https://www.scmp.com/rss/9138/feed Georgina Lee has been a financial journalist for more than 15 years, having worked for newswires and trade magazines before she joined the Post. She has also previously written research articles on key structured credit themes for a credit rating agency. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com China Aviation Lithium Battery (CALB), the country’s third-largest electric vehicle (EV) battery maker, won approval from the Hong Kong stock exchange’s listing committee on Thursday for a share sale that could raise up to US$2 billion, sources close to the deal said. CALB’s Hong Kong share sale would follow the initial public offering (IPO) by lithium ore miner and EV battery maker Tianqi Lithium, which raised US$1.7 billion in July. If successful, CALB could become the second-largest IPO in... https://www.scmp.com/business/banking-finance/article/3191866/china-aviation-lithium-battery-wins-hong-kong-bourse?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3191866/china-aviation-lithium-battery-wins-hong-kong-bourse?utm_source=rss_feed Thu, 08 Sep 2022 22:00:24 +0000 Hong Kong lawmakers and stockbrokers are firmly behind a proposed government legislation that will allow the city to introduce yuan-denominated stock trading. The move will strengthen the city’s status as an international financial centre and could help reduce the yuan exchange rate risks affecting mainland Chinese investors trading Hong Kong stocks through the Stock Connect, they said. Financial Secretary Paul Chan Mo-po disclosed the plan to introduce a “one stock, two currencies” option in... https://www.scmp.com/business/markets/article/3191747/hong-kong-lawmakers-brokers-support-bill-paving-way-mainland?utm_source=rss_feed https://www.scmp.com/business/markets/article/3191747/hong-kong-lawmakers-brokers-support-bill-paving-way-mainland?utm_source=rss_feed Thu, 08 Sep 2022 09:30:11 +0000 China’s Ministry of Finance (MOF) successfully sold two tranches of offshore yuan bonds totalling 3 billion yuan (US$430 million) in Macau on Wednesday, marking a step forward in its effort to develop an offshore yuan market. It is the second offshore yuan bond issued in Macau by the MOF, after its inaugural 2 billion yuan (US$286 million, at the then exchange rate) offering in 2019, which marked the 20th anniversary of the enclave’s return to Chinese sovereignty. The latest issuance, comprising... https://www.scmp.com/business/banking-finance/article/3191715/chinese-governments-offshore-yuan-bond-sale-macau-nets?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3191715/chinese-governments-offshore-yuan-bond-sale-macau-nets?utm_source=rss_feed Wed, 07 Sep 2022 13:30:21 +0000 Hong Kong and Shenzhen have announced a slew of incentives for financial firms to set up in Qianhai, as the two cities seek closer collaboration in drawing global venture capital to the special economic zone. The Financial Services and the Treasury Bureau (FSTB) of Hong Kong and the Shenzhen government announced 18 measures on Friday, with the goal of fostering their partnership in innovation and technology. The measures, effective for three years, are targeted at venture capital firms,... https://www.scmp.com/business/banking-finance/article/3191138/hong-kong-shenzhen-dangle-perks-entice-global-venture?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3191138/hong-kong-shenzhen-dangle-perks-entice-global-venture?utm_source=rss_feed Fri, 02 Sep 2022 10:15:19 +0000 Onewo, the property services unit of property developer China Vanke, has received the go-ahead from the Hong Kong stock exchange’s listing committee for an initial public offering (IPO), and will start the investor education process this week, said a source close to the transaction. The Shenzhen-based firm is aiming to raise between US$1 billion and US$1.5 billion, with a share sale scheduled for later this month, said the source, who is not authorised to speak publicly about the deal. Onewo’s... https://www.scmp.com/economy/china-economy/article/3190940/china-vanke-property-services-unit-onewo-targets-us15-billion?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3190940/china-vanke-property-services-unit-onewo-targets-us15-billion?utm_source=rss_feed Thu, 01 Sep 2022 05:05:10 +0000 China’s slowing economy and its stringent zero-Covid policy will prove challenging for banks to prevent loan quality from worsening in the second half, said senior executives of Industrial and Commercial Bank of China (ICBC). While the non-performing loan (NPL) ratio for ICBC has remained largely stable over the past 12 months, the impact of China’s strict zero-Covid measures will weigh on corporate borrowers from different sectors, said Wang Jingwu, senior executive vice-president and chief... https://www.scmp.com/business/banking-finance/article/3190743/icbc-sees-tough-challenges-curbing-bad-loans-chinas-strict?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3190743/icbc-sees-tough-challenges-curbing-bad-loans-chinas-strict?utm_source=rss_feed Tue, 30 Aug 2022 22:15:24 +0000 Two Chinese state-owned banks said this week that their first-half earnings were largely unhurt by the country’s Covid-19 lockdown measures, but more challenges are in store, with the Bank of Communications (Bocom) warning about a potential rise in sour debt from credit card customers in the second half. Due to the economic impact of Covid-19 restrictions on some of its retail borrowers, Shanghai-based Bocom has granted payment extensions worth 2.7 billion yuan (US$393.4 million) to some of its... https://www.scmp.com/business/banking-finance/article/3190359/bank-communications-first-half-earnings-survive-chinas?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3190359/bank-communications-first-half-earnings-survive-chinas?utm_source=rss_feed Sat, 27 Aug 2022 00:00:30 +0000 Electric-vehicle maker Zhejiang Leapmotor Tech has won approval from the Hong Kong stock exchange’s listing committee for an IPO (initial public offering), in which it aims to raise between US$1 billion and US$1.5 billion, according to a person familiar with the transaction. The company will start an investor education process next week and is targeting September for the deal launch, although the timetable could still change as it is subject to market conditions, said the person, who is not... https://www.scmp.com/business/banking-finance/article/3190268/chinese-electric-car-maker-leapmotor-gets-green-light-hong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3190268/chinese-electric-car-maker-leapmotor-gets-green-light-hong?utm_source=rss_feed Fri, 26 Aug 2022 05:53:26 +0000 China Tourism Group Duty Free, the world’s largest travel retailer by sales, got off to a lacklustre start on its closely-watched debut on the Hong Kong stock exchange on Thursday. The shares closed at HK$158.00, the same as its initial public offering price. At one point they dropped to HK$120.00 within a few minutes of the start of trading. The Hang Seng Index rose 3.6 per cent to 19,968.38 on Thursday. Trading in the Beijing-based company’s stock was delayed until 1pm on Thursday as severe... https://www.scmp.com/business/banking-finance/article/3190128/china-tourism-group-duty-free-biggest-ipo-2022-makes?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3190128/china-tourism-group-duty-free-biggest-ipo-2022-makes?utm_source=rss_feed Thu, 25 Aug 2022 06:29:37 +0000 Georgina Lee Georgina Lee More crypto exchanges are allowing cryptocurrency investors to earn yields on pledged stakes using newly minted tokens as a reward for helping blockchains transition to a faster, cheaper and greener validation technology known as proof-of-stake. The most widely anticipated of these transitions is the upgrade to Ethereum 2.0, slated to be completed in mid-September after suffering several delays. Rather than relying on the current proof-of-work model, which requires solving complex mathematical... https://www.scmp.com/business/banking-finance/article/3190052/crypto-exchanges-tout-staking-service-ethereum-20-upgrade?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3190052/crypto-exchanges-tout-staking-service-ethereum-20-upgrade?utm_source=rss_feed Thu, 25 Aug 2022 00:20:26 +0000 Chinese banks are set to report about 5 per cent year-on-year profit growth for the first half of 2022, as sustained loan growth to support infrastructure and state companies is expected to offset weaker retail loan demand caused by Covid-19 lockdowns in the second quarter, analysts said. The six leading state-owned banks, including Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China, will begin releasing their first-half results over... https://www.scmp.com/business/banking-finance/article/3189499/chinese-banks-set-report-first-half-profit-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3189499/chinese-banks-set-report-first-half-profit-growth?utm_source=rss_feed Sun, 21 Aug 2022 05:30:17 +0000 The Hang Seng Indexes Company will add four stocks including artificial intelligence giant Baidu and China Shenhua Energy to the city’s stock benchmark from next month, boosting the index capitalisation by HK$696 billion (US$88.7 billion) in the latest quarterly review. Together with Chow Tai Fook Jewellery and Hansoh Pharmaceutical Group, the quartet will join the index from September 5, the index compiler said in a statement on Friday. Unlike the last review in May, no constituents were... https://www.scmp.com/business/markets/article/3189561/baidu-shenhua-energy-included-hang-seng-index-quarterly-revamp?utm_source=rss_feed https://www.scmp.com/business/markets/article/3189561/baidu-shenhua-energy-included-hang-seng-index-quarterly-revamp?utm_source=rss_feed Fri, 19 Aug 2022 13:31:25 +0000 China Tourism Group Duty Free has priced its Hong Kong initial public offering at HK$158 per share, raising about US$2.1 billion (HK$16.2 billion) of proceeds in the city’s biggest IPO this year, according to a person familiar with the transaction. The final offer price is above the midpoint of the HK$143.50-HK$165.50 range the retailer marketed to investors. It will issue 102.8 million shares to investors, and trading is slated to begin on August 25 under the stock code “1880”. There is an... https://www.scmp.com/business/companies/article/3189402/china-tourism-group-prices-hong-kong-ipo-hk158-raising-us21?utm_source=rss_feed https://www.scmp.com/business/companies/article/3189402/china-tourism-group-prices-hong-kong-ipo-hk158-raising-us21?utm_source=rss_feed Thu, 18 Aug 2022 13:31:47 +0000 Hong Kong’s audit regulator has expanded its probe into the property services arm of embattled developer China Evergrande to look into 13.4 billion yuan of deposits the subsidiary used to back several loans, later revealed to have been channelled to its parent. The Financial Reporting Council (FRC) said in relation to the 13.4 billion yuan deposits used as pledge guarantees by Evergrande Property Services, disclosed by China Evergrande in an exchange filing last month, the inquiry will... https://www.scmp.com/business/banking-finance/article/3188977/hong-kongs-audit-watchdog-expands-probe-embattled-china?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188977/hong-kongs-audit-watchdog-expands-probe-embattled-china?utm_source=rss_feed Mon, 15 Aug 2022 12:05:12 +0000 Expectations of a pullback in US interest rate increases and lower currency market volatility are likely to pose challenges for Standard Chartered’s capital markets and trading business in the second half of 2022. But the lender’s new carbon credit business will mitigate a likely drop in business activity, amid clients’ growing demand for trade in carbon credits with counterparts in Europe, said John Thang, Standard Chartered’s head of financial markets in Hong Kong and Greater Bay Area. For the... https://www.scmp.com/business/banking-finance/article/3188677/standard-chartered-banks-carbon-trading-pullback-rate?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188677/standard-chartered-banks-carbon-trading-pullback-rate?utm_source=rss_feed Mon, 15 Aug 2022 01:30:25 +0000 China Tourism Group Duty Free has received approval from the Hong Kong stock exchange’s listing committee for its flotation on the main board, according to a filing late on Tuesday. The company will start book building as soon as Friday and aims to raise around US$2.7 billion in what could be the biggest initial public offering (IPO) in the city this year, according to market sources. The company’s mainland stock has lost at least 7.8 billion yuan (US$406 million) in market value so far this... https://www.scmp.com/business/banking-finance/article/3188371/china-tourism-group-duty-free-gets-approval-ipo-targets?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188371/china-tourism-group-duty-free-gets-approval-ipo-targets?utm_source=rss_feed Wed, 10 Aug 2022 05:12:19 +0000 The Hong Kong government has increased the size and guaranteed returns for its latest batch of Silver Bonds, offering some 2 million senior citizens an investment that could help safeguard their savings against inflation. For the seventh batch of the inflation-linked bonds aimed at people aged 60 and above, the government has raised the size of the offering to HK$35 billion (US$4.5 billion), from the HK$30 billion issued in the last tranche a year ago. It may choose to increase it again, to a... https://www.scmp.com/business/banking-finance/article/3188310/hong-kong-raises-size-and-guaranteed-returns-its-silver?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188310/hong-kong-raises-size-and-guaranteed-returns-its-silver?utm_source=rss_feed Tue, 09 Aug 2022 11:02:20 +0000 HK Acquisition Corp, a blank-cheque company backed by the former head of Hong Kong’s de facto central bank, has its book fully covered for its HK$1 billion (US$127 million) initial public offering (IPO) on Monday, according to people close to the transaction. The special purpose acquisition company (SPAC) formed by Norman Chan Tak-lam, the former chief executive of the Hong Kong Monetary Authority (HKMA), along with two family members of the city’s former chief executive Donald Tsang Yam-kuen,... https://www.scmp.com/business/banking-finance/article/3188282/blank-cheque-firm-former-hkma-chief-norman-chan-completes?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188282/blank-cheque-firm-former-hkma-chief-norman-chan-completes?utm_source=rss_feed Tue, 09 Aug 2022 08:45:23 +0000 Hong Kong business owners are increasingly looking to non-fungible tokens (NFTs) to help monetise their brands and reward customers and staff. A local restaurant group has teamed up with a blockchain investor to create a marketplace for Michelin-starred tables and cut out the queue. Jia Group, the owner of AndÕ, Louise, Mono and Duddell’s, which have all received one Michelin star this year, has partnered with Jehan Chu, the founder of blockchain-focused venture capital firm Kenetic, in an NFT... https://www.scmp.com/business/banking-finance/article/3187788/actor-louis-koo-michelin-star-restaurateurs-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3187788/actor-louis-koo-michelin-star-restaurateurs-hong-kong?utm_source=rss_feed Fri, 05 Aug 2022 03:38:38 +0000 Georgina Lee Georgina Lee AI Speech, an Alibaba-backed company involved in speech recognition and AI chip design, has moved a step forward in its quest for a public listing on Shanghai’s Star Market. The Jiangsu province-based company began completing a Q&A from the Shanghai Stock Exchange on Wednesday, representing the second step in a vetting process that normally takes well over a year. The company aims to raise 10.3 billion yuan (US$1.5 billion) from an eventual initial public offering (IPO), it said in a filing... https://www.scmp.com/business/banking-finance/article/3187697/alibaba-backed-ai-speech-moves-forward-star-market-listing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3187697/alibaba-backed-ai-speech-moves-forward-star-market-listing?utm_source=rss_feed Thu, 04 Aug 2022 23:30:23 +0000 Most analysts predict Hong Kong’s commercial banks will raise the prime rate in September, but some expect a rate increase to come this month as a key indicator of bank liquidity continues to fall, according to a poll conducted by the South China Morning Post. Six out of 10 analysts surveyed believe the prime rate will rise by between 12.5 and 25 basis points in September. One expects the same level of increase sometime in the fourth quarter. One respondent said the rate will not rise at all. At... https://www.scmp.com/business/banking-finance/article/3187445/hong-kong-prime-rate-increase-could-hit-month-some?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3187445/hong-kong-prime-rate-increase-could-hit-month-some?utm_source=rss_feed Wed, 03 Aug 2022 00:30:26 +0000 Four Chinese companies had a mixed debut on the SIX Swiss Exchange on Thursday, marking the first test of investor interest in Chinese global depositary receipts (GDR) launched by the Zurich-based bourse. Representatives from Shanghai-listed Keda Industrial and Ningbo Shanshan, and Shenzhen-listed GEM and Gotion High-tech rang a traditional Swiss cowbell at a ceremony ahead of the debut of their GDRs in a landmark new business for the SIX Swiss Exchange. The Swiss exchange is providing a new... https://www.scmp.com/business/banking-finance/article/3186959/four-chinese-companies-ring-cowbell-six-swiss-exchange?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3186959/four-chinese-companies-ring-cowbell-six-swiss-exchange?utm_source=rss_feed Thu, 28 Jul 2022 17:31:27 +0000 Interest rate increases in the United States and other major markets globally will have an impact on Hong Kong’s economy and exports, Financial Secretary Paul Chan Mo-po said on Thursday. But the second phase of the city’s Consumption Voucher Scheme will help offset this impact. “With the increasing interest rates in the US, as well as many of the developed economies, the external economic situation will continue to worsen. So the export performance of Hong Kong will naturally be affected,” Chan... https://www.scmp.com/business/article/3186860/hong-kong-financial-secretary-paul-chan-says-global-rate-rises-recession?utm_source=rss_feed https://www.scmp.com/business/article/3186860/hong-kong-financial-secretary-paul-chan-says-global-rate-rises-recession?utm_source=rss_feed Thu, 28 Jul 2022 06:00:15 +0000 Georgina Lee Georgina Lee The head of Binance has issued a lawsuit against Modern Media in Hong Kong for allegedly making defamatory statements on the cover of a Chinese magazine, as the world’s largest cryptocurrency exchange steps up actions to defend its reputation amid a recent cryptocurrency rout. Zhao Changpeng, founder and chief executive of Binance and known as “CZ” in the cryptocurrency community, has filed a writ at the Hong Kong High Court against Modern Media, alleging that the July 6, Chinese-language... https://www.scmp.com/business/banking-finance/article/3186704/binances-founder-cz-sues-modern-media-libel-richest-man?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3186704/binances-founder-cz-sues-modern-media-libel-richest-man?utm_source=rss_feed Wed, 27 Jul 2022 02:35:10 +0000 Two commodities firms controlled by the same Kazakhstan oil and mining tycoon have applied for listings in Hong Kong, boosting the stock exchange’s bid to diversify away from Chinese issuers. Kazakh Steel and MM Petroleum, both controlled 73-year old metals magnate Kanat Assaubayev, filed their preliminary prospectuses in April and June respectively for their initial public offerings (IPOs). They are among a tiny handful of foreign companies that have sought to raise funds on the city’s bourse... https://www.scmp.com/business/banking-finance/article/3186531/kazakhstan-metals-tycoon-seeks-two-hong-kong-ipos-stock?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3186531/kazakhstan-metals-tycoon-seeks-two-hong-kong-ipos-stock?utm_source=rss_feed Tue, 26 Jul 2022 00:30:25 +0000 The first sale of global depositary receipts (GDRs) on the SIX Swiss Exchange issued by a Chinese A share company will kick off as early as Friday, after Keda Industrial Group said it had received conditional approval from Swiss regulators for a listing. GDR offerings by Chinese companies have been enabled via a stock exchange scheme established between China and Switzerland, after Swiss regulators recently finalised rules for investors to trade GDRs that can be swapped into A shares on the... https://www.scmp.com/business/china-business/article/3186136/chinese-companies-kick-global-depositary-receipt-sales-six?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3186136/chinese-companies-kick-global-depositary-receipt-sales-six?utm_source=rss_feed Fri, 22 Jul 2022 01:30:21 +0000 Barclays said it has received approval from Taiwanese regulators to set up a wholly owned subsidiary, which will focus on bond underwriting and green financing, re-entering a market it had exited six years ago. The British bank got the go-ahead from the Financial Supervisory Commission and the Ministry of Economic Affairs to establish Barclays Securities Taiwan, which will be headed by Shella Wang, head of macro distribution for North Asia. She has also been appointed as the chairwoman of the... https://www.scmp.com/business/banking-finance/article/3185967/barclays-returns-taiwan-wholly-owned-subsidiary-after?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3185967/barclays-returns-taiwan-wholly-owned-subsidiary-after?utm_source=rss_feed Wed, 20 Jul 2022 12:31:02 +0000 A quarter of more than 6,000 start-ups in Asia-Pacific are engaged in non-fungible tokens (NFTs) and decentralised finance (DeFi) as their core businesses, a troubled sector that still has the potential to produce dominant unicorn companies, according to a joint study by KPMG and HSBC. Among these, Singapore DeFi platform Stader Labs, Hong Kong blockchain gaming platform Catheon Gaming and crypto custodial service provider Hex Trust appear on a top 100 list published by KPMG and HSBC. The joint... https://www.scmp.com/business/banking-finance/article/3185792/start-ups-nfts-blockchain-based-defi-can-rise-crypto-crash?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3185792/start-ups-nfts-blockchain-based-defi-can-rise-crypto-crash?utm_source=rss_feed Tue, 19 Jul 2022 08:30:21 +0000 At least a fifth of rated Chinese property developers will end up becoming insolvent, putting as much as US$88 billion of their distressed bonds at risk, according to S&P Global Ratings. While some developers have resorted to debt extensions and bond exchanges to buy time to avoid default, investors will soon lose patience and press their claims through the courts or debt restructuring if a recovery of the sector does not play out by the first quarter of 2023, the ratings agency said. Exchanges... https://www.scmp.com/business/article/3185686/fifth-chinese-developers-face-insolvency-investors-grow-tired-repeated?utm_source=rss_feed https://www.scmp.com/business/article/3185686/fifth-chinese-developers-face-insolvency-investors-grow-tired-repeated?utm_source=rss_feed Mon, 18 Jul 2022 10:15:22 +0000 Foreign-currency bonds sold by issuers in the Asia-Pacific region (ex-Japan) will continue their decline for the rest of this year, said bankers focused on primary bond issuance. An absence of offerings from Chinese developers and rising US interest rates sank bond issuances in the first half of the year to the lowest level since 2018. Issuance of bonds in the so-called G3 currencies, comprising the US dollar, the yen and the euro, declined 34 per cent year-on-year in the first six months of... https://www.scmp.com/business/banking-finance/article/3185440/asian-foreign-currency-bond-issuance-falls-four-year-low?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3185440/asian-foreign-currency-bond-issuance-falls-four-year-low?utm_source=rss_feed Mon, 18 Jul 2022 01:30:24 +0000 Georgina Lee Georgina Lee Cryptocurrency exchanges and start-ups have expressed concerns that a licensing regime to be introduced in Hong Kong for virtual asset service providers does not go far enough to lift them out of the periphery of main street finance and to level the playing field. The proposed framework will introduce a mandatory licensing requirement for all cryptocurrency trading platforms. It had its first reading in the city’s legislature last week and the government is aiming to enact the framework into law... https://www.scmp.com/business/banking-finance/article/3185159/cryptocurrency-start-ups-fear-new-hong-kong-licensing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3185159/cryptocurrency-start-ups-fear-new-hong-kong-licensing?utm_source=rss_feed Wed, 13 Jul 2022 23:30:19 +0000 Miniso will raise a lower-than-expected HK$567 million (US$72 million) from its secondary stock offer in Hong Kong, after an 11-per cent slump in the low-cost retailer’s stock price in New York. The Guangzhou-based company will sell its shares to retail investors at HK$13.8 each, 37 per cent less than the HK$22.1 initially sought by Miniso and 9 per cent discount to its American depositary receipts (ADRs) after they fell 11 per cent last week to US$7.78 in New York. Miniso will issue 41.1... https://www.scmp.com/business/banking-finance/article/3184408/miniso-prices-hong-kong-listing-hk138-share-raising-less?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3184408/miniso-prices-hong-kong-listing-hk138-share-raising-less?utm_source=rss_feed Thu, 07 Jul 2022 04:13:44 +0000 Tianqi Lithium will price its Hong Kong stock sale at the high end of a range, as improving market sentiments buoyed the city’s largest initial public offering (IPO) this year, auguring well for nearly 200 companies waiting in the pipeline to raise funds. Each share of Asia’s second-largest lithium compound producer will be offered at HK$82, which will help Tianqi raise as much as HK$13.5 billion (US$1.7 billion), according to people familiar with the transaction. The stock, trading under the... https://www.scmp.com/business/banking-finance/article/3184301/tianqi-lithium-price-its-hong-kong-ipo-high-end-range?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3184301/tianqi-lithium-price-its-hong-kong-ipo-high-end-range?utm_source=rss_feed Wed, 06 Jul 2022 08:03:22 +0000 Huadian New Energy, the renewable energy unit of China Huadian, one of China’s five state-owned electricity generators, aims to raise about 30 billion yuan (US$4.5 billion) via a listing on the Shanghai Stock Exchange, according to its draft initial public offering (IPO) filing. The Beijing-based company, which is engaged in solar and wind power generation and claims to have 27.24 gigawatts (GW) of installed capacity, is seeking the A-share listing after it was delisted from the Hong Kong bourse... https://www.scmp.com/business/banking-finance/article/3184277/china-huadians-renewable-energy-unit-files-us45-billion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3184277/china-huadians-renewable-energy-unit-files-us45-billion?utm_source=rss_feed Wed, 06 Jul 2022 05:00:14 +0000 Hong Kong widened its cross-border investment channel with Shanghai and Shenzhen with two new classes of financial products on Monday, elevating the city’s status as mainland China’s offshore capital hub. The ETF Connect formally kicked off, allowing global investors to tap 83 exchange-traded funds (ETFs) in China – 53 in Shanghai, 30 in Shenzhen – via accounts held in Hong Kong, an opening that may attract up to 200 billion yuan (US$29.8 billion) of investments within one to two years,... https://www.scmp.com/business/article/3184046/hong-kong-gets-shot-arm-chinas-offshore-financial-hub-new-products-and?utm_source=rss_feed https://www.scmp.com/business/article/3184046/hong-kong-gets-shot-arm-chinas-offshore-financial-hub-new-products-and?utm_source=rss_feed Mon, 04 Jul 2022 10:00:24 +0000 Central banks and regulators in China and Hong Kong will work on launching Swap Connect, a mutual access mechanism that will allow foreign investors to hedge the market risks of the 3.7 trillion yuan (US$553 billion) in onshore yuan bonds held by them. As the latest mutual access mechanism designed to augment Hong Kong’s role as an international financial hub, and to further open up mainland China’s interbank derivative market, Swap Connect will first debut with interest rate swaps. These are... https://www.scmp.com/business/banking-finance/article/3184040/china-hong-kong-regulators-launch-swap-connect-give?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3184040/china-hong-kong-regulators-launch-swap-connect-give?utm_source=rss_feed Mon, 04 Jul 2022 08:00:11 +0000 Airbus has secured a bulk order for 292 of its A320 single-aisle aircraft from four Chinese airlines, as deteriorating US-China relations tipped the balance for aviation sales in the European manufacturer’s favour, dealing a blow to the American rival Boeing. China Southern Airlines, Air China, China Eastern Airlines and Shenzhen Airlines are the four carriers buying the aircraft, Xinhua News Agency said. Details of how the bulk order would be allocated, and the price paid for each aircraft,... https://www.scmp.com/business/banking-finance/article/3183905/airbus-sells-292-a320-aircraft-four-chinese-airlines-blow?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3183905/airbus-sells-292-a320-aircraft-four-chinese-airlines-blow?utm_source=rss_feed Sat, 02 Jul 2022 08:48:55 +0000 Miniso, the Chinese low-cost retailer listed in New York, is selling 41.1 million shares at a maximum of HK$22.1 each in a secondary Hong Kong listing, which will allow it to raise HK$908.3 million (US$115.7 million), as more US-listed Chinese issuers seek listings closer to home. The maximum offer price represents a 29.2 per cent premium on the US$8.72 closing price of its American depository shares (ADSs) on Tuesday, according to a term sheet seen by the Post. Bank of America, Haitong... https://www.scmp.com/business/article/3183577/nyse-listed-chinese-low-cost-retailer-miniso-targets-us116-million?utm_source=rss_feed https://www.scmp.com/business/article/3183577/nyse-listed-chinese-low-cost-retailer-miniso-targets-us116-million?utm_source=rss_feed Thu, 30 Jun 2022 02:31:35 +0000 Tianqi Lithium, one of the world’s biggest lithium producers, will kick off its US$2 billion Hong Kong secondary listing on June 30, in what could be the city’s biggest financial deal so far this year, Tianqi plans to sell 164.12 million shares at between HK$69 and HK$82 each, potentially raising up to HK$15.7 billion (US$2 billion) at the top end of the pricing range including a 15-per cent overallotment , according to a statement by the Chengdu-based company. The retail portion of the IPO ends... https://www.scmp.com/business/banking-finance/article/3183531/tianqi-lithium-kicks-hong-kong-ipo-aiming-raise-us2?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3183531/tianqi-lithium-kicks-hong-kong-ipo-aiming-raise-us2?utm_source=rss_feed Wed, 29 Jun 2022 10:56:57 +0000 Weilong Delicious Global Holdings, a maker of spicy snack food, has updated its draft prospectus as it prepares to revive an initial public offering targeting US$500 million, according to a person familiar with the transaction. The issuer is gauging investor appetite for its new shares, and a deal launch could happen as soon as July, said the person, who wished to remain anonymous because they are not authorised to speak publicly about the transaction. The timing and the size of the offering... https://www.scmp.com/business/banking-finance/article/3183331/chinese-spicy-snack-giant-weilong-delicious-seeks-relaunch?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3183331/chinese-spicy-snack-giant-weilong-delicious-seeks-relaunch?utm_source=rss_feed Tue, 28 Jun 2022 05:43:14 +0000 Georgina Lee Georgina Lee The recent collapse in the value of stablecoins shows they are ill-suited as a form of money and that their attempt to piggyback on money issued by central banks does not give them the stability their name suggests, according to the Asia-Pacific head of the Bank of International Settlements (BIS). The implosion of several stablecoins, including TerraUSD which saw its value reduced to almost nothing in May from being the third-largest with a US$18.7 billion market capitalisation at its peak, has... https://www.scmp.com/business/banking-finance/article/3183071/stablecoin-implosion-shows-it-has-no-role-form-money-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3183071/stablecoin-implosion-shows-it-has-no-role-form-money-says?utm_source=rss_feed Sun, 26 Jun 2022 09:45:13 +0000 Shares of GogoX Holdings slumped in their Hong Kong trading debut as the city’s very first unicorn kicked off the return of the ceremonial gong after a two-year absence to mark a new initial public offering. The logistics group fetched HK$21.60 in the first transaction, compared with its initial public offering (IPO) price of HK$21.50. The stock slid 22 per cent to HK$16.72 at the close of Friday trading, giving it a HK$10.4 billion (US$1.32 billion) market value. GogoX’s co-founder and co-chief... https://www.scmp.com/business/banking-finance/article/3182875/gogox-shares-rise-hkex-trading-debut-listing-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182875/gogox-shares-rise-hkex-trading-debut-listing-hong-kongs?utm_source=rss_feed Fri, 24 Jun 2022 02:14:36 +0000 Shanghai Stock Exchange has overtaken Nasdaq and Hong Kong as the world’s top initial public offering venue in the first half, helped by flotations of leading mainland Chinese companies following their delisting in the US. According to Deloitte, a total of 68 IPOs, including jumbo offerings by China Mobile, the world’s largest mobile operator by subscribers, and CNOOC, China’s largest offshore driller, helped fundraising in Shanghai to reach HK$254.3 billion (US$32.4 billion), 49 per cent more... https://www.scmp.com/business/banking-finance/article/3182684/shanghai-stock-exchange-worlds-no-1-ipo-venue-chinese?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182684/shanghai-stock-exchange-worlds-no-1-ipo-venue-chinese?utm_source=rss_feed Wed, 22 Jun 2022 10:52:40 +0000 Georgina Lee Georgina Lee Hong Kong investors caught in the decentralised finance (DeFi) industry’s US$247 billion global rout can expect little to no chance of getting any remedy, as a growing number of cryptocurrency lending platforms, hedge funds and stablecoin issuers are now mired in financial distress. Cryptocurrency lender Celsius Network has become the latest major DeFi player hit by the crash in prices of digital tokens like bitcoin. The New Jersey-based company has suspended all withdrawals and transfers by... https://www.scmp.com/business/banking-finance/article/3182546/turmoil-global-market-blockchain-based-defi-products?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182546/turmoil-global-market-blockchain-based-defi-products?utm_source=rss_feed Tue, 21 Jun 2022 16:30:12 +0000 Georgina Lee Georgina Lee The increasing use of high-yield leveraged products has exacerbated the rout in the US$247 billion decentralised finance (DeFi) industry, as fear gripped cryptocurrency traders and sent the market into its biggest shakeout since 2018, said the founder of the world’s largest cryptocurrency exchange. Three Arrows Capital, a US$10 billion cryptocurrency hedge fund in Singapore, was the latest to fall victim to the market rout, being liquidated by multiple exchanges after failing to meet margin... https://www.scmp.com/business/banking-finance/article/3182373/fear-grips-cryptocurrency-traders-and-magnifies-global?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3182373/fear-grips-cryptocurrency-traders-and-magnifies-global?utm_source=rss_feed Mon, 20 Jun 2022 16:30:24 +0000 Investors snapped up the biggest batch of offshore yuan Chinese government bonds of 2022, with the 7.5 billion yuan (US$1.1 billion) issuance by the ministry of finance receiving applications worth more than four times the amount of notes on offer. Wednesday’s issuance, comprising three tranches of two, three and five-year notes worth 2.5 billion yuan each, is the first of four scheduled for this year. The ministry will issue notes worth a total of 23 billion yuan in the offshore yuan market in... https://www.scmp.com/business/banking-finance/article/3181825/chinese-government-dim-sum-bonds-worth-us11-billion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3181825/chinese-government-dim-sum-bonds-worth-us11-billion?utm_source=rss_feed Wed, 15 Jun 2022 12:21:40 +0000 GoGoX Holdings, which provides logistics services through an internet platform, will kick off its initial public offering on Wednesday, seeking to raise up to HK$671 million (US$85.5 million), well short of its initial targets amid conditions that have led to an IPO drought. The share sale by the Beijing-based firm comes amid a global dry-spell that has seen funds raised by leading IPO hubs such as Hong Kong and New York tumble by 90 per cent in the first half of the year. The online intracity... https://www.scmp.com/business/banking-finance/article/3181651/gogox-defies-ipo-drought-it-pushes-through-downsized-hong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3181651/gogox-defies-ipo-drought-it-pushes-through-downsized-hong?utm_source=rss_feed Tue, 14 Jun 2022 09:30:34 +0000 When Hong Kong Exchanges and Clearing (HKEX) acquired the 145-year-old London Metal Exchange (LME) in 2012, it was hoped that the Hong Kong bourse operator would extend its role as a “super-connector” and link China’s commodity markets with the world through the UK-based exchange. Tens years later – as the London bourse embarks on a reputation rebuilding exercise after having to cancel trading for only the second time in its history in March – some are asking whether the £1.39 billion (US$1.7... https://www.scmp.com/business/banking-finance/article/3178979/hkex-hoped-alchemy-would-turn-acquisition-century-old?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3178979/hkex-hoped-alchemy-would-turn-acquisition-century-old?utm_source=rss_feed Tue, 14 Jun 2022 03:00:21 +0000 Nano Labs, a cryptocurrency-mining chip designer based in Hangzhou, Zhejiang province, has filed for an initial public offering in the US to raise US$50 million. The application for American depositary shares comes amid a slew of regulatory risks in China and the US, leading to a drought in Chinese issuers’ overseas fundraising. Only two IPOs have been completed in New York so far this year, which raised a combined US$49.5 million, compared with 28 that raised US$5.8 billion in the year earlier... https://www.scmp.com/business/banking-finance/article/3181496/chinese-cryptocurrency-mining-rig-maker-nano-labs-eyes?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3181496/chinese-cryptocurrency-mining-rig-maker-nano-labs-eyes?utm_source=rss_feed Mon, 13 Jun 2022 08:30:16 +0000 Georgina Lee Georgina Lee Samsung Asset Management has launched a blockchain-focused exchange-traded fund, the first of its kind in Hong Kong, which will track companies involved in the field including cryptocurrencies. The company has raised US$12 million from institutional investors for its Samsung Blockchain Technologies ETF, which will trade under the stock code “3171” from June 23, said Terence Ling, head of ETF distribution at Samsung Asset Management (HK). “The application of blockchain technologies is very wide... https://www.scmp.com/business/banking-finance/article/3181220/samsung-asset-management-launches-first-blockchain-focused?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3181220/samsung-asset-management-launches-first-blockchain-focused?utm_source=rss_feed Sun, 12 Jun 2022 04:39:15 +0000