https://www.scmp.com/rss/503445/feed Iris Ouyang is a business reporter for the Post. She has reported in Washington D.C., Beijing, and Hong Kong in the past several years for both Chinese and international media organisations such as Caixin, Phoenix Finance, MNI, USA Today, MarketWatch and American Banker. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hong Kong banks are expected to benefit from rising interest rates and growing business opportunities after the border reopening this year, although uncertainties around the recovery in mainland China and in the city and the simmering property debt will provide a drag, consultancy firm KPMG said in a report released on Tuesday. Lenders in the city remain cautious in lending to Chinese property developers, who have struggled in making debt repayments in the past few years, said Paul McSheaffrey,... https://www.scmp.com/business/banking-finance/article/3223885/hong-kong-banks-benefit-better-margins-and-incomes-although-uncertain-economic-recovery-property?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3223885/hong-kong-banks-benefit-better-margins-and-incomes-although-uncertain-economic-recovery-property?utm_source=rss_feed Tue, 13 Jun 2023 06:00:11 +0000 Schroders plans sales of its first batch of fund products in mainland China this year, after it received a fresh licence to operate a wholly foreign-owned public fund-management company, as international fund managers accelerate expansion into the world’s second-largest asset-management market, seen growing to US$40 trillion by 2030. “Our belief is that the mainland China market has great potential and there is demand for long-term alpha, as well as for a wide range of investment products,... https://www.scmp.com/business/banking-finance/article/3223575/schroders-bnp-paribas-among-foreign-firms-rushing-tap-chinas-us18-trillion-wealth-management?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3223575/schroders-bnp-paribas-among-foreign-firms-rushing-tap-chinas-us18-trillion-wealth-management?utm_source=rss_feed Sun, 11 Jun 2023 02:00:20 +0000 Hang Seng Qianhai Fund Management, a joint-venture of Hang Seng Bank and local authorities in Shenzhen Qianhai, is launching more diverse products to capture cross-border opportunities in China, particularly the Greater Bay Area. Hang Seng Qianhai is 70 per cent owned by Hang Seng Bank and is the first mutual fund in mainland China to be controlled by a Hong Kong entity. It is based in Shenzhen’s Qianhai special economic zone, which serves as a services pilot area for Hong Kong and Shenzhen... https://www.scmp.com/business/banking-finance/article/3223300/hang-seng-bank-and-qianhai-joint-venture-mutual-fund-launch-two-fixed-income-products-tap-cross?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3223300/hang-seng-bank-and-qianhai-joint-venture-mutual-fund-launch-two-fixed-income-products-tap-cross?utm_source=rss_feed Wed, 07 Jun 2023 12:40:13 +0000 Hong Kong is set to allow banks from Qatar, the United Arab Emirates (UAE) and Liechtenstein to advise on industry issues in the city, a step that will enhance collaboration especially between Hong Kong and the Middle East. The Panel on Financial Affairs of Hong Kong’s Legislative Council has proposed an amendment to a segment of the Hong Kong Association of Banks (HKAB) Ordinance, which will add the three countries to a list of constituent regions that currently comprises 21 regions and... https://www.scmp.com/business/banking-finance/article/3223159/hong-kong-allow-lenders-qatar-uae-advise-local-banking-sector-boost-financial-ties-middle-east?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3223159/hong-kong-allow-lenders-qatar-uae-advise-local-banking-sector-boost-financial-ties-middle-east?utm_source=rss_feed Tue, 06 Jun 2023 11:40:18 +0000 Iris Ouyang Iris Ouyang Central bank digital currencies (CBDCs) will disrupt the banking industry, forcing traditional lenders to innovate and helping small businesses access financing, according to a report by Standard Chartered and PwC China. In addition to facilitating cross-border payments, the CBDCs – fiat virtual currencies issued by central banks – are expected to motivate lenders to integrate their traditional services with other payment service providers to provide more innovative products and services to... https://www.scmp.com/business/banking-finance/article/3222638/central-bank-digital-currencies-will-force-traditional-lenders-innovative-give-small-businesses?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222638/central-bank-digital-currencies-will-force-traditional-lenders-innovative-give-small-businesses?utm_source=rss_feed Thu, 01 Jun 2023 23:00:23 +0000 Family offices in the Asia-Pacific region will increase their allocations to equities and developed-market fixed-income assets over the next five years, with most interested in medical and health-related technology, the UBS Global 2023 report shows. These firms had the highest equity allocations last year compared with peers globally, said LH Koh, co-head of global family and institutional wealth in Asia-Pacific at UBS Global Wealth Management. While 40 per cent of family offices in Asia-Pacific... https://www.scmp.com/business/banking-finance/article/3222591/asia-pacific-family-offices-continue-strategic-shift-increase-equities-and-developed-market-fixed?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222591/asia-pacific-family-offices-continue-strategic-shift-increase-equities-and-developed-market-fixed?utm_source=rss_feed Thu, 01 Jun 2023 08:50:16 +0000 Hong Kong stocks are likely to rebound from heavy sell-offs in the second half of the year as a potential easing of monetary policy boosts China’s economic recovery, according to Hang Seng Qianhai Fund Management. The fund, the first Hong Kong capital-controlled mutual fund manager in mainland China, with assets under management of 20 billion yuan (US$2.8 billion), believes the city’s benchmark Hang Seng Index is about to bottom out and sees current market sentiment as “too pessimistic.” “The... https://www.scmp.com/business/banking-finance/article/3222468/hong-kong-stocks-poised-rebound-monetary-easing-boosts-chinas-economic-recovery-says-hang-seng?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222468/hong-kong-stocks-poised-rebound-monetary-easing-boosts-chinas-economic-recovery-says-hang-seng?utm_source=rss_feed Wed, 31 May 2023 23:00:14 +0000 Chinese conglomerate Dalian Wanda’s dollar bonds jumped to a new high on Monday after it said creditors of loans worth US$1.3 billion had not demanded early repayments following the failed initial public offering (IPO) of unit Zhuhai Wanda Commercial Management Group. Its US$400 million 6.875 per cent dollar bond due on July 23 this year was indicated at 87.271 cents on a dollar on Monday, its highest level in two weeks, rising from 77.875 cents on a dollar on Friday, according to Bloomberg... https://www.scmp.com/business/banking-finance/article/3222213/dalian-wanda-bond-prices-rise-after-chinese-conglomerate-says-creditors-have-not-sought-early?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3222213/dalian-wanda-bond-prices-rise-after-chinese-conglomerate-says-creditors-have-not-sought-early?utm_source=rss_feed Mon, 29 May 2023 12:30:07 +0000 Zhou Yingqun, a 28-year-old Hunan native who has worked in the beauty salon industry for over a decade, never thought he would one day be ringing an IPO bell. But when Mr Judy, the hair treatment company he works for as a regional manager, listed a brand new type of security in Macau earlier this year, the shy young man said he was over the moon. “I was very, very excited. I just felt very honoured and excited to be able to participate in such a significant ceremony,” Zhou said. Having joined Mr... https://www.scmp.com/business/china-business/article/3222106/how-former-boss-hong-kong-stock-exchange-helping-macau-connect-overseas-investors-chinas-small?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3222106/how-former-boss-hong-kong-stock-exchange-helping-macau-connect-overseas-investors-chinas-small?utm_source=rss_feed Mon, 29 May 2023 00:01:05 +0000 China’s Guangdong-Hong Kong-Macau Greater Bay Area (GBA) is expected to continue its leading role in the country’s decarbonisation and green-finance efforts by facilitating financing for sustainable development, experts said. The GBA is leading the nation in green and sustainable finance, as its issuance of green, social, sustainability and sustainability-linked (GSSS) bonds almost doubled to 56.76 billion yuan (US$8 billion) year on year in the first quarter of this year, according to Kevin... https://www.scmp.com/business/banking-finance/article/3221851/chinas-greater-bay-area-lead-sustainable-finance-meet-capital-demands-decarbonisation-green-bonds?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3221851/chinas-greater-bay-area-lead-sustainable-finance-meet-capital-demands-decarbonisation-green-bonds?utm_source=rss_feed Fri, 26 May 2023 00:00:29 +0000 Hong Kong and Guangdong are deepening cooperation to further integrate the economies of the Greater Bay Area (GBA), with the two jurisdictions unveiling a week of events and business activities to achieve high-quality growth in the post-pandemic era. The city’s leader John Lee Ka-chiu said he will undertake more visits and hold discussions with Guangdong officials as normality has returned following the border reopening with the mainland after Covid-19 restrictions were lifted. “We will enhance... https://www.scmp.com/business/china-business/article/3221643/hong-kong-and-guangdong-will-deepen-cooperation-boost-high-quality-growth-greater-bay-area-john-lee?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3221643/hong-kong-and-guangdong-will-deepen-cooperation-boost-high-quality-growth-greater-bay-area-john-lee?utm_source=rss_feed Wed, 24 May 2023 06:25:55 +0000 China’s asset management industry will more than double in size to 280 trillion yuan (US$40.4 trillion) by 2030, as the expansion of individual wealth and pension needs requires financial companies to upgrade their products and services, according to a report by McKinsey & Company. The sector was worth an estimated 130 trillion yuan at the end of last year, the consultancy firm said in the report released on Thursday. The growth of the industry will be buoyed by rising household wealth and the... https://www.scmp.com/business/banking-finance/article/3220199/chinas-asset-management-sector-double-us40-trillion-2030-household-wealth-pension-needs-grow-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3220199/chinas-asset-management-sector-double-us40-trillion-2030-household-wealth-pension-needs-grow-says?utm_source=rss_feed Thu, 11 May 2023 09:30:09 +0000 Plans are being finalised for upgrading the Wealth Management Connect scheme to include benefits like allowing residents of the Greater Bay Area (GBA) to buy global equity products, said Eddie Yue, chief executive of the Hong Kong Monetary Authority (HKMA) on Tuesday. Authorities in the bay area are discussing these changes to widen the product suite, increase quotas for individual investors and simplify the selling process, he said at the Bloomberg Wealth Asia Summit in Hong Kong. Investors in... https://www.scmp.com/business/banking-finance/article/3219937/hong-kong-and-mainland-authorities-plan-wealth-management-connect-scheme-overhaul-allowing-chinese?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219937/hong-kong-and-mainland-authorities-plan-wealth-management-connect-scheme-overhaul-allowing-chinese?utm_source=rss_feed Tue, 09 May 2023 09:30:10 +0000 Battered Chinese property bonds have a long way to go before they recover from the mauling they received in the aftermath of Beijing’s “three red lines” policy, because of risks like drawn out restructurings, uncertain cashflows, and tectonic shifts in the sector, Allianz Global Investors’ top fixed income official in Asia-Pacific warned. The gloomy outlook is exacerbated by the expectation of sustained volatility in global financial markets, which would force investors to focus on risk control... https://www.scmp.com/business/banking-finance/article/3219739/china-property-bonds-road-recovery-fraught-risks-amid-drawn-out-restructurings-gloomy-sector-outlook?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219739/china-property-bonds-road-recovery-fraught-risks-amid-drawn-out-restructurings-gloomy-sector-outlook?utm_source=rss_feed Mon, 08 May 2023 04:07:02 +0000 Hotels in China have hit the jackpot during the Labour Day holiday with a huge surge in post-pandemic demand allowing them to raise their room prices more than tenfold in some cases. Such is the wave of pent-up demand that some hotels have had to hire part-time workers to meet the needs of vast numbers of tourists after three years of travel curbs to fend off the Covid-19 pandemic. “Soaring hotel room prices had been expected by tourists, but the hefty price increase still turned out to be a... https://www.scmp.com/business/china-business/article/3219054/chinas-hotels-get-labour-day-holiday-windfall-raising-room-rates-tenfold-cash-post-covid-travel?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219054/chinas-hotels-get-labour-day-holiday-windfall-raising-room-rates-tenfold-cash-post-covid-travel?utm_source=rss_feed Tue, 02 May 2023 02:00:32 +0000 Hong Kong businesses are increasingly tapping opportunities in the Greater Bay Area (GBA) as the city’s government steps up efforts to help budding entrepreneurs get a foothold in the massive economic zone. The latest move to help Hong Kong businesses integrate and increase their footprint in the bay area saw the opening of a new service centre first flagged by Chief Executive John Lee Ka-chiu. The centre, which officially launched its services on Wednesday, aims to assist Hong Kong companies... https://www.scmp.com/business/china-business/article/3218700/hong-kong-start-ups-tap-greater-bay-area-opportunities-new-centre-aims-help-businesses-integrate?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218700/hong-kong-start-ups-tap-greater-bay-area-opportunities-new-centre-aims-help-businesses-integrate?utm_source=rss_feed Mon, 01 May 2023 02:00:14 +0000 The government and businesses in Hainan launched events, promotions and optimised products and services to capitalise on a boom in domestic travel and consumption during mainland China’s Labour Day holiday, as long-haul travel bookings to the tropical island grew 15 times month on month. The Hainan government stepped up with new attractions for the influx of tourists to the island. Haikou, the capital of China’s southernmost province, is set to start a range of cultural events during the holiday... https://www.scmp.com/business/china-business/article/3218897/hainan-chinas-hawaii-rolls-out-events-and-coupons-catch-domestic-travel-boom-during-labour-day?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218897/hainan-chinas-hawaii-rolls-out-events-and-coupons-catch-domestic-travel-boom-during-labour-day?utm_source=rss_feed Sun, 30 Apr 2023 06:00:20 +0000 Club Med plans to build more hotels in Hainan province, one of its key markets in mainland China, as it bets on the post-Covid travel boom, while parent Fosun Tourism expects to post its first profit in three years amid rising demand from Chinese tourists and growth in its Southeast Asian markets. Club Med is checking sites in China’s southernmost province, in cities such as Sanya and Wenchang, to build one or two new resorts within two to three years, Fosun Tourism co-president Andrew Xu said... https://www.scmp.com/business/article/3217760/fosun-tourisms-club-med-build-more-resorts-hainan-eyes-return-profitability-year?utm_source=rss_feed https://www.scmp.com/business/article/3217760/fosun-tourisms-club-med-build-more-resorts-hainan-eyes-return-profitability-year?utm_source=rss_feed Fri, 21 Apr 2023 00:30:10 +0000 The offshore bonds of Dalian Wanda Commercial Management, the commercial property management arm of Chinese conglomerate Dalian Wanda Group, have taken a hit this week despite the company denying recent rumours of possible extensions to onshore trust loans. The slide in bond prices also comes as a six-month deadline by the Hong Kong stock exchange for the initial public offering of an entity controlled by Dalian Wanda Commercial Management is due to expire by the end of this month. The notes of... https://www.scmp.com/business/banking-finance/article/3217603/dalian-wanda-group-firms-bond-prices-slide-loan-extension-concerns-subsidiarys-ipo-deadline?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217603/dalian-wanda-group-firms-bond-prices-slide-loan-extension-concerns-subsidiarys-ipo-deadline?utm_source=rss_feed Wed, 19 Apr 2023 10:29:09 +0000 Hong Kong businesses are testing the waters in mainland China’s tropical Hainan province, following the footprints of local companies such as Chow Tai Fook and Bank of East Asia (BEA) as they reconnect with consumers and lay out expansion plans amid hopes of a recovery in spending after Covid-19. Ken Wong, director of All Time Healthy, a Hong Kong-based health supplement producer and retailer, is busy preparing to register a new company in May or June in China’s southernmost province and holiday... https://www.scmp.com/business/china-business/article/3217463/hong-kong-businesses-test-waters-hainan-chinas-shopping-mecca-aiming-seize-post-covid-consumption?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3217463/hong-kong-businesses-test-waters-hainan-chinas-shopping-mecca-aiming-seize-post-covid-consumption?utm_source=rss_feed Wed, 19 Apr 2023 02:00:13 +0000 Foreign consumer brands are flocking to China’s tropical island of Hainan, riding on hopes for a post-pandemic economic recovery to drive a revival in tourism and local demand. American-French beauty company Coty, which holds licensing rights in cosmetics and fragrances to brands such as Burberry and Gucci, plans to add nine new sales points – including seven stand-alone shops – to its 29 existing sales points in Hainan in the next financial year, which begins in July, said Guilhem Souche,... https://www.scmp.com/business/china-business/article/3217258/foreign-companies-coty-estee-lauder-eye-hainan-chinas-hawaii-bet-post-covid-recovery-and-duty-free?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3217258/foreign-companies-coty-estee-lauder-eye-hainan-chinas-hawaii-bet-post-covid-recovery-and-duty-free?utm_source=rss_feed Mon, 17 Apr 2023 02:00:28 +0000 Hong Kong’s small businesses are the most confident in 12 years about the business outlook in the city, fuelling their desire to innovate as the government steps up measures to boost economic growth, according to an industry survey. About 66 per cent of local owners expect their businesses to grow this year, the highest proportion since 2011 in annual surveys conducted by accounting body CPA Australia. A record 74 per cent of those surveyed expect to sell more in overseas markets, according to... https://www.scmp.com/business/companies/article/3217247/hong-kongs-small-businesses-are-most-optimistic-about-growth-outlook-2011-cpa-australia-survey-shows?utm_source=rss_feed https://www.scmp.com/business/companies/article/3217247/hong-kongs-small-businesses-are-most-optimistic-about-growth-outlook-2011-cpa-australia-survey-shows?utm_source=rss_feed Sun, 16 Apr 2023 10:01:35 +0000 Bank of East Asia (BEA) plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector. The Hong Kong-based bank’s foray into Hainan follows HSBC, which opened its first branch in the provincial capital Haikou in December 2021. The bank’s operations in Hainan are expected to reach at least a few billion yuan in the first few years of operation, Ronald Ho, deputy CEO of Bank of East Asia (China), said in an... https://www.scmp.com/business/banking-finance/article/3216923/bank-east-asia-aims-join-hsbc-opening-branch-hainan-chinas-free-trade-hub-seeks-overseas-investment?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3216923/bank-east-asia-aims-join-hsbc-opening-branch-hainan-chinas-free-trade-hub-seeks-overseas-investment?utm_source=rss_feed Thu, 13 Apr 2023 09:40:09 +0000 Volkswagen is to set up an academy in Hainan province with the aim of training local talent for the electric vehicle industry as it vies to push further into the crowded sector. The German car giant will work with local authorities to establish the Volkswagen Academy China Hainan Centre in Haikou city, the capital of the country’s southernmost island. It said it will collaborate on the development of new-energy and intelligence-connected vehicles (ICV). It signed an agreement on Monday with the... https://www.scmp.com/business/companies/article/3216547/volkswagen-aims-fill-chinas-electric-car-industry-talent-void-new-academy-hainan?utm_source=rss_feed https://www.scmp.com/business/companies/article/3216547/volkswagen-aims-fill-chinas-electric-car-industry-talent-void-new-academy-hainan?utm_source=rss_feed Mon, 10 Apr 2023 08:00:23 +0000 Multi-asset strategies are in demand to minimise risks brought on by the simultaneous declines in bonds and stocks last year, according to Allspring Global Investments, which is expanding in Asia to tap wealthy investors and institutions. Last year’s rare scenario when both equities and bonds fell has spurred the need for altering the traditional 60:40 asset allocation, with Allspring witnessing a rising appetite for alternative assets among its clients, said Eddie Cheng, the head of... https://www.scmp.com/business/banking-finance/article/3216066/us-fund-manager-allspring-sees-rising-demand-liquid-alternatives-after-bond-equity-slump-last-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3216066/us-fund-manager-allspring-sees-rising-demand-liquid-alternatives-after-bond-equity-slump-last-year?utm_source=rss_feed Sun, 09 Apr 2023 08:00:09 +0000 Chinese lenders largely shrugged off the recent banking crisis in developed markets, gaining in value to take the top five spots in a league table of banks in the Asia-Pacific region ranked by market capitalisation. Five of the eight Chinese banks to make the top 20 list compiled by S&P Global Market Intelligence enjoyed a quarterly increase in market value in the first three months of 2023, bucking the trend across the region. Industrial and Commercial Bank of China topped the table, having... https://www.scmp.com/business/banking-finance/article/3216358/chinese-lenders-shrug-global-banking-turmoil-gaining-value-top-sp-regional-market-cap-league-table?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3216358/chinese-lenders-shrug-global-banking-turmoil-gaining-value-top-sp-regional-market-cap-league-table?utm_source=rss_feed Fri, 07 Apr 2023 15:00:08 +0000 Morgan Stanley’s ambition for establishing a wholly-owned futures company in China progressed with China’s securities watchdog accepting its application, as the world’s second largest economy accelerated the opening up of its financial markets to foreign capital. The China Securities Regulatory Commission’s (CSRC) website showed the regulator had accepted Morgan Stanley’s application on Monday. The move gives hope for the establishment of the second foreign wholly-owned futures company in China... https://www.scmp.com/business/banking-finance/article/3216210/morgan-stanley-moves-ahead-plan-wholly-owned-futures-company-china-beijing-accelerates-financial?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3216210/morgan-stanley-moves-ahead-plan-wholly-owned-futures-company-china-beijing-accelerates-financial?utm_source=rss_feed Fri, 07 Apr 2023 00:30:10 +0000 Chairman Mao’s favourite tipple led China’s top brands in 2022, as consumer firms outperformed technology giants and social-media platforms during a volatile year, according to the latest Hurun brand rankings released on Monday. Shanghai-listed Kweichow Moutai was the most valuable Chinese brand for a fifth straight year, according to the 2022 Hurun Brands List. The liquor maker, which is also one of the most valuable stocks in the country, was the only brand on the list with value of more than... https://www.scmp.com/business/china-business/article/3215827/hurun-says-kweichow-moutai-chinas-most-valuable-brand-fifth-straight-year-2022-amid-rising-trust?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3215827/hurun-says-kweichow-moutai-chinas-most-valuable-brand-fifth-straight-year-2022-amid-rising-trust?utm_source=rss_feed Mon, 03 Apr 2023 08:30:11 +0000 Shares of JD.com jumped after the e-commerce major said it would spin off its property and industrial units and list them in Hong Kong, joining Alibaba Group Holding in unveiling the latest restructuring of China’s technology giants. JD.com surged as much as 8.1 per cent before paring gains to 5.4 per cent to HK$172.00 on Friday. The company’s American depositary receipts gained 7.8 per cent on Nasdaq overnight. Beijing-based JD.com proposed spinning off its subsidiaries JD Property and JD... https://www.scmp.com/business/banking-finance/article/3215511/jdcom-shares-surge-after-chinese-e-commerce-operators-plan-spin-and-list-property-industrial-units?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215511/jdcom-shares-surge-after-chinese-e-commerce-operators-plan-spin-and-list-property-industrial-units?utm_source=rss_feed Fri, 31 Mar 2023 04:34:43 +0000 Iris Ouyang Iris Ouyang Collaboration between the private sector and regulators, along with the latest innovation, are needed to fix weaknesses, improve transparency and reduce costs to help build a sustainable ecosystem for the US$240 trillion global payments industry, said panellists at the China Conference: Southeast Asia. The different stakeholders should join hands to enhance collaboration, streamline processes and address structural issues to improve speed, transparency and cut costs that have hobbled the sector... https://www.scmp.com/business/banking-finance/article/3215272/scmp-china-conference-collaboration-and-innovation-set-drive-us240-trillion-global-payments-industry?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215272/scmp-china-conference-collaboration-and-innovation-set-drive-us240-trillion-global-payments-industry?utm_source=rss_feed Wed, 29 Mar 2023 09:54:18 +0000 Hong Kong’s first locally listed catastrophe bonds, worth US$350 million and issued by the World Bank, made their debut on the city’s stock exchange on Tuesday. The notes, also known as cat bonds or “Act of God” bonds, are a special type of debt issued by insurance or reinsurance companies and are normally bought by hedge funds and pension companies. The instruments are attractive because they usually pay a higher interest rate than other fixed-income products. The proceeds from these notes can... https://www.scmp.com/business/banking-finance/article/3215148/hong-kong-gets-inaugural-us350-million-catastrophe-bond-listing-boost-global-risk-management-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215148/hong-kong-gets-inaugural-us350-million-catastrophe-bond-listing-boost-global-risk-management-hub?utm_source=rss_feed Tue, 28 Mar 2023 12:45:12 +0000 The shares of Chinese securities firms have slumped in Hong Kong ahead of their earnings announcements for 2022 amid expectations of record losses following a slump in their incomes due to market volatility last year, as well as impairment losses generated by debt investments and loans to sectors such as property. The shares of Hong Kong-listed Bocom International Holdings have slumped by 23.8 per cent so far in March, after declining 3.1 per cent on Monday, according to Bloomberg data. Haitong... https://www.scmp.com/business/article/3214980/shares-bocom-international-haitong-slump-after-chinese-securities-firms-warn-losses-2022-forecasts?utm_source=rss_feed https://www.scmp.com/business/article/3214980/shares-bocom-international-haitong-slump-after-chinese-securities-firms-warn-losses-2022-forecasts?utm_source=rss_feed Mon, 27 Mar 2023 09:00:55 +0000 Neuberger Berman is keen to launch more mutual funds in China after raising 4.09 billion yuan (US$595.6 million) from retail investors for its first product, as the US asset manager joins other global firms in targeting the nation’s US$3.7 trillion mutual-fund market. The New York-based company will launch another equity-focused fund in China targeting onshore shares later this year, most likely in the second or third quarter, a senior company executive said, adding that the firm was... https://www.scmp.com/business/article/3214835/us-investment-manager-neuberger-berman-eyes-more-mutual-funds-china-after-raising-us595-million-its?utm_source=rss_feed https://www.scmp.com/business/article/3214835/us-investment-manager-neuberger-berman-eyes-more-mutual-funds-china-after-raising-us595-million-its?utm_source=rss_feed Sun, 26 Mar 2023 04:30:13 +0000 Hong Kong’s homebuyers returned to the property market days after the city’s commercial banks opted to keep mortgage rates unchanged. MTR Corporation and Chinachem Group sold all 179 flats of their In One flats on offer at Ho Man Tin, agents said. The one-bedroom to three-bedroom units were offered at between HK$7.97 million and HK$30.45 million (US$3.9 million), or HK$27,083 per square foot. Over at Tuen Mun, 86 per cent of the 400 flats on offer at the second phase of the Grand Jete project by... https://www.scmp.com/business/article/3214859/hong-kong-property-homebuyers-rush-back-after-banks-held-loan-rates-steady-posing-bumper-sales-one?utm_source=rss_feed https://www.scmp.com/business/article/3214859/hong-kong-property-homebuyers-rush-back-after-banks-held-loan-rates-steady-posing-bumper-sales-one?utm_source=rss_feed Sat, 25 Mar 2023 13:25:02 +0000 The debacle involving Credit Suisse’s US$17 billion Additional Tier-1 (AT1) capital instrument has put the asset class in the firing line, threatening to squeeze the funding avenue or forcing lenders to take costlier options, analysts said. Those concerns arose after the Swiss government brokered the UBS takeover of Credit Suisse in a US$3.2 billion deal on March 19, valuing the target at less than half its equity value while wiping out AT1 noteholders. The decision to impose losses onto private... https://www.scmp.com/business/banking-finance/article/3214727/credit-suisses-at1-bond-debacle-threatens-shut-market-pushes-banks-towards-costlier-funding-options?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214727/credit-suisses-at1-bond-debacle-threatens-shut-market-pushes-banks-towards-costlier-funding-options?utm_source=rss_feed Sat, 25 Mar 2023 00:00:19 +0000 China Evergrande New Energy Vehicle Group (Evergrande NEV) said on Thursday it will not survive if it does not tap new financing for its production of electric vehicles (EVs) a day after its parent, China Evergrande Group, unveiled a long-awaited restructuring plan to defer US$19.15 billion of offshore debt, as the biggest cash burner in the world’s most-indebted developer’s portfolio sounded a dire warning about its prospects. The warning comes after its parent firm, China Evergrande Group,... https://www.scmp.com/business/china-business/article/3214491/china-evergrande-unveils-restructuring-plan-least-us1915-billion-offshore-debt?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3214491/china-evergrande-unveils-restructuring-plan-least-us1915-billion-offshore-debt?utm_source=rss_feed Wed, 22 Mar 2023 16:22:47 +0000 The wipe out of Credit Suisse’s riskiest bonds is expected to continue to weigh on the more than US$250 billion Additional Tier-1 (AT1) bond segment and threaten an important funding channel for banks, as investors question the viability of these securities as an investment asset, analysts said. And while the repercussions for banks in Asia-Pacific are currently being viewed as controllable, given the fact that local authorities are “more friendly” towards bondholders, the market is still... https://www.scmp.com/business/banking-finance/article/3214298/credit-suisse-wipe-out-may-have-destroyed-at1-bond-market-asia-pacific-protected-more-supportive?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3214298/credit-suisse-wipe-out-may-have-destroyed-at1-bond-market-asia-pacific-protected-more-supportive?utm_source=rss_feed Tue, 21 Mar 2023 09:33:57 +0000 Deloitte Hua Yong, the “Big Four” accounting firm’s China unit, has been fined 212 million yuan (US$31 million) for failures in audit work conducted at bad loan manager China Huarong Asset Management, as Beijing strengthens financial regulation. The Deloitte unit failed to detect the true conditions of some of Huarong’s underlying assets, or to fully assess its businesses and operations, from 2014 to 2019, China’s ministry of finance said in a statement on its website on Friday. Deloitte’s... https://www.scmp.com/business/banking-finance/article/3213961/deloitte-china-unit-hit-us31-million-fine-auditing-failures-troubled-bad-debt-manager-huarong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213961/deloitte-china-unit-hit-us31-million-fine-auditing-failures-troubled-bad-debt-manager-huarong?utm_source=rss_feed Fri, 17 Mar 2023 14:20:46 +0000 China’s onshore bond traders were once again able to access data feeds on Friday, after a sudden regulatory ban earlier this week roiled the nation’s US$21 trillion bond market, causing volumes to slump by as much as 80 per cent at some institutions. Third-party platforms Wind Information and Dealing Matrix resumed real-time bond pricing services for clients, while Qeubee, a platform popular with onshore traders, and money broker Shanghai Tullett Prebon Sitico were yet to restore data feeds to... https://www.scmp.com/business/banking-finance/article/3213908/chinas-us21-trillion-bond-market-limps-back-normal-real-time-data-feed-ban-lifted?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213908/chinas-us21-trillion-bond-market-limps-back-normal-real-time-data-feed-ban-lifted?utm_source=rss_feed Fri, 17 Mar 2023 09:09:19 +0000 Credit Suisse Group said it would lean on Switzerland’s central bank to help it survive a crisis in market confidence that has eroded the bank’s value to a historic low and sent shockwaves through global financial markets. The Zurich-based bank will borrow as much as 50 billion Swiss francs (US$54 billion) from the Swiss National Bank’s liquidity facility and use it to buy back as much as 3 billion Swiss francs worth of debt securities from existing holders, according to a statement on... https://www.scmp.com/business/banking-finance/article/3213715/credit-suisse-borrow-us54-billion-swiss-central-bank-it-seeks-halt-confidence-crisis?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213715/credit-suisse-borrow-us54-billion-swiss-central-bank-it-seeks-halt-confidence-crisis?utm_source=rss_feed Thu, 16 Mar 2023 05:06:35 +0000 China’s onshore bond traders have been cut off from accessing real-time information from financial-data services providers, forcing them to resort to chat groups on social media for trading, a sign of Beijing’s tightening grip on data security and stricter financial regulation. A number of traders told the Post they were unable to use real-time pricing and other trading functions at third-party platforms such as Qeubee and DealingMatrix. Wind Information only showed prices provided by market... https://www.scmp.com/business/banking-finance/article/3213574/chinas-onshore-bond-traders-cut-pricing-and-transaction-services-amid-regulatory-tightening?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3213574/chinas-onshore-bond-traders-cut-pricing-and-transaction-services-amid-regulatory-tightening?utm_source=rss_feed Wed, 15 Mar 2023 06:12:16 +0000 Foreign financial institutions such as Fidelity International and Neuberger Berman have accelerated the launch of mutual funds and wholly-owned units in mainland China to tap its 26 trillion yuan (US$3.7 trillion) mutual-fund market, as Beijing vowed to further open its services industry during its annual “two sessions” parliamentary meetings. Fidelity is set to launch its first mutual-fund product in China on April 3, becoming the third foreign asset manager to expand in China’s mutual-fund... https://www.scmp.com/business/banking-finance/article/3212491/fidelity-neuberger-berman-latest-foreign-entrants-chinas-us37-trillion-mutual-fund-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212491/fidelity-neuberger-berman-latest-foreign-entrants-chinas-us37-trillion-mutual-fund-market?utm_source=rss_feed Mon, 06 Mar 2023 06:32:05 +0000 Value Partners, one of the biggest local investors in Chinese high-yield bonds, said the 80 per cent rally in the market for the riskiest corporate debt in the region has likely stalled for now. New catalysts are needed to justify the sentiment-driven recovery, a top executive said. The money manager will refrain from chasing the market, after reloading some of its fixed-income funds with securities issued by Chinese developers during the rally from early November on the back of Beijing’s... https://www.scmp.com/business/banking-finance/article/3212108/china-junk-bond-rally-needs-more-catalysts-back-80-cent-surge-value-partners-looks-diversify?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212108/china-junk-bond-rally-needs-more-catalysts-back-80-cent-surge-value-partners-looks-diversify?utm_source=rss_feed Thu, 02 Mar 2023 23:30:08 +0000 China and the United Kingdom will extend their three-year-old transborder investment channel with a bridge between southern China’s technology hub Shenzhen and London. The stock exchanges of Shenzhen and London signed an agreement on Tuesday to “advance the establishment” of a Shenzhen-London Connect to enhance “capital market connectivity” between China and the UK, where the two bourses will work together to issue depository receipts, indices and cross-border financing services, according to a... https://www.scmp.com/business/banking-finance/article/3211920/shenzhen-sets-london-connect-link-adding-second-transborder-funding-channel-between-china-and-uk?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3211920/shenzhen-sets-london-connect-link-adding-second-transborder-funding-channel-between-china-and-uk?utm_source=rss_feed Wed, 01 Mar 2023 05:18:20 +0000 Hong Kong and Shenzhen plan to strengthen economic cooperation, as cities in the Greater Bay Area accelerate partnerships to rejuvenate growth following China’s easing of Covid-19 restrictions. A delegation from Shenzhen’s Futian district signed 25 agreements with the Hong Kong government on Friday to enhance cooperation in a number of fields, including technology, business and commerce. “Hong Kong is transitioning to the stage of systematic regulation towards prosperity, while the mainland is... https://www.scmp.com/business/article/3211465/hong-kong-and-shenzhen-sign-25-agreements-strengthen-cooperation-tech-and-commerce-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/article/3211465/hong-kong-and-shenzhen-sign-25-agreements-strengthen-cooperation-tech-and-commerce-greater-bay-area?utm_source=rss_feed Fri, 24 Feb 2023 11:02:09 +0000 Hundreds of e-commerce vendors and platforms including Alibaba Group Holding and Amazon flocked to a trade fair in Shenzhen in the hopes of connecting with producers and clients and stocking up for what they hope is a bout of robust post-Covid recovery in the global economy. The American retail juggernaut Walmart was also in attendance at the event, one of the first major in-person exhibitions to be staged in the city since China reopened its international borders. More than 100,000 visitors are... https://www.scmp.com/business/china-business/article/3211376/retail-giants-walmart-alibaba-and-amazon-draw-crowds-shenzhen-e-commerce-fair-raising-hopes-strong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3211376/retail-giants-walmart-alibaba-and-amazon-draw-crowds-shenzhen-e-commerce-fair-raising-hopes-strong?utm_source=rss_feed Fri, 24 Feb 2023 06:30:18 +0000 A pilot programme that will allow private-equity (PE) investors to launch funds to buoy the property market in mainland China will provide much-needed liquidity for developers and help foreign funds tap the market, according to analysts. The China Securities Regulatory Commission (CSRC) announced the launch of the pilot programme, which allows the creation of fixed-asset PE investment funds to invest in residential and commercial real estate and infrastructure projects, in an announcement on... https://www.scmp.com/business/article/3210950/china-regulator-opens-property-market-private-equity-investors-bid-boost-developer-liquidity-foreign?utm_source=rss_feed https://www.scmp.com/business/article/3210950/china-regulator-opens-property-market-private-equity-investors-bid-boost-developer-liquidity-foreign?utm_source=rss_feed Tue, 21 Feb 2023 09:00:26 +0000 China’s weaker local government financing vehicles (LGFVs) are facing higher risks of default and missed payments amid rising financing costs, a wave of maturities and a property crisis that is taking a toll on local authorities’ balance sheets, according to analysts. This is expected to exert upwards pressure on an already high delinquency rate among high-yield issuers in the Asia-Pacific this year. One of the two main sectors for offshore bond issuance in China – the other being the... https://www.scmp.com/business/banking-finance/article/3210607/chinas-weaker-lgfvs-face-default-risks-property-crisis-hurts-local-authorities-revenues-analysts?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3210607/chinas-weaker-lgfvs-face-default-risks-property-crisis-hurts-local-authorities-revenues-analysts?utm_source=rss_feed Sat, 18 Feb 2023 04:00:22 +0000 Hesai Group, the world’s sixth-largest maker of sensors for smart cars, aims to add cheaper and more innovative products to its line-up to overcome intensifying competition from domestic rivals and to reach bigger volumes in overseas markets. The firm will offer a smaller solid-state lidar – or light detection and range sensor – later this year to garner more sales from electric vehicle (EV) makers. Rivals including Huawei Technologies Co and DJI have entered the fray and are pressuring... https://www.scmp.com/business/banking-finance/article/3210617/xiaomi-and-baidu-backed-hesai-offer-smaller-and-cheaper-lidar-sensors-smart-evs-it-fights?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3210617/xiaomi-and-baidu-backed-hesai-offer-smaller-and-cheaper-lidar-sensors-smart-evs-it-fights?utm_source=rss_feed Fri, 17 Feb 2023 12:30:12 +0000 China Renaissance Holdings Limited’s shares plunged, after the investment bank and deal maker behind the initial public offerings (IPO) of Didi and Meituan said it could not reach its founder and chairman. Bao Fan, born in 1970, could not be contacted, according to Renaissance’s statement to the Hong Kong stock exchange (HKEX), released late last night. Its stock plunged as much as 50 per cent to an intraday low of HK$5.00, before clawing back some of the loss to close at HK$7.18 in Hong Kong,... https://www.scmp.com/business/article/3210503/renaissance-shares-tumble-after-its-founder-bao-fan-became-uncontactable-sending-cloud-over-bank?utm_source=rss_feed https://www.scmp.com/business/article/3210503/renaissance-shares-tumble-after-its-founder-bao-fan-became-uncontactable-sending-cloud-over-bank?utm_source=rss_feed Fri, 17 Feb 2023 02:29:28 +0000