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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.
Cyberspace Administration of China director Zhuang Rongwen (left) with Hong Kong leader John Lee. Photo: ISD
Hong Kong economy

Hong Kong, mainland China sign ‘milestone’ MOU on promoting digital economy

Memorandum of understanding covers topics including AI promotion, cross-boundary data flow and blockchain.

Hong Kong

Calls grow for HKMA to go further on stablecoins after conservative first batch

War and conflict

Macroscope | Can World Bank and IMF leaders rescue a global economy on the brink?

IPO

What does China’s tightening grip on red-chip structures mean for IPOs?

China’s tougher stance on red-chip structures is reshaping the tech listing pipeline, adding uncertainty for companies targeting Hong Kong.

China’s tightening oversight of offshore listings is already reshaping the pipeline for Hong Kong IPOs. Photo: Jelly Tse
Hong Kong stock market

Can Hong Kong’s listing reform 2.0 win over innovative firms?

The reforms enhance the city’s appeal for AI, biotech and other firms by slashing the market cap threshold and enabling confidential filings.

Artificial intelligence

Opinion | Despite its hype, AI is just a means to economic resilience

To survive the shift from winner-takes-all capitalism to true sustainability, the learning curve is steep. AI is just the latest tool to help us climb it.

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Fintech

HSBC, StanChart-led group among first to get stablecoin licences in Hong Kong

HSBC will launch its Hong Kong dollar stablecoin in the second half of this year, integrating it into its PayMe and mobile banking platforms.

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The awarding of stablecoin issuer licences marks the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute. Photo: Reuters
Biomedicine: Industry Trends

China healthcare stocks shine in Hong Kong amid Middle East turmoil

Hang Seng Healthcare Index outpaces broader market as Akeso, Innovent, Hansoh provide refuge for global investors.

Cryptocurrency

OKX Ventures, HashKey Capital back Vietnam crypto platform’s pilot scheme bid

Under pilot rules, at least 65 per cent of capital must come from institutional investors and foreign ownership is capped at 49 per cent.

Hong Kong economy

Hong Kong seeks to raise bond issuance ceiling to HK$900 billion

Government proposes to raise borrowing ceiling from HK$700 billion to HK$900 billion to fund infrastructure development.

Development of the Northern Metropolis near the border with mainland China is a key scheme. Photo: Dickson Lee
Yuan

Conflict catalyst: China’s yuan settlements hit record amid Middle East tensions

Single-day transactions via China’s Cross-border Interbank Payment System surge past 1 trillion yuan as Beijing’s moves to expand the yuan-payment network show signs of paying off.

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People are seen at a booth promoting China’s Cross-Border Interbank Payment System during a financial exhibition in Beijing. Photo: Getty Images
Central banks

Data errors push Xin Hua Fund into spotlight after rare central bank warning

The incident marks an unusual intervention by the People’s Bank of China, which typically leaves oversight of mutual funds to the securities regulator.

IPO

Mainland China and Hong Kong IPOs drive Citic to the top of banking fee rankings

Citic leads Asia-Pacific in fees in the first quarter as IPOs in Hong Kong and mainland China offset weaker debt and M&A activity.

Salaries

More Chinese banks claw back bonuses, cut salaries despite mixed profit recovery

Some lenders are also deferring bonuses and cutting headcount as they tighten their purse strings.

More Chinese banks are detailing how much they clawed back in staff bonuses last year. Photo: AFP
IPO

Yiwu market owner eyes Hong Kong IPO to support overseas expansion

Hong Kong listing plan comes after the company reported net profit of 4.2 billion yuan for 2025, up 36.8 per cent from a year earlier.

A shop owner holds a toy depicting US President Donald Trump at the Yiwu International Trade Market in Yiwu, Zhejiang province on April 10, 2025. Photo: AFP
Biomedicine: Companies

Everest’s US$250 million buy signals rising global appetite for China biotech

Sovereign wealth funds from Singapore and Abu Dhabi join Chinese state capital as cross-border biotech licensing reaches record highs.

Gold in Hong Kong

As France pulls gold from the US, how can China become the next global gold hub?

Federal Reserve is no longer seen as a ‘safe’ place for nations to store gold as Trump’s unpredictability spooks the world’s central banks.

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Standard Chartered Bank

More global firms eye Hong Kong for cheaper yuan loans, bonds: StanChart

The HKMA yuan facility charges an interest rate equal to the Shanghai interbank rate, which is 200 basis points lower than the US fed rate.

A bank clerk counts Chinese 100 yuan notes in Shanghai. Photo: AP
Artificial intelligence

Opinion | How AI and geopolitical rivalry are breaking economic orthodoxy

Today’s imbalances go beyond exchange rates; they reflect concentrated technological investment in one economy and uneven risks in others.

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Capital gains tax

‘No alternative but to comply’: investors’ foreign income in China’s crosshairs

Ministry says 11.5% growth in personal income tax revenue partly driven by ‘significant rise in income from share transfers and dividends’.

IPO

Barclays boosts Hong Kong presence to tap thriving IPO market

C.S. Venkatakrishnan said the bank is increasing its outlay on talent and technology across its investment banking and trading units.

Asia and Hong Kong are very important areas for Barclays, according to group CEO C. S. Venkatakrishnan. Photo: Edmond So
Bank of China (BOC)

ICBC and CCB lead China’s biggest banks in US$61 billion dividend payout

Record payouts come as regulators push listed companies to enhance dividend frequency and predictability.

ICBC plans to distribute about 110.6 billion yuan, a payout ratio of 30 per cent, marking its fifth consecutive year above the 100 billion yuan threshold. Photo: Reuters
Biomedicine: Companies

Stricter Chinese scrutiny of offshore vehicles a blow for tech IPO candidates

Mainland’s stock market watchdog is discouraging establishment of ‘red-chip-structured’ companies in sensitive industries.

Yuan

China’s yuan may be going global faster than Western data suggests, analysts say

Many yuan transactions are now routed through China’s own global payment system, which often does not show up in traditional data sets, analysts say.

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Hong Kong Monetary Authority (HKMA)

Editorial | Stablecoin launch delay shows Hong Kong would rather be safe than sorry

Given the complexity involved, it’s wise not to rush to meet any self-imposed deadline but to make sure a good framework is in place first.

Hong Kong plans to be a digital asset hub with stablecoins playing a key role. Photo: Shutterstock
HSBC

Manulife, HSBC, Barclays lead big finance firms’ AI adoption in Hong Kong

Financial Secretary Paul Chan Mo-po launched an AI+ strategy in this year’s budget speech to promote AI applications in the banking sector.

Financial Secretary Paul Chan Mo-po launched an AI+ strategy in this year’s budget to promote AI applications in the banking sector. Photo: Eugene Lee
Stocks

Opinion | From the US to Hong Kong, there’s no excuse for insider trading

Far from a victimless crime, insider trading steals from the rest of us by unfairly using knowledge that is available only to the privileged.

Bonds

China’s JD.com returns to dim sum bond market with 10b yuan offering

The e-commerce giant is issuing the yuan-denominated notes in two tranches of 7.5 billion yuan and 2.5 billion yuan.

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