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MTR–KCR Merger
Two Hong Kong railway companies merged in 2007: the Kowloon-Canton Railway Corporation (KCRC) and the Mass Transit Railway (MTR).
There had been some discussion of merging KCRC, which was also government-owned, and the MTR to make the territory's transport system more efficient. The MTR Corporation Limited (MTRCL) backed such a merge while the KCRC opposed the plan. In March 2004, the Hong Kong Government officially encouraged the two companies to merge.
On 11 April 2006, the Hong Kong Government officially announced the details of the proposed merger. Under the non-binding Memorandum of Understanding the Government has signed with KCRC, KCRC would grant a Service Concession to the MTRCL to operate the KCR system, with an initial period of 50 years. The KCRC would receive a one-time upfront payment of HK$4.25 billion, a fixed annual payment of HK$750 million and a variable annual payment based on revenues generated from operation of the KCR system
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Mergers And Acquisitions
In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position. From a legal point of view, a merger is a legal consolidation of two entities into one, whereas an acquisition occurs when one entity takes ownership of another entity's stock, equity interests or assets. From a commercial and economic point of view, both types of transactions generally result in the consolidation of assets and liabilities under one entity, and the distinction between a "merger" and an "acquisition" is less clear [...More Info...] [...Related Items...] |
Second Term Of Tung Chee-hwa As Chief Executive Of Hong Kong
The Second term of Tung Chee-hwa as Chief Executive of Hong Kong, or Tung administration, officially considered part of "The 2nd term Chief Executive of Hong Kong", relates to the period of governance of Hong Kong since the transfer of sovereignty of Hong Kong, between 1 July 2002 and 12 March 2005 until Tung Chee-hwa resigned from the office and the rest of the term was taken up by former Chief Secretary for Administration Donald Tsang. Incumbent Tung Chee-hwa was nominated by the 800-member Election Committee (EC) without contest despite his declining popularity. The pro-democracy camp argued that the electoral process was deliberately designed to obstruct any challenge to Tung. Under the Principal Officials Accountability System introduced by Tung Chee-hwa in July 2002, there were 3 Secretaries of Department and 11 Directors of Bureau [...More Info...] [...Related Items...] |
Leslie Cheung
In a 2012 interview, Cheung's eldest sister, Ophelia, stated Cheung was diagnosed with clinical depression caused by a chemical imbalance in the brain.&As one of the most popular performers in Asia, Cheung's death broke the hearts of millions of his fans across Asia and shocked the Asian entertainment industry and Chinese community worldwide.[66][72][73][74][75][76] The day after Cheung's death, his partner Daffy Tong confirmed that Cheung suffered from clinical depression and had been seeing Professor Felice Lieh Mak, a famous therapist, for treatment for almost a year. He also revealed that Cheung had previously attempted suicide in November 2002.[48] Later at his funeral, Cheung's niece disclosed that her uncle had severe clinical depression and suffered much over the past year
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Financial Crisis Of 2007–2008
While the causes of the bubble are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis, which occurred due to a high default rate and resulting foreclosures of mortgage loans, particularly adjustable-rate mortgages. Some or all of the following factors contributed to the crisis:[187][63][64]
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2009 East Asian Games
The 2009 East Asian Games (simplified Chinese: 2009年东亚运动会; traditional Chinese: 2009年東亞運動會; pinyin: Èr líng líng jiǔ nián Dōngyà yùndònghuì; Jyutping: ji6 ling4 ling4 gau2 nin4 dung1 ngaa3 wan6 dung6 wui2), officially known as the V East Asian Games, was an international multi-sport event that took place in Hong Kong, China, between 5 December and 13 December 2009. A total of 2,377 athletes from 9 East Asian national competed in 262 events in 22 sports.[1] It was the biggest sporting event ever held in the territory.[1] In 2003 Hong Kong, Chinese Taipei and Mongolia entered the bidding process as potential host cities for the 5th East Asian games.[2] Mongolia subsequently withdrew [...More Info...] [...Related Items...] |
Kowloon-Canton Railway
The Kowloon–Canton Railway (KCR; Chinese: 九廣鐵路; Cantonese Yale: Gáugwóng Titlouh) was a railway network in Hong Kong.[1] It is owned, and was operated by the Kowloon–Canton Railway Corporation (KCRC) until 2007. It provided rapid transit services, a light rail system and feeder bus routes within Hong Kong, and intercity passenger and freight train services to Mainland China.
While still owned by its previous operator, the KCRC (which is wholly owned by the Hong Kong Government) has been operated by the MTR Corporation under a 50-year, extendible, service concession since 2 December 2007. The two companies have since merged their lines into one unified MTR system. Immediately after the merger, steps were taken to integrate the network into the same fare system as the MTR, and gates between the two networks were removed in several stages in 2008
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