Category: Economy

Hospitality and gaming company Galaxy Entertainment (0027) swung to a net profit of HK$6.83 billion in 2023 with a special dividend of HK$0.3 declared, thanks to China's reopening borders and visitor arrivals to Macau jumping by 395 percent compared to 2022, according to the Gaming Inspection and Coordination Bureau. However, shares of Galaxy dropped 2.32 … Continue reading Special dividend declared as Galaxy revenue triples

Baidu's (9888) full-year net income soared 169 percent yearly to 20 billion yuan from a low base in 2022. Total revenue grew 9 percent to 134.6 billion yuan (HK$146 billion) over the previous year following higher-than-expected fourth-quarter results, partly boosted by the artificial intelligence-related businesses and growing demand for advertising. For the three months through … Continue reading AI helps boost Baidu’s bottom line

Sun Hung Kai Properties (0016) slashed its interim dividend by 24 percent to HK$0.95 per share, continuing its prudent cash flow management with challenges ahead. The developer's underlying profit, excluding the property revaluation gain, also dipped 6 percent yearly to HK$8.91 billion for the six months ending in December. Its net profit for the past … Continue reading SHKP continues prudent cash flow management

Property stocks were generally on the rise following Paul Chan announced in his budget that all property “spicy measures" will be withdrawn. Of which, NEW WORLD DEV (00017.HK) hiked nearly 6 percent to a high of $10.38 midday, while MIDLAND HOLDING (01200.HK) has significantly risen 29 percent, closing at $0.84 midday. For other property stocks, … Continue reading Midland rockets 29pc, New World up nearly 6pc following spicy measures withdrawal

Standard Chartered (2888) has suspended new investments by its clients in China into offshore products via a quota-based channel amid a surge in demand for overseas investments due to weakness in the local market and currency. The London-headquartered bank, in a statement to Reuters, cited "commercial reasons" as its explanation for the suspension of new … Continue reading StanChart suspends outbound investment service in China

Shanghai Zhida Technology Development, a maker of electric-vehicle charging systems, is considering an initial public offering in Hong Kong that could raise about HK$1 billion, according to a person with knowledge of the matter. The Chinese firm is working with Shenwan Hongyuan on a first-time share sale that could take place as early as this … Continue reading EV charging player eyes $1b share sale in city

NWS (0659) yesterday declared a special dividend payout as co-chief executive Brian Cheng Chi-ming said he considered himself more a worker than a boss, and that he is always open to advice and suggestions. The company declared an interim dividend and a special dividend totaling HK$2.09 per share as its net profit jumped 18 percent … Continue reading Door is always open, says Brian Cheng

Hong Kong's exports in January beat market estimates and soared almost by a third, benefiting from the low base a year ago and demand from mainland China and the United States. Total exports grew 33.6 percent from a year ago to HK$388.7 billion, compared to an increase of 11 percent in December, according to data … Continue reading Exports off to a great start in 2024

Hong Kong's Securities and Futures Commission has secured the first criminal conviction of securities fraud via illegal short selling, involving an illicit profit of over HK$600,000. Christine Yeung Tak-sum, an unemployed retail trader, was convicted by the Eastern Magistrates' Court yesterday after she pleaded guilty to her crime. Yeung was remanded in custody pending sentencing … Continue reading SFC secures first criminal conviction for short-selling fraud

Greater Bay Area residents plan to allocate about 710,000 yuan (HK$781,359) on average following the expansion of the cross-boundary Wealth Management Connect scheme which came into effect yesterday, far lower than the new individual investment quota of 3 million yuan, a survey has found. The Hong Kong and Shanghai Banking Corporation conducted an online survey … Continue reading GBA wealthy investors may use only a fourth of 3m yuan quota

Alibaba (9988) disclosed a wider web of Chinese government stakes in its business units than previously known, following an inquiry from the US Securities and Exchange Commission. The Hangzhou-based e-commerce pioneer said in filings that more than a dozen of its entities are partially owned by Chinese state-owned enterprises or foreign sovereign wealth funds. The … Continue reading Alibaba reveals state stakes in 12 business units

CLP (0002) maintained the fourth interim dividend at HK$1.21 per share despite a sevenfold surge in total earnings last year, citing ongoing investment in energy transition. Managing director Chiang Tung-keung said the power company would be able to adjust the fuel costs to reduce the average net tariff if global fuel prices remain at low … Continue reading CLP net soars sevenfold but dividend unchanged

China's electric vehicle maker Li Auto (2015) swung to a net profit of 11.8 billion yuan (HK$12.8 billion) last year from a net loss of 2 billion yuan a year ago, and expects to deliver at most 103,000 units this quarter, 96 percent more than a year ago. The emerging star of the industry estimates … Continue reading Rising EV star turns fortunes around

Hong Kong shares ended lower on Monday as global investors turned to profit-taking after recent rallies and ahead of corporate earnings reports from major Chinese firms. The Hang Seng Index finished down 0.54 percent, or 91.12 points, at 16,634.74. The Shanghai Composite Index shed 0.93 percent, or 27.86 points, to close at 2,977.02, but the … Continue reading Hong Kong stocks close lower

Only one of Hong Kong's 10 major housing estates is still worth over HK$100 billion compared to the peak of 2021, when six of them were worth that much, says Centaline Property Agency. Meanwhile, homeowners saw their property depreciate as much as HK$3.57 million on average compared to the peak. Six of the 10 estates … Continue reading Only one blue-chip estate worth $100b amid slump

Hang Seng Bank (0011) and its mainland unit will expand their products under the cross-boundary Wealth Management Connect scheme to over 320 varieties for all eligible investors in the Greater Bay Area as the scheme's expansion is set to launch today. The increased number of available products offered by the bank marks a 100 percent … Continue reading Hang Seng Bank expands Wealth Connect offerings

Mandatory Provident Fund Schemes Authority chairwoman Ayesha Macpherson Lau said modern women should be more proactive in planning for retirement protection. Two weeks ahead of International Women's Day, Lau said female scheme members held about HK$520 billion in MPF assets compared to HK$620 billion in assets held by male members, which translates to average MPF … Continue reading Another MPF push for the modern woman

Hysan Development's (0014) underlying profit, excluding the property revaluation gains, dipped by 14 percent yearly to HK$1.83 billion. It blamed the slide on Hong Kong's bumpy recovery and Hongkongers who headed north for shopping. The largest landlord in Causeway Bay slashed its final dividend by 31 percent to 81 cents per share due to economic … Continue reading Hysan slashes payout amid uncertainty

SmarTone Telecommunications (0315) suffered a 3 percent decline in net profit to HK$246 million in the six months ended December, due to an intensely competitive mobile sector and sluggish economic conditions. The company predicted that the business outlook will remain challenging in the short to medium term amid the demanding macroeconomic landscape. Total revenue fell … Continue reading Intense competition hurts SmarTone

Japanese stocks have surpassed a record high reached during the nation's economic heyday in 1989 although the country's manufacturing activity fell to its weakest in over three years. Meanwhile, Hong Kong stocks extended the rally yesterday as investors expect stimuli from Beijing on the visit of a key central government official. The Nikkei 225 closed … Continue reading Japanese stocks surpass 1989 peak

SF Express, China's largest express delivery company, will apply for a share sale in Hong Kong again, looking to raise between US$1-2 billion (HK$7.8-15.6 billion), International Financing Review under Reuters reported. The logistics giant first filed for a second listing in Hong Kong in August last year, which expired on Wednesday. The funds it will … Continue reading SF Express keeps listing hope alive

Sun Hung Kai Properties (0016) said about HK$2.5 trillion worth of wealth has evaporated amid the fall in home prices, joining in on urging the government to scrape the cooling measures. Adam Kwok Kai-fai, the developer's new executive director, said the sluggish property market has impacted the city's economy. With a fall of over 20 … Continue reading $2.5 trillion lost amid housing slump, says SHKP

Bank of East Asia (0023) said its net profit last year dipped 5.5 percent to HK$4.12 billion as it declared a second interim dividend of 18 HK cents. Accounting for 82 percent of loan loss provisions, China's commercial real estate sector continued to be the main concern for asset quality, according to the bank. Its … Continue reading BEA pressured by commercial real estate

Japan's government downgraded its assessment of the economy for the first time in three months while a former International Monetary Fund chief economist expressed concerns about the US' expanded deficits. Japan's Cabinet Office said yesterday the economy is recovering at a moderate pace, although some components are showing sluggishness. This marks the first overall downgrade … Continue reading Japan downgrades economy

Real Estate Developers Association chairman Stewart Leung Chi-kin has warned that banks would demand early repayment of mortgage loans if home prices dive 20 percent further. Leung called on the government to hesitate no more in removing housing cooling measures that have remained, saying he had discussed this with Financial Secretary Paul Chan Mo-po at … Continue reading Early repayment threat looms large, warns REDA

Hong Kong and China stocks rallied as authorities clamped down on trading by quant funds, part of a series of endeavors to put an end to the rout. China's two main stock exchanges vowed to tighten supervision of quantitative trading, particularly leveraged products, which has been criticized for increasing market volatility. The pledges came after … Continue reading Markets rally as quantitative funds face curbs

Shares of Hang Seng Bank (0011) jumped over 9 percent yesterday after the local lender hiked the fourth interim dividend by 60 percent to HK$3.2 per share from a year ago following a better-than-expected full-year net profit last year. The bank reported a 58 percent increase in net profit to HK$17.8 billion in 2023 from … Continue reading Hang Seng Bank ups dividend, surges 9pc

China announced its biggest-ever reduction in the benchmark mortgage rate aimed at the property sector but the move failed to lift sentiment in stock markets significantly. Chinese lenders slashed their five-year loan prime rate by 25 basis points to 3.95 percent, the People's Bank of China announced yesterday. It was the first cut since June … Continue reading China’s record mortgage rate cut fails to lift market

Malaysia's ringgit extended declines to its lowest level yesterday since the Asian financial crisis, prompting the central bank to say it doesn't reflect the "positive prospects" of the nation's economy. The local currency fell 0.3 percent to 4.7992 against the US dollar on Tuesday, its weakest level since an all-time low of 4.8850 in 1998. … Continue reading Malaysia’s currency sinks to 26-year low

Sales of several new projects may start next month, with many developers urging the removal of all cooling measures for property purchases in Hong Kong. Market sentiment is expected to improve on the potential policy stimuli to be announced by Financial Secretary Paul Chan Mo-po next week, and projected interest rate cuts later in the … Continue reading Developers optimistic ahead of budget reveal

The expansion of the cross-boundary Wealth Management Connect scheme, set to launch next Monday, will see the number of eligible funds for mainland investors almost double to 300, said the Hong Kong Monetary Authority. Most Hong Kong banks will increase the personal investment quota for both mainland and local investors to 1.5 million yuan (HK$1.65 … Continue reading Wealth Connect funds to double

Success Universe (0487) expects Macau's gaming revenue this year will surpass the government's prediction of 216 billion patacas (HK$209.7 billion). The Macau hotels and casinos operator, however, said it would take a few more years for revenue to recover to 2019 levels, because of the new gambling law enacted in 2022, which cracked down on … Continue reading Macau’s revenue will surpass 216b patacas

Health care firm Beijing Yuanxin Technology, which has an online and offline pharmacy network, is planning to raise up to US$100 million (HK$780 million) from an initial public offering in Hong Kong. Joint sponsors Goldman Sachs and CITIC Securities (6030) pre-promoted the potential deal last week. Yuanxin filed for an IPO application in December, which … Continue reading Fifth try by health care firm to go public in HK

China's A-share market closed higher on the first trading day of the Year of the Dragon despite disappointing home sales and investment data. The Shanghai Composite Index rose 1.6 percent to 2,910 points and the Shenzhen Composite Index added 1.7 percent. This came as China's state-owned lenders earmarked at least 60 billion yuan (HK$65 billion) … Continue reading China shares rise, 60b yuan loans set for property

Mandatory Provident Fund members should make regular investments over time rather than a large amount at a single price point - a strategy is known as dollar-cost averaging - especially when the markets are underperforming, the Hong Kong Investment Funds Association says. Dollar-cost averaging refers to a practice of investing a fixed amount on a … Continue reading Slow and steady wins the race, MPF members told

HSBC (0005) chief executive Noel Quinn has warned top executives of challenges this year though its pre-tax profit last year is expected to double on the high interest rates. At a recent retreat in southeast England for his top executives, Quinn appeared at ease in his role at the gathering late last year in Windsor. … Continue reading Brace for headwinds, warns HSBC boss

Henderson Land Development (0012) will offer 820 new homes in Tai Po and Cheung Sha Wan in the first half of the year, joining the queue for launching new projects. Thomas Lam Tat-man, a general manager of sales, said the developer will launch sales for Mei Sun Lane in Tai Po in the second quarter, … Continue reading Henderson Land to sell 820 flats in first half

Mainland Chinese stocks were buoyant after Lunar New Year, leading gains in most other Asian markets on Monday, as figures showed holiday spending surged past pre-pandemic levels. But Tokyo's key Nikkei index ended flat after a larger-than-expected rise in US wholesale prices on Friday dealt a blow to hopes of an early interest-rate cut by … Continue reading Asian stocks mostly up as China enjoys Lunar New Year bump

Asian shares were off to a stuttering start on Monday as fading chances for early rate cuts globally soured the mood and Chinese markets returned from holiday with only muted gains. A holiday for U.S. markets also made for thin trading, while the latest surge in tech stocks is set to be tested by results … Continue reading Asia shares sputter as China returns with guarded gains

Chinese stocks look poised for a strong open when onshore traders return from the Lunar New Year break, with buoyant travel and tourism data seen bringing much-needed relief to one of the world's worst-performing major markets. With trading in mainland China shut from February 9 to 16, investors will likely take cues from gains seen … Continue reading Chinese stocks poised to recover after break

The number of deals at 10 major housing estates in Hong Kong rose to seven over the weekend but still remained in the single digits, as two major property agencies said they are planning further cutbacks amid a weak market. Centaline Property Agency reported seven transactions in 10 blue-chip estates, compared to none a week … Continue reading Deals remain dull as agents batten down

Shopping mall MegaBox in Kowloon Bay saw its footfall and sales grow over 10 percent during the Chinese New Year holiday, while its operator believes northbound Hongkongers' interests in Shenzhen's rival malls will fade later. The recovery was partly impacted by Hongkongers leaving the city to celebrate the holiday, though the increases were in line … Continue reading MegaBox fares well over holidays

Swire Properties (1972) is offering a time-limited discount of around 60 percent on 10 sets of twin car parking spaces in Taikoo Shing in Quarry Bay, with the cheapest one at HK$1.37 million. The developer lowered the prices to a range of HK$1.95 million to HK$2.15 million per set and is offering cash rebates of … Continue reading Taikoo Shing car parks offered at 60pc discount

The number of millionaires in BRICS nations is expected to jump 85 percent in a decade - faster than that in G7 countries - a report by Henley & Partners showed. India is predicted to lead the BRICS bloc with a 110 percent increase in wealth per capita by 2033, followed by Saudi Arabia with … Continue reading BRICS millionaire surge set to outpace the G7

Germany has taken over Japan as the third-largest economy in the world and the latter's economy unexpectedly slipped into recession after shrinking for a second quarter due to anemic domestic demand. Japan's gross domestic product fell an annualized 0.4 percent in the October-December period after a 3.3 percent slump in the previous quarter, government data … Continue reading Germany overtakes Japan as third-largest economy

Canadian insurer Manulife Financial (0945) said its net incomes last year swung to CA$5.1 billion (HK$29.45 billion) from a loss of CA$1.9 billion one year ago, mainly thanks to the return of mainland visitors. The insurer raised the dividend per common share by 9.6 percent to CA$0.4. Manulife's core earnings increased by 13 percent to … Continue reading Insurer swings into profit

Berkshire Hathaway said it has trimmed its huge stake in Apple and shed four common stock holdings, and kept investors guessing on what could be a major new investment by Warren Buffett. In a regulatory filing describing its US-listed stock holdings at the end of 2023, Berkshire said it sold 10 million Apple shares in … Continue reading Berkshire’s moves intrigue investors

Hong Kong stocks extended their gains on the second trading day of the Year of the Dragon with Alibaba (9988) and JD.com (9618) rising after famous fund manager Michael Burry and Canada's biggest pension fund increased their stakes in the two Chinese e-commerce giants in the last quarter. The Hang Seng Index rose 0.4 percent … Continue reading Stocks gain for second day after LNY break

South Korean prosecutors are searching three offices in Seoul in connection with HSBC (0005) and BNP Paribas after the country's finance regulator decided to fine the two banks for short selling last year. The District Prosecutors' Office launched a mandatory criminal investigation against the firms. The latest developments came after South Korea's Financial Services Commission … Continue reading Offices searched in short-selling probe

A Shanghai-based milk tea chain Auntea Jenny has applied to list in Hong Kong yesterday, joining peers such as Mixue Bingcheng in seeking first-time sales in the city. As of September, Auntea Jenny operated a total of 7,297 shops across the mainland, according to its preliminary prospectus. Its gross merchandise value surged 57.7 percent to … Continue reading Tea chain joins in IPO brew

MGM China (2282) said its adjusted earnings before interest, taxes, depreciation, and amortization and property-related costs swung to US$867 million (HK$6.76 billion) last year from a loss of US$203 million, marking a new all-time record. Together with MGM China's surge of nearly 10 percent yesterday, shares of other casino operators also climbed as the gambling … Continue reading MGM roars back into the black

The British business of the Body Shop has collapsed into administration, putting more than 2,000 jobs and 200 stores at risk, but its overseas franchised stores may not be affected. Founded in Brighton, southern England, in 1976 by late environmentalist and human rights activist Anita Roddick, the Body Shop was famous for promoting natural, ethically-sourced … Continue reading Body blow as beauty chain folds in Britain

The US consumer price index further climbed 3.1 percent yearly last month, missing estimates of 2.9 percent and supporting the Federal Reserve’s move to keep interest rates high. The core increase, at 0.4 percent, is the biggest since May. “Indexes that increased include shelter, motor vehicle insurance and medical care, while used cars and trucks … Continue reading US infl ation rise looms large for rate hopes

Gold is forecast to extend price gains in the Year of the Dragon and hit US$2,300 (HK$17,940) per ounce in the first half, said Haywood Cheung Tak-hay, permanent honorary president of the Chinese Gold and Silver Exchange. Gold prices slipped on Monday ahead of US inflation data and comments from Federal Reserve officials that could … Continue reading Dragon year to give gold special glint

The Mandatory Provident Funds Schemes Authority’s digital platform will be released, as scheduled, in the second quarter. Five relatively small trustees will transfer accounts to the platform, for which the target for full operations is the fourth quarter of 2025. The MPFA will try to make sure the transfer process is safe and easy to … Continue reading MPF digital platform on course to save workers $40b

The US Federal Reserve kept interest rates unchanged for a fourth straight meeting on Wednesday and almost ruled out the possibility of a cut in March, with Hong Kong's major banks following suit yesterday. Fed chair Jerome Powell said a March cut was not the base case, and they were identifying the appropriate place to … Continue reading Local banks follow the Fed, maintain rates

Hong Kong billionaire Richard Li seeks to sell asset manager PineBridge, while Alibaba (9988) is considering selling its Intime department store arm, suggesting the Chinese internet company is rethinking a years-old ambition of dominating physical and online retail as it undergoes a broad restructuring. Intime was once listed in Hong Kong in 2007 and it … Continue reading Li eyes sale of asset manager, Alibaba may dispose of Intime

BYD (1211) sales in January jumped 33 percent year-on-year to 201,500 units. Battery electric vehicle sales reached 105,300, a 47.61 percent rise yearly, and plug-in hybrid electric vehicle rose 21.43 percent year-on-year to 95,715. The oversea sales of its new energy passenger vehicle achieved 36,174 units last month, marking the fourth consecutive month that BYD's … Continue reading BYD sales jump 33pc

US businesses in China are feeling more optimistic about bilateral relations and their profitability potential than a year ago, but 43 percent will still limit new investment in the country for now, a survey published on Thursday showed. Even so, the US-China relationship continues to be their main concern, followed by regulatory inconsistencies, increasing labor … Continue reading Firms in China optimistic, yet cautious: AmCham

Hong Kong's retail sales growth slowed to 7.8 percent yearly last month, missing estimates, though the full-year figure increased by 16.2 percent. Local retail sales are expected to further lose momentum, though the government expects coming events like the Night Vibes @18 Districts campaign can support the sector. The value of retail sales increased to … Continue reading Retail woes continue as growth slows to 7pc

Hong Kong's Estate Agents Authority is to launch guidelines for property agents to foster healthy competition after receiving 196 complaints last year. Cases involving primary-market sales came in at only 24, down by 20 percent and only accounting for 12 percent of all complaints, though fights for customers are frequently seen during sales. Complaints about … Continue reading EAA preparing new guidelines for agents

A viral video clip of Tencent's (0700) chairman Pony Ma Hauteng wearing a red sweatshirt worth less than 80 yuan (HK$88.52) has drawn the internet's ire with people saying the tycoon is degrading himself by wearing cheap clothes. Ma, who wore the sweatshirt, sang the Cantonese song Blessing You at the group's annual party in … Continue reading Internet sees red over Pony Ma’s satorial choice

Link Real Estate Investment Trust (0823) has appointed Duncan Gareth Owen as an independent non-executive director before he succeeds existing chairman Nicholas Allen next year. Asia's largest REIT said Owen has also been appointed as a member of the finance and investment committee and the nomination committee. Both appointments come into effect today. Owen, 56, … Continue reading Link appoints chairman-elect

Local retail banks posted a 62 percent jump in pre-tax profits last year, while the fall in loans widened to 3.6 percent amid interest rate hikes, according to data from the Hong Kong Monetary Authority. The net interest margin of retail banks increased by 0.37 percentage points to 1.68 percent from a year ago, the … Continue reading Local banks see 62pc jump in pre-tax profits

China is embarking on its biggest consolidation in the banking industry by merging hundreds of rural lenders into regional behemoths amid growing signs of financial stress. After engineering mergers of rural cooperatives and rural commercial banks in at least seven provinces since 2022, policymakers pinpointed tackling risks at the US$6.7 trillion (HK$52.2 trillion) sector as … Continue reading Beijing merging hundreds of banks

China's factory activity index for January missed market estimates and contracted for the fourth consecutive month despite rebounding to 49.2. Non-manufacturing PMI, however, rose slightly by 0.3 point to 50.7 to hit a four-month high with NBS attributing the increase to improved spending appetite during the holidays. However, a DBS analyst said the PMI is … Continue reading China workers face pay cuts amid mixed data

Hong Kong stocks fell 9.2 percent in January with the tech index losing 20 percent. The market benchmark Hang Seng Index ended at 15,485 points yesterday, 1.39 percent lower than the previous close. The tech gauge also slumped 3 percent to 3,005 points. It also comes as a selloff in Chinese stocks deepened, with a … Continue reading Tech takes a battering in January

Chongqing has informed banks of the first "whitelist" of property projects, which involves 314 projects and financing demands of 83 billion yuan (HK$90.75 billion). The news came amid predictions that China Evergrande's (3333) offshore creditors may have to wait years for potentially tiny payouts. The first loan of 330 million yuan to 107 projects on … Continue reading Chongqing reveals ‘whitelist’ for lenders

Zhou Liu Fu Jewelry is considering an initial public offering in Hong Kong as soon as this year, according to people with knowledge of the matter. The Chinese jewelry chain-store operator has held discussions with potential advisers and is close to picking banks for the first-time share sale, the people said. A listing could raise … Continue reading China jeweler eyes share sale

Hang Lung Properties (0101) posted a net profit of HK$3.97 billion last year, up by 3 percent yearly, and will concentrate on developing land in the mainland in this expected challenging year. It maintained the final dividend of HK$0.6 apiece, adding up to the total dividend of HK$0.78 per share. The underlying net profit, after … Continue reading Hang Lung Properties profit rises 3pc to $3.9b

Shanghai and Suzhou relaxed their home purchase restrictions and it is believed that China Evergrande's (3333) liquidation order may accelerate overseas debt restructuring negotiations of mainland developers that will further clear market uncertainty. Shanghai will allow people who do not have a Shanghai hukou, a local household registration, but have continuously paid social insurance or … Continue reading Shanghai, Suzhou ease homebuyer restrictions

Elize Park in Mong Kok has released its first price list, offering 30 flats with the cheapest priced at nearly HK$6 million. The average price is HK$26,688 per square foot, 27 percent higher than Garden Crescent in nearby Ho Man Tin, which launched last year. The 30 flats include 14 one-bedroom and 16 two-bedroom units, … Continue reading Elize Park ready to sell

Hong Kong regulators will study narrowing the bid-ask spread if the stock market continues to see downward pressure, says Carlson Tong Ka-shing, who chairs a task force that's been set up to explore ways to enhance market liquidity. The Securities and Futures Commission and Hong Kong Exchanges and Clearing (0388) will conduct the study later … Continue reading HK explores narrowing stocks spread

WuXi Biologics (2269) yesterday reiterated that its chief executive and executive director Chen Zhisheng has no affiliation with Chinese military institutions, but the reassurance failed to stem the decline of its shares in Hong Kong. Shares of WuXi fell for a second trading day by 5.7 percent to HK$23.15 in Hong Kong, as investors worried … Continue reading WuXi Biologics fails to quell fears over US clamp, falls 5pc

The Hong Kong Sustainable Aviation Fuel Coalition was launched yesterday by the Business Environment Council and Cathay Pacific Airways (0293) to facilitate the decarbonization of the aviation industry. The program that will last three years aims to promote exchanges and cooperation between the government and stakeholders from various sectors and facilitate the wider use of … Continue reading BEC, Cathay green fuel drive takes off

China's state asset regulator said it will set up a mechanism to give "bonus points" to state-owned enterprises that outperform national economic growth in their assessments. The State-owned Assets Supervision and Administration Commission said at a meeting that it will start the assessment of market value management of listed companies, adding that it will quantitatively … Continue reading Outperforming SOEs to get bonus points

China's official Xinhua News Agency has deleted a report saying that Beijing plans to "merge" three of its biggest bad debt managers into China Investment Corporation. The short report published on Sunday stated that China Cinda Asset Management, China Orient Asset Management and China Great Wall Asset Management would be "merged" into the country's US$1.24 … Continue reading Bad debt managers not merged: China

A push in Hong Kong to roll out rules for stablecoins as soon as this quarter has drawn interest from companies including the international arm of major Chinese asset manager Harvest Fund Management Co., people familiar with the matter said. Harvest Global Investments Ltd., fintech specialist RD Technologies and crypto exchange-traded fund aspirant Venture Smart … Continue reading Hong Kong stablecoin market attracts top mainland investment funds

Hong Kong's primary market shone at the expense of the secondary market over the weekend, with further discounts offered by developers. Country Garden Properties (Hong Kong) sold 40 out of 60 units at Allegro in Kowloon City in the first round of sales on Saturday for HK$230 million. The quick sales came after the developer … Continue reading New home bargains subdue secondary sales

Chinese equities led a rally in Asian stocks to start the week, after regulators took new steps over the weekend to support the market. Oil climbed after a step-up in Middle East violence, as a missile attack by Yemen's Houthi group caused a fire on a fuel tanker in the Red Sea, while three U.S. … Continue reading China fuels Asian stocks rally, oil climbs on Red Sea worries

Hong Kong stocks might be able to rise to 16,600 points in the short term, with China's securities regulator suspending lending of restricted shares from today to limit short-selling. But some analysts warned that the market may have not have hit the bottom in the longer perspective with worries about China's economic slowdown and the … Continue reading China share-lending clamp may calm jittery markets

Swire Properties (1972) will host roadshows in Hong Kong and the mainland in the first quarter for a co-developed luxury housing project in Indonesia's capital. Director of residential Adrian To Wai-yip said in an interview that Indonesia has made it easier for foreigners to buy property there. Savyavasa, developed with Jakarta Setiabudi Internasional, is located … Continue reading Jakarta luxury homes to go on show

Chinese electric-vehicle charging equipment provider StarCharge is considering an initial public offering in Hong Kong that could raise about US$500 million (HK$3.9 billion), according to people with knowledge of the matter. The company, registered as Wanbang Digital Energy, is working with China International Capital Corporation (3908) and China Merchants Bank International on a first-time share … Continue reading EV charging solutions firm eyes US$500m sale

Hongkongers looking to buy homes in eight cities in the Greater Bay Area will not be subject to daily remittance limits but Shenzhen is not included in the list, under new guidelines announced by Guangdong Province. The new rule will take effect in Guangzhou, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing next month. The … Continue reading Eight GBA cities scrap daily cap on home funds from HK

Stocks in Hong Kong and the mainland extended their rally yesterday as investors flocked to Chinese state-owned enterprises which are being pushed by Beijing to generate reasonable returns. The Hang Seng Index rose 312 points or nearly 2 percent to close at 16,211 points. China's state-owned oil giant PetroChina (0857) closed 8 percent higher after … Continue reading Stocks extend rally on hopes for SOEs

The Airport Authority Hong Kong's retail bonds are expected to be twice oversubscribed, with the average number in some banks increasing to 10 board lots after book-building closed yesterday. But BOC Hong Kong (2388) projected that the subscribers could only obtain about three lots each, versus as many as nine lots of retail greens bonds … Continue reading Airport’s retail bonds poised to be twice oversubscribed

A senior executive at BYD (1211) has stoked the Chinese carmaker's rivalry with Tesla, warning its founder Elon Musk that he will face challenges in intelligent driving systems. The warning came amid reports that the US carmaker is planning to introduce a new electric vehicle in mid-2025. BYD is "very strong now," Zhao Changjiang, the … Continue reading You better watch out, BYD warns Musk

A key offshore bondholder group of China Evergrande (3333) plans to join a petition to liquidate the developer at a hearing in a Hong Kong court on Monday, two sources with direct knowledge said. The bondholder group owns more than US$2 billion (HK$15.6 billion) in offshore notes guaranteed by Evergrande and its support to a … Continue reading Liquidation pressures grow for Evergrande

Chinese authorities said they will further study the inclusion of market value management in the performance assessment of executives of key state-owned enterprises while stressing companies without reasonable returns are not qualified as listed firms. China's state assets supervisor said yesterday that such inclusion will help guide the person in charge to pay more attention … Continue reading SOE bosses face checks on market performance

China has more favorable factors in its economy than unfavorable ones, Li Yunze, head of the country's top financial regulator said yesterday. Speaking at the Asian Financial Forum in Hong Kong, the director of the recently-established National Administration of Financial Regulation said the mainland's economy has a strong foundation, sufficient vitality for growth and ample … Continue reading China’s economy ‘has more favorable factors’

A residential project atop Ho Man Tin station jointly developed by Great Eagle (0041) and MTR Corporation (0066) has been named Onmantin and will offer 990 homes. Onmantin, comprising five towers, has obtained pre-sale approval and the construction is estimated to be completed in March 2025, said Great Eagle. The developer added that it is … Continue reading 990 new flats on the rise in Ho Man Tin

London remains the world's top financial center as New York slips into second place, after tying with the UK capital last year, the City of London Corporation's own survey showed yesterday, while Hong Kong was not listed among the top five. Bottlenecks in business activity caused by Brexit, which largely cut the city off from … Continue reading London ‘still the top financial center’

China's gaming regulator has removed from its website rules it proposed last month aimed at curbing spending and rewards that encourage playing video games. The news came as Tencent's (0700) Riot Games said it would lay off 530 employees. The link to the draft rules on the National Press and Publication Administration's website was inaccessible … Continue reading China pulls game rules from website

Television Broadcasts (0511) expects its 2023 losses in terms of earnings before interest, taxes, depreciation, and amortization will be narrower than a year ago. Shares of TVB once jumped over 7 percent before closing 3.4 percent higher at HK$3.01 yesterday. The television broadcasting company expected its EBITDA to swing to profit for the six months … Continue reading TVB expects to narrow its losses in 2023

Hong Kong's fiscal deficit could rise to HK$148 billion - nearly 50 percent higher than official estimates - and the government should tweak or postpone some of its major projects, accountants say. While Financial Secretary Paul Chan Mo-po previously said a HK$100 billion deficit was inevitable, Ernst & Young and the Hong Kong Institute of … Continue reading Call to defer projects, review taxes as $148b deficit looms

The Hong Kong Monetary Authority has started a public consultation on a proposal for information sharing among banks to aid in the prevention or detection of crime. And the Securities and Futures Commission has set maintaining mitigating serious harm to markets as one of its priorities in its coming three-year plan. Chief executive Eddie YueWai-man, … Continue reading HKMA proposes info sharing to fight crime

The cost to borrow the yuan in Hong Kong rose to the highest in almost two years, signaling its scarcity in the city - and reminding traders of a currency-strengthening tactic once employed by Beijing. This came as the onshore yuan jumped on reports that Chinese authorities were considering a rescue package for its plunging … Continue reading Yuan borrowing costs at two-year high

In a change of plans, CSI Properties (0497) is now seeking to turn a site which once housed an iconic Hong Kong tea house into a 30-story commercial and residential tower with 175 homes. Under a new proposal to the Town Planning Board, the developer aims to turn the site on 152 to 164 Wellington … Continue reading Iconic tea house to give way to homes in change of plans

Bank of America yesterday announced layoffs of around 20 bankers in Asia, mostly in Hong Kong while Citigroup reportedly cut bonuses for senior bankers by up to 20 percent this year. The majority of the bankers affected are based in Hong Kong who worked on China deals, according to two of the sources and a … Continue reading BofA layoffs hit Hong Kong, Citi slashes bonuses by 20pc

Hong Kong led a rally across most Asian markets Tuesday as traders were cheered by reports that Chinese authorities were considering a blockbuster boost to equities after a painful start to the year. The surge came after another record day on Wall Street where optimism about the outlook for the US economy has taken the … Continue reading Hong Kong leads most Asian markets higher on China support hopes

HSBC (0005) is expected to make new contributions to strengthen Hong Kong's status as an international financial center, Vice President Han Zheng says. Han's comments came after he met HSBC chairman Mark Tucker yesterday in Beijing, Xinhua reported. The vice president told Tucker that the central government fully supports developing the SAR as a finance … Continue reading HSBC ‘to support SAR as a finance hub’

Country Garden (2007) has reportedly put up a series of its assets in Guangzhou for sale at 3.82 billion yuan (HK$4.15 billion) in total, according to the National Business Daily. Among the assets, which include offices, hotels, and apartments, the most expensive is its Phoenix City Hotel in Guangzhou's Zengcheng district, with an asking price … Continue reading Country Garden offers assets in Guangzhou for 3.8b yuan

A luxury mansion at Lugard Road on The Peak was sold for HK$838 million at a discount of around 30 percent to a Shenzhen tycoon. The two-storey detached house spanning over 10,000 square feet was bought by a Chinese investor at a price of HK$71,703 per square foot, the realtor Savills said. But the price … Continue reading Chinese tycoon snaps up Peak mansion for a bargain $838m

Hong Kong and China continued to be the world's worst-performing stock markets, but the premier pledged to support the market. The Hang Seng Index slumped 347 points to a nearly 15-month low of 14,961 after China kept benchmark lending rates unchanged, disappointing investors that bet on such measures to stimulate the economy. Chinese developers saw … Continue reading HK, China markets continue to slide

Shenzhen Gantang Mingshan Catering, the company behind popular Chinese restaurant chains including Chua Lam's Dim Sum, is weighing an initial public offering in Hong Kong, according to people familiar with the matter, but the firm clarified that it will take place three years later. China International Capital Corporation (3908) is working with the Shenzhen-based firm … Continue reading Restaurant chain backed by celebrity critic eyes IPO

Taiwan's export orders fell more than expected in their worst performance in six months in December, with the outlook for the island's high-tech products remaining poor due to growing doubts about global economic growth. Export orders last month slipped 16.0 percent from a year ago to US$43.81 billion, the worst showing since July and well … Continue reading Taiwan Dec export orders in worst fall in 6 months, outlook poor

The parent of Chinese developer Redsun Properties Group Ltd. has received a winding-up petition in a Hong Kong court, joining a growing list of the country’s distressed firms facing legal threats in the city. The court is scheduled to hold a hearing of the petition against Hong Yang Group Co. on March 27, according to … Continue reading Chinese developer’s parent faces winding-up threat in Hong Kong court

China kept benchmark lending rates unchanged at their monthly fixing on Monday, matching expectations with Beijing seen as having limited scope for monetary easing amid downward pressure on the yuan. The decision came after the People's Bank of China (PBOC) surprised markets last week by holding its medium-term lending facility rate steady. The central bank … Continue reading China keeps benchmark lending rates steady amid pressure on yuan

Cross-border yuan payments in Shenzhen surpassed the four trillion yuan mark last year for the first time amid a trend that saw Hongkongers heading north to Shenzhen to eat, drink and shop. Data from the Shenzhen branch of the People's Bank of China showed the city recorded 4.2 trillion yuan (HK$4.61 trillion) worth of cross-border … Continue reading Shenzhen trips hit home in HK

US lawmakers have banned the Defense Department from buying batteries made by China's biggest manufacturers, extending efforts in Washington to decouple the Pentagon's supply chain from its geopolitical rival. The rule, implemented as part of the latest National Defense Authorization Act that passed on December 22, will prevent battery purchases from Contemporary Amperex Technology, BYD, … Continue reading BYD and CATL face hit in Pentagon batteries ban

Beijing is aiming to grow its economy by 5 percent this year following a 5.2 percent rise to nearly 4.4 trillion yuan (HK$4.83 trillion) in gross domestic product in 2023, said its mayor Yin Yong yesterday. The general public budget revenue is expected to increase by 5 percent this year while the jobless rate will … Continue reading Capital sets 5pc growth rate for year ahead

China's property market drop may happen at a slower pace this year, said Lian Ping, chair of the China Chief Economists Forum. In an article in China Real Estate Newspaper, economists led by Lian said big cities such as Shanghai and Hangzhou might take the lead in stabilizing prices for new homes ahead of the … Continue reading Slower pace seen for mainland property slip

Sales of previously owned US homes fell last month, capping the worst year for the housing market in nearly three decades. Contract closings decreased 1 percent from November to a 3.78 million annualized rate, according to National Association of Realtors data. For all of 2023, sales slipped back to the lowest level since 1995. Back … Continue reading Real estate sales cap bad US year

Stock markets in Hong Kong and the mainland stabilized following a hammering on Wednesday after US and Chinese officials were reported to be meeting in Beijing for financial talks. In Hong Kong, the Hang Seng Index rallied to 15,391 points, ending a four-day losing streak. The main board turnover was about HK$107.4 billion. The HSI … Continue reading Beijing talk sessions calm bruised markets

The yuan's share in global currency payments contracted by about 0.5 percentage points to 4.14 percent last month but was still its second highest on record. The data came as an investment bank boosted its outlook on China's growth for 2024. The yuan remained the fourth most active currency for global payments by value, according … Continue reading Yuan’s share in global payments contracts

Hong Kong should diversify its investment portfolio and de-risk amid deglobalization and geopolitical risks, Nobel Prize-winning economist Joseph Stiglitz says. He also believed that the "confluence effect" of people collaborating and working together in a city could support the economy. Speaking at a forum organized by the University of Hong Kong, the Columbia University professor … Continue reading Hong Kong ‘must look beyond finance’

Hong Kong's home prices will fall another 10 percent in 2024 and return to 2016 levels after an estimated drop of 5 percent last year, says Morgan Stanley. The investment bank said that it will take some time for any expected US interest rate cuts to benefit Hong Kong's property market, which means the home … Continue reading Home prices seen falling by 10pc

Hong Kong's jobless rate was unchanged at 2.9 percent for the October-December period, and the government expects the demand for the labor force will continue to increase amid further recovery in tourism and private consumption. Total employment fell by around 1,900 from 3.708 million in September-November to 3.706 million in October-December. The labor force also … Continue reading Job market to tick up as tourism, consumption recovers

Investors on average subscribed nine board lots of the Airport Authority's retail bonds on its first bookbuilding day, according to the Bank of China Hong Kong (2388). Issued by the operator of Hong Kong International Airport, subscriptions for the retail bonds started yesterday, featuring a fixed interest rate of 4.25 percent with a tenor of … Continue reading Airport bond sale off to a flier

China's new home prices fell faster at 0.4 percent last month, the largest monthly drop in nine years despite a series of policies to stabilize the market. Developers' investment dived 9.6 percent yearly last year. It fell year-on-year at the fastest clip since at least 2000, according to Reuters calculations based on National Bureau of … Continue reading China home prices see biggest drop in nine years

Central bankers continued their forceful push-back against market bets for interest rate cuts, deepening a global selloff across stocks and bonds. European Central Bank President Christine Lagarde and Governing Council member Klaas Knot warned yesterday that aggressive bets on interest-rate cuts aren't helping policymakers in the battle to subdue inflation. That followed comments on Tuesday … Continue reading Don’t bet on rate cuts, central bankers warn

Hong Kong's banks should be told not to demand advance repayments or tighten credit to prevent a potential bankruptcy crisis among small firms, Executive Councillor and lawmaker Jeffrey Lam Kin-fung says. Lam said he has asked the Hong Kong Monetary Authority to have talks with the lenders. The authority has already asked banks to not … Continue reading Lenders ‘must be urged to go easy on repayments’

Hong Kong's property market is not falling off a cliff, says Secretary for Housing Winnie Ho Wing-yin. Ho's comments came as a lawmaker urged the government to totally scrap housing stamp duties. Ho said transactions have risen over the past two months to over 2,900 deals in December, after the government eased some "spicy tax … Continue reading Home prices not falling off a cliff, says Ho

Global stock markets slumped yesterday with Hong Kong and mainland China among the worst hit amid disappointing Chinese economic data and warnings from central banks over speculation on interest rate cuts. Hong Kong's benchmark Hang Seng Index once lost 670 points before recovering slightly to end day a 3.7 percent or 589 points lower at … Continue reading Hong Kong and China worst hit as investors flee markets

Country Garden (2007) has appointed KPMG as consultant for its offshore liability restructuring, while Ping An Bank has put 41 firms on a list of developers eligible for its funding support, with half of them being state-owned builders, the latest move in a widening rescue campaign for the nation's property sector. The company said it … Continue reading Country Garden seeks KPMG guidance on offshore debt

Investors look set to flock to the Hong Kong Airport Authority retail bonds when bookbuilding starts today, especially after the initial public offerings performed disappointingly. With an annual interest rate of 4.25 percent, this batch looks attractive for locking in the high interest incomes in the coming 2-1/2 years with investors betting the global interest … Continue reading Airport bonds poised to take off

Cash-strapped mainland companies Sunac (1918) and Fosun International (0656) are seeking to dispose of their tourism-related assets for funds. But Sunac has received no response so far for four tourism projects on sale, mainland media reported. Among them are a new cultural tourism zone in Wuhan in Hubei province with a reserve price of about … Continue reading Sunac, Fosun selling tourism assets

Fast Retailing (6288) said yesterday its Uniqlo unit filed a lawsuit in Japan against the operators of Shein, claiming the Chinese fashion company copied its round mini shoulder bag. The petition was filed on December 28 in the Tokyo District Court against Roadget Business, Fashion Choice and Shein Japan, Fast Retailing said in a statement. … Continue reading Uniqlo sues Shein over mini bag ‘knock-offs’

Stocks in Hong Kong fell to a 14-month low amid a lack of fresh stimulus while Shanghai stocks recouped some losses after Chinese authorities reportedly asked institutional investors not to sell shares. Hong Kong's benchmark Hang Seng Index fell 350 points or 2.2 percent to 15,865 points, below the 16,000 mark for the first time … Continue reading Hong Kong stocks sink to 14-month low

China's economy was estimated to have grown by 5.2 percent last year, meeting the goal of around 5 percent, and the world's second-largest country will stick to opening up and sharing opportunities with global partners, Premier Li Qiang told business leaders at the World Economic Forum in Davos. Also yesterday, President Xi Jinping stressed in … Continue reading China’s economy grew 5.2pc, says premier

Brilliance China Automotive's (1114) biggest shareholder is considering options to raise funds including selling the company's 25 percent stake in its joint venture with BMW, according to people familiar with the matter. Shares of Brilliance China Automotive climbed 4.5 percent as other automakers are interested in taking over the stake. Several Chinese carmakers, including China … Continue reading Brilliance China may sell its stake in BMW JV

Link Real Estate Investment Trust (0823) said footfall at its Shenzhen shopping mall jumped nearly 1.2 times yearly in 2023 as more Hong Kong shoppers headed across the border to the neighboring mainland city. Sales rose 78 percent last year at Link CentralWalk, which is located in the Futian district close to the Futian Checkpoint. … Continue reading Link sizzles in Shenzhen

Sun Hung Kai Properties (0016) suddenly released a new price list to offer 74 units at Park Yoho Napoli in Yuen Long at an average price of HK$13,765 per square foot after discounts. The major developer also offered discounts of as much as 13 percent to join this year's race of new home sales started … Continue reading Park Yoho Napoli enters fray with 13pc discounts

Fulum (1443) is to open a restaurant at M+, forking out a basic monthly rent of HK$319,000 for five years. The restaurant chain said that its subsidiary Sino Place will operate a restaurant in the landmark Hong Kong museum for dine-in and takeaway for five years. In addition to the basic rent, there will be … Continue reading Fulum goes to M+

Two mainland noodle chains are reportedly seeking to go public in Hong Kong to raise as much as US$300 million (HK$2.34 billion), joining the trend of food and beverage operators coming to list in the city. Hefu Noodle plans to debut as early as this year and raise between US$100 million and US$200 million. It … Continue reading Two Noodle houses aim to raise US$300m

China's central bank surprisingly held a key policy rate unchanged yesterday, but it failed to stem the decline of the Chinese yuan, which dived to a new monthly low yesterday. The People's Bank of China said yesterday that it was keeping the rate on 995 billion yuan (HK$1.09 trillion) worth of one-year medium-term lending facility … Continue reading Yuan dives despite unchanged rate

Hong Kong should use more funds from its war chest to support its troubled stock market, financial experts say. For the upcoming budget, the Hong Kong Institute of Financial Analysts and Professional Commentators has suggested that the government raise the proportion of the Exchange Fund's investment in the stock market, which can be used to … Continue reading Exchange Fund urged to prop up stock market

Price wars helped spark a US$157 billion (HK$1,224.6 billion) rout in China's consumer stocks, though Beijing has kept striving to exploit the domestic demand. From electric vehicles to fast food, companies are engaging in a battle of promotions aimed at luring customers who are spooked by dim job prospects and have seen a persistent property … Continue reading Price wars lead to US$157b rout in consumer stocks

Wang On Properties (1243) sold about 60 percent of the 165 flats on offer at Phoenext in Wong Tai Sin, helping squeeze the secondary market again. The new project sold 96 flats on Saturday for HK$480 million in total with the most expensive one fetching HK$7.06 million. The developer said the response had been "ideal" … Continue reading Phoenext sales dent secondary market

US consumer inflation rose 3.4 percent last month from a year ago, higher than a forecast of 3.2 percent. The so-called core consumer price index, excluding food and energy, grew 3.9 percent in December from a year earlier, also slightly higher than an 3.8 percent estimate. The Hang Seng Index night futures fell. Ahead of … Continue reading US inflation edges up, HSI snaps losing streak

Wheelock Properties will put over 2,200 new flats for sale in 2024, twice as many as those sold last year. Executive director Ricky Wong Kwong-yiu said the company plans to launch five new projects this year that will offer more than 2,200 flats. Wong added that LP12, Phase 12 of Lohas Park in Tseung Kwan … Continue reading Wheelock to roll out 2,200 flats this year

Hong Kong may give the green light for spot crypto exchange-traded funds in the near future after US regulators for the first time approved ETFs that invest directly in bitcoin, but with words of caution. The US Securities and Exchange Commission authorized 11 such funds from industry heavyweights BlackRock, Invesco and Fidelity to smaller competitors … Continue reading Hong Kong may follow suit as US approves bitcoin ETFs

The Hongkong and Shanghai Banking Corporation is not sure when interest rates in the city will fall, even if the US cuts rates in the near future, chief executive Luanne Lim Hui-hung says. Speaking on the sidelines of a press conference on the upcoming 17th Asian Financial Forum, Lim said it is unclear whether local … Continue reading HSBC is uncertain about timing of rate cuts in city

China's central bank reportedly approved 100 billion yuan (HK$109.47 billion) worth of mortgages to support eight pilot cities in buying unsold units for long-term rentals, according to mainland media Economic Observer. The eight cities are Tianjin, Chengdu, Qingdao, Chongqing, Fuzhou, Changchun, Zhengzhou and Jinan. Beijing is striving to reduce large property inventories in tier-two and … Continue reading PBOC approves 100b yuan mortgages in eight cities

China Aoyuan (3883) is standing by for a pivotal Hong Kong court decision on its restructuring plan, a ruling that may accelerate the end of its tussles with creditors over US$6 billion (HK$46.8 billion) of offshore debt. After a two-day trial over a creditor's objection to the offshore plan offered by the defaulted developer ended … Continue reading Mainland developer may get lifeline from court

A growing mismatch between aggressive pricing for US interest rate cuts and resilient economic fundamentals reducing the need for such easing risks creating a "reverse Goldilocks" scenario for global markets, according to a strategist at HSBC (0005). A pull-back in easing bets could trigger a selloff in risky assets and more gains for the dollar … Continue reading Fed cuts may send ‘Goldilocks into reverse’

Hong Kong will set up two consultant offices among countries under the Belt and Road Initiative that will include Islamic countries in the coming year in a bid to attract investments and promote trade, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu. The Belt and Road Initiative is a global infrastructure development … Continue reading BRI offices to target Islamic investments

China's electric vehicle giant BYD (1211) is set to unveil a new sedan Yangwang U7 while the new market entrant Xiaomi (1810) is reportedly joining the Beijing auto show. Announced on China's microblogging platform Weibo yesterday, the Yangwang Series will launch a new model featuring over 1000 horsepower, which the brand says will enhance the … Continue reading BYD launches new sedan, Xiaomi gears for show

Chinese companies are resorting to Nvidia's gaming graphics cards to develop artificial intelligence tools after the United States tightened high-performance chip exports to China, the Financial Times reported. Thousands of Nvidia gaming graphics cards are being stripped of their core components in factories and workshops every month, before being installed on new circuit boards, the … Continue reading Nvidia gaming cards eyed for AI use

Sa Sa International (0178) yesterday said its turnover jumped 36.7 percent to HK$1.18 billion for the third quarter ended December 2023 and it will look to open stores in non-tourist areas in the city. The retailer's offline sales rose by 35.7 percent to HK$950.6 million, and recovered to 49 percent of pre-pandemic levels in 2019. … Continue reading Sa Sa looks beyond tourist hot spots as turnover jumps

WuXi Biologics (2269) revealed there will be 110 new projects this year, lifting the full-year target by 30, citing the expected recovery in the second quarter. China's leading drug contract research and manufacturer lifted the 2024 goal of new business from 80. The company added that the impact of the slowdown in biotech financing has … Continue reading WuXi Biologics ups target, sees strong recovery

A Chinese national who made his fortune from online gaming has emerged as one of the most significant non-American holders of land in the US. Chen Tianqiao owns 198,000 acres of Oregon timberland, making him the country's 82nd-largest property owner, according to the Land Report's latest ranking. Chen, 50, acquired the acreage from Fidelity National … Continue reading Chinese gaming tycoon owns significant US estate

China's central bank signaled that it's prepared to keep policy loose by lowering the amount of money banks must keep in reserve, reinforcing expectations among investors of more easing to come. The People's Bank of China will use a variety of tools to provide "strong support" for a reasonable growth in credit, said Zou Lan, … Continue reading PBOC will stick to loose policy

Revenue of Orient Overseas (International) (0316) slumped 60 percent last year and is set to face a further crunch on the Red Sea crisis while oil prices rebounded. The shipping company said the revenue last year totaled US$7.5 billion (HK$58.6 billion), 59.6 percent lower than one year ago after the fourth-quarter income also dived 49 … Continue reading OOIL revenue sinks 60pc amid Red Sea crisis

KeeTa, a sister mobile app of China's delivery service giant Meituan (3690), has become Hong Kong's second-largest food delivery platform, trailing behind Foodpanda. Delivery Hero's Foodpanda enjoyed a market share of 42 percent in December while Keeta accounted for 37 percent of the local food delivery market during the period, according to data from Measurable … Continue reading Meituan’s KeeTa serves way to second spot

Three companies going public yesterday showed mixed performance, with Changjiu (6959) rose 16 percent but Zhongshen Jianye (2503) and Concord Healthcare (2453) plummeting. Changjiu Holdings (6959), a provider of pledged vehicle monitoring services, ended its debut day at HK$ 6.91, 16.1 percent above the offer price of HK$5.95 apiece - meaning a paper gain of … Continue reading Mixed results greet market debutants

The latest batch of flats at a new project in Hung Shui Kiu is being offered at prices that are 18 percent lower than six months ago while prices at Mei Foo Sun Chuen also fell further in the secondary market. High Park I in Hung Shui Kiu, developed by Asia Standard International (0129), released … Continue reading Hung Shui Kiu flats offered for 18pc less than six months ago

JD.com (9618) said its Nasdaq-listed subsidiary Dada Nexus was found to have certain suspicious practices casting doubt on its online advertising and marketing services revenues and operations and support costs for the first three quarters of 2023. Shares of both companies fell in the US. The audit committee of Dada's board of directors has determined … Continue reading JD.com probes unit over dodgy business practice

Famed bakery store Dang Wen Li by Dominique Ansel is pulling down its shutters as changing consumer trends pose fresh challenges to the city's retail and hospitality industry. The news comes on the heels of a survey which shows that more than one in four Hongkongers are visiting neighboring Shenzhen at least once every week. … Continue reading Top bakery calls it a day as Shenzhen challenge grows

Hong Kong's property market may remain stuck in bear territory for a long time, says star analyst Andrew Look. And commercial buildings will be more affected by falling prices, as smaller indebted developers dispose off their assets and oversupply grows, he adds. His gloomy predictions came as a survey showed Hong Kong workers need a … Continue reading Property bears ‘here to stay’

The Bank of East Asia (0023) believes there is room for improvement in Hong Kong's consumption, retail and tourism sectors, which will help boost growth, said co-chief executive Adrian David Li Man-Kiu. At a forum hosted by BEA yesterday, Li said upcoming large-scale infrastructure projects and various measures to attract talent will also help to … Continue reading Economy has room to improve: BEA

BOC Hong Kong (2388) expects it is highly likely to see oversubscription for the Airport Authority's HK$5 billion worth of retail bonds as rates on bank time deposits will fall fast amid the expectation that the interest rate hike cycle has ended. The bonds, with a tenor of 2.5 years, will pay interest every three … Continue reading Airport’s bonds likely to be oversubscribed

A growing number of wealth managers in Asia are setting up offices in Dubai, capitalizing on warming diplomatic ties between China and the Middle East and betting on a surge in demand from clients for geographical diversification. Dubai, a major financial hub in the Gulf region, is emerging as a preferred wealth hub for many … Continue reading Asia wealth managers flock to Dubai as clients look to diversify

Hong Kong's secondary home sales hit a 44-week high as market sentiment improved ahead the Lunar New Year, as Wang On Properties (1243) stuck to a low-pricing strategy for its new project in Wong Tai Sin. A total of 17 deals were recorded across 10 major housing estates, marking a third consecutive weekend of double-digit … Continue reading Secondary home sales surge as Lunar New Year nears

US Treasury Secretary Janet Yellen declared the US economy had achieved a long-sought soft landing, a historically unusual event in which high inflation is tamed without significantly damaging the labor market. "What we're seeing now I think we can describe as a soft landing, and my hope is that it will continue," Yellen said in … Continue reading Soft landing achieved, says Yellen

China's foreign exchange reserves rose 2.1 percent month-on-month to a two-year high of US$3.238 trillion (HK$25.3 trillion) last month, official data showed. The December figure released by the State Administration of Foreign Exchange yesterday was above the US$3.2 trillion tipped by a Reuters poll of analysts and up from US$3.172 trillion in November. The SAFE … Continue reading China’s forex, gold reserves rise

Eighteen percent more US firms filed for bankruptcy on the higher interest rates, but they are expected to remain high when Fed signifies that the rate cut will start this year. US bankruptcy filings surged by 18 percent in 2023 on the back of higher interest rates, tougher lending standards and the continued runoff of … Continue reading US bankruptcies soar amid high rates

The number of foreclosed homes in China jumped by over one-third to more than 700,000 in the first 11 months of last year from the year before but those in Shenzhen, especially the luxury types, remained highly sought after, according to data from China Index Academy. Home foreclosures surged by 33.5 percent to 709,000 cases … Continue reading China foreclosures up by a third

Wang On Properties (1243) has unveiled the first price list of 50 flats at its Phoenext development in Wong Tai Sin - pricing all the one-bedroom flats below HK$4 million and two-bedroom ones under HK$6 million after discounts. The average price per square foot of the first project in 2024 is HK$15,326 after discounts - … Continue reading New Wong Tai Sin flats priced below $4m

The impact of artificial intelligence on existing jobs is imminent, Financial Secretary Paul Chan Mo-po said at a conference yesterday. Addressing delegates at the event hosted by the Greater Bay Area International Technology Industry Association and the Institute of Big Data Governance, Chan noted the digital economy has become a major driver for global growth. … Continue reading AI will impact existing jobs, warns Chan

Chief Executive John Lee Ka-chiu expects Hong Kong will have more collaboration with Dongguan as over 8,000 Hong Kong firms have operations there. And the first-phase construction of a logistics park developed with the Airport Authority of Hong Kong will be completed by the end of next year. Attending a forum in Dongguan yesterday, Lee … Continue reading Dongguan central in Lee’s focus

Hong Kong's retail sales grew faster at 15.9 percent in November from a year ago with fewer people traveling abroad due to a lack of long holidays. The value of retail sales increased to HK$34.2 billion in a 12th consecutive month of rises, according to provisional figures from the Census and Statistics Department. That is … Continue reading November retail sales jump as spenders stay put in city

Some of China's top banks have sharpened scrutiny of smaller peers' asset quality and have tightened standards for interbank lending, three sources said, in an effort to curb credit risk as a deepening property debt crisis ripples through the economy. Two of China's biggest state-owned banks and a leading joint-stock bank have stepped up reviews … Continue reading Majors tighten interbank lending in China

Same-store sales for the last quarter rose 12 percent annually for local apparel retailer Bauhaus International (0483), driven mainly by growth in Macau. The October-December period saw sales in Hong Kong edge up by 1 percent yearly while soaring 78 percent in Macau from one year ago. However, the same-store sales growth in three months … Continue reading Macau proves great fit for Bauhaus

Hong Kong Export Credit Insurance Corporation launched an export credit risk index, the first of its kind in the city, for exporters to take reference from. Working with Dun & Bradstreet China, the organization released yesterday the HKECIC - D&B Export Credit Risk Index, which is compiled to provide an indicator to reflect the market … Continue reading Credit risk index launched for exporters

Home sales in Hong Kong climbed for the second month in a row in December by nearly 15 percent but the volume for the whole-year dropped to a new low since 1996 amid high interest rates, Land Registry data shows. According to the Land Registry, the number of sale and purchase agreements for residential units … Continue reading Hong Kong home sales rebound in December

Investment funds pulled out as much as HK$30 billion from Hong Kong's stock market last month amid geopolitical risks, a sluggish economic recovery and policy uncertainties, Morgan Stanley estimates. Among the stocks, JD.com (9618), AIA (1299), and Yum China (9987) were heavily sold but investors increased stakes in Tencent (0700) and Alibaba (9988). China and … Continue reading Funds drain $30b from local bourse over risks

Singapore home prices rose for a second consecutive quarter by 2.7 percent in the last three months of 2023, as demand continued to prop up the market despite cooling measures. The speed is faster than the previous quarter, when home prices gained 0.8 percent, according to preliminary estimates released yesterday by the Urban Redevelopment Authority. … Continue reading Singapore home price gains accelerate

Wang On Properties (1243) plans to unveil the first price list for its Phoenext in Wong Tai Sin as soon as this week. The project's sales brochure has been uploaded to its website and the first round of sales, which will have at least 50 units, may take place within the month at the earliest, … Continue reading Wang On kicks off race to market

Alibaba (9988) has hinted of potential share buybacks of up to US$11.7 billion after the stocks in the mainland and Hong Kong retreated yesterday in post-holiday trading on China's economic woes. The e-commerce giant revealed in a statement that it repurchased a total of 897.9 million ordinary shares for US$9.5 billion (HK$74.1 billion) last year, … Continue reading Alibaba in buyback hint as stock woes continue

Kaisa (1638) said it delivered about 46,000 homes in China last year, up over twofold from a year ago and exceeding its full-year target. The developer said the deliveries were made in 61 projects across Shenzhen, Guangzhou, Shanghai and Chengdu and that it surpassed 2022's full-year delivery figure in just seven months in 2023. It … Continue reading Kaisa delivers good news for beleaguered sector

PricewaterhouseCoopers expected funds raised from initial public offerings in Hong Kong to rebound to over HK$100 billion this year and that the city will return to be among the top three global listing venues. The accounting firm forecasts that 80 companies will list in Hong Kong this year, with funds raised to surpass HK$100 billion. … Continue reading IPO fundraising tipped for $100b rebound this year

Factory activity in China gained momentum last month but the outlook for the nation's manufacturers remains fragile with continuous layoffs and weak demand, a private survey showed. The Caixin manufacturing purchasing managers' index rose to 50.8 from 50.7 in November, marking the fastest expansion in seven months and surpassing analysts' forecasts of 50.4. The 50-point … Continue reading Plant activity rise fails to dim fears

ASML said the Dutch government had partially revoked an export license to ship some chipmaking equipment to China, which would affect some of its Chinese clients. "A license for the shipment of NXT:2050i and NXT:2100i lithography systems in 2023 has recently been partially revoked, impacting a small number of customers in China," it said. ASML … Continue reading Dutch ax set to plague Chinese chipmakers

Chinese tech giant Baidu (9888) terminated its share purchase agreement with Nasdaq-listed Joyy, canceling a deal worth US$3.6 billion (HK$28.08 billion). According to a filing released yesterday, Baidu's affiliate Moon SPV decided to end its agreement with live stream platform operator Joyy, as purchase conditions had not been fully satisfied. Among the conditions needed to … Continue reading No Joyy as Baidu axes US$3.6b deal

Chinese electric vehicle makers saw a significant jump in sales last year, as the country's auto exports are set to exceed Japan's. BYD (1211), dominating the domestic market, sold 341,043 new energy vehicles last month, a 45 percent rise year on year, which led to full-year sales of 3.02 million units, up by 62.3 percent … Continue reading Japan to lose top spot as EV sales accelerate

Singapore's economy avoided a recession last year but Prime Minister Lee Hsien Loong warned of a "troubled" international environment that will weigh on growth and security. Gross domestic product expanded 1.2 percent, Lee said in his New Year's message, compared with the trade ministry's forecast in November for an expansion of around 1 percent. For … Continue reading Sino-US fears, wars to weigh on Singapore

The number of secondary-market transactions in 10 major housing estates over the weekend hit a 43-week high as sellers cut asking prices to clinch deals before the new year. A total of 17 deals were recorded in the estates, up by 41.7 percent from a week earlier, according to data from Midland Realty. But the … Continue reading Dearth of new flats drives secondary high

Prices of new homes in China rose for the fourth consecutive month in December, a private survey showed yesterday, buoyed by a slew of government support measures. Prices rose 0.1 percent on average after a rise of 0.05 percent in November, according to the survey by real estate research firm China Index Academy. The property … Continue reading Prices of homes in China keep edging up

Hong Kong stocks are expected to be flat on the first trading day of 2024, following yet another dismal year for investors. The Hang Seng Index is estimated to hover at around 17,000 points today as the festive atmosphere remains strong, said Kenny Ng Lai-yin, Everbright Securities International's securities strategist. The benchmark gauge inched up … Continue reading Hang Seng may see flat start to year

A survey of factory managers in China shows that manufacturing contracted in December in the latest sign the world’s No. 2 economy remains sluggish. The official purchasing managers index, or PMI, fell to 49 last month in what officials said was evidence of weak demand, the National Bureau of Statistics reported on Sunday. It was … Continue reading China’s manufacturing activity slows in December in latest sign the economy is still struggling

Chinese and Hong Kong stocks ended 2023 as the world’s worst-performing equity markets, with losses exceeding 10 percent, although they recorded their best week in five months. China’s blue chip CSI 300 Index registered an unprecedented third straight year of declines amid the country’s faltering post-pandemic recovery and geopolitical tensions, but some see opportunities in … Continue reading China, HK stocks end 2023 as world’s worst performers, down over 10pc

New World Development (0017) mall K11 Musea set a new all-time monthly sales record in December, with Christmas sales from members surging by nearly 80 percent, and high-end customer sales witnessing a 50 percent year-on-year increase. The first post-pandemic Christmas season was a huge success, with K11 Musea and K11 Art Mall experiencing record-breaking daily … Continue reading Big Christmas cheer as K11 hits record

The central People's Bank of China says it is committed to enhancing payment convenience for foreigners in mainland China, while also announcing plans for stricter regulation of non-bank payment service providers in the coming year. Deputy governor Zhang Qingsong said it is prioritizing the issue of payment convenience and has collaborated with departments to establish … Continue reading PBOC to tackle e-payment woes

Hong Kong stocks rallied to above 17,000 points for the first time in nearly a month yesterday, though it was still down by 15 percent this year with only one trading day left. The Hang Seng Index jumped by 419 points, or 2.5 percent, to 17,043.5 yesterday, while the Hang Seng Tech Index surged by … Continue reading HK stocks beat 17,000 mark

Hong Kong's exports and imports both grew by over 7 percent last month from a low base a year ago, still missing expectations, but the average wage rate rose 3.8 percent in September. Exports by value gained by 7.4 percent while imports also climbed by 7.1 percent, both the largest rise since January 2022, according … Continue reading Export and import gains disappoint

Chinese chipmaker BaTeLab (2149) plunged 17.4 percent to HK$22.70 on its Hong Kong debut yesterday. That compared to the HK$27.47 offer price for shares of the Chinese integrated-circuit provider, which is backed by electric-vehicle giant BYD (1211). BaTeLab secured HK$412.05 million in its initial public offering, priced at the lower end of the initial guidance … Continue reading Chipmaker plunges on IPO debut in HK

The billionaire cofounder of Xiaomi (1810) unveiled the phone giant's first electric vehicle yesterday and declared its ambition of becoming a top carmaker in 15 to 20 years in competition against Tesla and Porsche. Its SU7, which stands for Speed Ultra, rolled onto a stage at the China National Convention Center in Beijing with no … Continue reading Xiaomi rings in challenge to EV giants

JD.com (9618) plans sweeping salary increases for its workforce next year, a major move for an e-commerce company struggling with intense competition and uncertain Chinese consumption in 2024. JD, which like Alibaba (9988) is grappling with hard-charging rivals ByteDance and PDD Holdings, will nearly double the fixed salaries it pays to procurement, sales and other … Continue reading JD ups salary ante in e-commerce war

China Vanke (2202) is selling its stake in luxury hotel chain Banyan Tree's China units for up to 486 million yuan (HK$536.3 million) while Zhuhai Wanda failed in its fourth initial public offering attempt in Hong Kong. Vanke will sell its equity in the hotel management joint ventures such as Banyan Tree Services (China) and … Continue reading Vanke sells off stakes in Banyan Tree units

Chinese self-driving car sensor maker RoboSense Technology has opened its retail book yesterday with the goal of raising nearly HK$1 billion in its Hong Kong initial public offering, which could be the first new listing of the new year. The Shenzhen-based technology company is offering 22.91 million shares at HK$43 apiece to raise up to … Continue reading Robosense in $1b IPO drive

China's industrial profits soared last month, helped by favorable year-ago comparisons and a raft of stimulus measures aimed at reinvigorating an economy that has struggled with deflationary concerns. Profits jumped 29.5 percent, sharply accelerating from October, according to official data published yesterday. Companies also recorded large investment returns in November, further boosting their bottom line, … Continue reading Chinese factory profits pumped up by stimulus

Tencent (0700) regained just some of last week's share losses after Beijing softened its stance on controversial new gaming restrictions, suggesting investors remain wary of another crackdown on the world's largest mobile arena. Tencent climbed by 4 percent while smaller rival NetEase (9999) jumped 12 percent yesterday after the government tried to assuage the market. … Continue reading Tencent lags rivals as curbs fears ease

Chinese electric vehicle giant BYD (1211) said yesterday it has obtained a conditional testing license for level 3 autonomous driving on high-speed roads as it is expected to surpass Tesla as the new worldwide leader in fully electric vehicle sales. BYD was granted the first such license in China in July, it said on Weibo. … Continue reading BYD poised to overtake Tesla in EV sales

Hong Kong has launched a public consultation on a legislative proposal to regulate issuers of stablecoin, which will require them to own a license before they can offer tokens to retail investors. Recognizing the crucial role of stablecoins in Web3 and the virtual asset ecosystem, the government acknowledges the increasing link between the traditional financial … Continue reading Consultation starts as HKMA lays down law on stablecoin

More than five million families in China have net assets of six million yuan (HK$6.56 million), with most of them concentrated in Guangdong, while Hong Kong SAR ranks fifth in China. A recent report from Hurun Research Institute on cash flow management among high-net-worth families in China reveals that there are 5.18 million households with … Continue reading Guangdong leads China in family wealth numbers

Redevelopments in Yau Ma Tei and Mong Kok may incorporate the "vertical city" planning concept, said Urban Renewal Authority managing director Ir Wai Chi-sing. The URA earlier redefined commercial projects in areas four and five of the Kwun Tong Town Centre, adopting the concept of "vertical city" development for reconstruction of high-density mixed-use projects. If … Continue reading URA in vertical city push for Mong Kok, Yau Ma Tei

Nio (9866) revealed its latest flagship sedan - the ET9 - during Nio Day 2023, while Xiaomi (1810) is set to debut its electric vehicle technology at an event tomorrow. Nio characterizes the vehicle as an efficient mobile office and provides a 360-degree versatile tray table for rear-seat passengers, allowing adjustment at any angle. According … Continue reading EV market hots up with launches

The year in which China is forecast to overtake the US as the world's largest economy continues to move further to 2037, according to new long-run forecasts. This assumes no economic crisis and China does not invade Taiwan or face sanctions from the West and other countries, the UK-based Centre for Economics and Business Research … Continue reading China to top US economy far later than forecast

Secondary home sales rebounded to a 15-week high over the weekend with 12 deals in 10 major housing estates, helped by increased price cuts. The deals raised the number of transactions to a total of 16 for the four-day holiday period. Centaline Property reported 16 transactions across 10 major housing estates during the Christmas holidays, … Continue reading Home sales rebound over the weekend

Swire Properties (1972) has warned of a 70 percent slump in net profit this year from 2022 due to the revaluation of its investment property portfolio. The developer expects it to record a fair value loss of HK$4.5 billion for its investment properties this year, compared to a gain of HK$1.6 billion in 2022, according … Continue reading Swire Properties faces 70pc profit plunge

The government has launched a consultation exercise with a view to implementing a global minimum tax rate in Hong Kong, and plans to submit legislative proposals to the legislature in the second half of next year on the basis of the feedback collected during the consultation period. A global minimum tax is part of an … Continue reading Views sought on global minimum tax

China's biggest state-owned banks are launching a third round of deposit rate cuts in a year, as lenders work to maintain profitability amid shrinking margins and government policies aimed at boosting consumption and demand. Industrial & Commercial Bank of China (1398) said it will lower deposit rates by as much as 25 basis points on … Continue reading China’s banks to slash deposit rates further

The Hong Kong Monetary Authority plans to launch the Interbank Account Data Sharing pilot program next year, which aims to allow customers to securely and efficiently share their bank account data with other banks subject to customer consent. The program - covering deposit account information including account availability, status, balance and transaction details - will … Continue reading HKMA to launch bank data-sharing platform

Four companies to go public today have mixed performance in the gray market with FAR International (2516) surging as high as 33 percent. According to data from brokerages, China's cross-border logistics service provider FAR International saw its share rise in the gray market at a range of HK$1.16 to HK$1.2 apiece, marking a jump of … Continue reading Debutants blow hot and cold in gray trading

Middle East companies consider Hong Kong an ideal listing destination, according to a report by the Hong Kong Trade Development Council and CCB International Capital. The report said many firms in the United Arab Emirates and Saudi Arabia eye the city as their first choice when it comes to securing funding, building stronger ties with … Continue reading Middle East firms eyeing HK for listing

Alibaba (9988) replaced one of its most experienced executives at the helm of e-commerce and plans to create a firm to oversee its investment assets around the world - the latest in a series of sweeping changes to roil the once-dominant Chinese online juggernaut. Chief executive Eddie Wu Yongming replaced Trudy Dai Shan, one of … Continue reading Alibaba turns more wheels of change

Sino Land (0083) has won a tender for a low-density residential plot in Lantau Island at a price of HK$2.39 billion, in line with market expectations. The tender closed last Friday, and Sino Land was the sole bidder, the Lands Department said. The plot is situated near the junction of Tung Chung Road and South … Continue reading Sino Land wins plot in Lantau for $2.3b

Link Real Estate Investment Trust (0823) has appointed former BlackRock executive John Saunders as group chief investment officer with effect from 4 March 2024. In the newly created role, Saunders will oversee investment strategies, portfolio management and the strategic advancement of Link's investment business. With over 30 years of experience in the property industry, Saunders … Continue reading Link hires ex-BlackRock exec to drive investment

Chinachem Group chief executive Donald Choi Wun-hing expected a U-shaped rebound of the property market, which he believed has been stabilized. Ahead of the reopening of Nina Park, Choi said interest rates are expected to be cut in March or April the earliest but members of the public should not expect a V-shaped rebound of … Continue reading Chinachem predicts U-shaped rebound in property market

Shares of China's YSB (9885) slumped more than 17 percent yesterday in Hong Kong as one of its major shareholders Shanghai Fosun Pharmaceutical (2196) cut its stake in the pharmaceutical sales platform. The stock has plunged 70.8 percent in a week from HK$28.5 to HK$8.26 apiece after the six-month lock-in period that prohibits YSB's major … Continue reading Pharma dives 17pc as lock-in ends

China's state planner said it believes the country's consumer prices will moderately rebound next year as domestic demand picks up, defying calls that the economy is sliding into deflation. Food prices in the first 11 months of the year remained flat from a high base last year, but consumer demand will increase as the New … Continue reading China expects consumer prices to rebound in 2024

Financial Secretary Paul Chan Mo-po said home prices in Hong Kong had by September fallen around 17 percent over the previous two years. The transaction volume was low and the price adjustment was gradual, he noted, which indicated an orderly correction. No panic effects or confidence issues have emerged in the market, said Chan, and … Continue reading City home prices have fallen 17pc in ‘orderly correction’

The Asian Financial Forum 2024, featuring a Nobel laureate alongside financial heavyweights, will take place next month in Hong Kong. And the city has partnered with Dubai to hold a climate finance conference next August. The financial forum is jointly organized by the Hong Kong SAR government and the Hong Kong Trade Development Council. Held … Continue reading Asia financiers to focus on multilateral cooperation

Nio (9866), the loss-making Chinese electric vehicle maker, has scored another cash injection from the Middle East after Abu Dhabi-backed fund CYVN said it will invest US$2.2 billion (HK$17.16 billion), as the emerging player struggles to keep up with peers. Upon completion of the deal, CYVN will own a 20.1 percent stake in Nio, having … Continue reading Troubled Nio wins fresh cash infusion of US$2.2b

CK Asset (1113) has appointed Rose Lee Wai-mun as an independent non-executive director and member of the audit committee. Lee had just resigned as an INED for CK Hutchison (0001) last week. A former vice-chairman and chief executive of Hang Seng Bank (0011) and group general manager at HSBC (0005), Lee will serve until the … Continue reading Rose Lee takes up CKA post

Hong Kong's retail investors are expected to reallocate US$18 billion (HK$140.4 billion) of funds to green investments by 2030, a survey shows. And nine in ten of them are interested in climate-related investments, the Standard Chartered Bank (2888) report said. Out of the potential US$18 billion climate investment in Hong Kong, US$11 billion is expected … Continue reading HK investors to reallocate US$18b for climate battle

Two in three Hong Kong homebuyers will "wait and see" before taking the plunge in 2024 amid high mortgage rates, which are expected to fall to 4 percent by the second half of the year, a survey shows. Nearly 90 percent of respondents said they intend to approach market entry or investment deployment cautiously while … Continue reading Homebuyers will ‘wait and see’ in 2024

Hong Kong billionaire Henry Cheng Kar-shun's business empire has announced a series of management reshuffles in New World Development (0017) and NWS (0659), one month after the tycoon said he was still looking for a successor. NWS has appointed one of Henry Cheng's sons Brian Cheng Chi-ming as the co-chief executive of the infrastructure firm … Continue reading NWS reshuffles leadership

It was supposed to be the year Hong Kong rebounded onto the world stage, leaving behind an era marred by street clashes, political crackdowns and Covid curbs. Instead, 2023 turned out to be one of the worst for the financial hub in recent memory, at least as far as its markets are concerned. The Hang … Continue reading Hong Kong’s year of regret for investors

The number of secondary sales in 10 major housing estates in Hong Kong recorded by Centaline Properties rose from seven to nine over the weekend, as market sentiment improved. News that the US Federal Reserve is likely to end its cycle of interest rate hikes coupled with a prediction of three rate cuts next year, … Continue reading Homebuyer sentiment picks up

Beijing and Shanghai have relaxed some home purchase restrictions, including lowering the minimum deposit ratio for first and second homes, suggesting renewed efforts by Chinese authorities to revive the sluggish housing market. Beijing authorities have lowered the minimum deposit ratio for first homes to 30 percent from 35-40 percent previously. The ratio for second homes … Continue reading Beijing and Shanghai lower deposit ratio for homebuyers

Three companies opened their retail books yesterday, aiming to raise a combined HK$950 million in initial public offerings in Hong Kong. Pu'er Lancang Ancient Tea is offering 21 million shares with a target to raise as much as HK$297 million. The minimum investment is HK$2,860 per board lot. If successful, the tea firm will become … Continue reading China tea specialist joins IPO rush in city

About 35 percent of family offices hope to increase investment in blockchain technology, with 27 percent expecting to increase cryptocurrency investment, according to a research by Grant Thornton. The report illustrates that more than half of the family offices have invested in virtual assets, but only 38 percent of them allocate less than 1 percent … Continue reading Family offices eye blockchain, cryptocurrency investments

Hong Kong's exports are expected to grow by up to 6 percent next year after potentially dropping as much as 9 percent this year, according to the Hong Kong Trade Development Council. Shipments will grow by 4 to 6 percent year-on-year in 2024, thanks to rising demand for artificial intelligence devices and related electronic products … Continue reading Exports to rebound next year, says TDC

A consortium led by Sino Land (0083) has won the tender for the Shing Tak Street/Ma Tau Chung Road development project in Kowloon from the Urban Renewal Authority with an offer of HK$1.93 billion. It was the first successful land sale since September, while six site tenders, collectively valued at least HK$21 billion, have been … Continue reading Barren spell broken as URA Kowloon site fetches $1.9b

China's financial policymakers are in Hong Kong this week meeting bankers to seek ways to bolster the city's status as a hub for investments, deals and talent. The Ministry of Finance convened a meeting yesterday with bankers as authorities step up efforts to bolster confidence, people familiar with the matter said, asking not to be … Continue reading Chinese leaders meet local bankers in bid to revive hub

Ernst & Young's legal affiliate in Hong Kong is shuttering next month amid a weakening market. LC Lawyers, the Hong Kong law firm member of the Big Four auditor's global network, will cease operations on January 23, according to its managing partner Rossana Chu, one of the firm's four legal experts, declined to comment. The … Continue reading EY to closes doors in city amid weak market

Chinese banks extended 1.09 trillion yuan (HK$1.2 trillion) in new yuan loans in November, up from October but missing analysts' expectations, even as the central bank keeps policy accommodative to support a feeble recovery in the world's second-largest economy. Last November, banks issued 1.21 trillion yuan in new loans. Analysts polled by Reuters had predicted … Continue reading China bank loans rise but miss forecasts

The Hong Kong General Chamber of Commerce expects the city's economy to grow at a slower pace of 2.9 percent next year in real terms, with a noticeable drop in retail sales growth and only 31 percent of companies planning to have new hiring. The HKGCC projected a 3.3 percent gross domestic product growth of … Continue reading Growth will slow to 2.9pc in ’24: HKGCC

Despite an easing of property cooling measures, Hong Kong's home prices will continue to follow an L-shaped trend next year, decreasing in the first half and stabilizing in the second half, with a potential 5 percent decline for the whole year, says Knight Frank. The real estate agency expects a 5 percent decline in home … Continue reading Home prices headed for L-shaped recovery in 2024