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Illicit chip flows to Russia seen slowing, but China, Hong Kong remain transshipment hubs

Economic Times

Economic Times · 11m ago

Illicit chip flows to Russia seen slowing, but China, Hong Kong remain transshipment hubs

Previously undisclosed data from the US Commerce Department reveals that the shipping of restricted goods, such as semiconductors, through China and Hong Kong to aid Russia's war efforts has decreased by 20% this year. Transshipments of advanced components through Hong Kong fell by 28% between January and May, while transshipments through mainland China (excluding Hong Kong) fell by 19%. Both China and Hong Kong are seen as major sources for Russia's military materials, and while progress has been made in slowing down this trade, China remains the primary concern. The US government accuses China of supporting Russia's war in Ukraine by exporting necessary parts and equipment.

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Hong Kong allows China's digital yuan to be used in local shops

Reuters · 1y ago

Hong Kong allows China's digital yuan to be used in local shops

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.

Chinese investors' rush for offshore assets spurs Hong Kong wealth inflows

Livemint

Livemint · 1y ago

Chinese investors' rush for offshore assets spurs Hong Kong wealth inflows

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.

China Evergrande liquidation sends shockwaves through financial markets

Livemint

Livemint · 1y ago

China Evergrande liquidation sends shockwaves through financial markets

A Hong Kong court has ordered the liquidation of China Evergrande Group, causing concern in China's financial markets. Trading of Evergrande related shares was halted and the Hang Seng Index rose 1.2%. Analysts agree that the delay in liquidation is surprising and clearing out Evergrande is seen as positive, but doubts remain about the impact on the property sector. There are concerns about the downturn in China's property sector and the effect on the progress of fixing it. The liquidation may also impact confidence among mainland creditors and potential buyers. Offshore creditors will depend on mainland courts recognizing or enforcing the winding-up order from Hong Kong to claim assets. Evergrande, the world's most indebted developer, has $300 billion liabilities and $240 billion assets. The liquidation petition was filed by an investor in June 2022 due to Evergrande's failure to honor an agreement.

Hong Kong cuts liquor tax in effort to reignite its nightlife industry

Money Control

Money Control · 8m ago

Hong Kong cuts liquor tax in effort to reignite its nightlife industry

In an effort to boost its nightlife industry and attract more tourists, Hong Kong has announced a reduction in liquor tax. The city has seen a decline in demand for its nightlife and entertainment options, with residents now choosing to spend their weekends in mainland China due to lower prices and more diverse offerings. The move to lower liquor tax aims to stimulate the logistics, storage, tourism, and high-end dining sectors. Additionally, Hong Kong has revised a residency scheme to attract wealthy migrants by allowing the purchase of homes valued at HKD 50 million ($6.4 million) to count towards residency requirements.

Hong Kong eyes crypto derivatives, margin lending in digital asset push

Economic Times

Economic Times · 4m ago

Hong Kong eyes crypto derivatives, margin lending in digital asset push

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.

Hong Kong's largest bitcoin ETF assets up five-fold since October

Economic Times

Economic Times · 1y ago

Hong Kong's largest bitcoin ETF assets up five-fold since October

The largest bitcoin futures exchange-traded fund in Hong Kong has seen its assets under management soar to over $100 million in the past five months. The CSOP Bitcoin Futures ETF has experienced significant demand, fueled by the approval and launch of spot bitcoin ETFs in the US. The rally in bitcoin and its outperformance of Hong Kong stocks have also contributed to the increased interest. The CSOP Ether Futures ETF has also seen its assets double this year, while average daily turnover for the CSOP Bitcoin Futures ETF has surged to $2.8 million. There are expectations that Hong Kong may approve the first spot bitcoin ETF this year.

Amid immigration debate in MAGA camp, Zoho CEO Sridhar Vembu cracks the code on rising talent migration from India

Livemint

Livemint · 6m ago

Amid immigration debate in MAGA camp, Zoho CEO Sridhar Vembu cracks the code on rising talent migration from India

Zoho CEO Sridhar Vembu discusses talent migration trends, noting that migration peaks during a country's rapid development phase due to rising aspirations. Historically, countries like Korea and China experienced high migration during their development. Vembu observes a similar trend in India and Silicon Valley, where Indian migrants now outnumber those from China, Hong Kong, and Taiwan. Migration slows once an economy's full potential is realized, as seen in Japan and Korea's past experiences.

Asia to emerge as equity deals hot spot as India activity surges

VCCircle

VCCircle · 1y ago

Asia to emerge as equity deals hot spot as India activity surges

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.

Hong Kong set to approve its first spot bitcoin ETFs in April

Economic Times

Economic Times · 1y ago

Hong Kong set to approve its first spot bitcoin ETFs in April

Hong Kong may become the first city in Asia to launch spot bitcoin exchange-traded funds (ETFs) this month, with approvals expected as early as next week. This acceleration in the approval process is aimed at boosting Hong Kong's appeal as a financial trading hub. Several mainland Chinese and Hong Kong asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, have submitted applications for the ETFs. The introduction of these ETFs could attract global investment and further drive crypto adoption.

China AI chip firm Biren raises new funds, plans Hong Kong IPO - The Economic Times

Economic Times

Economic Times · 12d ago

China AI chip firm Biren raises new funds, plans Hong Kong IPO - The Economic Times

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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