"Coupons and red-pocket subsidies offered by those platforms at their early stages of development are used more as a marketing approach," Yao said. "As the real creators of corporate value, users have not shared real benefits from revenues that have been made." "As representatives of the public, governments should study in depth whether it's necessary for them to levy digital taxes to platform-like enterprises, just like they levy taxes on natural resources," said Yao. China's smartphone maker Xiaomi took a hit as its share price dropped 0.85 percent to HK$29.3, the worst performer among the "ATMX Quartet." In other news, China Taiping Insurance (0966) announced yesterday that insurance premiums rose 3.47 percent to 167 billion yuan (HK$198.17 billion) in the first 11 months.

Source: The Standard December 16, 2020 19:07 UTC