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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.
Citigroup’s global CEO Jane Fraser poses for a photo at Citibank’s Hong Kong office in Central on June 24. Photo: May Tse
SCMP Exclusives

Exclusive | Why Citigroup CEO Jane Fraser left Beijing feeling optimistic

Leader of US$239 billion company discusses yuan internationalisation, Hong Kong’s fintech leadership, and US-China economic stabilisation.

China technology

China’s Momenta IPO oversubscribed 414 times as Hong Kong listings pack calendar

Yuan

Hong Kong broadens yuan’s financial footprint as currency gains global appeal

Hong Kong

China’s Goldman Sachs dream: mainland banks ride Hong Kong’s IPO wave

Chinese investment banks are challenging global rivals after earning billions of dollars in the first half of the year.

China International Capital Corporation (CICC) helped raise US$3.23 billion from 36 IPOs in Hong Kong in the first half of the year. Photo: Getty Images
Hong Kong

Exclusive | Hong Kong to launch gold clearing and settlement system next week: sources

The city plans to process its first gold settlement on Tuesday, according to those familiar with the matter.

Mainland China

‘Big Short’ 2.0? US hedge fund manager warns of a global AI bubble

China’s AI stocks entered the second half of 2026 with improving earnings momentum, but scepticism about the sector is increasing.

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China economy

Opinion | When and how will China ease capital controls?

While China has reasons to maintain capital controls, the recent crackdown on three Hong Kong brokerages is not meant to discourage mainland outbound investment.

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Illustration: Craig Stephens
Hong Kong

Hong Kong assets hit record US$5.38 trillion on renewed China appetite: SFC

Net fund inflows soared nearly 200 per cent, supported by a tech-led stock rally and a 30 per cent rise in capital allocated to the mainland.

World Bank Group

China’s World Bank journey hits lending limit: why it is being phased out

Ministry of Finance eyes move towards knowledge sharing as wealth gains and US pressure curb lending for a nation that is now the world’s top bilateral creditor.

IPO

Clogged pipeline: Many Hong Kong IPO hopefuls near deadline

More than 30 mainland Chinese firms face a deadline for regulatory approval in next two weeks, with one analyst comparing the process to a marathon.

Data from bourse operator Hong Kong Exchanges and Clearing, based in Exchange Square in Central, shows more than 430 companies waiting for IPOs. Photo: Jelly Tse
Hong Kong stock market

From AI chips to energy drinks: Hong Kong’s top 5 listing deals of 2026 so far

A semiconductor designer and mainland China’s biggest hog producer are among the companies behind the largest deals.

A view of Exchange Square in Central, home to bourse operator Hong Kong Exchanges and Clearing, on June 11. Photo: Jelly Tse
Hong Kong stock market

China’s tax crackdown: A-share and Hong Kong-listed firms hit hard

Beijing’s anti-tax evasion campaign could expand, raising concerns that corporate earnings, cash flows and investor sentiment may be at risk.

India

Reliance Jio’s IPO set to intensify investor focus on India’s telco sector

A positive response to the IPO could spur investor interest in the proposed listings by PhonePe and Nykaa, analysts say.

World Gold Council

‘Upside potential’: Why Asian gold buyers offer hope to regain lost ground

The trend reflects a ‘growing relevance’ of Asian markets, while US investors pull back on gold holdings due to higher rates, inflation.

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The World Gold Council said Asian markets were a growing force in gold price discovery, while US investors have pulled back on the metal due to high interest rates and inflation. Photo: Reuters
China exports

Beijing asserts control over China’s offshore tech transfers with landmark law

Beijing’s ‘milestone’ mandate seen authorising retaliatory responses to trade barriers while restricting research leaks.

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A guard stands at attention outside the Great Hall of the People in Beijing. China has enacted a sweeping overseas investment law. Photo: TNS
Hong Kong politics

Opinion | Hong Kong’s 5-year plan will hinge on how it measures success

From boosting growth to improving liveability, city planning is most effective when matched by consistent execution and accountability.

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Binance

UK investors sue Binance and founder Zhao Changpeng for US$200 million

Nearly 1,700 UK users have alleged that the world’s largest crypto exchange offered risky products without regulatory approval.

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Bonds

Looking East: Europe’s banks look to Hong Kong amid global uncertainty

European banks, facing rising costs and energy instability, are turning to Hong Kong for funding, with Hungary’s OTP Bank leading the shift.

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Hungary’s biggest lender, OTP Bank, has given a vote of confidence to Hong Kong as European banks seek alternative options amid geopolitical tension, rising financing costs and increasingly unstable global energy supplies. Photo: Handout
IPO

Hong Kong loses IPO crown as swelling wave of Chinese tech no match for SpaceX

With Chinese technology giants fuelling an ‘A-to-H’ listing boom, Hong Kong appears to be on the rise as their ‘fundraising venue of choice’.

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Shanghai

Shanghai needed as finance hub, as Hong Kong ‘not enough’: proposal

Mainland hub is needed to ‘fully meet the special needs’ of Chinese firms expanding abroad, institute leader says in closed-door meeting.

United States

US Supreme Court boosts Trump’s power to fire officials, but Fed’s Cook keeps job

Justices let Trump fire agency heads, a dramatic expansion of his presidential power.

A person wears a MAGA (Make America Great Again) visor outside the U.S. Supreme Court, on the day justices have issued orders, in Washington, D.C., U.S., June 29, 2026. REUTERS/Cheney Orr TPX IMAGES OF THE DAY
IPO

Chinese self-driving firm Momenta eyes US$750m in Hong Kong IPO

Second ‘red-chip’ approved by Beijing for a Hong Kong listing this year aims to invest proceeds in research and development, robotaxi push.

Momenta's technology has been used cars from Mercedes-Benz, BMW, Toyota and Honda. Photo: Reuters
Wealth Report

The government’s 2026-27 Budget pushes HKEX expansion in cross-border trading

Financial Secretary Paul Chan Mo-po’s measures include the Hong Kong Monetary Authority and CMU OmniClear studying updates to financial infrastructure across various asset classes.

Mainland China

Charm offensive: Bahrain expands Hong Kong push to court mainland China capital

Gulf state leans on tax perks and tokenisation rules to position Hong Kong as its gateway to mainland China investors.

Wealth Report

HKEX looks beyond IPOs to build a broader investment ecosystem

HKEX is expanding its product suite with new fixed-income, derivatives and connectivity offerings, giving global investors more ways to gain exposure to China’s markets.

The 55km Hong Kong-Zhuhai-Macau Bridge is an example of the Greater Bay Area’s substantial infrastructure assets that could appear on the menu of options for foreign capital in the future. Photo: Xinhua
Wealth Report

Hong Kong’s IPO market is being powered by industrial heavyweights

With over 80 industrial firms in the IPO pipeline, it’s clear that policy priorities and relaxed listing rules are attracting a fresh wave of global capital.

Technicians inspect photovoltaic panels in Daqing, in northeast China’s Heilongjiang province, in March. Firms involved in the energy transition are among those attracting wide interest at IPO. Photo: Xinhua
Mainland China

Could a ‘Reit Connect’ be Hong Kong’s handover anniversary gift from Beijing?

Previous July 1 anniversaries have delivered financial policy changes, and markets anticipate expanded cross-border access this year.

Central banks

Sovereign investors with US$29 trillion pivot to energy assets, flag dollar fears

61% of central banks polled by finance firm Invesco said US debt levels negatively impact the dollar’s long-term position as a reserve asset.

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