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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
A view of HSBC headquarters in Central, Hong Kong, on April 29, 2025. Photo: Sun Yeung
HSBC

HSBC sets up captive insurer in Hong Kong to support Asian expansion

Move will solidify Hong Kong’s position as a global leader in asset, wealth, and risk management, lender’s CEO in the city says.

Standard Chartered Bank

Standard Chartered beats forecasts with 13% gain in first-quarter profit

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Shanghai

How are Shanghai’s global financial centre aspirations shaping up?

HSBC

Banks lure new wealthy clients with Liverpool, Jay Chou tickets in golden week push

Banks target growing pool of wealthy mainland Chinese visitors to Hong Kong during May 1-5 golden week holiday.

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A billboard of Jay Chou’s upcoming Hong Kong concert. Photo: Elson Li
HSBC

Mark Tucker, HSBC chairman, plans to retire before the end of 2025

HSBC’s Mark Tucker will retire after nearly eight years as chairman, though he will stay on as an adviser to the global bank.

Global monetary policy

Macroscope | Is the ‘Trump shock’ the end of dollar hegemony?

A bear market for the US dollar is overdue but that doesn’t mean the dominant reserve currency should – or could – be replaced any time soon.

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Investing

Gold demand up, price tipped to stay high as Trump tariffs fuel anxiety

First-quarter demand up 1 per cent to 1,206 tonnes as World Gold Council highlights uncertainty premiums associated with US assets.

Gold bars stacked at the Pro Aurum gold house in Munich, Germany, on January 10. Photo: Reuters
China tariffs

Opinion | As markets recover from Trump tariff shock, how long will new normal last?

While calm may have been restored for now, the fact is that Trump’s flip-flops have caused fundamental damage to the global economy.

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Family offices

Hong Kong family offices should unload US assets, look to Japan, UAE, advisory says

Now is a ‘critical moment’ to ‘get rid of the US’, especially equities and Treasuries, to ‘maintain lower risk-return ratios’, CEO says.

Macau

BlackRock-backed Suez taps HSBC to review China assets

A transaction could value the China water business at more than US$1 billion, sources say.

The BlackRock logo is pictured outside its headquarters in New York City. Photo: Reuters
Consumers

Chinese toymaker Pop Mart launches new pop culture magazine called Playground

Pop Mart’s new magazine, Playground, explores social connections and seeks to unlock opportunities for its intellectual properties.

Pop Mart’s new Playground magazine. Photo: Handout
United States

Wall Street storms back from early losses, concluding a month of Trump chaos

Stocks tumbled at first after news of a shrinking US economy, but bounced back following a good report on inflation.

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Donald Trump

Trump blames Biden as US economy unexpectedly shrinks

US GDP fell at an annual rate of 0.3 per cent in the first quarter, after growth of 2.4 per cent in the last months of 2024.

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Hong Kong property

Negative equity cases in Hong Kong’s real-estate market hit a new high

Negative equity cases soar to highest level since at least 2003 amid rising interest rates; experts advise caution for potential buyers.

Sunset over Victoria Harbour. Photo: Eugene Lee
Hong Kong stock market

Worst in 50 years: Trump gets ‘F’ in 100-day report card for markets

The Dow and the S&P 500 plunged in first 100 days of Trump’s second term, while US dollar weakened against yen and Swiss franc, data says.

US President Donald Trump in the Oval Office on Tuesday, April 22, 2025. Photo: AP.
Gold in Hong Kong

China investors buy gold ETFs in first quarter amid global economic uncertainty

Chinese investors flock to gold ETFs, boosting holdings amid geopolitical tensions and yuan concerns.

Hong Kong property

Hong Kong’s Tsim Sha Tsui is the world’s most expensive luxury shopping district

Prime retail rent in TST, as the area is called, was £17,132 (US$22,976) per square metre per annum in the fourth quarter, according to Savills’ report.

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HSBC

HSBC to buy back US$3 billion in stock after quarterly profit beats estimates

HSBC says in a worst-case scenario, it could book an additional bad debt provision to guard against a potential global economic slowdown.

Executives walk past two lion statues outside HSBC’s head office in Central, Hong Kong on February 19, 2025. Photo: Elson Li
Electric & new energy vehicles

Seres, Huawei’s carmaking partner, plans Hong Kong listing to fund expansion

Chongqing-based Seres joins state-owned Chery Automobile and EV battery maker CATL in seeking to raise funds in Hong Kong.

Hong Kong Monetary Authority (HKMA)

HKMA to help banks assess firms for trade financing by using cargo data

HKMA launches CargoX, leveraging cargo data to enhance trade financing for SMEs amid global tariff concerns.

China property

Hong Kong court grants Sunac until August to finalise restructuring plan

Sunac’s financial adviser told creditors last week that the firm expects to complete its restructuring by the end of 2025 or early next year.

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Sunac, which defaulted on a dollar bond in 2022, is the first major Chinese builder to pursue a second debt plan since the sector’s debt crisis began. Photo: SOPA Images/LightRocket via Getty Images
International Monetary Fund (IMF)

Macroscope | A world economy on the brink could use some win-win cooperation

With a global financial crisis looming, governments are left with few options beyond bracing for what’s to come and working together.

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A woman walks past a brokerage house in Beijing, on April 9 amid mounting fears of a global recession. Photo: Reuters
Mergers & Acquisitions

Ant pays US$362 million to buy Hong Kong retail broker Bright Smart

Ant Group agreed to pay HK$2.81 billion (US$362.2 million) for 50.55 per cent of Bright Smart Securities & Commodities Group.

Central banks

Opinion | Trump wants a great monetary reset. Where can the world hide?

As the US tries to reset the dollar-dominated monetary order, those seeking safety should consider a historical alternative to the dollar.

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Insurance

Hong Kong’s 2024 life insurance sales soar 21% to record US$28 billion

Mainland Chinese tourists last year spent HK$62.8 billion (US$8 billion) on life and medical policies, up 6.5 per cent from 2023, according to the Insurance Authority.

Insurance sales agents approach mainland tourists in Canton Road, Tsim Sha Tsui. Photo: Eugene Lee
Asia housing and property

Hong Kong’s Gaw Capital to raise new US$2 billion property fund

A potential investor was told the fund’s investments would be diversified and remain flexible amid market volatility.

The Tokyu Plaza Ginza shopping centre in Tokyo is a recent Gaw Capital acquisition. Photo: Shutterstock
IPO

Xpeng-backed maker of EV dump trucks plans US$30 million Hong Kong IPO

The Shanghai-based company is selling 13 million shares at HK$18 each, with trading to start on May 7.

Investing

China’s wealthy are hoarding cash amid an uncertain economy, survey finds

Chinese high-net-worth investors are wary of taking risks during a period of intense turbulence.

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