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Banking & finance

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

People take photos by the bull statue in Shanghai, on August 7. Photo: EPA

Macroscope | Inflated asset prices show markets don’t always know best

With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.

6 Dec 2025 - 4:30PMvideocam

Chinese industry bodies issue RWA tokenisation warning amid Beijing’s crackdown

6 Dec 2025 - 12:47PM

Exclusive | Meet the Illinois farmer sowing the seeds of the world’s biggest IPOs of 2026

6 Dec 2025 - 11:18AM

Chinese developer Country Garden gains Hong Kong court-backed debt lifeline

Onshore and offshore restructuring plans expected to reduce debt by US$12.7 billion and ease repayment pressure over the next five years.

5 Dec 2025 - 4:05PM

The approval of the plans marks a new phase for Country Garden, according to an analyst. Photo: Reuters

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

5 Dec 2025 - 3:03PM

CSRC vows deeper reforms to open China’s capital market and boost tech listings

CSRC chairman Wu Qing outlines ‘deep transformation’ of capital market to attract long-term investors who ‘can stay and can develop well’.

5 Dec 2025 - 5:01PM

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China stock market

Emerging markets to outperform US stocks as dollar weakness continues: report

Latin America, which has been an underappreciated market for many years, is the stand-out performer in emerging markets.

5 Dec 2025 - 9:00AM

A trader at work on the floor of the New York Stock Exchange, November 19, 2025. Photo: Reuters

Hong Kong property

HSBC to occupy over 40,000 sq ft at Hong Kong’s Capitol Centre in 2026

Current tenant Chanel’s three-year lease for the prime retail space in Causeway Bay expires on May 15 next year.

5 Dec 2025 - 8:30AM

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

4 Dec 2025 - 8:00PM

Millionaires and billionaires

Mainland China’s billionaire count surges as BYD and Mixue bosses power gains

The combined wealth of mainland China’s billionaires soars 22 per cent to US$1.77 trillion; Hong Kong’s ultra-rich population rises.

4 Dec 2025 - 5:29PM

Wang Chuanfu of BYD is among the tech sector’s biggest wealth gainers. Photo: Handout

Sovereign wealth fund

Hong Kong’s investment body posts US$300 million income in first year

Every dollar invested by the HKIC has attracted more than six in long-term market capital, Financial Secretary Paul Chan says.

4 Dec 2025 - 10:05AM

View of Hong Kong’s Victoria Harbour. Photo: Shutterstock

Opinion | How yuan internationalisation is helping to close the climate finance gap

Through fast-growing markets for yuan-denominated bonds, China is showing it can support sustainability projects across the Global South.

3 Dec 2025 - 8:30PMvideocam

Hong Kong property

Ex-banker sells Deep Water Bay home, then signs a lease at The Peak

Sany non-executive director Lawrence Lam signed a HK$525,000-a-month lease on The Peak, underscoring a growing appetite for top-tier rents.

4 Dec 2025 - 9:43AM

HSBC names veteran accountant Brendan Nelson new chairman amid Asia growth push

Appointment surprises market after HSBC CEO Georges Elhedery earlier said the 75-year-old was not keen on a permanent role.

3 Dec 2025 - 5:28PM

Brendan Nelson has been serving as interim chairman since October 1. Photo: Handout

Opinion | China’s shrinking credit reflects a financial reset, not a collapse

Beijing is moving away from the old growth model reliant on rising leverage, towards a framework that prizes risk management and data integrity.

3 Dec 2025 - 4:30PMvideocam

An aerial view of buildings under construction in Hangzhou, Zhejiang province, on March 15. Beijing is allowing underperforming and overleveraged segments, especially property developers and local government financing vehicles, to contract. Photo: AFP

China’s JD.com unit Jingdong Industrials aims for US$412 million Hong Kong IPO

Seven cornerstone investors led by London-based M&G Investments pledge a total of US$170 million.

3 Dec 2025 - 3:14PM

UBS predicts 2.4 million China property foreclosures as loan defaults rise

Apartments seized from small businesses could reach more than 2.4 million by 2027, according to UBS’ John Lam.

3 Dec 2025 - 9:30AMvideocam

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From chips to noodles: the newcomers testing Hong Kong’s buoyant IPO market

A wave of billion-dollar offerings is building behind four new listings this week, signalling sustained momentum in Hong Kong’s IPO market.

3 Dec 2025 - 7:30AM

Guangdong Tianyu Semiconductor plans to raise US$223.42 million at its Hong Kong listing. Photo: Handout

US-China relations

Trump wants a sovereign wealth fund to compete with China. Big questions remain

Ten months after it was proposed as a key tool to compete with China, there are still few clues about how it can be structured and managed.

3 Dec 2025 - 5:57AMvideocam

China's economic recovery

China’s finance chief calls for fiscal firepower as Beijing weighs 2026 goals

This month’s central economic work conference will set the tone, while top finance official signals more assertive fiscal support.

2 Dec 2025 - 8:30PM

Hong Kong taps Value Partners, 9 others to manage US$385 million residency fund

Government investment arm HKIC also names Primavera among managers of CIES IP, which focuses on Hong Kong’s long-term development.

2 Dec 2025 - 3:36PM

The 10 asset managers appointed span venture capital, private equity, private credit and hedge funds. Photo: Sun Yeung

Healthcare and tech to drive Asia-Pacific private equity deals amid slower growth

Asia-Pacific private equity managers are forecasting higher returns and fewer geopolitical risks than peers elsewhere, a new survey finds.

2 Dec 2025 - 2:00PM

Healthcare is one of the sectors expected to drive private equity deals in 2026. Photo: Shutterstock

Hong Kong stock market

China’s 3SBio seeks US$400 million in Hong Kong to boost drug pipeline

Share placement to help Shenyang-based firm advance clinical research in China and the US, expand reach of cancer and hair-loss drugs.

2 Dec 2025 - 4:46PM

Will Russia’s gold sale prompt a retreat? Hedge fund manager spurs debate

While a Chinese hedge fund manager has claimed gold’s ‘best days’ are over, analysts argue Moscow’s move does not reflect the overall picture.

1 Dec 2025 - 6:30PMvideocam

China’s currency push gains ground as Russia nears issuance of yuan bond

Foreign governments have raised a record 13 billion yuan (US$1.8 billion) via yuan bonds this year, Bloomberg-compiled data shows.

1 Dec 2025 - 4:41PM

A photo taken on November 10, 2025, shows a view of the Kremlin in Moscow. Photo: Xinhua

Hong Kong crypto exchange HashKey wins listing nod in test of investor appetite

HashKey could raise around US$300 million this month amid Hong Kong’s push to develop its digital asset sector.

1 Dec 2025 - 6:42PM

HashKey is one of 11 licensed virtual asset trading platforms in Hong Kong. Photo: Handout

People’s Bank of China (PBOC)

China’s PBOC underlines tough stance on virtual currencies like stablecoins

Speculative activities in virtual currencies have resurfaced, PBOC statement warns after multi-department regulatory meeting.

30 Nov 2025 - 7:52PMvideocam

Hong Kong economy

Opinion | In betting on Saudi Arabia, Hong Kong is really betting on itself

Hong Kong’s future may lie not in choosing between East and West, but in linking Asia with the Middle East and beyond.

30 Nov 2025 - 4:30PMvideocam

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