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Banking & finance

A worker welds metal at a factory in Hangzhou in China’s eastern Zhejiang province in June. Photo: AFP

China’s third plenum vows to back private sector, open up to foreign firms

Observers and business owners welcome initiatives but some raise concerns about implementation at the local level.

Observers and business owners welcome initiatives but some raise concerns about implementation at the local level

3 hours agovideocam

Hong Kong paves way for UAE listings, recognising Dubai, Abu Dhabi exchanges

19 Jul 2024 - 8:50PMvideocam

UK firms rush to set up, expand Hong Kong operations in first half: InvestHK

6 hours ago

Hong Kong stocks slide after China’s third plenum underwhelms, geopolitics eyed

Hong Kong stocks tumbled on Friday after China’s third plenum announcement was light on details about measures to boost economic growth.

19 Jul 2024 - 4:43PM

A portrait of former Chinese leader Mao Zedong at Tiananmen Square in Beijing, China, on Saturday, July 6, 2024. Of the countless meetings that China’s Communist Party holds regularly, the Third Plenum scheduled on July 15 stands out for its potential impact on the world’s second-largest economy. Photographer: Na Bian/Bloomberg

Editorial | Hong Kong’s cash-strapped URA can build on bonds

Overseas funding will help city redevelopment body tackle growing number of ageing buildings.

19 Jul 2024 - 6:15AM

China, Russia eye robust cross-border payments as sanctions create ‘time bomb’

China and Russia are studying the possibility of cooperation on the Bank of Russia’s Mir payment system, according to Beijing’s ambassador to Moscow.

18 Jul 2024 - 9:57PMvideocam

Hong Kong raises US$3.2 billion via multicurrency green bond

Hong Kong’s government raised US$3.2 billion via green bonds denominated in US dollars, euros and offshore yuan in the city’s latest push to establish itself as a sustainable finance hub.

18 Jul 2024 - 8:45PM

Proceeds raised will be used to finance projects that provide environmental benefits and support sustainable development, the HKMA said. Photo: Getty Images

SHK Capital Partners joins GAM to expand alternative investments

The alliance will launch an alternative wholesale investment product later this year for family offices and institutional investors, SHK&Co deputy CEO Tony Edwards said, without divulging details.

19 Jul 2024 - 3:33PM

Hong Kong relaxes some stablecoin rules, launches limited trials

The HKMA announced the first stablecoin issuers to trial e-commerce, trade settlement and tokenised assets, with final rules to be submitted to Legco this year.

18 Jul 2024 - 6:19PM

Family office operators in Hong Kong plan US$100 million capital-investment fund

Wings Capital has teamed up with other family offices in the city to set up a fund that will invest for CIES applicants, partner Cliff Ip says.

18 Jul 2024 - 10:37AM

Hong Kong’s Capital Investment Entrant Scheme has received nearly 350 applications as of July 5. Photo: Xiaomei Chen

Deutsche Bank looks to Asia-Pacific wealth management to drive core growth

The German lender wants the region to contribute at least 15 per cent of its global revenue in the next two to three years as it hires senior bankers for its investment advisory, wealth management and private bank in the region, says CEO.

18 Jul 2024 - 3:37PM

Deutsche Bank operates in 15 markets in Asia-Pacific, including Hong Kong and mainland China. Photo: AFP

With US ether ETFs imminent, Hong Kong may attract a different crypto crowd

Hong Kong’s approval of spot ether ETFs in April was seen as a unique but brief advantage for the city, which may now attract investors looking to avoid US taxes.

18 Jul 2024 - 7:00AM

Hongkongers happy to let the interest roll in even as outlook improves: survey

Local investors would only consider reallocating from cash and deposits into investment products when interest rates come down to 2.5 per cent, according to a survey by the Hong Kong Investment Funds Association.

18 Jul 2024 - 6:00AMvideocam

Opinion | The push for sustainable palm oil isn’t going far enough

Smallholders in Southeast Asia are too often left out of sustainable oil palm initiatives due to unaffordable costs and a lack of technical support.

17 Jul 2024 - 8:30PM

On April 27, 2022, a worker moves palm oil fresh fruit bunches that will be transported from the collector site to factories in Pekanbaru, Indonesia. Photo: Reuters

Singapore law firms expand to China as global peers retreat from the mainland

The moves from Singapore’s two largest law firms contrast with some foreign companies shrinking their presence in mainland China and Hong Kong amid a dearth of deals and increased regulatory oversight from Beijing.

17 Jul 2024 - 4:22PM

Singapore’s two biggest law firms are expanding in China, relying on Chinese companies to invest abroad, as some of their global rivals expand in the world’s second-largest economy. Photo: SCMP

HSBC promotes insider to CEO to helm Europe’s biggest bank

Noel Quinn announced his retirement in April, after five years on the job, that involved pushing HSBC to resume paying dividends amid a revolt led by its biggest shareholder.

17 Jul 2024 - 4:49PM

Trump says ‘I’m for TikTok’ as potential US ban looms

Republican presidential candidate said he supports TikTok even as a potential ban looms if Chinese-parent company ByteDance fails to divest the short video app’s US assets.

17 Jul 2024 - 11:21AM

Former UK politician Danny Alexander to helm HSBC’s new infrastructure unit

HSBC Infrastructure Finance will tap infrastructure financing and advisory opportunities associated with the transition to a low carbon economy.

16 Jul 2024 - 9:39PM

A file photo of Danny Alexander from June 2016. The former UK minister will join HSBC to lead the bank’s newly set up infrastructure finance unit. Photo: David Wong

China lithium giant Ganfeng plans to trade derivatives to offset overseas risks

The largest position on any given day will not exceed 8 billion yuan (US$1.1 billion) ‘to hedge its exposure to cross-border investment risks and overseas market volatilities’.

16 Jul 2024 - 7:00PMvideocam

Chinese finance firms ask Hong Kong staff to return part of their bonuses

Some of China’s largest state-backed financial firms are asking employees in Hong Kong to return a portion of their pay, extending President Xi Jinping’s ‘common prosperity’ campaign to the offshore business hub.

16 Jul 2024 - 5:41PMvideocam

Over half of Hong Kong employees are struggling or at risk financially: survey

Young Hongkongers are struggling to make ends meet and many employees are living paycheck to paycheck which is posing a risk to their mental health, according to a survey by advisory firm WTW.

16 Jul 2024 - 5:06PM

People walk on a footbridge in Central during lunch time. More than half of Hong Kong employees are at risk or struggling with respect to their finances, according to a survey by advisory firm WTW. Photo: Jelly Tse

‘A lot of red flags’: Philippines freezes alleged Chinese spy mayor’s assets

Officials say Guo is hiding from arrest as she faces a widening money-laundering probe into her links to illegal offshore gaming operations.

16 Jul 2024 - 4:55PMvideocam

Bamban Mayor Alice Guo. Photo: Facebook/AliceLealGuo

Hong Kong hires banks for sale of green bonds to raise dollar, euro, offshore yuan funds

Hong Kong unveiled plans for a multi-tranche sale of green bonds in dollar, euro and offshore yuan currencies to raise funds for financing projects under the government’s green bond framework.

16 Jul 2024 - 4:16PM

Saudi ETFs make winning China debut as financial ties with Middle East grow

The two feeder funds rose 7.9 percent and 7.8 percent in Shenzhen and Shanghai, respectively, after raising a combined US$170 million.

16 Jul 2024 - 5:07PM

China bond rally sends yields to record lows, prompting policymakers to respond

Up to 2.5 billion yuan worth of two types of China’s 10-year treasury bonds will be sold on Tuesday amid risks that the bond bubble could burst.

16 Jul 2024 - 7:00AM

China’s long-term treasury bond market has seen a record rally since last year as investors seek safe-haven assets. Image: Shutterstock

Explainer | What is ETF Connect? How does it help global investors tap China’s stock market?

China is further opening up its US$8.4 trillion stock market by offering 85 new exchange-traded funds (ETFs) tracking mainland equities through the cross-border trading channel for offshore investors next week.

16 Jul 2024 - 6:00AMvideocam

ETFs, which are funds that pool together a basket of securities and aim to offer returns that mirror the underlying market, are becoming increasingly popular in Asia. Photo: Shutterstock

Hong Kong’s CLP Power leaps into Australian market with US$339m Kangaroo bond

City’s biggest electricity provider launches three-year bond, the first such foray by a Hong Kong commercial entity into Australian market.

15 Jul 2024 - 10:40PM

New World’s scion Adrian Cheng lists C Capital on Swiss exchange

Cheng will sell his unit C Capital to Youngtimers, a special situation investment firm that has been listed since 2000 on the SIX exchange.

15 Jul 2024 - 7:00PM

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Banking & finance

News about the global financial industry with a focus on developments in Hong Kong and China.