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Health

Fosun Pharma falls as Hong Kong suspends BioNTech Covid vaccinations

Vaccination program branding on the clothing of a staff member outside a community vaccination center administering the BioNTech Covid-19 vaccine imported by Fosun Pharma on Wednesday March 17, 2021 in Hong Kong, China.

Chan Long Hei | Bloomberg via Getty Images

Shares in China’s Shanghai Fosun Pharmaceutical Group fell after Hong Kong and Macau announced on Wednesday that they would suspend vaccinations for BioNTech Covid.

Fosun Pharma, BioNTech’s partner in the development and distribution of the Comirnaty Covid-19 vaccine in Greater China, has informed the cities of a packaging error in batch 210102 of the vaccine.

Hong Kong and Macau said they would suspend vaccinations made in Germany as a precaution.

The cities said BioNTech and Fosun Pharma are investigating the cause of the vial cap failure, adding that there is currently no reason to doubt the vaccine’s safety.

Macau says all of its messenger RNA or mRNA vaccines belong to the affected batch. Hong Kong said it would also temporarily suspend vaccinations from batch 210104 until the investigation is completed.

Hong Kong-listed Fosun Pharma shares fell 4.83% in the city on Wednesday afternoon.

Hong Kong approved the BioNTech emergency vaccine in January, while Macau gave the vaccine a special import permit in late February. Both areas received their first shots in late February.

BioNTech’s mRNA-based vaccine has a proven efficacy of 95% in adults, according to data from its global Phase 3 clinical trial. Real-world data has shown that Pfizer-BioNTech’s two-dose Covid vaccine delivers “very strong” results after just one shot.

The news comes as countries around the world struggle to vaccinate their populations amid rising Covid cases in most regions.

More than 124 million infections have been reported worldwide and the death toll from Covid has exceeded 2.7 million, according to Johns Hopkins University.

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World News

Baidu Hong Kong itemizing to boost not less than $Three billion

Robin Li, General Manager of Baidu.

Nelson Ching | Bloomberg | Getty Images

GUANGZHOU, China – Baidu will raise $ 3.6 billion in an upcoming Hong Kong secondary listing if stocks are valued at the high end of their range.

On Thursday, the Nasdaq-listed Chinese technology giant published its prospectus for the Hong Kong listing. Baidu will issue 95,000,000 Class A common shares at a price not exceeding 295 Hong Kong dollars or US $ 38.05.

At that high end, Baidu’s net proceeds from the offering will be Hong Kong $ 27.6 billion, or $ 3.6 billion.

The banks that subscribe to the listing also have the option to purchase up to 14,250,000 additional shares. That would bring the net proceeds from the deal to Hong Kong $ 31.8 billion, or $ 4.1 billion.

The final price for the shares will be determined in part by the price of the US-listed Baidu shares on the last trading day prior to the price of the global offering, which is expected to occur on or about March 17, the company said.

Earlier in the day, CNBC reported that Baidu will raise at least $ 3 billion, citing two people familiar with the matter.

The listing will be completed before the end of the month, they said.

The book-making process could begin as early as Friday with final stock pricing, which will be announced late next week. This was announced by the person on CNBC, who spoke on condition of anonymity as the details of the deal are not yet public.

Baidu declined to comment when contacted by CNBC.

Diversification plans

Baidu could also benefit from a huge 128% surge in its shares over the past 12 months to raise capital.

While Baidu is traditionally known for its search and advertising business, more recently it has looked to diversify.

The company has focused on its autonomous auto business and is creating independent companies. CNBC reported in February that Baidu plans to raise money for an artificial intelligence semiconductor company.

Baidu has also built a standalone electric vehicle business with automaker Geely and is raising money for a biotechnology company.

The company said it will use the proceeds from the Hong Kong listing to invest in technology and commercialize its artificial intelligence products, improve monetization and diversify, and for general corporate purposes.

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Health

Hong Kong residents to be provided vaccines by finish 2021: Well being secretary

The Hong Kong Minister of Health is confident that Covid vaccines will be offered to all residents by the end of 2021.

The city has signed agreements to get more than enough doses for its population, Hong Kong Minister for Food and Health Sophia Chan told CNBC’s Capital Connection on Tuesday.

When asked when Hong Kong could achieve herd immunity, Chan replied that authorities are still assessing the vaccination response and are sticking to the supply-procurement plan. She did not provide a schedule for when the city could achieve herd immunity, a situation where enough people in the population have become immune to a disease that it is effectively no longer spreading.

“We’re pretty confident that by the end of the year … everyone in Hong Kong will have the opportunity to get vaccinated,” she said.

Chan added that more than 22 million doses of Covid vaccines have been ordered.

Hong Kong has a population of around 7.5 million and started its vaccination campaign at the end of February. The company has signed contracts to purchase vaccines from Sinovac Biotech in China, Oxford-AstraZeneca in Europe, and Fosun Pharma from Shanghai and its partner, German drug manufacturer BioNTech.

Customers buy fresh vegetables from a street market store in Hong Kong on March 8, 2021.

Anthony Wallace | AFP | Getty Images

Chan said people seem “pretty excited” about the vaccine, but admitted that they are still phasing it out and that it is not yet available to the general population.

She also said experts are reviewing the causes of adverse events, including at least two deaths after vaccination.

“Our scientific committee initially provided the information that it had nothing to do with the vaccination. That is, they found no direct causation with the vaccination,” she said.

Separately, Chan considered when Hong Kong would relax its coronavirus restrictions, saying the city authorities would be “very careful” on this.

She said the situation remains “a bit unstable” because unlinked cases are still being reported even though new cases are low.

“We really want to contain … and cut the chains of transmission in a community because we don’t want clusters to come out,” she said.

According to the local health authority, Hong Kong reported 21 new cases on Tuesday, bringing the total number of infections to at least 11,121.

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World News

Japan’s preliminary GDP knowledge forward; China, Hong Kong closed

SINGAPORE – Stocks in Japan should rise on Monday as several markets in North Asia closed for the New Year holidays.

Futures indicated a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 29,725 while its Osaka counterpart was at 29,590. This is compared to the Nikkei 225’s last closing price at 29,520.07.

Japan’s preliminary pressure on fourth quarter gross domestic product is expected around 7:50 a.m. HK / SIN.

Australian stocks rose in morning trade, with the S & P / ASX 200 up around 0.8%.

The markets in China, Hong Kong, Taiwan and the USA are closed on Mondays for public holidays.

Currencies

The US dollar index, which tracks the greenback against a basket of its peers, stood at 90.422 after weakening against the 91.2 handle earlier this month.

The Japanese yen was trading at 104.98 per dollar, weaker than below 104.8 against the greenback last week. The Australian dollar was trading at $ 0.7766 after rising below $ 0.772 last week.

Here’s a look at what’s on tap:

  • Japan: Preliminary gross domestic product data for the fourth quarter at 7:50 a.m. HK / SIN
Categories
Health

Hong Kong’s First Covid-19 Lockdown Exposes Deep-Rooted Inequality

HONG KONG – When Shirley Leung, 60, woke up in Hong Kong’s first coronavirus lockdown, she overlooked the tiny room she shares with her adult son, which can accommodate a single bed, cardboard boxes and plastic tubs for storing clothes.

She tried to ignore the smell of the ceiling and walls covered with mold. She rationed the fresh vegetables she had at home, dissatisfied with the canned goods and instant noodles the government had provided when it imposed restrictions on Saturday. She looked at the cramped, interconnected nature of her home.

“If a room is infected, how is it possible that cases do not spread to compartmentalized apartments?” Ms. Leung said in a telephone interview. “How can it be safe?”

Hong Kong has long been one of the most unequal places in the world, a city where sleek luxury shopping malls rub shoulders with overcrowded tenement houses, where the bathroom sometimes doubles as a kitchen. In normal times, this inequality is often masked by the glittering surface of the city. But during the coronavirus pandemic, its cost has become unmistakable.

From January 1 to the end of last week, more than 160 confirmed cases were found in the Jordanian neighborhood, out of about 1,100 across the city. The government responded by locking down 10,000 residents in an area of ​​16 blocks. More than 3,000 workers, many in protective suits, came to the area to conduct mass tests.

Hong Kong executive director Carrie Lam said Tuesday the lockdown had been a success, adding that more may follow. Officials announced one soon after in nearby Yau Ma Tei.

Officials suggested that the dilapidated living conditions of many of Jordan’s residents fueled the spread of the virus. Jordan is a crowded neighborhood known for its bustling night market, aging high-rise apartments, and numerous restaurants. This is where some of the city’s highest concentrations of rental apartments are located, the subdivided apartments that are created when apartments are divided into two or more smaller ones.

More than 200,000 of the city’s poorest residents live in units where the average living space per person is 48 square feet – less than a third the size of a parking lot in New York City. Some rooms are so small and restrictive that they are called cages or coffin houses.

The same conditions that may have led to the outbreak also made the lockdown particularly painful for many residents who worried about missing even a work day or feared being trapped in poorly ventilated breeding grounds of transmission. Officials admitted that they did not know exactly how many people were living in the compartmentalized apartments, which made efforts to test everyone difficult. Discrimination against low-income South Asian residents, many of whom are concentrated in the region, has also created problems.

Some have accused the government of tightening conditions for an outbreak and then imposing persistent measures on a group that can least afford to endure them. Wealthy Hong Kongers have caused outbursts of their own or disregarded socially distant rules with no similar consequences.

“If they did something wrong, it is to be poor, to live in a compartmentalized apartment, or to have a different skin color,” said Andy Yu, an elected officer in the restricted area.

The divided apartments have been a cause for concern since the pandemic began.

Ms. Leung, the retiree, and her son have only one bed to sleep in at night, and their son sleeps during the day after returning from night shifts as a construction worker. A roof beam was cracked, but the landlord had postponed repairs, she said. Shape was also a persistent problem as dirty water dripped from an adjacent unit.

Installation in subdivided apartments is often reconfigured to allow for more bathrooms or kitchens. However, the installation is often incorrect. During the 2002/03 SARS outbreak, more than 300 people were infected in a housing estate and 42 died after the virus spread through broken pipelines.

The government promised reforms after SARS but has recognized that the situation remains dangerous.

“Many of the buildings in the exclusion zone are older and in poor condition,” said Sophia Chan, the secretary for nutrition and health, on Saturday. “The risk of infection in the community is very high.”

The lockdown ultimately lasted only two days until midnight on Sunday the government said it had successfully tested most of the region’s residents. Thirteen people tested positive.

Updated

Jan. 26, 2021, 11:30 p.m. ET

However, experts said the government failed to address the underlying issues.

Wong Hung, deputy director of the Institute of Health Equity at Hong Kong University of China, said the government had not adequately regulated the compartmentalized housing.

“They fear that if they do something, there will be no place where low-income families can find shelter,” said Professor Wong. The real estate market in Hong Kong is consistently rated as the least affordable in the world.

Income inequality in Hong Kong is also closely linked to ethnicity, and the pandemic has exacerbated longstanding discrimination against South Asian residents, who make up around 1 percent of the city’s population. Almost a third of South Asian families with children in Hong Kong are below the poverty line, which, according to government data, is almost twice the proportion of all families in the city.

Many South Asians live in and around Jordan, including in divided dwellings, and as the virus spread, some locals made widespread allegations of unsanitary behavior.

Raymond Ho, a senior health official, was outraged last week when he suggested that Hong Kong’s ethnic minorities boost transmission because “they like to eat, smoke, drink alcohol and chat together”. Ms. Lam, the city’s leader, later said the government had not suggested that the spread of the disease was race related.

Sushil Newa, the owner of a brightly painted Nepalese restaurant in the exclusion zone, showed screenshots on his phone from online commentators comparing his community to animals and suggesting that they be alcoholics.

“We just work hard and pay taxes here. How come we are isolated from Hong Kong?” said Mr. Neva, referring to the discrimination when a clerk shoveled containers of biryani to take away.

Professor Wong said the government also failed to communicate effectively with residents of South Asia, which has led to confusion about the lockdown. The government later said it had sent translators. Other residents said the government provided Muslims with food that was not culturally appropriate, such as pork.

Even so, Mr Neva said he supported the lockdown. Although he lost money, controlling the outbreak is more important, he said.

Other entrepreneurs agreed, but also demanded compensation from the government.

Low Hung-kau, the owner of a corner stall, Shanghai Delicious Foods, said he was forced to ditch ingredients he had prepped for steamed buns – an added blow to the decline in business since the neighborhood outbreak began .

“I’ve lost 60 percent of my business,” he said. “Hardly anyone comes over.”

He spent the day after the lockdown gathering neighboring business owners to ask the government to pay at least some of their losses over the weekend. Government officials have dodged questions about compensation, only hoping employers would not deduct the salaries of workers who missed their jobs.

Activists criticized the government for its relief efforts throughout the pandemic, noting that it did not offer unemployment benefits. In addition, much of the state aid was directed towards employers rather than employees. Some companies have applied for subsidies to keep employees on payroll and then declined that promise.

Despite the risks, some had no choice but to break the lock.

Ho Lai-ha, a 71-year-old street cleaner, said she swept streets and cleared sewers over the weekend just days after they were identified as potential sources of contamination.

“I’m a little scared, but there is no other way,” she said as she dipped a duster into an open grate on Monday. “The area has been closed, but our work continues.”

Categories
Entertainment

Hong Kong Elvis Impersonator Dies at 68

“I cried for a long time,” he told The Times, remembering the first time he saw the film. “Elvis: That’s it.”

Mr. Kwok won two Elvis impersonation competitions in the early 1980s, the South China Morning Post reported, but local Chinese fans often mistook him for an imitator of other famous musicians – such as a Beatle or Michael Jackson.

By 1992, Mr. Kwok had quit his job and branded himself the “Cat King,” the Chinese nickname for Elvis. He also had his sights set on an easier quarry: Western expatriates and tourists.

His guitar was sometimes out of tune, his self-taught English a bit rough. (Presley’s first name was misspelled on his business card.)

Still, he made a living saying Elvis was the factory job. Some night owls got to know him as Melvis – no relationship with Relvis, an impersonator in the USA – or as “Lan Kwai Fong Elvis”, a reference to a nightlife in which he often appeared.

Mr Kwok died at the end of a year when coronavirus infections in live music venues caused the government to shut them down for months and empty the sidewalks of its potential customers. Ms. Ma said he spent much of his pandemic downtime watching Elvis videos and playing guitar in his apartment.

Mr. Kwok is survived by his wife Anna and their son and daughter.

His wife, who was also his manager, told the Times in 2010 that she initially did not support his campaign as Elvis. “But then I was moved by his persistence and dedication to the job,” she said.

It’s hard to find a job that you love, she added. “Now that he’s found it, I’m happy to support him.”

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Business

Hong Kong Web site Doxxing Police Will get Blocked, Elevating Censorship Fears

With an Internet provider, China Mobile Hong Kong, the separation – a kind of drop action – indicates a direct involvement of the telecommunications company. “A drop action is a specially configured element of a DNS firewall environment,” April said. “This is not something that the owner could have intentionally or accidentally configured.”

China Mobile Hong Kong, a branch of China Mobile, the state-owned Chinese company, declined to comment. Two other companies tested by The Times, SmarTone and Hutchison Telecommunications, which are controlled by local conglomerates, did not respond to requests for comment sent via email.

Users from PCCW, another local operator, told The Times that their access to the site was also blocked. A spokesman declined to comment.

While site blocking may at first glance be similar to mainland China censorship, the methods are very different from China’s sophisticated system.

At China Mobile, SmarTone and Hutchison, the process of associating a website address with the series of numbers a computer uses to look up has been interrupted. The practice would be like listing an incorrect number under someone’s name in a phone book. If you know the correct number for that person, you can still call them.

On the Chinese mainland, on the other hand, the hardware of the Great Firewall – as Beijing’s system of filters and blocks is known – actively separates connections. In the phonebook comparison, the call would not be forwarded even if you had the correct phone number.

The blockades in Hong Kong are “very easy to bypass and clumsy,” said Professor Tsui. Still, he said, authorities may not want to control the internet as tightly as Beijing for fear of deterring the global banks and international corporations that have made the city their Asian headquarters.

Categories
Business

Hong Kong Web site Doxxing Police Will get Blocked, Elevating Censorship Fears

With an Internet provider, China Mobile Hong Kong, the separation – a kind of drop action – indicates a direct involvement of the telecommunications company. “A drop action is a specially configured element of a DNS firewall environment,” April said. “This is not something that the owner could have intentionally or accidentally configured.”

China Mobile Hong Kong, a branch of China Mobile, the state-owned Chinese company, declined to comment. Two other companies tested by the Times, SmarTone and Hutchison Telecommunications, which are controlled by local conglomerates, did not respond to requests for comment sent via email.

Users from PCCW, another local operator, told The Times that their access to the site was also blocked. A spokesman declined to comment.

While site blocking may at first glance be similar to mainland China censorship, the methods are very different from China’s sophisticated system.

At China Mobile, SmarTone and Hutchison, the process of associating a website address with the series of numbers a computer uses to look up has been interrupted. The practice would be like listing an incorrect number under someone’s name in a phone book. If you know the correct number for that person, you can still call them.

On the Chinese mainland, on the other hand, the hardware of the Great Firewall – as Beijing’s system of filters and blocks is known – actively separates connections. In the phonebook comparison, the call would not be forwarded even if you had the correct phone number.

The blockades in Hong Kong are “very easy to bypass and clumsy,” said Professor Tsui. Still, he said, authorities may not want to control the internet as tightly as Beijing for fear of deterring the global banks and international corporations that have made the city their Asian headquarters.

Categories
World News

China Exerts a Heavier Hand in Hong Kong With Mass Arrests

Legislators are given “the right to reject government-introduced budgets,” said Civil Dem Rights Front, a pro-democracy group. “In the primaries, candidates only exercised their right to debate their political stance, and voters were free to choose those who were in their favor.”

But Mr Tong, the cabinet member, said these rights could not violate national security. “At first sight,” he said, “it is the legislature’s right to veto the legislation,” but when you think about it more it is not. “

Deliberately vetoing proposals without actually considering them would constitute a violation of the legislature’s obligations, he added.

Officials have indicated that their work is far from finished. A senior police chief told reporters Wednesday that officials may make further arrests in connection with the primaries. The Liaison Office of the Central People’s Government, Beijing’s official arm in Hong Kong, called for vigorous enforcement of the law.

“Only when the Hong Kong National Security Law is fully and accurately implemented and firmly and strictly enforced can national security, social stability and public peace in Hong Kong be effectively guaranteed,” the bureau said in a statement.

Perhaps the clearest sign of Beijing’s desire to exercise its power was who the authorities arrested.

As of Wednesday, those arrested under the national security law were mostly prominent activists or people who openly demonstrated against the government, such as a man who collided with police officers on a motorcycle at a rally, or students whom police said the police had called professional -Independence slogans.