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☆ China's $2.5 trillion savings could bring 'opportunities for growth,' HKEX CEO says
▼ + stars: | 2023-02-23 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesExcess savings from Chinese households could be growth opportunities and will likely bring "active" economic performance for the Hong Kong Exchanges and Clearing, its CEO told CNBC on Thursday. "I think the second and third quarter should be active quarters in terms of economic performance by China," Hong Kong Exchange and Clearing CEO Nicolas Aguzin told CNBC's Emily Tan. He said he sees about $2.5 trillion dollars in excess savings accumulated by Chinese households during Covid. Shares of HKEX gave up gains of more than 1% after the earnings release and closed flat on Thursday. "Macroeconomic and geopolitical conditions led to weak sentiment and softness across the global IPO market," the company said in its earnings release.

☆ Hong Kong can help international investors enter Middle East markets: Former HKEX exec
▼ + stars: | 2023-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHong Kong can help international investors enter Middle East markets: Former HKEX execJames Fok, an independent consultant who was senior executive at Hong Kong Exchanges and Clearing from 2012 to 2021, says Hong Kong must, as a financial center, find a way to complement what Middle Eastern financial centers can already do for themselves.

☆ Hong Kong stock exchange expects boost from China reopening, HKEX chair says
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHong Kong stock exchange expects boost from China reopening, HKEX chair saysLaura Cha, chairman of HKEX, discusses China's economic reopening and the outlook for stock markets in Hong Kong.

☆ China's reopening will boost Hong Kong markets despite weak GDP print, HKEX chairman says
▼ + stars: | 2023-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Chinese and Hong Kong flags flutter as screens display the Hang Seng Index outside the Exchange Square complex, which houses the Hong Kong Stock Exchange (HKEX), on January 21, 2021 in Hong Kong, China. Hong Kong markets are set to benefit from the reopening of the Chinese economy, despite Beijing's disappointing annual GDP growth rate in 2022, according to HKEX Chairman Laura Cha. The Chinese GDP grew by 3% last year, the National Bureau of Statistics said Tuesday, slightly surpassing the expectations of a Reuters poll but sitting well below the official target of around 5.5%. Hong Kong's Hang Seng index led losses in Asian stock markets on Tuesday following the release, but Cha told CNBC that the reopening of China's borders at the very end of 2022 will result in a strong rebound. "I think China, as the border opens up, the economy will grow back.

LONDON, Jan 6 (Reuters) - March 2022 will go down in the history books as the moment the global nickel market broke down. The search is on for a new nickel price discovery process. Global Commodities Holdings (GCH) thinks it has a solution, a blast from the LME's own distant past that could have far-reaching consequences for industrial metals trading. This is self-evidently true of the LME nickel contract, which simply could not absorb the scale of short positions accumulated by China's Tsingshan Group. It may not just be nickel players keeping a close eye on GCH's proposed new metals pricing solution.

☆ Amid crypto turmoil, Hong Kong debuts first crypto futures ETFs
▼ + stars: | 2022-12-15 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Dec 15 (Reuters) - Two exchange traded funds (ETF) that track U.S.-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the Hong Kong stock exchange on Friday in defiance of the sector's meltdown. Cryptocurrencies have endured months of turmoil, with the collapse of crypto exchange FTX the latest blow to the sector. The larger of the two, CSOP Bitcoin Futures ETF (3066.HK), pulled in $53.9 million, according to the manager. "Coming after the recent liquidity problems affecting some of the crypto platforms, our two crypto futures ETFs demonstrate that Hong Kong remains open-minded on the development of virtual assets," said Yi Wang, head of quantitative investment at CSOP. On Friday, each lot trading on the Hong Kong Exchanges & Clearing (HKEX) (0388.HK) will debut at HK$780 each.

☆ EU gets another reason for a gas cap U-turn
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Dec 9 (Reuters Breakingviews) - The European Commission’s gas cap has taken some withering friendly fire. The European Central Bank has slammed the proposal for threatening financial stability and putting the central bank in an untenable position, in an opinion published on Thursday. The gas cap, put forward under intense political pressure, has exposed divisions among European Union member states. Instead of crafting a workable compromise, the Commission plan seems to have achieved the impressive feat of being both unusable and a danger to financial stability. Ahead of next week’s European leaders’ summit, the smart move is to scrap it.

☆ U.S. labor market softens, slowly
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 8 (Reuters Breakingviews) - The Federal Reserve is getting what it wants, but probably more slowly than it wants. That marked the highest count for so-called continuing jobless claims since early February. While bad for the claimants themselves, this is positive for the economy, because it means labor demand is finally cooling off. Wage growth was twice what economists had forecast in November, and continuing jobless claims remain below the average from before the coronavirus hit the United States. The Fed will need to see a much softer labor market before it brings rates back to earth.

☆ Link’s M&A chain breaks into pieces Down Under
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 8 (Reuters Breakingviews) - It’s hard to feel bad for well-compensated bankers but Link Administration’s (LNK.AX) M&A advisers at Macquarie (MQG.AX) and UBS (UBSG.S) need some Christmas cheer. On Thursday their client pulled the plug on negotiations for a partial takeover by Canada’s Dye & Durham (DND.TO), effectively accusing its suitor of dithering. Macquarie and UBS did manage Link’s sale of a slug of its 43% stake in mortgage-settlement company PEXA (PXA.AX) and may help distribute the remainder to shareholders. If Link offloads its troubled London unit, the slimmed-down company, worth perhaps A$800 million, could yet attract new interest. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ DWS’s best valuation fix is out of CEO’s hands
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 7 (Reuters Breakingviews) - DWS (DWSG.DE) is thriving but not getting much credit. It is valued at less than 10 times next year’s earnings, based on analysts’ estimates, versus Schroders (SDR.L) on a multiple of nearly 13. Hoops, himself a former Deutsche executive, admits the arrangement may hurt the stock. For now, Hoops will have to just fix what he can. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ HKEX alum helps Macau take micro-step into finance
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 6 (Reuters Breakingviews) - Small is beautiful. Hong Kong’s former stock market Chief Executive Charles Li, key driver of the wildly successful bilateral Stock Connect programme between mainland Chinese bourses and Hong Kong, is kickstarting an asset exchange in Macau. Given Li’s experience running Hong Kong Exchanges and Clearing’s (0388.HK) HK$26 trillion ($3.35 trillion) securities market, his entry is a coup for Macau, which is increasingly desperate to diversify beyond gambling into finance. Talk of a yuan-based stock exchange has yet to bear fruit. Macau, which sits outside China’s capital controls like Hong Kong, may want to compete with its neighbour, but it has a long way to go.

☆ Twitter has the most to lose against news mob
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Dec 6 (Reuters Breakingviews) - Meta Platforms (META.O) is taking a bold stand against a new piece of legislation, yet it’s Elon Musk’s Twitter that looks most exposed. The U.S. Congress is considering adding the “Journalism Competition and Preservation Act” to a defense bill that has a high likelihood of passing, according to Reuters. The Facebook operator is threatening to pull news off its feed if it is passed, spokesperson Andy Stone tweeted. Twitter meanwhile reaches about a quarter of the American adult population. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ IPO market nearly paused, but exchange leaders expect 2023 boost
▼ + stars: | 2022-12-02 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. Proceeds raised by IPOs this year are down around 93% versus 2021, said Lynn Martin, president of Intercontinental Exchange Inc's (ICE.N) New York Stock Exchange. "The reason companies aren't coming to market isn't because the public market currency isn't strong," she said in an interview on Wednesday. Increased scrutiny over the accounting practices of Chinese companies listing in the United States has been another factor in the slowdown in IPOs. "I am quite confident that the IPO market activity will return very quickly in the new year," she said.

☆ Hong Kong sees IPO slowdown reversing; eyes international issuers
▼ + stars: | 2022-11-30 | by ( Sumeet Chatterjee | ) www.reuters.com time to read: +3 min

China's economic slowdown, a sweeping regulatory crackdown that has tightened scrutiny over companies' fundraising outside mainland China and geopolitical tensions have all resulted in a bleak year for new listings in Hong Kong. "In other words, we will make ourselves much more diversified (with) many more international companies and that will be our strategy." International investors account for about 42% of investments in Hong Kong's equity market, and that share is "a lot higher" in the derivatives market, Cha said. Years of strict COVID restrictions have also badly hit Hong Kong's economy, but the city has lifted most of its curbs in the last couple of months. "So for us, there was, like the rest of Hong Kong, a higher attrition rate about 12 months ago, and that has come down now."

☆ The world needs more economic alliances than security ones, analyst says
▼ + stars: | 2022-11-16 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +3 min

Countries should strike up more economic alliances than security and defense ones, as those could make the world "more dangerous," the president of the Center for China and Globalization said on Tuesday. The U.S. for example, could consider joining — or "re-joining" — the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Henry Wang said at the SALT iConnections conference in Singapore. "The U.S. is the vibe of globalization and [has] always taken the lead on globalization," Wang said. Wang added that there should be more economic alliances and fewer security ones such as the AUKUS, Five Eyes and the Quadrilateral Security Dialogue, an informal strategic alliance. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership is a multilateral trade deal signed in 2018 that was formed after the United States, under the Trump administration, withdrew from the Trans-Pacific Partnership.

☆ Hong Kong's stock market halts trade when a typhoon warning is issued – the CEO says that may change
▼ + stars: | 2022-11-03 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

The Hong Kong Observatory has issued a Signal 8 or higher a total of six times in 2022, twice in 2021, and four times in 2020. What we're focusing on is the resiliency of Hong Kong – Hong Kong has proven time and time again that it can come back. Shortly following the interview, the Hong Kong Stock Exchange suspended trade after the H.K. "What we're focusing on is the resiliency of Hong Kong – Hong Kong has proven time and time again that it can come back. Companies would need to reach a valuation of $250 million Hong Kong dollars, lower than the current requirement of HK$500 million.

☆ Explainer: What's behind Hong Kong's tightening cash conditions?
▼ + stars: | 2022-11-03 | by ( Georgina Lee | ) www.reuters.com time to read: +4 min

HONG KONG, Nov 3 (Reuters) - A weak Hong Kong dollar and capital outflows have pushed the city's interbank rates to 14-year highs and drained cash levels to their lowest in two years, sparking investor worries about Hong Kong's cherished currency peg and its economic health. Below are some details on the complex policy framework and recent developments surrounding the tight liquidity:WHY IS HONG KONG ON INVESTORS' RADAR? That has tightened cash in the economy and driven the one-month Hong Kong Interbank Offer Rate (HIBOR) to a 14-year high. A dearth of initial public offerings this year on Hong Kong Exchanges & Clearing's (HKEX) markets has dampened investor demand for Hong Kong dollars. Hong Kong rates, liquidity($1 = 7.8498 Hong Kong dollars)Reporting by Georgina Lee; Editing by Vidya Ranganathan and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong market's resiliency backed by long-term strength and fundamentals, says HKEX
▼ + stars: | 2022-11-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHong Kong market's resiliency backed by long-term strength and fundamentals, says HKEXNicolas Aguzin of the Hong Kong Exchanges and Clearing says he believes in the long-term strength of the Hong Kong market due to its "special fundamentals" as an international financial center.

☆ Hong Kong leader John Lee delivers his maiden policy address
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

HONG KONG, Oct 19 (Reuters) - Hong Kong's new leader John Lee delivered his maiden policy address annual policy address on Wednesday, mapping out his priorities for the former British colony which returned to Chinese rule in 1997. - To set aside HK$30 billion from the Future Fund to establish the Co-Investment Fund for attracting enterprises to set up operations in Hong Kong and investing in their business. ECONOMY- To set up a new Hong Kong Investment Corporation Limited (HKIC) to further optimise the use of fiscal reserves for promoting the development of industries and the economy, and to attract and support more enterprises to develop their business in Hong Kong. - To develop Hong Kong into an international carbon market. - The Hong Kong Monetary Authority (HKMA) has begun the preparatory work for issuing "e-HKD" (e-Hong Kong dollar) and is collaborating with the Mainland institutions to expand the testing of "e-CNY" (e-Chinese yuan) as a cross-boundary payment facility in Hong Kong.

☆ Hong Kong exchange's third-quarter profits down 30% on lower trading volume
▼ + stars: | 2022-10-19 | by ( ) www.cnbc.com time to read: 1 min

Hong Kong's bourse operator on Wednesday reported a 30% drop in third quarter profits as rising rates, inflationary pressure and geopolitical tensions hurt fees generated from trading and listing activities. The profit attributable of Hong Kong Exchanges and Clearing (HKEX) in the third quarter slumped to HK$2.26 billion from HK$3.25 billion the same period last year. Revenue of the bourse in the quarter dropped by 23% from HK$5.31 billion to HK$3.94 billion, dragged down by weaker cash market turnover due to lower market liquidity and sluggish trading.

☆ Two large Hong Kong IPOs drop in trading debut: China EV maker Leapmotor plunges, Onewo shares dip
▼ + stars: | 2022-09-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

China Vanke's subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday. Chinese electric vehicle maker Leapmotor's shares tumbled as much as 32% from its offer price of 48 Hong Kong dollars ($6.11) per share. Shares of Onewo fell 7.9% from its offer price of 49.35 Hong Kong dollars ($6.29) per share in early trade, and was last 4.76% lower. Onewo, a subsidiary of property developer China Vanke, raised 5.6 billion Hong Kong dollars ($713.5 million), while Leapmotor raised 6.06 billion Hong Kong dollars ($771.7 million). Data from the Hong Kong Exchange (HKEX) show there were 48 new listings in Hong Kong from January to August in 2022, raising a total of 56 billion Hong Kong dollars ($7.1 billion) – a steep drop from the same period in 2021, in which there were 69 new listings that raised 271.4 billion Hong Kong dollars ($34.6 billion).

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