At a Legislative Council finance panel on June 1, Hong Kong Financial Secretary Paul Chan said Q1 GDP rose 5.9% YoY, the strongest pace in five years. Seasonally adjusted GDP was up 2.9% QoQ, indicating continued and accelerating economic activity.

SoftBank Group shares extended gains, up 13.4%.

On June 1 in Haidian, the Beijing Municipal Bureau of Economy and Information Technology’s aerospace industry office director Zhou Bin released the Beijing Satellite IoT Industry Development Plan (Framework). The plan targets building by 2030 the country’s first satellite Internet demonstration city, an industry cluster and a globally recognized innovation hub. It sets five priority tasks—infrastructure build-out, core technology breakthroughs, application scenario cultivation, industry ecosystem construction, and regional coordination and internationalization—to raise industry quality and efficiency.