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Xiaomi prices IPO at $4.72bn, the bottom of its target range

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Xiaomi prices IPO at $4.72bn, the bottom of its target range Chinese smartphone maker Xiaomi has priced its Hong Kong public listing at the bottom of an indicative range at $4.72bn (£458m).

According to Reuters, sources close to the transaction have said Xiaomi finalised its share offering at HK$17 per share, choosing the base of its rumoured range of between $17 and $22.

The company is selling 2.18bn shares as part of the IPO, making it the largest public listing in technology since Alibaba's 2014 $25bn listing in New York.

Xiaomi was previously expected to raise as much as $6.1bn via its IPO earlier this week, with cornerstone investors taking up between 13 and 15 per cent of the shares on offer.

*Read more*: Xiaomi targets $6.1bn in Hong Kong IPO

At the beginning of June, the smartphone manufacturer posted a net loss of 7bn yuan (£800m).

The news of Xiaomi's lower pricing in Hong Kong has investors nervous for its later listing in China, which was delayed after a dispute between regulators and the company over the valuation of its China depository receipts.

*Read more*: Smartphone-maker Xiaomi to raise up to $3bn in mainland China

Xiaomi had been expected to raise up to $10bn across the two listings.

 

  Reported by City A.M. 8 hours ago.

By sending CY Leung’s allies packing, Hong Kong leader Carrie Lam makes progress in defusing city’s political tensions

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In the year she has been in office, Chief Executive Carrie Lam Cheng Yuet-ngor has tried to drain government advisory committees and statutory bodies of the allies of her predecessor Leung Chun-ying. She has also used the proverbial olive branch several times – nine to be precise. At least that many pan-democrats – traditionally the government’s political competitors – have been appointed there. The move to reduce partisanship in these groups and organisations is... Reported by S.China Morning Post 8 hours ago.

Hong Kong widower declares justice in 2015 death of pregnant wife at Princess Margaret Hospital after inquest ruling

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A pregnant woman did not suffer from a fatal condition before she was admitted to public hospital where she died after doctors failed to detect her miscarriage and provide timely treatment, an inquest ruled on Friday. The Coroner’s Court jury found the woman died from misadventure, meaning Wong Wing-yan, 31, did not suffer from any underlying fatal conditions when she was admitted in November 2015 to the Princess Margaret Hospital, in Kwai Chung. Wong, who was 23 weeks pregnant,... Reported by S.China Morning Post 8 hours ago.

Leaked photos of Hong Kong MTR Sha Tin-Central rail link station suggest wall made of construction waste, not concrete

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Fresh controversy hit Hong Kong’s costliest rail project on Friday as leaked photos showed a staircase wall at a subway station platform suggesting it was made of construction waste instead of pure concrete. The latest news of shoddy work on the MTR Corporation’s HK$97.1 billion (US$12.4 billion) Sha Tin-Central rail link came from lawmaker Claudia Mo Man-ching, who obtained the images from someone claiming to be an ex-construction worker at the To Kwa Wan station site. It was the... Reported by S.China Morning Post 8 hours ago.

Mixed feelings among Hong Kong residents to changes to city’s subsidised housing policy

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As Hong Kong’s chief executive announced a raft of new housing initiatives on Friday, local people longing for a more affordable flat have had mixed reactions. Some are happy because they can ask for a smaller housing loan from their parents. But for those whose incomes still exceed the limits set for subsidised housing schemes, they will continue to live in cramped conditions with their families or face high rental costs in the time to come. Kenneth Lau, 30, public relations and... Reported by S.China Morning Post 7 hours ago.

Daily CryptoCann Report: Alibaba files blockchain patent; Snoop Dogg and Patrick Stewart are behind this cannabis firm

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The Crypto Report Alibaba Group Holding Limited (NYSE:BABA) has filed a patent to bring blockchain technology to international payments, according to a CoinDesk report. The patent entitled "A System and Method That Adjusts Account Balance on a Blockchain" was filed with the China State Intellectual Property Office in January. READ: Daily CryptoCann: Alibaba affiliate launches blockchain payment service; TreatWell founder shunned after viral video The technology would be used for international transactions involving a third-party payment vendor, using blockchain to verify information between accounts. The Chinese e-commerce titan’s affiliate Ant Financial is currently using a blockchain-based system to allow remittances to travel between Hong Kong and the Philippines. Moving from the patent court to the basketball court, NBA team The Sacramento Kings are moving into cryptocurrency, according to a Bitcoin News report. The California-based basketball team has begun mining Ethereum. The Golden 1 Center, the team’s home stadium, has a solar-paneled rooftop capable of generating up to 1.2 megawatts of solar power. The team is owned by Vivek Ranadive, the computer software entrepreneur behind TIBCO Software. The Cann Report Cannabis connoisseur Snoop Dogg and Star Trek legend Sir Patrick Stewart are putting their star power behind a marijuana company alongside a tobacco firm. The award-winning rapper’s venture capital firm Casa Verde Capital and Imperial Tobacco will invest US$10mln in UK-based research firm Oxford Cannabinoid Technologies, as per a High Times report. Patrick Stewart, who uses cannabis-based products to alleviate ortho-arthritis pain in his hands, has publicly endorsed the research firm. "I enthusiastically support the Oxford University Cannabis Research Plan. This is an importAnt step forward for Britain in a field of research that has for too long been held back by prejudice, fear and ignorance," Stewart said in an emailed statement to CNBC last March. READ: Canadian senate votes to legalize recreational cannabis; product could be on retail shelves in 8-12 weeks Despite the growing legalization trend, marijuana has not yet been decriminalized on the federal level in the US. Senate Minority Leader Charles Schumer (D-NY) is looking to change that, introducing a bill known as the Marijuana Freedom and Opportunity Act, according to a report by The Hill. The legislation would remove marijuana from the list of scheduled substances under the 1970 Controlled Substances Act and allow states to decide how to handle the issue. The decriminalization bill is co-sponsored by Senators Bernie Sanders (I-VT), Tim Kaine (D-VA) and Tammy Duckworth (D-IL).   Contact Lenore Fedow at lenore@proactiveinvestors.com Follow her on Twitter: @LenoreMariee Reported by Proactive Investors 6 hours ago.

Xiaomi IPO raises $4.7 billion for the Chinese smartphone maker

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Xiaomi’s much-publicized initial public offering has raised $4.7 billion for the company, and has valued the Chinese smartphone maker at $54 billion. The IPO was conducted in Hong Kong, and the shares were sold at HK$17 per unit. The valuation and capital infusion is significantly lower than was earlier expected, and the overall result is […] Reported by BGR India 5 hours ago.

Hong Kong’s SFC Will Continue to Monitor the Cryptocurrency and ICO Industry

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Regulation is one of the more pressing topics of debate in the cryptocurrency world these days. It’s a necessary evil to some, yet a way of legitimizing the industry to almost everyone else. Hong Kong regulators are keeping a close eye on this industry, and its Securities and Futures Commission has indicated it will continue […] Reported by The Merkle 5 hours ago.

Trade war intensifies: China tariffs could erode remaining US shark fin business

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A new set of Chinese tariffs on US Seafood including items made from shark fins could further erode what remains of the American industry for the controversial products.

China announced the 25 per cent tariffs in mid-June that are expected to apply to exported American goods such as lobster and salmon beginning in July. 

They also will apply to whole or cut shark fins, as well as shark fin products that are canned or preserved, according to a Chinese government website.

The US has long banned "shark finning," a practice long reviled by animal welfare groups that involves removing the fin from a shark and discarding the animal at sea. It is still legal to remove and sell the fin of a legally harvested shark after it is brought to land.

The steep tariffs, which could turn away business from US exporters, might have implications for American shark fishermen and processors. China is one of the biggest buyers of shark fins, as the product is used to make shark fin soup, an Asian delicacy.

"My sense is that's going to decrease demand for sustainably fished US shark fins, and increase demand from countries with less sustainable fisheries," said Shaun Gehan, an attorney for Sustainable Shark Alliance, which represents shark fishermen and dealers. 

"It'll just be a hardship for the small fish houses and the fishermen that participate in this fishery." 

Hundreds of fishermen in the U.S. Seek numerous species of shark for their meat and fins in a tightly regulated fishery. The fins represent about a quarter of the value of a shark, and fins that U.S. Fishermen harvest are often shipped to Asia for processing.

Animal advocates and environmentalists have long called for a complete ban on the shark fin trade because they believe it jeopardizes threatened species of shark. 

Oceana campaign director Whitney Webber said a national fin ban would "reinforce the status of the United States as a leader in shark conservation." But China's new tariffs could have the opposite effect, potentially increasing demand for shark fins from countries where fisheries are not as well managed, said Robert Hueter, a senior scientist and director of the Center for Shark Research at Mote Marine Laboratory in Sarasota, Florida.

"They can get fins from anywhere, and they don't need it from us," Hueter said. "This is hurting U.S. Fishermen, not really solving any kind of problem."

Beijing announced the tariffs, which also apply to agricultural products and cars, as retaliation against President Donald Trump's tariff increase on Chinese products. The two countries, the world's two largest economies, are in the midst of escalating trade hostility.

But some in the US shark fin business do not believe fins will be a casualty of a US-China trade war. Raymond Wong, a New York-based shark fin dealer, said the tariffs can be easily bypassed by shipping fins to Hong Kong, which is a common destination for them anyway.

"If I get dogfish fin from Maine or wherever, I can send it to Hong Kong," he said. "I've been sending dogfish to Hong Kong for a while. I am OK."

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Fri, 29 Jun 2018-09:49pm
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Highlights:  Reported by DNA 4 hours ago.

The 21st Hortiflorexpo IPM Shanghai will be lauched in 2019

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The 21st Hortiflorexpo IPM Shanghai will be lauched in 2019 SHANGHAI, June 30, 2018 /PRNewswire/ -- The 21st Hortiflorexpo IPM Shanghai will be held from April 20-22, 2019, at the Shanghai New International Expo Center (Hall W2-W5) with a floor space of 50,000 sqm.

After more than 20 years' of intense cultivation, Hortiflorexpo IPM Shanghai is officially the largest trade show for horticultural, floricultural and gardening industries in Asia. At 2017's fair, exhibitions came from more than 800 well-known companies representing 30 countries and regions: Netherlands, Germany, France, Italy, UK, Australia, Austria, Belgium, Poland, Denmark, Switzerland, Sweden, USA, Canada, Israel, Lithuania, Estonia, Ecuador, Colombia, South Africa, Ethiopia, Kenya, UAE, Japan, Thailand, India, Norway, mainland China, Hong Kong SAR and Taiwan. Some of these countries and regions, Netherlands, France, Germany, Ecuador, Colombia, Korea, Japan, Thailand and Taiwan, had pavilions at the event. 

The Hortiflorexpo IPM Shanghai will feature exhibits ranging from cut flowers/leaf, seeds/seedlings/bulbs, floriculture materials, pot plants, ornamental plants, succulents, home garden, florist's materials, artificial plants, horticultural materials, fertilizer, nutrient solution, substrate, plant container, pest control, greenhouse facilities and supportive materials, tissue culture, irrigation, internet of things for agriculture, agricultural finance, garden machinery/tools, young plants, grass seed, garden landscape, landscape materials, landscape sketch, garden furniture, waterscaping, and vertical greening.

Meanwhile, a wide range of activities such as forums, seminars, flower arrangement show, and field visiting will also take place at the fair. Special efforts will be made to make sure all relevant government departments, associations, companies, and media will be present. Through both the planned activities and the presence of industry experts and influencers there will be many opportunities to network and better understand the Chinese policy trends and market developments.

The Hortiflorexpo IPM Shanghai is dedicated to those interested in the horticultural, floricultural and gardening industries in Asia or finding opportunities for new customers and partners in the Chinese market. Booths are available for booking now.

Please contact Shanghai Intex Exhibition Co Ltd for booth reservation and request.

Official website: www.hfexpo.org 

Contact:
Angela Wan/
+86-21-62952075 
wanqi@shanghai-intex.com

Xinyi Dong
+86-21-62957551
dongxinyi@shanghai-intex.com

WeChat: hfexpo

View original content:http://www.prnewswire.com/news-releases/the-21st-hortiflorexpo-ipm-shanghai-will-be-lauched-in-2019-300672946.html Reported by PR Newswire Asia 4 hours ago.

China’s embattled HNA might sell US-based Radisson Hotel Group to pay off its debt

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HNA Group, the Chinese conglomerate selling assets to pay down debt, is exploring a sale of Radisson Hotel Group, according to people familiar with the matter. HNA has been gauging interest from rival hotel chains and other potential buyers of the Minneapolis-based company, said the people, who asked to not be identified because the matter isn’t public. There is no certainty the talks will lead to a sale, they said. HNA dissolves Hong Kong unit as it struggles to repay debt “While... Reported by S.China Morning Post 2 hours ago.

Somkid seeks EEC cyberport

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The Hong Kong Cyberport operator is being urged to set up a similar cyberport in Thailand's Eastern Economic Corridor (EEC) to help incubate and fund Thai startups in the high-tech sector. Reported by Bangkok Post 22 hours ago.

Beijing’s meddling in Hong Kong affairs through the city’s liaison office has eased under Carrie Lam but experts warn she still needs to tread carefully

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Like clockwork, every two to three months during Leung Chun-ying’s term as the city’s leader, pro-establishment lawmakers would get phone calls from Beijing’s liaison office in Hong Kong. The caller would sometimes seek their views on policy issues. More often than not, recounted insiders who spoke to the Post, they would ask about goings-on at the Legislative Council. Leung spent almost all of his term between 2012 and June 2017 clashing with opposition lawmakers. Carrie Lam... Reported by S.China Morning Post 22 hours ago.

As pressure piles on leader Carrie Lam to fix Hong Kong’s housing crisis, will new measures do the job? Unlikely, critics say

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Chief Executive Carrie Lam Cheng Yuet-ngor’s announcement on Friday of six new measures to tackle Hong Kong’s housing problems comes at a time when public pressure for more affordable housing is piling on her. It is also no coincidence that they were delivered on the cusp of her first anniversary in office. At first glance, the new initiatives may signal the government’s determination to tackle housing problems but critics suggest their effectiveness may be in doubt. Speaking... Reported by S.China Morning Post 21 hours ago.

Hong Kong exchange explores rule change to curb back-door listings, formation of shell companies

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Hong Kong Exchanges and Clearing on Friday proposed a number of new rules to crack down on back-door listings and related “shell companies”, including a ban that prohibits listed companies from selling major assets or shareholdings within three years after a change of ownership. The proposal marked the latest effort of the HKEX, which operates Asia third largest stock market, to clean up problematic corporate behaviour and to enhance market quality and investor protection. The... Reported by S.China Morning Post 21 hours ago.

As nano flats boom in Hong Kong, new businesses offer big ideas for small spaces

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As John Luo walks into a self-service laundry store in the fading daylight at about 8pm, he hauls in two canvas bags and a bulging backpack. It takes him a while to empty everything. Clothes and towels tumble out, then he starts the one washing machine that can barely hold all his laundry. “I come here every one or two weeks because I don’t have a washing machine at home,” says Luo, 33, who lives in a 110-sq-ft nano flat with his wife. “There’s simply not enough... Reported by S.China Morning Post 20 hours ago.

SparkLabs’ 11th Batch Graduates as Over 2,200 People Gather in Seoul

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Tae-Won Chey, SK Group Chairman, Debuts His Leadership Forum and JYP, Korean KPop Legend, Announces His Company’s New Strategy at SparkLabs Innovation Week

SEOUL, South Korea (PRWEB) June 29, 2018

SparkLabs (http://www.sparklabs.co.kr), Asia’s leading startup accelerator and part of the SparkLabs Group (http://www.sparklabsgroup.com), hosted their eleventh demo day in Seoul, Korea on June 21, 2018. Over 2,200 people attended along with approximately 400 investors to see their latest batch of startups graduate.

SparkLabs also partnered with Macquarie, the international diversified financial group, and the Chicago Forum, to create a new innovation week from June 19th through June 22nd in Seoul. The week targeted Macquarie’s institutional investor clientele and the Chicago Forum’s corporate executive membership.

Tae-Won Chey, Chairman of SK Group (95th largest company on Fortune Global 500), emphasized the importance of corporations creating social value just as much as economic value during his presentation on June 20, 2018. While during SparkLabs DemoDay11, Jin-Young Park, Founder and CEO of JYP Entertainment, announced his company’s new strategy which led to his publicly traded company hitting an all-time on June 21, 2018.

These are the eleven companies that presented on June 21, 2018 at SparkLabs DemoDay11:

Fleapop (Seoul)
Fleapop is a retail tech company that provides an experiential marketplace for teens and women in their twenties every two months for two days. Six open market periods in 2017 (over just 9 days of operations) saw over 150,000 people attend. Typically, over 30,000 people attend their sales events. During 2018, they had over 40,000 people show up to each event and had to turn away 15,000 due to police concerns. Fleapop has an incredible amount of mindshare among 14-18 year girls in South Korea.

Enterphin (Seoul)
Enterphin (http://www.enterphin.com) is a “Github of Hardware.” The company was established by veteran hardware startup founders. Unlike software, developing hardware is a more troublesome and a delicate process. Enterphin has created what they believe to be the only hardware IDE (Integrated Development Environment) in the market, and seek to make the hardware development process far easier for engineers.

Fluid (San Francisco)
Fluid (http://www.fluid.us) is creating a new content consumption experience for consumers that is seamless and intuitive, while introducing new paths to monetization for publishers.

They are utilizing blockchain technology to bring micro payments of the gaming world to digital publishing. They have already signed up various online media sites that have over 175 million monthly unique visitors and almost 1 billion monthly page views for their launch.

Gint (Seoul)
GINT (http://www.gintlab.com) is Korea's first developer of tractor transmission control units (TCU), and specializing in systems for tractors and construction equipment manufacturers. This startup was founded by experts in automotive engineering from Hyundai Motors and other top technology companies.

GINT provides unattended automation technology for manufacturers, and targeting latecomers within the space to overcome the technology gap. Gint has already partnered with leading companies in South Korea, such as Tongyang Moolsan, Daedong Industrial and SK Telecom.

Muzlive (Seoul)
Muzlive (http://www.muzlive.com) has created a physical kit that connects to the phone via an audio jack, USB-C, or NFC, which they called a "smart kit". This is a modern day “CD/LP” to provide fans with a tangible good of their favorite artists.

They have already been working with SM Entertainment, one of the leading labels in South Korea. In 2018, with their first launch, Muzlive has sold 43,000 of these albums and are already profitable.

ZhenHub (Hong Kong)
ZhenHub (http://www.zhenhub.com) makes global commerce easy by providing a platform that allows users to execute logistics operations with a single click. To provide a full economical logistics solution, ZhenHub pioneered a shared economy within the logistics industry by partnering with 33 under-utilized fulfillment centers across 10 countries.

Established in Hong Kong a little more than a year ago, ZhenHub has been experiencing 18% week-on-week growth in revenue, hitting $122,000 in October 2017 with over 600 platforms users.

Veluga Brewery (Seoul)
Veluga is craft beer curation and subscription service where members are delivered a theme box of hand-selected craft beers and food pairings every month. Recently launched, their 1,200 members have consumed over 10,000 bottles of beer and generated over $100,000 in 8 months without any form of paid marketing.

Perfitt (Seoul)
Perfitt (http://www.perfitt.io) reinvents the dynamics of footwear shopping for everyone. This startup has developed a personalized shoe based in computer vision and deep learning to create the perfect blend of comfort and fashion.

Perfitt's has easy-to-use mobile app with 97% accuracy on foot size measurement solution (both mobile app and in-store device). It has already been tested on 3,000 paid customers and reduced a retailer's return rate to 4.5% while earning a 92% customer satisfaction rating.

Watchbot (Seoul)
Watchbot (http://www.watchbot.co.kr) was established in 2016 with co-founders from Samsung Electronics and Naver. Watchbot is an analytics tool for cryptocurrency investing, and are building the world’s first blockchain-based social trading platform.

Watchbot only launched 4 months ago and organically grew to 10,000 users with daily trades hitting US$5 million in volume (only in Korea), and their user base continues to grow rapidly.

BabelTop (Seoul)
BabelTop (http://www.babeltop.net) is a cloud-based platform that provides the latest translation technologies for companies and qualified translators. This company is an on-demand professional translation platform in Asia. They have clients, such as SK Telecom and Samsung, to give them access to 200 registered translators on the platform and a pool of more than 2,000 translators in their network.

Peaches (Seoul and Los Angeles)
Peaches (http://www.one-universe.com) is a rising street fashion brand giving its audience quality media content and products. Rooted in Korea and reborn in LA, where space innovation becomes one universe. Peaches has a strong cultural code in automotive culture, exposing and sharing passion for the love of the vehicle. They are quickly becoming the “Supreme of Korea” with an eye to become its category leader in Asia.

Since June 2017, they have sold out every season. The company has already have completed projects with Nike, BMW, Porsche, and others.

About SparkLabs
SparkLabs is a startup accelerator founded by entrepreneurs for entrepreneurs in South Korea. The focus is on startup companies from the Internet, online gaming, mobile, ecommerce, digital media, and healthcare sectors. The mentorship-driven program will be three months in length and provides funding, office space, a structure program and access to a top-tier network of entrepreneurs, venture capitalists, angel investors and executives. For more information, please visit http://www.sparklabs.co.kr Reported by PRWeb 20 hours ago.

How to make Thai fried-shrimp salad, a Hong Kong helper’s speciality

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Fresh shrimp are easy to find – they’re available year-round at wet markets and some of the larger supermarkets – and they’re easy to cook. The flavour and texture of fresh shrimp are almost always better than those of the frozen variety. Over­cooking makes shrimp tough, though, so be vigilant. Thai fried shrimp salad My husband and I are lucky enough to have a Thai helper who is a very good cook. Tass made this pretty, delicious and vividly flavoured dish one night... Reported by S.China Morning Post 20 hours ago.

How Hong Kong rose to become tallest city in the world

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With more than 300 buildings surpassing 150 metres (490 feet) in height, and more people living on the 15th floor or higher than anywhere else, Hong Kong is the tallest city in the world. From the first tall building in the 1930s, the growth of our 7,833 high-rises is of undeniable significance. According to Guinness World Record estimates, Hong Kong is the world’s tallest urban agglomeration, with the combined height of all skyscrapers surpassing 330 kilometres (205 miles). Moreover,... Reported by S.China Morning Post 18 hours ago.

This Hong Kong restaurant asks you to bring the food and they cook it up for a good cause

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A unique project has been helping solve the city’s food waste one meal at a time. According to the charity Feeding Hong Kong, 3,400 tonnes of food are thrown out every day in the city. But what if instead of throwing leftovers into the bin, you could trade them in for a delicious meal? That is the idea behind XCHANGE: Social Gastronomy, a project that is attempting to raise awareness about “green living” and preventing food surplus from becoming waste through a series of... Reported by S.China Morning Post 17 hours ago.
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