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94-826: Little Sheep currently has over 300 restaurant chains in China, Hong Kong, Taiwan, Macau , the United States, Japan, and Canada. In 2007, Little Sheep was named the most popular Chinese hot pot restaurant by the Chinese Restaurant Association. It was subsequently listed on the Hong Kong Stock Exchange in 2008. It became China's first branded catering enterprise listed in Hong Kong . Little Sheep posted ¥2 billion in revenues in 2010, which accounted for two percent of dining-out receipts in China. In 2011, Little Sheep

188-567: A computer-assisted trading system on 2 April 1986. In 1993 the exchange launched the "Automatic Order Matching and Execution System" (AMS), which was replaced by the third generation system (AMS/3) in October 2000. David Webb , independent non-executive director of the Exchange since 2003, has been arguing for a super regulatory authority to assume that role as regulator, as there is an inherent conflict between its commercial and regulatory roles. In

282-530: A four-year term: 14 are directly elected , 12 indirectly elected , and 7 appointed by the Chief Executive. Indirectly elected assemblymen are selected from limited electorates representing sectors of the economy or special interest groups. All directly elected members are chosen with proportional representation . Twelve political parties had representatives elected to the Legislative Assembly in

376-460: A good reputation among consumers in China. Instant-boiled mutton , a style of hot pot , has been eaten in China for a long time, but traditionally it's prepared in boiling water and the pieces of meat are dipped in sauce by each diner after cooking. Because the smell of raw lamb is not accepted by southerners in China, the consumption of lamb and mutton is regional. "Little Sheep" invented a method of "simmering mutton without dipped in ingredients":

470-507: A large portion of nonresident workers to live in Zhuhai. Macau has a capitalist service economy largely based on casino gaming and tourism. It is the world's 83rd-largest economy , with a nominal GDP of approximately MOP433 billion (US$ 53.9 billion). The GDP per capita was US$ 69,430 in 2023. Although Macau has one of the highest per capita GDPs, the territory also has a high level of wealth disparity . Macau's gambling industry

564-593: A major warehouse during the late 16th century, providing a crucial connection in exporting Chinese silk to Japan during the Nanban trade period. Although the Portuguese were initially prohibited from fortifying Macau or stockpiling weapons, the Fortaleza do Monte was constructed in response to frequent Dutch naval incursions . The Dutch attempted to take the city in the 1622 Battle of Macau , but were repelled successfully by

658-468: A much greater role in governing the territory during this period; Chinese residents were subject to Qing courts and new construction had to be approved by the resident mandarin beginning in the 1740s. As the opium trade became more lucrative during the 18th century, Macau again became an important stopping point en route to China. Following the First Opium War and the establishment of Hong Kong by

752-401: A ninety-minute lunch break, and an afternoon session from 1:30 pm to 4:00 pm. Index futures and options now began trading at 9:15 am, thirty minutes earlier than before, and closed at the same time as before, 4:15 pm. On 5 March 2012, the lunch break was cut to sixty minutes, with the afternoon session running from 1:00 pm to 4:00 pm. The exchange first introduced

846-547: A population density of 21,340 people per square kilometre, Macau is the most densely populated region in the world. The overwhelming majority (88.7 per cent) are Chinese , many of whom originate from Guangdong (31.9 per cent) or Fujian (5.9 per cent). The remaining 11.6 per cent are non ethnic Chinese minorities, primarily Filipinos (4.6 per cent), Vietnamese (2.4 per cent), and Portuguese (1.8 per cent). Several thousand residents are of Macanese heritage, native-born multiracial people with mixed Portuguese ancestry. Of

940-537: A pot-base soup made from dozens of condiments. By changing cumbersome ingredients, this method removes the smell of lamb while retaining its flavour. This method is more convenient than the tradition of "instant-boiled mutton". Meat for "Little Sheep" is sourced from Inner Mongolia grassland, the Xilinguole grassland (锡林郭勒草原), which produces Mongolian sheep, such as the Wuzhumuqin sheep (乌珠穆沁羊)", Sunite sheep (苏尼特羊)", and

1034-406: A pre-opening auction from 9:30 am to 9:50 am, followed by continuous trading from 10:00 am to 12:30 pm and 2:30 pm to 4:00 pm. The two-hour lunch break between the morning and afternoon sessions was the longest among the world's 20 major stock exchanges . A 2003 proposal to shorten the lunch break failed due to opposition from brokers. Another plan to shorten the lunch break to one hour was floated by

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1128-1091: A result, the Securities and Futures Commission (SFC) was set up in 1989 as the single statutory securities market regulator. The market infrastructure was much improved with the introduction by the exchange of the Central Clearing and Settlement System (CCASS) in June 1992 and the Automatic Order Matching and Execution System (AMS) in November 1993. Since then, the framework of market rules and regulations, both exchange-administered or otherwise, have been undergoing continuing review and revision to meet changing market needs while ensuring effective market regulation. The Exchange Listing Rules have been made more comprehensive, and other existing regulations have been improved or new regulations introduced to enhance market development and investor protection. Enhancements were also made to

1222-403: A share of GDP peaked in 2013 at over 60 per cent, and continues to account for 49.1 per cent of total economic output. The vast majority of casino patrons are tourists from mainland China, making up 68 per cent of all visitors. Casino gaming is illegal in both the mainland and Hong Kong, giving Macau a legal monopoly on the industry in China. Revenue from Chinese high rollers has been falling and

1316-452: A sparsely populated collection of coastal islands, Macau, often referred to as the "Las Vegas of the East", since the late 20th century has become a major resort city and a top destination for gambling tourism. Its gambling industry is seven times larger than that of Las Vegas . The city has one of the highest GDPs per capita and GDPs per capita by purchasing power parity in the world. It has

1410-406: A trading post from China by paying annual lease of hundreds of silver taels to Ming China. Luso-Canton trade relations were formally reestablished in 1554, and Portugal soon after acquired a permanent lease for Macau in 1557, agreeing to pay 500 taels of silver as annual land rent. Macau became a stopover on the sea lane that connected Japan with the wider world. The Portuguese could avoid

1504-478: A very high Human Development Index of 0.925, as calculated by the Government of Macau , and the fourth-highest life expectancy in the world. The territory is highly urbanised, holding the status of the most densely populated territory on Earth; two-thirds of the total land area is built on land reclaimed from the sea . The first known written record of the name "Macau", rendered as "A Ma Gang" ( 亞/阿-媽/馬-港 ),

1598-437: Is Coloane Alto , 170.6 m (560 ft) above sea level. Urban development is concentrated on peninsular Macau, where most of the population lives. The peninsula was originally a separate island with hilly terrain, which gradually became a tombolo as a connecting sandbar formed over time. Both natural sedimentation and land reclamation expanded the area enough to support urban growth. Macau has tripled its land area in

1692-544: Is a stock exchange based in Hong Kong . It is one of the largest stock exchanges in Asia and the 9th largest globally by market capitalization as of August 2024. The exchange plays a crucial role in connecting international investors with mainland Chinese companies, serving as a major platform for capital raising. Unlike mainland Chinese exchanges , it operates under Hong Kong’s distinct regulatory framework, which allows greater access to foreign investors. The stock exchange

1786-669: Is a complicated question, since like the Galicia region in Spain , it is not an independent country, but only a part of China. However, the Instituto Internacional de Macau ( 澳門國際研究所 ) and the University of São José are Consultative Observers of the CPLP. The territory is divided into seven parishes. Cotai , a major area developed on reclaimed land between Taipa and Coloane , and areas of

1880-473: Is also heavily subsidised. Migrant workers living in Macau account for over 25 per cent of the entire workforce. They largely work in lower wage sectors of the economy, including construction, hotels, and restaurants. As a growing proportion of local residents take up employment in the gaming industry, the disparity in income between local and migrant workers has been increasing. Rising living costs have also pushed

1974-415: Is dual season dominant – summer (May to September) and winter (December to February) are the longest seasons, while spring (March and April) and autumn (October and November) are relatively brief periods. The summer monsoon brings warm and humid air from the sea, with the most frequent rainfall occurring during the season. Typhoons also occur most often then, bringing significant spikes in rainfall. During

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2068-449: Is found in a letter dated 20 November 1555. The local inhabitants believed that the sea goddess Matsu (alternatively called A-Ma) had blessed and protected the harbour and referred to the waters around A-Ma Temple by her name. When Portuguese explorers first arrived in the area and asked for the place name, the locals thought they were asking about the temple and told them it was "Ma Kok" ( 媽閣 ). The earliest Portuguese spelling for this

2162-401: Is owned (through its subsidiary Stock Exchange of Hong Kong Limited ) by Hong Kong Exchanges and Clearing Limited (HKEX), a holding company that it also lists ( SEHK :  388 ) and that in 2021 became the world's largest bourse operator in terms of market capitalization , surpassing Chicago-based CME . A 2021 poll reported that approximately 57% of Hong Kong adults had money invested in

2256-598: Is the largest in the world, generating over MOP195 billion (US$ 24 billion) in revenue and about seven times larger than that of Las Vegas . Macau's gambling revenue was $ 37 billion in 2018. Taxes from gambling revenues fund a robust welfare system and an annual cash payment to Macau's citizens. The regional economy is heavily reliant on casino gaming. The vast majority of government funding (79.6 per cent of total tax revenue) comes from gaming. Local taxes on personal income, residential property, and retail sales range from non-existent to negligible. Gambling as

2350-553: Is the most densely populated region in the world. Formerly a Portuguese colony, the territory of Portuguese Macau was first leased to Portugal by the Ming dynasty as a trading post in 1557. Portugal paid an annual rent and administered the territory under Chinese sovereignty until 1887. Portugal later gained perpetual colonial rights in the Sino-Portuguese Treaty of Peking . The colony remained under Portuguese rule until

2444-551: Is very similar to Hong Kong's. 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 400 business, community, and government leaders. The Legislative Assembly has 33 members, each serving

2538-559: The Haijin policies. It was limited only to Macau on a lesser scale while the new dynasty focused on eliminating surviving Ming loyalists . While the Kangxi Emperor lifted the prohibition in 1684, China again restricted trade decades later under the Canton System in 1757. Foreign ships were required to stop first at Macau before further proceeding to Canton . Qing authorities exercised

2632-470: The 1999 handover to China. Macau is a special administrative region of China, which maintains separate governing and economic systems from those of mainland China under the principle of " one country, two systems ". The unique blend of Portuguese and Chinese architecture in the city's historic centre has resulted in its inscription on the UNESCO World Heritage List in 2005. Originally

2726-634: The 2017 election . These parties have aligned themselves into two ideological groups: the pro-establishment (the current government) and pro-democracy camps. Macau is represented in the National People's Congress by 12 deputies chosen through an electoral college, and 29 delegates in the Chinese People's Political Consultative Conference appointed by the central government . Macau has generally congenial relations with China's central government. Chinese national law does not generally apply in

2820-562: The Chinese Communist Party in exchange for continued administration of Macau. Following the 1974 Carnation Revolution , Portugal formally relinquished Macau as an overseas province and acknowledged it as a "Chinese territory under Portuguese administration". After China first concluded arrangements on Hong Kong's future with the United Kingdom , it entered negotiations with Portugal over Macau in 1986. These concluded with

2914-681: The Hong Kong Stock Exchange . The transaction was approved by relevant regulatory agencies such as China's Ministry of Commerce . Because Yum! Brands and Little Sheep Group are relatively large, according to the law, this transaction was subject to China's anti-monopoly . After the acquisition in February 2012, Yum! Brands held approximately 93.2% of the shares of Little Sheep, the rest of which were owned by Zhang Gang and other founders. Yujing Su, chairman and chief executive officer of Yum! Brands' China Department, said, "Yum! Brands will use its extensive experience in operating restaurants to further enhance

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3008-631: The Macau New Urban Zone do not have defined parishes. Historically, the parishes belonged to one of two municipalities (the Municipality of Macau or the Municipality of Ilhas ) that were responsible for administering municipal services. The municipalities were abolished in 2001 and superseded by the Civic and Municipal Affairs Bureau in providing local services. Macau is located on China's southern coast, 60 km (37 mi) west of Hong Kong , on

3102-401: The Sino-Portuguese Treaty of Peking . This agreement also prohibited Portugal from ceding Macau without Chinese approval. Despite occasional conflict between Cantonese authorities and the colonial government, Macau's status remained unchanged through the republican revolutions of both Portugal in 1910 and China in 1911 . The Kuomintang further affirmed Portuguese jurisdiction in Macau when

3196-483: The Sociedade de Turismo e Diversões de Macau . This licence was renegotiated and renewed several times before ending in 2002 after 40 years. The government then allowed open bidding for casino licences to attract foreign investors. Along with an easing of travel restrictions on mainland Chinese visitors, this triggered a period of rapid economic growth; from 1999 to 2016, Macau's gross domestic product multiplied by 7 and

3290-599: The Song dynasty (960–1279 AD), it was under the jurisdiction of the new Xiangshan County . In 1277, approximately 50,000 refugees fleeing the Mongol conquest of China settled in the coastal area. The first European visitor to reach China by sea was the explorer Jorge Álvares , who arrived in 1513. Merchants first established a trading post in Hong Kong waters at Tamão , present-day Tuen Mun , beginning regular trade with nearby settlements in southern China. Military clashes between

3384-749: The Standing Committee of the National People's Congress can also override territorial judicial processes. In 2021, after similar actions were taken in Hong Kong following the protests associated with the Anti-Extradition Law Amendment Bill Movement, 21 candidates running for office in the territorial elections were disqualified as a result of allegedly failing to support the Basic Law, although no specific violations were noted by

3478-581: The State Council . Further reclamation is underway to develop parts of the Macau New Urban Zone . The territory also has control over part of an artificial island to maintain a border checkpoint for the Hong Kong–Zhuhai–Macau Bridge . Despite being located south of the Tropic of Cancer , Macau has a humid subtropical climate ( Köppen Cwa ), characteristic of southern China. The territory

3572-612: The World Trade Organization and United Nations . The regional government maintains trade offices in Greater China and other nations. Public political demonstrations in Macau are generally rare. Macau is not a member of the Community of Portuguese Language Countries , despite Portuguese being one of its official languages. This is due to it not being a sovereign nation, but a subnational division of China. In 2006, during

3666-525: The handover , resulting in an executive-led governing system largely inherited from the territory's history as a Portuguese colony. Under these terms and the " one country, two systems " principle, the Basic Law of Macao is the regional constitution . Because negotiations for the Joint Declaration and Basic Law began after transitional arrangements for Hong Kong were made, Macau's structure of government

3760-526: The matchlock musket arquebuses , which they named bird guns , and breech-loading swivel guns , which they named as Folangji ( Frankish ) cannon because the Portuguese were known to the Chinese under the name of Franks at this time. The Portuguese later returned to China peacefully and presented themselves under the name Portuguese instead of Franks in the Luso-Chinese agreement (1554) . They rented Macau as

3854-542: The right of abode in Macau and are subject to immigration controls. Public finances are handled separately from the national government, and taxes levied in Macau do not fund the central authority. The Macao Garrison 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

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3948-430: The simplified characters used on the mainland. English is considered an additional working language and is spoken by over a quarter of the population (27.5 per cent); 2.8 per cent are native speakers, and 24.7 per cent speak English as a second language. Macanese Patois , a local creole generally known as Patuá , is now spoken only by a few in the older Macanese community. Religion in Macau (2012) According to

4042-582: The "China's 500 Most Valuable Brands" and was ranked in 104th place in the Top 500 Chinese companies with a brand value of 5.916 billion Yuan. On November 11, 2007, at the fourth annual Top 100 Chinese Restaurant Awards in New York , U,S., it won three honours: Chinese Best 100 Local Cuisine, Chinese Best 100 New Restaurant, and Chinese Best 100 Healthy Cuisine. On June 12, 2008, Inner Mongolia Little Sheep Catering Chain Co., Ltd.

4136-695: The British, Macau lost its role as a major port. Firecracker and incense production, as well as tea and tobacco processing, were vital industries in the colony during this time. Portugal was able to capitalise on China's postwar weakness and assert its sovereignty; the Governor of Macau began refusing to pay China annual land rent for the colony in the 1840s, and annexed Taipa and Coloane , in 1851 and 1864, respectively. Portugal also occupied nearby Lapa and Montanha . But these were returned to China by 1887, when perpetual occupation rights over Macau were formalised in

4230-492: The Government Information Bureau, 80 per cent of the population practices Buddhism , 6.7 per cent follow Christianity and 13.7 per cent follow other religion. Folk practices are also common among the citizens. According to Pew Research Center , Chinese folk religions have the most adherents (58.9 per cent) and are followed by Buddhism (17.3 per cent) and Christianity (7.2 per cent), while 15.4 per cent of

4324-765: The II Ministerial meeting between China and Portuguese Speaking Countries, the CPLP Executive Secretary and Deputy ambassador Tadeu Soares invited the Chief Executive of the Government of the Macau Special Administrative Region, Edmund Ho, to request the Associate Observer status for Macau. The Government of Macau has yet to make this request. In 2016, Murade Murargy, then executive secretary of CPLP said in an interview that Macau's membership

4418-588: The Little Sheep meat product processing base was established. In May 2001, Shanghai branch of Inner Mongolia Little Sheep Catering Chain Co., Ltd. was established (there are currently 30 direct investment restaurants). In January 2002, the Beijing branch of Inner Mongolia Little Sheep Catering Chain Co., Ltd. was established (there are currently 15 direct investment restaurants). In January 2002, Shenzhen branch of Inner Mongolia Little Sheep Catering Chain Co., Ltd.

4512-710: The Ming and Portuguese navies followed the expulsion of the Tamão traders in 1521. Despite the trade ban, Portuguese merchants continued to attempt to settle on other parts of the Pearl River estuary, finally settling on Macau. In their first attempts at obtaining trading posts by force, the Portuguese were defeated by the Ming Chinese at the Battle of Tunmen in Tamão (or Tuen Mun ) in 1521, where

4606-461: The Pearl River and inched towards Quanzhou and Ningbo . But as they failed to establish trading relationships with the Chinese, the Portuguese focused on trade with Japan. The Roman Catholic Diocese of Macau was created in 1576, and by 1583 the Municipal Council of Macau had been established to handle municipal affairs for the growing settlement. Macau was at the peak of its prosperity as

4700-514: The Philippines, Australia, Vietnam and the Russian Far East led in 2019 to the lowest revenues in three years. Export-oriented manufacturing previously contributed to a much larger share of economic output, peaking at 36.9 per cent of GDP in 1985 and falling to less than 1 per cent in 2017. The bulk of these exports were cotton textiles and apparel, but also included toys and electronics. At

4794-489: The Portuguese lost two ships. They were also defeated at the Battle of Sincouwaan around Lantau Island , where the Portuguese lost two more ships. Other defeats include Shuangyu in 1548, where several Portuguese were captured, and near Dongshan County in 1549, where two Portuguese junks and Galeote Pereira were captured. During these battles the Ming Chinese captured weapons from the defeated Portuguese which they reverse engineered and mass-produced in China. These included

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4888-574: The Portuguese. Macau entered a period of decline in the 1640s following a series of catastrophic events for the burgeoning colony: Portuguese access to trade routes was irreparably severed when Japan halted trade in 1639, and after the Portuguese Restoration War of 1640, Portuguese Malacca fell to the Dutch in 1641. Maritime trade with China was banned in 1644 following the Qing conquest under

4982-455: The Top 500 Chinese companies. On November 12, 2004, "LITTLE SHEEP" and its logo were recognized as China's Famous Trade Mark. On October 12, 2005, the first directly operated store was opened in Toronto , Canada. In June 2006, it was again selected as "China's 500 Most Valuable Brands" with a brand value of 5.677 billion Yuan. On June 22, 2007, Little Sheep was selected for the third time as

5076-571: The Treaty of Peking was renegotiated in 1928. During the Second World War , the Empire of Japan did not occupy the colony and generally respected Portuguese neutrality in Macau. However, after Japanese troops captured a British cargo ship in Macau waters in 1943, Japan installed a group of government "advisors" as an alternative to military occupation. The territory largely avoided military action during

5170-551: The Wulatetan sheep (乌拉特滩羊)". Only six-month-old lamb is selected, because the meat is fresh and tender rather than smelly or stale. The Little Sheep serves lamb, beef, and other specials. Mongolian wine is served at Little Sheep. Macau Macau or Macao is a special administrative region of the People's Republic of China . With a population of about 710,000 people and a land area of 32.9 km (12.7 sq mi), it

5264-485: The brand's value and influence of Little Sheep, in order to make Little Sheep a strong leader in the Chinese hot pot market. " Zhang Gang was also confident Little Sheep would have a bright future in the international market. Yum! Brands' management system is different from Little Sheep's original management system. Because of the difference, many managers quit. Yum! Brands closed many poorly managed and poorly located stores without many commercial interests. When Little Sheep

5358-483: The colony expanded its clothing and textiles manufacturing industry, developed its tourism industry, and legalised casino gaming. However, at the height of the Cultural Revolution , residents dissatisfied with the colonial administration rioted in the 1966 12-3 incident , in which 8 people were killed and more than 200 were injured. Portugal lost full control over the colony afterwards, and agreed to cooperate with

5452-403: The economy and taxes corporations at very low rates. Post-handover administrations have generally been more involved in enhancing social welfare to counter the cyclical nature of the gaming industry. Economic growth has been attributed in large part to the high number of mainlander visits to Macau, and the central government exercises a role in guiding casino business growth through its control of

5546-529: The exchange also implemented a closing auction session to run from 4:00 pm to 4:10 pm, with a similar pricing mechanism as the opening auction; however, this resulted in significant fluctuations in the closing prices of stocks and suspicions of market manipulation . Initially, the exchange proposed limiting price fluctuations in the auction sessions to 2%; in the end, they removed the closing session entirely in March 2009. Up until 2011, trading hours comprised

5640-495: The exchange in 2010; the morning session would then start earlier, run from 9:30 am to 12:00 pm, and the afternoon session from 1:00 pm to 4:00 pm, leaving the closing time the same as before. Justifications included bringing hours into line with China. Reactions from both brokers and the restaurant industry were mixed. On 7 March 2011, the exchange extended its hours in the first of two phases. The morning session now ran from 9:30 am to 12:00 noon, followed by

5734-569: The flow of tourists. The Closer Economic Partnership Arrangement formalised a policy of free trade between Macau and mainland China, with each jurisdiction pledging to remove remaining obstacles to trade and cross-boundary investment. Due to a lack of available land for farming, agriculture is not significant in the economy. Food is exclusively imported to Macau and almost all foreign goods are transshipped through Hong Kong. Hong Kong Stock Exchange The Stock Exchange of Hong Kong (香港交易所, SEHK , also known as Hong Kong Stock Exchange )

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5828-439: The formation of a unified stock exchange. The Stock Exchange of Hong Kong Limited was incorporated in 1980 and trading on the exchange finally commenced on 2 April 1986. Since 1986, a number of major developments have taken place. The 1987 market crash revealed flaws in the market and led to calls for a complete reform of the Hong Kong securities industry. This led to significant regulatory changes and infrastructural developments. As

5922-472: The founder of Little Sheep Group, re-founded the hot pot brand " Happy Lamb " (快乐小羊) in 2017 due to the dissatisfaction of the new business philosophies of "Little Sheep" under the Yum!. Most of the "Little Sheep"'s overseas restaurants were rebranded as "Happy Lamb". The goal of Little Sheep Company is to deepen the new food method of “simmering lamb without dipping in complex ingredients”. The Little Sheep brand has

6016-516: The garrison. Macau residents are not required to perform military service and the law also has no provision for local enlistment, so its defence force is composed entirely of nonresidents. The State Council and the Ministry of Foreign Affairs handle diplomatic matters, but Macau retains the ability to maintain separate economic and cultural relations with foreign nations . The territory negotiates its own trade agreements and actively participates in supranational organisations, including agencies of

6110-423: The good operation of the first Little Sheep restaurant, founders successfully opened two Little Sheep Hot Pot restaurants in Qingshan District and Donghe District of Baotou City two months later, and the business was equally popular. This allowed the founders of Little Sheep to start the chain-store operation. They started opening more Little Sheep restaurants in other countries as well as of April 2000. In early 2001,

6204-405: The handover in 1999, manufacturing, financial services, construction and real estate, and gaming were the four largest sectors of the economy. Macau's shift to an economic model entirely dependent on gaming caused concern over its overexposure to a single sector, prompting the regional government to attempt re-diversifying its economy. The government traditionally had a non-interventionist role in

6298-460: The last century, increasing from 10.28 km (3.97 sq mi) in the late 19th century to 32.9 km (12.7 sq mi) in 2018. Cotai , the area of reclaimed land connecting Taipa and Coloane, contains many of the newer casinos and resorts established after 1999. The region's jurisdiction over the surrounding sea was greatly expanded in 2015, when it was granted an additional 85 km (33 sq mi) of maritime territory by

6392-442: The listing of the first China-incorporated enterprise (H share) in June 1993 ( Tsingtao Brewery ); and the introduction of regulated short selling in January 1994 and stock options in September 1995. Furthermore, the exchange introduced the Growth Enterprise Market (GEM) in November 1999 to provide fundraising opportunities for growth companies of all sizes from all industries, and to promote the development of technology industries in

6486-402: The meantime, he argues for improved investor representation on the Hong Kong Stock Exchange. In 2007, the uproar by smaller local stockbrokers over the decision by board of directors to cut minimum trading spreads for equities and warrants trading at between 25 HK cents and HK$ 2 caused the new board to vote to reverse the decision. The reforms were to be implemented in the first quarter, but

6580-520: The population profess no religious affiliation at all. Small minorities adhering to other religions (less than 1 per cent), including Hinduism , Judaism , and Islam , are also resident in Macau. Life expectancy in Macau was 81.6 years for males and 87.7 years for females in 2018, the fourth highest in the world. Cancer , heart disease , and respiratory disease are the territory's three leading causes of death. Most government-provided healthcare services are free of charge, though alternative treatment

6674-550: The population, 80.1 per cent as a first language and 7.5 per cent as a second language. Only 2.3 per cent can speak Portuguese , the other official language; 0.7 per cent are native speakers, and 1.6 per cent use it as a second language. Increased immigration from mainland China in recent years has added to the number of Mandarin speakers, making up about half of the population (50.4 per cent); 5.5 per cent are native speakers and 44.9 per cent are second language speakers. Traditional Chinese characters are used in writing, rather than

6768-426: The region, and Macau is treated as a separate jurisdiction. Its judicial system is based on Portuguese civil law , continuing the legal tradition established during colonial rule. Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, however, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by

6862-540: The region. According to the reform plan announced in March 1999, the Exchange, the Hong Kong Futures Exchange and their clearinghouses merged into a new holding company, the Hong Kong Exchanges and Clearing Limited . source: HK Ex The trading day consists of: The closing price is reported as the median of five price snapshots taken from 3:59 to 4:00 pm every 15 seconds. In May 2008,

6956-554: The signing of the 1987 Joint Declaration on the Question of Macau , in which Portugal agreed the handover of the colony in 1999 and China guaranteed Macau's political and economic systems for 50 years after the handover. In the waning years of colonial rule, Macau rapidly urbanised and constructed large-scale infrastructure projects, including the Macau International Airport and a new container port . The handover of Macau

7050-477: The stock market. The physical trading floor at Exchange Square was closed in October 2017. The Hong Kong securities market can be traced back to 1866, but the stock market was formally set up in 1891, when the Association of Stockbrokers in Hong Kong was established. It was renamed as The Hong Kong Stock Exchange in 1914. By 1972, Hong Kong had four stock exchanges in operation. There were subsequent calls for

7144-591: The story is that Zhang Gang observed the commercial success of a chain of three hot pot restaurants in Hohhot ; convinced of the business potential of the hot pot restaurant format, he purchased hot-pot-based recipes and began to develop Little Sheep. On August 8, 1999, the first Little Sheep outlet of the Inner Mongolia Little Sheep Catering Chain Co., Ltd. was opened in Baotou City. Due to

7238-451: The system infrastructure, including the launch of off-floor trading terminals in brokers' offices in January 1996. The third generation of the trading system, AMS/3, was launched in 2000. It provides enhanced functionality and a platform for a straight-through transaction process. In respect of market and product development, there is the listing of the first derivative warrant in February 1988,

7332-518: The territory's electoral commission. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Identification Department issues passports for permanent residents which differ from those issued by the mainland or Hong Kong, and the region maintains a regulated border with the rest of the country. All travellers between Macau and China and Hong Kong must pass border controls, regardless of nationality. Chinese citizens resident in mainland China do not have

7426-470: The total population (excluding migrants), 49.4 per cent were born in Macau, followed by 43.1 per cent in mainland China. A large portion of the population are Portuguese citizens , a legacy of colonial rule; at the time of the handover in 1999, 107,000 residents held Portuguese passports. The predominant language is Cantonese , a variety of Chinese originating in Guangdong. It is spoken by 87.5 per cent of

7520-480: The unemployment rate dropped from 6.3 to 1.9 per cent. The Sands Macao , Wynn Macau , MGM Macau , and Venetian Macau were all opened during the first decade after liberalisation of casino concessions. Casinos employ about 24 per cent of the total workforce in the region. "Increased competition from casinos popping up across Asia to lure away Chinese high rollers and tourists" in Singapore, South Korea, Japan, Nepal,

7614-438: The very small size of a 'microstate' helps central authorities to exercise political control, stifle political pluralism, and monopolize opinions, all of which strengthen regime persistence." Macau is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-Portuguese Joint Declaration provided for economic and administrative continuity through

7708-534: The war except in 1945, when the United States ordered air raids on Macau after learning that the colonial government was preparing to sell aviation fuel to Japan. In 1950 the US paid Portugal more than US$ 20 million in compensation for the damage during the war. Refugees from mainland China swelled the population as they fled from the Chinese Civil War . Access to a large workforce enabled Macau's economy to grow as

7802-570: The western side of the Pearl River estuary. It is surrounded by the South China Sea in the east and south, and neighbours the Guangdong city of Zhuhai to the west and north. The territory consists of Macau Peninsula , Taipa , and Coloane . A 1 km (0.39 sq mi) parcel of land in neighbouring Hengqin island that hosts the University of Macau also falls under the regional government's jurisdiction. The territory's highest point

7896-568: The whole territory. During the Qin dynasty (221–206 BC), the region was under the jurisdiction of Panyu County , Nanhai Prefecture of the province of Guangdong . The region is first known to have been settled during the Han dynasty . It was administratively part of Dongguan Prefecture in the Jin dynasty (266–420 AD), and alternated under the control of Nanhai and Dongguan in later dynasties. In 1152, during

7990-471: The winter, northern winds from the continent bring dry air and much less rainfall. The highest and lowest temperatures recorded at the Macao Meteorological and Geophysical Bureau are 38.9 °C (102.0 °F) on both 2 July 1930 and 6 July 1930 and −1.8 °C (28.8 °F) on 26 January 1948. The Statistics and Census Service estimated Macau's population at 667,400 at the end of 2018. With

8084-425: The world on a per capita basis. Political debates have centred on the region's jurisdictional independence and the central government's adherence of " one country, two systems ". While issues such as national security legislation have been controversial, Macanese residents generally have high levels of trust in the government. Kwong and Wong explain this by comparing Macau to Hong Kong: "The case of Macau shows that

8178-744: Was Amaquão . Multiple variations were used until Amacão / Amacao and Macão / Macao became common during the 17th century. The 1911 reform of Portuguese orthography standardised the spelling as Macau ; however, the use of Macao persisted in English and other European languages. The Macau Peninsula had many names in Chinese, including Jing'ao ( 井澳/鏡澳 ), Haojing ( 濠鏡 ), and Haojing'ao ( 濠鏡澳 ). The islands Taipa , Coloane , and Hengqin were collectively called Shizimen ( 十字門 ). These names would later become Ou mún ( 澳門 ), Aomen in Mandarin and translating as "bay gate" or "port gate", to refer to

8272-468: Was also a similar hot pot brand founded by the original owner of Little Sheep in 2017. Little Sheep was founded by Zhang Gang. There are two versions of the company's founding in Baotou. According to one story, Zhang Gang, who was busy running a telecommunications business, developed a habit of eating hot pot with friends rather than cooking; this gave him the idea to open a hot pot restaurant. Another version of

8366-485: Was at its peak, there were more than 720 restaurants. Yum! Brands wanted to reduce this number and focus on high-potential outlets. After the cull, fewer than 200 restaurants remained open. With the rapid development of the catering industry, especially the hot pot market, the traditional marketing model can no longer meet the needs of its future development. Little Sheep, as the leader of hot pot restaurant chains, tried to develop its online marketing approach. Zhang Gang,

8460-404: Was at midnight on 20 December 1999, after 442 years of Portuguese rule. Following the handover, Macau liberalised its casino industry (which previously operated under a government-licensed monopoly) to allow foreign investors, starting a new period of economic development. The regional economy grew by a double-digit annual growth rate from 2002 to 2014, making Macau one of the richest economies in

8554-725: Was established (there are currently 18 direct investment restaurants). In November 2002, Little Sheep Hot pot Store was opened in Chengdu , and entered the most competitive hot pot market in China, therefore challenging Sichuan hot pot brands. It achieved an income record of 170,000 yuan in one day. In January 2003, the Little Sheep Condiment Base was established. In November 2003, Little Sheep's first overseas chain store opened in Los Angeles , U.S. In September 2004, Inner Mongolia Little Sheep Catering Chain Co., Ltd. ranked among

8648-520: Was forecast to fall as much as 10% more in 2019. Economic uncertainty may account for some of the drop, but alternate Asian gambling venues do as well. For example, Chinese visitors to the Philippines more than doubled between 2015 and 2018, since the City of Dreams casino opened in Manila. Casino gambling was legalised in 1962 and the gaming industry initially operated under a government-licensed monopoly granted to

8742-531: Was sold to Yum! Brands Inc, a U.S.-based fast-food franchise conglomerate. Yum agreed to buy Little Sheep for $ 587 million in May 2011 but the deal was delayed for four months by a Chinese Ministry of Commerce antitrust investigation. Little Sheep was delisted from the Hong Kong Exchange in February 2012. In 2016, Yum! Brands spun off their Chinese operations into Yum China , which includes Little Sheep. Happy Lamb

8836-445: Was successfully listed in Hong Kong . Until January 2010, Little Sheep Company had a total of more than 60,000 employees, drove more than 240,000 people in related employment, and increased more than 200,000 farmers and herdsmen's income. On May 13, 2011, Yum! Brands announced it intended to acquire Little Sheep Group Co., Ltd. at a premium of approximately 30% in cash. After the acquisition, Little Sheep Group would be delisted from

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