Multiple probes into Chinese firms behind collapsed high-rise

Main focus is on construction contractor and steel supplier, says minister

Officials search a house believed to be linked to China Railway Engineering​ No.10 (Thailand) Co, in Din Daeng district of Bangkok, on Wednesday. (Police photo)
Officials search a house believed to be linked to China Railway Engineering​ No.10 (Thailand) Co, in Din Daeng district of Bangkok, on Wednesday. (Police photo)

Numerous Thai government agencies are investigating two Chinese companies responsible for the construction of the collapsed State Audit Office in Bangkok, with probes expanding to many other related companies, according to the Ministry of Commerce.

The investigations focus on China Railway Engineering No.10 (Thailand) Co (CREC) and Xin Ke Yuan Steel Co, in which Chinese people held 49% and 80% stakes respectively, Commerce Minister Pichai Naripthaphan said on Thursday.

Initial investigations found possible violations of many Thai laws including the law governing foreign ownership of certain businesses. The Department of Business Development has sent information about the companies to the Department of Special Investigation, which has agreed to investigate them, the minister said.

CREC was a partner with SET-listed Italian-Thai Development Plc in the ITD-CREC consortium that was building the new State Audit Office, which collapsed during the Myanmar earthquake on March 28, and some of the construction materials used came from Xin Ke Yuan Steel.

CREC was related to 13 other companies while Xin Ke Yuan Steel had connections with 24 companies. The DSI is also reviewing information on those connections, Mr Pichai said.

According to Deputy Commerce Minister Napintorn Srisunpang, the Department of Business Development is now investigating CREC and 13 companies in its network. The Anti-Money Laundering Office is looking into the financial transactions of the companies, shareholders and stakeholders. The Revenue Department is checking the tax payments of the companies and shareholders.

The Thai Industrial Standards Institute has been testing the quality of steel and other construction materials used in the building. Tests done earlier by the Iron and Steel Institute of Thailand indicated that steel supplied to the project by Xin Ke Yuan Steel Co was substandard.

It was also learned that the Rayong factory of the steelmaker had been closed since January for an unrelated violation, and 2,400 tonnes of steel seized.

The Department of Employment, meanwhile, is examining the work permits of migrant workers who were on the site of the 30-storey State Audit Office project. The Department of Industrial Works is inspecting all the steel plants that supplied the contractor. The Department of Land is investigating land ownership by Thais and foreigners involved in the businesses, and the Comptroller-General’s Department is looking into procurement and contracts.

Mr Napintorn said the probes covered at least 26 projects being carried out by 14 companies linked to CREC and Xin Ke Yuan Steel, in order to prevent possible damage to life and property.

Rapid expansion, soaring debt

China Railway Group, the parent company of China Railway No.10, got its start building most of China’s 45,000 kilometres of high-speed rail lines. But in recent years, as demand for new projects at home faded, the company and its many subsidiaries have expanded their scope in a rush to bring in work.

Many of the projects abroad have been related to Beijing’s Belt and Road Initiative and other activities prioritised by the government.

As the expansion gathered pace, the company’s debt soared. Its 2024 annual report showed total liabilities worth $211 billion, almost double the $112 billion reported five years ago, according to the New York Times.

Victor Shih, a specialist in Chinese politics and finance at the University of California, San Diego, told the newspaper that when a company has such a heavy debt burden, “the pressure to generate cash flow to service debt can be quite intense”.

The Chinese embassy in Bangkok has urged CREC to cooperate with Thai authorities.

Chinese authorities have always instructed the country’s companies to abide by local laws and adhere to social responsibility when doing business abroad, the embassy said in a statement on Facebook.

“China will still support and assist according to Thailand’s needs, and calls on the Chinese company involved to fully cooperate with the Thai government’s investigation,” the embassy said. “We believe the Thai government’s investigation will lead to scientific and fair conclusions.”

China Railway No.10 had won 11 Thai government contracts, including a school building that is already completed. The Ministry of Transport has begun scrutinising some of those projects, including a part of the Thailand-China high-speed railway project that was awarded to the ITD-CREC joint venture, Transport Minister Suriya Juangroongruangkit said on Wednesday.

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CNA Explains: What are tariffs, and how will Trump’s actions affect Asia?

What effect will it have?

Economists have predicted that higher tariffs could cause consumer prices to rise and US economic growth to decline since Trump first made his commerce strategy public in February.

Following Wednesday’s news, these instructions continued.

According to Tai Hui, chief market strategist for Asia-Pacific at JP Morgan Asset Management, the taxes raise questions about prices and development challenges.

He claimed that as the US struggles to boost manufacturing capacity and supply stores pass on prices to consumers, prices could be a result.

Businesses may delay investing in capital expenses in anticipation of the levies ‘ full impact and possible retaliation from trade companions, he added.

In a March note from DBS Group top economists Chua Han Teng and Radhika Rao, a second-order effect may be felt in Southeast Asia, aside from the direct hit from higher tariffs, in the region’s essential trading partners, China and the US, according to DBS Group top economists Chua Han Teng and Radhika Rao, who wrote in a March note.

Top foreign exchange strategist for the banking group, Philip Wee, stated in a note on Wednesday that the mutual tariffs were “notingly high” for emerging Asian economies.

This sends the message that the US is directly pursuing China, as well as indirectly halting the” China Plus One” method that many businesses use to expand supply chains in order to avoid US tariffs.

But, Mr. Wee claimed that Trump has also shown his willingness to talk through the introduction of what the president has called “discounted” mutual taxes.

When money deception and trade restrictions are taken into account, he referred to them as such because they are also lower than what the US estimates each buying mate has levied on British goods. &nbsp,

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US and its allies are undergoing a digital Pearl Harbor attack – Asia Times

Although the reports may look sporadic and empirical, they add up to a disturbing pattern. Foreign state-affiliated thieves cracked Microsoft’s internet sky structure and penetrated the message systems of the US sections of Commerce, Treasury and State. In Guam, a crucial command and control center for the Navy’s Seventh Fleet, another thieves hacked into the US government’s communications system.

In what is being referred to as one of the worst knowledge agreements in American history, the US government announced that Salt Typhoon, an affiliate of the Chinese government, used threats in Cisco devices to elude the methods of nine US communications firms, including AT&amp, T, and Verizon.

According to the New York Times,” No one at the Cybersecurity and Infrastructure Security Agency ( CISA ) seems able to say what has happened to the investigation into one of the most successful penetrations of American networks, or who is now responsible for figuring out why American telecommunications firms were caught unawares, for more than a year, by China’s Ministry of State Security”.

The government is the equivalent of the US Central Intelligence Agency in China. Candidates ‘ devices in the US election of 2024 were likewise targeted by Chinese spies. And the government has announced that the Chinese have placed ransomware in America’s essential equipment that apparently had been activated at the time of Beijing’s finding.

According to CrowdStrike’s 2025 Global Threat Report, China’s cyber-espionage activity increased by 150 percent overall in 2024.

Russians have deeply penetrated as well. A thriving ransomware attack system is now hitting not just corporate targets but also schools, churches, hospitals and even blood banks.

Microsoft’s threat intelligence team recently discovered that a Russian attack group known as BadPilot has breached systems in numerous English-speaking nations around the world. The group’s objectives included “energy, oil and gas, telecommunications, shipping, arms manufacturing” and “international governments.”

In short, the Chinese and the Russians have staged a devastating Pearl Harbor-scale attack on America’s critical infrastructure and Information Technology systems. Because US tech companies built a lot of their systems, the same pattern is occurring for America’s traditional allies. Threatened data capture by adversaries is now a constant threat.

At least some planning in the West’s military, diplomatic and trade realms could be monitored and anticipated. These penetrations, which are supported by artificial intelligence, also aid in the spread of misinformation and disinformation throughout the social media world in what is now known as cognitive warfare. That offends all democracies, in my opinion.

If all this had happened at once, Americans might have been galvanized to respond, as they did in reaction to the original Pearl Harbor attack, the launching of Sputnik, and the terror attacks of September 11, 2001. However, America’s adversaries have carefully avoided any action that crosses the line of a declared war because they have studied US history.

In The Art of War, Chinese military strategist Sun Tzu wrote,” Winner is the supreme art of war without fighting.”

Far from responding forcefully as President Franklin D. Roosevelt did in 1941, the current Trump Administration seems to be enabling foreign adversaries by making a disastrous series of mistakes:

  • cutting CISA’s ranks,
  • appointing a politically connected attorney with no prior experience to serve as the White House’s cyber czar
  • exposing entire databases of sensitive data on the website of the Department of Government Efficiency and ( most spectacularly )
  • using the messaging app Signal to engage in a secret conversation about military action against Yemeni rebels.

In summary, the US’s response to the penetration of China and Russia has been a dramatic failure, both from the private and public sectors. The burning question is: Why have leaders in both sectors declined to respond to an obvious crisis?

One solution is that the United States and other democracies have not yet been able to find ways to unite the public and private sectors to find solutions as pluralistic societies. A fear of acting out of fear is also present.

Private sector boards of directors and CEO’s have not truly addressed the fundamental risk posture and vulnerability of their systems. Instead, they have developed elaborate layers of legal defense.

When a business experiences a breach, it mobilizes attorneys, cyber security experts, and insurance firms. The goal is to prove that the company followed “best practices” and was” commercially reasonable in compliance” with generally accepted practices, perhaps including changes in the responsibilities of the Chief Information Security Officer.

This cybersecurity checklist approach simply isn’t effective. Paying a well-known company to report on risk is a PR stunt, not real cybersecurity. Boards and their managements issue bland press releases after a hack, reciting such homilies as” We detect no activity” or” No material loss of personal identifying data has been recognized”.

That kind of claim is not equivalent to saying they have patched up and protected their systems after the intrusion. It appears to be a kind of Faustian bargain: businesses run their networks despite knowing that Russians or Chinese people may be hiding there to avoid costs and meet their quarterly earnings goals. It is a systemic failure.

If these uncomfortable realities were to be acknowledged, major technology companies that have provided IT and telecommunications goods and services to their customers around the world would also be humbled. After all, Big Tech in America promised to safeguard customers ‘ data in their wildly convoluted security systems, including data centers and cloud computing.

But the Chinese have become masters of exploiting” cross-vendor” open source and legacy software vulnerabilities in cloud systems. That means that if they can infer the weaknesses in the defenses of one client company, they could create a beachhead from which to discover the same weaknesses in the defenses of other businesses.

Because of a decentralized, profit-driven private sector, the US government, like other countries, cannot address the issues involving critical infrastructure.

Western governments are simply not organized to manage threats in the digital era because responsibility is too fragmented and the playing field too vast.

To successfully address these issues, coalition-building would be necessary, but today’s America operates in silos and occasionally places more of its weight on Russian allies as opposed to US institutions. Take the Intelligence Community ( IC ), which consists of 18 distinct entities.

The failure of the IC to share information was a key explanation for why the 9/11 terrorist attacks happened. The same patterns are present in today’s play. Too frequently, threats are concealed and not shared.

Moreover, the smorgasbord of federal, state and local law enforcement agencies does not always share threat information or understand the meaning of the information that is shared.

Regulations from various federal agencies for various industries regarding what must be reported and what must be done following a breach are a complete jumble, adding to this dysfunctionality.

Even the Pentagon, which has market power because it contracts to buy goods and services from 300, 000 businesses in the Defense Industrial Base, has been unable to impose auditing of these companies’ IT systems, even by third parties.

The implementation of the Cybersecurity Maturity Model Certification program is a positive step, but the Chinese already have stolen massive amounts of technology, including the designs for American aircraft carriers, and seem certain to continue doing so.

Americans themselves bear some of the brunt of the blame. One of the most creative and potent weapons in the history of undeclared war, TikTok, is used by 170 million people in America.

Before it was revealed that its website collects American data that TikTok’s parent company, ByteDance, can view, it was widely known, with few if any regulatory hurdles. Other data-collecting Chinese algorithms like DeepSeek were enthusiastically embraced by the public.

Chinese bargain-hunting apps Shein and Temu are algorithms that gather data about their users.

When this information is layered upon the major hacks that have taken place in credit rating ( Equifax ), hotels ( Marriott’s Starwood division ), health care ( Anthem ) and detailed information about federal employees ( the Office of Personnel Management ), the Chinese and Russians are able to assemble detailed personal portraits of targeted individuals.

There might be other ways to get out of this mess. There are many ideas that merit evaluation, including the creation of a federal department of digital services or a high-level task force made up of representatives from both major corporations and government organizations to collaborate on resources and expertise. But time is limited. The best place to start is to acknowledge the magnitude of what has gone wrong and to find the courage to act.

William J. Holstein co-author of Battlefield Cyber: How China and Russia Are Undermining Our Democracy and National Security, has been following US-China relations ever since being an award-winning correspondent for United Press International in Hong Kong and Beijing from 1979 to 1982.

Assured Enterprises, Inc., a cybersecurity company in Greater Washington, DC, is led by Stephen M. Soble as chairman and CEO. He has a wealth of business and commercial experience in China as well as as an international affairs advisor.

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By being like Silicon Valley used to be, East Asia challenges it – Asia Times

Silicon Valley has for centuries been a widely recognized technology image. Governments around the world have tried to develop their own variations by investing strongly in tech hubs in recognition of its popularity.

These initiatives, including Silicon Beach in Los Angeles, Silicon Island in Malaysia, and Silicon Roundabout in the UK, have not always succeeded. However, some regions, especially south Asian regions, have experienced the growth of their own Silicon Valleys.

With a number of businesses and cutting-edge technology to issue Silicon Valley, China has the second-largest venture capital market in the world. Additionally, Japan and Korea have developed into some of the world’s most effective business venture capitalists.

These contender ecosystems also possess some of the characteristics of Silicon Valley in its early years, more in some ways than Silicon Valley itself does today.

Silicon Valley’s size is still, at least for the time being, unmatched. The state’s market capitalization ( the value of publicly traded company stocks ) totaled US$ 14.3 trillion in 2024. This is comparable to China’s complete GDP, the second-largest economy in the world.

Silicon Valley is no longer a multicultural society of businesses built in cars, where little, destructive businesses create world-changing products at a price point. It has changed into a David-like property, not a land of Behemoths.

Some people have switched from instant noodles to aça bowls, and work all-nighters with wellness workshops and modern detox retreats. Silicon Valley technical employees have become “lazy and entitled,” according to Sequoia’s Mike Moritz, according to Skullwart owners.

However, other tech personnel ‘ work ethic and focus have improved. Chinese technology’s working days were referred to as “996” for around ten years, working six times a week from 9am to 9pm. People now go by the name “007,” which means working from midnight to evening, seven days a week.

Great painters steal, fine artists copy, and so on.

Wikimedia Commons Silicon Valley image

The story of Silicon Valley’s history is one of eager rivals destroying the big, dull incumbents. Apple used the exposure to Xerox’s Palo Alto Research Center to draw inspiration from the company’s ideas for a computer with a graphical user interface after raising equity from Xerox, a top print production company. Eventually, Apple made the program for the Macintosh more sophisticated, giving it a distinct edge.

Work once reportedly said in 1996,” Good musicians copy, great performers steal,” and we have never been shameless in stealing great ideas.

The Goliaths in Silicon Valley today have significant intellectual property portfolio to protect. And they are angry when their technology is stolen. The US government has yet asked OpenAI, the British company that created ChatGPT, to label Chinese AI firm DeepSeek” state managed” and forbid its use there. Related names have been made to Huawei and Bytedance’s TikTok in the past.

The impact of DeepSeek’s disruption of the AI scenery on Silicon Valley has been the subject of much of Eastern media’s attention. However, less attention has been paid to how it has created moment rivals in China.

Alibaba, a Chinese tech company, announced that its AI model was better times after Deepseek’s launch. Additionally, China just introduced Manus, a completely automatic AI agent that completely replaces rather than repairs people.

On March 5, 2025, Butterfly Impact co-founder Xiao Hong explains Manus. Photo: Manus. am

Japanese business Kai-fu Lee refers to “gladiatorial entrepreneurship,” or China’s” smartphone.” Because they are aware that their product will be copied and reverse engineered as soon as it is released, they continually innovate in this tradition. The entire system gains from the fierce competition, just like Silicon Valley did in its rise.

The kids have acted as the instructors.

Silicon Valley is renowned for its antiquated tradition and expansive understanding of how technology can change the world. This is exemplified by Masayoshi Son, a former Silicon Valley student from East Asia who is the founder and CEO of the Chinese company SoftBank.

He immediately adapted to the Silicon Valley way of doing business once he arrived in the early 1980s. When he returned to Japan, Son founded his personal company, based on what he learned during his brief time living in California. With this, Softbank became a technology seller.

Masayoshi Son ( Left ) speaking at a 2011 luncheon to promote a brand-new iPhone app. Danny Choo of Wikimedia Commons and Flickr

With over US$ 100 billion in cash, SoftBank’s Vision Fund is the largest venture capital fund in the world right now.

Silicon Valley has experienced a change thanks to Son’s enormous finance and anxious investing strategy.

Soaring valuations and the use of exploding word sheets ( expense offers that expire in a few days ) are becoming more commonplace.

Child is portrayed as a traditional stranger. Lionel Barber’s most recent book, Gambbling Man, details Son’s ethnic Asian background and how he has much touted this opponent narrative.

Child is now one of the biggest buyers in Silicon Valley and is aggressive and aggressive. He has a big idea about how artificial intelligence and other solutions may alter the planet. He is the author of that great vision and a proponent of risk-taking in Silicon Valley that is” traditional.”

China’s AI warriors continually innovate in an effort to beat the once-hungry American goliaths who are now forced to call on the condition to help them maintain their position. The opposing trajectories raise questions about who needs to change to become more like whom if they want to dominate the world’s technological civilization.

Robyn Klingler-Vidra is King’s College London’s evil professor for global commitment and associate professor of political economy and innovation.

The Conversation has republished this essay under a Creative Commons license. Read the text of the content.

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Asia’s Best Companies Poll 2025: Market winners | FinanceAsia

For a 25th year, FinanceAsia publishes its highly regarded benchmark of Asia’s best companies.

Based on nomination by Asia’s active community of influential investors and financial analysts, the poll evaluates the corporate behaviour and performance of Asian peers over the past 12 months.

The FA team is delighted to announce the 2025 winners below for the market categories.The industry winners can be found here

Once again, following positive market participation, we have decided to award up to three medals per category to reflect corporate achievements. Gold, Silver and Bronze medallists are detailed where applicable.

Congratulations to all the winners. Read on for the winning companies in the following markets:  

BEST MANAGED COMPANY

China
Gold – China Unicom (Hong Kong) Ltd
Silver – China Telecom
Bronze – China Mobile

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Link REIT

Silver – Sino Land

Bronze – MTR Corporation Limited

 

India

Gold – Tata Motors

Silver – Axis Capital

Bronze – Bajaj Finance

 

Indonesia

Gold – PT Bank Rakyat Indonesia (Persero) Tbk

Silver – Astra International

Silver – PT Bank Mandiri (Persero) Tbk

Bronze – GoTo Gojek Tokopedia

 

Malaysia

Gold – Maybank

Silver – CIMB Bank Berhad

Bronze – AmFunds Investment Management Berhad

Bronze – YTL Corporation Berhad

 

Philippines

Gold – Ayala Corporation

Silver – Bank of the Philippine Islands

Silver – Megawide Construction Corporation

Bronze – Citicore Renewable Energy Corporation

 

Singapore

Gold – DBS Bank

Silver – Singapore Airlines

Bronze – CapitaLand

 

South Korea

Gold – SK Hynix

Silver – Samsung Electronics

Bronze – Hyundai Motor Co Ltd

 

Taiwan

Gold – Semiconductor Manufacturing Company, Ltd

Silver – CTBC Financial Holding

Silver – MediaTek Inc.

Bronze – Far Eastern New Century Corporation

Bronze – Sercomm Corporation

 

Thailand

Gold – B. Grimm Power PCL

Silver – Global Power Synergy PCL

Silver – Thai Oil Public Company Limited 

Bronze – Central Pattana

Bronze – Gulf Energy Development PCL

 

MOST COMMITTED TO ESG

 

China

Gold – Unicom (Hong Kong) Ltd

Silver – China Telecom

Bronze – China Mobile

Bronze – Trip.com

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Link REIT

Bronze – Hengan International Group Company, Ltd.

 

India

Gold – Axis Capital

Silver – Bajaj Finance

Bronze – Tata Consultancy Services Ltd

 

Indonesia

Gold – PT Bank Mandiri (Persero) Tbk

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – GoTo Gojek Tokopedia

 

Malaysia

Gold – Yinson Holdings Berhad

Silver – Maybank

Bronze – AmFunds Investment Management Berhad

 

Philippines

Gold – Ayala Corporation

Silver – Megawide Construction Corporation

Bronze – SM Investments Corporation

 

Singapore

Gold – OCBC Bank

Silver – City Developments Limited

Bronze – Seatrium

 

South Korea

Gold – Samsung Electronics

Silver – Hyundai Motor Co Ltd

Bronze – Hanwha Ocean

 

Taiwan

Gold – Wistron NeWeb Corporation

Silver – CTBC Financial Holding

Bronze – Sercomm Corporation

 

Thailand

Gold – Global Power Synergy PCL

Silver – B. Grimm Power PCL

Bronze – Gulf Energy Development PCL

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – THACO Group

 

BEST INVESTOR RELATIONS

China

Gold – China Telecom

Silver – China Unicom (Hong Kong) Ltd

Bronze – China Mobile

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Link REIT

Silver – MTR Corporation Limited

Bronze – Midea International Corp Co Ltd

 

India

Gold – ICICI Bank Ltd

Silver – HDFC Bank Ltd

 

Indonesia

Gold – PT Bank Rakyat Indonesia (Persero) Tbk

Silver – GoTo Gojek Tokopedia

Bronze – PT Bank Mandiri (Persero) Tbk

 

Malaysia

Gold – CIMB Bank Berhad

Silver – Maybank

Bronze – Yinson Holdings Berhad

 

Philippines

Gold – Bloomberry Resorts Corporation

Silver – Ayala Corporation

Silver – SM Investments Corporation

Bronze – Meralco

 

Singapore

Gold – CapitaLand

Silver – SATS Ltd

Bronze – Mapletree Investments

 

South Korea

Gold – Hanwha Ocean

Silver – LG Electronics

Bronze – SK Hynix

 

Taiwan

Gold – Wistron NeWeb Corporation

Silver – Far Eastern New Century Corporation

Bronze – Sercomm Corporation

 

Thailand

Gold – PTT Public Company Limited

Silver – B. Grimm Power PCL

Bronze – Global Power Synergy PCL

Bronze – Gulf Energy Development PCL

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – Mobile World Investment Corporation

 

BEST LARGE CAP COMPANY

 

China

Gold – China Unicom (Hong Kong) Ltd

Silver – China Telecom

Bronze – China Mobile

 

Hong Kong SAR

Gold – Link REIT

Silver – Sun Hung Kai Properties Ltd

Bronze – CLP Holdings Ltd

 

India

Gold – Kotak Mahindra Bank Ltd

Silver – HDFC Bank Ltd

Bronze – Mazagon Dock Shipbuilders Ltd

Bronze – Tata Consultancy Services Ltd

 

Indonesia

Gold – PT Bank Mandiri (Persero) Tbk

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – Astra International

 

Malaysia

Gold – Maybank

 

Philippines

Gold – SM Investments Corporation

Silver – International Container Terminal Services, Inc.

Bronze – SM Prime Holdings, Inc.

 

South Korea

Gold – Hyundai Motor Co Ltd

Silver – Hanwha Ocean

Silver – POSCO

Bronze – Samsung Biologics

 

Taiwan

Gold – Taiwan Semiconductor Manufacturing Company, Ltd

Silver – MediaTek Inc.

Bronze – EVA Airways Corporation

Bronze – Far EasTone Telecommunications Co., Ltd

 

Thailand

Gold – Bangkok Dusit Medical Services PCL

Silver – PTT Exploration and Production (PTTEP)

Bronze – Advanced Info Service PCL

 

BEST MID CAP COMPANY

China

Gold – AsiaInfo Technologies Limited

 

Hong Kong SAR

Gold – CIMC Enric Holdings Ltd

Silver – Fortune REIT

 

India

Gold – Prestige Estates Projects Ltd

Silver – ICICI Securities Ltd

 

Indonesia

Gold – GoTo Gojek Tokopedia

 

Malaysia

Gold – Sunway Berhad

Silver – YTL Corporation Berhad

Bronze – Hap Seng Consolidated Berhad

 

Philippines

Gold – Manila Water Company, Inc.

Silver – Jollibee Foods Corporation

Bronze – Aboitiz Power

 

South Korea

Gold – LG Electronics

Silver – KIWOOM Securities

 

Taiwan

Gold – Far Eastern New Century Corporation

Silver – Arcadyan Technology Corporation

Bronze – Elite Material Co Ltd

 

Thailand

Gold – Minor International PCL

Silver – Global Power Synergy PCL

Bronze – WHA Corporation PCL

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – Mobile World Investment Corporation

 

BEST SMALL CAP COMPANY

 

China

Gold – Digital China Holdings

 

Hong Kong SAR

Gold – Far East Consortium International Limited

Silver – Vitasoy International Holdings Limited

Bronze – SF REIT

 

India

Gold – Aavas Financiers

Silver – Indian Energy Exchange Ltd

 

Malaysia

Gold – Yinson Holdings Berhad

Silver – Top Glove Corporation Berhad

 

Philippines

Gold – Citicore Renewable Energy Corporation

Silver – Bloomberry Resorts Corporation

Silver – Megawide Construction Corporation

Bronze – D&L Industries Inc.

 

Taiwan

Gold – Sercomm Corporation

Silver – Fositek Corporation

Bronze – Merida Industry Co., Ltd

 

Thailand

Gold – Ratch Group PCL

Silver – Bangkok Chain Hospital PCL

Bronze – Central Plaza Hotel PCL

 

Vietnam

Gold – Vinh Hoan Corporation

Silver – CMC Corporation

Silver – International Dairy Products JSC

Bronze – GELEX Group

 

BEST CEO

 

China

Gold – Zhongyue Chen – China Unicom (Hong Kong) Ltd

Silver – Jie Yang – China Mobile

Bronze – Xiaowei Luan – China Communications Services

Bronze – Biao He – China Mobile

 

Hong Kong SAR

Gold – Raymond Kwok – Sun Hung Kai Properties Ltd

Silver – George Hongchoy – Link REIT

Bronze – Shixian Lai  – ANTA Sports Products Ltd

 

India

Gold – Deepak C. Mehta – Deepak Nitrite Ltd

Silver – T.V. Narendran – Tata Steel

 

Indonesia

Gold – Sunarso – PT Bank Rakyat Indonesia (Persero) Tbk

Silver – Darmawan Junaidi – PT Bank Mandiri (Persero) Tbk

Silver – Royke Tumilaar  – PT BNI (Persero) Tbk

Bronze – Ali Rukmijah  – Bank Sahabat Sampoerna

 

Malaysia

Gold – Khairussaleh Ramli – Maybank

Silver – Tony Fernandes  – Capital A Berhad

Bronze – Novan, Amirudin – CIMB Bank Berhad

 

Philippines

Gold – Edgar B. Saavedra – Megawide Construction Corporation

Silver – Teresita Sy-Coson – BDO Unibank

Silver – Oliver Y. Tan – Citicore Renewable Energy Corporation

Bronze – Jeffrey Lim – SM Prime Holdings, Inc.

 

Singapore

Gold – Piyush Gupta – DBS Bank

Silver – Loh Boon Chye – Singapore Exchange

 

South Korea

Gold – Chey Tae-won – SK Group

Silver – Han Jong-hee – Samsung Electronics

Bronze – Kim Seung-youn – Hanwha Group

 

Taiwan

Gold – C. C. Wei – Taiwan Semiconductor Manufacturing Company, Ltd

Silver – Suming, Chen – Universal Microwave Technology, Inc.

Bronze – Vivian Ling – Caliway Biopharmaceuticals Co. Ltd

Bronze – Chee Ching – Far Eastone Telecommunications Co., Ltd

 

Thailand

Gold – Dr. Harald Link – B. Grimm Power PCL

Silver – Niwat Adirek – BCPG PCL

Silver – Sarath Ratanavadi – Gulf Energy Development PCL

Bronze – Dr. Chalerm Harnphanich – Bangkok Chain Hospital PCL

Bronze – Dr. Poramaporn Prasarttong-osoth – Bangkok Dusit Medical Services PCL

 

Vietnam

Gold – Danny Le – Masan Group

 

BEST CFO 

China

Gold – Yuzhuo Li – China Unicom (Hong Kong) Ltd

Silver – Ronghua Li – China Mobile

Bronze – Aqiang Shen – China Communications Services

 

Hong Kong SAR

Gold – Toby Xu – Alibaba Group (HK)

Silver – Alexandre Jean Keisser – CLP Holdings Ltd

 

India

Gold – Samir Seksaria – Tata Consultancy Services Ltd

 

Indonesia

Gold – Sigit Prastowo – PT Bank Mandiri (Persero) Tbk

Silver – Viviana Dyah Ayu Retno Kumalasari – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – Henky Suryaputra – Bank Sahabat Sampoerna

 

Malaysia

Gold – Malique Firdauz Ahmad Sidique – Maybank

Silver – Joyce Tan  – Sunway Berhad

Bronze – Chek Wu Kong – Duopharma Biotech Berhad

Bronze – Guillaume François Jest – Yinson Holdings Berhad

 

Philippines

Gold – John Nai Peng Ong – SM Prime Holdings, Inc.

Silver – Jez G. dela Cruz – Megawide Construction Corporation

Bronze – Estella Tuason-Occeña – Bloomberry Resorts Corporation

Bronze – Richard Shin – Jollibee Foods Corporation

 

Singapore

Gold – Yuen Kuan Moon – Singtel

Silver – Koo Chung Chang  – AIA Group

Bronze – Lim Hock Chye – Keppel Corporation

 

Taiwan

Gold – Henry Hao Jen Wang – Fubon Bank

Silver – Wendell Huang  – Taiwan Semiconductor Manufacturing Company, Ltd

Bronze – David (Chien Cheng) Wang  – Far Eastern New Century Corporation

 

Thailand

Gold – Chanamas Sasnanand – PTT Exploration and Production (PTTEP)

Silver – Yupapin Wangviwat – Gulf Energy Development PCL

Bronze – Siriwong Borvornboonrutai – B. Grimm Power PCL

 

Vietnam

Gold – Max Sunarcia – THACO Group

Silver – Do Thi Quynh Trang  – Masan Group

 

BEST COO

 

China

Gold – Jian Qin – China Unicom (Hong Kong) Ltd

Silver – Zhanwei Cui – China Communications Services

 

Malaysia

Gold – Ariff Azahar  – Maybank

 

Philippines

Gold – Carlos Cruz – International Container Terminal Services, Inc.

 

South Korea

Bronze – Nam Seok-Woo  – Samsung Electronics

 

Taiwan

Gold – Tungyi Wu – Universal Microwave Technology, Inc.

Silver – Ben Lin – Sercomm Corporation

Bronze – Jeffrey Gau – Wistron NeWeb Corporation

 

Thailand

Bronze – Nopadej Karnasuta – B. Grimm Power PCL

 

Vietnam

Silver – Metha Pingsuthiwong – Tisco Group

 

BEST CTO

China

Gold – Jun Zhi, Wang – China Unicom (Hong Kong) Ltd

 

Taiwan

Gold – Jyh-Shing Roger Jang – E-Sun

 

Thailand

Bronze – Woottichai Jarernpol  – Krungthai Card PCL

 

Indonesia

Gold – Arga M. Nugraha  – PT Bank Rakyat Indonesia (Persero) Tbk

 

Thailand

Gold – Dennis Thorsten Trawnitschek – SCB X PCL

 

Taiwan

Silver – Chris Lin – Taiwan Semiconductor Manufacturing Company, Ltd

 

Thailand

Silver – Sutthikan Rungsrithong – TMBThanachart Bank Plc.

 

MOST COMMITTED TO DEI

 

China

Gold – China Telecom

Silver – China Mobile

Bronze – China Communications Services

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Henderson Land Development Co., Ltd

Bronze – Link REIT

 

India

Gold – Travelogy India Pvt Ltd

 

Indonesia

Gold – PT Bank Mandiri (Persero) Tbk

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – GoTo Gojek Tokopedia

 

Malaysia

Gold – CIMB Bank Berhad

Silver – Maybank

Bronze – Top Glove Corporation Berhad

 

Philippines

Gold – Citicore Renewable Energy Corporation

Silver – Ayala Corporation

Bronze – International Container Terminal Services, Inc.

 

South Korea

Gold – Hanwha Ocean

Silver – Samsung Electronics

Bronze – SK Hynix

 

Taiwan

Gold – Wistron NeWeb Corporation

Silver – CTBC Financial Holding

Bronze – Sercomm Corporation

 

Thailand

Gold – Gulf Energy Development PCL

Silver – Global Power Synergy PCL

Bronze – B. Grimm Power PCL

 

Vietnam

Gold – Vingroup

Silver – Mobile World Investment Corporation

Bronze – Masan Group

 

BEST USE OF TECHNOLOGY

China

Gold – China Unicom (Hong Kong) Ltd

Silver – China Telecom

Bronze – China Mobile

 

Hong Kong SAR

Gold – CIMC Enric Holdings Ltd

Silver – Hongkong Land Holdings Limited

Bronze – Swire Properties

 

India

Gold – Dito Telecommunity Corporation

Silver – Sun Telecommunication

 

Indonesia

Gold – GoTo Gojek Tokopedia

Silver – PT Bank Rakyat Indonesia (Persero) Tbk

Bronze – Telkom

 

Malaysia

Gold – KPJ Healthcare Berhad

Silver – Yinson Holdings Berhad

Bronze – Uzma Berhad

 

Philippines

Gold – Bank of the Philippine Islands

Silver – Union Bank

Bronze – Globe Telecom, Inc.

 

South Korea

Gold – Samsung Biologics

Silver – Hanwha Ocean

Bronze – SK Hynix

 

Taiwan

Gold – Sercomm Corporation

Silver – MediaTek Inc.

Bronze – Taiwan Semiconductor Manufacturing Company, Ltd

 

Thailand

Gold – SCB X PCL

Silver – Advanced Info Service PCL

Bronze – TMBThanachart Bank Plc.

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – FPT Corporation

 


¬ Haymarket Media Limited. All rights reserved.

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World feels it when spending habits of 500 million Chinese change – Asia Times

China’s financial rocket ride appears to be coming to an end, or at least slowing down. After the property developer Evergrande collapse in 2024, growth dropped from 8.4 % in 2021 to 4.5 % today, youth unemployment increased to 16.9 %, and cities are rife with unfinished buildings.

On Chinese social media platforms Weibo and Red Note, a term has been circulating for a while to sum up what’s happening: “garbage day.”

It is used to refer to the final days of a match whose goal is already known. The best athletes don’t play. The chair people assume the lead. Because there is less at stake, no single tries as difficult.

The phrase seemed to get a combination of anguish and dark humor last year and seemed to have caught on. Citizens then generally seem to have less expectation. Not so much an economical fall as a sluggish decline in hope.

This is a significant change for those who were born in China during the 1980s and 1990s and who were raised there during its four years of rapid development. Jobs in technology and funding are harder to find, homes are falling in value, and wages are not rising.

However, “garbage time” is even making room for younger and middle-class Foreign to redefine victory and joy. A creation is reevaluating what is most important in a changing economic environment as fine jobs, luxury goods, and house ownership are now more difficult to obtain.

From Prada to “living lighting”

Many middle-class people in China were pursuing lofty goals ten years ago when they sent their kids abroad for education. Former president Deng Xiaoping when said,” Getting wealthy is glorious.

Some Taiwanese people totally embraced this notion. In a study of millennial consumption habits conducted in 2021, 7.6 million young Chinese spent an average of 71, 000 yuan ( US$ 10, 375 ) on luxury goods, accounting for 30 % of the global luxury market.

They now appear to be altering their course, putting that type of saving on maintain due to financial strain.

Get the “tang ping,” a growing trend that is causing more young people to reject hustle culture while embracing “living light.” Or the phrase “run xue” or “run idea,” which actually refers to the study of leaving China.

Young Chinese are getting married afterwards, also, with rising wedding expenses and changing attitudes toward traditional home values being the main causes.

Shopping practices appear to support these trends. In 2024, China’s largest used-goods owner Xianyu reached 181 million customers. Selling surpassed one trillion yuan, or ten times that of 2018. BYD, a Chinese automaker, then outsells expensive overseas companies.

More important than simply saving money is what this is about. Traditional Chinese culture values family status and career success, but job shortage and falling house prices challenge these outdated stereotypes.

Fresh Chinese are then questioning the worth of hard work in a program that may no longer reward it. They place more value on individual well-being over throwing position. If the pattern persists, it might lead to the development of a new perception of middle-class personality.

Vibrations strike the globe

The international effects of all of this are important. International businesses take notice when 500 million people alter their spending patterns.

Apple, a once-favorable manufacturer, has lost ground, while Huawei, a regional brand, gained. Li Ning, a local apparel manufacturer, is challenging Nike. Firms that had anticipated apparently endless Chinese development are now having to recalculate. Planning is made more difficult by this, along with other governmental and political complexity.

Both school and work are changing, also. Some individuals have criticized China’s rigorous education program, and its “996 work society” ( 9am to 9pm, six times a week ) is waning.

Nevertheless, China’s financial growth is sapping at a more steady rate. And the state faces significant challenges as a result of the world’s declining economic model.

China’s imports dropped at the start of this year because Donald Trump’s tax laws were looming in the background. Export increased significantly slower, but at a slower rate.

The remarkable growth of China was both the product and the beneficiary of its members of the middle class. Strong consumer confidence may be assumed because 40 % of them have seen their riches decline in recent years.

For the time being, it seems as though a new financial identity is emerging. Whether this is a long-term trend or just a proper adjustment. In any case, one thing is sure: all feels it when the country’s second-largest market changes how it spends.

Christian Yao is a mature teacher at Te Herenga Waka — Victoria University of Wellington’s School of Management.

This content was republished from The Conversation under a Creative Commons license. Study the article’s introduction.

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Trump set to unleash ‘Liberation Day’ tariffs

“COULDN’T CARE LESS” Retaliation has been a top policy of key economies, including Canada and the European Union. Canadian Prime Minister Mark Carney stated on Tuesday that” we are going to be really deliberate about the actions we take to fight for Canada.” Trump has accused the European Union ofContinue Reading

New taxi operator GrabCab could attract drivers from rivals, disrupt industry: Analysts

ADDED COMPETITION CAN RATHER TAXI OPERATORS ON THEIR TOES

The Singapore University of Social Sciences Associate Professor Walter Theseira noted that GrabCab has the opportunity to make use of the larger Grab program to encourage cab individuals to join the company, in contrast to a real car ship operator.  

For instance, this might involve paying a lower rate for a car driver with the condition that they offer the driver” a particular level of service on the platform.”  

Or, he added,” Grab could rent ( to drivers ) at the standard rate, but he could gradually rebate the rental, based on the volume of service you provided on the platform.”  

A pure ( taxi ) fleet operator cannot use these strategies, he said, despite the fact that a combined fleet operator and platform can do so.

He added that the business will promote private use drivers on its platform to transfer to be taxi drivers on GrabCab, and that they will also be urged to do the same for car drivers from other companies, in order to increase the number of drivers on the platform.  

The other vehicle users will start to see their hire usage decline as a result of this mixture, he said.  

And if they can’t compete, they will likely have to let their vehicle ship numbers decline. ” 

Terence Fan, a travel researcher, added that Grab also has the technical expertise to entice more customers to its goods.

While it is not always true that Grab will have to lower car prices to attract riders to its cars, it does, according to Asst Prof Fan, who is from the Singapore Management University, have a record of using promotional codes in diversity in its earlier days to attract new users.  

He added that the company is already equipped with the necessary IT infrastructure to provide these customer incentives in a “relatively cost-effective way”.  

According to the agreement, Assoc Prof. Ong, who is the NUS Department of Civil and Environmental Engineering’s deputy head of research and enterprise, will put pressure on the current taxi companies.  

I think that the majority of taxi operators today’s drivers rely heavily on Grab’s app to get their customers, he said.  

In this new setup, I believe we will need to look at how Grab will provide the salaries and benefits to the taxi drivers. ” 

In response to a CNA question about whether the current Grab app’s standard taxi option will be discontinued, Grab stated that it was” committed to maintaining an open platform” that was accessible to all cab and private hire vehicle drivers.

Additionally, it will provide more details about GrabCab at a later time.

Given our extensive experience in fleet management, established infrastructure, and large vehicle fleet, ComfortDelGro, which operates both the Comfort and CityCab taxi fleets and responds to inquiries from CNA, said:” We are confident in our ability to serve our long-time drivers and customers effectively.

It added that it will continue to expand its ecosystem, driver benefits, and adapt its strategies as necessary to “ensure we remain a leading provider of taxi services in Singapore,” and that competition is” a natural part of the market dynamics.”  

ComfortDelGro, Singapore’s largest taxi operator, has been providing safe and high-quality rides to Singaporeans for decades, building a strong and trustworthy taxi network, and continues to provide them with this commitment. ”

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Asia’s Best Companies Poll 2025: Industry winners | FinanceAsia

For a 25th year, FinanceAsia has published its highly regarded benchmark of Asia’s best companies.

Based on nomination by Asia’s active community of influential investors and financial analysts, the poll evaluates the corporate behaviour and performance of Asian peers over the past 12 months.

The FA team is delighted to announce the 2025 winners below for the industry categories. The market winners can be found here

Following very positive market participation, we have decided to award up to three medals per category to reflect corporate achievements. Gold, Silver and Bronze medallists are detailed where applicable.

Congratulations to all our industry winners: 

AUTOMOTIVE & COMPONENTS

India

Gold – Tata Motors

 

Indonesia

Gold – Astra International

 

Malaysia

Gold – Perodua

 

Philippines

Gold – GT Capital

Silver – NWow 

 

Taiwan

Gold – Wistron NeWeb Corporation

 

Vietnam

Gold – THACO Group

Silver – Vingroup

Bronze – Dat Bike

 

 

BASIC MATERIALS

 

India

Gold – Tata Steel

 

Philippines

Gold – Semirara Mining

Silver – Nickel Asia

Bronze – Apex Mining

 

Vietnam

Gold – GELEX Group

Silver – Stavian Chemical

Bronze – Duc Giang Group

 

CONGLOMERATES

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Jardine Matheson

Bronze – Swire Pacific

 

Malaysia

Gold – YTL Corporation Berhad

Silver – Hap Seng Consolidated Berhad

Bronze – Berjaya Corp

 

Philippines

Gold – Ayala Corporation

Silver – SM Investments Corporation

Bronze – GT Capital

 

South Korea

Gold – Samsung Electronics

 

Taiwan

Gold – Sercomm Corporation

Silver – Yuanta

Bronze – Far Eastern New Century Corporation

 

Thailand

Gold – STECON TB

 

Vietnam

Gold – Vingroup

Silver – Masan Group

Bronze – THACO Group

 

CONSUMER DURABLES & APPAREL

 

Hong Kong SAR

Gold – ANTA Sports Products Ltd

 

Taiwan

Gold – Far Eastern New Century Corporation

 

CONSUMER SERVICES

 

India

Gold – ITC Ltd

 

Philippines

Gold – Bloomberry Resorts Corporation

Silver – Jollibee Foods Corporation

Bronze – Max’s Restaurant

 

South Korea

Gold – Lotte Group

Silver – Hanwha Resort

 

Vietnam

Gold – Vinpearl

Silver – Sun Group

Bronze – Golden Gate Group

 

CONSUMER STAPLES

 

Indonesia

Gold – Indofood Sukses Makmur

 

Philippines

Gold – Universal Robina

Silver – Century Pacific

Bronze – Puregold

 

South Korea

Gold – Lotte Wellfood

Silver – Samyang Foods

Bronze – Dongyang Confectionery

 

Taiwan

Gold – Uni-President Enterprises Corp

 

Vietnam

Gold – Masan Consumer

Silver – Nutifood

Bronze – Bach Hoa Xanh (Mobile World)

 

ENERGY

Hong Kong SAR

Gold – CLP Holdings Ltd

 

Malaysia

Gold – Tenaga Nasional Berhad (TNB)

Silver – Yinson Holdings Berhad

 

Philippines

Gold – Aboitiz Power

Silver – ACEN Corporation

Bronze – Citicore Renewable Energy Corporation

 

South Korea

Gold – POSCO

Silver – SK Group

Bronze – Hanwha Solutions

 

Thailand

Gold – PTT Exploration and Production (PTTEP)

 

FINANCIALS

 

Hong Kong SAR

Gold – HSBC

Silver – Hang Seng Bank

 

India

Gold – Bajaj Capital

 

Indonesia

Gold – PT Bank Rakyat Indonesia (Persero) Tbk

 

Malaysia

Gold – CIMB Bank Berhad

Silver – AmFunds Investment Management Berhad

Silver – Maybank

Bronze – Hong Leong Bank Berhad

 

Philippines

Gold – Bank of the Philippine Islands

Silver – BDO Unibank

Bronze – Security Bank

 

Thailand

Gold – Siam Commercial Bank

Silver – KBANK TB

Bronze – Krung Thai Bank

 

Vietnam

Gold – Vietcombank

Silver – BIDV

 

HEALTHCARE

 

China

Gold – Kelun-Biotech

 

Malaysia

Gold – IHH Healthcare

Silver – KPJ Healthcare Berhad

Bronze – Sunway Berhad

 

Philippines

Gold – Medilines

 

Taiwan

Gold – PharmaEssentia

Silver – Bora Pharmaceuticals

Bronze – Caliway Biopharmaceuticals Co. Ltd

 

Thailand

Gold – Bangkok Dusit Medical Services PCL

Silver – Bangkok Chain Hospital PCL

Bronze – Chularat Hospital (CHG)

Bronze – Praram 9 Hospital (PR9)

 

Vietnam

Gold – Hoan My Medical Corp

Silver – Buymed

Bronze – Long Chau (FPT Retail)

 

INDUSTRIALS

Malaysia

Gold – YTL Corporation Berhad

Silver – Malayan Cement

 

Philippines

Gold – Megawide Construction Corporation

Silver – DMCI

Bronze – EEI Corporation

 

South Korea

Gold – Samsung C&T Corporation

Silver – Hyundai Engineering & Construction

 

Thailand

Gold – CH. Karnchang (CK)

 

Vietnam

Gold – Hoa Phat Group

Silver – Hoa Sen Group

 

INFRASTRUCTURE

 

Malaysia

Gold – Yinson Holdings Berhad

 

Philippines

Gold – Ayala Corporation

Silver – San Miguel

Bronze – DMCI

 

Vietnam

Gold – Deo Ca Group

Silver – Airports Corporation of Vietnam (ACV)

 

MEDIA & ENTERTAINMENT

Malaysia

Gold – Astro

 

Philippines

Gold – ABS-CBN Corporation

Silver – GMA Network

Bronze – The Manila Broadcasting Company (MBC)

 

Thailand

Gold – The One Enterprise (Onee)

 

Vietnam

Gold – Dat Viet Group

 

REAL ESTATE

 

Hong Kong SAR

Gold – Sun Hung Kai Properties Ltd

Silver – Sino Land

Bronze – Hongkong Land Holdings Limited

 

India

Gold – Godrej

 

Indonesia

Gold – Ciputra

Silver – Pakuwon Jati

Bronze – Summarecon

 

Malaysia

Gold – Pavilion REIT

 

Philippines

Gold – Ayala Corporation

Silver – Bloomberry Resorts Corporation

Silver – SM Prime Holdings, Inc.

Bronze – AREIT Inc.

 

Thailand

Gold – Central Pattana 

Silver – Land and Houses (LH)

Bronze – Pruksa Holding PCL

 

Vietnam

Gold – Vinhomes

Silver – Sun Group

Bronze – Nam Long

 

RENEWABLE ENERGY

 

Malaysia

Gold – Yinson Holdings Berhad

 

Philippines

Gold – Citicore Renewable Energy Corporation

Silver – ACEN Corporation

Bronze – Aboitiz Power

 

Thailand

Gold – Gulf Energy Development PCL

Silver – Global Power Synergy PCL

Bronze – B. Grimm Power PCL

Bronze – BCPG PCL

 

Vietnam

Gold – Bamboo Capital Group

Silver – Refrigeration Electrical

Bronze – The Green Solutions

 

 

RETAIL

 

Philippines

Gold – Robinson’s

 

South Korea

Gold – NAVER

Silver – Coupang

 

Taiwan

Gold – PCSC

Silver – Poya

Bronze – Great Tree

 

Thailand

Gold – Central Retail Corp (CRC)

Silver – Moshi Moshi Retail Corp

 

Vietnam

Gold – Imex Pan Pacific Group

 

TECHNOLOGY

China

Gold – Alibaba

Silver – Tencent

Bronze – Baidu

Bronze – Trip.com

 

Indonesia

Gold – GoTo Gojek Tokopedia

 

Philippines

Gold – IMI

Silver – NOW

 

Taiwan

Gold – Sercomm Corporation

Silver – Wistron NeWeb Corporation

Bronze – Arcadyan Technology Corporation

 

Thailand

Gold – Be8

Silver – Bbik

 

Vietnam

Gold – MoMo

Silver – FPT Corporation

 

 

TELECOMMUNICATION SERVICES

 

China

Gold – China Mobile

Silver – China Telecom

Bronze – China Unicom (Hong Kong) Ltd

 

Indonesia

Gold – Telkom

Silver – Indosat

Bronze – Telkomsel

 

Malaysia

Gold – CelcomDigi

 

Philippines

Gold – Globe Telecom, Inc.

Silver – CNVRG

Bronze – PLDT

 

South Korea

Gold – SK Group

Silver – LG

Bronze – KT

 

Taiwan

Gold – Far EasTone Telecommunications Co., Ltd

Silver – Chunghwa Telecom

Silver – Taiwan Mobile

Bronze – Sercomm Corporation

 

Thailand

Gold – TRUE TB

Silver – AIS

 

Vietnam

Gold – Viettel

Silver – VNPT

 

TRANSPORTATION

Hong Kong SAR

Gold – Cathay Pacific Airways

 

Indonesia

Gold – Kereta Api Indonesia

 

Philippines

Gold – International Container Terminal Services, Inc.

Silver – Cebu Air

Bronze – Lorenzo

 

South Korea

Gold – Korean Air

 

Thailand

Gold – Bangkok Expressway & Metro (BEM)

Silver – Namyong Terminal (NYT)

Bronze – SJWD

 

Vietnam

Gold – ACV

Silver – Vietjet

 

UTILITY SERVICES

 

Indonesia

Gold – Perusahaan Listrik Negara

 

Philippines

Gold – Manila Water Company, Inc.

Silver – Meralco

Bronze – Aboitiz Power

 

Thailand

Gold – Gulf Energy Development PCL

Silver – Global Power Synergy PCL

Bronze – B. Grimm Power PCL

Bronze – CK Power (CKP)

 


¬ Haymarket Media Limited. All rights reserved.

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