PRESS DIGEST - Hong Kong - Nov 11


HONG KONG, Nov 11 (Reuters) - These are some of the leadingstories in Hong Kong newspapers on Monday. Reuters has notverified these stories and does not vouch for their accuracy.


-- China's hedge fund sector has received a shot in the armwith the establishment of a Sino-foreign joint venture betweenGottex Fund Management and VStone Asset Management,which is likely to open the floodgates for a huge capital inflowinto upcoming domestic hedge fund managers. ()

-- Baidu, claiming more than 80 percent of web-pagesearches in China in September, is contending with aggressivefoes in Qihoo 360 and a Tencent-Sogou alliance. Qihoo claimed itcommanded a 20 percent market share of web-page searches inOctober and targeted a 25 percent share by the end of the year.()

-- Lenovo uses Bollywood icon to burnish itscredentials in India, tipped to become the third-largestsmartphone market by 2017. According to IDC, Lenovo's marketshare in India stood at 9.3 per cent in the second quarter. ()


-- Shanghai has become the latest mainland city to raise thedownpayment requirement for buying a second home to 70 percentfrom 60 percent, following in the footsteps of Beijing andShenzhen. ()

-- Wheelock and New World sold thelatest batch of 100 units at The Austin residential developmenton Saturday despite unit prices being raised to an average ofHK$29,101 ($3,800) per sellable square foot. One-fifth of thebuyers were mainlanders. ()

-- American Express sees great potential for thecorporate credit card market in Hong Kong. The New York-basedcompany now helps 17 percent of Fortune 500 companies managetheir corporate payments, and had seven million corporate cardsaround the world at end of 2012. ()


-- The world's largest private equity fund Warburg Pincus may request redemption of HK$1.55 billion of convertiblebonds issued by property developer Mingfa Group International, which has been actively in talks with other funds tosecure funding, according to market sources.


-- China's e-commerce giant Alibaba expectstotal online transaction volume to hit 30 billion yuan ($4.93billion)on a single day on Nov. 11 Online Festival in themainland. Industry experts see the festival helps Alibaba togenerate one billion yuan in advertising revenue.

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