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Stock market action from around the world, with a focus on Hong Kong, China and the rest of Asia.

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Attracting listings to the bourse from Southeast Asia, the Middle East and other regions, and introducing trading when typhoon signal No 8 is in force are at the top of his list.

  • China’s manufacturing PMI for May, a survey of sentiment among factory owners, slipped into contraction territory, official data released on Friday showed
  • The Hang Seng Index posts a four-month winning streak, the longest since February 2021, in spite of Friday’s decline

Convertible bond issues are seen growing in popularity across the Asia Pacific region as companies seek to lower their interest costs at a time when the primary equity market is sluggish.

The legendary investor has changed his view on China stocks as he believes the country’s recent property support measures will restore confidence. A recent trip to the south of the country also helped change his mind.

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China-listed firms paid cash dividends totalling 2.2 trillion yuan (US$300 billion) for 2023 despite a fall in combined profit, official data shows. Fund managers are not convinced broader governance improvements are afoot.

A nine-member jury at the Court of First Instance found Sit Yi Ki, Lam Wing Ki and Tam Cheuk Hang guilty of manipulating the shares of Ching Lee Holdings.

Hong Kong retail funds recorded net inflows of US$3.8 billion in the first quarter, the most since attracting US$4.6 billion in the same period in 2021, industry data shows.

Five years since the mechanism was introduced, it has dropped off investors’ radar. Only six Chinese companies have listed in London, while no European company has listed in China.

Hong Kong investors’ concentration in real estate and local stocks ‘has not worked out well’ in the past few years, digital wealth adviser Endowus says.

Investors are growing increasingly positive on China’s long-term growth prospects but are ‘underinvested’ in the world’s second-largest economy, HKEX CEO Bonnie Chan says.

The company, one of China’s largest private-sector conglomerates, aims to cut its debts by 10 billion yuan (US$1.38 billion) annually in the next two to three years.

Hong Kong markets close little changed, surrendering gains posted after Shanghai relaxed property sector curbs and on the back of a semiconductor investment fund.

Hotels in mainland China will need to raise their performance and returns to succeed as real estate investment trusts, according to JLL. A 4 per cent annual return will be favoured by regulators and investors.

The liquidators of China Evergrande reached an initial agreement on May 16 to sell a 29 per cent stake in Evergrande NEV to an unidentified buyer, according to an exchange statement.

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Hong Kong stocks fell for a fourth straight day and capped their biggest weekly loss since January, with a lack of positive earnings surprises and waning rate cut hopes adding to the gloom.

Hong Kong’s mandatory retirement fund put in its best performance in seven years in the first five months of 2024, though members who shifted their cash from Hong Kong and China equities to US stock funds have missed out.

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A stock market rally in Hong Kong has helped raise valuations and improve sentiment among investors, feeding a recovery in fundraising activities in the city and on bourses in mainland China, JPMorgan says.

China’s securities regulators and stock exchange officials met with global fund managers in Europe in the first overseas roadshow, after delivering a major stimulus to rescue the nation’s property market.

Growing scepticism and a lack of trust in the performance of ESG investments are the ‘top barrier’ for Asian investors, according to a study by AXA Investment Managers.

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Haidilao operator Super Hi International plans to use 70 per cent of the listing proceeds to strengthen brand and expand network globally. The US debut adds momentum for Chinese firms weighing a listing abroad.