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Hong Kong High Court to hear Evergrande liquidators’ lawsuit against PwC on Monday

PwC faces fresh legal battle after SFC ordered HK$1 billion payout to Evergrande minority shareholders and AFRC imposed HK$300 million fine The one-day hearing was scheduled before Deputy Judge Patrick Fung Pak-tung of the High Court and would be open to the public, the court information showed. It concerns efforts by Evergrande’s liquidators to seek claims from PwC International over the developer’s auditing issues. It marks the latest development in the Evergrande saga. Last month, Hong Kong’s Securities and Futures Commission (SFC) reached an agreement with PwC Hong Kong to pay HK$1 billion (US$128 million) in compensation to minority shareholders of the developer, citing serious breaches of auditors’ professional duties. Separately, the Accounting and Financial Reporting Council (AFRC) fined PwC HK$300 million and imposed a six-month practice restriction, while two former partners were fined HK$10 million in total over the Evergrande audits, the regulator said in April. The AFRC found “numerous serious audit deficiencies” in PwC’s work on Evergrande’s 2019 and 2020 accounts. Alongside the fine, the accounting watchdog barred PwC from accepting new listed-company audit clients for six months.

May 17, 2026

Business

Every window a solar panel: Australia-China joint venture to set up in Hong Kong

With help from InvestHK, ClearVue and mainland partner choose city as base for effort to make power-producing glass for building facades ClearVue Technologies, an Australian solar technology company, will set up a joint venture with a Chinese partner in Hong Kong to produce power-generating glass for building facades, a concept seen as timely given rising energy prices amid geopolitical tensions. The Australian Securities Exchange-listed firm aims to take advantage of the manufacturing prowess of mainland China to provide “affordable” glass for commercial buildings via the joint venture with vacuum-glass maker LandVac, said Doug Hunt, managing director and CEO of ClearVue, in an interview. The venture will use a patented technology that integrates solar panels into the glass, which could cut a building’s energy use by about 70 per cent according to tests, Hunt said. “If we can cut energy use in buildings and even more generally, we will be more independent from [oil price volatility],” he added. The conflict in the Middle East had changed “the whole mindset” related to energy use, Leung said.

May 17, 2026

Business

Hong Kong’s iconic Bank of China Tower opens in 1990 – SCMP archive

Opening 36 years ago today, the landmark skyscraper was Hong Kong’s tallest at the time Leaders of politics, finance and commerce from Hongkong and China converged on No 1 Garden Road last night to celebrate the official opening of the territory’s tallest building, the Bank of China Tower. The acrimony and terse exchanges of recent weeks were seemingly forgotten as smiles and handshakes abounded. Even the Chief Secretary, Sir David Ford, managed a smile as he was pushed aside by New China News Agency director Mr Zhou Nan and his party with a crowd of photographers in tow. The mood of conciliation was summed up by China’s senior representative on the Joint Liaison Group, Mr Guo Fengmin, who said: “There have been a few problems of late, but I am confident they will be resolved in the near future and the Chinese and British sides will continue to work closely together in the run up to 1997.” In his opening address, the president of the Bank of China, Mr Wang Deyan, made a special point of thanking the Hongkong Government for its support in the construction of the bank’s Hongkong headquarters.

May 17, 2026

Business

Reality deficit: how South Korea lost the plot on AI

The young woman in the stands simply sighed, turned her head and sat there, looking impossibly composed, while 15 million strangers fell briefly in love with someone who had never existed. She was, according to the caption accompanying one of many posts, “the average Korean woman”. Her admirers quickly crowned her a “baseball goddess”, analysing her every feature with the forensic enthusiasm reserved for internet obsessions, as the five-second clip went viral across South Korea’s online...

May 17, 2026

Business

Swatch-Audemars Piguet watch launch ignites global chaos, tear gas fired in Paris

From New York to Milan, buyers push and shove each other to get their hands on the ‘Royal Pop’ timepieces The launch of limited edition Swatch watches descended into chaos on Saturday in several European cities and New York, with French police firing tear gas to restore order at one store near Paris. Hundreds of people waited through the night – and in some cases for several days – hoping to get their hands on the “Royal Pop” timepieces, made in collaboration with luxury watchmaker Audemars Piguet. In France, lines of hundreds of people formed through the night in several cities and a police source said officers fired tear gas to control a 300-strong crowd outside a Swatch shop in the Paris region. A metal shutter and two security gates were damaged in the incident and police said the stores had underestimated the need for security. Things also turned ugly in Milan, where a fight broke out in front of a Swatch store at opening time on Saturday, according to footage broadcast by local media. In the Netherlands, police had to intervene at a plaza near The Hague after hundreds of people flocked to the store.

May 17, 2026

Business

Indonesia pushes back after Chinese business group complains tougher rules hurt investors

A letter from the China Chamber of Commerce in Indonesia cited six major issues, including lower nickel ore quotas and project suspensions Several ministers in Jakarta have pushed back, saying Indonesia must prioritise sovereignty over its natural resources, while stressing the government remains open to dialogue and has postponed some planned increases in mining taxes and royalties. The China Chamber of Commerce in Indonesia (CCCI) raised its concerns in a letter to Prabowo listing six main issues it said were hampering foreign investment: sharp tax and levy increases, planned mandatory foreign exchange retention requirements, reduced nickel ore quotas, excessive forestry law enforcement, suspension of major projects and increased scrutiny of work visas. Established in 2005, the chamber has over 260 members from diverse sectors, including energy, minerals, transport, finance, insurance, electronic information, machinery, chemical, contracting and trade, according to its website. “Law enforcement standards in taxation, environmental protection, forestry and other areas are opaque and grant excessive discretionary power,” said the undated and unsigned letter in English, which was seen by This Week in Asia.

May 17, 2026

Business

What do China’s plans for ‘comprehensive’ new AI law mean for future of technology?

The State Council has outlined its plans to ‘accelerate comprehensive legislation for the sound development’ of the technology China has confirmed for the first time that it is drawing up a “comprehensive law” on artificial intelligence. Industry insiders said the move showed China had accumulated enough practical experience and was speeding up its governance as a result. A legislative work plan for the year issued last week by the State Council, China’s cabinet, outlined plans to “improve AI governance and accelerate comprehensive legislation for the sound development of AI”. It said the government would move faster to refine legislation concerning the protection and regulation of data, computing power, algorithms, property rights, cybersecurity and supply chains. It was the first time Chinese authorities had used such detailed language to describe planned legislation on AI. Last year’s work plan simply said the authorities would “promote the legislative work for AI development”. At the same time, the National People’s Congress, China’s national legislature, listed AI legislation as an item to be reviewed for the third year in a row.

May 17, 2026

Business

Fresh concepts lift Hong Kong retail property as tourists and consumers return

Hong Kong’s retail property market is gradually building momentum as spending and confidence of consumers and tourists return, according to analysts. Unlike the city’s past peak rental levels, however, this time the tenant mix was more diversified, with retailers offering unique experiences and products that enhanced their appeal to shoppers, they said. “We see structural shifts towards more experience-driven and diversified tenant mixes, rather than a full return to past peak rental levels,”...

May 17, 2026

Business

In a world of chaos, China signals that stability is possible

Surveys of US public opinion and German investor sentiment point to the wisdom of China’s strategic composure Three polls firmly caught my attention over the past month or so. Each was conducted by a different outlet and addressed different questions. However, taken together, they tell one overarching story – implicitly, but unmistakably. Beyond an assortment of data, the story is about direction. What stayed with me wasn’t just the numbers. It was the mood around them: a sense that economic anxiety in the United States is no longer cyclical, but settling into something more persistent, almost structural. It’s still a minority view in the US. But it suggests something subtle: when domestic pressure rises, perceptions of other countries can begin to recalibrate.

May 17, 2026

Business

Hong Kong’s MPF authority flags fraudulent certificates in early pension payouts

Medical groups alert police over suspected fake certificates using doctors’ details to support early pension withdrawals on health grounds Hong Kong’s Mandatory Provident Fund Schemes Authority (MPFA) is stepping up efforts to detect fraudulent certificates used for early withdrawal of pension contributions after two medical groups reported suspected cases to police in recent weeks. Responding to an inquiry from the South China Morning Post, an authority spokesman said its online platform had recently identified suspected fraud involving possibly fake medical certificates submitted to withdraw Mandatory Provident Fund (MPF) contributions. “The MPFA is deeply concerned about the use of forged medical certificates to illegally withdraw MPF early and is engaging with medical professional bodies to help further deter fraudulent fabrication,” he said. Under the law, employees can withdraw their pension before the age of 65 under certain circumstances, including early retirement, permanent departure from Hong Kong, total incapacity for work and terminal illness with a life expectancy of less than a year.

May 17, 2026

Business

Woman, 76, became China’s oldest mum giving birth to twins at 60 after enduring family tragedies

Self-described ‘brave’ woman live-streams to earn, gives health and cooking tips, hopes to live until she is 100 A 76-year-old woman once dubbed China’s oldest mother of twins has returned to the spotlight after a photographic series chronicling her life recently won an international award. Sheng Hailin, from Anhui province in central China, has also become a social media influencer with nearly one million followers, offering solace and inspiration to bereaved parents rebuilding their lives after loss. Her only daughter, Tingting, and her newlywed husband died of carbon monoxide poisoning in 2009, according to China Youth Daily. Grief-stricken and desperate to escape loneliness, Sheng underwent IVF treatment the following year at the age of 60. She suffered severe swelling and heavy bleeding before giving birth to twin daughters, Zhizhi and Huihui, in 2010, becoming China’s oldest woman to give birth at the time. The twins gave Sheng and her husband a second chance at parenthood, but their birth also sparked national debate, with many questioning the couple’s finances and the children’s future.

May 17, 2026

Business

Vietnam’s US$5 billion Apec island is running out of time

Ahead of next year’s Apec summit, Vietnam has a grand plan to transform Phu Quoc, its largest island, into Southeast Asia’s leading conference and exhibition hub. The 137 trillion dong (US$5.2 billion) blueprint includes an airport overhaul, a light-rail line, clusters of luxury hotels and a brand-new sewerage system – much of it paid for by one of the country’s largest conglomerates, in return for tracts of land, operating concessions and the cachet of building national landmarks. But problems...

May 17, 2026