SINGAPORE – Rounds of nian gao are everywhere in the lead-up to Chinese New Year. For some, it is a festive must-have, the way mandarin oranges are, because of its auspicious meaning.

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Outspoken analyst Gao Shanwen, chief economist at SDIC Securities, left the Hong Kong unit of the company, and his license with the city’s market regulator has expired, according to a person ...