GoTo Technologies USA, Inc. , formerly LogMeIn Inc. , is a flexible-work provider of software as a service ( SaaS ) and cloud-based remote work tools for collaboration and IT management . The company was founded in 2003, and is based in Boston , Massachusetts . On February 2, 2022 the company was rebranded from LogMeIn to GoTo.
108-645: The rebranding to GoTo also announced the launch of a single application with two flagship products: On December 17, 2019, LogMeIn announced an agreement to be sold for $ 4.3 billion to Francisco Partners and Evergreen Coast Capital Corp., which is a private equity affiliate of Elliott Management Corporation . The deal closed on August 31, 2020. LogMeIn was founded in 2003 in Budapest as 3am Labs, and changed its name in 2006. In 2006, 3am Labs acquired Hamachi VPN product. LogMeIn, Inc., completed an initial public offering in 2009. Trading of LogMeIn, Inc., shares on
216-463: A proposed extradition amendment bill permitting the extradition of fugitives to mainland China. The protests are the largest in Hong Kong's history, with organisers claiming to have attracted more than three million Hong Kong residents. The Hong Kong regional government and Chinese central government responded to the protests with a number of administrative measures to quell dissent. In June 2020,
324-415: A "top pick" for Elliott since 2013. As of the fourth quarter of 2014, Elliott owned 17.8 million shares of Hess, worth $ 1.3 billion, making it Elliott's largest holding. In late 2013 Elliot took control of the bankrupt Japanese shipowner Sanko and proceeded to close the majority of the overseas offices of that Company. Elliot eventually asset stripped the company's overseas properties and any equity left in
432-835: A $ 600 million loan backed by the Vietnamese government, then offered to pay bondholders 35 cents on the dollar. Elliott sued for the full amount. In April 2012 Elliott dropped the case. It was reported in December 2012 that Elliott, which already had an 8% stake in Compuware , had offered to buy the company for $ 11 a share in cash. In late 2012, Elliott criticized the oil company Hess for its use of capital and for being "distracted" from oil exploration and production by other activities. In January 2013, Elliott called on Hess to sell certain assets and asked Hess investors to vote for five new directors as part of an effort to reconfigure
540-402: A 2021 thematic report by the Hong Kong government, after excluding foreign domestic helpers, the real number of non-Chinese ethnic minorities in the city was 301,344, or 4% of Hong Kong's population. About half the population have some form of British nationality , a legacy of colonial rule; 3.4 million residents have British National (Overseas) status, and 260,000 British citizens live in
648-543: A 4% stake in CDK Global in May 2015. As of September 2016, it held a 5.4% stake in the company and is the third-largest shareholder. On 4 May 2016, Elliott sent a letter to CDK Board of Directors outlining steps they felt were required in order to meet projected ROI and margins. Quoting "a plan for CDK to optimize its business operations and drive a meaningful improvement in shareholder value." On 8 June 2016, Elliott sent
756-441: A 99.93% stake in the club, after previous owner Li Yonghong defaulted on a €415M debt to Elliott. Elliott immediately started dismissing board members at Rossoneri Sport Investment Lux, the company through which Li Yonghong held AC Milan. On 10 July 2018, Paul Singer declared in an official statement to implant €50M of equity capital to stabilize the finances within the club. In June 2022, RedBird Capital Partners agreed to acquire
864-524: A diverse ecosystem; over 3,000 species of vascular plants occur in the region (300 of which are native to Hong Kong), and thousands of insect, avian, and marine species. Hong Kong has a humid subtropical climate ( Köppen Cwa ), characteristic of southern China, despite being located south of the Tropic of Cancer , although closely bordering on a tropical climate . Summers are long, hot and humid, with occasional showers and thunderstorms and warm air from
972-536: A dozen unnamed solar-power projects in that country, and that it had "hedged its bets by taking out short positions in five other renewable energy funds listed on the London stock market." In September 2015, Elliott purchased a 1,940,642-share stake in Comcast , a Philadelphia-based mass media company, for an average price of $ 58.68 a share. This transaction had a 1.65% impact on Elliott's portfolio. Elliott acquired
1080-845: A four-year term. Twenty are directly elected from geographical constituencies , thirty-five represent functional constituencies (FC), and forty are chosen by an election committee consisting of representatives appointed by the Chinese central government. Thirty FC councillors are selected from limited electorates representing sectors of the economy or special interest groups, and the remaining five members are nominated from sitting district council members and selected in region-wide double direct elections . All popularly elected members are chosen by proportional representation . The 30 limited electorate functional constituencies fill their seats using first-past-the-post or instant-runoff voting. Twenty-two political parties had representatives elected to
1188-610: A letter to CDK Board of Directors advising that "CDK adopt the steps in the Value-Maximizing Plan without delay" due to share-holder support of the plan in the 4 May letter. In May 2018, Elliott Management won a battle for control of Telecom Italia, controlling two-thirds of Telecom Italia 's board seats. In the summer of 2015, Elliott, then a major investor in Samsung's construction division, opposed efforts by acting Samsung head Jay Lee who sought to have one part of
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#17327979344201296-666: A merger with Citrix's GoTo products using a Reverse Morris Trust . In February 2017, LogMeIn completed a merger with GetGo, the corporate spin-off of the GoTo product line from Citrix Systems . In February 2018, the company announced the sale of Xively to Google for $ 50M. Also in February 2018, the company announced the acquisition of Jive Communications for $ 342M. On August 31, 2020, Elliott Management Corporation , by its affiliate Evergreen Coast Capital, and Francisco Partners completed their acquisition of LogMeIn, and LogMeIn's stock
1404-491: A neutral zone to safeguard its status as a free port. The colonial government prepared for a possible attack, evacuating all British women and children in 1940. The Imperial Japanese Army attacked Hong Kong on 8 December 1941 , the same morning as its attack on Pearl Harbor . Hong Kong was occupied by Japan for almost four years before the British resumed control on 30 August 1945. Its population rebounded quickly after
1512-475: A number of markets and sectors." In 2015, Institutional Investor/Alpha magazine gave Elliott an A grade and the #9 ranking among hedge funds worldwide. Elliott has seven equity partners. Paul Singer and Jonathan Pollock are co-chief investment officers; Gordon Singer, Paul Singer's son, manages Elliott's London office. Former senior portfolio manager Steven Kasoff, whose retirement was announced in April 2020,
1620-460: A price of €54.5 per share, making an offer at that price for all shares. The company also announced that the DIS CEO and CFO had signed lucrative management agreements that eventually would make them CEO and CFO, respectively, of Adecco. Adecco attempted to de-list DIS but was blocked in court by a number of hedge funds, including Elliott. The funds also raised concerns about conflict of interest by
1728-409: A second language. Slightly over half the population (58.7%) speaks English , the other official language; 4.6% are native speakers, and 54.1% speak English as a second language. Code-switching , mixing English and Cantonese in informal conversation, is common among the bilingual population. Post-handover governments have promoted Mandarin , which is currently about as prevalent as English; 54.2% of
1836-531: A series of protests in 2014 which became known as the Umbrella Revolution. Discrepancies in the electoral registry and disqualification of elected legislators after the 2016 Legislative Council elections and enforcement of national law in the West Kowloon high-speed railway station raised further concerns about the region's autonomy. In June 2019, mass protests erupted in response to
1944-587: A seven-day grace period to migrate to LogMeIn Pro. LogMeIn acquired Meldium for $ 15M in September 2014 and retired the Meldium product offering in July 2017. On October 9, 2015, LogMeIn acquired LastPass for US$ 110 million. On December 14, 2021, the company announced that LastPass would spin off into its own cloud-based security company. The spin-off was completed in May 2024. In July 2016, LogMeIn announced in
2052-432: A severe amount of income inequality, which has risen since the handover, as the region's ageing population has gradually added to the number of nonworking people. Although median household income steadily increased during the decade to 2021, the wage gap remained high; the 90th percentile of earners receive 41% of all income. The city has the most billionaires per capita, with one billionaire per 109,657 people, as well as
2160-503: A small inlet located between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although the source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese ) phrase hēung góng . The name translates as "fragrant harbour" or "incense harbour". "Fragrant" may refer to
2268-511: A third “of Elliott's portfolio was concentrated in distressed securities , typically in the debt of bankrupt or near-bankrupt companies." In October 2020 Singer announced that his firm was relocating its headquarters to West Palm Beach , Florida . Singer created Elliott Associates in January 1977, starting with $ 1.3 million from friends and family and choosing the Elliott brand as it
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#17327979344202376-431: Is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-British Joint Declaration provided for economic and administrative continuity through the handover, resulting in an executive-led governing system largely inherited from the territory's history as a British colony. Under these terms and the "one country, two systems" principle,
2484-501: Is an American investment management firm. It is also one of the largest activist funds in the world. It is the management affiliate of American hedge funds Elliott Associates L.P. and Elliott International Limited. The Elliott Corporation was founded by Paul Singer , who is CEO of the management company, based in New York City. As of the first quarter of 2015, Elliott's portfolio is worth over $ 8 billion. By 2009, over
2592-410: Is governed by a hybrid regime that is not fully representative of the population. Legislative Council members elected by functional constituencies composed of professional and special interest groups are accountable to these narrow corporate electorates and not the general public. This electoral arrangement has guaranteed a pro-Beijing camp majority in the legislature since the handover. Similarly,
2700-532: Is his middle name. In its earliest years, the firm focused on convertible arbitrage . Since the 1987 stock market crash and early 1990s recession , however, the firm has transitioned into a multi-strategy hedge fund. Elliott Associates manages $ 8.6 billion and is Elliott Management's primary domestic fund. The firm is currently closed to new investors. As of mid-2024, Elliott counted 570 employees in New York City , London , Tokyo and Hong Kong and
2808-429: Is one of the oldest hedge funds under continuous management. In a November 2014 investment letter, Elliott described optimism about U.S. growth as unwarranted. "Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth," Elliott wrote. "When confidence is lost, that loss can be severe, sudden and simultaneous across
2916-403: Is seeking to engage the company's board to discuss strategies and a potential sale of the company. Elliot Management, in particular an expose on Paul Singer featured by Tucker Carlson , was criticized for their handling of Cabela's headquarters following the acquisition and sale to Bass Pro Shops , due to the massive layoffs in the town of Sidney, Nebraska . In July 2016, Elliott persuaded
3024-706: The Börsen-Zeitung , Elliott said its goal was to "protect the rights of minority shareholders." In April 2005, the Wisconsin-based retail chain Shopko announced that it had agreed to be acquired for approximately $ 1 billion by a private equity firm at a price of $ 24 per share. This and a subsequent offer at $ 25 were rejected, according to the Milwaukee Business Journal , "after several dissident shareholders threatened to vote down
3132-572: The AT&;T board of directors, asserting what Elliott called "a compelling value-creation opportunity" at AT&T. Elliott stated it had accumulated $ 3.2 billion of AT&T stock (1.2% equity interest). In September 2019. a joint venture among funds managed by Trinity Real Estate Investments LLC and funds managed by Elliott Management Corporation announced the acquisition of the JW Marriott Desert Ridge Resort & Spa,
3240-542: The Basic Law of Hong Kong for 50 years after the handover. It does not specify how Hong Kong will be governed after 2047, and the central government's role in determining the territory's future system of government is the subject of political debate and speculation. Hong Kong's political and judicial systems may be integrated with China's at that time, or the territory may continue to be administered separately. However, in response to large-scale protests in 2019 and 2020 ,
3348-591: The Basic Law of Hong Kong is the regional constitution. The regional government is composed of three branches: The chief executive is the head of government and serves for a maximum of two five-year terms. The State Council (led by the Premier of China ) appoints the chief executive after nomination by the Election Committee , which is composed of 1500 business, community, and government leaders. The Legislative Council has 90 members, each serving
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3456-604: The Chinese People's Political Consultative Conference appointed by the central government. Chinese national law does not generally apply in the region, and Hong Kong is treated as a separate jurisdiction. Its judicial system is based on common law , continuing the legal tradition established during British rule. Local courts may refer to precedents set in English law and overseas jurisprudence. However, mainland criminal procedure law applies to cases investigated by
3564-563: The Chinese central government 's adherence to the "one country, two systems" principle. After reversal of the last colonial era Legislative Council democratic reforms following the handover, the regional government unsuccessfully attempted to enact national security legislation pursuant to Article 23 of the Basic Law . The central government decision to implement nominee pre-screening before allowing chief executive elections triggered
3672-670: The Former Marine Police Headquarters was redeveloped into a commercial and retail complex, and Béthanie (built in 1875 as a sanatorium ) houses the Hong Kong Academy for Performing Arts . The Tin Hau Temple , dedicated to the sea goddess Mazu (originally built in 1012 and rebuilt in 1266), is the territory's oldest existing structure. The Ping Shan Heritage Trail has architectural examples of several imperial Chinese dynasties, including
3780-466: The Hong Kong dollar , is the ninth most traded currency in the world. Home to the seventh-highest number of billionaires of any city in the world, Hong Kong has the largest number of ultra high-net-worth individuals . Although the city has one of the highest per capita incomes in the world, severe income inequality exists among the population. Despite being the city with the most skyscrapers in
3888-803: The Middle Neolithic period, about 6,000 years ago, the region had been widely occupied by humans. Neolithic to Bronze Age Hong Kong settlers were semi-coastal people. Early inhabitants are believed to be Austronesians in the Middle Neolithic period and later the Yue people. As hinted by the archaeological works in Sha Ha, Sai Kung, rice cultivation had been introduced since Late Neolithic period. Bronze Age Hong Kong featured coarse pottery, hard pottery, quartz and stone jewelry, as well as small bronze implements. The Qin dynasty incorporated
3996-734: The Office for Safeguarding National Security of the CPG in the HKSAR . Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by the Standing Committee of the National People's Congress override any territorial judicial process. Furthermore, in circumstances where
4104-717: The People's Liberation Army is responsible for the region's defence. Although the Chairman of the Central Military Commission is supreme commander of the armed forces, the regional government may request assistance from the garrison. Hong Kong residents are not required to perform military service, and current law has no provision for local enlistment, so its defence is composed entirely of non-Hongkongers. The central government and Ministry of Foreign Affairs handle diplomatic matters, but Hong Kong retains
4212-670: The PulteGroup , a home builder in which it owns 4.7%, to add three new board members, cut investments in new land, and buy back shares. After buying a stake in Alcoa (now Arconic) that earned it three board seats, Elliott forced a restructuring, after which Elliott was able to sell its stake at a 104% profit. In 2017–2018, under pressure from Elliott, athenahealth undertook substantial cost-cutting measures, and co-founder Jonathan S. Bush resigned. In September 2019, Elliott Management published an activist investor letter addressed to
4320-595: The Safeguarding National Security Ordinance was passed by the Legislative Council to grant officials "even more powers to crack down on opposition to Beijing and the Hong Kong government" and includes penalties such as life imprisonment for political crimes such as treason and insurrection . Critics state that this expansion "will strike a lasting blow to the partial autonomy the city had been promised by China [in
4428-713: The Shanghai Street shophouses in Mong Kok . Mass-produced public-housing estates , built since the 1960s, are mainly constructed in modernist style . The Census and Statistics Department estimated Hong Kong's population at 7,413,070 in 2021. The overwhelming majority (91.6%) is Han Chinese , most of whom are Taishanese , Teochew , Hakka , and other Cantonese peoples . The remaining 8.4% are non-ethnic Chinese minorities, primarily Filipinos , Indonesians , and South Asians . However, most Filipinos and Indonesians in Hong Kong are short-term workers. According to
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4536-566: The Sino-British Joint Declaration ]." Hong Kong's administrative divisions are divided into three levels: Areas (區域), Districts (地區), and Sub-districts (分區). Hong Kong is administratively divided into three areas: Hong Kong Island , Kowloon , and the New Territories . They are further divided into 18 districts. The area of Hong Kong Island has four districts, the area of Kowloon has five districts, and
4644-457: The Standing Committee of the National People's Congress passed the controversial Hong Kong national security law . The law criminalises secession, subversion, terrorism and collusion with foreign elements and establishes the Office for Safeguarding National Security of the CPG in the HKSAR, an investigative office under Central People's Government authority immune from HKSAR jurisdiction. Some of
4752-615: The Tsui Sing Lau Pagoda (Hong Kong's only remaining pagoda). Tong lau , mixed-use tenement buildings constructed during the colonial era, blended southern Chinese architectural styles with European influences. These were especially prolific during the immediate post-war period, when many were rapidly built to house large numbers of Chinese migrants. Examples include Lui Seng Chun , the Blue House in Wan Chai , and
4860-630: The central government in Beijing in June 2020 resulted in the suspension of bilateral extradition treaties by the United Kingdom, Canada, Australia, New Zealand, Finland, and Ireland. The United States ended its preferential economic and trade treatment of Hong Kong in July 2020 because it was no longer able to distinguish Hong Kong as a separate entity from the People's Republic of China. In 2024,
4968-730: The tallest buildings in Hong Kong and are among the tallest in the Asia-Pacific region. Other distinctive buildings lining the Hong Kong Island skyline include the HSBC Main Building , the anemometer -topped triangular Central Plaza , the circular Hopewell Centre , and the sharp-edged Bank of China Tower . Demand for new construction has contributed to frequent demolition of older buildings, freeing space for modern high-rises. However, many examples of European and Lingnan architecture are still found throughout
5076-636: The 1279 Battle of Yamen by the Yuan Dynasty. By the end of the Yuan dynasty , seven large families had settled in the region and owned most of the land. Settlers from nearby provinces migrated to Kowloon throughout the Ming dynasty . The earliest European visitor was Portuguese explorer Jorge Álvares , who arrived in 1513. Portuguese merchants established a trading post called Tamão in Hong Kong waters and began regular trade with southern China. Although
5184-659: The British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War . The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained a 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II . The territory was handed over from
5292-461: The CEO and CFO. Eventually Adecco offered €113 per share, which was accepted. In March 2010, Elliott bid $ 5.75 per share for software company Novell . Although Novell rejected the offer, Elliott "welcomed" the decision to sell the company. In December 2011, it was reported that Elliott was suing the Vietnamese shipbuilding firm Vinashin in a British court. The company had defaulted a year earlier on
5400-596: The Companies vessels. On 1 April 2012 Sanko had either managed or owned a fleet of 185 ships, which included 46 tankers and 27 dry bulk carriers. By early 2019 this had been reduced to just 5 bulk carriers. In March 2024 it was announced that Sanko would sell their last vessel and exit shipowning after 90 years of existence. In summer 2014, Elliott disclosed a 6.7% stake in Interpublic Group of Companies , an ad agency holding company, and "a person briefed on
5508-781: The Hong Kong area into China for the first time in 214 BCE, after conquering the indigenous Baiyue . The region was consolidated under the Nanyue kingdom (a predecessor state of Vietnam ) after the Qin collapse and recaptured by China after the Han conquest . During the Mongol conquest of China in the 13th century, the Southern Song court was briefly located in modern-day Kowloon City (the Sung Wong Toi site) before its final defeat in
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#17327979344205616-599: The Hongkong and Shanghai Banking Corporation (HSBC). Earliest known human traces in what is now Hong Kong are dated by some to 35,000 and 39,000 years ago during the Paleolithic period. The claim is based on an archaeological investigation in Wong Tei Tung , Sai Kung in 2003. The archaeological works revealed knapped stone tools from deposits that were dated using optical luminescence dating . During
5724-406: The Legislative Council and the requirement that all candidates be vetted and approved by a Beijing-appointed Candidate Eligibility Review Committee . In May 2023, the Legislative Council also introduced legislation to reduce the number of directly elected seats in the district councils, and a District Council Eligibility Review Committee was similarly established to vet candidates. Hong Kong
5832-548: The Legislative Council in the 2016 election . These parties have aligned themselves into three ideological groups: the pro-Beijing camp (the current government), the pro-democracy camp , and localist groups . The Chinese Communist Party does not have an official political presence in Hong Kong, and its members do not run in local elections. Hong Kong is represented in the National People's Congress by 36 deputies chosen through an electoral college and 203 delegates in
5940-562: The Legislative Council passed the National Anthem Ordinance , which criminalised "insults to the national anthem of China". The Chinese central government meanwhile enacted the Hong Kong national security law to help quell protests in the region. Nine months later, in March 2021, the Chinese central government introduced amendments to Hong Kong's electoral system , which included the reduction of directly elected seats in
6048-646: The NASDAQ Global Market commenced on July 1, 2009. In 2011, the company began a move into cloud services for the Internet of things by acquiring Pachube, which would later become the Xively service. In May 2014, it added to this initiative by acquiring Ionia Corp., which specializes in integrating connected objects. LogMeIn, Inc., acquired Bold Software, LLC, in 2012. The company abruptly discontinued LogMeIn Free on January 21, 2014, giving users only
6156-438: The New Territories. Much of this is built on reclaimed land ; 70 km (27 sq mi) (6% of the total land or about 25% of developed space in the territory) is reclaimed from the sea. Undeveloped terrain is hilly to mountainous, with very little flat land, and consists mostly of grassland, woodland, shrubland, or farmland. About 40% of the remaining land area is country parks and nature reserves. The territory has
6264-418: The Philippines and Indonesia, have little protection under regional law. Although they live and work in Hong Kong, these workers are not treated as ordinary residents and do not have the right of abode in the territory. Sex trafficking is also an issue, local, mainland Chinese, and foreign women have been trafficked for sex in brothels , homes, and businesses in the city. The Joint Declaration guarantees
6372-406: The Standing Committee declares a state of emergency in Hong Kong, the State Council may enforce national law in the region. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Immigration Department issues passports for permanent residents which differ from those of the mainland or Macau, and the region maintains a regulated border with
6480-522: The United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems . Originally a sparsely populated area of farming and fishing villages, the territory is now one of the world's most significant financial centres and commercial ports. Hong Kong is the world's third-ranked global financial centre (behind New York City and London ), ninth-largest exporter, and eighth-largest importer. Its currency,
6588-435: The ability to maintain separate economic and cultural relations with foreign nations . The territory actively participates in the World Trade Organization , the Asia-Pacific Economic Cooperation forum, the International Olympic Committee , and many United Nations agencies. The regional government maintains trade offices in Greater China and other nations. The imposition of the Hong Kong national security law by
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#17327979344206696-402: The aforementioned acts were previously considered protected speech under Hong Kong law. The United Kingdom considers the law to be a serious violation of the Joint Declaration. In October 2020, the Hong Kong Police arrested seven pro- democracy politicians over tussles with pro-Beijing politicians in the Legislative Council in May. They were charged with contempt and interfering with members of
6804-505: The agreement. After more than a year of further hostilities, Hong Kong Island was formally ceded to the United Kingdom in the 1842 Treaty of Nanking . Administrative infrastructure was quickly built by early 1842, but piracy, disease, and hostile Qing policies initially prevented the government from attracting commerce. Conditions on the island improved during the Taiping Rebellion in the 1850s, when many Chinese refugees, including wealthy merchants, fled mainland turbulence and settled in
6912-399: The area of the New Territories has nine districts. Each district is represented by a district council . The district councils advise the government on local issues such as public facility provisioning, community programme maintenance, cultural promotion, and environmental policy. As of 2024, there are a total of 470 district council seats, 88 of which are directly elected. In May 2023,
7020-515: The board of Twitter Inc. The Wall Street Journal then reported that Singer wants to replace Jack Dorsey , due to Dorsey's workload as CEO of both Twitter and Square , and his potential move to Africa. In April 2021, Elliott's directors planned to step down from the board after Twitter's stock performance rose 95% in 2020. Elliott's February 2020 purchase of Twitter stock was at a per share price of about $ 36. Elliott exited Twitter in June 2022 shortly after Elon Musk made his tender offer, when
7128-1041: The chief executive is selected by establishment politicians and corporate members of the Election Committee rather than directly elected. Despite universal suffrage being established as ultimate goals for the election of the chief executive and all members of the Legislative Council in Articles 45 and 68 of the basic law, the legislature is only partially directly elected, and the executive continues to be nominated by an unrepresentative body. The government has been repeatedly petitioned to introduce direct elections for these positions, but has not introduced these direct elections as of 2024. Ethnic minorities (except those of European ancestry) have marginal representation in government and often experience discrimination in housing, education, and employment. Employment vacancies and public service appointments frequently have language requirements which minority job seekers do not meet, and language education resources remain inadequate for Chinese learners. Foreign domestic helpers , mostly women from
7236-468: The club from Elliott for €1.2 billion. On 7 June 2019, Elliott Management announced it would acquire Barnes & Noble for around $ 683 million. On 7 August 2019, Elliott Management completed the acquisition of the company. James Daunt will be CEO of both Waterstones and Barnes & Noble and will relocate from London to New York. On 7 August 2019, Barnes & Noble became a privately held, wholly owned subsidiary of Elliott. In February 2020, it
7344-511: The colony. Further tensions between the British and Qing over the opium trade escalated into the Second Opium War . The Qing were again defeated and forced to give up Kowloon Peninsula and Stonecutters Island in the Convention of Peking . By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt . Rapid economic improvement during the 1850s attracted foreign investment, as potential stakeholders became more confident in Hong Kong's future. The colony
7452-433: The colour of soil over which a waterfall on the island flowed. The simplified name Hong Kong was frequently used by 1810. The name was also commonly written as the single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land , Hongkong Electric Company , Hongkong and Shanghai Hotels and
7560-495: The council, while none of the pro-Beijing lawmakers were detained. Annual commemorations of the 1989 Tiananmen Square protests and massacre were also cancelled amidst fears of violating the national security law. In March 2021, the Chinese central government unilaterally changed Hong Kong's electoral system and established the Candidate Eligibility Review Committee , which would be tasked with screening and evaluating political candidates for their "patriotism", effectively crushing
7668-430: The drugmaker had rejected the hedge fund's earlier demand. Elliott argues that Alexion management's actions, including a recent move to acquire Portola Pharmaceuticals for about $ 1.4 billion, are leading in the "wrong direction." In December, Alexion's board unanimously rejected a recommendation by Elliott to immediately launch a proactive sale. In November 2020, Elliott Management invested in F5 after having "spoke to
7776-469: The end of the New Territories lease approached, and Governor Murray MacLehose raised the question of Hong Kong's status with Deng Xiaoping in 1979. Diplomatic negotiations with China resulted in the 1984 Sino-British Joint Declaration , in which the United Kingdom agreed to the handover of the colony in 1997 and China would guarantee Hong Kong's economic and political systems for 50 years after
7884-480: The firm purchase the construction unit for $ 8 billion. Despite Elliott's opposition, the merger went through and Elliott sold its shares. Two years later, Lee was convicted of bribery and imprisoned after it was shown he had bribed a friend of South Korea's president to secure the merger. In October 2015, Elliott disclosed an 11.1 percent stake in Cabela's , an outdoor recreation and clothing retailer, reporting that it
7992-572: The government proposed reforms to the District Council electoral system which further cut the number of directly elected seats from 452 to 88, and total seats from 479 to 470. A requirement that district council candidates be vetted and approved by the District Council Eligibility Review Committee was also proposed. The Legislative Council approved the reforms in July 2023. Hong Kong
8100-418: The handover. The impending handover triggered a wave of mass emigration as residents feared an erosion of civil rights, the rule of law, and quality of life. Over half a million people left the territory during the peak migration period, from 1987 to 1996. The Legislative Council became a fully elected legislature for the first time in 1995 and extensively expanded its functions and organisations throughout
8208-540: The largest resort in Phoenix. As of August 2017, Chais Fitzwater, otherwise known as Elliott owned enough of Energy Future Holdings 's debt to block a Berkshire Hathaway takeover bid, which had made an offer the previous month to salvage the heavily indebted firm. Elliott bought 9% of Mentor Graphics Corp. in 2017, then pushed for a takeover by Siemens. Elliott earned a 68% profit. In November 2017, Elliott and UBS Group AG collaborated in an effort to bring up
8316-401: The last years of the colonial rule. The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises. The Hong Kong government was forced to use substantial foreign exchange reserves to maintain the Hong Kong dollar's currency peg during the 1997 Asian financial crisis , and
8424-536: The maritime area is included) consists of Hong Kong Island , the Kowloon Peninsula , the New Territories , Lantau Island , and over 200 other islands. Of the total area, 1,073 km (414 sq mi) is land and 35 km (14 sq mi) is water. The territory's highest point is Tai Mo Shan , 957 metres (3,140 ft) above sea level. Urban development is concentrated on the Kowloon Peninsula, Hong Kong Island, and in new towns throughout
8532-764: The matter said Elliott planned to call on the company to sell itself to one of its competitors". In December 2018, Elliott purchased a 2.5% stake in Pernod Ricard . Elliott is one of several firms that, according to a February 2015 report, have invested in the Sigfox cellular network, which serves France, Spain, the UK, and the Netherlands. In February 2015, the Telegraph reported that Elliot Management's UK arm, Elliott Advisors (UK) Limited, had put money into half
8640-735: The north and occasionally result in chilly weather. Autumn is the sunniest season, whilst spring is generally cloudy. Snowfall has been extremely rare in Hong Kong; the last reported instance was on Tai Mo Shan in 1975. Hong Kong averages 1,709 hours of sunshine per year. Historic temperature extremes at the Hong Kong Observatory are 36.6 °C (97.9 °F) on 22 August 2017 and 0.0 °C (32.0 °F) on 18 January 1893. The highest and lowest recorded temperatures in all of Hong Kong are 39.0 °C (102 °F) at Wetland Park on 22 August 2017, and −6.0 °C (21.2 °F) at Tai Mo Shan on 24 January 2016 . Hong Kong has
8748-463: The oil firm and thus boost its share price. "Buried within Hess Corp. is one of the premier U.S. resource play -focused companies," Elliott wrote. In March, Hess announced that it was acting on some of Elliott's suggestions, but Elliott said that Hess's changes fell far short of what was needed. In April, it was reported that Hess would close its London office on Elliott's advice. Hess has been
8856-484: The opium trade. The commissioner destroyed opium stockpiles and halted all foreign trade, triggering a British military response and the First Opium War . The Qing surrendered early in the war and ceded Hong Kong Island in the Convention of Chuenpi . British forces began controlling Hong Kong shortly after the signing of the convention, from 26 January 1841. However, both countries were dissatisfied and did not ratify
8964-591: The population speak Mandarin, with 2.3% native speakers and 51.9% as a second language. Traditional Chinese characters are used in writing, rather than the simplified characters used in the mainland . Among the religious population, the traditional " three teachings " of China, Buddhism , Confucianism , and Taoism , have the most adherents (20%), followed by Christianity (12%) and Islam (4%). Followers of other religions, including Sikhism , Hinduism , and Judaism , generally originate from regions where their religion predominates. Life expectancy in Hong Kong
9072-440: The post-war decades to provide safer housing, integrity in the civil service, and more reliable transportation. Nevertheless, widespread public discontent resulted in multiple protests from the 1950s to 1980s, including pro- Republic of China and pro- Chinese Communist Party protests. In the 1967 Hong Kong riots , pro- PRC protestors clashed with the British colonial government. As many as 51 were killed and 802 were injured in
9180-513: The purchase price of NXP Semiconductors NV, which Qualcomm was seeking to buy. In August 2017, Elliott, which held $ 1.8 billion in debt related to Oncor Electric Delivery , a Texas transmission and distribution electric utility , sought to block Berkshire Hathaway's bid to acquire Oncor. In August 2017, Akzo Nobel, a Dutch paint and chemicals company, said it had ended a dispute with Elliott. PPG Industries , an American rival, had sought to take over Akzo Nobel, Elliott had urged talks between
9288-476: The recovery from this was muted by an H5N1 avian-flu outbreak and a housing surplus. This was followed by the 2003 SARS epidemic , during which the territory experienced its most serious economic downturn. Chinese communists portrayed the return of Hong Kong as key moment in the PRC's rise to great power status. Political debates after the handover have centred around the region's democratic development and
9396-543: The region into a wasteland. The Kangxi Emperor lifted the maritime trade prohibition, allowing foreigners to enter Chinese ports in 1684. Qing authorities established the Canton System in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton . Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European manufactured goods
9504-731: The remainder of the Pro-Democracy camp . Hong Kong is on China's southern coast, 60 km (37 mi) east of Macau, on the east side of the mouth of the Pearl River estuary . It is surrounded by the South China Sea on all sides except the north, which neighbours the Guangdong city of Shenzhen along the Sham Chun River . The territory's 1,110.18 km (428.64 sq mi) area (2,754.97 km if
9612-412: The rest of the country. All travellers between Hong Kong and China and Macau must pass through border controls, regardless of nationality. Mainland Chinese citizens do not have right of abode in Hong Kong and are subject to immigration controls. Public finances are handled separately from the national government; taxes levied in Hong Kong do not fund the central authority. The Hong Kong Garrison of
9720-592: The share price was dynamic in the mid to high $ 45–$ 50 range, giving Elliott a gain over two years of approximately 33% on the investment. In 2003, Elliott believed P&G was not offering a fair price to all preferred shareholders for the German hair products company Wella AG. Elliott joined other funds in opposing the deal, including Germany's second-largest fund manager, Deka Investments. After several years of legal and shareholder battles, P&G raised its offer for Wella AG for all preferred shareholders. According to
9828-404: The software company's management in recent weeks about ways to boost its lagging stock". Hong Kong Hong Kong is a special administrative region of China . With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of
9936-481: The southwest. The humid nature of Hong Kong exacerbates the warmth of summer. Typhoons occur most often then, sometimes resulting in floods or landslides. Also rarely occurring are waterspouts and tornadoes , which occurred at Hong Kong International Airport on 26 September 2020 and at Victoria Harbour on 28 September 2024. Winters are short, mild and usually sunny at the beginning, becoming cloudy towards February. Frequent cold fronts bring strong, cooling winds from
10044-467: The sweet taste of the harbour's freshwater influx from the Pearl River or to the odour from incense factories lining the coast of northern Kowloon . The incense was stored near Aberdeen Harbour for export before Victoria Harbour was developed. Sir John Davis (the second colonial governor) offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting
10152-465: The territory. The vast majority also hold Chinese nationality , automatically granted to all ethnic Chinese residents at the handover. Headline population density exceeds 7,060 people/km , and is the fourth-highest in the world. The predominant language is Cantonese , a variety of Chinese originating in Guangdong. It is spoken by 93.7% of the population, 88.2% as a first language and 5.5% as
10260-512: The territory. Older government buildings are examples of colonial architecture. The 1846 Flagstaff House , the former residence of the Commander of the British forces in Hong Kong , is the oldest Western-style building in Hong Kong. Some buildings, such as the Court of Final Appeal Building and the Hong Kong Observatory retain their original functions, and others have been adapted and reused ;
10368-525: The traders were expelled after military clashes in the 1520s, Portuguese-Chinese trade relations were re-established by 1549 . Portugal acquired a permanent lease for Macau in 1887. After the Qing conquest , maritime trade was banned under the Haijin policies. From 1661 to 1683, the population of most of the area forming present day Hong Kong was cleared under the Great Clearance , turning
10476-459: The transaction, claiming the bid was too low." Elliott joined other hedge funds in opposing the sale because it felt the price was too low and because it had concerns about conflicts of interest on the board. Elliott eventually participated in purchasing ShopKo at $ 29 per share. The human resource consulting company Adecco announced in January 2006 it had secured a 35 percent stake in DIS AG, at
10584-577: The two and eventually took legal action as part of an effort to replace Akzo Nobel's chairman, Antony Burgmans. During the conflict, Elliott became Akzo Nobel's top shareholder, with a stake of about 9%. In April 2018, Elliott bought a majority stake in Waterstones , leaving Alexander Mamut 's Lynwood Investments with a minority holding. The sale completed in May 2018. James Daunt will remain as chief executive. In July 2018, Elliott Management took ownership of Italian football club A.C. Milan with
10692-485: The violence, including dozens killed by the Royal Hong Kong Police via beatings and shootings. Although the territory's competitiveness in manufacturing gradually declined because of rising labour and property costs, it transitioned to a service-based economy. By the early 1990s, Hong Kong had established itself as a global financial centre and shipping hub. The colony faced an uncertain future as
10800-756: The war, as skilled Chinese migrants fled from the Chinese Civil War and more refugees crossed the border when the Chinese Communist Party took control of mainland China in 1949. Hong Kong became the first of the Four Asian Tiger economies to industrialise during the 1950s. With a rapidly increasing population, the colonial government attempted reforms to improve infrastructure and public services. The public-housing estate programme , Independent Commission Against Corruption , and Mass Transit Railway were all established during
10908-512: The world , housing in Hong Kong is consistently in high demand . Hong Kong is a highly developed territory and has a Human Development Index (HDI) of 0.956, ranking fourth in the world and currently the only place in Asia to be in the top 5. The city has the highest life expectancy in the world , and a public transport usage exceeding 90 per cent. The name of the territory, first romanised as "He-Ong-Kong" in 1780, originally referred to
11016-494: The world's largest number of skyscrapers , with 554 towers taller than 150 metres (490 ft), and the third-largest number of high-rise buildings in the world. The lack of available space restricted development to high-density residential tenements and commercial complexes packed closely together on buildable land. Single-family detached homes are uncommon and generally only found in outlying areas. The International Commerce Centre and Two International Finance Centre are
11124-420: Was 81.3 years for males and 87.2 years for females in 2022, one of the highest in the world. Cancer , pneumonia , heart disease , cerebrovascular disease , and accidents are the territory's five leading causes of death. The universal public healthcare system is funded by general-tax revenue, and treatment is highly subsidised; on average, 95% of healthcare costs are covered by the government. The city has
11232-481: Was delisted from NASDAQ . On February 2, 2022, LogMeIn was rebranded as GoTo, restoring the original brand that ExpertCity created in 1998, before Citrix Systems acquired it in 2004. The company's products are focused on three business service areas, including unified communications and collaboration, Identity and access management, and customer engagement and support. The products include: Elliott Management Corporation Elliott Investment Management L.P.
11340-538: Was further expanded in 1898 when the United Kingdom obtained a 99-year lease of the New Territories. The University of Hong Kong was established in 1911 as the territory's first institution of higher education. Kai Tak Airport began operation in 1924, and the colony avoided a prolonged economic downturn after the 1925–26 Canton–Hong Kong strike . At the start of the Second Sino-Japanese War in 1937, Governor Geoffry Northcote declared Hong Kong
11448-531: Was insignificant, so that Chinese goods could only be bought with precious metals. To reduce the trade imbalance, the British sold large amounts of Indian opium to China. Faced with a drug crisis, Qing officials pursued ever more aggressive actions to halt the opium trade. In 1839, the Daoguang Emperor rejected proposals to legalise and tax opium and ordered imperial commissioner Lin Zexu to eradicate
11556-630: Was named an equity partner in January 2015. Steve Cohen, Dave Miller, Jesse Cohn and Zion Shohet are also listed as equity partners at the firm, as of November 2020. Early in its history, Elliott focused on convertible arbitrage, refocusing primarily on distressed debt investing following the 1987 stock market crash and early 1990s recession . Elliott is known for restructuring such U.S. firms as TWA , MCI , WorldCom , and Enron as well as overseas companies including Telecom Italia SpA and Elektrim . In February 2020, Elliott Management, with about $ 2 billion in shares, nominated three directors to
11664-711: Was reported that Elliott Management built a more than $ 2.5 billion stake in the Japanese conglomerate Softbank Group . In August 2022, Financial Times reported that Elliott had sold almost all its shares in SoftBank purportedly after losing conviction in Masayoshi Son 's ability to lead a turnround. Elliott acquired a position in Alexion Pharmaceuticals in 2017. In May 2020 Elliott Management again pushed for Alexion to sell itself, months after
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