Apple (AAPL) CEO Tim Cook and Facebook (FB) founder Mark Zuckerberg met Chinese President Xi Jinping on Monday at an annual gathering of advisers to Beijing’s Tsinghua University business school.
Apple’s iPhone X.
Apple’s iPhone X. ILLUSTRATION: APPLE INC.
Xi was addressing business leaders and officials, according to state broadcaster China Central Television (CCTV). Cook and Zuckerberg are on the advisory board of the Tsinghua School of Economics and Management. Here’s Reuters with the details:
The meeting comes at a particularly key time for Apple as it prepares to launch its much-anticipated iPhone X on Friday, amid hopes the anniversary smartphone can revive the firm’s sales in the world’s number two economy…..
Facebook’s Zuckerberg has also been very active in China, eager to get his popular social network unblocked in the world’s most populous nation, where it has been banned since 2009 and held behind the country’s so-called Great Firewall.
Meanwhile, Apple actually may be about to finally achieve growth in China, where it is outpaced in volume terms by local brands such as Huawei, Oppo, Vivo and Xiaomi. According to estimates from Canalys, Apple shipped 11 million iPhones to China during the third quarter compared to just eight million for the same period last year. However, despite launching three new devices this year, Apple’s success in China could just be temporary.
“Apple’s growth this quarter is only temporary. The high sell-in caters to the pent-up demand of iPhone upgraders in the absence of the iPhone X. Price cuts on earlier models after announcing the iPhone 8 have also helped. However, Apple is unlikely to sustain this growth in Q4,” said Canalys Research Analyst Mo Jia.
Despite being touted as widely expensive, excitement for the launch of the iPhone X is building in China. “While the iPhone X launches this week, its pricing structure and supply are inhibiting. The iPhone X will enjoy a healthy grey market status, but its popularity is unlikely to help Apple in the short term.” added Jia.
Exchange-traded funds are rapidly becoming one of the most popular ways to invest in the market in recent years but Hong Kong is bucking the trend. The South China Morning Post takes a closer look at the reasons why:
Demand for Hong Kong ETFs has been lagging due to an unfavourable regulatory environment, the limited variety of ETFs available and relatively lower product understanding. To the extent that investors have pulled out US$4.8 billion from stock ETFs in Hong Kong so far this year, compared to inflows of US$262.8 billion in the US and US$38.3 billion in the whole of Asia-Pacific, according to Bloomberg data…..
“There is a lot of misunderstanding of the liquidity of the ETFs. However, we still see the market growing at a healthy pace with more educational programmes introduced to clients to help them understand ETFs,” said Linda Luk, Asia managing director of retail & intermediary business at Vanguard Investments Hong Kong.