In the latest digital currency trials, Suzhou municipal government announced on December 4 that it would give away 100,000 digital red packets, each containing RMB 200 (US$31) and totaling RMB 20 million (US$3 million), to residents via a lottery. Suzhou has been spearheading the digital currency trails. Since May, some Suzhou government employees have been receiving their transport subsidies in the form of digital currency.
One month ago, a similar trial was run in the southern tech hub of Shenzhen. In October, the city carried out a lottery to give away a total of RMB 10 million (US$1.5 million) worth of the digital yuan. Nearly two million people applied, and 50,000 of them won. The winners downloaded a “digital RMB app”, received the digital yuan debuted with a face value of RMB 200 (US$31), and spent it at over 3,000 merchants in a particular district of Shenzhen.
Results and Dividends
As shareholders will be well aware, this has been an extraordinary six months, as the world battled the pandemic spread of the COVID-19 virus. After initially imposing draconian restrictions on movement, governments are gradually relaxing social-distancing measures and, supported by unprecedented monetary and fiscal stimulus, a global economic recovery appears to be underway. Asian markets were surprisingly positive against such a challenging backdrop, with the benchmark MSCI All Countries Asia Pacific ex Japan Index rising by 18.1% in total return terms over the half year to 31 October 2020. In comparison, the Company s net asset value ( NAV ) total return was 21.4%, pleasingly ahead of the benchmark, a testament to the quality and resilience of the portfolio s holdings.
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Coming year may see fewer European brands on the roster as Asia market stars step up
Prior to 2020, the global restaurant industry was already in a state of major tumult, with delivery and smartphones remapping the way consumers interact with foodservice.
Increasingly on the radar of the tech industry and many of the world’s largest investment funds, the industry was (and still is) poised for a major shift, with hundreds of millions of dine-in occasions migrating to other formats delivery above all but also takeaway, drive-thru and even vending machines. COVID-19 has only accelerated those trends, while also creating an unprecedented crisis of demand.
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