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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
last updated:
19 September, 2024
China has concluded its annual central economic work conference, where the country’s political leaders lay out a fiscal road map for the coming year. Photo: Xinhua
China’s economic stimulus

China loosens purse strings to boost demand as economic conference ends

Chinese policymakers urge higher deficit ratio, more bond issuances in 2025 to shore up activity after major economic conclave.

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Retailing

China’s Urban Revivo takes global fashion push to Bangkok, New York, London

IPO

Chinese soy sauce maker Foshan Haitian eyes dual listing in Hong Kong

Financial regulation

Cybersecurity regulator to continue crackdown on illegal financial services

Cyberspace Administration of China says it has taken action against a number of accounts on social media platforms.

The Cyberspace Administration of China’s headquarters in Beijing. Photo: Baidu
Yuan

China urged to anchor yuan to non-US dollar currencies to empower domestic tools

China Finance 40 Forum think tank suggests temporarily anchoring the yuan to a basket of currencies, particularly the euro.

Digital currencies

US bankers cautious about crypto amid expectations of regulatory easing

Goldman Sachs CEO David Solomon said the Wall Street giant would ‘evaluate’ dealing in top cryptocurrencies like bitcoin and ether if rules change.

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HSBC

HSBC, IFC sign US$1 billion facility to support trade financing

Partnership will help trade finance get to where it is needed, fuelling a segment that is crucial to job creation and economic growth, lender says.

An aerial photo taken on December 10, 2024, shows a cargo ship loaded with containers leaving Lianyungang Port in east China’s Jiangsu Province. Photo: Xinhua
China's economic recovery

China may bank on balance-sheet expansion, not rate cuts, for growth: economist

While Beijing is unlikely to implement universal consumption subsidies, officials may try to boost spending by raising incomes, according to Nomura’s Lu Ting.

IPO

Hong Kong’s IPO market revives on state backing after 3-year slump

The city has recorded US$10.7 billion of proceeds from 64 IPOs this year through November; more deals in December.

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IPO

China pushes M&A to build 10 hi-tech firms to be globally competitive by 2027

The industries in question include integrated circuits, biopharmaceuticals and new materials.

The skyline of Shanghai. Photo: Xinhua
Wealth management

Mainland Chinese investors unimpressed with Wealth Management Connect expansion

Restrictive marketing rules and stringent eligibility requirements will continue to deter wealthy Chinese from the scheme, analysts say.

An aerial photo taken on November 25, 2023 shows a night view of the Zhujiang New Town in Guangzhou, in south China’s Guangdong Province. Photo: Xinhua
China's economic recovery

‘Strong tone’ from China’s Politburo suggests more fiscal spending: analysts

After Monday’s Politburo meeting, analysts predicted China will raise fiscal spending and cut rates to keep up activity through next year.

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Bitcoin

Bridgewater’s Ray Dalio: invest in gold, bitcoin rather than debt assets

Indebtedness in the US, China and most major countries has increased at ‘unprecedented levels’ and will not be sustainable, he says.

Insurance

Hong Kong to host annual meeting of global insurance regulators in 2026

Hong Kong should appeal to global insurers looking to set up their headquarters in the region, FWD chairman Frederick Ma says.

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Chief Executive John Lee Ka-chiu speaks at the Asian Insurance Forum on December 10. Photo: SCMP
IPO

Chinese cosmetics firm Mao Geping shines on Hong Kong debut as shares surge 70%

The IPO was the most popular in the city this year, with the retail tranche oversubscribed 918 times.

Chinese cosmetics firm Mao Geping made its trading debut in Hong Kong on Tuesday. Photo: Mia Castagnone
Hong Kong Monetary Authority (HKMA)

Hong Kong banks to study heavy cheque users with eye on phase-out

Work with 10 heavy cheque-using sectors including SMEs, charities and brokers will help identify barriers to electronic payments, HKAB says.

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IPO

Chinese cosmetics firm Mao Geping prices shares at top end of range ahead of IPO

Shares were priced at HK$29.80, according to exchange filings.

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C-suite interviews

OCBC opens new Hong Kong office to house up to 15% more staff

‘We conducted a survey and found that 70 per cent of our staff prefer to work in the office instead of working from home,’ bank says.

Frances Hui Wai-han, chief operating officer of OCBC Bank’s Hong Kong office. Photo: Dickson Lee
Hong Kong economy

Editorial | Hong Kong is counting on innovative investment

The HKIC has funded 80 start-ups and projects. These deals have come at a critical time for the city as it builds itself up as a hi-tech centre.

Ant Group

Ant Group promotes CFO Han to top post as Alipay owner marks 20-year milestone

CEO Eric Jing will relinquish his management post on March 1 next year and retain his role as group chairman, according to an internal memo on Sunday.

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Hong Kong economy

Exclusive | Deepening Hong Kong, Iran ties show US curbs have ‘lost their potency’: envoy

Ambassador Mohsen Bakhtiar says measures have been taken to overcome sanctions restricting Iranian firms from accessing services in the city.

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Mohsen Bakhtiar, the Iranian ambassador to China, has called for more exchanges between his country and Hong Kong. Photo: Dickson Lee
China-Africa relations

African banks set up shop in China as Beijing pushes for yuan-based trade

African banks are positioning themselves to take full economic advantage as Beijing seeks to de-dollarise its trade.

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More African banks are opening branches and offices in China to help facilitate growing trade ties. Photo: Shutterstock
Bonds

Hong Kong US$2.7 billion infrastructure bond offering is undersubscribed

The offering sees underwhelming investor demand, missing expectations.

Greater Bay Area

Hong Kong-Shenzhen integration could spur capital flows, innovation: expert

At Qianhai Forum on Greater Bay Area cooperation, policy expert suggests Hong Kong firms should establish dual headquarters in Shenzhen.

Digital currencies

Hong Kong to introduce stablecoin bill to regulate virtual token

The government published the Stablecoins Bill in the gazette on December 6; first reading in the Legislative Council set for December 18.

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If passed, the Hong Kong Monetary Authority will be empowered to supervise, investigate and enforce the regulatory regime. Photo: Shutterstock Images
Hong Kong society

Letters | Pet-friendly bus route should prompt owners to obey rules

Readers discuss responsible pet ownership, the benefits of easing the path to tax residency in Hong Kong, and Russia’s rationale for attacking Ukraine.

A person walks with their dog in West Kowloon on November 20. Photo: Dickson Lee
China

The View | Trump could upend the US economy just as China is recovering

Trump’s economic strategy could change narratives not only about US markets but Chinese ones as well.

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United States

China had nearly 100 fewer billionaires in 2024, UBS says

In Hong Kong, the billionaire tally rose to 74 from 68.

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