China International Capital Corp is planning to demote some of its senior bankers and cut their pay, people with knowledge of the matter said, an unusual move that could lead to voluntary departures.
Investment banks including Goldman Sachs, UBS and BNP have become more positive on Chinese stocks, with foreign selling having subsided. But the property crisis, deflationary risks and tepid consumer demand mean global investors are yet to go all ‘all in’.
Hong Kong’s IPO market is healing and investors are returning, drawn by a generation of innovative, little-known companies that will also provide a rich vein of investment banking business for years to come, says Citigroup’s Asian head of investment banking.
The Brazilian financial technology company is banking on demand for payment digitisation in the business-to-business space in China and increased adoption of digital payments in India.
Fintech company Stacs and ESG consulting firm Downundered are among those offering tools for SMEs to measure emissions.
Quinn last year defeated Ping An’s long campaign to get HSBC to spin off its Asia business.
Mainland China-based chains including Lam Heung Ling, Jo’s Cha, Linlee, The One Lemon Tea and LMM have set up shops in Hong Kong recently. Analysts assess their chances.
The HKMA has issued a ‘green taxonomy’ framework to help banks and investors determine the sustainability of economic activities, the latest effort to boost the city’s standing as a green finance centre.
A dovish US Federal Reserve and a gigantic share buy-back programme from Apple lifted Hong Kong stocks with sentiment remaining upbeat after China’s top policymakers signalled further support to economic growth.
Mainland China investors will gain access to Hong Kong’s Reits via an expanded mutual market access scheme in a move which will deepen the market, enhance its liquidity and attract international issuers, analysts say.
In an official communique, China’s Politburo said ‘patient capital’ is expected to pitch in as the country moves towards a tech-driven growth model, showing a much-needed focus on the long term, analysts say.
‘Business performance was strong and broad-based across our segments, products and markets,’ CEO Bill Winters said.
Hong Kong’s biggest lenders including HSBC, Standard Chartered and BOCHK will keep their key lending and deposit rates unchanged, meaning local businesses and mortgage borrowers will have a longer wait for the cost of borrowing to decline.
Banking and insurance stocks boosted the Hang Seng Index close to bull market territory with the overall sentiment remaining upbeat following Beijing’s recent efforts to prop up stocks.
HKMA reiterated its warning for Hong Kong’s borrowers to “carefully assess” their financial power in considering buying property or taking on mortgages, as high interest rates “may last some time.”
Hong Kong’s largest virtual bank is preparing to introduce virtual asset trading services for retail investors, CEO Ronald Iu says. Plans are afoot as a new regulatory regime is rolled out in June.
The bank has ‘quite an active pipeline’ of loans based on such collateral owned by ultra-high-net-worth individuals, who are often asset-rich but liquidity-constrained, private banker says.
Hong Kong kept its key interest rate unchanged for a sixth consecutive time in lockstep with the Federal Reserve’s overnight decision, with sticky US inflation forcing investors to delay rate cut bets.
Scammers have published a fictitious article with the appearance of a South China Morning Post story and a reporter’s byline to promote two online financial trading apps.
Swiss bank UBS Group will host an investment conference in Hong Kong at the end of May, continuing a 27-year tradition begun by Credit Suisse Group, which it acquired last year.
The number of Hongkongers with negative-equity loans stood at 32,073 in the first quarter of the year, tripling from the previous quarter and the most since some 40,000 cases were recorded in the first quarter of 2004.