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Chinese investors' rush for offshore assets spurs Hong Kong wealth inflows
Livemint
·
1y ago
Medial
Wealthy Chinese individuals are increasingly turning to Hong Kong investment products such as insurance and high-yield time deposits to protect their returns amid a domestic economic downturn and a weaker currency. This trend has been accelerated by China's relaxation of investment rules for the 'wealth connect' program, which allows residents of certain cities to purchase investment products sold in Hong Kong and Macau. The surge in demand is sparking competition among financial firms in Hong Kong and reaffirming the city's status as a wealth hub. Ultra-rich individuals from China and Southeast Asia are also exploring their options in Hong Kong.
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China's Evergrande liquidation expected to yield minimal returns for creditors
Livemint
·
1y ago
Medial
Creditors of China Evergrande Group are likely to recover only a small portion of the builder's debt due to challenges accessing its assets. Most of Evergrande's assets are located in mainland China, posing legal obstacles for non-Chinese administrators. Hong Kong holdings amount to just $2.9 billion compared to $25.4 billion in offshore liabilities. Liquidators will face difficulties recovering funds for offshore bondholders, but their actions could serve as a model for other struggling Chinese developers. Experts believe a restructuring deal would have been more beneficial for creditors, with estimated recovery rates higher than in a liquidation scenario.
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Hong Kong set to approve its first spot bitcoin ETFs in April, sources say
Reuters
·
1y ago
Medial
Bitcoin spot exchange-traded funds (ETFs) may be introduced in Hong Kong this month, making it the first city in Asia to offer this investment option. Regulators have accelerated the approval process in an effort to improve Hong Kong's status as a global financial hub. Several Chinese and Hong Kong asset managers have filed applications to launch these ETFs. The launch of spot bitcoin ETFs in the US earlier this year attracted around $12 billion in net inflows. Bitcoin's value has increased by over 60% this year, reaching an all-time high of $73,803 in March.
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Hong Kong eyes crypto derivatives, margin lending in digital asset push
Economic Times
·
5m ago
Medial
Hong Kong is exploring the approval of cryptocurrency derivatives and margin lending for specific investors, as part of its push to become a regional digital assets hub. The Securities and Futures Commission's chief executive, Julia Leung, highlighted the initiative at the Consensus Hong Kong 2025 conference. Hong Kong has issued nine digital asset trading platform licenses, with more applications pending, and is advancing stable coin regulation. The initiative follows mainland China's crypto transaction ban, with similar efforts seen in Singapore and Dubai.
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Hong Kong set to approve its first spot bitcoin ETFs in April
Economic Times
·
1y ago
Medial
Bitcoin exchange-traded funds (ETFs) may be launched in Hong Kong this month, making it the first city in Asia to offer such products. Regulators have accelerated the approval process, indicating a strong desire to improve the city's attractiveness as a financial trading hub. Several Chinese and Hong Kong asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, have reportedly submitted applications for spot bitcoin ETFs. The move is significant as it could bring in new global investments and boost crypto adoption. In January, the US launched its first exchange-traded funds for spot bitcoin, attracting around $12 billion in net inflows.
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China AI chip firm Biren raises new funds, plans Hong Kong IPO - The Economic Times
Economic Times
·
1m ago
Medial
Chinese AI chip company Biren Technology has secured approximately 1.5 billion yuan in new funding and is preparing for a Hong Kong IPO amid China's push to develop domestic semiconductor alternatives due to U.S. export restrictions. The funding round, largely backed by state-linked investors, underscores China's focus on building homegrown graphics processing units critical for AI. Previously planning a mainland listing, Biren shifted its IPO focus to Hong Kong, aiming to file by late third quarter.
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Bruised by stock market, Chinese rush into banned bitcoin
Economic Times
·
1y ago
Medial
Despite the ban on cryptocurrency in China, Chinese investors are finding creative ways to invest in Bitcoin and other crypto assets, considering them a safer investment compared to the declining stock and property markets at home. These investors use grey-market dealers, small rural commercial banks, and overseas bank accounts to buy and trade cryptocurrencies. The underground crypto market in China is thriving, with significant daily volumes and growing interest from retail investors. Hong Kong is emerging as a testing ground for crypto-related businesses, with Chinese brokers and financial institutions exploring opportunities in the territory.
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Asia to emerge as equity deals hot spot as India activity surges
VCCircle
·
1y ago
Medial
Asia is expected to see a surge in equity deals in the second half of this year, with a revival in IPOs in Hong Kong and a string of mega deals in India. India's share in Asia's equity capital market (ECM) deals is at a record high, with a total of $28.5 billion raised in the first half of 2024. In comparison, mainland Chinese ECM deals dropped by nearly 70%, and IPOs in Hong Kong also experienced a decline. The positive growth outlook of India's economy and improved sentiment towards Hong Kong and China are expected to attract more foreign investors.
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Hong Kong allows China's digital yuan to be used in local shops
Reuters
·
1y ago
Medial
Hong Kong will allow mainland China's digital yuan to be used in shops, a move aimed at promoting the internationalization of the Chinese currency. The program, backed by Beijing, will enable residents of mainland China and Hong Kong to open digital yuan wallets and make payments in retail shops and some online stores. The digital currency has gained popularity in China, with transactions reaching 1.8 trillion yuan ($249.27 billion) as of June 2023. The expansion of the e-CNY pilot in Hong Kong will facilitate merchant payments in mainland China by Hong Kong residents.
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Crypto firm HashKey secures $100 million funding, exceeds $1 billion valuation
Economic Times
·
1y ago
Medial
Cryptocurrency exchange HashKey Group has raised nearly $100 million in a Series A funding round, surpassing a pre-money valuation of $1.2 billion. The Hong Kong-based exchange plans to utilize the raised capital to strengthen its Web3 ecosystem, expand product offerings, and support global development. HashKey also attracted new investors, including institutional investors and strategic partners. The company recently became the first licensed crypto trading exchange in Hong Kong to serve retail users, further capitalizing on the growing demand for alternative assets and the development of Web3 in the Asian financial hub.
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China's tech giants lobby for offshore yuan stablecoin, sources say - The Economic Times
Economic Times
·
1m ago
Medial
China's tech giants, JD.com and Ant Group, are lobbying the central bank to approve yuan-based stablecoins to counter the influence of US dollar-linked cryptocurrencies. They propose launching stablecoins in Hong Kong pegged to offshore yuan, promoting global use of the Chinese currency. If successful, this marks a significant shift in China's view on cryptocurrencies, possibly reshaping its strategy for yuan internationalisation amidst escalating competition in global digital finance and trade markets.
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