Martial law fiasco casts doubt over South Korea's nuclear power push
INVESTORS in the Hong Kong initial public offering (IPO) of Chinese cosmetics firm Mao Geping Cosmetics received an early Christmas present on Dec 10 when the company made its trading debut – the shares rose as much as 92 per cent before closing the day 77 per cent higher. It was the best first-day performance in four years and a further sign that the three-year slump in IPOs on the Hong Kong stock market is finally over. As at Dec 8, 63 companies, mostly from the Chinese mainland, had listed on the Hong Kong Stock Exchange (HKEX) this year, according to a recent report from international accounting firm KPMG. They raised a combined HK$83 billion (S14.5 billion), 80 per cent more than in 2023, and pushing the exchange back up to fourth place in the global ranking for IPO fundraising. Of the total, HK$69 billion came in the second half of the year, driven by several sizeable deals, including the four largest IPOs in the past two years, the report said. It’s a welcome turnaround from 2023, when the city’s IPO market plunged to its worst showing in 20 years and only HK$46.3 billion was raised in total from 73 listings amid poor market sentiment. “It’s fair to say that market activity and sentiment have improved significantly compared with six months ago,” said Xu Wenjia, head of Greater China equity capital markets at law firm Linklaters LLP. According to forecasts by KPMG and its peer EY, IPOs in Hong Kong are set to recover further in 2025, with total fundraising projected to reach HK$100 billion to HK$120 billion, pushing the bourse back to its position among the top three global exchanges in terms of IPO fundraising. The turning point for what looked set to be another disappointing year came in September with the blockbuster IPO of home-appliance manufacturer Midea Group. The company, which listed in Shenzhen in 2013, raised HK$35.7 billion in the largest listing in Hong Kong in three years and the second-largest globally in 2024. Although the company is in a traditional consumer-focused industry rather than a hot emerging technology sector, demand massively outstripped the shares on offer in the IPO and as at Tuesday (Dec 24), the stock had climbed more than 40 per cent from its offer price of HK$54.80. Three more major IPOs took place in October and November, each raising more than HK$5 billion – China Resources Beverage, autonomous-driving tech firm Horizon Robotics, and delivery group SF Holding. This compares with 2023 when only one company, liquor-maker ZJLD Group, raised more than HK$5 billion. The rebound in the IPO market follows the implementation of a series of favourable policies issued by the HKEX, efforts by mainland regulators to bolster Hong Kong’s position as an international financial centre and support Chinese companies’ international expansion, and an improvement in market sentiment fuelled by a slew of stimulus measures unleashed in late September and early October by the Chinese government. This year saw the first three companies list under Chapter 18C of the exchange’s listing rules, a new IPO pathway introduced in March 2023 for money-losing specialist technology firms in fields such as next-generation information technology, advanced materials, new energy and new agricultural technology. Several other companies have submitted listing applications. Hong Kong’s special purpose acquisition company listing mechanism, introduced on Jan 1, 2022, also completed its first merger transaction in October this year. New regulations on overseas listings for mainland companies, implemented from Mar 31, 2023, were intended to make it easier for them to list in Hong Kong by standardising procedures, clarifying regulatory requirements, shifting to a filing-based regime from an approval-based regime, making the process more transparent. In April this year, the China Securities Regulatory Commission (CSRC) introduced five measures to enhance collaboration with Hong Kong’s capital markets, including boosting support for companies such as Midea and SF Holding to do their Hong Kong IPOs. The commission was reported to have held meetings in October with more than 10 international banks and law firms, urging them to help speed up the offshore listings of mainland companies which had already gained CSRC consent to create some “successful cases” of high-profile deals to bolster sentiment in the market. “Midea’s listing in Hong Kong gave everyone a very positive impression,” said Xu from Linklaters. “The company is in a traditional industry, has an overseas setup, and priced its Hong Kong IPO at a moderate discount to its A-shares, which generated a lot of interest.” Its success should encourage more firms, especially those with a record not only of stable and sustainable profitability but also of financial disclosure discipline honed by years of oversight from mainland regulators, Xu said. Midea’s listing has paved the way for a string of other IPOs from mainland companies. SF Holding listed in November, and in December, auto-driving systems maker Ningbo Joyson Electronic, pharmaceutical company Jiangsu Hengrui Pharmaceuticals, and condiment manufacturer Foshan Haitian Flavouring and Food, all announced plans to issue shares in Hong Kong. Sources have told Caixin that leading battery manufacturer Contemporary Amperex Technology and leading energy-drink company Eastroc Beverage are among others planning Hong Kong IPOs. Mining companies are also eyeing Hong Kong as a venue to raise money after years of silence, according to Frank Bi, head of corporate transactions practice in Asia at lawyers Ashurst. They are being seen from a new perspective – as upstream suppliers for new materials, new energy, and hard technology companies, he said. “Moreover, post-pandemic, as China’s Belt and Road Initiative progresses, mining companies are needed for infrastructure development, which will drive greater financing demand.” The slowdown in IPO activity on the mainland market has also prompted many companies originally intending to list on the Shanghai, Shenzhen or Beijing stock exchanges to switch to Hong Kong. Beijing 51World Digital Twin Technology, a specialty technology company, became the fifth company to file under Chapter 18C with the HKEX after unsuccessful attempts to list on the high-tech Star Market in Shanghai and the Beijing Stock Exchange for innovative small and medium-sized companies. Stricter oversight of applicants for mainland listings has reduced the number of companies in the queue from over 1,000 to about 300, according to Louis Lau, a partner of the capital markets advisory group at KPMG China. Many of these firms may switch to Hong Kong and become a significant source of IPOs for the city in future, he said. Companies currently in Hong Kong’s IPO pipeline include Jingdong Industrials, a supply-chain technology and service provider spun off from e-commerce giant JD.com, and transport and logistics firm Lalatech Holdings. The central government’s encouragement of mainland companies to list in Hong Kong has opened up a new financing platform for their global expansion, according to Kelvin Leung, managing director at Huatai Financial Holdings (Hong Kong). Midea, for example, plans to use 20 per cent of the proceeds of its IPO for global technology research and development and 35 per cent for boosting its global distribution channels and sales networks over the next five years. SF Holding’s chairman, Wang Wei, has said his company’s Hong Kong listing will be a platform to expand into international markets, while Mao Geping said 15 per cent of the funds it raised will be used for overseas expansion and acquisitions. Hong Kong is making even more changes to help mainland companies list on its bourse. In October, the Hong Kong Securities and Futures Commission and the exchange jointly announced plans to streamline the local listing approval process, including setting up a fast-track path for companies which are already trading on the mainland stock market that could cut the number of rounds of regulatory feedback to one and shorten the IPO evaluation process to just 30 working days. Edward Au, managing partner of the Deloitte China Southern Region, said that the collaboration between the two regulators to improve the approval process should help avoid repetitive inquiries to issuers and improve the overall pace of listings. CAIXIN GLOBALBOSTON--(BUSINESS WIRE)--Nov 22, 2024-- In recognition of its local collaboration, commitment to modernizing the electric system and support of clean energy goals, Eversource and its local partner BXP have been selected to receive a 2024 Cambridge Chamber of Commerce Annual Visionary Award for their partnership on the innovative Greater Cambridge Energy Program (GCEP), which includes the development of a first-of-its-kind underground electrical substation. The Visionary Awards & Gala took place on November 21 at 5:30 p.m. at the Hyatt Regency Hotel. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241122421270/en/ Eversource and BXP accept the Cambridge Chamber of Commerce Annual Visionary Award. (Photo: Business Wire) Among other innovative technologies, GCEP will include the nation’s largest underground substation—a 35,000-square-foot facility 120 feet beneath a public green space at BXP’s Life Sciences Center in Kendall Square. It will also feature eight underground transmission lines spanning 8.3 miles across Cambridge, Somerville, and Boston, plus 48 distribution lines and significant upgrades to local substations or clean energy hubs to enhance power reliability, resilience, and support for a growing electric demand driven by the electrification of transportation and heating. “Our dedicated employees work every day to ensure a reliable, more sustainable energy future, and we are truly honored to receive this award from the Cambridge Chamber of Commerce,” said Bill Quinlan, Eversource President of Transmission and Offshore Wind Projects. “This recognition emphasizes the critical role of collaboration and compromise in delivering innovative solutions that meet the unique needs of the communities we serve. We’re pleased to have had the opportunity to collaborate with BXP, the City of Cambridge, the Cambridge Redevelopment Authority, as well as the City of Somerville and Allston/Brighton on this important project. By investing in advanced technologies and infrastructure, we aim to meet the evolving energy needs of our customers in an environmentally responsible way, creating a cleaner, more resilient, and efficient grid for the future.” The Visionary Awards recognize innovators from the business, institutional, and non-profit communities who are truly effecting change in Cambridge and beyond. This special evening is an opportunity for the Cambridge business community to celebrate these change agents and their extraordinary impact on improving the lives of others. Additional information about the project is available on the company’s Greater Cambridge Energy Program’s web page. More information on the energy company’s year-round work to strengthen and modernize the electric system for customers can be found on the reliability page of Eversource's website . Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is among the top energy companies in Newsweek ’s list of America’s Most Responsible Companies for 2024 and recognized as a Five-Year Champion , appearing in every edition of the list. Eversource transmits and delivers electricity and natural gas and supplies water to 1.8 million customers throughout Massachusetts, including approximately 1.47 million electric customers in 140 communities, 639,000 gas customers in 117 communities, and 11,500 water customers in five communities. Eversource harnesses the commitment of approximately 10,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com , and follow us on X , Facebook , Instagram , and LinkedIn . For more information on our water services, visit aquarionwater.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241122421270/en/ CONTACT: Kyle Costa 774-464-8185 kyle.costa@eversource.com KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: GREEN TECHNOLOGY ENERGY ENVIRONMENT SUSTAINABILITY UTILITIES SOURCE: Eversource Copyright Business Wire 2024. PUB: 11/22/2024 01:34 PM/DISC: 11/22/2024 01:34 PM http://www.businesswire.com/news/home/20241122421270/enSeahawks are optimistic again and set to battle Cardinals for the NFC West lead
Two Sasquatch hunters were found dead after they went missing while searching for the mythical beast on Christmas Eve . The men, aged 37 and 59, were found after a 60-strong volunteer search and rescue team joined authorities in the Gifford Pinchot National Forest in Washington State . They had intended to be home for Christmas Day, but a family member reported them missing to Skamania County authorities after they didn’t return by the morning. Police said the harsh weather conditions and their ill-preparedness for the forest contributed to the men’s deaths. Seven law enforcement agencies and the Coast Guard used canines, drones, ground teams and helicopters to locate them. “Their exhaustive search efforts resulted in bringing family members home to their loved ones,” the sheriff’s office said of the search teams. The force extended their “deepest sympathies and condolences to the families” involved. Kieran Culkin once got Mark Ruffalo high while on the job after switching out a prop joint with the real thing. In a profile with The Guardian published Saturday, Culkin recalled the prank his 17-year-old self concocted while starring alongside Ruffalo in an off-Broadway play in 2000, and explained that he “just watched” as Ruffalo took a draw of the “fake” joint before passing it to his co-stars on stage. “I’m like, ‘I thought this was a good prank. I’m stupid. Oh my God, I’m so sorry.’ But actually, they loved it,” Culkin remembered. “Mark says, ‘I haven’t smoked pot in 10 years; the second half’s going to be so much fun.’ There was this other actor who had never smoked pot in her life. She goes, ‘Is this what being high is? This is lovely.’ And then Phyllis Newman comes in and goes, ‘I haven’t smoked pot since the 1960s. Thank you, darling.’” The Succession star proceeded to express that he was “17 and stupid” and added, “I’m 42 now. I know better. I’m not going to try to get anyone high on stage.” Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. Boxing Week sales are still in full swing, folks! As an avid J.Crew fan , I can honestly say that the brand’s discount-laden factory store (the brand’s online outlet) is a great way to get high-quality wardrobe staples without the big price tag. J.Crew Factory always offers discounts up to 40 percent off J.Crew, but for a limited time, you can unlock even more savings from already discounted items. Right now, J.Crew Factory is offering 70 percent off clearance items with the code SALE70 at checkout. Now’s the time to invest in evergreen staples like jeans and office-friendly blazers while they’re half off, or grab a few outwear essentials to round out your cold-weather lineup. The sale also includes tons of denim for just $50, pure cotton crewneck T-shirts for $20, and even new arrivals like NYE frocks and cashmere items. And the sale is not just for women; the gents’ and kids’ sections are equally full of additional savings. Loved ones of Hudson Meek, the teen actor who died in a car accident last week, gathered to celebrate his life on Saturday. The “celebration of life” service, held at a Baptist church in Homewood, Alabama, was livestreamed on the Baby Driver star’s Instagram. Several of the loved ones shared their favorite memories of the 16-year-old, and a choir sang in tribute. Fans expressed their appreciation for the service and their condolences in the comment section. “Wonderful celebration of Hudson’s life,” wrote user @melindaeubankswest, while @jeanniecmom added, “Praying for Hudson’s family at this difficult time. Fellow teen actor Grace Culwell shared in the comments that she was in attendance, writing: ”Such a beautiful service & so glad we were able to be there. Sending so much love & prayers to you all.” Meek died on Dec. 21 in from injuries sustained during a fall from a moving car on Dec. 19 in his hometown, Vestavia Hills, Alabama. Meek was known best for appearing in the 2017 crime movie Baby Driver alongside Ansel Elgort, Jon Hamm and Jamie Foxx. A post shared by Hudson Meek (@hudsonmeek) Andy Cohen’s biggest gripe with CNN star and New Year’s Eve partner-in-crime Anderson Cooper? Cooper’s annual giggle fit. Cohen explained to People why the anchor’s unceasing laughter adds extra chaos throughout their annual special. “Well, [it’s] that I have to be the straight guy,” Cohen said. “Literally, he’s in a puddle of giggles for the last 90 minutes of the broadcast, and I’m the one that’s hitting all the commercial breaks.” Cohen said he turns “into Mr. CNN for the last 90 minutes” while Cooper becomes “Mr. Bravo.” “It’s a very funny role reversal,” the Bravo star said. The longtime friends have hosted the CNN event together since 2017 after former co-host Kathy Griffin was booted in the wake of backlash for posing with a mask depicting the severed head of Donald Trump. Cohen and Cooper have found themselves in various antics since then— some alcoholic , some not —leading to Cooper’s own frustrations with the Bravo host. Cooper joked on Cohen’s Watch What Happens Live earlier this month that he constantly worries about “who [Cohen’s] gonna insult and what the clean up on aisle 3 is gonna be in the morning.” Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. If you’re looking to revamp your at-home fitness lineup ahead of 2025 and don’t have hours to commit to exercising each day, allow us to introduce you to the CAROL Bike . The science-backed and AI-powered fitness bike is engineered to give you maximum results in the shortest time possible—and by the shortest time, we mean as little as five minutes. In fact, according to the brand, the CAROL bike is “proven to deliver double the health and fitness benefits in 90 percent less time compared to regular cardio.” Free Returns | Free Shipping Not only is it a huge time-saver, but the CAROL Bike is also designed to be personalized to the rider’s individual fitness levels, goals, and preferences, making the workouts easy to follow, time-efficient, and super effective. CAROL’s AI and Reduced Exertion HIIT (REHIT) technology optimizes the workout to your ability and fitness level, so every second matters. The personalized, optimal resistance levels are automatically adjusted as you work out—at exactly the right time—making the most efficient workouts easy to follow. “ CAROL Bike is designed to maximize training efficiency, with the shortest, most effective workouts, backed by science. And new rider-inspired features that give riders more flexibility to exercise their way,” says Ulrich Dempfle, CEO & Co-Founder at CAROL. You can try the CAROL Bike for yourself risk-free for 100 days, and the brand offers free shipping (7-10 business days) in the U.S. Billionaire businessman Charles Dolan, who founded HBO and Cablevision and whose family owns Madison Square Garden and a number of New York City sports teams, died on Saturday—he was 98. Dolan created Cablevision Systems Corporation in 1973, merging several small Long Island cable TV systems, according to the New York Times . At the time, the company served just 1,500 customers. But when he sold it for $17.7 billion in 2015, it supplied cable TV to over three million households in the New York metropolitan area, the Times reported. He also launched HBO in the early ’70s—it was at the time a pioneering cable TV channel that offered feature-length movies with no commercials. After his death, Dolan’s family will continue to be a powerful and influential force in the worlds of media and sports. His son Patrick is the owner of Newsday , the Long Island-based newspaper he and Charles bought in 2016. The family also owns MSG in New York City and the professional sports teams that play there, the NHL’s Rangers and the NBA’s Knicks. All three entities are led by Dolan’s son James. Tina Knowles sprang to her daughter Beyoncé’s defense after online trolls criticized her NFL halftime show performance on Christmas Day. Knowles clapped back at critics by reposting a message about her famous daughter on her Instagram on Friday. In the screenshot, user @iamkrisiman praised Beyoncé and wrote that “no matter how undeniably talented you are, people will always, ALWAYS, always have some negative ish to say.” Knowles cosigned the post in a lengthy caption. “It is mind-boggling to me that you would take your precious Christmas day and watch a performance of someone you hate and you don’t think has talent so that you can go talk ish about it later,” she wrote. “Obviously you are so obsessed with them, addicted to them, and secretly admire them,” she added. According to the New York Post, Knowles’ post came after some social media users called Beyoncé “overrated.” Fans and celebrities in the comments of Knowles’ response seemed to love her mama bear energy. “Period!!! Ms. T,” singer LeToya Luckett wrote. “All. Of. This!!!!!!” Oscar winner Octavia Spencer added. A post shared by Tina Knowles (@mstinaknowles) Elon Musk appeared to borrow a line from the 2008 film Tropic Thunder in an ongoing social media fight about H1B visas. Musk hit back against MAGA’s top players in a series of X posts, alleging that H1B visas are the reason why he, “and hundreds of other companies that made America strong,” are in the country. To a skeptical X user, Musk blasted: “Take a big step back and F--- YOURSELF in the face. I will go to war on this issue the likes of which you cannot possibly comprehend.” Although some were shocked by Musk’s sudden escalation—with former Trump strategist Steve Bannon calling him a “toddler”—others noticed that the disparaging remark was similar to a line in Tropic Thunder . Character Les Grossman, played by Tom Cruise, says in the film: “First, take a big step back, and literally, F--- YOUR OWN FACE ... I don’t know what kind of pan-pacific bulls--t power play you’re trying to pull here, but Asia, Jack, is my territory. So whatever you’re thinking, you’d better think again.” In response to Musk’s comment, the X user tweeted, “Bro was just memeing. I wouldn’t take it too seriously.” Nothing beats the classics pic.twitter.com/MRSdXifhH5 Charles Shyer, the writer-director best known for directing the 1991 Steve Martin comedy Father of the Bride has died at 83. According to Deadline, Shyer died Friday and no cause of death was given by his family in a statement. “His loss leaves an unfillable hole in our lives, but his legacy lives on through his children and the five decades of wonderful work he’s left behind. We honor the extraordinary life he led and know there will never be another quite like him,” his family told the outlet. In addition to directing, Shyer gained notoriety for his screenwriting and nabbed an Oscar nomination in 1981 for co-writing the Goldie Hawn-led military comedy Private Benjamin alongside Harvey Miller, and fellow writer-director Nancy Meyers. Meyers and Shyer married in 1980 before calling it quits in 1999. They share two daughters. Other notable films co-written by Shyer include Jumpin’ Jack Flash , The Parent Trap , and Baby Boom , which he also directed. His most recent credit behind the camera was co-writing and directing the 2023 Netflix Holiday film Best. Christmas. Ever. Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. 2025 is quickly approaching, and there’s no better way to celebrate the new year than with 2024’s cocktail du jour—the espresso martini. It’s the perfect way to toast 2025 with sophistication, flavor, and an energy boost. Think you can’t make the buzzy beverage at home because you’re not a bartender? Think again. You can create this beloved cocktail effortlessly with just a cocktail shaker, fresh espresso, vodka, coffee beans, and Mr Black Cold Brew Coffee Liqueur . It all starts in the land Down Under—Australia. Mr Black sources its ingredients, including 100 percent specialty-grade Arabica coffee, from local farmers and cooperatives. The liqueur is then slowly brewed with purified cold water to preserve its delicate, complex flavors. The result? A bittersweet masterpiece with bold flavor, balanced sweetness, and a lasting coffee kick. Its rich, coffee-forward taste is a crowd-pleaser, and the sleek bottle design adds a touch of elegance to any bar cart. Making an espresso martini is simple. Combine Mr Black , vodka, and freshly brewed espresso in a shaker. Add ice and shake vigorously until cold. Then, strain the mixture into a martini glass and finish with three coffee beans as a garnish. Skip the champagne toast this year and ensure you stay awake for the countdown to 2025 with a Mr Black espresso martini. A Norwegian chess champion left mid-tournament after refusing to change his outfit for judges. Magnus Carlsen, a five-time World Chess Champion, was competing in New York’s FIDE World Rapid and Blitz Chess Championships on Friday when he was asked to change. According to The Telegraph , Carlsen was first fined $200 for breaking the wardrobe rule before being told he would have to leave if he didn’t change. “I said, ‘I’ll change tomorrow if that’s OK.’ I didn’t even realize it today, but they said, ‘Well you have to change now.’ At that point it became a bit of a matter of principle for me,” Carlsen told chess outlet Take Take Take in an interview. “Honestly, I am too old at this point to care too much. If this is what they want to do,” he added. As for why he wore the jeans in the first place, Carlsen said he had little time to change before the tournament as he was coming from a meeting. The grandmaster made light of the debacle on X where he tweeted a photo of the now notorious jeans. “OOTD,” he captioned the snap. OOTD pic.twitter.com/9reOP6zuJv Gossip Girl star Chanel Maya Banks , who made headlines last month after denying her family’s claims that she had gone missing, has filed a restraining order against her mother and cousin. The 36-year-old submitted the request in Los Angeles on Thursday, alleging her mom, Lutchmin Judy Kumar, and cousin, Danielle Singh have harassed her, TMZ reported. The actor also claimed that her mother and cousin were working to destroy her credibility. In October, Banks’ family reported her missing. She denied the claims in a post days later. Banks wrote in the restraining order filing that Kumar and Singh broke into her apartment in November while she was gone and attacked her husband. She also alleged that an Apple AirTag was put on her car to track her. After the attack, she alleged that her mother and cousin accused her husband of murder and said that Banks should be in a psychiatric hold. Sources told TMZ that they’re happy she is safe and are “moving on with their lives.”Squid Game season 2 probes the true nature of man — and gets closer than you’d think
Muqam slams PTI leaders for fleeing protests, abandoning workers; terms PTI’s “final call” as missed call