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Banking & finance

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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
A display featuring Iran’s slain supreme leader Ayatollah Ali Khamenei in Tehran on Tuesday. Photo: AFP
United States

Global sell-off in stocks slams Wall Street as oil prices leap even higher on war woes

Oil prices made the leap as Iran struck the US embassy in Saudi Arabia.

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Hong Kong tourism

Hong Kong convention centre to host more medical, tech, finance, education events

IPO

HSBC chairman floats ‘IPO connect’ for Hong Kong, Shenzhen listings

Hong Kong property

Can HKIC fix Hong Kong’s 15 million square-foot office vacancy problem?

Attracting foreign institutions might prove difficult amid the commercial property sector’s elevated vacancy rates and uncertain recovery.

A general view of prime commercial buildings in Hong Kong’s Central district. Photo: UCG/Universal Images Group via Getty Images
Two Sessions 2026

How China is using its economic clout to give the US dollar a run for its money

Beijing is using economic clout to reshape its global financial influence – a strategy analysts say could play out over decades.

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Fintech

Hong Kong, Shanghai sign pact on digital trade finance, cross-border data link

‘This marks an important milestone in the collaboration on financial innovation between Shanghai and Hong Kong,’ HKMA’s Howard Lee says.

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Hong Kong

Hong Kong’s new cash-for-residency scheme draws US$12 billion in first 2 years

Number of applicants surges in second year, with most of the deployed capital going into authorised funds, equities and debt securities.

More than 1,700 investors have completed their commitments and received formal approval from the Immigration Department. Photo: Jelly Tse
HSBC

HSBC signals intent to join Hong Kong’s stablecoin regime amid digital hub push

Georges Elhedery declined to confirm whether HSBC applied for stablecoin licence but indicated that discussions with regulator were ongoing.

Hong Kong stock market

The big cornerstone comeback: what’s driving investors back to Hong Kong IPOs?

After four subdued years, the cornerstone investors that anchor Hong Kong’s IPO market are returning in force, reshaping the deal landscape.

Hong Kong budget 2026-27

Opinion | Hong Kong’s fiscal surplus is cause for celebration, not complacency

More creative strategies are needed to secure the city’s long-term liquidity amid an ageing population and increased infrastructure spending.

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Illustration: Craig Stephens
Mainland China

‘Stability risk’: US faces rising concern as global debt soars to record high

Global debt accumulation ‘accelerated sharply’ in 2025, driven by surging investment in the US, China and Europe, report finds.

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Massive investment in artificial intelligence data centres has contributed to a rapid build-up in global debt levels over the past year, according to a new report. Photo: Shutterstock
Yuan

As the yuan sizzles, China’s central bank deploys double-barrelled policy tweak

Regulators refine cross-border rules and cut the foreign exchange risk reserve ratio for forward forex sales to zero, aiming to provide stable offshore liquidity and help firms manage risks.

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Hong Kong property

New World reports loss as deleveraging takes priority, dividend suspended

Developer keeps dividend suspended, rules out equity fundraising for now as Hong Kong sales rebound.

Hong Kong budget 2026-27

Hong Kong records HK$2.9 billion consolidated surplus for 2025-26. Here’s how

Economists optimistic for 2026-27, pointing to stabilised property market and transfer of finances between government funds or accounts.

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The city was previously expected to record a HK$67 billion deficit for the 2025-26 financial year, which ends on March 31. Photo: Jelly Tse
Hong Kong property

Hong Kong banks’ collateral asset valuations to continue declining in 2026: S&P

The city’s commercial property market remains on a sustained downturn, as rents continue to fall and vacancy rates soar.

A general view of the skyline in Hong Kong’s Central district. Photo: Jelly Tse
Yuan

China adviser sees bright future for yuan payment system in emerging economies

Former ICBC chairman Chen Siqing says alternatives needed due to risk of financial weaponisation in US dollar-centric world.

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Hong Kong budget 2026-27

Editorial | Budget sets Hong Kong up for its next phase of growth

The city’s improving economy and public finances have enabled a raft of tax allowances and concessions, but a volatile global environment means sustaining fiscal discipline remains critical.

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Mainland China

South Korean investors pour millions into Chinese AI and tech stocks

Despite a sizzling home market, the country’s investors are stepping up buying on the Hong Kong and mainland exchanges this year.

Currency traders work near a screen showing the Korea Composite Stock Price Index (Kospi) at Hana Bank headquarters in Seoul on February 23, 2026. Photo: AP Photo
Hong Kong budget 2026-27

Hong Kong seeks to hone edge as offshore yuan hub, digital-asset front runner

Market participants largely welcome Paul Chan’s renewed push to strengthen Hong Kong’s position as an international financial centre.

ByteDance

ByteDance valuation said to hit record US$550 billion in proposed equity sale

Pending sale by US private equity firm General Atlantic shows ByteDance’s valuation has surged from US$400 billion as recently as mid-2025.

China manufacturing

A boat in every dock? Chinese billionaire unveils plan for mass yacht production

JD.com founder Richard Liu has launched a nautical brand with a massive investment in yacht production, aiming to make ownership affordable.

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Richard Liu’s brand, Sea Expandary, signed a strategic framework agreement on Tuesday with the coastal cities of Shenzhen and Zhuhai in Guangdong, China’s southern powerhouse province, for a high-end yacht industrial base with planned investment of about 5 billion yuan (US$723 million), according to social media posts by the city governments. Photo: Handout
Hong Kong budget 2026-27

‘Steady as she goes’ as Hong Kong bids farewell to deficits

Financial Secretary Paul Chan pledges caution as he presents budget aimed at stoking growth and innovation.

Hong Kong Financial Secretary Paul Chan delivers his annual budget speech. (Photo: AFP)
Yuan

China’s yuan strengthens to near 3-year high as US dollar uncertainty grows

The offshore currency continues to appreciate, with official fixing also hitting its strongest level since May 2023.

Hong Kong stock market

World’s biggest companies return US$2 trillion to shareholders in dividends

Financial and technology firms powered a 7 per cent rise in global payouts, with 30 markets logging record dividend payments last year.

HSBC

HSBC to boost spending in Hong Kong, other high-growth markets to US$1.8 billion

HSBC reported a 7 per cent profit drop, but shares rose on its CEO’s comments on higher return goals, steady dividends and new growth plans.

HSBC Holdings is the largest banking group in Europe and Hong Kong by assets. Photo: Reuters
Yuan

Why China’s rise as a ‘financial superpower’ could depend on Hong Kong

From the yuan’s growth as a global currency to IPO funding to tokenisation, the city is a linchpin in Beijing’s ambitions.

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Illustration: Lau Ka-kuen
China stock market

China’s top court backs legal action against corrupt firms amid equity rally

The court’s initiative marks ‘a positive sign that the market would sustain its upward momentum’, hedge fund manager Zhou Ling says.

Standard Chartered Bank

Standard Chartered’s 2025 profit jumps 16% buoyed by wealth management growth

The London-based bank’s underlying pre-tax profit stood at US$7.9 billion last year, versus a gain of US$6.8 billion in 2024.

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