Stories from Hong Kong · Hong Kong

The Dow Jones Industrial Average reached 49,163.4 points. The S&P 500 index was reported at 7,133.40 points. Hong Kong's Hang Seng Index saw its decline expand, hitting a half-month low with a drop of nearly 320 points. In Hong Kong, the Hang Seng Index fell nearly 1 percent to close at 25,679 points, marking a half-month low. The Hang Seng Tech Index dropped approximately 2.3 percent to 4,827 points. CATL shares fell nearly 7 percent to close, following a 7.7 percent reduction in share capital to raise 39.1 billion. Meanwhile, Murata Manufacturing shares rose nearly 14 percent following earnings results.

Land Park reported a net profit of 536 million HKD and revenue of 1.69 billion HKD. Land Park has fully repaid all loans to shareholders before the end of the 2025 fiscal year, achieving zero debt for the first time. The park recorded 7.5 million total annual admissions. Guest spending increased by 2% to a record high. Overall hotel occupancy rose by 6 percentage points to 79%. The resort reported 7.5 million annual visitors and a 2% increase in per-capita spending. The milestone follows a rapid resumption of outbound travel from Hong Kong. Sipcoe noted the financial health reflects resilience against macroeconomic uncertainty and extreme weather conditions. Taxi Paradise announced its fiscal year 2025 results, reporting revenue of nearly 8.7 billion Hong Kong dollars.

A conditional proposal requires at least 75% of homeowners in Wangchi House to sign a letter of acceptance by the end of June. The flats involved were not damaged by the recent fire. Mr. Wang stated the government is not attempting to force homeowners to accept the offer. Deputy Financial Secretary Wong Wai-lun stated that owners show high consensus regarding the government's long-term housing plan. Among those contacted, 77% initially expressed interest in participating in the plan to sell their property rights to the government. Approximately 77% of homeowners in the Wang Qi House residential block have expressed initial support for selling their homes to the government. Residents are seeking a fair buyout as part of an administration plan to potentially expand existing buyout programs at the estate.

Hong Kong Chief Executive John Lee stated the government prioritizes labor rights and will implement protections for digital platform workers. The Hong Kong government plans to legislate and improve social security mechanisms for digital platform workers, including food delivery and courier services. The move aims to provide protections for workers in new employment models. Authorities also plan to continue optimizing existing labor laws and codes. The announcement follows remarks from the Hong Kong Federation of Trade Unions regarding the importance of workers to the economy. The announcement was made by Ni Ka-chiu during a celebration for International Workers' Day at the Hong Kong Federation of Trade Unions. The Hong Kong government is amending employment ordinances to strengthen retirement protections for part-time and unstable workers.

The Competition Commission in Hong Kong is reviewing commitments made by food delivery platform Kita under Section 60 of the Competition Ordinance. Kita has agreed to modify agreements with partner restaurants in two stages. The proposed commitments include amending terms to ensure that restaurants, new platforms, or small platforms do not lose exclusivity when cooperating with Kita. Kita will transition from exclusive partnerships to allowing restaurants to work with multiple platforms and will remove commercial incentives like lower commission rates for exclusive service areas. The commission is reviewing changes to Kita's business model, which would allow restaurants to partner with other online delivery platforms while maintaining commercial incentives like lower commission rates.

Deputy Chief Secretary Warner Chirke stated that residents of Wang Qi House will be permitted to return to their homes to collect belongings in mid-May. The government stated that those returning spent approximately two and a half hours on site. Deputy Secretary for Financial Services Wong Chi-kok stated that 77 percent of owners in Wang Chi Kok have expressed preliminary interest in participating in the government's long-term housing scheme. Residents of Wong Tai Sin district are being permitted to return to their apartments to collect belongings. Following the initial phase, seven floors will be opened on the first day, with subsequent access for the remaining seven buildings to be arranged in batches starting from lower floors.

Approximately 75% of Wang Qi House owners in Hong Kong have signed letters accepting the buyout offer price. The decision remains with the residents based on their individual circumstances. A preliminary survey shows high consensus among Wang Qi property owners regarding a long-term residential arrangement. A preliminary survey shows 77% of owners contacted in the Wang Qi area expressed interest in participating in the government's proposed long-term residential scheme. Wong Wai-lun stated that property owners have shown high initial consensus regarding joining the long-term residential arrangement. A specialized team has contacted 99% of Wang Qi property owners, with 77% preliminarily expressing interest in the government's long-term residential scheme. The long-term plan will not cover all owners in the area, according to Wong Wai-lun.

A production process in China has achieved 100 percent biodiesel production using exclusively waste-based materials. The process converts waste into energy without mixing in traditional diesel, which previously required a 30 to 50 percent blend to reduce carbon emissions. The source noted that this 100 percent pure production capability has been established since 2021. This development aims to maximize carbon emission reductions compared to previous blending methods. Chinese producers have developed a biodiesel made from 100 percent waste products. The fuel is created by processing waste into energy without mixing it with other substances. Unlike previous versions that mixed 30 to 50 percent biodiesel with existing diesel to reduce emissions, this new process uses 100 percent waste materials without mixing other substances.

The Agriculture, Fisheries and Conservation Department is collaborating with the World Wide Fund for Nature Hong Kong to protect coral reefs. The routes identify areas with dense coral and shallow water where entry and exit from boats are most likely to cause damage. The initiative aims to protect marine ecosystems during snorkeling and diving activities. Snorkel leaders will receive maps, and participants will be provided with mini waterproof map cards containing snorkeling rules. The routes were designed using coral distribution data collected in collaboration with the World Reef Foundation since late last year. The Fisheries Department will conduct hourly drone patrols and deploy staff to outlying islands as needed. Officials stated that data collected since May 1 will be used for future planning. Officials stated that staff deployment will be adjusted based on tourist movement.

Hong Kong Taxi Company announced its financial results for the 2025 fiscal year. Both the prosecution and the defense have filed appeals in the matter. An appeal court overturned a prior acquittal on stock manipulation charges, handing down a four-year sentence. Hong Kong's overall exports to Asia rose nearly 40 percent year-on-year in March. A government spokesperson stated that global demand for AI-related electronic products will provide strong support for Hong Kong's commodity export performance. This growth rate exceeded the 25% increase recorded in February. The firm also noted that several new housing projects experienced rapid sellouts or oversubscription due to rising demand from buyers and investors. The residential property market is expected to maintain an upward trend.