https://www.scmp.com/rss/322387/feed Jennifer Li is a market reporter at business desk, following equity and currency markets in the mainland and Hong Kong. She is also interested in latest development in primary market and asset management industry. Before joining SCMP, she worked for The Standard, covering breaking business news in Hong Kong and the mainland, with topics ranging from listed companies to macro economy. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com The transportation and property sectors are set to become the winners of the Guangdong-Hong Kong-Macau Big Bay Area (粵港澳大海灣), a regional development plan that is most likely to be led by Hong Kong, analysts said. “There are three world-class port cities in the big bay area, namely Hong Kong, Shenzhen and Guangzhou,” China Merchants Securities analyst Zhang Xia said in a research report. “The area is going to be a pivot to the ‘Belt and Road Initiative’ and will probably become the world’s fourth... https://www.scmp.com/business/china-business/article/2089948/transport-property-stocks-gain-southern-chinas-big-bay-area?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2089948/transport-property-stocks-gain-southern-chinas-big-bay-area?utm_source=rss_feed Sun, 23 Apr 2017 12:13:29 +0000 Technology stocks rallied in Hong Kong on Thursday, with Tencent Holdings surging to an all-time high, while the mainland market found some breathing space after a four-day losing streak. The Hang Seng Index reclaimed the psychologically important 24,000 threshold to end at 24,056.98, up 1 per cent or 231.1 points. The Hang Seng China Enterprises Index climbed 0.7 per cent to 10,056.2. Total turnover shrank 6 per cent to HK$67.7 billion. We may see more ups and downs around the 24,000 level... https://www.scmp.com/business/companies/article/2089128/hang-seng-futures-point-weaker-start-after-dow-ends-two-month-low?utm_source=rss_feed https://www.scmp.com/business/companies/article/2089128/hang-seng-futures-point-weaker-start-after-dow-ends-two-month-low?utm_source=rss_feed Thu, 20 Apr 2017 01:24:38 +0000 Hong Kong’s benchmark stock index fell to a one-month low on Wednesday, led by declines among casino operators, property developers and energy companies, dragged down by four days of sell-off in the mainland Chinese exchanges over tightened regulatory scrutiny of financial malfeasance in banking and insurance. The city’s benchmark Hang Seng Index slid 0.4 per cent, or 98.7 points, to 23,825.88, a level unseen since March 15. The Hang Seng China Enterprises Index, which tracks the so-called H... https://www.scmp.com/business/companies/article/2088770/hang-seng-futures-point-modest-gains-early-trading?utm_source=rss_feed https://www.scmp.com/business/companies/article/2088770/hang-seng-futures-point-modest-gains-early-trading?utm_source=rss_feed Wed, 19 Apr 2017 01:02:28 +0000 Hong Kong’s pay television and broadband service provider i-Cable Communications halted trading on Tuesday morning, pending the release of an announcement that involves “inside information”. Shares of i-Cable were suspended before the start of trading at 61 HK cents apiece. The share has fallen 22 per cent since the start of the year. Parent company Wharf Holdings said in March that it would stop funding the television unit that has been reporting losses on the back of a weak advertising market... https://www.scmp.com/business/companies/article/2088425/i-cable-suspends-share-trading-pending-announcement-insider?utm_source=rss_feed https://www.scmp.com/business/companies/article/2088425/i-cable-suspends-share-trading-pending-announcement-insider?utm_source=rss_feed Tue, 18 Apr 2017 03:39:12 +0000 Hong Kong stocks declined on the first trading day after Easter holidays, breaking the 24,000 point threshold for the first time in a month, as financial stocks tumbled amid tightened regulations and lingering geopolitical uncertainties in North Korea and France. The Hang Seng Index closed 1.4 per cent or 337.1 points down at 23,924.5, catching up with the losses in the mainland market on Friday and Monday when the Hong Kong market was closed for public holidays. The Hang Seng China Enterprises... https://www.scmp.com/business/companies/article/2088406/hang-seng-futures-indicate-gains-open-post-holiday-trade?utm_source=rss_feed https://www.scmp.com/business/companies/article/2088406/hang-seng-futures-indicate-gains-open-post-holiday-trade?utm_source=rss_feed Tue, 18 Apr 2017 01:12:23 +0000 Mainland Chinese stocks dropped on Monday, extending a 1.2 per cent loss last week, as investors grew wary of tightened regulations on speculative trading and shrugged off better-than-expected GDP data for the first quarter. The benchmark Shanghai Composite Index lost 0.8 per cent or 23.9 points to end at 3,222.2, paring back an earlier decline that at one point saw the index below the 3,200 threshold. The large-cap CSI300 dropped 0.2 per cent or 6.6 points to 3,479.9. The Shenzhen Component... https://www.scmp.com/business/companies/article/2088168/china-stocks-lose-ground-midday-pressured-anti-speculation?utm_source=rss_feed https://www.scmp.com/business/companies/article/2088168/china-stocks-lose-ground-midday-pressured-anti-speculation?utm_source=rss_feed Mon, 17 Apr 2017 05:13:58 +0000 The planned reduction in the US Federal Reserve’s balance sheet will eventually lead the Hong Kong dollar to 7.85 against the greenback, to which it is pegged – the weak side of the allowed value range – and could spark speculative short-selling, prompting intervention by the Hong Kong Monetary Authority (HKMA), according to analysts at Bank of America Merrill Lynch (BofAML). The HK dollar trades between 7.75 and 7.85 to the US dollar. Such an intervention was needed after the Fed started its... https://www.scmp.com/business/china-business/article/2087400/hk-dollar-hit-weakest-level-within-its-peg-system-usd-fed?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2087400/hk-dollar-hit-weakest-level-within-its-peg-system-usd-fed?utm_source=rss_feed Thu, 13 Apr 2017 07:59:38 +0000 Hong Kong stocks enjoyed a late surge on Wednesday to erase earlier losses, after China’s President reportedly called for a peaceful resolution of the North Korean security crisis in a phone call to his American counterpart. The Hang Seng Index shot up in the late afternoon to close 0.9 per cent higher at 24,313.5, having shed as much as 0.4 per cent at one point. The remarkable turnaround ended a four-day losing streak for Hong Kong’s benchmark index. Concerns about geopolitical tensions in... https://www.scmp.com/business/global-economy/article/2086948/hong-kong-stocks-set-rocky-start-following-downbeat-session?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2086948/hong-kong-stocks-set-rocky-start-following-downbeat-session?utm_source=rss_feed Wed, 12 Apr 2017 01:30:45 +0000 The automotive industry in China, where more vehicles are sold every year than anywhere else on earth, is developing toward an oligopoly dominated by four manufacturers with their own brands, analysts said. Chinese customers, buoyed financially by three decades of economic growth and spoiled by the flood of top marques into the market, are accustomed to expecting higher quality from their vehicles, which marks the end of the “low-price, high-volume” business model for carmakers, said Guotai... https://www.scmp.com/business/china-business/article/2086754/four-brands-dominate-chinas-automotive-oligopoly?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2086754/four-brands-dominate-chinas-automotive-oligopoly?utm_source=rss_feed Tue, 11 Apr 2017 11:12:28 +0000 China’s benchmark index closed at a 15-month high on Tuesday, boosted by gains in defence stocks amid an increasingly tense military standoff between North Korea and the US. The Shanghai Composite Index underwent a “V-shaped” reversal to finish 0.6 per cent higher at 3,288.97, the best close since early January of 2016. The CSI 300 Index gained 0.4 per cent to 3,517.3, the Shenzhen Component Index increased 0.5 per cent to 10,655.8 and the Nasdaq-like ChiNext gained 0.3 per cent to 1,917.6. In... https://www.scmp.com/business/companies/article/2086627/hong-kong-stocks-set-open-little-changed-tracking-flat-session-us?utm_source=rss_feed https://www.scmp.com/business/companies/article/2086627/hong-kong-stocks-set-open-little-changed-tracking-flat-session-us?utm_source=rss_feed Tue, 11 Apr 2017 01:28:51 +0000 Safe haven assets such as gold and the Japanese yen were higher on Friday in reaction to the US missile attack on Syria, as investors sought to assess the impact of Washington’s display of force following a suspected chemical weapons attack on civilians. The Japanese yen climbed 0.5 per cent to 110.39 per dollar, its strongest level since mid-November. Spot gold price soared 1.2 per cent to 1,266.5 per ounce, also its highest level since mid-November. Meanwhile Brent crude prices surged 2 per... https://www.scmp.com/business/china-business/article/2085692/gold-yen-and-crude-jump-us-launches-missile-attack-syria?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2085692/gold-yen-and-crude-jump-us-launches-missile-attack-syria?utm_source=rss_feed Fri, 07 Apr 2017 03:59:14 +0000 Hong Kong stocks closed flat on Friday, after falling earlier in the day on panic selling after news broke of the US missile attack on a Syrian airbase. Brokers said the rebound was due to the generally positive reaction to the ongoing meeting between the Chinese and US presidents, Xi Jinping and Donald Trump, believing market sentiment will continue to be positive next week. The benchmark Hang Seng Index closed 6 points lower, or 0.03 per cent, to end the week at 24,267, recovering from a 1.2... https://www.scmp.com/business/china-business/article/2085666/hong-kong-stocks-set-open-slightly-higher-us-china-summit?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2085666/hong-kong-stocks-set-open-slightly-higher-us-china-summit?utm_source=rss_feed Fri, 07 Apr 2017 01:30:00 +0000 The Chinese yuan edged up against the US dollar on Thursday, as President Xi Jinping and President Donald Trump prepare for their first ever face-to-face meeting later in the US day. Analysts maintain low expectations on tangible outcomes from the meeting regarding trade and currency issues, and say the yuan is likely to remain stable during the two-day summit taking place in Florida. The onshore yuan in Shanghai edged up 0.02 per cent or 13 basis points to 6.8952 against the US dollar at... https://www.scmp.com/business/china-business/article/2085343/yuan-firms-slightly-ahead-first-summit-between-xi-jinping?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2085343/yuan-firms-slightly-ahead-first-summit-between-xi-jinping?utm_source=rss_feed Thu, 06 Apr 2017 03:48:25 +0000 With the central government’s mixed-ownership plan now in motion, China Unicom may be able to step up its transformation into a market-driven company like most telecommunications network operators outside of the country, according to analysts. Unicom, operator of the world’s sixth largest mobile network by subscribers, said on Wednesday that its Shanghai-listed parent, China United Network Communications, plans to take on board a strategic private-sector investor under Beijing’s ambitious... https://www.scmp.com/business/china-business/article/2085334/china-unicom-shares-tumble-resumed-hong-kong-trading?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2085334/china-unicom-shares-tumble-resumed-hong-kong-trading?utm_source=rss_feed Thu, 06 Apr 2017 03:00:30 +0000 Mainland equities touched the highest level of the year on Thursday afternoon, after a three-day rally sparked by the government’s plan to transform a backwater region in Hebei province into a special economic hub along the lines of Shenzhen and Shanghai Pudong. Hong Kong stocks, however, retreated after US markets fell back amid concerns the Federal Reserve may seek to shrink its balance sheet. Investors were also on edge ahead of the first face-to-face meeting between Chinese President Xi... https://www.scmp.com/business/china-business/article/2085314/mainland-stocks-touch-2017-high-xiongan-concept-rally?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2085314/mainland-stocks-touch-2017-high-xiongan-concept-rally?utm_source=rss_feed Thu, 06 Apr 2017 01:27:26 +0000 At least seven people have been detained, 71 sales offices for property projects closed, and 35 real estate agency shops shut down in the region of the Xiongan New Area in the last four days to clamp down on property speculation. Meanwhile, more than 40 stocks based in the zone or nearby regions jumped by the daily 10 per cent limit on the A-share markets on Wednesday morning, amid expectations of government stimulus to build up the new district, which was envisioned by Chinese President Xi... https://www.scmp.com/news/china/economy/article/2085061/xis-future-chinas-development-gives-cold-shoulder-real-estate?utm_source=rss_feed https://www.scmp.com/news/china/economy/article/2085061/xis-future-chinas-development-gives-cold-shoulder-real-estate?utm_source=rss_feed Wed, 05 Apr 2017 07:30:00 +0000 Hong Kong and Shanghai stocks traded higher on Wednesday in a post-holiday rally as market sentiment was boosted after China announced a “historic” plan to set up a special economic zone near Beijing to reduce pollution and alleviate traffic congestion. Investors shook off earlier caution ahead of a closely-watched summit between Chinese President Xi Jinping and his US counterpart Donald Trump due to begin on Thursday. The Hang Seng Index briefly dipped into negative territory but turned higher... https://www.scmp.com/business/companies/article/2084966/china-stocks-buoyed-xiongan-economic-zone-optimism?utm_source=rss_feed https://www.scmp.com/business/companies/article/2084966/china-stocks-buoyed-xiongan-economic-zone-optimism?utm_source=rss_feed Wed, 05 Apr 2017 01:30:15 +0000 Hong Kong stocks kicked off the second quarter on a positive note, reversing two days of losses. The city’s benchmark Hang Seng Index closed 0.6 per cent higher at 24,261.5 on Monday, while the Hang Seng China Enterprises Index gained 0.4 per cent to 10,314.5. Trading turnover was HK$62.47 billion. Stock markets in mainland China were closed for a public holiday. Infrastructure-related stocks surged on hopes of government stimulus after Beijing announced plans to set up Xiongan New Area, a... https://www.scmp.com/business/china-business/article/2084277/hong-kong-stocks-poised-muted-open?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2084277/hong-kong-stocks-poised-muted-open?utm_source=rss_feed Mon, 03 Apr 2017 01:15:15 +0000 Citic, China’s largest state-backed conglomerate, said it plans to complete the acquisition of McDonald’s mainland and Hong Kong businesses by the middle of this year. “We are waiting for the necessary approvals, and expect the same to come sometime between June and July,” chairman Chang Zhenming said during the company’s annual results briefing in Hong Kong. Two anti-monopoly complaints have been filed by a Chinese consultancy to the ministry of commerce against the McDonald’s deal, Reuters... https://www.scmp.com/business/companies/article/2081495/citic-reports-2016-net-profit-3pc-boosts-dividend-payout-10pc?utm_source=rss_feed https://www.scmp.com/business/companies/article/2081495/citic-reports-2016-net-profit-3pc-boosts-dividend-payout-10pc?utm_source=rss_feed Thu, 23 Mar 2017 05:20:58 +0000 Mainland China stock markets ended slightly higher on Thursday after global index maker MSCI issued a revised proposal to include A shares in its Emerging Market Index. The Shanghai Composite Index experienced a “V-shaped” curve to end 0.1 per cent higher at 3,248.6, the CSI 300 Index closed up 0.4 per cent to 3,462, and the Shenzhen Component Index gained 0.3 per cent to 10,583. Separately, the Hang Seng Index in Hong Kong closed virtually flat at 24,327.7 while the Hang Seng China Enterprises... https://www.scmp.com/business/markets/article/2081420/hong-kong-stocks-poised-open-higher-after-wall-street-rebounds?utm_source=rss_feed https://www.scmp.com/business/markets/article/2081420/hong-kong-stocks-poised-open-higher-after-wall-street-rebounds?utm_source=rss_feed Thu, 23 Mar 2017 01:04:49 +0000 Citic Securities, China’s largest securities house by total assets, saw net profit for 2016 slump 48 per cent, due to heightened stock market volatily that bit into brokerage incomes. The bottom line dropped to 10.4 billion yuan (US$1.51 billion), down from 19.8 billion yuan a year earlier – right in line with its preliminary financial data for 2016, revealed on January 19. Separately, Citic Securities’ smaller rival, China International Capital Corporation (CICC), reported a 6.8 per cent drop... https://www.scmp.com/business/companies/article/2081274/citic-securities-net-annual-profit-slumps-48pc-markets-remain?utm_source=rss_feed https://www.scmp.com/business/companies/article/2081274/citic-securities-net-annual-profit-slumps-48pc-markets-remain?utm_source=rss_feed Wed, 22 Mar 2017 15:37:07 +0000 Residential property prices in Hong Kong, already the world’s costliest urban centre to live in, will remain buoyant over the next two years because the supply of land and new homes cannot keep up with demand, said Li Ka-shing, the city’s wealthiest man and chairman of one of its biggest builders of apartments and luxury homes. Record property prices propelled the underlying profit of Li’s Cheung Kong Property Holdings up by 16 per cent to HK$18.03 billion (US$2.32 billion) last year, spurring... https://www.scmp.com/business/companies/article/2081240/hong-kong-home-prices-driver-ck-propertys-earnings-remain-buoyant?utm_source=rss_feed https://www.scmp.com/business/companies/article/2081240/hong-kong-home-prices-driver-ck-propertys-earnings-remain-buoyant?utm_source=rss_feed Wed, 22 Mar 2017 13:27:39 +0000 South China Morning Post today provided a live blog of the press conference by Hong Kong’s wealthiest businessman Li Ka-Shing, after the announcement of 2016 earnings by CK Hutchison Holdings Ltd and Cheung Kong Property Holdings. These are the first sets of full-year financial results by both companies since Li completed the reorganisation of his corporate empire. Here are the highlights of what he said. https://www.scmp.com/business/companies/article/2081172/step-step-through-li-ka-shings-press-conference-hong-kong?utm_source=rss_feed https://www.scmp.com/business/companies/article/2081172/step-step-through-li-ka-shings-press-conference-hong-kong?utm_source=rss_feed Wed, 22 Mar 2017 08:30:00 +0000 Hong Kong stocks ended higher on Tuesday, setting a fresh 19-month high as investors continued to bet on upbeat corporate earnings amid strong capital inflows from the mainland. The Hang Seng Index rose 0.3 per cent or 71.4 points to 24,573.4, the best closing level since mid-August in 2015. The Hang Seng China Enterprises Index rose 0.6 per cent to 10,644.2, its highest since early November, 2015. Insurance, infrastructure, and property stocks led the gains. Ping An Insurance (Group) Company of... https://www.scmp.com/business/banking-finance/article/2080699/hong-kong-stocks-poised-open-higher-investors-bet-strong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2080699/hong-kong-stocks-poised-open-higher-investors-bet-strong?utm_source=rss_feed Tue, 21 Mar 2017 01:03:41 +0000 Bonds may be an alternative financing tool for China’s public private partnership (PPP) projects compared with the asset-backed securities (ABS) being encouraged by the central government. China launched its first PPP-backed ABS product last month to finance a sewage and wastewater treatment project worth 840 million yuan (US$121.6). It came two months after Beijing gave the go-ahead for PPP projects to raise funds through securitisation. PPPs are seen as a means of broadening the financing... https://www.scmp.com/business/banking-finance/article/2080513/bonds-seen-ideal-financing-tools-chinas-ppp-moodys?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2080513/bonds-seen-ideal-financing-tools-chinas-ppp-moodys?utm_source=rss_feed Mon, 20 Mar 2017 10:00:15 +0000 The European Commission has slapped a €57.12 million (HK$476 million) fine on Cathay Pacific Airways, reinstating a penalty seven years ago that was overturned, accusing the carrier, along with 10 peers, of breaching Europe’s competition law with its cargo surcharges. In a statement on Friday, EU antitrust regulators said they had re-adopted its decision on the 11 carriers, including Air France and British Airways, for “operating a price–fixing cartel”, and imposed fines totaling €776... https://www.scmp.com/business/article/2080394/european-commission-fines-cathay-pacific-eu57-million-cargo-surcharges?utm_source=rss_feed https://www.scmp.com/business/article/2080394/european-commission-fines-cathay-pacific-eu57-million-cargo-surcharges?utm_source=rss_feed Mon, 20 Mar 2017 02:00:00 +0000 The Default Investment Strategy (DIS), or the “core fund” to be launched on April 1, could be set to lower the fees of Hong Kong’s Mandatory Provident Fund (MPF), and increase investors’ interest in passive asset management, according to BlackRock, considered the world’s largest asset manager. “If the DIS assets under management grow to a certain level, we certainly have the ability to lower our fees. But we can’t promise that partners will ultimately make their fees lower [than the cap of 0.95... https://www.scmp.com/business/companies/article/2080297/dis-fund-could-lower-mandatory-provident-fund-fees-says-blackrock?utm_source=rss_feed https://www.scmp.com/business/companies/article/2080297/dis-fund-could-lower-mandatory-provident-fund-fees-says-blackrock?utm_source=rss_feed Mon, 20 Mar 2017 01:17:58 +0000 Hong Kong stocks surged to a 19-month high on Monday, as southbound capital flow from the mainland hit the highest level in 15 days, taking red-hot internet stocks on a roller-coaster ride. The Hang Seng Index closed 0.8 per cent or 192 points higher at 24,502, its best level since mid-August 2015, with Hang Seng China Enterprises Index rising 0.7 per cent to 10,583.98. Trading turnover fell 19 per cent from Friday to HK$97.8 billion. Beauty app Meitu saw its shares jump as much as 28 per cent... https://www.scmp.com/business/banking-finance/article/2080383/hong-kong-stock-market-expected-open-flat?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2080383/hong-kong-stock-market-expected-open-flat?utm_source=rss_feed Mon, 20 Mar 2017 01:05:28 +0000 A family of three buyers spent more than HK$200 million on Saturday to buy nine apartments at Sun Hung Kai Properties’ Cullinan West, the most enthusiastic response during a bumper weekend for Hong Kong developers that registered the strongest buying interest in three months. Each family member bought three four-bedroom apartments, for a combined shopping bill of more than HK$200 million (US$25.8 million) , according to agents familiar with the transactions. The buyers’ identities and the sizes... https://www.scmp.com/business/article/2080169/family-spends-hk200m-nine-apartments-during-hong-kongs-bumper-sales-weekend?utm_source=rss_feed https://www.scmp.com/business/article/2080169/family-spends-hk200m-nine-apartments-during-hong-kongs-bumper-sales-weekend?utm_source=rss_feed Sat, 18 Mar 2017 12:45:30 +0000 China’s February home prices rose, although at a flat pace compared with a month earlier, as a slew of restrictive policies by local authorities deterred speculative buying and caused capital to flow from the biggest cities to smaller outlying urban centres. February home prices in China’s 70 largest cities jumped 12.4 per cent from a year ago. Compared to a month earlier, February prices rose 0.4 per cent after seasonal adjustments by Goldman Sachs, based on data released by the National Bureau... https://www.scmp.com/business/article/2080160/chinas-february-home-prices-rise-flat-pace?utm_source=rss_feed https://www.scmp.com/business/article/2080160/chinas-february-home-prices-rise-flat-pace?utm_source=rss_feed Sat, 18 Mar 2017 10:49:11 +0000 China’s offshore yuan surged to a three-week high overnight before reversing to trade lower on Thursday morning after the US Federal Reserve raised interest rates but struck a dovish tone about future increases. Onshore yuan started to catch up with the rising momentum of offshore yuan, and was trading higher at the opening bell. Offshore yuan in Hong Kong was 0.28 per cent, or 189 points, weaker at 6.8659 as of 11.15 am, after rallying 0.77 per cent, or 530 points, overnight. Onshore yuan in... https://www.scmp.com/business/global-economy/article/2079406/offshore-yuan-reverses-overnight-gains-trade-lower-after-us?utm_source=rss_feed https://www.scmp.com/business/global-economy/article/2079406/offshore-yuan-reverses-overnight-gains-trade-lower-after-us?utm_source=rss_feed Thu, 16 Mar 2017 05:08:46 +0000 Investors are being warned to be more actively engaged in their Mandatory Provident Fund (MPF) accounts, as the Default Investment Strategy (DIS) fund – the so-called low-cost core fund that all the 14 MPF trustees will launch on April 1 – may not fit everyone amid a changing global economy and rising interest rates. The DIS automatically makes investment decisions for Hong Kong employees who do not actively manage their MPF accounts, or are puzzled by the more than 400 strategies offered by... https://www.scmp.com/business/money/stock-talk/article/2078799/mpfs-default-system-may-not-suit-everyone-amid-rate-rise?utm_source=rss_feed https://www.scmp.com/business/money/stock-talk/article/2078799/mpfs-default-system-may-not-suit-everyone-amid-rate-rise?utm_source=rss_feed Tue, 14 Mar 2017 11:14:53 +0000 The US Federal Reserve is set to raise interest rates on Wednesday, as February’s strong payroll data released last Friday has eliminated the final hurdle for the first tightening move since December. Depreciation pressure on the yuan will increase in the near term, making it even more unlikely for Beijing to loosen monetary policy. But any negative downdraft in the stock market caused by jitters over the rate tightening move is likely to be only short term, according to analysts. Data released... https://www.scmp.com/business/banking-finance/article/2078408/feds-looming-rate-rise-could-cast-chill-china-equities-add?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2078408/feds-looming-rate-rise-could-cast-chill-china-equities-add?utm_source=rss_feed Mon, 13 Mar 2017 08:42:53 +0000 HSBC shares jumped to a two-week high after it appointed Mark Tucker, the chief executive and president of the largest independent public listed pan-Asian life insurer, AIA Group, as its new chairman. Tucker, 59, will become a director and chairman designate from September 1, and officially become the new non-executive chairman from October 1, the bank said on Monday. The appointment breaks an HSBC tradition of appointing insiders to the chairmanship. HSBC’s shares surged 2.1 per cent to close... https://www.scmp.com/business/companies/article/2078322/hsbc-appoints-aia-chief-mark-tucker-new-chairman?utm_source=rss_feed https://www.scmp.com/business/companies/article/2078322/hsbc-appoints-aia-chief-mark-tucker-new-chairman?utm_source=rss_feed Mon, 13 Mar 2017 03:07:05 +0000 Wheelock and Company Limited, the Hong Kong property and logistics conglomerate that controls Wharf Holdings, saw its shares surge to a record high on Friday following strong core earnings for 2016, thanks to a greater profit contribution from Wharf, strong home sales in the mainland and Hong Kong, and robust rental income. Annual core profit, excluding investment property revaluation gains and exceptional items, surged 11 per cent to HK$11.8 billion in 2016, the company revealed. Net profit... https://www.scmp.com/business/companies/article/2077864/wheelock-shares-hit-historic-high-after-record-annual-core-profit?utm_source=rss_feed https://www.scmp.com/business/companies/article/2077864/wheelock-shares-hit-historic-high-after-record-annual-core-profit?utm_source=rss_feed Fri, 10 Mar 2017 11:37:35 +0000 i-Cable Communications shares plunged as much as 46 per cent to a one-year low, after its owner Wharf (Holdings) said yesterday it will exit the unprofitable business of providing pay-television and broadband internet. i-Cable shares, of which Wharf owns 73.8 per cent, slumped on Friday morning amid surging turnover. The shares price at one stage touched 50 HK cents, the lowest level seen since March 9 last year. Wharf’s shares jumped as much as 10 per cent to HK$68.5, the highest level in more... https://www.scmp.com/business/companies/article/2077721/i-cable-shares-plummet-almost-half-one-year-low-wharf-set-halt?utm_source=rss_feed https://www.scmp.com/business/companies/article/2077721/i-cable-shares-plummet-almost-half-one-year-low-wharf-set-halt?utm_source=rss_feed Fri, 10 Mar 2017 03:00:15 +0000 Shares in Hong Kong’s Skyway Securities Group soared as much as 12.7 per cent on Thursday after it said it was being jointly bought by mainland firms China Minsheng Banking Corp and China Huarong Asset Management for HK$864 million (US$111.351), despite a huge 81 per cent discount to its current share price The move marks the latest mainland acquisition of a Hong Kong broker, a trend developing to allow Chinese companies to gain business licences in the city, but also in many cases to help lead... https://www.scmp.com/business/companies/article/2077475/skyway-becomes-latest-hong-kong-broker-be-bought-mainland-buyers?utm_source=rss_feed https://www.scmp.com/business/companies/article/2077475/skyway-becomes-latest-hong-kong-broker-be-bought-mainland-buyers?utm_source=rss_feed Thu, 09 Mar 2017 09:59:57 +0000 Four fund managers are to launch Hong Kong’s first-ever batch of leveraged and inverse (L&I) exchange-traded funds that will track the city’s Hang Seng Index (HSI) and H-share Index, allowing short-term investors to ride upside trends for double gains, or hedge against uncertainty ahead of any so called, expected “black-swan” events. The mainland’s CSOP Asset Management and China Asset Management, and South Korea’s Mirae Asset Global Investments and Samsung Asset Management will each list four... https://www.scmp.com/business/companies/article/2077119/four-fund-managers-launch-first-batch-leveraged-and-inverse?utm_source=rss_feed https://www.scmp.com/business/companies/article/2077119/four-fund-managers-launch-first-batch-leveraged-and-inverse?utm_source=rss_feed Thu, 09 Mar 2017 01:02:31 +0000 Citigroup is to fully include onshore Chinese bonds in its emerging markets and regional indexes, marking another significant milestone in Beijing’s efforts to woo foreign investors to its bond market, and to counter capital outflows. Citi Fixed Income Indices said China bonds will be included in its three government bond indexes – the Emerging Markets Government Bond Index (EMGBI), Asian Government Bond Index (AGBI), and the Asia Pacific Government Bond Index (APGBI). It will also set up two... https://www.scmp.com/business/money/money-news/article/2077103/china-onshore-bonds-be-included-three-citis-global-bond?utm_source=rss_feed https://www.scmp.com/business/money/money-news/article/2077103/china-onshore-bonds-be-included-three-citis-global-bond?utm_source=rss_feed Wed, 08 Mar 2017 08:42:06 +0000 Hong Kong’s registrar of companies is likely to require every firm incorporated in the city to disclose their beneficial owners by 2018, in a new move that follows the UK and Singapore in fostering transparency to stamp out fraud and money laundering. “What we have in mind is that we will be requiring all Hong Kong incorporated companies to disclose their beneficial ownership and keep the information in the registers,” the city’s Registrar of Companies Ada Chung Lai-ling said in an interview... https://www.scmp.com/business/companies/article/2076771/hong-kong-companies-disclose-beneficial-owners-2018?utm_source=rss_feed https://www.scmp.com/business/companies/article/2076771/hong-kong-companies-disclose-beneficial-owners-2018?utm_source=rss_feed Tue, 07 Mar 2017 10:45:32 +0000 The high price of paper in China is yet to peak with demand still outstripping capacity, as manufacturers are being left with one a fundamental business problem – how to pass on those raised upstream costs to their downstream users. Indonesia-based Asia Pulp and Paper Group raised its prices of art paper by 300-400 yuan (US$75-58) per tonne on February 17, Shanghai-listed Yueyang Forest and Paper increased its prices for offset paper by 500 yuan per tonne on February 18, Sun Paper hiked its... https://www.scmp.com/business/money/money-news/article/2076462/paper-price-rally-extend-2017-amid-limited-capacity-and?utm_source=rss_feed https://www.scmp.com/business/money/money-news/article/2076462/paper-price-rally-extend-2017-amid-limited-capacity-and?utm_source=rss_feed Mon, 06 Mar 2017 11:43:06 +0000 The yuan fell to its weakest level since mid January on Friday, at one point breaking the 6.9 threshold as the US dollar soared ahead of Federal Reserve Chairwomen Janet Yellen’s speech due later in the US day. The onshore yuan in Shanghai was quoted at 6.898 against the US dollar at 4.30pm, easing 160 basis points or 0.2 per cent. At one point the yuan fell to 6.9065, reflecting the lowest level since January 13. The offshore yuan in Hong Kong slid to 6.9035 per dollar, down 83 basis points or... https://www.scmp.com/business/money/article/2075745/yuan-falls-seven-week-low-us-dollar-strengthens-ahead-yellens-policy?utm_source=rss_feed https://www.scmp.com/business/money/article/2075745/yuan-falls-seven-week-low-us-dollar-strengthens-ahead-yellens-policy?utm_source=rss_feed Fri, 03 Mar 2017 02:57:27 +0000 Hong Kong stocks retreated to a three-week low on profit taking after investors turned cautious in the wake of increasing expectations for a US rate increase. The Hang Seng Index dropped 0.7 per cent or 175.4 points to 23,552.7, its lowest level since February 10, while the Hang Seng China Enterprises Index declined for the seventh consecutive trading day, down 1 per cent to 10,144.5 on Friday. For the week, the city’s benchmark lost 1.7 per cent after a decline of 0.3 per cent the previous... https://www.scmp.com/business/money/article/2075719/hong-kong-market-expects-muted-opening-after-us-stocks-finally-snap?utm_source=rss_feed https://www.scmp.com/business/money/article/2075719/hong-kong-market-expects-muted-opening-after-us-stocks-finally-snap?utm_source=rss_feed Fri, 03 Mar 2017 01:24:50 +0000 A basket of currencies, including the Chinese yuan, British pound, euro and yen, all weakened against the greenback on Thursday as the odds of an interest rate rise in March jumped to 80 per cent from 40 per cent in past four days. DXY, the US dollar index that indicates its value against a basket of six rival currencies, extended its strength from Wednesday night to Thursday, at one point reaching 102, the best intraday level since January 10. The rally came as US Federal Reserve governor Lael... https://www.scmp.com/business/money/article/2075412/us-rally-suppresses-yuan-and-other-currencies-odds-increase-march?utm_source=rss_feed https://www.scmp.com/business/money/article/2075412/us-rally-suppresses-yuan-and-other-currencies-odds-increase-march?utm_source=rss_feed Thu, 02 Mar 2017 03:43:39 +0000 Hong Kong stocks erased morning gains to close lower on Thursday after a rally in early trading shifted to a cautious investment tone with the increased potential for a US interest rate increase this month. The Hang Seng Index fell 0.2 per cent or 48.4 points to 23,782.1 while the Hang Seng China Enterprises Index dropped 0.4 per cent to 10,246.9. Market turnover on the Hong Kong main board was HK$82.1 billion, slightly higher than Wednesday’s HK$76.2 billion. Expectations for a US interest rate... https://www.scmp.com/business/markets/article/2075378/hong-kong-markets-open-higher-following-us-and-european-rallies?utm_source=rss_feed https://www.scmp.com/business/markets/article/2075378/hong-kong-markets-open-higher-following-us-and-european-rallies?utm_source=rss_feed Thu, 02 Mar 2017 01:15:15 +0000 The Chinese yuan weakened on Wednesday as the US dollar surged to a more than one-month high in the afternoon. Investors shifted their focus towards Federal Reserve Chair Janet Yellen’s speech on Friday, which may provide signals of an interest rate rise in March. They will be listening to her words even more keenly after President Donald Trump failed to provide any meaningful details about his budget plans during his highly anticipated first address to Congress. Onshore yuan closed at 6.8800... https://www.scmp.com/business/banking-finance/article/2075044/little-reaction-yuan-and-us-trumps-congress-speech-analysts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2075044/little-reaction-yuan-and-us-trumps-congress-speech-analysts?utm_source=rss_feed Wed, 01 Mar 2017 04:00:30 +0000 Hong Kong stocks nudged higher amid volatile trading on the first day in March after US President Donald Trump’s first speech to Congress failed to provide solid details on policy. Trump emphasised his tax reform and infrastructure policies but produced little in the way of fresh ideas. He called for an end to trivial fights, adopting an uncharacteristicly soft tone in the speech. With little to go on, markets and investors shifted their focus to the increasing likelihood of an interest rate... https://www.scmp.com/business/china-business/article/2075005/hong-kong-stock-open-higher-china-pmi-beats-expectation?utm_source=rss_feed https://www.scmp.com/business/china-business/article/2075005/hong-kong-stock-open-higher-china-pmi-beats-expectation?utm_source=rss_feed Wed, 01 Mar 2017 01:15:30 +0000 Galaxy Entertainment, the Macau casino operator chaired by tycoon Lui Che-woo, said net profit for 2016 jumped 51 per cent to HK$6.3 billion (US$811.71 million), beating analysts estimates, thanks to rising contributions from mass market gamblers and non-gaming business. The company plans an expansion to Japan by cooperating with local players, and expects Macau to record “high single to double digit” growth in gaming revenue in 2017 thanks to an industry recovery. Galaxy’s net profit compares... https://www.scmp.com/business/companies/article/2074840/galaxy-entertainment-reports-2016-net-profit-hk63b-51-pc-growth?utm_source=rss_feed https://www.scmp.com/business/companies/article/2074840/galaxy-entertainment-reports-2016-net-profit-hk63b-51-pc-growth?utm_source=rss_feed Tue, 28 Feb 2017 13:30:00 +0000 Hong Kong’s largest private landowners and apartment builders have been usurped by capital from north of the border, as mainland Chinese developers snapped up choice land plots to become the new landlords in the city, according to data by a property consultant. Seven developers -- controlled by Hong Kong’s richest men -- used to win 45 per cent of all residential land sites sold in the city as recently as in 2012. That ratio halved to 22 per cent by last year, according to data by Jones Lang... https://www.scmp.com/property/hong-kong-china/article/2074808/hong-kongs-biggest-landowners-usurped-mainland-developers?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2074808/hong-kongs-biggest-landowners-usurped-mainland-developers?utm_source=rss_feed Tue, 28 Feb 2017 10:45:45 +0000 The Chinese yuan saw little movement on Tuesday morning, as investors wait to see how the US dollar responds to President Donald Trump’s first address to Congress tonight. The onshore yuan in Shanghai was 0.02 per cent or 12 points weaker at 6.8687 against the US dollar at 10.15am, extending its losing streak to a third straight days, while the offshore yuan in Shanghai was slightly stronger, up 0.06 per cent or 4 pips to 6.8574. The People’s Bank of China set the currency’s reference rate at... https://www.scmp.com/business/companies/article/2074675/yuan-flat-investors-await-trump-yellen-speeches-week?utm_source=rss_feed https://www.scmp.com/business/companies/article/2074675/yuan-flat-investors-await-trump-yellen-speeches-week?utm_source=rss_feed Tue, 28 Feb 2017 03:46:52 +0000