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☆ 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.

☆ 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.

☆ HSBC resigns as LME member after exiting industrial metals
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 2 (Reuters) - HSBC (HSBA.L) has resigned its membership in the London Metal Exchange, the LME said on Friday, after the bank decided to close its industrial metals business two years ago. The exchange, the world's oldest and largest market for industrial metals, said in a notice that HSBC Bank plc had resigned from both the exchange and its clearing house effective on Friday. The bank was a small player in industrial metals, but told Reuters in July 2020 that returns were too low to justify continuing the business. "We remain focused on growing our leading position in precious metals," a HSBC spokesperson said on Friday. HSBC was a Category 2 LME member, which allows trading for their own account and on behalf of clients using the LME electronic system, but not in the open-outcry ring.

☆ After FTX collapse, pressure builds for tougher crypto rules
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

The collapse of Sam Bankman-Fried's FTX was the biggest in string of big crypto-related failures this year. Some crypto investors share these concerns. "Regulators could have posted a lot more guidance for crypto," said Brian Fakhoury at crypto venture capital fund Mechanism Capital. India's Finance Minister Nirmala Sitharaman said the collapse of FTX underscored the need for greater visibility on often-anonymous crypto transactions. The FTX collapse "shows the importance of a well-framed regulation," Sitharaman said, "so that countries can be clearly aware of by whom, for what for these transactions are happening.

☆ 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."

☆ Hong Kong’s Stock Exchange Hit Hard by Market Rout
▼ + stars: | 2022-11-09 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Hong Kong Exchanges & Clearing has proposed a rule change that would allow more early-stage companies to list. Hong Kong’s stock market has performed badly this year—but its stock-exchange operator has done even worse. The shares of Hong Kong Exchanges & Clearing Ltd. are down 43% since the start of the year, even after a rally so far in November. That is a bigger drop than that of Hong Kong’s benchmark Hang Seng Index, which has fallen 30% in the year to date. It also compares poorly with its global peers—no major exchange operator has lost more value this year.

☆ 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'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.

☆ 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 has always played the role of connecting the East and West, says stock exchange
▼ + stars: | 2022-10-25 | 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 has always played the role of connecting the East and West, says stock exchangeLaura Cha, Hong Kong Exchange chair, speaks to CNBC's Dan Murphy at the Future Investment Initiative in Riyadh about Hong Kong's status as an "international financial center."

☆ Hong Kong’s Stock Exchange Proposes Waiving Revenue Requirement for Some Tech IPOs
▼ + stars: | 2022-10-19 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

Primary and secondary listings on Hong Kong’s stock exchange so far this year are down 71% from the same period last year. Hong Kong’s stock exchange is planning new rules allowing some technology and science companies that haven’t yet generated revenue to go public, its latest effort to boost initial-public-offering volumes. Hong Kong Exchanges & Clearing operator of the exchange, wants to lower the bar for listings of pre-revenue and early-stage technology companies. That would expand the number of potential IPOs in a market that has struggled this year. Primary and secondary listings in Hong Kong so far this year have raised $10.78 billion, down 71% from the same period in 2021, according to Dealogic.

☆ Asia hedge fund losses grow in Q3, poised for worst year since 2008
▼ + stars: | 2022-10-19 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

“It’s a very painful third quarter for (Asia) hedge fund managers’ performance. Repeated lockdowns in many Chinese cities, a risk-off mode ahead of the party congress and geopolitical risks affected market sentiment. The magnitude of central bank policy moves and frequent macro headlines created profitable trading opportunities for macro hedge funds globally, analysts said. The HFRI Asia ex-Japan Index tracks funds that target more than 50% of their investments in the Asia ex-Japan region. Japan-focused hedge funds fared relatively well, with the HFRI Asia index that includes Japan, down just 3.3% in September and 3.9% this year.

☆ 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.

☆ Asia-Pacific markets inch up after Wall Street gains overnight
▼ + stars: | 2022-10-19 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

A pedestrian looks at Japanese companies' share prices of the Tokyo Stock Exchange displayed on an electronic board in Tokyo on April 30, 2021. Shares in the Asia-Pacific inched higher on Wednesday following a second day of gains in major U.S. indexes. The Japanese yen remained above 149 against the U.S. dollar. MSCI's broadest index of Asia-Pacific shares outside Japan was fractionally higher. China was due to release home prices data Wednesday, but the release has been delayed.

☆ 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.

☆ UK court says Elliott, Jane Street can sue LME for cancelled nickel trades
▼ + stars: | 2022-10-10 | by ( Pratima Desai | ) www.reuters.com time to read: +2 min

LONDON, Oct 10 (Reuters) - A British court has granted permission for U.S.-based hedge fund Elliot Associates and Jane Street Global Trading to sue the London Metal Exchange (LME) for cancelling nickel trades in March, a court document showed. Elliott and Jane Street are demanding damages of $456.4 million and $15.34 million respectively, after the nickel price topped a record $100,000 per tonne on March 8, prompting the LME's suspension of nickel trading and voiding of trades. The nickel trading episode has been the biggest crisis to hit the world's oldest metals forum in decades. "The LME therefore continues to consider that Elliott's and Jane Street's grounds for complaint are without merit, and the LME will defend any judicial review proceedings vigorously." Elliott Associates declined to comment and Jane Street did not immediately respond to a request for comment.

☆ 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).

☆ Asia shares gain ground, hefty Fed rate hike seen priced in
▼ + stars: | 2022-09-20 | by ( Julie Zhu | ) www.reuters.com time to read: +4 min

Even more so than the Ukraine war or corporate earnings, the actions of the U.S. central bank are driving market sentiment as traders position themselves for a rising interest rate environment. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1.2 % while Australian shares (.AXJO) climbed 1.2%. Markets are priced for rates to climb as high as 4.5% by early 2023, compared with the Fed's current 2.25%-2.5% policy rate range. It is not just in the United States that interest rate rises are expected. read moreChina's central bank went its own way though, cutting on Monday a repo rate by 10 basis points to support its ailing economy.

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