High costs, lack of available technology among challenges facing maritime sector in decarbonisation pursuit

By:
On:
In: South-East Asia

Ms Christensen also highlighted the importance for private companies, industry experts and policy makers to work together to discuss the specific challenges such as the technologies, financing structures and necessary regulation needed to take the sector forward.

FUTURE SOLUTIONS

Moving forward, the sector is also working on using ammonia as a potential new fuel, but there are many technical and operational gaps, she said.

“The supply chain doesn’t exist (and) the infrastructure doesn’t exist. It’s a new fuel, in fact, engines that burn ammonia don’t exist today. Ships that use ammonia don’t exist today,” explained Ms Loo.

“That said, I think the ecosystem is quickly coming together as well. We’ve moved from an era of declaring ambition to taking action.”

Ms Loo added that GCMD will later this week unveil its ammonia safety study for conducting a bunkering pilot in Singapore, to show that ammonia can be bunkered or transferred between vessels while mitigating the risks in the process.

It complements other similar studies done by organisations such as the Global Maritime Forum, the Getting to Zero Coalition and the Nordic Green Ammonia-Powered Ship (NoGAPS) project.

“So it’s by piecing these different kinds of pilots and studies together that again we can move the ecosystem along towards being able to use ammonia as a fuel,” said Ms Loo.

Continue Reading

China’s mediation won’t solve Israeli-Palestinian conflict

By:
On:
In: Asia

Chinese diplomats have been busy this year. The country just announced its desire to serve as a mediator between Israel and the Palestinians on the back of a productive effort to restore ties between Saudi Arabia and Iran.

Entering the deadlocked Israeli-Palestinian conflict represents the next step in China’s foreign policy, which until recently was denoted by large-scale infrastructure projects and cheap loans to emerging countries.

With the era of cheap money closing, Beijing is trying new ways to entrench its global influence and chip away at Washington’s dominant position in the Middle East. Just don’t expect any breakthroughs on Israel-Palestine.

China has previously dipped its toe into the conflict with various iterations of a four-point peace plan. The last effort in 2021 called for de-escalation measures, a boost in aid and the resumption of peace talks based on a two-state solution.

But America’s dominance of any process meant the Chinese efforts were not taken particularly seriously. A shift in geopolitical forces in the region means people are now listening.  

Resisting dollar dominance

China’s recent diplomatic streak is one way the country is trying to protect its status as a global superpower and chip away at American influence. As part of its long-term goal of unseating the US dollar as the global currency, China has redoubled its efforts to have major oil-producing countries like Saudi Arabia trade oil in yuan.

In South America, there have been new discussions from BRICS member states such as Brazil about moving away from the dollar as a trade currency. If any of these rumblings come to fruition, they will cause a profound headache for the United States. 

With these attempts as a background, China’s push into the Israeli-Palestinian conflict is an apparent assault on America’s position in the Middle East. And it doesn’t come out of thin air. Israel and China have quietly developed close military and trade relations over the past decades, much to the ire of the US.

On a 2017 trip to Beijing, Israeli Prime Minister Benjamin Netanyahu said the two countries were a “marriage made in heaven.” On that visit, they signed a far-reaching trade agreement called the “Comprehensive Innovation Partnership.” 

Behind the European Union and the US, China is Israel’s third-largest trading partner. But what’s important to note is where the trade flows are focused. According to Time magazine, 492 of the 507 trade deals between the two countries from 2002 to 2022 were in the technology sector, including IT, communications, agricultural tech, and robotics. 

China has also pushed its infrastructure initiatives in Israel in the past decade. In 2021, Chinese companies were involved in expanding the Haifa port. Washington expressed serious reservations about the partnership because the US often uses Haifa to dock parts of its Sixth Fleet.

Israel rejected the request when the US demanded to inspect the port to ensure there wasn’t any Chinese surveillance technology that could snoop on the Sixth Fleet.

Mideast encroachment

The Chinese footprint in the Middle East is growing because of decades of careful planning and quiet courtship, regardless of how America feels. With Chinese purchases of Middle Eastern crude oil on the rise and the US divided on the future of its position in the region, Chinese influence will deepen and come fully into the light. 

We can see the fruits of these years of careful planning with China’s diplomatic efforts between Saudi Arabia and Iran. The question now is whether or not China will be able to break the impasse and forge a new approach to ending the Israeli-Palestinian conflict. Unfortunately, those prospects don’t look bright. Israel’s continued occupation of Palestinian land and livelihoods must change in any equitable and durable peace solutions. 

Let’s consider the economic dimension. Israel’s technology sector has been built around using the occupation as a valuable technological laboratory. The Pegasus spyware software exported around the world, for example, wouldn’t exist without Israel’s occupation.

Israel’s matrix of control over Palestinian life is a perfect laboratory to test surveillance technology. Most engineers behind the Pegasus system were trained by the Israeli army and tested their craft in the occupied territories. China is a significant customer of this technology and doesn’t likely want to risk losing these innovations. 

Palestinians once again find themselves on the wrong end of a geopolitical battle for power in which they are a pawn. Israel will use its warm relationship with Beijing and its budding technology prowess to ensure that the status quo of its control over Palestinians remains unchanged.

If there were actionable support for the Palestinian cause in the Arab world, one would expect more pressure on Beijing to take Israel to task for its unending domination over Palestinian life. Still, the direction of travel is happening in the other way.

Saudi Arabia, for example, could offer to trade more oil in yuan or open up parts of Saudi Aramco to Chinese investors in exchange for concrete pressure on Israel to abide by existing international agreements and treaties regarding Palestine.

As more Arab countries establish full and robust relations with Israel, few carrots or sticks can be used to ensure that Beijing behaves as a reasonable mediator. Thus it matters little from the Palestinian standpoint if China or the US meditates on the conflict. They can expect the same results, such as Israeli entrenchment of its occupation and control over Palestinian life.

China’s push into Middle Eastern diplomacy has more to do with its status as a superpower chipping away at American prestige in the region than solving the Israeli-Palestinian conflict.

This article was provided by Syndication Bureau, which holds copyright.

Continue Reading

BAT fined over US0 million for selling tobacco to North Korea via Singapore subsidiary

By:
On:
In: South-East Asia

“British American Tobacco and its subsidiary engaged in an elaborate scheme to circumvent US sanctions and sell tobacco products to North Korea through a corporate cutout in Singapore,” said Assistant Attorney General Matthew Olsen. “This is the single largest North Korean sanctions penalty in the history of the Department ofContinue Reading

US bans intensify chip-making equipment competition

By:
On:
In: Asia, Business

Export controls on semiconductor technology have been expanded after the conclusion of US bilateral negotiations with Japan and the Netherlands in March 2023. This is only the beginning as the United States is set to further tighten export controls, as recommended in the National Security Commission on Artificial Intelligence’s final report.

The US Department of Commerce’s Bureau of Industry and Security issued new regulations on October 7, 2022, which were expected to bring about protests from semiconductor equipment makers and foundries.

While Washington insists that the measures are designed to protect US intellectual property and defend national security, they reflect the heavy competition in the global semiconductor equipment business.

According to 2019 figures, the United States had a 17% share of overall semiconductor manufacturing equipment exports, trailing behind Japan (28%) and closely followed by the Netherlands (17%), Singapore (10%) and South Korea (10%).

The United States is dominant in the upstream integrated circuit design process but it faces competition from the Netherlands and Japan in the midstream integrated circuit manufacturing process. It also does not have a substantial market share in the downstream integrated circuit packaging and testing process.

The competitive nature of the global semiconductor industry is particularly salient in lithography equipment (dubbed scanners or steppers). The Dutch company ASML Holding NV dominates this market, which was valued at US$11.8 billion in 2022 and is expected to grow at a compound annual growth rate of 10%, reaching $18 billion by 2025.

The current moves to deter the Netherlands and Japan from exporting semiconductor equipment to China aim to undercut China’s access to high-end chip manufacturing equipment. But these efforts might also lead to a shift in market share depending on how export controls are implemented.

Dutch firm ASML employees at work. Photo: ASML

After months of deliberation amid negotiations with the United States, ASML announced it would prevent the sales of specific models of semiconductor equipment to an unnamed country.

The affected models were the TWINSCAN NXT:2000i, the NXT:2050i and the NXT:2100i, which are immersion-deep ultraviolet machinery used for lithographic processes in the most advanced logic and memory chips.

ASML has announced that the added measures will not affect its revenue, as it is currently operating at capacity. But given that the US Department of Commerce’s Bureau of Industry and Security has already prohibited the sale of extreme ultraviolet machinery to China, ASML must plan its next steps wisely and diversify into other jurisdictions.

The additional measures are pending implementation until the Netherlands enacts new laws and ASML is bound by any existing contracts to deliver machines until that time.

Japan has expressed its intent to participate in export controls, announcing its own export control mechanisms in March 2023. But Japanese Foreign Minister Yoshimasa Hayashi subsequently paid a visit to his counterpart in Beijing, Qin Gang, given the possible backlash from China.

As expected, China has contemplated placing export controls on rare earth materials in retaliation. There is speculation on which Japanese companies would be subject to the ban on semiconductor equipment sales to China, with the most likely being Tokyo Electron.

Depending on how Japan implements the export curbs, Japanese companies Canon and Nikon may seek to revive their lithography businesses, a market in which they once flourished but in which they have lost market share as they have instead focussed on camera lenses.

The Bureau of Industry and Security measures announced on October 7, 2022, have led to a plunge in semiconductor equipment sales to China, demonstrating the immediate impact of the measures on US companies such as Applied Materials, KLA and Lam Research.

The implementation of US export controls on semiconductor equipment may reset the competition for market share and create uncertainty for major players. Other countries such as Singapore, Germany and South Korea are likely to be subject to additional measures in the near future.

As access to the Chinese market shrinks under US export controls, it is bound to spur heightened competition and geo-economic conflict between the United States and China.

June Park is a political economist and an inaugural Asia Fellow of the International Strategy Forum at Schmidt Futures.

This article was originally published by East Asia Forum and is republished under a a Creative Commons license.

Continue Reading

China to stiffen spy law amid Western espionage fears

By:
On:
In: Asia

China, claiming to have been targeted by various espionage activities from the West, is stepping up its anti-spy efforts.

According to a pending legal amendment expected to be approved on April 26, the coverage of spying charges will be expanded from theft of “state secrets” to “all data and items related to national security.” Cyber attacks will also be covered.

Some commentators say the strengthening of the anti-spy law raises fears of a crackdown on foreign companies and individuals in China.

The law change comes after Dong Yuyu, deputy head of the editorial department at Guangming Daily, faced spying charges for interacting with diplomatic and academic contacts from Japan and the United States.

Meanwhile, a senior employee of Japanese pharmaceutical firm Astellas Pharma was arrested last month on suspicion of engaging in espionage activities. And in a separate case, five Chinese staff of the Mintz Group, a United States due diligence firm, were also arrested in Beijing last month. 

On Monday, Chinese state media reported that “espionage activities” will be defined as following:

  1. To carry out or instigate or finance others to carry out activities that endanger the national security of the People’s Republic of China;
  2. To join, accept tasks from or take refuge in an espionage organization or its agents;
  3. To steal, spy on, buy and illegally provide state secrets and intelligence, as well as other documents, data, materials and items related to national security and interests or to instigate, lure, coerce, or bribe state staff to mutiny;
  4. To attack, intrude, interfere, control and damage the cyber facilities of state institutions, secret-related units or key information infrastructure;
  5. To indicate the target for the enemy to attack;
  6. To carry out other espionage activities.

New wordings include the parts about cyber-attack and “other documents, data, materials and items related to national security and interests.”

According to the government’s propaganda published last October, major espionage organizations include MI6, CIA, Russia’s Federal Security Service (FSB), Israel’s Institute for Intelligence and Special Operations (MOSSAD), Korean Central Intelligence Agency (KCIA) and Japan’s Defense Intelligence Headquarters (DIH).

People who are singled out for being easily instigated by espionage organizations include those who enjoy luxurious lifestyles; those who fantasize about the West and its thinking and derogate China’s systems; self-centric people who seek public attention; and people who have low morality.

Professional spying tools include traditional hidden cameras, clandestine listening devices and phone interceptors, as well as “umbrella guns” and spying glasses and headphones.

“Espionage activities are very close to us,” the government says in an anti-spy banner. “Retired officers, overseas students, high-school teachers, military fans and staff of military-industrial complex companies, national defense research institutions and government departments are major targets of espionage organizations.”

It says some young netizens may be used by foreign agents during online chats without knowing it. It says all people must stay alert and help build an iron wall to safeguard national security.

Making an example

Dong Yuyu, deputy head of the editorial department at Guangming Daily, faces charges. Photo: Jiefang Daily

The Wall Street Journal reported on Monday that Dong Yuyu was arrested when eating lunch with a Japanese “diplomat” at a restaurant in a hotel in February last year.

Citing a statement from Dong’s family, the report said the diplomat was released after several hours but Dong has remained in detention. It said the family was told that Dong will be tried but the date is unclear.

Dong graduated from Peking University and received a doctorate degree in law. He was awarded a Nieman fellowship at Harvard University in 2006-07 and became a visiting fellow at Keio University in Japan in 2010. He also served as a visiting professor at Hokkaido University in Japan.

“Dong Yuyu is an accomplished journalist whose work as a newspaper reporter and author demonstrate a long record of pro-reform writing,” Nieman Foundation curator Ann Marie Lipinski says in a statement. “His Nieman classmates knew him as objective in life and in work, and any speculation that his journalism fellowship offers evidence of espionage is ill-founded.” 

More than 60 foreign academics and journalists signed an open letter supporting Dong.  Japanese Foreign Minister Yoshimasa Hayashi declined to comment due to the sensitivity of the issue. 

From the commentariat

A Liaoning-based military columnist, called Shanshi, alleges in an article published on April 25 that Dong has had close relationships with foreign intelligence agencies and says the arrested man has been paid to go abroad many times using academic scholarships.

Shanshi says the arrest of Dong, a high-profile media worker, shows the seriousness of China’s anti-spy fight. He says Dong and some previously convicted people have certain things in common.

“They are enjoying the fruits of our country’s development but cannot see the clear fact that our country is constantly developing and progressing in all aspects,” he says. “They hold a completely negative attitude toward all aspects of our society and fully accept the bad ideas of the West.”

“Under the cover of their glamorous titles and prominent social status, these people are doing criminal activities to harm the country,” he adds. “They make the public very angry!”

Based on the 1993 National Security Law, China launched an anti-spy law in 2014.

Since the implementation of the counterespionage law in China in 2014, at least 17 Japanese nationals have been detained in China for alleged involvement in espionage activities, according to the Japanese Foreign Ministry. Five of them are still being held in China.

In August and December 2022, the NPC Standing Committee held the first and second readings of the amendment bill.

“The current situation of anti-espionage struggle is extremely severe,” Zang Tiewei, spokesman of the legal affairs commission, NPC Standing Committee, said in a media briefing on April 21. “Traditional security threats and non-traditional ones are intertwined.”

“Espionage and intelligence activities are getting increasingly complex, with wider fields, more diverse targets and more covert methods,” he said.

A paramilitary policeman gestures under a pole with security cameras, US and China’s flags near the Forbidden City ahead of the visit by US President Donald Trump to Beijing, China November 8, 2017. Photo: Agencies

He said the amendment of the anti-espionage law will resolve problems such as the narrow definition of “espionage,” the incomplete security and prevention systems and the insufficient empowerment of law enforcement.

Zang said the NPC received 201 suggestions from 112 people during the public consultation period. Citing public opinion, he said cyber-spying should be curbed while the national security department should lead the country’s anti-espionage education.

The bill was submitted to the standing committee of the National People’s Congress (NPC) on Monday and is expected to be passed on April 26.

Read: HK banks sweat fast execution of anti-sanctions law

Follow Jeff Pao on Twitter at @jeffpao3

Continue Reading

Japan firm fails in bid for historic moon landing

By:
On:
In: Asia

He said the firm is currently developing two further attempts to land on the lunar surface and the setback would not change that. Still, the apparent crash will be a frustrating end to a mission that began with the lander’s launch last December aboard a SpaceX Falcon 9 rocket. TheContinue Reading

British American Tobacco to pay 5m for North Korea sanctions breaches

By:
On:
In: Asia
KJU smoking in 2017Getty Images

British American Tobacco is to pay $635m (£512m) plus interest to US authorities after a subsidiary admitted selling cigarettes to North Korea in violation of sanctions.

The US authorities said the settlement related to BAT activity in North Korea between 2007 and 2017.

BAT’s head Jack Bowles said “we deeply regret the misconduct”.

The US has imposed severe sanctions on North Korea over its nuclear and ballistic missile activities.

Tuesday’s settlement was between BAT and America’s Department of Justice (DOJ) and the Treasury Department’s Office of Foreign Assets Control.

BAT is one of the world’s largest tobacco multinationals and one of the UK’s 10 biggest companies. It owns major cigarette brands including Lucky Strike, Dunhill and Pall Mall.

In a statement, BAT said it had entered into a “deferred prosecution agreement with DOJ and a civil settlement agreement with OFAC, and an indirect BAT subsidiary in Singapore has entered into a plea agreement with DOJ”.

The DOJ said BAT had also conspired to defraud financial institutions in order to get them to process transactions on behalf of North Korean entities.

North Korean leader Kim Jong Un is known to be a heavy smoker. Last year the US attempted to get the UN Security Council to ban tobacco exports to North Korea, but this was vetoed by Russia and China.

The justice department also revealed criminal charges against North Korean banker Sim Hyon-Sop, 39, and Chinese facilitators Qin Guoming, 60, and Han Linlin, 41, for facilitating sales of tobacco to North Korea.

They were accused of buying leaf tobacco for North Korean state owned cigarette makers and falsifying documents to trick US banks into processing transactions worth $74m. North Korean manufacturers including one owned by the military made about $700m thanks to these deals.

The DOJ announced rewards of $1m for information leading to the capture of Mr Sim and $500,000 each for Mr Qin and Mr Han, who all remain at large.

Pyongyang has for years faced multiple rounds of tough sanctions in response to its ballistic missile launches and nuclear tests.

However that has not deterred Mr Kim from continuing to develop the country’s weapons programme.

This video can not be played

To play this video you need to enable JavaScript in your browser.

Related Topics

More on this story

Continue Reading

Asia’s Best Managed Companies 2023 – Market winners

By:
On:
In: Asia, Finance, South-East Asia

Every 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.

It is with this in mind that the FA team is delighted to announce the winners for 2023.

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.

Read on for the winners of the following categories:

– Best Overall Company
– Best Large-cap
– Best Mid-cap
– Best Small-cap
– Best Corporate Esg Strategy
– Best DEI Strategy
– Best Investor Relations
– Best CEO
– Best CFO

Don’t forget to read about our Industry Winners here.

Thank you to all those who participated and congratulations!

—  WINNERS BY MARKET —

— Best Overall Company —

China
Gold – China United Network Communications Group Co., Ltd.
Silver – Tencent Holdings Ltd.
Bronze – Xiaomi Inc.

Hong Kong SAR
Gold – Sun Hung Kai Properties Ltd.
Silver – Link Real Estate Investment Trust
Bronze – Swire Pacific Ltd.

India
Gold – Tata Consultancy Services Ltd. & Tata Power Company Ltd.
Silver – Infosys Consultants Private Ltd.
Bronze – Hdfc Bank Ltd.

Indonesia
Gold – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Pt Bank Negara Indonesia (Persero), Tbk
Bronze – Pt Bank Mandiri (Persero) Tbk

Philippines
Gold – Sm Prime Holdings, Inc. / Megawide Construction Corporation
Silver – Bank Of The Philippine Islands
Bronze – Ayala Corporation

Singapore
Gold – Amtd Group Company Ltd.
Silver – Dbs Bank Ltd.

Taiwan
Gold – Chunghwa Telecom Company, Ltd.
Silver – Far Eastern New Century Corporation
Bronze – Far Eastone Telecommunications Co., Ltd. & Wistron Neweb Corporation

Thailand
Gold – Ptt Global Chemical Public Company Ltd.
Silver – B. Grimm Power Public Company Ltd.
Bronze – Central Retail Corporation Public Company Ltd.

Vietnam
Gold – Vingroup Joint Stock Company
Silver – Vinfast Joint Stock Company
Bronze – Vinhomes Joint Stock Company

— Best Large-cap —

China
Gold – China Mobile Ltd.
Silver – Wuxi Biologics Cayman Inc.

Indonesia
Gold – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Pt Bank Mandiri (Persero) Tbk
Bronze – Pt Bank Central Asia Tbk

Taiwan
Gold – Far Eastone Telecommunications Co., Ltd.
Silver – Chunghwa Telecom Company, Ltd.

— Best Mid-cap —

Hong Kong SAR
Gold – Asiainfo Technologies Ltd.

Indonesia
Gold – Pt Bank Tabungan Negara (Persero) Tbk
Silver – Pt Perusahaan Minyak Nasional
Bronze – Pt Mayora Indah Tbk

Philippines
Gold – Bloomberry Resorts Corporation
Silver – Sm Prime Holdings, Inc.
Bronze – Gt Capital Holdings, Inc.

Taiwan
Gold – Far Eastern New Century Corporation

— Best Small-cap —

China
Gold – Yiren Digital Ltd.
Silver – Tarena International Inc.
Bronze – Hello Group Inc.

Hong Kong SAR
Gold – Sa Sa International Holdings
Silver – Far East Consortium International Ltd.
Bronze – Viva China Holdings Ltd.

Indonesia
Gold – Pt Bank Keb Hana Indonesia
Silver – Pt Perikanan Nusantara (Persero)
Bronze – Pt Adi Sarana Armada Tbk

Philippines
Gold – Manila Water Company, Inc.
Silver – Security Bank Corporation
Bronze – Megawide Construction Corporation

Singapore
Gold – Amtd Digital Inc.

Taiwan
Gold – Wistron Neweb Corporation
Silver – Hwahsia Glass Co., Ltd.

Thailand
Gold – Dohome Public Company Ltd.
Silver – Forth Corporation Public Company Ltd.
Bronze – Gunkul Engineering Public Company Ltd.

— Best Corporate Esg Strategy —

China
Gold – China Telecom Corporation, Ltd.
Silver – Wuxi Biologics Cayman Inc.
Bronze – Meituan Inc.

Hong Kong SAR
Gold – Sun Hung Kai Properties Ltd.
Silver – Sino Land Company Ltd.
Bronze – The Mass Transit Railway Corporation

India
Gold – Infosys Consultants Private Ltd.
Silver – Tata Power Company Ltd.

Indonesia
Gold – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Pt Bank Mandiri (Persero) Tbk
Bronze – Pt Bank Negara Indonesia (Persero), Tbk

Philippines
Gold – Ayala Corporation
Silver – Sm Prime Holdings, Inc.
Bronze – Sm Investments Corporation

Singapore
Gold – Sp Group Pte. Ltd.

Taiwan
Gold – Chunghwa Telecom Company, Ltd.
Silver – Wistron Neweb Corporation
Bronze – Far Eastern New Century Corporation

Thailand
Gold – B. Grimm Power Public Company Ltd.
Silver – Ptt Global Chemical Public Company Ltd.

Vietnam
Gold – Vinfast Joint Stock Company
Silver – Vingroup Joint Stock Company
Bronze – Vinhomes Joint Stock Company

— Best DEI Strategy —

China
Gold – China United Network Communications Group Co., Ltd.
Silver – Baidu, Inc.
Bronze – Trip.Com Group Ltd.

Hong Kong SAR
Gold – Far East Consortium International Ltd.
Silver – Asiainfo Technologies Ltd.

India
Gold – Tata Power Company Ltd.

Indonesia
Gold – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Pt Bank Negara Indonesia (Persero), Tbk
Bronze – Pt Bank Mandiri (Persero) Tbk

Philippines
Gold – Sm Prime Holdings, Inc.

Taiwan
Gold – Wistron Neweb Corporation
Silver – Far Eastern New Century Corporation
Bronze – Chunghwa Telecom Company, Ltd.

Thailand
Gold – B. Grimm Power Public Company Ltd.

Vietnam
Gold – Vinfast Joint Stock Company

— Best Investor Relations —

China
Gold – China United Network Communications Group Co., Ltd.
Silver – Asiainfo Technologies Ltd.
Bronze – Wuxi Biologics Cayman Inc.

Hong Kong SAR
Gold – Far East Consortium International Ltd.
Silver – Sun Hung Kai Properties Ltd.
Bronze – Asiainfo Technologies Ltd.

India
Gold – Tata Power Company Ltd.
Silver – Tata Motors Ltd.
Bronze – Titan Company Ltd.

Indonesia
Gold – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Pt Bank Negara Indonesia (Persero), Tbk
Bronze – Pt Bank Mandiri (Persero) Tbk

Philippines
Gold – Sm Prime Holdings, Inc.
Silver – Bdo Unibank, Inc.
Bronze – International Container Terminal Services, Inc.

Taiwan
Gold – Wistron Neweb Corporation
Silver – Far Eastern New Century Corporation
Bronze – Far Eastone Telecommunications Co., Ltd. & Chunghwa Telecom Company, Ltd.

Thailand
Gold – Central Retail Corporation Public Company Ltd.
Silver – Dohome Public Company Ltd.
Bronze – B. Grimm Power Public Company Ltd.

Vietnam
Gold – Vingroup Joint Stock Company
Silver – Vinhomes Joint Stock Company
Bronze – Vinfast Joint Stock Company

— Best CEO —

China
Gold – Liu Qiangdong – Jd.Com, Inc
Silver – Pony Ma Huateng – Tencent Holdings Ltd.
Bronze – Ke Ruiwen – China Telecom Corporation, Ltd.

Hong Kong SAR
Gold – Adrian Cheng – New World Development Company Ltd.
Silver – David Chiu – Far East Consortium International Ltd.
Bronze – Raymond Kwok – Sun Hung Kai Properties Ltd.

India
Gold – Rajesh Gopinathan – Tata Consultancy Services Ltd.
Silver – Sandeep Bakhshi – Icici Bank Ltd.

Indonesia
Gold – Sunarso – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Royke Tumilaar – Pt Bank Negara Indonesia (Persero), Tbk
Bronze – Jahja Setiaatmadja – Pt Bank Central Asia Tbk

Philippines
Gold – Jeffrey C Lim – Sm Prime Holdings, Inc. & Tg Limcaoco – Bank Of The Philippine Islands
Silver – Edgar Saavedra – Megawide Construction Corporation
Bronze – Enrique K Razon – International Container Terminal Services, Inc. /Bloomberry Resorts Corporation

Singapore
Gold – Piyush Gupta – Dbs Bank Ltd.

Taiwan
Gold – Chee Ching – Far Eastone Telecommunications Co., Ltd.
Silver – Douglas Tong Hsu – Far Eastern New Century Corporation
Bronze – Jeffrey Gau – Wistron Neweb Corporation

Thailand
Gold – Preeyanart Sunthornwatha – B. Grimm Power Public Company Ltd.
Silver – Phawat Witoopakorn – Eastern Polymer Group Public Company Ltd.
Bronze – Gunkul Dumrongpiyawut – Gunkul Engineering Public Company Ltd.

Vietnam
Gold – Le Thi Thu Thuy – Vinfast Joint Stock Company

— Best CFO —

China
Gold – Li Yuchao – China United Network Communications Group Co., Ltd.
Silver – Li Yinghui – China Telecom Corporation, Ltd.
Bronze – Li Ronghua – China Mobile Ltd.

Hong Kong SAR
Gold – Vanessa Lau – Hong Kong Exchanges And Clearing Ltd.
Silver – Brian Sum – Sun Hung Kai Properties Ltd.
Bronze – Edward Lau – New World Development Company Ltd.

Indonesia
Gold – Viviana Dyah Ayu Retno K – Pt. Bank Rakyat Indonesia (Persero) Tbk
Silver – Sigit Prastowo – Pt Bank Mandiri (Persero) Tbk
Bronze – Novita Widya Anggraini – Pt Bank Negara Indonesia (Persero), Tbk

Philippines
Gold – John Nai Peng Ong – Sm Prime Holdings, Inc.
Silver – Estela Tuason-Occena – Bloomberry Resorts Corporation
Bronze – Riza Maniego – Globe Telecom, Inc.

Singapore
Gold – Chng Sok Hui – Dbs Bank Ltd.

Taiwan
Gold – David Wang – Far Eastern New Century Corporation
Silver – Jona Song – Wistron Neweb Corporation

Thailand
Gold – Siriwong Borvornboonrutai – B. Grimm Power Public Company Ltd.

Vietnam
Gold – David Mansfield – Vinfast Joint Stock Company

 

¬ Haymarket Media Limited. All rights reserved.

Continue Reading

Asia’s Best Managed Companies 2023 – Industry winners

By:
On:
In: Asia, Finance, South-East Asia

Every 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.

It is with this in mind that the FA team is delighted to announce the winners for 2023.

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.

Read on for the winners of the following categories:

– Best Basic Materials Company
– Best Consumer Cyclicals Company
– Best Consumer Non-Cyclicals Company
– Best Energy Company
– Best Financial Company
– Best Healthcare Company
– Best Industrials Company
– Best Real Estate Company
– Best Technology Company
– Best Telecommunications Company
– Best Utilities Company

Don’t forget to read about our Market Winners here.

Thank you to all those who participated and congratulations!

— WINNERS BY SECTOR —

— Basic Materials Company —

Indonesia
Gold – PT Aneka Tambang Tbk
Silver – PT Krakatau Steel (Persero) Tbk & PT Petrokimia Gresik

Philippines
Gold – Nickel Asia Corporation

Taiwan
Gold – Far Eastern New Century Corporation

— Consumer Cyclicals Company —

Hong Kong SAR
Gold – ANTA Sports Products Ltd.
Silver – Viva China Holdings Ltd.

Indonesia
Gold – PT Mitra Adiperkasa Tbk
Silver – PT Erajaya Swasembada Tbk
Bronze -mPT Media Nusantara Citra Tbk

Philippines
Gold – Megawide Construction Corporation

Taiwan
Gold – Far Eastern New Century Corporation

— Consumer Non-Cyclicals Company —

China
Gold – Chongqing Hongjiu Fruit Company, Ltd.

Hong Kong SAR
Gold – Hengan International Group Company, Ltd.
Silver – Chongqing Hongjiu Fruit Company, Ltd.

Indonesia
Gold – PT Unilever Indonesia Tbk
Silver – PT Indofood CBP Sukses Makmur Tbk
Bronze – PT Sumber Alfaria Trijaya Tbk

Taiwan
Gold – Far Eastone Telecommunications Co., Ltd.

— Best Energy Company —

China
Gold – China Shenhua Energy Company Ltd.
Silver – CNOOC Ltd
Bronze – China Petroleum & Chemical Corporation

Indonesia
Gold – PT Perusahaan Minyak Nasional
Silver – PT Adaro Energy Indonesia Tbk
Bronze – PT AKR Corporindo Tbk & PT Perusahaan Listrik Negara (Persero)

Philippines
Gold – Aboitiz Power Corporation
Silver – ACEN Corporation & Semirara Mining And Power Corporation

Taiwan
Gold – Far Eastern New Century Corporation

Thailand
Gold – B. Grimm Power Public Company Ltd.
Silver – Energy Absolute Public Company Ltd. & Gunkul Engineering Public Company Ltd.

— Best Financial Company —

China
Gold – Industrial and Commercial Bank Of China (Asia) Ltd.
Silver – China Life Insurance Company Ltd.
Bronze – American International Assurance Company Ltd.

Indonesia
Gold – PT. Bank Rakyat Indonesia (Persero) Tbk
Silver – PT Bank Negara Indonesia (Persero), Tbk & PT Bank Mandiri (Persero) Tbk
Bronze – PT Bank Central Asia Tbk

Philippines
Gold – Bank Of The Philippine Islands
Silver – BDO Unibank, Inc. & Metropolitan Bank & Trust Company

Taiwan
Gold – Cathay Financial Holding Company, Ltd.
Silver – Chailease Holding Company Ltd. & First Financial Holding Company Ltd.

— Best Healthcare Company —

China
Gold – Wuxi Biologics Cayman Inc. & Innovent Biologics, Inc.
Silver – Akeso, Inc.

Hong Kong SAR
Gold – Sino Biopharmaceutical Ltd.
Silver – Canbridge Pharmaceuticals Inc.

India
Gold – Apollo Hospitals Enterprises Ltd

Indonesia
Gold – PT Prodia Widyahusada Tbk
Silver – PT Kalbe Farma Tbk
Bronze – PT Medikaloka Hermina Tbk

Thailand
Gold – Bangkok Dusit Medical Services Public Company Ltd.
Silver – Intermedical Care and Lab Hospital Public Company Ltd.
Bronze – Praram 9 Hospital Public Company Ltd.

— Best Industrials Company —

Hong Kong SAR
Gold – TK Group Holdings Ltd.

Indonesia
Gold – PT Astra International Tbk
Silver – PT United Tractors Tbk
Bronze – PT Krakatau Steel (Persero) Tbk

Taiwan
Gold – Far Eastern New Century Corporation

— Best Real Estate Company —

China
Gold – China Resources Land Ltd.

Hong Kong SAR
Gold – Far East Consortium International Ltd.
Silver – Sun Hung Kai Properties Ltd.
Bronze – Swire Properties Company Ltd.

Indonesia
Gold – PT Ciputra Development Tbk
Silver – PT Bumi Serpong Damai Tbk
Bronze – PT Pakuwon Jati Tbk

Philippines
Gold – SM Prime Holdings, Inc.
Silver – Ayala Land, Inc. & Robinsons Land Corporation

Taiwan
Gold – Far Eastern New Century Corporation

Thailand
Gold – Origin Property Public Company Ltd.
Silver – Quality Houses Public Company Ltd.

Vietnam
Gold – Vinhomes Joint Stock Company

— Best Technology Company —

China
Gold – Tencent Holdings Ltd.
Silver – JD.Com, Inc.
Bronze – Alibaba Group Holding Ltd.

Hong Kong SAR
Gold – Asiainfo Technologies Ltd.
Silver – BYD Electronic Company Ltd.

Indonesia
Gold – PT Telkom Indonesia (Persero) Tbk
Silver – PT DCI Indonesia Tbk
Bronze – PT Elang Mahkota Teknologi Tbk

Taiwan
Gold – Wistron Neweb Corporation
Silver – Sercomm Corporation
Bronze – Topco Scientific Co. Ltd.

Vietnam
Gold – Vinfast Joint Stock Company

— Best Telecommunications Company —

China
Gold – China Mobile Ltd.
Silver – China United Network Communications Group Co., Ltd.
Bronze – China Telecom Corporation, Ltd.

Hong Kong SAR
Gold – China United Network Communications Group Co., Ltd. (Hong Kong)
Silver – China Tower Corporation Ltd.

Indonesia
Gold – PT Telkom Indonesia (Persero) Tbk
Silver – PT XL Axiata Tbk
Bronze – PT Sarana Menara Nusantara Tbk

Philippines
Gold – Globe Telecom, Inc.
Silver – Converge ICT Solutions Inc.

Taiwan
Gold – Chunghwa Telecom Company, Ltd.
Silver – Far Eastone Telecommunications Co., Ltd.
Bronze – Taiwan Mobile Corporation Ltd.

— Best Utilities Company —

China
Gold – China Power International Development Ltd.
Silver – China Datang Corporation Ltd.

Hong Kong SAR
Gold – Tian Lun Gas Holdings Ltd.

India
Gold – Tata Power Company Ltd.

Indonesia
Gold – PT Jasa Marga (Persero) Tbk
Silver – PT Indonesia Kendaraaan Terminal Tbk
Bronze – PT Kencana Energi Lestari Tbk

Philippines
Gold – Manila Water Company, Inc.

Taiwan
Gold – Far Eastern New Century Corporation
 

¬ Haymarket Media Limited. All rights reserved.

Continue Reading