Business Brief (Sept. 18): TikTok U.S. Ban Delayed Again
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HOT TOPICS
Fed cuts rates 25 bps
The Federal Reserve cut rates by 25 basis points to 4%-4.25% and signaled two more cuts this year. Chair Jerome Powell said the move does not mark the start of a long easing cycle.
Hong Kong unveils new investor immigration measures
Chief Executive John Lee announced new financial and tech policies, including lowering the property investment threshold for the New Capital Investment Entrant Scheme to HK$30 million ($3.8 million) from HK$50 million.
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- The Fed cut rates by 25 bps to 4%-4.25%, signaling two more cuts in 2024; gold hit a record above $3,700/oz.
- Hong Kong lowered its property investment immigration threshold to HK$30 million; Hang Seng Tech Index rose 3.9%.
- China’s youth jobless rate (ages 16–24, excl. students) hit a record 18.9%; WTO highlighted AI’s potential to boost global trade.
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Who’s Who
- Baidu
- Baidu saw a significant surge, increasing by as much as 19%. This rise contributed to the overall boost in Hong Kong stocks, particularly the Hang Seng Tech Index, which reached a four-year high. Its performance, alongside other major tech companies like Alibaba and JD.com, indicates a strong AI rally within the market.
- Alibaba
- Alibaba saw its shares advance on Wednesday, contributing to the Hang Seng Tech Index's 3.9% rise to a four-year high. This movement was part of a broader "AI rally" boosting Hong Kong stocks.
- SMIC
- SMIC (Semiconductor Manufacturing International Corporation) is mentioned as having advanced, alongside other major tech companies like Alibaba and JD.com, contributing to the Hang Seng Tech Index's 3.9% rise to a four-year high. This movement is attributed to an "AI rally" boosting Hong Kong stocks.
- JD.com
- JD.com saw advancements, though specific details of its performance are not provided. This surge occurred on a Wednesday when the Hang Seng Tech Index rose significantly, indicating a broader positive trend for tech companies.
- CATL
- CATL, or 宁德时代, recently saw its market value exceed 1.7 trillion yuan ($234 billion), surpassing the Bank of China. This achievement followed a record intraday high of 381.9 yuan per share.
- Bank of China
- Bank of China was surpassed in market value by CATL. CATL's valuation reached over 1.7 trillion yuan ($234 billion), exceeding that of Bank of China, after CATL's shares hit a record high.
- Tencent Cloud
- Tencent Cloud has launched its Agent Development Platform 3.0 globally. This information is part of a news summary under the "Domestic" section, highlighting developments within China.
- DeepSeek
- DeepSeek, led by CEO Liang Wenfeng, had its DeepSeek-R1 paper featured on the cover of Nature. The article highlights that this model was developed with a training cost of less than $300,000.
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