Stories from Hong Kong · Hong Kong

Hong Kong exchanges and clearing reported that local boards floated 40 new listings, raising over $110 billion. This figure represents six times the funds raised during the same period last year and marks the exchange's best performance since 2021. Average daily trading turnover reached $276.7 billion during the quarter, which is the second highest on record. The company also noted revenue reached approximately $5.2 billion. The financial results indicate the entity maintained its position as a top global exchange. Cambricon Technologies reported record-high Q1 performance, with quarterly profits exceeding 1 billion yuan. Single-quarter profit exceeded 1 billion yuan. Additionally, prominent retail investor Zhang Jianping has exited the top ten shareholders list. Quarterly profits have been confirmed to exceed 1 billion yuan.

An 11-year-old chess player has entered a prestigious club world championship for rapid and blitz formats. The news has prompted discussions regarding age limits in various sports such as figure skating and swimming. The tournament is scheduled to take place from June 17 to June 21 in Hong Kong. Shakdzhiev is currently competing against adult grandmasters at an unsanctioned tournament in Baku. Roman Shakdzhiev, an 11-year-old, will compete in the Parapido and Britz Club World Championship in Hong Kong from June 17 to June 21. The tournament features a matchup between 19-year-old Gukesh Domaraju from India and 20-year-old Javahir Sendarov from Uzbekistan. Other participants include 15-time world champion Viswanathan Anand and world champion Humpy Koneru. The event is expected to feature high-level competition for the chess crown.

The Hong Kong government will implement a subsidy of 3 HKD per liter for tea oil starting Thursday. Lawmakers are currently approving infrastructure development for the Northern Metropolis to support an innovation and technology ecosystem. The initiative aims to diversify Hong Kong's economic structure and create job opportunities for future generations. Hong Kong Exchanges and Clearing reported a 27 percent year-on-year increase in first quarter profit to approximately $5.2 billion. Revenue and other income for the period rose 20 percent to $8.2 billion. The company released these financial results while noting its maintained market position. Hong Kong exchanges and clearing reported that average daily trading turnover reached $276.7 billion during the quarter. This figure represents the second highest on record for the exchange.

MTR Chairman Keung Kit-fai stated that the upcoming Gu Dong station will be the company's 100th station upon completion next year. MTR Chairman Raymond Tang stated the company is advancing a new round of large-scale railway construction.

The Wang Thai house and Wang Zhong house were identified as the two buildings with the most fatalities in the recent fire.

Authorities are expanding support for families most affected by the fire at Wang Fuk Kot. The recovery operation has reached its 10th day, allowing residents from seven damaged blocks to return and collect belongings.

The Shanghai Composite Index closed at 4107.2, an increase of 21 points.

OPEC+ daily production targets are expected to reach 4.5 million barrels, while current May quotas are approximately 3.4 million barrels. No specific volume or percentage increase was provided in the report. The announcement was made in a report regarding West Asian energy markets. The production of next-generation AI chips is currently moving directly into manufacturing stages. Designers must address potential weaknesses in the design during the production process itself. One commentator compared the current state of development to assembling a parachute while falling from a plane. Failure to address these specific design challenges could halt the production of these critical chips. Snooker player Liang Jinkun appears to be finding his form, despite a difficult previous match against England where he won 3-2.

The Audit Commission reported that the Hong Kong government failed to deliver 3,000 proposed hostel units, with only approximately 1,300 units completed as of December last year. The subsidy will provide 3 HKD per liter for two months starting Thursday morning. Hong Kong Secretary for Environment and Ecology Tse Wai-chun announced the government has signed an agreement with oil companies and distributors to implement a diesel subsidy. Chief Executive John Lee accepted a recommendation from the Interdepartmental Task Force on monitoring fuel supply to implement a 50 cent per litre subsidy on liquefied petroleum gas. The subsidy applies to taxis, public buses, and private light buses for school transport. The program is expected to cost approximately 38 million dollars. Specific dates for the implementation will be announced at a later time. Implementation dates are to be announced later.

A two-phase beautification project is planned for the Lan Kwai Fong area to improve cleanliness and aesthetics. Local representatives expressed support for the beautification efforts, noting they aim to increase foot traffic and leisure activities in the district.