CX Daily: How the Collapse of China’s Housekeeping Platforms Hurt Workers

Hong Kong shouldn’t take a back seat to Singapore as a global financial center, its financial chief says

Housekeeping /

In Depth: How the collapse of China’s housekeeping platforms hurt workers

The recent collapse of several Chinese housekeeping service platforms left hundreds of thousands of workers unpaid, mostly women from poor rural areas, as the owners absconded with investors’ and clients’ money.

The businesses were hobbled since 2020 by Covid-19 outbreaks in many cities. But the industry’s struggles also reflect strategic mistakes, such as wild expansion in the start-up stage and lack of effective management systems.

Financial centers /

Hong Kong shouldn’t take a back seat to Singapore, financial chief says

Hong Kong’s financial chief defended Hong Kong’s “clear” competitive advantages in financial services, equity markets and green finance and said the city shouldn’t take a back seat to Singapore as a global financial center.

In a Chinese-language blog post Sunday, Hong Kong Financial Secretary Paul Chan Mo-po expressed confidence in the city’s status as a top financial center even as Singapore surpassed Hong Kong in a recent global ranking.

Shanghai /

Facing water shortage, Shanghai scrambles to stop saltwater flowing into reservoirs

Shanghai has taken emergency measures to secure its water supply as saltwater contamination forced two major reservoirs to temporarily stop supplying water to the coastal city’s 25 million residents.

Qingcaosha and Chenhang reservoirs at the mouth of the Yangtze River have experienced repeated saltwater inflows since the first half of September, causing them to take measures to prevent further intake to ensure water quality, according to Shanghai water authorities. At present, no water for either residents or companies may be drawn from the reservoirs, which are major potable water sources.

FINANCE & ECONOMY

Lam Kwok-fung, CEO of Two Sigma Asia Pacific Ltd.　

Investors /

Focus on China’s long-term trends,not short-term risks, hedge fund veteran says

An investment veteran suggested that investors look at long-term trends when investing in China as some tend to focus too much on short-term risks.

“A short-term adjustment is normal for a market that has been growing for three decades,” Kenny Lam Kwok-fung, CEO of Hong Kong-based quantitative hedge fund Two Sigma Asia Pacific Ltd., said in a recent interview with Caixin.

The company is controlled by U.S. quantitative fund Two Sigma Management LLC, which has more than $60 billion of assets under management.

Quick hits /

U.S. warns Hong Kong on sanctions after Russian megayacht turns up

Malaysia stocks, currency decline after PM dissolves parliament

China Carbon Watch: Trading volume hits record low for second month in a row

BUSINESS & TECH

Boss Zhipin makes money mostly by charging fees for recruitment services to small and medium-sized firms. Photo: VCG

Listing /

Chinese online recruiter sets Hong Kong dual listing in motion

Kanzhun Ltd., the operator of a Chinese online recruitment platform that fell a under national security probe alongside Didi Global Inc. last year, filed for a dual primary listing in Hong Kong.

The Nasdaq-traded compay joined a rush of U.S.-traded Chinese businesses that are floating shares in Hong Kong to hedge against the risk of delisting amid a China-U.S. regulatory standoff.

Tourism /

Eased foreign-funded travel agency rules don't signal pandemic policy change, sources say

China tweaked its tourism rules to allow foreign-funded travel agencies in the cities of Tianjin, Shanghai, Chongqing and the province of Hainan to provide outbound tourism services, though sources said the change should not be read as a sign the country will soften its pandemic controls.

A decision published Saturday by the State Council, China’s cabinet, temporarily removes restrictions that prevented travel agencies funded by foreign capital from providing outbound services to Chinese mainland tourists in those cities. Travel to Taiwan remains excluded.

Quick hits /

China SCE and Shimao units miss $225 million in trust payments

Chinese battery maker CALB makes lukewarm debut in Hong Kong

Long Read /

Does studying Nobel laureates really help China win?

GALLERY

Covid reaches entire Chinese mainland