https://www.scmp.com/rss/512029/feed Jiaxing is a business reporter covering markets, finance, and broad business news in the region. Prior to that, she wrote about China's tech sector for the Post. She has a master's degree in Journalism from the University of Hong Kong. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Jiaxing Li,Enoch Yiu Jiaxing Li,Enoch Yiu The three exchanges of mainland China had their busiest day on record when the stock markets reopened after a weeklong halt, as traders scrambled to catch up with the rally in offshore bourses. Hong Kong lost all the gains made during the break in one day amid profit taking. The CSI 300 Index, which tracks the biggest companies in Shanghai and Shenzhen, closed 5.9 per cent higher, after surging 10.8 per cent earlier during the day in its biggest intraday percentage gain. A record 3.5 trillion... https://www.scmp.com/business/china-business/article/3281465/chinese-stocks-soar-they-catch-hong-kong-after-golden-week-break?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3281465/chinese-stocks-soar-they-catch-hong-kong-after-golden-week-break?utm_source=rss_feed Tue, 08 Oct 2024 01:55:03 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks extended a three-week rally to hit a 32-month high, after top US banks Citigroup and Goldman Sachs joined the China stock-buying chorus. Investors are now looking forward to a press conference from Chinese authorities on Tuesday, where more stimulus measures could be announced and lift sentiment further. Mainland Chinese markets are set to reopen on Tuesday after the “golden week” holiday. In their absence, the Hang Seng Index has gained 10.2 per cent since September 30. The... https://www.scmp.com/business/markets/article/3281317/hong-kongs-hang-seng-index-hits-32-month-high-citi-goldman-back-chinese-stocks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3281317/hong-kongs-hang-seng-index-hits-32-month-high-citi-goldman-back-chinese-stocks?utm_source=rss_feed Mon, 07 Oct 2024 02:55:23 +0000 Jiaxing Li Jiaxing Li Hong Kong developer Lai Sun Development saw robust sales for its new residential project in the New Territories priced at a 10-year low, as buyers made the most of the recent rate cut and strong stock market performance. Almost all 98 units on offer at The Parkland, located at 266 Tai Kei Leng in Yuen Long, were sold as of 5pm on Sunday. Most of the buyers were first-time buyers, according to agents. Units in The Parkland range from 265 sq ft to 488 sq ft, with the first batch including 80... https://www.scmp.com/business/article/3281271/hong-kong-developer-lai-suns-yuen-long-project-sell-out-buyers-regain-confidence?utm_source=rss_feed https://www.scmp.com/business/article/3281271/hong-kong-developer-lai-suns-yuen-long-project-sell-out-buyers-regain-confidence?utm_source=rss_feed Sun, 06 Oct 2024 09:52:56 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks advanced, overcoming a jittery start to trading, as Alibaba Group and Tencent Holdings led a tech rebound, while oil producers gained on worries about supply. The market capped a third week of gains as investors bet there was more stimulus to come from Beijing. The Hang Seng Index jumped 2.8 per cent to 22,736.87 on Friday after losing as much as 1.3 per cent in earlier trading. The Tech Index surged 5 per cent. Markets on the mainland are closed through October 7 for a... https://www.scmp.com/business/markets/article/3281013/hong-kong-stocks-resume-rally-alibaba-tencent-lead-tech-gainers?utm_source=rss_feed https://www.scmp.com/business/markets/article/3281013/hong-kong-stocks-resume-rally-alibaba-tencent-lead-tech-gainers?utm_source=rss_feed Fri, 04 Oct 2024 02:53:03 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks fell for the first time in seven days as the US$3 trillion market rally driven by China’s stimulus injection ran out of gas. A key technical indicator pointed to an imminent reversal from a 20-month high. The Hang Seng Index slipped 1.5 per cent to 22,113.51 on Thursday, paring an intra-day slide of as much as 4.5 per cent. The Tech Index declined 3.5 per cent. Markets in mainland China are closed this week for a holiday. Alibaba Group Holding tumbled 4.9 per cent to HK$109.50,... https://www.scmp.com/business/markets/article/3280872/hong-kong-stocks-retreat-snapping-6-day-rally-china-frenzy-shows-exhaustion?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280872/hong-kong-stocks-retreat-snapping-6-day-rally-china-frenzy-shows-exhaustion?utm_source=rss_feed Thu, 03 Oct 2024 02:10:11 +0000 Jiaxing Li Jiaxing Li Beijing’s big-bang stimulus may have restored more than US$3 trillion of value to Chinese stocks, but not everyone has been lucky enough to reap that windfall, especially those who timed their exit before the rally took hold. Retail giant Walmart sold 144.5 million of JD.com’s US-listed shares at US$24.95 each on August 20, missing out on potential gains of US$2.8 billion had it held on to its stake for another six weeks through October 2. Global investment firm Prosus, which dumped 14.5 million... https://www.scmp.com/business/markets/article/3280839/us3-billion-blunder-walmart-prosus-tencent-miss-china-rally-premature-exits?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280839/us3-billion-blunder-walmart-prosus-tencent-miss-china-rally-premature-exits?utm_source=rss_feed Thu, 03 Oct 2024 01:46:47 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks soared for a sixth day in a row, hitting a 20-month high on mounting speculation China is not done with its stimulus to rescue the market. BlackRock said investors may expect more measures from Beijing to jump-start the ailing economy. The Hang Seng Index jumped 6.2 per cent on Wednesday to the highest level since January 2023, bringing the six-day cumulative gain to 23 per cent. The Tech Index surged 8.5 per cent. A gauge tracking US-listed Chinese stocks rallied 5.5 per cent... https://www.scmp.com/business/markets/article/3280741/hong-kong-stocks-surge-sixth-day-blackrock-modestly-overweight-china-shares?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280741/hong-kong-stocks-surge-sixth-day-blackrock-modestly-overweight-china-shares?utm_source=rss_feed Wed, 02 Oct 2024 02:34:32 +0000 Jiaxing Li Jiaxing Li Wall Street is scrambling to catch up after Beijing’s surprise stimulus onslaught set off a bull run on the Hong Kong and mainland China stock markets, catching short-sellers off guard. China stocks will gain at least another 10 per cent in a tactical rally in the near term amid more stimulus efforts by the government, Morgan Stanley said in a note to clients on Monday. UBS, meanwhile, bumped its year-end target for the benchmark Hang Seng Index up by 7 per cent to 22,100. Japan’s biggest... https://www.scmp.com/business/markets/article/3280606/chinas-surprise-stock-surge-catches-wall-street-flat-footed?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280606/chinas-surprise-stock-surge-catches-wall-street-flat-footed?utm_source=rss_feed Tue, 01 Oct 2024 23:30:08 +0000 Jiaxing Li Jiaxing Li Traders in mainland China rushed to snap up Hong Kong stocks before the "golden week" holiday begins, as Beijing’s surprise policy bazooka ignited a buying spree. Southbound investors bought HK$12.1 billion (US$1.6 billion) worth of local shares on Monday, the biggest single-day total in more than six months, according to stock exchange data. That helped propel overall turnover in Hong Kong to HK$505.8 billion, a record high. Alibaba Group Holding, Hong Kong Exchanges and Clearing, and Wuxi... https://www.scmp.com/business/markets/article/3280558/bullish-chinese-investors-charge-hong-kong-stocks-stimulus-ignited-buying-frenzy?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280558/bullish-chinese-investors-charge-hong-kong-stocks-stimulus-ignited-buying-frenzy?utm_source=rss_feed Mon, 30 Sep 2024 10:00:07 +0000 Jiaxing Li,Aileen Chuang,Salina Li Jiaxing Li,Aileen Chuang,Salina Li This story is part of a package exploring Hong Kong’s sluggish property market. See the full list here. In the second of a two-part series, Jiaxing Li, Aileen Chuang and Salina Li explore the effects of high interest rates and other factors on the city’s commercial property market. In the heart of Causeway Bay, a bustling Hong Kong shopping district that was once a more expensive retail destination than Fifth Avenue in Midtown Manhattan, a commercial building with shaky financing was recently... https://www.scmp.com/business/article/3280208/hong-kongs-commercial-real-estate-market-everybody-has-their-own-fair-share-pain?utm_source=rss_feed https://www.scmp.com/business/article/3280208/hong-kongs-commercial-real-estate-market-everybody-has-their-own-fair-share-pain?utm_source=rss_feed Sat, 28 Sep 2024 02:00:11 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks surged for the fourth day amid record trading volume, reclaiming the 20,000 floor and registering the best week in 26 years as a buying spree went into overdrive after Beijing injected fresh fuel into the Chinese economy. The Hang Seng Index jumped 3.6 per cent to 20,632.30 at the close of Friday trading, the highest level since April 2023. That brings the gain this week to 13 per cent, as the best rally since a 14.9 per cent jump in October 1998 restored more than US$440... https://www.scmp.com/business/markets/article/3280131/hang-seng-index-tops-20000-enter-bull-market-territory-beijing-pulls-no-punches?utm_source=rss_feed https://www.scmp.com/business/markets/article/3280131/hang-seng-index-tops-20000-enter-bull-market-territory-beijing-pulls-no-punches?utm_source=rss_feed Fri, 27 Sep 2024 02:06:48 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks soared for a third day, hitting a 14-month high to approach bull market territory, as a stimulus rally gathered more steam after Chinese President Xi Jinping vowed more support for the economy. The Hang Seng Index jumped 4.2 per cent to 19,924.58 on Thursday, the highest level since August last year. The Tech Index surged 7.3 per cent, while the Shanghai Composite Index added 3.1 per cent to reclaim the 3,000 floor for the first time since June. E-commerce giant Alibaba Group... https://www.scmp.com/business/markets/article/3279989/hong-kong-stocks-return-4-month-high-stimulus-rally-carries?utm_source=rss_feed https://www.scmp.com/business/markets/article/3279989/hong-kong-stocks-return-4-month-high-stimulus-rally-carries?utm_source=rss_feed Thu, 26 Sep 2024 02:35:48 +0000 Jiaxing Li Jiaxing Li Hong Kong and mainland stocks extended a stellar rebound as traders continued to cheer on Beijing’s fresh stimulus injection. The Hang Seng Index closed up 0.7 per cent at 19,129.10 on Wednesday, a four-month high, after jumping as much as 3.1 per cent earlier in the day. The Tech Index added 0.2 per cent. A gauge tracking the biggest mainland companies advanced 1.5 per cent following its biggest single-day jump since 2020. Among market heavyweights in Hong Kong, Tencent Holdings jumped 1.4 per... https://www.scmp.com/business/markets/article/3279838/stock-surge-continues-investors-hong-kong-mainland-china-gobble-stimulus?utm_source=rss_feed https://www.scmp.com/business/markets/article/3279838/stock-surge-continues-investors-hong-kong-mainland-china-gobble-stimulus?utm_source=rss_feed Wed, 25 Sep 2024 02:37:59 +0000 Jiaxing Li Jiaxing Li China’s boldest stock market rescue package since the 2015 meltdown has led some Wall Street banks and money managers to believe that Beijing is serious about tackling the slump and that the nation’s battered stocks are set to stage a relief rally in anticipation of more measures. A combined 800 billion yuan (US$114 billion) in stock-buying facility from the central bank’s balance sheet, together with policy rate cuts, reserve ratio reductions and other supportive measures are “unprecedented in... https://www.scmp.com/business/markets/article/3279807/absolute-positive-rescue-package-set-trigger-big-china-stock-rally-wall-street-banks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3279807/absolute-positive-rescue-package-set-trigger-big-china-stock-rally-wall-street-banks?utm_source=rss_feed Tue, 24 Sep 2024 23:00:09 +0000 Daniel Ren,Zhang Shidong,Jiaxing Li Daniel Ren,Zhang Shidong,Jiaxing Li The People’s Bank of China (PBOC) plans to set up a swap facility that would give non-bank financial institutions access to at least 500 billion yuan (US$71 billion) in funding to buy shares, in a surprise move aimed at stabilising the stock market. However, some analysts called for more drastic action to shore up investor confidence following more than three years of market declines. Pan Gongsheng, the governor of the PBOC, said on Tuesday that brokers, mutual funds and insurers would be able... https://www.scmp.com/business/china-business/article/3279743/pboc-set-us71-billion-swap-facility-prop-stock-market?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3279743/pboc-set-us71-billion-swap-facility-prop-stock-market?utm_source=rss_feed Tue, 24 Sep 2024 07:53:06 +0000 Jiaxing Li Jiaxing Li Qiniu, a Chinese cloud service provider backed by Alibaba Group Holding, is making a third attempt at a Hong Kong initial public offering (IPO) after Midea Group’s successful debut lifted market sentiment. The Shanghai-based company submitted a new IPO application on Sunday after its previous filing expired earlier this month. A first attempt in June last year also did not come to fruition. Qiniu plans to issue up to 234.7 million shares in Hong Kong, according to the approval it received from... https://www.scmp.com/business/banking-finance/article/3279568/alibaba-backed-qiniu-renews-bid-hong-kong-ipo-after-midea-boosts-sentiment?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3279568/alibaba-backed-qiniu-renews-bid-hong-kong-ipo-after-midea-boosts-sentiment?utm_source=rss_feed Mon, 23 Sep 2024 05:09:58 +0000 Salina Li,Aileen Chuang,Jiaxing Li Salina Li,Aileen Chuang,Jiaxing Li This story is part of a package exploring Hong Kong’s sluggish property market. See the full list here. In the first of a two-part series, Salina Li, Aileen Chuang and Jiaxing Li explore the effects of high interest rates on the city’s tycoons and their trophy real-estate holdings. In the rarefied air up on The Peak, the owner of the penthouse in the Opus Hong Kong development – which has been called the city’s most expensive apartment building – unexpectedly put his unit up for sale. Some of... https://www.scmp.com/business/article/3279243/why-rate-cuts-wont-save-cash-strapped-hong-kong-tycoons-and-their-luxury-properties?utm_source=rss_feed https://www.scmp.com/business/article/3279243/why-rate-cuts-wont-save-cash-strapped-hong-kong-tycoons-and-their-luxury-properties?utm_source=rss_feed Sat, 21 Sep 2024 03:00:09 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks advanced as local developers rallied ahead of an expected rate cut from the Federal Reserve, as appliance maker Midea Group surged on its trading debut. The Hang Seng Index jumped 1.4 per cent to 17,660.02 on Tuesday, the biggest single-day gain since August 16, taking the gauge to a two-week high. The Tech Index gained 1.2 per cent. Mainland markets are closed for a holiday. E-commerce giant Alibaba jumped 1 per cent to HK$82.85, food delivery platform Meituan rallied 1.7 per... https://www.scmp.com/business/markets/article/3278802/hong-kong-stocks-soar-ahead-expected-fed-rate-cut-midea-surges-debut?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278802/hong-kong-stocks-soar-ahead-expected-fed-rate-cut-midea-surges-debut?utm_source=rss_feed Tue, 17 Sep 2024 02:35:31 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks reversed losses to climb for a third day, as lacklustre Chinese economic data spurred hope that Beijing would roll out more stimulus, while the US Federal Reserve’s imminent easing cycle lifted sentiment. The Hang Seng Index gained 0.3 per cent to 17,422.12 on Monday, after losing as much as 1.1 per cent in earlier trading. The Tech Index jumped 0.5 per cent; mainland markets are closed through Tuesday for a holiday. Food delivery platform Meituan advanced 2.8 per cent to... https://www.scmp.com/business/markets/article/3278646/hong-kong-stocks-fall-weak-china-data-alibaba-and-tencent-lead-losses?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278646/hong-kong-stocks-fall-weak-china-data-alibaba-and-tencent-lead-losses?utm_source=rss_feed Mon, 16 Sep 2024 02:26:28 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks jumped for a second day to a one-week high as mainland developers rallied on speculation about mortgage-rate cuts. The Hang Seng Index added 0.8 per cent to 17,369.09 on Friday, adding to a 0.8 per cent gain on Thursday and narrowing the week’s loss to 0.4 per cent. The Tech Index gained 0.1 per cent while the Shanghai Composite Index dropped 0.5 per cent to a fresh eight-month low. Food delivery platform Meituan added 0.6 per cent to HK$123, smartphone maker Xiaomi added 1.6... https://www.scmp.com/business/markets/article/3278339/hong-kong-stocks-rise-speculation-about-mortgage-rate-cuts-china?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278339/hong-kong-stocks-rise-speculation-about-mortgage-rate-cuts-china?utm_source=rss_feed Fri, 13 Sep 2024 02:31:54 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks climbed from a one-month low, joining a rally in Asia-Pacific markets amid bullish bets on global rate cuts. Alibaba Group Holding led tech leaders higher on signs of surging demand from mainland-based investment funds. The Hang Seng Index rose 0.8 per cent to 17,240.39 on Thursday, after sliding on Wednesday to the lowest level since August 9. The Tech Index advanced 0.7 per cent, while the Shanghai Composite Index slipped 0.2 per cent to fresh eight-month low. E-commerce... https://www.scmp.com/business/markets/article/3278176/alibaba-wuxi-biologics-lead-hong-kong-stock-rebound-fund-inflows-fed-rate-focus?utm_source=rss_feed https://www.scmp.com/business/markets/article/3278176/alibaba-wuxi-biologics-lead-hong-kong-stock-rebound-fund-inflows-fed-rate-focus?utm_source=rss_feed Thu, 12 Sep 2024 03:07:54 +0000 Jiaxing Li Jiaxing Li One of Kazakhstan’s biggest privately owned conglomerates is looking to Hong Kong’s capital market to finance a multimillion dollar infrastructure project by its telecoms unit, underscoring the city’s growing status as a fundraising hub for the Belt and Road Initiative (BRI). Freedom Holdings, the top Kazakh retail brokerage and investment bank, has engaged China International Capital Corp. (CICC) to help it sell so-called dim sum bonds, or financial instruments denominated in offshore renminbi,... https://www.scmp.com/business/banking-finance/article/3278150/freedom-holdings-eyes-hong-kongs-dim-sum-bond-market-fund-kazakh-optic-fibre-project?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3278150/freedom-holdings-eyes-hong-kongs-dim-sum-bond-market-fund-kazakh-optic-fibre-project?utm_source=rss_feed Thu, 12 Sep 2024 00:30:16 +0000 Jiaxing Li Jiaxing Li Hong Kong’s financial secretary said the city is well-positioned to help advance the goals of the Belt and Road Initiative because it is a global financial centre and an ideal venue for participating countries to exploit its robust expertise and international connections. The initiative has delivered real results – benefiting countries across the globe – and has brought people together, Paul Chan said in a speech at the Belt and Road Summit on Wednesday. The city’s professional services and... https://www.scmp.com/business/china-business/article/3278083/paul-chan-hong-kong-unique-position-help-push-forward-belt-and-road-initiative?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3278083/paul-chan-hong-kong-unique-position-help-push-forward-belt-and-road-initiative?utm_source=rss_feed Wed, 11 Sep 2024 09:15:12 +0000 Yulu Ao,Jiaxing Li Yulu Ao,Jiaxing Li China’s decision to dismiss a clutch of distressed Chinese property developers from the Stock Connect scheme has fanned another round of sell-offs, erasing about HK$1.76 billion (US$225.7 million) of value and pressuring the onshore market, which is already struggling near an eight-month low. Shimao Group Holdings, CIFI Holdings, and Sino-Ocean Group plunged by 14 to 23 per cent in Hong Kong on Tuesday, after the Shanghai and Shenzhen stock exchanges removed them from the Stock Connect scheme... https://www.scmp.com/business/china-business/article/3277917/shares-suffer-new-beating-china-ejects-troubled-developers-stock-connect-links?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3277917/shares-suffer-new-beating-china-ejects-troubled-developers-stock-connect-links?utm_source=rss_feed Tue, 10 Sep 2024 06:38:42 +0000 Jiaxing Li Jiaxing Li Vietnam’s largest mobile-payment platform, Momo, aims to solidify its market leadership by capitalising on the Southeast Asian country’s burgeoning digital economy and expanding middle class. The company, dubbed Vietnam’s Alipay, is expanding its presence in offline consumption and broadening its financial services and merchant solutions to serve its growing user base, according to Manisha Shah, chief financial officer. “We continue to see a large unmet need,” Shah said in an interview last week... https://www.scmp.com/business/companies/article/3277884/momo-vietnams-alipay-sees-bright-future-digital-wave-expanding-middle-class?utm_source=rss_feed https://www.scmp.com/business/companies/article/3277884/momo-vietnams-alipay-sees-bright-future-digital-wave-expanding-middle-class?utm_source=rss_feed Tue, 10 Sep 2024 03:51:19 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks edged higher, reversing earlier losses, thanks to a rally from Alibaba and stronger-than-expected export data out of China. The Hang Seng Index added 0.2 per cent at 17,234.09 on Tuesday, after losing as much as 0.4 per cent in earlier trading, to climb out from a three-week low. The Tech Index added 0.4 per cent, while the Shanghai Composite Index added 0.3 per cent to claw out of an eight-month low. Alibaba jumped 4.2 per cent to HK$81.60 after exchanges in Shanghai and... https://www.scmp.com/business/markets/article/3277868/hong-kong-stocks-hover-around-3-week-low-ahead-china-trade-data?utm_source=rss_feed https://www.scmp.com/business/markets/article/3277868/hong-kong-stocks-hover-around-3-week-low-ahead-china-trade-data?utm_source=rss_feed Tue, 10 Sep 2024 02:29:55 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks fell to the lowest in three weeks after a poor inflation report from the mainland reinforced concerns about slowdown risks. Citigroup joined other Wall Street banks in snubbing Chinese stocks, citing weak consumption and corporate earnings outlook. The Hang Seng Index retreated 1.4 per cent to 17,196.96 on Monday, a level last seen on August 15. The Tech Index declined 1.5 per cent, while the Shanghai Composite Index slipped 1.1 per cent to an eight-month low. E-commerce leader... https://www.scmp.com/business/markets/article/3277712/hong-kong-stocks-hit-3-week-low-china-inflation-data-fuels-worries-about-growth?utm_source=rss_feed https://www.scmp.com/business/markets/article/3277712/hong-kong-stocks-hit-3-week-low-china-inflation-data-fuels-worries-about-growth?utm_source=rss_feed Mon, 09 Sep 2024 02:43:48 +0000 Jiaxing Li Jiaxing Li United Overseas Bank (UOB), Singapore’s third-largest lender by assets, is aiming to dominate trade financing in Southeast Asia, capitalising on the region’s appeal as a beneficiary of a widening rift between the US and China. The bank, which serves thousands of small and medium enterprises (SMEs) and corporate giants, wants to capture a bigger slice of the US$2 trillion trade flows in the region, according to Frederick Chin, head of group wholesale banking and markets. “The bright spot will be... https://www.scmp.com/business/banking-finance/article/3277665/singapores-uob-wants-dominate-us2-trillion-trade-finance-market-southeast-asia?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3277665/singapores-uob-wants-dominate-us2-trillion-trade-finance-market-southeast-asia?utm_source=rss_feed Sun, 08 Sep 2024 22:00:32 +0000 Jiaxing Li Jiaxing Li The rivalry between China and the US, the world’s two largest economic powers, is bringing a massive wave of opportunities to Southeast Asian nations (Asean) in terms of fresh investment and trade diversification, experts said. The geopolitical tensions have prompted more manufacturers to diversify their supply chains to the region at a quicker pace, said William Fung, deputy chairman of Li & Fung, a Hong Kong-based pioneer in consumer goods supply chain. This will help these Southeast Asian... https://www.scmp.com/business/companies/article/3277547/southeast-asia-reaps-rewards-us-china-rivalry-rocks-global-supply-chains?utm_source=rss_feed https://www.scmp.com/business/companies/article/3277547/southeast-asia-reaps-rewards-us-china-rivalry-rocks-global-supply-chains?utm_source=rss_feed Fri, 06 Sep 2024 12:18:34 +0000 Jiaxing Li,Daniel Ren Jiaxing Li,Daniel Ren China’s chief capital market regulator has called on leading state-run investment institutions and private asset managers to step up their presence and help revive confidence among investors in the underperforming US$8.2 trillion stock market. “I hope institutional investors will continue to maintain their confidence and composure,” Wu Qing, chairman of the China Securities Regulatory Commission (CSRC) said on Sunday in a statement on its website. “They should continuously strengthen the buying... https://www.scmp.com/business/markets/article/3275878/chinas-chief-market-regulator-calls-fund-managers-inject-confidence-revive-stocks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3275878/chinas-chief-market-regulator-calls-fund-managers-inject-confidence-revive-stocks?utm_source=rss_feed Mon, 26 Aug 2024 04:30:07 +0000 Zhang Shidong,Jiaxing Li Zhang Shidong,Jiaxing Li Alibaba Group Holding said it would switch its listing status in Hong Kong, in a technical move that qualifies the technology behemoth to sell shares to mainland China’s 220 million stock investors. The Hangzhou-based company, whose shares had been listed in New York since 2014 and in Hong Kong since 2019, will convert into a dual-primary listing status on the Hong Kong stock exchange starting August 28, from its previous secondary listing status, according to a statement on Friday. The new... https://www.scmp.com/business/china-business/article/3275548/alibaba-swaps-its-listing-status-hong-kong-clears-way-mainland-investments?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3275548/alibaba-swaps-its-listing-status-hong-kong-clears-way-mainland-investments?utm_source=rss_feed Fri, 23 Aug 2024 00:10:56 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks snapped a two-day losing streak, with Xiaomi and AIA rallying on stellar earnings and JD.com leading a tech rebound after a sell-off. The Hang Seng Index jumped 1.4 per cent to 17,641.00 at the closing of Thursday trading. The Tech Index jumped 2.2 per cent and the Shanghai Composite Index lost 0.3 per cent. Xiaomi jumped 9 per cent to HK$19.10, the biggest winner among the 82 blue chip index members, after it reported a 32 per cent jump in second-quarter revenue to 88.9 billion... https://www.scmp.com/business/markets/article/3275406/jdcom-xiaomi-and-aia-lead-rebound-hong-kong-stocks-fed-clears-rate-cut-doubts?utm_source=rss_feed https://www.scmp.com/business/markets/article/3275406/jdcom-xiaomi-and-aia-lead-rebound-hong-kong-stocks-fed-clears-rate-cut-doubts?utm_source=rss_feed Thu, 22 Aug 2024 02:39:33 +0000 Jiaxing Li Jiaxing Li Online trading platform Webull, set to go public through a US$7 billion special-purpose acquisition company (SPAC) deal this year, is gearing up to capture a new wave of individual investors in Asia as it intensifies its global expansion efforts. The company aims to ride its success in the US market to vault to the top ranks of trading platforms worldwide, according to Anthony Denier, Webull’s group president. “We want to bring the success we’ve had in the US, the lessons we’ve learned, and the... https://www.scmp.com/business/markets/article/3275201/online-brokerage-webull-targets-young-asian-traders-ahead-nasdaq-ipo?utm_source=rss_feed https://www.scmp.com/business/markets/article/3275201/online-brokerage-webull-targets-young-asian-traders-ahead-nasdaq-ipo?utm_source=rss_feed Wed, 21 Aug 2024 01:30:18 +0000 Jiaxing Li Jiaxing Li Bridgewater Associates sold more US-listed Chinese stocks from its global portfolio last quarter as returns sagged, bringing its retreat from some of the mainland’s underperforming companies to about 80 per cent over the past two years. The US investor cut all its stakes in social-media platform operators Weibo and Joyy, as well as solar-panel maker Daqo New Energy, during the three months to June 30, according to its latest 13F filing in New York on Thursday. The world’s biggest hedge fund,... https://www.scmp.com/business/markets/article/3274775/bridgewater-cuts-china-stock-bets-7th-straight-quarter-market-trails-us-japan?utm_source=rss_feed https://www.scmp.com/business/markets/article/3274775/bridgewater-cuts-china-stock-bets-7th-straight-quarter-market-trails-us-japan?utm_source=rss_feed Fri, 16 Aug 2024 09:00:40 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks recorded the biggest gain in more than two weeks, spurred by a tech sector rally led by JD.com after its strong earnings. A People’s Bank of China (PBOC) pledge of more policy support bolstered the mood. The Hang Seng Index added 1.9 per cent to 17,430.16 on Friday to record a second straight weekly gain. The Tech Index jumped 2.2 per cent, while the Shanghai Composite Index added less than 0.1 per cent. E-commerce platform JD.com rallied 8.9 per cent to HK$108.20, the biggest... https://www.scmp.com/business/markets/article/3274684/hong-kong-stocks-surge-jdcom-alibaba-earnings-and-pboc-support-pledge?utm_source=rss_feed https://www.scmp.com/business/markets/article/3274684/hong-kong-stocks-surge-jdcom-alibaba-earnings-and-pboc-support-pledge?utm_source=rss_feed Fri, 16 Aug 2024 02:34:16 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks weakened for a second day, left out of a broader Asian rally, after a mixed bag of economic data for mainland China reinforced growth concerns. The Fed rate-cut outlook and bets that Beijing will roll out more stimulus measures helped limit the downside. The Hang Seng Index declined less than 0.1 per cent to 17,109.14 at the close after losing as much as 1.1 per cent, and gaining as much as 0.4 per cent, earlier in the session. The Tech Index declined 0.3 per cent, while the... https://www.scmp.com/business/markets/article/3274531/hong-kong-stocks-jump-after-china-economic-data-points-stabilisation?utm_source=rss_feed https://www.scmp.com/business/markets/article/3274531/hong-kong-stocks-jump-after-china-economic-data-points-stabilisation?utm_source=rss_feed Thu, 15 Aug 2024 02:35:26 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks fell from a two-week high as weak Chinese economic data offset optimism on prospects of Fed easing. Tencent’s retreat ahead of earnings weighed on the benchmark index. The Hang Seng Index lost 0.4 per cent to 17,113.36 on Wednesday, snapping a five-day winning streak. The Tech Index dropped 1 per cent, and the Shanghai Composite Index fell 0.6 per cent to a six-month low. Tencent dropped 1.3 per cent to HK$373.80 ahead of its earnings card later today. Gaming firm NetEase lost... https://www.scmp.com/business/markets/article/3274396/hong-kong-stocks-retreat-two-week-high-weak-china-data-outweighs-rate-optimism?utm_source=rss_feed https://www.scmp.com/business/markets/article/3274396/hong-kong-stocks-retreat-two-week-high-weak-china-data-outweighs-rate-optimism?utm_source=rss_feed Wed, 14 Aug 2024 02:32:57 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks extended gains for the fifth consecutive day as markets across the region recovered from last week’s rout, while Tencent rallied on earnings-surprise bets. The Hang Seng Index added 0.4 per cent to 17,174.06 on Tuesday, the fifth straight day of gains and the best winning streak in three months. The Tech Index was little changed, while the Shanghai Composite Index jumped 0.3 per cent. Tencent jumped 1.3 per cent to HK$380, the highest level in a month, as its earnings card due... https://www.scmp.com/business/markets/article/3274254/hong-kong-stocks-left-out-regional-recovery-meituan-li-auto-pace-losses?utm_source=rss_feed https://www.scmp.com/business/markets/article/3274254/hong-kong-stocks-left-out-regional-recovery-meituan-li-auto-pace-losses?utm_source=rss_feed Tue, 13 Aug 2024 02:49:10 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks fluctuated near a three-month low before key economic and earnings reports this week, while markets in the Asia-Pacific region recovered from last week’s sell-off. Casino operators tumbled after local authorities vowed to tighten oversight of the industry. The Hang Seng Index gained 0.1 per cent to 17,111.65 on Monday, after losing as much as 0.5 per cent in earlier trading session. The Tech Index declined 0.2 per cent, while the Shanghai Composite Index lost 0.1 per... https://www.scmp.com/business/markets/article/3274119/hong-kong-stocks-dip-casino-property-sectors-weigh-asian-markets-advance?utm_source=rss_feed https://www.scmp.com/business/markets/article/3274119/hong-kong-stocks-dip-casino-property-sectors-weigh-asian-markets-advance?utm_source=rss_feed Mon, 12 Aug 2024 02:23:30 +0000 Jiaxing Li,Aileen Chuang Jiaxing Li,Aileen Chuang Black Sesame International, a Chinese chip maker focused on autonomous-driving systems, slumped in its Hong Kong trading debut as market turmoil dented investors’ appetite for risk and a sell-off in global technology stocks resumed. The stock sank 27 per cent to HK$20.45 at the close of trading on Thursday, versus its offering price of HK$28, valuing the entire company at HK$11.6 billion (US$1.5 billion). The broader market was subdued, with the Hang Seng Index adding 0.1 per cent and the Tech... https://www.scmp.com/business/banking-finance/article/3273649/black-sesame-hong-kongs-second-chapter-18c-stock-listing-slumps-29-market-debut?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3273649/black-sesame-hong-kongs-second-chapter-18c-stock-listing-slumps-29-market-debut?utm_source=rss_feed Thu, 08 Aug 2024 02:13:31 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks stumbled after a surge in US unemployment and manufacturing contraction triggered worries about a slowdown in the world’s largest economy, while the city’s developer were under additional pressure after Hongkong Land reported a jump in losses in its latest earnings announcement. The Hang Seng Index lost 2.1 per cent to 16,945.51 at the close of trade on Friday, pushing the benchmark into the red for the week. The Tech Index declined 2.6 per cent, while the Shanghai Composite... https://www.scmp.com/business/markets/article/3272875/hong-kong-stocks-slide-after-us-data-shock-triggers-regional-sell?utm_source=rss_feed https://www.scmp.com/business/markets/article/3272875/hong-kong-stocks-slide-after-us-data-shock-triggers-regional-sell?utm_source=rss_feed Fri, 02 Aug 2024 02:37:37 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks weakened after an unexpected contraction in China’s manufacturing activity and weak home sales in July reignited growth concerns. The US Federal Reserve’s dovish outlook after its overnight decision to leave interest rates unchanged failed to boost market sentiment. The Hang Seng Index declined 0.2 per cent to 17,304.96 on Thursday giving back some of the 2 per cent gain posted on Wednesday. The Tech Index dropped 1.2 per cent, while the Shanghai Composite Index lost 0.2 per... https://www.scmp.com/business/markets/article/3272722/hong-kong-stocks-slip-after-surprise-contraction-chinas-factory-activity?utm_source=rss_feed https://www.scmp.com/business/markets/article/3272722/hong-kong-stocks-slip-after-surprise-contraction-chinas-factory-activity?utm_source=rss_feed Thu, 01 Aug 2024 02:42:27 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks rallied on Wednesday on bets Beijing will deploy more stimulus measures after data released during the day showed a manufacturing slowdown. The city’s biggest lender HSBC jumped to 10-week high on buy-back plan. The Hang Seng Index jumped 2 per cent to end the day at 17,344.60, clawing its way back from three-month lows. The Tech Index climbed 3 per cent, while the Shanghai Composite Index gained 2.1 per cent, the biggest advance in three months. HSBC Holdings surged 4.6 per... https://www.scmp.com/business/markets/article/3272562/hsbc-leads-hong-kong-stocks-rebound-market-faces-risk-second-straight-monthly-loss?utm_source=rss_feed https://www.scmp.com/business/markets/article/3272562/hsbc-leads-hong-kong-stocks-rebound-market-faces-risk-second-straight-monthly-loss?utm_source=rss_feed Wed, 31 Jul 2024 02:44:50 +0000 Jiaxing Li,Aileen Chuang Jiaxing Li,Aileen Chuang China’s southern province Guangdong is looking to issue up to 7.5 billion yuan (US$1.03 billion) of offshore yuan-denominated bonds in Hong Kong, in a move that underscores China’s renewed push to internationalise its currency and strengthen the city’s role as an offshore yuan hub. The provincial Department of Finance is hiring bookrunners to issue bonds worth up to 5 billion yuan in Hong Kong and 2.5 billion yuan in Macau, according to a notice on Monday. The maturity of the bonds will be no... https://www.scmp.com/business/banking-finance/article/3272460/guangdong-join-dim-sum-bond-feast-us1-billion-sale-hong-kong-macau?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3272460/guangdong-join-dim-sum-bond-feast-us1-billion-sale-hong-kong-macau?utm_source=rss_feed Tue, 30 Jul 2024 08:00:20 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks tumbled to a three month-low as investors fretted over the lack of forceful stimulative measures from China’s Politburo meeting. Local developers tumbled, with Hang Lung Properties crashing to a 24-year low after it reported its income halved amid a property downturn. The Hang Seng Index lost 1.4 per cent to 17,002.91 at the close of trade on Tuesday. The Tech Index tumbled 1.5 per cent, while the Shanghai Composite Index declined 0.4 per cent to a six-month low. All but five of... https://www.scmp.com/business/markets/article/3272403/hong-kong-stocks-slide-ahead-key-china-manufacturing-data?utm_source=rss_feed https://www.scmp.com/business/markets/article/3272403/hong-kong-stocks-slide-ahead-key-china-manufacturing-data?utm_source=rss_feed Tue, 30 Jul 2024 02:40:52 +0000 Jiaxing Li Jiaxing Li Hong Kong stocks jumped by the most in two weeks, buoyed by upbeat industrial profits and in anticipation of more supportive policies from the coming Politburo meeting. The Hang Seng Index gained 1.3 per cent to 17,238.34 at the close of trade on Monday, the biggest advance since July 12. The Hang Seng Tech Index added 0.7 per cent and the Shanghai Composite Index gained less than 0.1 per cent. E-commerce company Alibaba rallied 3.8 per cent to HK$75.90, smartphone maker Xiaomi jumped 1.8 per... https://www.scmp.com/business/markets/article/3272245/hong-kong-stocks-jump-after-china-industrial-profits-rise-eyes-politburo-meeting?utm_source=rss_feed https://www.scmp.com/business/markets/article/3272245/hong-kong-stocks-jump-after-china-industrial-profits-rise-eyes-politburo-meeting?utm_source=rss_feed Mon, 29 Jul 2024 02:40:35 +0000 Jiaxing Li Jiaxing Li China’s slowing growth has begun to weigh on luxury brands such as LVMH and Chow Tai Fook, as consumers in the world’s second-largest economy tighten their belts amid economic uncertainty. LVMH, the world’s largest luxury group with brands such as Louis Vuitton and Dior, saw sales in Asia, excluding Japan, decline by 13 per cent in the first half of the year, according to its earnings report released on Tuesday. “An unfavourable market environment in China” has also contributed to a 15 per cent... https://www.scmp.com/business/china-business/article/3271697/luxury-brands-china-take-hit-low-consumer-confidence-economy-slows?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3271697/luxury-brands-china-take-hit-low-consumer-confidence-economy-slows?utm_source=rss_feed Wed, 24 Jul 2024 09:00:19 +0000 Jiaxing Li Jiaxing Li Three individuals were sentenced to up to six years and eight months in jail for manipulating shares of Ching Lee Holding, the Hong Kong High Court ruled on Monday, marking the city’s toughest crackdown yet on a pump and dump scheme. Sit Yi-ki, Lam Wing-ki, and Tam Cheuk-hang were sentenced to between four years four months and six years eight months in jail, with the latter being the heaviest sentence ever imposed for such a criminal offence. They were found guilty in a landmark prosecution... https://www.scmp.com/business/article/3271382/hong-kong-jails-3-stock-market-manipulators-80-months-landmark-case?utm_source=rss_feed https://www.scmp.com/business/article/3271382/hong-kong-jails-3-stock-market-manipulators-80-months-landmark-case?utm_source=rss_feed Mon, 22 Jul 2024 07:03:00 +0000 Jiaxing Li Jiaxing Li A year after parting ways with US venture capital (VC) firm BlueRun, its former China arm, VC firm Lanchi Ventures is looking to build on its new identity. The early-stage VC firm is now expanding to Hong Kong, aspiring to leverage the city’s financial center status and talent pool to connect the newest generation of Chinese artificial intelligence (AI) entrepreneurs with global markets, Jui Tan and Terry Zhu, managing partners at Lanchi Ventures, said in an interview with the Post. “One of our... https://www.scmp.com/business/china-business/article/3271303/vc-firm-lanchi-bets-china-ai-hong-kong-potential-after-parting-ways-bluerun?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3271303/vc-firm-lanchi-bets-china-ai-hong-kong-potential-after-parting-ways-bluerun?utm_source=rss_feed Sun, 21 Jul 2024 23:30:13 +0000 Jiaxing Li Jiaxing Li Hong Kong’s government raised US$3.2 billion via green bonds denominated in US dollars, euros and offshore yuan in the city’s latest push to establish itself as a sustainable finance hub and to promote the internationalisation of the Chinese currency. The deal consisted of a US$1 billion three-year dollar bond, a seven-year €750 million (US$819.75 million) bond, and a 10 billion yuan (US$1.38 billion) bond with maturities of two, five, 10, 20 and 30 years, according to the Hong Kong Monetary... https://www.scmp.com/business/markets/article/3270994/hong-kong-government-raises-us32-billion-multicurrency-green-bond?utm_source=rss_feed https://www.scmp.com/business/markets/article/3270994/hong-kong-government-raises-us32-billion-multicurrency-green-bond?utm_source=rss_feed Thu, 18 Jul 2024 12:45:34 +0000