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☆ Premarket stocks: Magnificent Six? Fab Five? Some say the Seven are getting a shakeup
▼ + stars: | 2024-02-08 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Is Wall Street’s favorite clique of tech stocks in need of a makeover? Most of the Magnificent Seven stocks have reclaimed their leadership of the market this year, with shares of Nvidia, Meta Platforms, Alphabet and Microsoft reaching record highs. Many investors are skeptical that the Magnificent Seven will match their blockbuster gains from 2023, even if they continue their leadership this year. Jim Worden, chief investment officer at the Wealth Consulting Group, says he believes the group should consolidate to the “Fab Five,” which he classifies as the Magnificent Seven minus Tesla and Apple. “There is a big leadership change underway in the Magnificent Seven stocks,” wrote Louis Navellier, chairman of Navellier & Associates, in a note on Tuesday.

Persons: Jim Worden, ”, Worden, Michael Hartnett, Jim Cramer, Louis Navellier, “, Nancy Tengler, It’s, Walt, Gina Lee, Samantha Delouya, Disney, Ron DeSantis, Diksha Madhok, ” TSMC, Joe Biden, ” Read Organizations: CNN Business, Bell, New York CNN, Nvidia, Meta, Microsoft, Apple, Wealth Consulting, Bank of America, Facebook, Netflix, Google, Federal Reserve, Micro Computer, Navellier, Associates, EV, Disney, Walt Disney World, Disney Vacation, Taiwan Semiconductor Manufacturing Company, Semiconductor Manufacturing, TSMC, US Locations: New York, China, American, Orlando , Florida, —, Florida, Japan Chip, Japan, Arizona

☆ It’s never been more expensive to be a Disney fan
▼ + stars: | 2024-02-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

Not only have theme park visits gotten more expensive, but so have Disney’s cruise vacations, souvenirs and the company’s streaming services. Over the summer, Disney quietly raised the prices at two of the adult-exclusive restaurants on board its cruise ships to $135 per person for dinner, a nudge up of $10, according to the Disney Cruise Line Blog. But one thing is certain: being a Disney fan has never been more expensive. Passengers stand on the deck of Disney Dream, a Disney Cruise Lines' ship, as it sails to the Bahamas on August 9, 2021. Joe Skipper/ReutersBrittany Huizinga, an Arizona-based travel agent at Smart Moms Travel, took a two-part trip with her husband and two children during the holiday season: The first four nights were spent at Walt Disney World and the last five nights on a Disney Cruise ship.

Persons: Walt, Gina Lee, ”, “, Disney, Ron DeSantis, Don Munsil, —, That’s, Minnie, Joseph Prezioso, Genie, we’ve, ” Munsil, Joe Skipper, Brittany Huizinga, Bob Iger, Mouse’s, Doug Arthur, “ It’s, Disney’s, Lee Organizations: CNN, Walt Disney World, Disney, Disney Vacation, Magic, Walt Disney, Anadolu Agency, Getty Images Parks, Disney Cruise Lines, Smart, Huber Research Partners, Disney’s ESPN, Fox Corporation, Warner Bros ., . Disney, Wayback Locations: Orlando , Florida, New York, —, Florida, Disneyland, California, Orange County , Florida, Bahamas, Arizona

☆ Swiss SEBA Bank gets approval-in-principle for Hong Kong crypto services
▼ + stars: | 2023-08-30 | by ( Georgina Lee | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Aug 30 (Reuters) - Swiss crypto-focused SEBA Bank on Wednesday said it has received an approval-in-principle from Hong Kong's securities regulator that takes it only one step away from offering virtual asset services in the Asian financial hub. SEBA (Hong Kong), in a statement, said the Securities and Futures Commission will grant licences once it meets conditions for final approval. It will then be able to engage in securities dealing, including crypto-related structured products, and advise on and manage digital assets and traditional securities. Hong Kong is the third market in which the Zug-headquartered bank has sought a licence after Switzerland and Abu Dhabi. The approval-in-principle allows SEBA to prepare for operations as soon as it is licensed.

Persons: Dado Ruvic, HONG KONG, Georgina Lee, Christopher Cushing Organizations: REUTERS, Bank, Securities, Futures, Thomson Locations: HONG, Swiss, Hong Kong, cryptocurrencies, Zug, Switzerland, Abu Dhabi

Logo of China Life Insurance is seen on a door at a branch in Beijing, China, March 24, 2016. REUTERS/Jason Lee/File PhotoHONG KONG, Aug 7 (Reuters) - China Life Insurance (Overseas) Hong Kong has mandated banks for its 10-year subordinated bond offering, according to a preliminary term sheet seen by Reuters on Monday. China Life did not respond to an email from Reuters seeking comment on the deal. The last time China Life tapped the bond market was in March 2019, when it issued 35 billion yuan's worth in China's interbank bond market. Reporting by Georgina Lee in Hong Kong and Scott Murdoch in Sydney; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Lee, HONG KONG, Georgina Lee, Scott Murdoch, Edwina Gibbs Organizations: China Life Insurance, REUTERS, Reuters, P Global, Thomson Locations: Beijing, China, HONG, Hong Kong, Sydney

HONG KONG/NEW YORK, July 31 (Reuters) - For all the excitement whipped up in China's markets by the Politburo last week, foreign investors say policymakers' words will have to be matched by substantive action to clean up an ailing property sector before confidence recovers. "The question is what resources they will deploy, because China is still very focused on de-leveraging and preventing financial risks." Absolutely, and urgently," said Qi Wang, the chief investment officer (CIO) of MegaTrust Investment (HK), a boutique China fund manager specializing in domestic Chinese A-shares. Mark Dong, general manager of Minority Asset Management, based in Hong Kong, has reduced his exposure to the property sector. The safest bets in the sector, he said, had come down to state-owned companies such as China Resources Land (1109.HK) and Poly Property (0119.HK).

Persons: Tara Hariharan, Qi Wang, Wang, Mark Dong, Bo Zhuang, Loomis, Weng, Rob Hinchliffe, Hinchliffe, Mei Leong, Xie Yu, Georgina Lee, Shen Yiming, Jason Xue, Ankur Banerjee, Tom Westbrook, Vidya Ranganathan, Simon Cameron, Moore Organizations: HONG KONG, MegaTrust Investment, Asset Management, Loomis Sayles Investments, Eastspring Investments, PineBridge Investments, China Evergrande Group, HK, China Resources, Poly Property, Thomson Locations: HONG, China, Hong Kong, Loomis Sayles Investments Asia, Shanghai, New York, Singapore

"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Li Changjiang, the president of Country Garden Services, sold 3.2 million shares of the company last week, reducing his stake to 0.11% from 0.21%. They also cut its price target to HK$0.9 from HK$2.3 and that of Country Garden Services Holdings to HK$6.7 from HK$22. "Distressed Chinese property developers’ bond restructurings can buy them some room," Fitch Ratings said in a report on Monday.

Persons: Longfor, Wanda, Yao Yu, Morgan Stanley, Morgan, Li Changjiang, Fitch, Jason Xue, Tom Westbrook, Clare Jim, Xie Yu, Georgina Lee, Marc Jones, Kim Coghill, Jamie Freed, Barbara Lewis, Christina Fincher Organizations: HK, Dalian, Garden, Country Garden Services, Garden Holdings, Garden Services Holdings, China, Greenland Holdings, Ocean Group, Thomson Locations: SHANGHAI, SYDNEY, China, Hong Kong, Evergrande, Cayman Islands, Shanghai, Sydney, London

HONG KONG/TAIPEI, July 21 (Reuters) - Investors are putting aside geopolitical tensions to pile in to Taiwan stocks, with foreign inflows the biggest in years, thanks to soaring artificial intelligence and chipmaking stocks. Rather, investors say it's all the more sturdy as the bogged-down conflict deters Chinese action and risks can be managed by keeping positions liquid with one eye on a possibly quick exit. "A potential escalation of events in the Taiwan Strait down the line is less relevant for these investors," he said. "So that makes Taiwan’s AI supply chain very attractive for foreign investors, and we believe their fund inflows will continue to be strong throughout the year." Investors say Taiwan's market is uniquely positioned to benefit because it is exposed to the sector's growth from applications to components, where demand is rebounding.

Persons: Carlos Casanova, Warren Buffett, we've, Frank Benzimra, Hai, Andrew Swan, Goldman Sachs, Clarence Chan, Summer Zhen, Kim Coghill Organizations: Nasdaq, Union Bancaire, Taiwan Semiconductor Manufacturing, Societe Generale ., Accton Technology, Hai Precision Industry, Wistron Corp, Alchip Technologies, Ark Investment Management, Vanguard, PineBridge Investments, Mellon Investment Management, Thomson Locations: HONG KONG, TAIPEI, Taiwan, Asia, Ukraine, Taiwan Strait, China, Taipei, Japan, PineBridge Investments Asia, Alchip, Asia Pacific, Hong Kong

☆ Asia's private credit markets thrive as desperate borrowers find lenders
▼ + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Private lenders, meanwhile, had "significant liquidity" to deploy for such financings, proving to be a right fit. Besides property developers, borrowers thronging private markets include privately-held companies and start-ups whose private equity issuance has been stymied by broader stock market swings and the deepening discounts of their valuations, known as a 'down round' in the industry. Investment firm Muzinich & Co. recently announced it had closed a $500 million Asia Pacific private debt strategy. Australian superannuation fund UniSuper, which runs a $15 billion private markets portfolio investing in unlisted infrastructure and private equity, is looking to grow its portfolio. "Just given the pipeline of opportunities, we could see ourselves potentially ... (doing) another $3 to $5 billion," said Sandra Lee, UniSuper's head of private markets.

Persons: Bryan Clark, Andrew Tan, Tan, Sandra Lee, UniSuper's, Shane Forster, Benno Klingenberg, Timm, Rae Wee, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: Star, JLL, Western, Muzinich, Asia Pacific, Muzinich's Asia Pacific, ICE, Bain Capital, India's, Mahindra Bank, Hong Kong's ADM, BlackRock, Data, Barclays, UBS, Thomson Locations: SINGAPORE, Arizona, Asia, Hong Kong, Singapore

☆ Chinese rush to buy Hong Kong insurance, dollars as confidence cracks, yuan weakens
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, July 6 (Reuters) - Chinese investors are rushing offshore to make dollar deposits and buy Hong Kong insurance in a signal domestic confidence is languishing and that the ailing yuan faces more pressure. New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023. "The burst of insurance buying in Hong Kong reflects a gloomy domestic outlook, and worries about an uncertain future." "Offshore demand for policies denominated in Hong Kong dollars is low – U.S. dollar-denominated policies are more prevalent, to provide access to global asset allocation," said Lawrence Lam, chief executive officer at Prudential Hong Kong. The wealth manager at Noah fears that a sustained rush into Hong Kong insurance risks inviting Beijing's policy tightening.

Persons: Helen Zhao, lurch, Noah Holdings, Lawrence Lam, Hao Hong, Tan Xiaofen, We've, Sami Abouzahr, Samuel Shen, Winni Zhou, Georgina Lee, Summer Zhen, Tom Westbrook, Kim Coghill Organizations: Hong, AIA, HK, Prudential, Manulife, Noah Holdings, Savings, Bank of China, U.S, Prudential Hong Kong, Investment, School of Economics, Management, Beihang University, HSBC, Thomson Locations: SHANGHAI, HONG KONG, Hong Kong, Macau, COVID, U.S, Beijing

☆ Explainer: What's behind the firmer-than-expected yuan fixings?
▼ + stars: | 2023-07-05 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

The yuan is not a fully-convertible currency and its onshore exchange rate is a managed floating rate. The midpoint is calculated by the China Foreign Exchange Trade System (CFETS), a unit overseen by the People's Bank of China prior to the onshore market opening at 09:30 a.m. (0130 GMT)HOW IS IT CALCULATED? It allows market-makers to discount the closing price, where it's deemed out of step with their expectations. WHY IS THE CCF SEEN AS A MOVE TO DEFEND THE YUAN? The CCF was abandoned in 2020 when the yuan rose sharply and authorities decided to let market forces play more of a role.

Persons: it's, Georgina Lee, Shri Navaratnam Organizations: China Foreign Exchange Trade, People's Bank of, Reuters, CCF, HSBC, Thomson Locations: HONG KONG, People's Bank of China

Hong Kong stocks such as Alibaba (9988.HK) and Tencent (0700.HK) are among the 24 stocks which will be priced and traded in both yuan and the Hong Kong dollar under the Dual Counter Model on the Hong Kong stock exchange (HKEX) from Monday. Offshore yuan deposits in Hong Kong alone are estimated at some 833 billion yuan ($117 billion). "Mainland investors, including mutual fund companies like us, have genuine incentives to trade Hong Kong stocks in yuan," said Ding of ChinaAMC. "There's lot of political uncertainty these days so you may want to hold yuan rather than U.S. dollars, or the Hong Kong dollar, which is pegged to the U.S. ($1 = 7.8217 Hong Kong dollars)Reporting by Samuel Shen and Georgina Lee; Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Ding Wenjie, Ding, it's, Dong Chen, YUAN, Sun, Kai Properties, ChinaAMC, David Friedland, Samuel Shen, Georgina Lee, Vidya Ranganathan, Kim Coghill Organizations: HK, Hong Kong, Hong, China, Fund, U.S ., Global Capital Investment, China Asset Management, The U.S, Pictet Wealth Management, AIA, Hang Seng Bank Ltd, Interactive Brokers, Thomson Locations: SHANGHAI, HONG KONG, Hong, Hong Kong, China, Brazil, Russia, Beijing, Moscow, Ukraine, The, Pakistan, Asia, Asia Pacific

☆ Explainer: How Hong Kong plans to test its digital dollar in $229 bln mortgage market?
▼ + stars: | 2023-06-06 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, June 6 (Reuters) - Hong Kong 's central bank plans to test the use of its digital currency under a pilot project in its HK$1.8 trillion ($229 billion) mortgage market, with an aim to slash a month-long loan approval process by half, according to the pilot participants. Here's a look at how the digital currency, e-HK dollar (e-HKD), can be potentially used in the mortgage business:WHAT IS THE E-HKD PILOT PROGRAMME? The Hong Kong Monetary Authority (HKMA) kicked off the e-HKD pilot programme in May under which 16 firms were selected to examine the digital currency's use across 14 projects. The pilot project will look at potentially giving e-HKD loans to homebuyers in an e-wallet, both online and offline, the pilot participants said. Currently information on the title deed is first collected from the customer and then checked against a separate property title deed register.

Persons: Ripple, Fubon, Georgina Lee, Himani Sarkar Organizations: HK, Hong, Hong Kong Monetary Authority, Fubon Bank, Thomson Locations: HONG KONG, Hong Kong

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ Analysis: China's small steps on offshore use of yuan are starting to add up
▼ + stars: | 2023-04-27 | by ( Tom Westbrook | ) www.reuters.com time to read: +5 min

SINGAPORE, April 27 (Reuters) - China's yuan currency is slowly but surely being adopted for more international payments, which analysts say could lay foundations for a trade system running parallel to the dominant U.S. dollar. True global yuan adoption is unlikely, given expectations that Beijing will want to keep a tight grip on the currency. "Their cooperation could draw other countries to renminbi payments over time and cumulatively, this group could lift the renminbi at the expense of the dollar," he said. "This kind of renminbi internationalisation may achieve Beijing's goals, including reducing China’s exposure to exchange rate fluctuations and mitigating China’s vulnerabilities to U.S. financial sanctions." "Therefore, if exporters want to use yuan to settle trades, they must persuade foreign importers to pay in yuan, which often takes a long time."

REUTERS/Dado RuvicLONDON, April 19 (Reuters) - Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the U.S. last month, creating a risk their business will become concentrated in smaller financial institutions. Mainstream banks have become increasingly wary of crypto clients following a series of high-profile collapses, including the bankruptcy of major exchange FTX in November last year, and a lack of regulation. "Crypto and Web3 start-ups are telling us they simply cannot get a business bank account," said Marcus Foster, head of crypto policy at Coadec, a body representing UK start-ups. A spokesperson for ING said the bank does not "target or focus actively on crypto firms" so its exposure is "very limited." But for smaller crypto start-ups, securing a banking partner could be more difficult, said Ricardo Mico, the U.S. CEO of Banxa (BNXA.V), a payment and compliance infrastructure provider for crypto.

☆ CME debuts offshore yuan options to tap rising trading demand
▼ + stars: | 2023-04-02 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, April 3 (Reuters) - Chicago's CME Group (CME.O) opened options trading for Chinese yuan futures on Monday, as it looks to deepen a market that investors use for betting or hedging against moves in China's currency. Hong Kong has offered similar exchange-traded options since 2017, though bringing the product to CME - the world's biggest derivatives exchange - may be a step toward competing with the banks that dominate options by selling directly to customers. "We hope to see liquidity develop there that's comparable to the over-the-counter market," said Tim Brooks, London-based head of FX options at Optiver, which will deal in the new CME derivatives. The CME options have a range of expiry dates from weekly, to monthly or a year and are based on futures contracts with a notional amount of $100,000. CME is a much smaller yuan-trading hub than Hong Kong.

☆ Investors ride out China uncertainty in convertible bonds
▼ + stars: | 2023-03-31 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

Funds that invest in Asian convertible bonds attracted inflows of $118.1 million in January and February, data from Morningstar shows, bucking the overall outflows recorded for the more than 350 convertible bond funds it tracks globally. Convertible bonds are hybrid securities with most, like a regular bond, paying a coupon. "Some Asian convertible bonds are attractive as they offer investors comparable or better yields for a shorter duration than straight bonds, as they come with an inexpensive equity option," said Girish Kumarguru, portfolio manager at alterative asset manager, China Everbright Assets Management (0165.HK). Compared to the 6% yield paid by its regular bond, convertible bond investors get less, with current pricing implying a yield of around 2.5%. "Measures to boost consumption in China should be favourable to Asian convertible bonds as there are numerous consumer-related issuers in this region," said Skander Chabbi, head of global convertible team at BNP Paribas Asset Management based in Paris.

The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes. Top central banks, faced with the risk of a fast-moving loss of confidence in the stability of the financial system, moved on Sunday to bolster the flow of cash around the world. Other market players predicted that bitcoin would benefit from central bank efforts to bolster liquidity in the global financial system. It rose to a record of $69,000 in November 2021 after central banks and governments launched unprecedented monetary and fiscal stimulus measures. Reporting by Tom Wilson in London and Georgina Lee in Hong Kong; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Bitcoin near 9-month high as bank turmoil sparks rally
▼ + stars: | 2023-03-20 | by ( Georgina Lee | ) www.reuters.com time to read: +1 min

HONG KONG, March 20 (Reuters) - Bitcoin hovered near nine-month highs on Monday, and has closed out its best week in four years as turmoil in traditional banking drives some investors to turn to digital assets. "The momentum is all driven by liquidity, as bitcoin is an alternative liquidity vehicle," said Markus Thielson, head of research and strategy at digital asset financial services firm Matrixport based in Singapore. He expects bitcoin can hit $45,000 by year's end, with liquidity from central banks finding its way into crypto assets, much as it did during 2021, when bitcoin scaled record highs. The U.S. Federal Reserve on Sunday said it and other big central banks would deepen liquidity by increasing the frequency of dollar supply operations into financial markets. Ether, the second-biggest cryptocurrency, rose to a seven-month high of $1,846.50 on Sunday and was last at $1,768.

☆ SVB collapse could add to China stock investors' anxiety
▼ + stars: | 2023-03-12 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

SHANGHAI, March 12 (Reuters) - China stock investors, already disillusioned by Beijing's lower-than-expected economic growth target for the year, will be further disheartened by the shock collapse of U.S. lender SVB Financial Group, market participants said. The market mood could be damped further following Friday's sudden collapse of start-up focused lender SVB (SIVB.O), which stirred heated discussion over the weekend in China about its fallout. But many Chinese tech start-ups, especially those with dollar funding, have opened U.S. accounts at SVB. He is cautious about tech stocks that could be impacted by US-China frictions. Still, domestic A-shares will likely outperform offshore China stocks, which are more vulnerable to potential spillover from the SVB collapse, analysts say.

☆ Macau casino stocks, bonds on a roll as Chinese visitors return
▼ + stars: | 2023-02-23 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, Feb 23 (Reuters) - Chinese tourists are returning to Macau in hordes after Beijing lifted its restrictions on travel to the world's biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues. The casino operators' bonds are in demand as investors look for exposure to Chinese junk debt but seek to avoid property developers' bonds. Those bonds account for a large chunk of the high-yield market and the developers' fortunes remain under a cloud after a crackdown by Beijing. Among the three U.S. casino groups that operate in Macau, CreditSights has an "outperform" rating on Wynn Macau bonds due to higher yields. Sands China's (1928.HK) 10-year bond, rated at investment grade by Moody's Investors Service and Fitch, trades at a yield of 6.59%, compared with 9.3% on Wynn Macau's bond of the same maturity.

☆ Investors see Hong Kong property stocks, funds as reopening trades
▼ + stars: | 2023-02-13 | by ( Georgina Lee | ) www.reuters.com time to read: +4 min

Investors see value in property companies regardless of whether their assets are in mainland China or Hong Kong, which reopened at about the same time. Rises in Hong Kong mortgage rates that began last year have compounded troubles for developers and mortgagees. Hong Kong interest rates tailgate those of the U.S. due to the local currency's peg to the dollar. "Hong Kong has a lot more to get us excited than China property companies where their financial data remains weak," said Tim Gibson, co-head of Global Property Equities at Janus Henderson Investors. "We remain positive on Hong Kong and many of its listed real asset companies, across infrastructure, utilities and property," said Fitzgerald.

SHANGHAI/HONG KONG, Jan 19 (Reuters) - Chinese brokerages are in a race to raise billions of dollars in capital to meet regulatory requirements, jumping on a market upturn to bolster operations as they brace for tougher competition from Wall Street banks on their home turf. The brokerages need fresh capital to meet Chinese risk management rules, and finance capital-intensive businesses such as margin financing and market-making, having weathered volatile markets in the last couple of years. Chinese brokerages raised just 77 billion yuan via follow-up share sales last year, Refinitiv data showed. "Securities firms need capital to transform their business model by reducing reliance on traditional businesses." Chinese brokerages face stiffer competition after Beijing allowed Western banks, including Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Credit Suisse (CSGN.S), to take full control of their China brokerage units.

☆ Hong Kong set to shortlist crypto tokens for retail trading
▼ + stars: | 2023-01-11 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 11 (Reuters) - Hong Kong securities watchdog will propose a subset of tokens it would allow for retail investors' trading, its chief executive said on Wednesday, as it presses on with a new regulatory regime that will make the city more friendly to crypto startups. Hong Kong's move to allow retail trading in cryptocurrencies has come after months of turmoil in the sector, with the collapse of crypto exchange FTX the latest blow. The SFC will start accepting applications for VASP licences, in mid 2024, Leung said. The new crypto regime requires all trading platforms and exchanges to apply for a licence failing which would result in fines and jail terms,Industry sources have said they expected the consultation on retail trading to start within the first quarter. Leung said the tokenization of investment funds and bonds will also fall under the purview of the SFC.

☆ CSOP bitcoin futures ETF closes higher in Hong Kong debut
▼ + stars: | 2022-12-16 | by ( Georgina Lee | ) www.reuters.com time to read: +1 min

HONG KONG, Dec 16 (Reuters) - Hong Kong's first bitcoin and ether futures exchange traded funds (ETFs) ended their first trading day higher on Friday, reflecting investors' interest despite the broader crypto market meltdown. The CSOP Bitcoin Futures ETF (3066.HK) closed up 0.5% at HK$7.81 per unit, while the CSOP Ether Futures ETF ended 0.4% higher at HK$7.805. Both ETFs had opened flat compared to their estimated net asset values, both at HK$7.77 per unit. Among the two, the bitcoin futures ETF attracted more trading volume, as a total of 937,200 units worth HK$7.3 million changed hands. ($1 = 7.7777 Hong Kong dollars)Reporting by Georgina Lee; Editing by Christian Schmollinger and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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