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A view of the Hong Kong skyline taken from the Cheung Kong Centre. Photo: Jonathan Wong
Hong Kong

Hong Kong retains title as Asia’s top billionaire hub amid AI-fuelled boom

Last year, Beijing had 61 billionaires, while Shenzhen and Dubai tied for eighth place with 43 billionaires each.

Electric & new energy vehicles

Chinese authorities tell carmakers to focus on quality, not tech offerings

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Electric & new energy vehicles

BYD posts US$1.2 billion profit in second quarter on surging global demand

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Hong Kong economy

Hong Kong retirees’ living costs grow 3 times city’s 5-year average: index

Travel costs surged by 10 points over the six-year period, the highest among all items, followed by food, dining and cross-border transport.

Elderly Hong Kong residents exercise in Sha Tin Park, April 8, 2026. Photo: Sam Tsang
Elderly Hong Kong residents exercise in Sha Tin Park, April 8, 2026. Photo: Sam Tsang
China stock market

Diversification drive after chip sell-off gives China’s private funds a boost

Mutual funds’ net assets under management shrank by 1.4 per cent in July, while private funds grew 8.7 per cent to record high.

Insurance

Prudential’s new business profit growth slows, US$300m share buy-back announced

New business profit increases 8 per cent to US$1.38 billion in first half as market braces for potential fall in number of mainland visitors.

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Banking & finance

Asia’s super-rich are ‘going all in’ on sustainability as impact investing grows

Asian family offices putting more funds into sustainability projects – and adopting ‘systems-level’ approach to make greater impact, survey finds.

Family offices in Asia are increasingly funding food and agriculture-related projects as geopolitical risks rise, according to a new survey. Photo: Xinhua
Family offices in Asia are increasingly funding food and agriculture-related projects as geopolitical risks rise, according to a new survey. Photo: Xinhua
Electric & new energy vehicles

China’s new traffic safety law set to clarify liability for fully automated cars

Lawmakers are set to establish clear liability standards for self-driving cars, a move that could open the floodgates for next-gen vehicles.

Electric & new energy vehicles

Xpeng lands US$900m in funding for humanoid AI push despite wider quarterly loss

Backers including Alibaba, Tencent and IDG put up a combined US$600 million while Xpeng itself pledges US$200 million.

Wealth management

Hang Seng Bank grows wealth network despite Beijing’s tighter capital scrutiny

Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients.

Pedestrians walk past a Hang Seng Bank branch in the Central district of Hong Kong. Photo: Jelly Tse
Wealth management

Investment market volatility is ‘here to stay’ unless global recession strikes

Rich investors put on notice as AI advancement and geopolitical risks continue to change market structure, causing instability, says Nomura.

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Julia Wang, chief investment officer for North Asia at Nomura International Wealth Management, in Nomura’s office in Central. Photo: SCMP Pictures
Julia Wang, chief investment officer for North Asia at Nomura International Wealth Management, in Nomura’s office in Central. Photo: SCMP Pictures
Banking & finance

Yuan, Hong Kong dollar bonds surge as issuers seek cheaper funding

Issuance of dim sum, panda and wonton bonds accelerates as Beijing promotes the yuan’s global use and deeper cross-border access broadens demand.

China stock market

Evergrande’s fine, China cuts US Treasury holdings: the numbers moving markets

CXMT’s valuation, Unitree’s listing surge and retirement expectations for Hong Kong’s wealthy are among stories leading this week’s market numbers.

Wealth management

Guotai Haitong unit handed US$7.8m penalty over QDII breaches

The violations involved several QDII products offered between 2019 and 2022, which have ‘since been rectified’, Guotai Haitong said.

Beijing is tightening its scrutiny of capital flows. Photo: Shutterstock Images
Electric & new energy vehicles

Growth driver: Hesai bets on lidar boom amid surge of smart cars in China

World’s largest maker of lidar sensors signals ambitions beyond the supply chain, repositioning itself as a top tech firm.

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Smart cars use data from lidar sensors to build highly accurate maps of their surroundings. Photo: Getty Images
Smart cars use data from lidar sensors to build highly accurate maps of their surroundings. Photo: Getty Images
Wealth management

Goldman Sachs upbeat on wealth outlook despite worries over China’s tax scrutiny

Robust fee growth tipped for Hong Kong, Singapore banks as mainland Chinese clients’ offshore allocations driven by diversification: report.

Wealth management

Even Hong Kong’s rich expect to work past retirement age, survey says

More people plan to work longer and ‘blend work, family responsibilities and personal aspirations’, Manulife Hong Kong CEO says.

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US-listed Chinese stocks

US billionaires reshuffle Chinese tech stock buys amid AI boom

Investors David Tepper and Stanley Druckenmiller are among those switching up their bets, with Chinese giant Baidu gaining investment from both.

Investor Stanley Druckenmiller arrives at the Allen & Company Sun Valley Conference in Idaho, US, on July 8, 2025. Photo: Getty Images
Investor Stanley Druckenmiller arrives at the Allen & Company Sun Valley Conference in Idaho, US, on July 8, 2025. Photo: Getty Images
Uzbekistan

Jim Rogers eyes up China’s yuan as he warns of a US market crash

Legendary investor lauds the yuan but says his cash holdings are still in US dollars because the Chinese currency lacks full convertibility.

China property

Rebound in China luxury home sales divorced from rest of market: analysts

Data from a real estate consultancy shows 38 per cent rise in sales of homes priced between 30 million and 50 million yuan in first half.

Electric & new energy vehicles

China’s EV sales keep sliding as incentives fade and price war seen heating up

A seven-month domestic downturn contrasts with a 147.8 per cent jump in overseas shipments, highlighting a widening gap between domestic and export markets.

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Electric vehicles made by Volkswagen are seen on a production line in China’s Anhui province earlier this year. Photo: Reuters
China stock market

What are China’s quantitative trading funds, and why are they so controversial?

China’s quant funds face scrutiny from retail traders and regulators, driven by their large returns and use of AI.

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Critics argue that AI-driven strategies exacerbate volatility in a market still dominated by more than 250 million retail investors. Photo: Getty Images
Critics argue that AI-driven strategies exacerbate volatility in a market still dominated by more than 250 million retail investors. Photo: Getty Images
Wealth management

Rich Hongkongers rank travel over real estate in shifting life goals: survey

Immersive travel and early retirement rank above real estate on the priority list of wealthy individuals, according to a new report.

Banking & finance

In Focus | Beijing hits super-rich with 20% offshore tax. What does it mean for Hong Kong?

For decades, Hong Kong has prospered by managing the wealth of Asia’s elite. Will that change as China introduces tougher offshore tax policies?

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Wealth management

Over a quarter of China’s ultra-wealthy in Beijing and Shanghai, report says

Beijing, Shanghai and Guangdong hold most super-rich households as weaknesses in real estate and market volatility weigh on private capital.

The skyline of Beijing on January 7. Photo: AFP
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