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Tag: gold

  • Chow Tai Fook closing more Hong Kong stores

    Chow Tai Fook closing more Hong Kong stores

    Chow Tai Fook Jewellery Group has revealed plans to shut about one in five of its Hong Kong stores, the majority of them in prime tourist areas.

    The closures will take effect when leases come up for renewal throughout this year, starting from April according to an emailed statement cited by Bloomberg.

    The move follows announcements by Prada and Louis Vuitton they will not renew their leases on stores in Russell Street and Times Square, respectively. Sasa International has previously said it would close up to 30 stores in Hong Kong.

    The network retrenchments follow rapidly declining retail sales in Hong Kong since June last year, especially in the luxury sector, due to ongoing demonstrations and protests in the streets which have spooked foreign visitors, and declining visitor numbers from tier-1 cities in Mainland China. Jewelers have been hit by volatile gold prices as well, sparked by geopolitical tensions and the Sino-US trade war.

    Chow Tai Fook has not specified exactly how many stores it will close, referring to “in the mid-teens” when asked.

    The stores are primarily located in areas popular with tourists, including Tsim Sha Tsui, Mongkok and Causeway Bay.

    Chow Tai Fook believes a trimmer store network will reduce overheads and improve margins after it experienced three consecutive quarters of declining same-store sales. In the three months to December 31, same-store sales fell 35 percent in value in Hong Kong and Macau and by 47 percent in volume.

    However on the mainland, sales rose 17 percent during the quarter, driven by the rapid expansion of the brand’s store network there; it added a net 279 stores. Same-store sales on the mainland rose by 2 percent.

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  • Vietnam gold price hits 6-year high

    Vietnam gold price hits 6-year high

    Gold prices in Vietnam soared to a six-year high on Monday amid rising military tension between the U.S. and Iran. The country’s largest jewelry company DOJI sold its SJC gold at VND44.44 million ($1,924) per tael (1.2 ounces) on Monday morning, up 3.78 percent from Friday.

    Another giant Phu Nhuan Jewelry also raised its selling price to VND44.3 million ($1,918), up 4.7 percent.

    It is the first time Vietnam’s gold price passed the VND44.4 million ($1,922) mark in the last six years.

    The surge came as global gold prices increased by up to 1.8 percent to $1,579 per ounce at a point on Monday morning, the highest in seven years.

    The sudden rush for safe-haven assets came after U.S. President Donald Trump ordered a strike that killed Iran’s General Qasem Soleimani, head of the Iranian Revolutionary Guard’s elite Quds Force, on Friday. Iran has vowed to retaliate.

    Gold prices had been surging throughout last year as trade tensions between the U.S. and China persisted.

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  • Lancome launches Absolue Gold Power pop-up at Sanya

    Lancome launches Absolue Gold Power pop-up at Sanya

    Luxury beauty brand Lancome has launched a pop-up store at the Sanya International Duty Free Shopping Complex in Hainan, China.

    Following earlier VIP events in Beijing and Seoul, the Gold Power pop-up, which also marked the first Lancome x CDFG collaboration with the brand’s premium Absolue franchise, extended a luxurious experience to Sanya travellers while promoting Lancome’s French rose-infused Rejuvenated Absolue Soft Cream.

    The pop-up featured an outdoor installation of more than 5000 pink roses surrounding a larger-than-life Lancome Absolue gold jar. In store a 3D digital screen invited travellers to immerse themselves in the brand’s soft cream texture story and browse an assortment of skincare products and travel-exclusive offerings, with personalised skincare consultations.

    “Travelling consumers nowadays are looking for iconic products, desirable brands and memorable experiences,” said L’Oreal Travel Retail Asia Pacific MD Emmanuel Goulin. “This is precisely what we try to achieve with this first-ever Lancome Absolue pop-up in Haitang Bay created in partnership with China Duty Free Group. As such, I am confident that the Absolue range will continue to write the future of Lancome skincare, and become the perfect new cream to win in the highly competitive and strategic premium skincare market.”

    Prominent celebrities and KOLs were invited for special appearances at the pop-up, including Lancome’s brand ambassador, renowned actress Yu Fei Hong.

  • BNP Paribas Expands Gold Market Activities in China

    BNP Paribas Expands Gold Market Activities in China

    The bank can now participate in listed gold contracts, gold leasing and other gold derivatives business, and provide more services to its domestic and international client base.

    BNP Paribas (China) has been granted membership of the main board of the Shanghai Gold Exchange, which will allow the bank to fully participate in the Chinese gold market by offering deeper liquidity and broader product scope, it announced in a press release on Tuesday.

    SGE was set up in by the People’s Bank of China in 2002 as a center for gold, silver and platinum trading, growing to become the second-largest gold exchange globally by volume by 2018. BNP Paribas (China) started bilateral gold trading on SGE’s international board in 2017, and now conducts spot, swaps and options trading.

    Through our participation on the mainboard, we hope to position China as a global center for gold trading, Mikko Russi, BNP Paribas head of FX, Local Markets & Commodity Derivatives for Asia Pacific, said in the statement.

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  • Sephora Takashimaya reopens with a gold-member concierge service

    Sephora Takashimaya reopens with a gold-member concierge service

    Sephora Takashimaya has reopened after a two-month renovation with a concierge service for gold members.

    The beauty retailer’s new store has also elevated its in-store experience by integrating both technology and more of a human touch.

    Touted as “the store that spoils you”, the outlet offers Sephora Singapore’s newest brands and product lines. Jo Malone London, Aerin, Miller Harris and Loewe will be exclusively available at Sephora Takashimaya.

    A new fragrance discovery bar offers a curation of both niche and popular scents for perfume lovers.

    Personalised consultations are available at the six-seater beauty studio, using the retailer’s unique Skincredible app. Combining a survey and a skin scan, the consultation service curates product recommendations for shoppers.

    However, the biggest innovation a Gold Member Concierge service, for the top tier of Sephora Takashimaya’s loyalty program members (those who spend more than S$1500 annually).

    The personal-shopper experience can be booked online and begins the moment customers step into the store.

    The 60-minute session starts with a welcoming drink, hand towels and hand massage treatment, followed by free hair and makeup touch-ups, and an analysis of skin health. A guided shopping spree follows, before customers can skip checkout queues using a dedicated Gold members facility.

    The service ends with the customer’s shopping bags carried to their car.

  • Hong Kong Customs smash two counterfeit cosmetics rings

    Hong Kong Customs smash two counterfeit cosmetics rings

    Hong Kong Customs officers have smashed two counterfeit-cosmetics rings selling makeup and skincare products.

    In a five-day-long anti-counterfeiting operation last week, 12 people were arrested after seven retail stores and three warehouses were raided across the territory. Some 6400 items of suspected counterfeit cosmetics were seized with a market value estimated at HK$590,000.

    The raids followed routine patrols where Customs officers discovered shops selling suspected counterfeit goods.

    “After an in-depth investigation with the assistance of trademark owners, Customs officers took enforcement action in various districts during the above-mentioned period,” a Customs spokesperson said.

    Six retail shops in Causeway Bay, Yau Ma Tei and Sheung Shui were raided first resulting in the seizure of about 1400 counterfeit items. After further investigation, Customs then focused on two suppliers distributing suspected counterfeit cosmetics and skin care products. A retail shop in Sheung Shui and three storage facilities of the two suppliers located in Yuen Long and Fanling were raided. About 5000 items were seized across those locations.

    The products seized included toner, lotion, moisturising gel and sunscreen. Seven of the people arrested were men and five were women. They comprised five directors, one shop owner and six salespersons, all aged between 23 and 46.

    “Investigation is ongoing and all arrested persons have been released on bail pending further investigation,” the spokesperson said.

    Divisional Commander (IP general investigation) of Customs, Peggy Tam, said Customs has been taking stringent enforcement actions against the sale of counterfeit goods. She warned traders to be cautious and prudent in merchandising since the sale of counterfeit goods is a serious crime and offenders are liable to criminal sanctions. She also appealed to consumers to procure goods at reputable shops and to check with the trademark owners or their authorised agents if the authenticity of a product is in doubt.

    Under the Trade Descriptions Ordinance, any person who sells or possesses for sale any goods with a forged trademark commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

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  • HKBN launches broadband-pay TV bundles

    HKBN launches broadband-pay TV bundles

    HKBN has launched a new range of bundled broadband and pay TV offers for both enterprise and consumer customers, in collaboration with TVB.

    Subscribers to HKBN Enterprise Solutions will be able to sign up for a 100Mbps business broadband service for prices starting at HK$588 on a 24-month contract. The service will be bundled with access to a basic myTV SUPER pay TV pack as well as a sports upgrade pack.

    Meanwhile consumer customers can subscribe to a 100Mbps service for prices starting at HK$198 or a 1000Mbps service for prices starting at HK$238, which will be bundled with the myTV Gold service, as well as a home telephone service and Wi-Fi concierge service.

    HKBN will waive initial installation fees for both the enterprise and consumer packages.

    “HKBN has been striving to disrupt the status quo in the market. After studying the toll levels of current pay TV content in the market, we strongly believe that a great deal of room still exists for customers to enjoy world-class movies, entertainment and sports events at more competitive prices,” HKBN EVP William Yeung said.

    “Today, we aim to further strengthen the dual play of superb broadband service and OTT content through the advantage myTV SUPER collaboration. HKBN will deliver a wave of offers for both the residential and enterprise market as a way to reward our customers.”

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  • Michael Kors launches improved Sofie Heart Rate smartwatch

    Michael Kors launches improved Sofie Heart Rate smartwatch

    Michael Kors is expanding its smartwatch offering with an improved version of Sofie, a wearable device that was launched two years ago. The new model, weirdly named Sofie Heart Rate, packs a few new features that the original model lacked, but keeps a similar price.

    The Sofie Heart Rate is available in five colors – Pave Rose Gold, Rose Gold, Silver, Pave Two-Tone, and Gold, for as low as $325. Officially unveiled early this year, Michael Kors’ new smartwatch runs Wear OS and is fully compatible with iPhone and Android phones.

    Unlike the original model, the new Sofie Heart Rate features built-in GPS, NFC (Near Field Communication) payment technology, heart rate tracking, and swimproof technology (water resistant up to 30m). Also, it comes with an AMOLED display, 4GB internal storage, and a 300 mAh battery.

    Design-wise, the smartwatch is made of stainless steel and features interchangeable straps. According to Michael Kors, in addition to the three classic stainless steel platings and the two-tone glitz version models, the Sofie Heart Rate will also be offered in alligator-stamped silicone. Moreover, brown and plum stainless steel platings, along with grey silicone, will be made available this fall.

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  • India’s Tanishq brings its first Augmented Reality experience for its customers

    India’s Tanishq brings its first Augmented Reality experience for its customers

    From social media filters, to reshape the concept of traditional retail, Augmented Reality (AR) is rapidly growing in popularity because it brings elements of the virtual world, into the reality, thus enhancing the things we see, hear, and feel. AR has made retail engagement all the more experiential, fascinating and personal and it’s often considered to be in the middle of a mixed reality spectrum; between the real world and the virtual world.

    Tanishq has taken one step further to be more accessible to its customers by launching into the Augmented Reality experience at the Bangalore and Delhi airports. For the first time in India, a jewellery brand is doing an Augmented Reality/ hybrid reality (combination of physical space Augmented Reality) campaign at an airport to engage with a large audience at a completely new level. Tanishq is leaving no stone unturned to keep their customers happy by adopting innovative ways to display their product range.

    With this technological advancement, customers will have the option of ‘Try and Buy’; trying out the jewellery virtually looking at the AR screen. Customers can benefit from this advanced jewellery experience for a month starting from February 06, 2019 at Delhi airport and February 08, 2019 at Bangalore airport.

    Tanishq is implementing MirrAR, an Augmented Reality software platform in collaboration with StyleDotMe, a startup focused in innovative application of Augmented Reality (AR) and Artificial Intelligence (AI) for providing the next generation experience to consumers who are interested in the Gems and Jewellery industry. Using the platform users can virtually try on the jewellery in real time, without actually having to wear them.

    Sharing her thoughts on the launch of AR experience, Deepika Tewari, Associate Vice President, Marketing, Jewellery Division at Titan Company Limited said, “Tanishq has always aimed at providing the best for our customers and this fascinating initiative is one such approach in achieving the objective. Consumers have the option of browsing through multiple jewellery pieces virtually with just one click. The real-time customer experience will definitely strengthen the retail connection between the brand and our esteemed consumers; a transformative step on how India will shop and purchase jewellery in the near future.”

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  • Gold prices rise on trade talk optimism; Fed stance limits gains

    Gold prices rise on trade talk optimism; Fed stance limits gains

    Gold prices edged higher on Friday as optimism over U.S.-China trade talks pressured the dollar, but signs of the U.S. Federal Reserve raising interest rates again this year capped gains. Spot gold inched 0.1 percent higher to $1,324.59 per ounce at 0408 GMT. The metal was headed for a second straight weekly rise, up almost 0.3 percent. The precious metal had hit a 10-month high on Thursday, but later erased the gains.

    U.S. gold futures were subdued at $1,327.7 per ounce.

    “On a day-to-day basis, gold is a function of changing currency markets and the U.S. dollar. Medium outlook is a lot more to do with geopolitical issues and yields,” said Kyle Rodda, a market analyst with IG Markets.

    The dollar index against a basket of six major currencies was set to decline about 0.3 percent this week, which could be its biggest weekly fall in a month..

    “The fact that gold was overbought-driven very much by a new yield environment and tensions around the world has helped keep gold prices elevated,” Rodda said.

    Gold had hit a 10-month high of $1,346.73 on Wednesday, but minutes from the Fed’s January policy meeting indicated there might in fact be a rate hike this year, erasing gains in gold.

    “Dovish signals from U.S. Federal Open Market Committee officials for the shorter term have kept global equities steady whilst applying bearish pressures on the non-interest bearing asset,” Phillip Futures said in a note.

    Higher interest rates reduce investor interest in non-yielding bullion.

    Markets were looking for further indications of progress on trade talks with U.S. and Chinese negotiators resuming high-level talks on Thursday to hash out a deal that could end their trade war, just over a week before a U.S.-imposed deadline.

    The United States and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward ending a seven-month trade war, according to sources familiar with the negotiations, Reuters reported exclusively.

    Indicative of investor sentiment toward bullion, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.63 percent to 789.51 tonnes on Thursday.

    Meanwhile, palladium was up 0.3 percent to $1,473.00 per ounce, having surpassed the key $1,500 level for the first time on Feb. 20.

    The autocatalyst metal was on track for a third straight week of gains, up nearly 3 percent. Platinum gained 0.6 percent to $824, and was set for its best week since early January.

    Silver was little changed at $15.81 per ounce. It was on course to snap two consecutive weekly losses.

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  • Gold scales 8-month peak on Fed rate pause hopes, trade woes

    Gold scales 8-month peak on Fed rate pause hopes, trade woes

    Gold prices edged up on Wednesday to hit their highest since May, supported by uncertainty over U.S.-China trade relations and expectations the U.S. Federal Reserve will keep rates on hold later in the day. Spot gold was up 0.2 percent at $1,313.91 per ounce by 0245 GMT, after touching its highest since May 15 at $1,314.10 early in the session. U.S. gold futures rose 0.3 percent to $1,312.30 per ounce.

    “For the short-term gold is going to move higher as the Federal Reserve will have a dovish tone, which should weaken the dollar and give gold a bit of a move up,” said INTL FCStone analyst Edward Meir.

    The absence of an agreement in U.S-China trade talks should also benefit gold, he said.

    Investors are waiting on the Federal Reserve’s policy decision later in the day, with expectations officials will reinforce their recent dovish stance given a stalemate on global trade, signs of a slowdown in the U.S. economy, and waning business and consumer confidence.

    The Fed raised interest rates four times last year.

    Investors are also concerned that criminal charges against China’s Huawei Technologies Co. Ltd. for violating U.S. sanctions against Iran could complicate U.S.-China trade talks.

    China’s Vice Premier Liu is due to meet with U.S. Trade Representative Robert Lighthizer later in the day.

    “Gold also looks good on the charts … Physical demand seems to be improving in some markets and ETF buying has been increasing. In general the path of least resistance is probably higher from here,” Meir said.

    Underscoring investor interest in the bullion, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1 percent to 823.87 tonnes on Tuesday, to their highest since June.

    SPDR gold holdings have risen 4.6 percent so far this month, their best since September 2017.

    “A combination of falling treasury yields, anxiety over Brexit and Venezuela is all helping gold,” said Nicholas Frappell, global general manager at ABC Bullion.

    British lawmakers rejected most amendments that aimed to keep Britain from leaving the European Union without a deal, reviving worries of a chaotic withdrawal from the trading bloc that would damage the UK economy.

    Silver rose 0.3 percent to $15.88 per ounce, having hit its highest since July 2018 at $15.92 in the prior session.

    Palladium fell 0.2 percent to $1,343.50, while platinum was up 0.4 percent at $813.

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  • Oil prices fall on worries fuel demand to stall amid slowing global growth

    Oil prices fall on worries fuel demand to stall amid slowing global growth

    Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories. International Brent crude oil futures were at $60.89 a barrel at 0352 GMT, down 25 cents, or 0.4 percent, from their last settlement, having closed down 0.6 percent in the previous session.

    U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement.

    “Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said.

    The prospects of future oil demand are getting clouded by the global growth worries, analysts said.

    “With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

    Earlier this week, the International Monetary Fund (IMF) cut its world economic growth forecasts for 2019 and 2020, due to weakness in Europe and some emerging markets.

    Meanwhile, world leaders and top executives are meeting in Davos, Switzerland, this week to discuss how to steer policy amid worries of slowing economic growth, damaging trade wars and Brexit.

    Oil market sentiment was also weakened by an increase in U.S. crude inventories after refineries cut output, data from industry group the American Petroleum Institute showed on Wednesday.

    Crude inventories rose by 6.6 million barrels in the week ended Jan. 18 to 443.6 million, compared with analysts’ expectations for a decrease of 42,000 barrels, the API said. Refinery runs fell by 152,000 barrels per day.

    “Sharp production cuts by OPEC+ have kept crude oil futures supported however as market reports indicate for a marked output reduction in Dec 2018,” said Benjamin Lu, analyst at Phillip Futures.

    “Though oil prices have demonstrated for higher upside potential in the first quarter of 2019, mounting economic challenges will continue to impede exponential gains in the longer term,” Lu added.

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  • Gold rises as growth concerns, US govt shutdown weigh on dollar

    Gold rises as growth concerns, US govt shutdown weigh on dollar

    Gold prices rose on Thursday as the dollar declined due to concerns the prolonged U.S. government shutdown will limit economic growth at the same global growth is slowing as well. Spot gold was up 0.1 percent at $1,283.31 per ounce, as of 0326 GMT, while U.S. gold futures were down 0.1 percent at $1,282.60 per ounce. “We are seeing a weaker U.S. dollar for the moment, which is in general supportive for gold,” Michael McCarthy, chief market strategist at CMC Markets said.

    However, McCarthy cautioned that bullion price gains are limited by slowing investor buying as indicated by price charts used by technical traders.

    “The issue for gold is there is a very heavy resistance seen around $1,290 and $1,310. A further weakening of the U.S. dollar could be supportive. But, we need something to really push gold through the resistance level,” he said.

    The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell for third day, dropping 0.3 percent during that period. However, Asian shares rose on Thursday after Wall Street managed to end higher.

    On Wednesday, U.S. President Donald Trump said that the United States was doing well in trade talks with China, saying at a White House event that China “very much wants to make a deal.”

    However, a prolonged U.S. government shutdown reminded investors of risks to growth to the economy.

    White House economic adviser Kevin Hassett said in a CNN interview the U.S. economy could see zero growth in the first three months if the partial government shutdown lasts for the whole quarter.

    Meanwhile, investor focus turned to the European Central Bank (ECB), which is widely expected to keep its monetary policy unchanged at its first policy meeting of 2019 that ends later on Thursday.

    Market watchers also expect ECB to acknowledge growing threats to the euro zone economy.

    “The ongoing trade war, Brexit and slow global growth narrative are supportive for gold at present levels, as is Chinese seasonal demand,” MKS PAMP Group said in a research note.

    “That being said, Comex non-commercial and exchange-traded fund (ETF) holdings remain extended, so we expect a bit of tug of war in the short-term between $1,270-$1,300.”

    Holdings of SPDR Gold, the largest gold-based ETF, was at its highest since June 2018.

    Among other metals, palladium, which hit a record high of $1,434.50 an ounce last week on low inventories and rising demand, rose 0.1 percent to $1,348.50 an ounce.

    Silver was down 0.1 percent $15.35 an ounce, while platinum was steady at $795.

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  • Poh Kong Malaysia to open three more stores

    Poh Kong Malaysia to open three more stores

    Malaysian jeweller Poh Kong plans to open three more stores this year, boosting its profit. The improved profit is also likely to be driven by  higher gold prices, tipped by some to range from US$1300–$1400 per ounce later this year. The firm’s new stores will open in IOI Mall Puchong, Aeon Nilai and South Key Mall in Johor, taking its network to 95 outlets nationwide.

    “We are aware of the US-China trade war, as well as the anticipation of the US interest rate hikes and currency fluctuations that alter consumer sentiments that could lead to market uncertainty,” said MD Eddie Choon Yee Seiong. “Yet, we are optimistic to maintain or do better in 2019 as compared to the previous financial year.”

    Indicators of upward movement for the company include the improving economy and the strength of the Malaysian ringgit against the American dollar.

    While burgeoning demand saw the firm’s performance improved during the last financial year, fluctuations in gold prices and a weaker ringgit saw a steep drop in actual profits at 20.75 per cent lower than the previous year.

    “We reckon gold will benefit from the ongoing concerns looming around the US-China trade war concerns, as investors may find the precious metal a safe haven,” said Choon.

  • Chow Tai Fook sales slip amid consumer uncertainty

    Chow Tai Fook sales slip amid consumer uncertainty

    Chow Tai Fook sales declined by 11 per cent in same-store sales volume in both Mainland China and Hong Kong & Macau in the December quarter. However the decline in value was less, at 7 per cent in Mainland China and 6 per cent in Macau. Retail sales on the mainland rose by 1 per cent, which seems a modest rate given the company opened 259 new points of sale there during the quarter. Total retail sales value in Hong Kong fell by 1 per cent, despite five new stores opening there.

    In a stock exchange filing, the company said the decline in same-store sales came “amid an uncertain macro environment”.

    In Mainland China, same-store sales of gem-set jewellery declined by 5 per cent, while the average selling price (ASP) fell from HK$6900 in the preceding quarter to $6600.

    In Hong Kong and Macau, gem-set jewellery sales fell by 8 per cent and the ASP from $11,800 to $11,500.

    Sales of gold products in both markets was affected by a decline in volume growth as the gold price strengthened, the company reported. That drove the ASP from $7000 to $7400 in Hong Kong and Macau and from $3900 to $4300 in Mainland China.