Topic
News about the global financial industry with a focus on developments in Hong Kong and China.
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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.
As Beijing restructures the economy, the importance of having accurate and precise information from across the country is critical.
- Chinese state entities have begun to explore using their data as intangible assets, reducing debts and opening new possibilities for relieving burdens
- Analysts warn plan has not been thoroughly evaluated, with inconsistent valuations of data and potential legal issues yet to be resolved
Harvest CEO Han Tongli said he ‘doesn’t rule out’ applying to get the spot crypto ETFs on the Stock Connect scheme as long as ‘everything goes smooth’ in the next two years.
Hong Kong Exchanges and Clearing, which runs the third-largest stock exchange in Asia, sees more listings from the Middle East and mainland China as market sentiment turns bullish, according to its CEO.
The new financial product underscores the flurry of collaborations and accords between Hong Kong and Riyadh since the February 2023 visit by Chief Executive John Lee Ka-chiu to the kingdom.
State media article on Wednesday says it is ‘certain’ that China’s central bank will participate in treasury bond trading amid better coordination with the finance ministry.
The removal of property curbs, a stock market rebound and growing opportunities in the Greater Bay Area are attracting an increasing number of family offices to Hong Kong, according to industry players.
With China’s ties to Russia under stronger scrutiny from the West, banks are keeping a closer eye on transactions with links to Moscow – and China’s exporters are concerned their bottom line will suffer.
FTX said in a court filing it owes about US$11.2 billion to its creditors. The exchange estimates it has between US$14.5 billion and US$16.3 billion to distribute to them.
The investments, which will yield 3,200 jobs, come amid government efforts to enhance Hong Kong’s position as an innovation hub in the field.
Swiss financial firm EFG has increased its investment in Chinese and other non-Japan Asian stocks, on expectations of steady growth in the region and driven by the belief the worst was over for stocks in China.
The number of private debt funds in the Asia-Pacific region grew by 22 per cent to 94 at the end of 2023 compared with a year before as financial institutions bet on the flourishing market.
Hong Kong is expanding its market outreach in the Middle East by linking up with investment authority in oil-rich Qatar, paving the way for future cooperation and alliances.
A new data-verification platform will test Beijing’s plan to keep watch on cross-border data flows without disrupting normal business operations.
Hong Kong looks to help economies mitigate risks from natural disasters and has partnered with the World Bank in further developing the market for insurance-linked securities.
Hong Kong will roll out the red carpet to hundreds of top global bankers and finance executives in November for a high-level financial conference to be hosted by the Hong Kong Monetary Authority.
China International Capital Corp is planning to demote some of its senior bankers and cut their pay, people with knowledge of the matter said, an unusual move that could lead to voluntary departures.
Hong Kong’s Exchange Fund, the war chest used to defend the local currency, continued its comeback in the first quarter, posting a return of HK$54.3 billion (US$7 billion) as rising overseas stock markets offset losses in domestic equities.
The HKMA plans to replace the term ‘virtual bank’ with ‘licensed digital bank’ in reference to the city’s eight branchless lenders to remove negative connotations associated with the term in Chinese.
Investment banks including Goldman Sachs, UBS and BNP have become more positive on Chinese stocks, with foreign selling having subsided. But the property crisis, deflationary risks and tepid consumer demand mean global investors are yet to go all ‘all in’.
Hong Kong’s IPO market is healing and investors are returning, drawn by a generation of innovative, little-known companies that will also provide a rich vein of investment banking business for years to come, says Citigroup’s Asian head of investment banking.
The Brazilian financial technology company is banking on demand for payment digitisation in the business-to-business space in China and increased adoption of digital payments in India.
Quinn last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business.
The city’s three ETFs that invest directly into bitcoin saw US$5.5 million change hands on Friday, down from US$8.6 million in their Tuesday debut.
The HKMA has issued a ‘green taxonomy’ framework to help banks and investors determine the sustainability of economic activities, the latest effort to boost the city’s standing as a green finance centre.
Less than 30 per cent of Hong Kong businesses plan to use senior job titles to attract or retain talent, though the practice is more common in certain sectors, and could be at odds with younger workers’ expectations.
Readers discuss the government’s efforts to attract family offices, and a new service for passengers transferring between commercial flights and private jets.
Mainland China investors will gain access to Hong Kong’s Reits via an expanded mutual market access scheme in a move which will deepen the market, enhance its liquidity and attract international issuers, analysts say.
