| Pro-democracy candidates win big in Hong Kong, China to raise intellectual property violation penalties, and a mixed start to the week for markets in Asia. Here are some of the things people in markets are talking about today. Huge Gains Hong Kong's pro-democracy candidates are set to win a majority of district council seats after a record number of people cast ballots on Sunday, the first opportunity to vote after months of increasingly violent protests. Pro-democracy candidates made huge gains, according to the South China Morning Post, while RTHK said the early count suggested a "landslide" win for the group. More than 2.94 million people, or roughly 71% of the financial hub's electorate, were said to have voted. The results will have a knock-on effect on the Legislative Council elections next year, which draw candidates from among successful district councilors. The vote unfolded peacefully despite concerns it could be delayed or disrupted by violence. Higher Penalties China said it will raise penalties on violations of intellectual property rights in an attempt to address one of the sticking points in trade talks with the U.S. The country will also look into lowering the threshold for criminal punishment for those who steal IP, according to guidelines issued by the government on Sunday. The U.S. wants China to commit to cracking down on IP theft and stop forcing U.S. companies to hand over their commercial secrets as a condition of doing business there. Mixed Fortunes Stocks in Asia were set for a mixed start to the trading week as investors monitored the latest on U.S.-China trade. Currencies saw muted moves in early trading. Futures edged up on equities in Japan and Australia, while Hong Kong contracts ticked lower. The pound advanced, reversing some of its decline from Friday. The S&P 500 nudged up Friday after President Donald Trump said he was "very close" to a trade pact with China. On the docket this week: Federal Reserve Chairman Jerome Powell speaks on Monday, U.S. consumer spending data is due Wednesday, and the U.S. celebrates Thanksgiving on Thursday, when equity and bond markets will be shut. In Asia, Alibaba starts trading in Hong Kong on Tuesday, and the Bank of Korea sets policy on Friday. Pharma Deal Novartis AG agreed to buy Medicines Co. for an equity value of about $6.8 billion, snapping up a promising cholesterol drug and adding to a string of acquisitions for Chief Executive Officer Vas Narasimhan. Medicines Co. shareholders will get $85 a share, Basel, Switzerland-based Novartis said in a statement Sunday. That's a 45% premium to the closing price on Nov. 18, before Bloomberg reported the two companies were in talks. Novartis's CEO has relied on acquisitions to sharpen the pharma giant's focus on cutting-edge drugs for cancer, rare diseases and other illnesses. Luxury Takeover LVMH is close to a deal to buy Tiffany & Co., the fabled U.S. jeweler, for more than $16 billion as it seeks to clinch what would be Chairman Bernard Arnault's biggest-ever takeover. The French luxury conglomerate's new proposal — at $135 a share — is 12.5% above the initial $120-a-share bid, according to people familiar with the matter. Both companies' boards were meeting Sunday to approve the latest offer and an agreement could be announced as soon as Monday, the people said, asking not to be identified because the details are private. What we've been reading This is what's caught our eye over the last 24 hours. And finally, here's what Tracy's interested in this morning That 5G technology has become a flashpoint in the tensions between the U.S. and China is undeniable. The question is whether or not the technology, in its current state, is deserving of all the attention. At Bloomberg's New Economy Forum on Friday, there were two diametrically-opposed visions of its uses. Infosys Chairman Nandan Nilekani suggested there were no clear compelling applications for 5G as yet. "All previous generations of telecom technology had a natural use," he said. "The thing with 5G is that it will require people to build all this functionality for different industries: healthcare, education, financial services." By contrast, Micron CEO Sanjay Mehotra was adamant that 5G's high speeds would "unleash" the potential of thousands of new intelligent devices. "5G is not evolutionary like the previous mobile standards. 5G is transformative," he said. Based on the above, it's worth asking whether the importance of 5G is overblown and the attention paid to it premature. For China hawks in the U.S., it may just be a convenient flashpoint to coalesce around. And for technologists — or those who stand to make money from the telecoms upgrade — there's an obvious incentive to exaggerate 5G's importance. You can follow Bloomberg's Tracy Alloway at @tracyalloway. The best in-depth reporting from Asia Pacific and beyond, delivered to your inbox every Friday. Sign up here for The Reading List, a new weekly email coming soon. Before it's here, it's on the Bloomberg Terminal. Find out how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more. | 
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