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The listing ceremony of first ETF tracking Hong Kong stocks at the Saudi Stock Exchange on Wednesday. Photo: Enoch Yiu

Markets

Saudi Arabia’s first ETF tracking Hong Kong stocks opens flat on Tadawul debut

Albilad ETF, which tracks 30 Hong Kong-listed sharia-compliant stocks, opened flat at the opening bell.

First overseas company listing in Hong Kong via SPAC marks historic milestone

Goldman Sachs’ 35 meetings show China stocks back on radar after fund purge

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Companies

HKEX’s third-quarter profit rises 7% on IPOs, turnover

Funds raised from IPOs in the June to September quarter reached HK$42.2 billion, six times higher than a year earlier.

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Hong Kong Exchanges and Clearing is the operator of the third-largest market in Asia. Photo: Edmond So
Hong Kong Exchanges and Clearing is the operator of the third-largest market in Asia. Photo: Edmond So

Banking & Finance

China Resources Beverage prices IPO at top end of range on strong demand

The IPO gives the water-bottling company a market capitalisation of about US$4.4 billion before its debut on Wednesday.

Banking & Finance

Investors need to look at China stimulus and earnings when assessing rally: DBS

Effects of China fiscal policies and corporate earnings should be assessed before judging staying power of rally, Singaporean bank says.

Banking & Finance

Insiders say running a Hong Kong family office is a delicate balancing act

‘Emotion stays away from the boardroom. That’s critical,’ says Mahesh Harilela.

Mahesh Harilela on Friday. Photo: SCMP

Banking & Finance

Hong Kong has to work harder to maintain family office hub status: official

Hong Kong is set to surpass Switzerland as the top cross-border wealth management hub by 2027-28, but must stay competitive, says Joseph Chan.

Hong Kong is home to more than 2,700 single-family offices, with more than half of them founded by individuals whose wealth exceeds US$50 million. Photo: Getty Images
Hong Kong is home to more than 2,700 single-family offices, with more than half of them founded by individuals whose wealth exceeds US$50 million. Photo: Getty Images

Banking & Finance

More Hong Kong banks are ‘doing their part’ to beat fraud, poll says

More than half of banks took full responsibility and refunded losses, which only 44 per cent of customers expected, FIS research says.

Banking & Finance

China’s top state-backed brokers are merging to take on Wall Street

State-backed brokerages Guotai Junan and Haitong Securities are merging to create a firm with US$237 billion in assets to rival Wall Street.

Companies

SHKP gears up for rate cuts with slew of Hong Kong property projects

Hong Kong’s largest developer by market cap posted a 20 per cent drop in net profit to HK$19.04 billion (US$2.44 billion) for the year ended June.

Sun Hung Kai Properties is gearing up to launch a number of projects in Hong Kong and the mainland. Photo: Roy Issa

China Business

Financial secretary pledges more financial connections with mainland

Minister hinted at the launches of more links that will better connect Hong Kong markets with those on the mainland.

Financial Secretary Paul Chan spoke to a forum in Shanghai on Thursday. Photo: Bund Summit
Financial Secretary Paul Chan spoke to a forum in Shanghai on Thursday. Photo: Bund Summit

China Business

Sanergy blames forced share sale for market meltdown

Sanergy Group’s 98 per cent stock-price crash was triggered when its largest shareholder, Otautahi Capital, was forced to sell part of its stake, the maker of graphite products says.

Markets

China’s ‘broker butcher’ puts on charm to boost confidence, stocks

The CSRC’s boss wants state-run funds and private asset managers to show more buying power, deliver higher returns to shore up market confidence.

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China Business

Debt-laden Kaisa warns of wider losses, echoing China’s property crisis

The developer’s weak report card is likely to resemble those of most mainland Chinese developers, which are expected to extend a losing streak dating to 2020.

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Kaisa has made efforts to convince most of its creditors to support its restructuring plan. Photo: Reuters

China Business

Intern’s leaked video exposes chaotic management at leading Chinese brokerage

‘The content of the clip leaked sensitive information about our customers and violated the company’s compliance rules,’ China Securities said.

China’s stock traders have seen their investments evaporate because of poorly performing markets. Photo: Getty Images
China’s stock traders have seen their investments evaporate because of poorly performing markets. Photo: Getty Images

Banking & Finance

Hong Kong companies resist HKEX plan to fix overboarding issue

Wong’s comments represent the strongest pushback by one of the city’s most powerful lobby groups against the HKEX as it collects public feedback until August 16 on its proposal to improve corporate governance.

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China Business

China’s second-largest car dealer faces delisting as investors snub its shares

China Grand Automotive Service is set to be expelled from the Shanghai Stock Exchange after its shares traded below their par value for 20 straight days, the latest sign of cracks appearing in the world’s largest vehicle market.

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IPO Quote Profile

Cirrus Aircraft prices its stock midrange at HK$27.50 in Hong Kong

Global delivery of personal aircraft rose by 15 per cent to 2,215 units in 2023, from 2021, because of the recovery from the pandemic and consumers’ preference for premium travel, Frost & Sullivan said.

The four-seat, single-propeller SR-22 made by Cirrus Aircraft. Photo: Shutterstock

Markets

No longer a man’s world: HKEX’s all-male boards slashed by half

The number of Hong Kong-listed companies with all-male boards has fallen to about 400, from 800 in 2022, when the rule to end single-gender boards was introduced, says Bonnie Chan, the first woman to lead HKEX.

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Bourse operator Hong Kong Exchanges and Clearing’s rule to appoint women directors to company boards has been well-received. Photo: Edmond So
Bourse operator Hong Kong Exchanges and Clearing’s rule to appoint women directors to company boards has been well-received. Photo: Edmond So

Investor Relations

China climate-focused funds saw higher inflows, but fewer launches last year

Climate-focused funds in China saw a decline in assets and product launches last year despite an uptick in inflows, with the funds prone to huge volatility because of speculative trading, according to Morningstar.

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Banking & Finance

Hong Kong takes the axe to ‘overboarding’ to limit board seats

Hong Kong is catching up with regional bourses as it bolsters its governance standards ahead of an expected influx of new listings, as an expected drop in interest rates rekindles interest among start-ups to raise funds.

China Business

Overseas price wars will sow doubts over quality of Chinese EVs, Bain warns

Bain advises Chinese assemblers, which already enjoy a cost advantage, to focus on premium models when building their global image, rather than selling cheaper cars to lure budget-conscious consumers.

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Geely electric vehicles bound for shipment to Europe at the Port of Taicang in Jiangsu Province, China. Photo: Bloomberg
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