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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 mobile screen shows the Momo dating app, operated by Hello Group, which was required to pay hundreds of millions of yuan in back taxes this year. Photo: Simon Song
Chinese offshore investment

Beijing targets offshore tax dodging, intensifying cross-border capital scrutiny

Major financial outlets blast offshore shell structures after case involving the Hong Kong entity of a mainland social media platform.

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Ant Group

Fintech firm Ant International raises US$1.2b to fuel global growth

HKEX

Exclusive | HKEX eyes confidential filings, lower market cap threshold for start-ups

International Property

Chinese immigrants play outsized role in Canada’s housing scene amid foreign ban

Chinese permanent residents, exempted from the ban, are estimated to have bought US$4 billion worth of homes last year in Canada.

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Ottawa bars most foreigners from purchasing homes, though students, foreign workers and permanent residents are exempt from the restriction. Photo: Shutterstock
HKEX

Hong Kong bourse weighs longer hours amid pressure from global peers: sources

Nasdaq’s 23-hour expansion and London’s round-the-clock push pile pressure on Hong Kong to rethink its shorter trading day.

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China GDP

China’s half-year growth

Second-quarter GDP grew by a slower-than-expected 4.3 per cent, weighed down by the US-Israeli war on Iran, weak domestic consumption and a prolonged property slump.

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ETFs

What MPF’s 4.8m members could gain if rules are eased for Hong Kong-listed ETFs

Relaxing rules to widen ETF access will deliver stable returns at low cost while boosting local markets, chamber says.

The MPFA is being urged to consider following the Australian pension model, which allows members to directly invest part of their pension money in assets of their choice and not just designated MPF funds. Photo: Jelly Tse
China stock market

Open Questions | Citic Capital’s Zhang Yichen on the ABCs of China’s markets: IPOs, M&As and AI

The CEO discusses China’s evolving capital markets and why multinationals are turning to local partners amid shifting geopolitical dynamics.

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China property

Opinion | Why China is untangling its banks from the property wreckage

Authorities are rewiring financial architecture to address the systemic risk, breaking the deep structural ties between property and banking.

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Hong Kong economy

Opinion | Hong Kong’s 5-year plan must focus on what the city does best

Integration, connectivity and contribution to the national economy are the city’s tried and tested ingredients of success.

The Star Ferry sails past the Central district skyline in Victoria Harbour, on July 1. Photo: AFP
China economy

China speeds up new overseas quotas to expand global reach of domestic investors

Move to expand QDII quotas signals a deeper opening of China’s markets and growing appetite for global assets.

A large screen shows stock exchange and economy data in Shanghai. Photo: EPA
Commodities

China’s resources deals turn gold mines into – gold mines

Chinese gold producers, after a buying spree for mines abroad, are cashing in as the metal’s price goes sky-high.

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Fintech

China-UAE retail QR payment link to boost the yuan’s global push

Beijing linking its retail payment networks with Dubai is another step toward yuan internationalisation and reducing US dollar reliance.

Semiconductors

Chinese memory giant CXMT oversubscribed 212 times in mega Shanghai IPO

Nearly 10 million investor accounts apply for a rare listed proxy on Beijing’s semiconductor self-reliance drive.

A view of the headquarters of ChangXin Memory Technologies in Hefei, in eastern China’s Anhui province, on July 16. Photo: AFP
Hong Kong stock market

Hong Kong tech resilience tested as South Korea’s Kospi slides into bear market

Foreign investors have pulled US$110 billion from Seoul this year, rotating into undervalued Chinese giants as momentum seen slowing for expensive tech stocks.

A woman is seen near an electronic signboard in the dealing room of Hana Bank in Seoul on Thursday. The Korea Composite Stock Price Index (Kospi) recently slid into a technical bear market. Photo: EPA
Wealth management

How AI and chip boom is propelling Hong Kong’s ETP market to new heights

Hong Kong is already the world’s fourth-largest market for exchange-traded products, and the rapid growth in trading is set to continue, director says.

China stock market

Open Questions | Citic Capital CEO on making China a financial powerhouse

Ex-Wall Streeter Zhang Yichen on attracting capital to China, building up its bond market and helping foreign firms better serve Chinese consumers.

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IPO

Hong Kong exchange returns IPO application sponsored by CICC

Inner Mongolia Xingye Silver & Tin Mining says it plans to resubmit application before end of September.

China International Capital Corporation’s logo on a smartphone screen. Photo: CFOTO/Future Publishing via Getty Images
Semiconductors

CXMT’s mega IPO draws frenzy from retail investors to DeepSeek founder’s fund

Investors are hoping for a relatively generous allotment rate and sharp gains when the memory-chip maker debuts on Shanghai’s Star Market.

Stocks

Diversify away from US markets to shield savers, ex-World Bank official warns

Oxford’s Ian Goldin says extreme concentration of capital in tech giants exposes global investors to a looming and painful valuation reversal.

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Biomedicine: Companies

Mainland funds boost stakes in Hong Kong-listed biotech amid value dislocation

Analysts say valuation of the sector is attractive, with biotech firms trading relatively cheaply.

Hong Kong’s skyline is seen from The Peak on June 1. Photo: Karma Lo
Hong Kong

HKIC reports double-digit investment return as ‘patient capital’ bears fruit

The government-owned investment firm generated nearly HK$6.5 billion in its second year, as Hong Kong’s economic vision begins to take shape.

Clara Chan Ka-chai, CEO of the Hong Kong Investment Corporation (HKIC), speaks during the International Forum for Patient Capital in Hong Kong last May. Photo: Jonathan Wong
Yuan

China eyes broader global access to yuan assets, as panda bond demand surges

Beijing plans further reforms to make it easier to issue and trade panda bonds, as it focuses on boosting the yuan’s role as a global currency.

Hong Kong economy

Opinion | Connect scheme for gold shines light on China’s financial liberalisation

The Connect model has evolved from isolated reforms into a blueprint for China’s financial opening up, with Hong Kong as the bridgehead.

Blockchain

Hong Kong steps up its crypto hub challenge with tokenised fund

As the city looks to challenge the US as a global crypto hub, Baillie Gifford says the SFC has approved its blockchain-based tokenised fund.

British fund manager Baille Gifford says it has received approval from the Securities and Futures Commission to issue the city's first blockchain-based tokenised fund. Photo: Shutterstock
China economy

China increases holdings of US Treasuries despite diversification trend

Overall foreign holdings climb to US$9.371 trillion in May, with China’s rising to US$659.3 billion after hitting an 18-year low in April.

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US Federal Reserve chairman Kevin Warsh addresses a news conference after last month’s Federal Open Market Committee meeting in Washington. Photo: Reuters
Greater Bay Area

Hong Kong urged to pave path for Greater Bay Area firms going global

Standards alignment, supply-chain coordination and cross-border financing are areas where city’s expertise can be pivotal, summit speakers say.

China stock market

5 years after Evergrande, does China’s stock market signal a turnaround?

Domestic A-shares have returned to near-2021 levels as real interest rates decline, though researchers warn a sustained recovery is not yet guaranteed.

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