to diversify its energy mix.

Singapore to amend haze law to widen investigation powers

Singapore will introduce amendments to its transboundary haze legislation to empower the government in its investigations into business practices that cause air pollution, Environment Minister Grace Fu said on Wednesday.

Seoul court upholds ex-president Yoon's election conviction

A South Korean appeals court on Wednesday upheld former president Yoon Suk Yeol's 18-month suspended sentence for spreading disinformation on the campaign trail, a ruling that could force the opposition to repay nearly $30 million.

Six measures could save 1.6 million lives a year: WHO

Implementing a few climate and health measures could save nearly 1.6 million lives a year and generate trillions of dollars for the economy, the World Health Organization said on Wednesday.

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