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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
Individuals selling homes within two years of purchase will be subject to a VAT rate of 3 per cent, down from 5 per cent, from January 1. Photo: Getty Images
China property

China housing market gets VAT relief on resales but demand outlook stays subdued

Policy lowering VAT to 3 per cent reduces seller costs but demand recovery is key to stabilising the housing sector, property agents say.

Crime

‘Ocean’s Eleven’ gang steals millions in cash, gold and jewellery from German bank

Hong Kong economy

All Hong Kong retail banks to offer anti-scam service, locking cash in accounts

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HSBC

Hang Seng Bank to leave Hang Seng Index after 53 years if buyout passes

Brokers say the well-established benchmark is unlikely to be affected, as shareholders are poised to back HSBC’s privatisation plan.

HSBC will hold a court meeting and a general meeting of Hang Seng Bank shareholders on January 8 in Hong Kong to vote on its proposed HK$155-per-share offer. Photo: Jelly Tse
Yuan

How China is upgrading its digital yuan for the stablecoin era

Beijing is upgrading its digital currency in response to the rise of stablecoins, but the goal is to create a fundamentally different system.

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IPO

China’s Zhipu AI launches US$560 million share sale amid heated IPO tech race

The company, marketed overseas as Z.ai, eyes US$6.6 billion valuation with Hong Kong’s first large language model listing.

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IPO

Insilico Medicine leads 6 Hong Kong IPOs, capping banner fundraising year

Debutants raise total of US$899 million as exchange wraps up one of the most active months for IPOs since 2021.

Executives of the six companies celebrate their listings in a gong ceremony at Hong Kong Exchanges and Clearing in Central on December 30, 2025. Photo: Sun Yeung
US Federal Reserve

Trump says preferred Fed pick is ready, again teases firing Powell

US president urges Jerome Powell to resign as he considers a ‘gross incompetence’ lawsuit against the Fed leader.

Iran

Iran’s president urges dialogue as currency plunge sparks protests

Anger over Iran’s worsening economic situation pushes people onto the streets in Tehran and other cities.

China trade

China has logged a US$1 trillion trade surplus. Where is all that money going?

Trade surplus growth has not been matched in foreign exchange reserves – a gap analysts said can be explained by private sector outflows.

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China’s status as the world’s manufacturing leader has helped it record a record trade surplus in 2025. Photo: VCG via Getty Images
Hong Kong Monetary Authority (HKMA)

OCBC, Bangkok Bank, First Abu Dhabi join US$14 billion offshore yuan scheme

Leading banks from Southeast Asia and the Middle East are taking part in the programme, underscoring the city’s push as an offshore yuan hub.

The expanded yuan liquidity facility underscores Hong Kong’s push as a global offshore yuan hub. Photo: AFP
Asia housing and property

The View | How AI helped Asia’s real estate sector pass the tariff stress test

While multiple factors are at play, this year’s tech exuberance helped the region’s property markets stay afloat.

Bonds

Hong Kong bond markets, yuan issuance to expand in 2026 under HKMA, SFC road map

HKMA and SFC blueprint to drive multicurrency issuance, with green finance and Bond Connect widening investor base.

Investing

China launches venture capital fund to lead the charge on tech investment

The fund, which will put state-backed money behind early tech bets, could guide trillions of yuan in private capital to chosen sectors.

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China’s new national venture capital fund has made investments in emerging technology like quantum computing an explicit priority. Photo: Xinhua
Cryptocurrency

Opinion | To harness crypto ingenuity, financial threat must first be neutralised

Future of money must be shaped by competition between private ingenuity and public purpose, not by rent seeking and speculative bubbles.

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Illustration: Craig Stephens
Fintech

Why Hong Kong is emerging as the world’s AI crossroads between East and West

Hong Kong’s AI sector comprises 500 organisations, 290 companies and 183 investors active in finance, healthcare and government services.

Stocks

Macroscope | Why Wall Street remains bullish on China amid economic slowdown

Just because fund managers were too bearish on China doesn’t mean their concerns were misplaced – economic fundamentals matter.

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Yuan

China’s offshore yuan breaks major benchmark as appreciation momentum builds

For the first time since 2024, the currency strengthened past the threshold of seven per US dollar – and did it again the next day.

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China’s yuan has appreciated considerably against the US dollar in recent months. Photo: AFP
Yuan

China expands digital-yuan push to Singapore and Asean trade routes

PBOC pledges to integrate e-CNY into the New International Land-Sea Trade Corridor, boost adoption in Southeast Asia via China’s CIPS payment network.

China property

China Jinmao sells 5-star Ritz-Carlton hotel in Sanya for US$322 million

Asset restructuring aims to boost liquidity as mainland China developers face a prolonged property downturn.

Wealth management

Billionaire detained in shadow banking scandal in China

Police in Zhejiang have imposed ‘criminal compulsory measures’ against Yu Faxiang and are conducting a probe into his alleged wrongdoings.

A 12-metre-tall sculpture of Ultraman Zero stands at an Ultraman-themed venue inside Shanghai Haichang Ocean Park in Shanghai in July 2022. Photo: Getty Images
Fintech

HKIC ends year on high note but Hong Kong cost of living a drawback for talent

Government-backed fund strengthens VC ecosystem and fosters collaboration, but the city’s high cost of living remains a challenge.

David Chang, founder and CEO of MindWorks, says the number of deals his venture capital firm has been working on has tripled after partnering with HKIC. Photo: Jonathan Wong
Biomedicine: Geopolitics

Global firms turn to M&A in EVs and biotech to deepen China investment: KPMG

Survey of multinational corporations finds optimism in life sciences, healthcare and manufacturing, with half forecasting revenue growth.

Technology

Opinion | Forget the US dollar. Watch water and energy resources instead

In our increasingly hi-tech-based economy and financial systems, energy and water resources will be macroeconomically critical.

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China property

China Vanke wins bondholders’ reprieve, averts default for now

Holders of the 2 billion yuan note approve extension of grace period to January 28, but deny proposal to defer principal payment for a year.

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Vanke is the last major Chinese real estate firm to so far have avoided reneging on its debts amid the multi-year real estate crisis. Photo: AFP
Fintech

Exclusive | Old lender, new twist: Shanghai Commercial Bank teams up with HashKey on card

The 75-year-old lender will work with the newly listed digital asset exchange to issue a co-branded Visa card for HashKey traders.

Shanghai Commercial Bank CEO Wallace Lam. Photo: Jonathan Wong
China debt

China to hide bad debt records for pandemic-hit borrowers who repay small loans

New policy by the People’s Bank of China applies to one-off debts up to 10,000 yuan incurred since 2020, aiming to help people rebuild credit.

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Gold in Hong Kong

Gold takes centre stage as Hong Kong builds commodities ecosystem

Hong Kong plans to build an international gold trading centre as part of a wider commodities hub push.

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