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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
A view of the HSBC Building in Central, Hong Kong. Photo: SCMP/Karma Lo
Insurance

HSBC reshuffles insurance division after CEO’s surprise departure: internal memo

Two Asia-based executives will replace outgoing global insurance CEO Edward Moncreiffe, who has resigned, according to a company document.

Hong Kong

Hong Kong stablecoin list expands with Standard Chartered-led firm’s launch

Gold in Hong Kong

Why Fed moves trump geopolitical risks, China gold buying in analysts’ forecasts

Hong Kong stock market

Hong Kong seeks tech exposure amid Beijing’s rising AI dominance

The city is looking to expand stock benchmarks in an effort to challenge Nasdaq’s tech dominance.

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A view of the Hong Kong skyline on July 22. Photo: Jonathan Wong
China stock market

China’s quant funds have edge on foreign rivals, as Beijing curbs trading speed

Top US quant teams unable to beat native competitors in mainland China unlike in Japan or India, despite regulatory clampdown on trading.

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HKEX

Exclusive | HKEX to launch debate over extending trading hours despite pushback, sources say

The discussion paper could pave the way for Hong Kong’s bourse operator to introduce longer opening times, helping it attract global investors.

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China economy

China reformed its tax rules in 2018. Why is it now pushing stricter enforcement?

Declining fiscal revenue is prompting tax authorities to scrutinize offshore trusts and equity gains.

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Employees work in an electronics factory in Chongqing on September 13. Photo: AFP
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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US-China trade war

US faults China over vague overseas lending, warns of emerging-market debt risks

US State Department introduces tougher disclosure requirement covering sovereign loans, liabilities and collateral.

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Robotics

Unitree IPO deluge masks humanoid robots’ limitations

Retail investors subscribed for more than 5,500 times the shares on offer in Unitree Robotics’ offering amid hype about advances for humanoid robots and a run of Shanghai IPO windfalls.

Photo: SCMP
Yuan

China’s central bank eyes global yuan in first solo 5-year plan in over a decade

The strategy signals Beijing’s push to build a ‘strong central bank’ capable of driving its financial powerhouse ambitions, analyst says.

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Beijing’s push for yuan internationalisation is seen as crucial to reducing dependence on US dollar-denominated channels. Photo: Getty Images
China stock market

Gold breakout rally sends Chinese bullion stocks near record highs

Sovereign-debt risks and reserve diversification seen helping revive investor optimism in the precious-metals market.

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Robotics

Unitree IPO frenzy leaves retail investors with 1-in-5,500 odds

Robotics company’s US$900 million Star Market listing offers slimmer odds than recent offerings by CXMT, Moore Threads and MetaX.

National Financial Regulatory Administration (China)

China’s banks look to unload US$8.2b in bad credit-card loans

The pace of disposal efforts has accelerated since July, coinciding with the country’s slowing economy.

The rise in transfers comes as lenders face mounting asset-quality and profitability pressures. Photo: Shutterstock Images
Hong Kong property

Hong Kong’s commercial property investment growth beats Asian peers

‘Highly active’ market in city tops Singapore and Australia, although base effect, assets in receivership contribute to increase, JLL says.

One Bedford Place, a distressed office tower in Tai Kok Tsui, was purchased by Singapore-based investor Wee Hur Holdings in June. Photo: Handout
Bonds

China’s panda bond market surges as Goldman Sachs flags limits to yuan expansion

Issuance of yuan-denominated debt surges, including in dim sum bond market, but sustained global use of yuan seen requiring broader access and stronger finance links.

Wealth management

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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Stocks

Macroscope | Behind the AI stock market bubble lies a weak yen

The tech stock boom, financed in large part by the yen carry trade, is at risk of collapse if the currency strengthens.

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Pedestrians pass a foreign currency indicator board showing the rate of the US dollar against the Japanese yen in Tokyo on August 3. The yen surged against the US dollar, reaching its strongest level in about three months after Japanese and US monetary authorities conducted a coordinated intervention to buy the yen for the first time in 28 years. Photo: EPA
Hong Kong Monetary Authority (HKMA)

Everything you need to know about Hong Kong’s US dollar peg

As global investors shift away from US dollar assets, Hong Kong is tied to the US dollar to maintain a stable exchange rate.

Shenzhen

Meet the next generation of Chinese stars making their mark in global finance

New finance talent brings analytical discipline and cross-cultural fluency across global asset management, crypto and quant trading.

Hong Kong property

Investor linked to Ningbo’s richest man buys Hong Kong luxury home for US$18.5m

Deal adds to signs of mainland Chinese wealth entering the city’s high-end residential market despite a slowdown in overall activity.

A four-bedroom stand-alone garden house in Villa Lucca was purchased last month. Photo: Handout
IA

Don’t panic: China says 20% offshore insurance tax does not target Hong Kong

Beijing urged the market not to overreact to the policy – which it stressed was not new – after reports of the tax triggered a sell-off in Hong Kong.

The share prices of major financial firms in Hong Kong dipped on Thursday, after reports of that Chinese authorities had started levying a 20 per cent tax on gains from offshore insurance policies. Photo: SCMP/Sam Tsang
China-Africa relations

China’s Africa loan pivot turns it into a debt collector

China’s retreat from big loans has made Africa a net repayer, as Beijing turns its focus to smaller, more selective projects.

Yuan

Hong Kong’s US dollar peg faces fresh calls for review – but is change feasible?

Economists and financial analysts warn abandoning the anchor would pose risks that far outweigh potential rewards.

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China stock market

Global AI trade revival brightens outlook for Chinese tech stocks

Improved corporate earnings and a broader global tech rebound are helping stocks bounce back from a record monthly decline.

The tech-heavy Star Market 50 Index on the Shanghai Stock Exchange is expected to close the week up by about 6 per cent. Photo: Shutterstock
Mainland China

Hong Kong preferred base as Chinese SOEs consolidate overseas accounts

City’s attractions include international banking system, deep capital markets, offshore yuan pool and close links with mainland.

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Hong Kong is becoming a hub for central state-owned enterprises’ treasury centres. Photo: Jelly Tse
Gold in Hong Kong

Gold’s price potential still ‘explosive’ amid Beijing hoarding

Rising demand from central banks to drive a rebound despite temporary downside pressure from energy and interest rates, Goldman Sachs says.

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Hong Kong stock market

From Hong Kong’s bond futures to SpaceX: the numbers moving markets

Hong Kong’s sovereign debt debut, SpaceX’s first public earnings and shifting energy markets are all in the spotlight.

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