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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
Cases involving indebted mainland Chinese developers will come up before the courts in Hong Kong that will decide their fate. Photo: Warton Li
China property

Slew of indebted Chinese developers face reckoning in Hong Kong courts

Sunac and Shimao have received new liquidation petitions, while Country Garden and Times China face court hearings this month.

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Commodities

Hong Kong should seize role in clean-energy commodities, think tank says

IPO

Hong Kong IPOs excite funds, bankers as jumbo deals return, CICC says

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Hong Kong economy

Letters | How to get more growth from Hong Kong’s investment residency scheme

Readers discuss mandatory capital allocations, lung cancer treatment, the HK$2 fare for seniors, and the authenticity of products.

A view of the Hong Kong skyline from the Tsim Sha Tsui promenade on November 26. Photo: AFP
IPO

Hong Kong, GCC seek synergies in finance and infrastructure to deepen ties

Officials from Saudi Arabia, UAE, Oman and Qatar say Hong Kong can a play a major role to help diversify their economies.

Family offices

Low taxes, currency peg are keys to lure more family offices, investors say

To avoid reducing its appeal for wealthy families, Hong Kong will need to look at ways other than higher taxes to trim budget shortfalls, Bonds Group says.

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Hong Kong stock market

Hong Kong bridges China, Asean, Middle East as ties grow: HKEX official

Office in Riyadh and plans for metal warehouse underscore HKEX’s role, Vanessa Lau says at Asian Financial Forum.

A drone view shows Riyadh, Saudi Arabia on November 15, 2024. Photo: Reuters
Investing

Top CIOs cautious on global growth amid Trump and China policy uncertainties

Global markets could see a period of ‘extended volatility’ after registering solid gains last year, Manraj Sekhon of Templeton Global says.

Hong Kong economy

Editorial | Shot in the arm for Hong Kong as key financial facilitator

People’s Bank of China governor Pan Gongsheng reiterates city’s superconnector role at Asian Financial Forum.

United States

Binance, Changpeng Zhao lose US Supreme Court appeal in unregistered tokens suit

The court’s decision allows a class-action lawsuit to proceed, finding that US securities laws apply despite Binance’s foreign operations.

Changpeng Zhao, founder and CEO of Binance. Photo: Getty Images
Hong Kong

Cross-border retirement plans could give Hongkongers cheaper healthcare: experts

Hong Kong has an ageing population, a low birth rate and many retirees are financially unprepared for the future, experts say.

A panel discussion at the Asian Financial Forum with, from left to right, Prudential Hong Kong CEO Lawrence Lam, General Re’s Orchis Li, HKU’s director of the Asia Global Institute Tang Heiwei and Wilson Tang of BOC Group Life Assurance. Photo: Jonathan Wong
Hong Kong economy

Exclusive | Pakistan minister eyes joint ventures, secondary listings in Hong Kong

Finance minister Muhammad Aurangzeb also says he wants to identify areas for closer collaboration with city.

Hong Kong Monetary Authority (HKMA)

HKMA readying FPS for cross-border use by midyear

HKMA and PBOC have been working on syncing the Faster Payment System and the mainland’s Internet Banking Payment System.

China's economic recovery

China ‘confident’ in 2025 economic rebound, Hong Kong is key: central bank chief

Mainland’s property market is improving, PBOC governor Pan Gongsheng says, reiterating importance of special-purpose bonds for buying idle land and unsold homes.

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People’s Bank of China governor Pan Gongsheng (pictured here in 2023) spoke on Monday at the Asian Financial Forum in Hong Kong. Photo: May Tse
Wealth management

How to talk to your family about inheritance – 3 essential tips

It may be an awkward conversation but a crucial one so that conflict can be avoided, your heirs’ expectations aligned, and well-being boosted.

Communication with your heirs is paramount when it comes to family inheritances. Photo: Shutterstock
IPO

China’s CATL poised to pick banks for US$5 billion Hong Kong share sale

World’s top maker of EV batteries is considering a second listing in Hong Kong that could help it raise at least US$5 billion.

Yuan

To boost yuan, China’s central bank allows firms to borrow more foreign debt

For companies that have reached the upper limit of overseas financing, a relaxation may be welcome, but the move’s effectiveness remains unclear as rate spread with US dollar widens.

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John Lee

Hong Kong to power growth by boosting strengths, gold trading: John Lee

City leader also says Hong Kong will enhance global ties to bring in more investment.

Hong Kong’s leader has said the city will capitalise on its strengths as a financial hub. Photo: May Tse
Hong Kong Monetary Authority (HKMA)

China unveils US$13 billion trade finance facility to boost yuan hub in Hong Kong

New incentives will enhance Hong Kong’s role as an offshore yuan hub as well as deepen the city’s bond market with more institutional players.

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Hong Kong Monetary Authority (HKMA)

Hong Kong digital banks consider branches after HKMA rule change

WeLab Bank, ZA Bank and Mox Bank believe face-to-face interactions would be a good addition, while Livi Bank does not see a need.

Hong Kong economy

Hong Kong financial systems ‘to become more robust’ in second Trump term

Hong Kong Monetary Authority CEO makes pledge as he predicts markets this year will be rocked by intensifying geopolitical rifts.

According to data from the HKMA, deposits in Hong Kong’s banking system rose by 6 per cent in the first 11 months of 2024. Photo: Dickson Lee
Fame and celebrity

Who is Fox Business anchor Maria Bartiromo’s husband, Jonathan Steinberg?

A new book reveals that Donald Trump almost chose Bartiromo as his running mate before selecting J.D. Vance – but what do we know about the conservative journalist’s low-key millionaire husband?

Meet Jonathan Steinberg, husband of Fox Business anchor Maria Bartiromo, who allegedly came close to being picked as Trump’s running mate. Photo: @mariabartiromo/Instagram
European Union

Switzerland: UBS size worries former finance minister, must reduce risk

Following its takeover of Credit Suisse, some fear UBS is too large and may seek a new home outside Switzerland.

Vietnam

Asian Angle | Vietnam’s private banking sector has a ‘chronic disease’. Can it be treated?

Truong My Lan’s death sentence serves as a warning, but Vietnam needs structural reforms to address the sector’s vulnerabilities.

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China's economic recovery

China’s central bank suspends bond purchases amid record low yields

Analysts say decline in China’s 10-year bond yield last year put pressure on yuan-US dollar exchange rate.

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The People’s Bank of China headquarters in Beijing. Photo: Kyodo
SFC

Outspoken economist Gao Shanwen leaves his Hong Kong financial firm: source

Gao’s license in Hong Kong lapsed at the end of last month, and he is no longer working at a financial firm in the city, SFC records show.

Gao Shanwen. Photo: Handout
China property

Chinese builder Country Garden details offshore debt restructuring

Developer claims it has understanding with key creditors on deal to reduce debt by up to US$11.6 billion.

Crime in Hong Kong

Hong Kong anti-corruption agency charges ex-official at securities watchdog

Deng Yingxia, 48, a former Securities and Futures Commission associate director, is accused of providing advice to suspects under investigation.

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