hello and welcome to business today. i'm steve lai. let's begin in hong kong, chinese e—commerce giant alibaba upgraded its listing in the city to a primary status matching howard shows are listed in new york. it is suspected to help the company attract investments from mainland china. timing wise, thatis mainland china. timing wise, that is happening as alibaba is facing multiple headwinds including a slowing chinese economy and intense competition from a very crowded e—commerce industry. gary from the investment firm the blueshirt group said the primary listing would help alibaba. i think it's a fantastic move. here is what i think is the rationale behind it. when these companies are dual listed, and they are not the only one, there are a number of chinese companies that have adr in the us and are traded in hong kong. but the adrs are still

the driving force behind their evaluation and as we all know, almost all of these companies are having terrible evaluations right now. with not having a lot of positive sentiment coming from us investors, the companies obviously are trying to figure out how to appeal to a new set of investors that can offer a better valuation or recognise better valuation. so obviously asia—based investors understand the company better, they understand china better. they are less worried about the environment in china in general again, more from a political and trade perspective as opposed to the economy, certainly the economy in china is not great. but to those investors buying in hong kong, there's not enough buying power, not enough ability to change the valuation relative to this big anchor, which is the adr positions.

so, upgrading it to a dual primary gives it the ability, for first of all for money to come in from the mainland through the connects and various channels like that, and then, the hong kong traded stock can start influencing the us adrs rather than vice versa. were are the main challenges they are facing? it's recently been seeing a hit in profits. even though it is traded in the us, it's a domestic company, right? so, nearly all of their revenue and business is based in china. so, they are the a bellwether of the chinese economy. so, all of us know, especially the people that live there, like myself, know that the economy is particularly weak. the consumer there is under pressure. youth unemployment is quite high, and by the way, the younger generation is the one that is driving more online commerce because, historically, and even now, they are the ones with

the better paying urbanjobs. so, you have high unemployment amongst your primary market amongst consumers, and this is the other thing, we are still seeing a hangoverfrom the pandemic years. a lot of people depleted their savings during those three years of the covid lockdowns and the difficulties. and they are doing what is natural, which is rebuilding their savings. so, when you are rebuilding your savings, you are not spending. so, it builds upon itself, right? to not only have the economy week in general and trying to recover and then there is a headwind of people trying to save money and get back into a better financial position as they were before the pandemic. staying with china's e—commerce industry, jd.com saying it will repurchase $5 million in shares starting next month. its share price said took it last week after walmart said it was selling its entire stake in the firm. the move so concerns about the slowdown in chinese

consumer spending. about the slowdown in chinese consumerspending. staying about the slowdown in chinese consumer spending. staying with china, electric vehicle maker has launched its first budget evening. the entry—level moana evening. the entry—level moa na hatchback evening. the entry—level moana hatchback is priced at around $6,009. the company said 16,000 $800. the company says it expects to sell at least 100,000 cars every year as it looks to stand out in a crowded market. some son has partnered with general motors to build an ev battery plant in the us. the company will invest $3.5 billion in the factory in indiana, a mass production of factories will start in 2027 with the dealers were to create jobs for the local economy. you might think here is busy running an election campaign and fending off legal cases but that doesn't stop donald trump from denver to cash in on his image, hejust lodged his fourth collection of traditional —— digital trading card as some depicting him as a

superhero. the bbc has more. in an attempt to win over crypto friendly voters ahead of november's election, donald trump is offering a fourth collection of nonrefundable tokens. these cards show me dancing and even me holding some bitcoins. the new batch forjurors 50 and nfts for $99 each with an additional trading card showing trump as a boxer, dancing and even as a superhero. the release includes packages that promise physical gifts to buyers, purchases of 15 and nfts can get a piece of trump's debate suit or buyers of 75 and nfts will have dinner with trump in florida. trump says his sales have generated more than $4 million in revenue per release, though his cut isn't clear. the nft sale is happening as trump builds on the growing interplay between crypto and politics. trump has vowed to support bitcoin mining in the us

and to work against creating a central—bank digital currency in the country. during the covered pandemic. in a letter sent to the house, the us housejudiciary committee, us house judiciary committee, the us housejudiciary committee, the matter boss said he took down some material including human satire under pressure from his senior official. the white house defended its action saying it encourage responsible action to protect public health and safety. and you know the limits in paris is the only major sporting event this summer, east boards, anywhere video and mobile games thrive had its world cup tournament. and i event went on first eight weeks hosted in riyadh. we caught up with an participant from singapore.— from singapore. hello, i'm currently — from singapore. hello, i'm currently studying - from singapore. hello, i'm currently studying in - from singapore. hello, i'm currently studying in the i currently studying in the engineering world. i'm also a leaderfor this team. a mobile team.

leader for this team. a mobile team. , . ~ ., ., team. he will be taken down as well. so. _ team. he will be taken down as well- so. we — team. he will be taken down as well. so, we basically— team. he will be taken down as well. so, we basically play - well. so, we basically play names well. so, we basically play games and _ well. so, we basically play games and elicit _ well. so, we basically play games and elicit training l well. so, we basically play i games and elicit training for the competitions. for us, we train our health, we need to think with the enemies are and watching our reflexes and our reaction time. we start from 2pm and then to eight p.m.. so there will be threes sets of training sessions against other region teams, it doesn't matter if you win or lose, as long as we learn something from it. so, for either sports players, they allow for many allowance and the competitions that we place so, we will get the best money. the most recent competition went to the spot world cup day

in saudi arabia. ——is sport. we achieved it pretty far so the price we get is $200. saudi arabia was a very hot place. when i went there for the first time, it was really hot. the venue wasn't very cool because the technology is there, it looks very advanced and it's quite big. definitely want to go again. because i want to go somewhere. there's nothing going on and you willjust be hotter. going on and you will 'ust be hotter. ,. ~ . , . going on and you will 'ust be hotter. ~ . , . . , going on and you will 'ust be hotter. ~ . , . . hotter. saudi arabia has also won the rights _ hotter. saudi arabia has also won the rights to _ hotter. saudi arabia has also won the rights to host - hotter. saudi arabia has also won the rights to host the i won the rights to host the olympic east boards game next 0lympic east boards game next year, the country is woodmillar�*s of dollars into growing its influence in the arena. analyst told us why saudi arabia is very big. this board have _ saudi arabia is very big. this board have become - saudi arabia is very big. ti 3 board have become a cornerstone in saudi arabia's political strategy which is notjust serving a human since a cover—up for the human rights atrocities but part of a much

larger strategy where they want to create new diplomatic ties with world leaders all around the world and also of course, businesses, they want to attract people and tourists of the country and they want to force to promote equipment —— relations around the world into international communities. and then there's another layer, when it comes to the matter of east boards, it's that is a much younger population to mainly play ease sports and they are quite easier to impress than the older generations.— impress than the older generations. impress than the older uenerations. ~ ., . generations. would you say that saudi arabia _ generations. would you say that saudi arabia is _ generations. would you say that saudi arabia is succeeding - generations. would you say that saudi arabia is succeeding in - saudi arabia is succeeding in its goals?— its goals? yes, absolutely, i mean that— its goals? yes, absolutely, i mean that we _ its goals? yes, absolutely, i mean that we have - its goals? yes, absolutely, i mean that we have tracked l its goals? yes, absolutely, i- mean that we have tracked down the sponsorship and ownerships in world sports for the last couple of years and it's only growing and i believe that the perception of saudi arabia worldwide is changing, in some countries here in the northern part of europe, we are critical

towards the elder tatarian redeems useless port and i think in general, worldwide, there's not many discussing the human rights abuse in saudi arabia. �* ., ., ., arabia. before we go, some for camers, arabia. before we go, some for gamers. sony _ arabia. before we go, some for gamers. sony is— arabia. before we go, some for gamers, sony is raising - arabia. before we go, some for gamers, sony is raising the - gamers, sony is raising the price of its station five in japan by 19%. starting from september two, the concert will be sold for $550. the company said it had been hit by quite severe external environment. —— playstation 5. it's already around four years old. that's it for this hour of business today. i will see you again soon.

hey, i'mjulia with the catch up. tonight — 0asis—mania, a bridge for otters, and how to bat for both teams in one game. but first, keir starmer spoke about the budget that's coming up in october. it's the government's plans for the country's finances. and it wasn't a very jolly speech. in fact, he said it will be "painful" and that "things will get worse before they get better". he blamed the conservatives

for creating a £22 billion black hole in the public�*s wallet, which they strongly deny. i'll have to turn to the country and make big asks of you as well. to accept short—term pain for long—term good. some other stories now: paralympic gold medallist baroness tanni grey—thompson said she had to crawl off a train at kings cross last night because no staff came to help her, despite it being pre—arranged. lner has apologised, saying it'll investigate. catcher danny jansen made history as the first baseball player to bat for both teams in the same game. he was playing for the toronto bluejays when heavy rain suspended their game against the boston red sox. a day later, he was traded to the red sox, playing for them when the game continued! and it's official — the gallagher brothers are reuniting and 0asis will go on tour in 2025.

they said, "the stars have aligned, the great wait is over". uk tickets will go on sale on the 31 august. and we'll leave you with ten seconds of otter building works. yes, the otters of west sussex have been dodging cars to cross a busy road, so now, they're getting their own bridge — or shelf — under the road and above the water. you're all caught up now. see you. hello and welcome to sportsday. at the us open — jannik sinner puts the doping controversy behind him as the world number one takes to the court for his first round match. after surgey to his spine, 0lly stone credites pilates as he's named in the england

test side to face sri lanka, three years after his last appearance. and as paris gets set for the opening ceremony of the paralympics — we hearjust what keeps motivating sarah storey who already has 17 medals to her name. welcome along to the programme — and we'll start with the action at the us open. the men's world number one jannik sinner survived a scare to defeat mackenzie mcdonald in his first match since being embroiled in a doping test controversy. last week, it was revealed sinner had failed two drug tests in march, but he escaped a lengthy ban when officials decided he wasn't at fault for the presence of banned anabolic agent in his system.