LOCAL NEWS

1. Captain of Hong Kong Vessel Faces Hearing Over Damaged Finland-Estonia Cable
The captain of a Hong Kong-registered container ship, “Xin Xin Bei Ji Xiong Hao,” appeared in Eastern Magistrates’ Courts for a pre-trial review regarding damage to a submarine gas pipeline and communications cable between Finland and Estonia in October 2023. The 43-year-old mainland Chinese captain has pleaded not guilty to one count of criminal damage and two charges under merchant shipping safety regulations. The defence applied for an adjournment to engage international law experts, which was granted. The criminal damage is estimated at HK$400 million. The case will next be heard on August 10, with the defendant remaining in custody.

2. Police Raid Three Industrial Buildings in Hung Hom, Arrest 26 in Drug Party Bust
West Kowloon Regional Crime Unit raided three industrial buildings in Hung Hom in the early hours of today (11 July), uncovering drug parties being held in party rooms. Officers seized five types of suspected drugs and arrested at least 19 men and 7 women. The operators were running upscale private clubs and hiring female hostesses to attract wealthy clients, most of whom were mainland visitors holding two-way permits. Police dogs were called in to search the premises.

3. Two Companies Sanctioned for Labour Import Violations
The Labour Department announced administrative sanctions against two companies for violating the “Enhanced Supplementary Labour Scheme”. Xiaonuhuizhaohuan Limited and Dali Frozen Meat Limited have had their pending labour import applications suspended, and all new applications from these companies will be rejected for one year. The former provided false applicant information, while the latter failed to notify the Labour Department of changes to job postings before local recruitment and submitted false recruitment results.

4. NPP Proposes Progressive Baby Bonus – HK$30,000 for Second Child
The New People’s Party submitted 29 recommendations to Chief Executive John Lee for the Policy Address and five-year plan. The party proposed延续 the current HK$20,000 “Newborn Baby Bonus” and introducing a progressive system where the second child would receive HK$30,000 (a 50% increase), with subsequent children receiving progressively higher amounts. The party also renewed its proposal to establish a “Space Economy Coordination Committee” with an annual budget of approximately HK$50 million.

5. Suspected Drug Vehicle Crashes into Restaurant in Mong Kok
A BMW carrying suspected drugs collided with two other vehicles in Mong Kok before crashing into the entrance of a restaurant on Portland Street while trying to evade police. The 46-year-old male passenger was struck by another vehicle while fleeing and was arrested along with the 41-year-old male driver. Police found suspected cocaine in the vehicle.

6. Trolley Carrying Public Housing Prefabricated Components Crashes in Tunnel
A trailer carrying prefabricated components for public housing lost control in the Central Kowloon Route tunnel near Yau Ma Tei yesterday morning, crashing into a wall. Approximately 15 metres of tunnel cladding was damaged, and two prefabricated components fell onto the road. No injuries were reported. The Highways Department stated it would seek recovery of repair costs from the responsible parties.

7. Water Main Burst in Western District Causes Outages
A 15mm diameter water main burst on Smithfield Road in Western District yesterday morning (10 July), causing emergency water cuts to multiple buildings including Ka Fai Court and over 10 other residential blocks, as well as the Caritas Mok Cheung Sui Kun Community Centre. Residents questioned why repair work only began 11 hours later. Water supply was restored to most buildings by 10pm, with Ka Fai Court fully restored in the early hours of today.

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FINANCE & ECONOMY

8. Hang Seng Index Rises 825 Points for the Week, Northbound Funds Turn to Net Selling
Hong Kong and mainland financial authorities announced a series of new measures to accelerate renminbi internationalisation this week, helping the Hang Seng Index recover the 24,000-point level. The index rose 825 points or 3.5% for the week. However, northbound funds, which had recorded net inflows for five consecutive days, turned to net selling of HK$5.994 billion on Friday. The HSI closed at 24,175 points, up 144 points or 0.6%.

9. AI Stocks See Sharp Volatility as Companies Raise HK$60 Billion in a Week
MiniMax (0100) raised HK$16 billion through a share placement and convertible bond issuance. Together with three other AI semi-new stocks, a total of approximately HK$61.5 billion was raised this week, triggering selling pressure. MiniMax shares fell 9.7% to close at HK$268.6. Zhipu (2513), which had already raised HK$31.4 billion, fell 19.29%.

10. Report: Tencent in Talks to Become Manus’s Largest Shareholder
According to reports, Tencent, along with other previous investors including ZhenFund and HSG, is in discussions with Manus management to buy back Meta’s stake in the company. The transaction is reportedly valued at US$2 billion (approximately HK$15.6 billion), with Tencent expected to acquire the majority of shares.

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TRANSPORT & WEATHER

11. High-Speed Rail Services Cancelled Due to Severe Weather
MTR Corporation announced that due to severe weather conditions reported by mainland railway authorities, several high-speed rail train services from West Kowloon Station to Shanghai Hongqiao, Fuzhou, and Guangzhou South, as well as return services, have been cancelled for today and tomorrow (11-12 July). Passengers are advised to use the 12306 website or mobile app for refunds.

12. Very Hot Weather Warning Remains in Effect
The Very Hot Weather Warning issued by the Hong Kong Observatory yesterday morning (10 July) remains in effect. At 7am today, the Observatory recorded a temperature of 28°C with relative humidity of 87%. The public is advised to stay hydrated and take precautions against heatstroke.

13. Bubble Planet at Kai Tak Temporarily Closed for Safety Upgrades
The Bubble Planet exhibition at Kai Tak temporarily closed to implement safety enhancements following an incident in which a visitor was injured. The exhibition reopened at noon today.