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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
A model of CATL’s second-generation Shenxing Superfast Charging Battery is displayed during CATL Tech Day ahead of the Shanghai Auto Show in Shanghai on April 21, 2025. Photo: AFP
IPO

Chinese EV battery giant CATL launches US$5.3 billion Hong Kong IPO

Listing is expected to be the largest in Hong Kong since Kuaishou Technology raised US$6.2 billion in January 2021.

Yuan

Offshore yuan gets a lift as market awaits outcome of US-China trade talks

Middle East

Chinese companies turn to Middle East region to hedge against US trade war

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Middle East

Saudi Aramco profits drop in first quarter as uncertainty rises

Aramco had expected to declare total dividends of US$85.4 billion in 2025, down sharply from last year’s payout of over US$124 billion.

US President Donald Trump speaks with Saudi Arabia’s Crown Prince Mohammed bin Salman at a G20 summit in Japan, on June 28, 2019. Photo: Reuters
IPO

Exclusive | Heavy equipment maker Sany to expand overseas after Hong Kong IPO

Aiming to raise up to US$1.5 billion in its proposed listing, company eyes lucrative overseas sales amid weak demand at home.

IPO

More Hong Kong IPO hopefuls emerge as sentiment draws investors

SAIC Mobility unveiled its plans on Friday; others like Mirxes, Insilico and CiDi revive their applications, according to exchange filings.

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United States

Opinion | Either way, Trump’s push for a global monetary reset will be painful

There will be pain, either shared by all voluntarily through peaceful negotiation or imposed on all through force. Take your pick.

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A clerk sorts US banknotes at the headquarters of Hana Bank in Seoul on April 15. Photo: EPA-EFE
Family offices

Trump’s tariffs are driving Asia’s ultra-rich investors away from US assets

About 10 family offices of the ultra-rich told Bloomberg they’re reducing their exposure or freezing investments, mostly in US equities and Treasuries.

Donald Trump

Trump calls US Fed chair a ‘fool’ after pause in rate cuts

The Fed said on Wednesday that it will hold the US central bank’s key lending rate at between 4.25 per cent and 4.5 per cent.

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Venture capital market

Venture capitalists keep Asia-Pacific bets at decade low on geopolitical risks: KPMG

Investments in the US amounted to US$91.5 billion last quarter, seven times more than in the Asia-Pacific region, report shows.

American AI companies attracted large funding from global venture capitalists last quarter, according to KPMG. Photo: Shutterstock
Interest rates

Why Hibor at 30-month low is a positive sign for Hong Kong’s economy

Hibor-linked mortgage borrowers will save about US$40 per month after the one-month interbank rate fell by almost 1 percentage point.

A lower Hibor will reduce the burden for mortgage borrowers and companies. Photo: Shutterstock
Hong Kong stock market

Hong Kong stocks rise after Beijing unveils support plan; US-China talks loom

Hong Kong stocks climb as Beijing releases economic measures; Fed holds rates steady.

IPO

Hong Kong IPOs sizzle, spurred by inflows from global, Chinese funds

Shares of Chinese bubble-tea chain Auntea Jenny surge as they join growing list of companies with stellar debuts.

Hong Kong Monetary Authority (HKMA)

HKMA warns of uncertainty after keeping rates unchanged; Fed defies pressure

HKMA says Trump tariffs have increased uncertainty about US inflation and the economic growth outlook.

Tourists visit at the waterfront of Victoria Harbour in Tsim Sha Tsui, during the “Golden Week”. 04MAY25 SCMP/ Sam Tsang
US-China trade war

China moves to bolster its economy ahead of US trade talks

Beijing announces a raft of measures including interest rate cuts as it seeks to begin negotiations in a strong position.

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China’s top financial officials announce a series of measures to boost the economy and stabilise capital markets during a press conference in Beijing on Wednesday. Photo: Handout
Electric & new energy vehicles

Geely Auto offers to buy full control of Zeekr, delist EV unit from NYSE

Take-private offer could cost Geely as much as US$2.24 billion, values the NYSE-listed firm at US$6.5 billion.

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Wealth management

HSBC revamps Hong Kong mobile app to boost user experience, convenience

HSBC has about 6.2 million customers in Hong Kong; its active mobile user base almost doubled between 2020 and 2024.

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China stock market

China’s stock regulator pledges ‘high-level opening’, streamlined listings

CSRC to help high-quality firms listed overseas offer shares in mainland China and Hong Kong, chairman Wu Qing says.

Wu Qing, chairman of the China Securities Regulatory Commission. Photo: SCIO
China’s economic stimulus

China rolls out policy package to guard against US tariffs – as it happened

China’s major financial regulators announced more measures to shore up the country’s economy and capital markets as the trade war ramps up.

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Hong Kong Monetary Authority (HKMA)

Explainer | What’s in store for homebuyers as HKMA intervenes in currency market

Sloshing liquidity is likely to pressure Hong Kong dollar interbank rates, trimming costs on home mortgages.

Yuan

Explainer | Has Asia just taken a step away from the US dollar?

Asia’s largest economies have broken new ground by approving an emergency financing tool using the yuan and other local currencies.

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China is accelerating its efforts to expand the role of the yuan as a global currency amid an intensifying trade war with the United States. Photo: AFP
Hong Kong economy

Hong Kong’s Regina Ip reveals reason for earlier cancellation of US trip

Executive Council convenor Regina Ip says timing was not good for US trip as she provides details of key business summit in city.

This year’s Global Prosperity Summit will include former US consul generals in Hong Kong, Hanscom Smith and Kurt Tong, as well as a former senior mainland Chinese diplomat. Photo: Elson Li
Corruption in Asia

Hong Kong watchdog charges 7 linked to Macau builder’s IPO

Four financial professionals and three of their relatives face charges in case related to Huarchi Global Group’s 2019 IPO, ICAC says.

US-China trade war

China avoiding ‘disruptive’ de-dollarisation despite US trade war, report says

Findings come as some analysts have raised the spectre of China selling off its US Treasury-issued assets amid worsening bilateral ties.

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IPO

Hong Kong to offer ‘tailored guidance’ for specialist tech firms seeking IPOs

The Technology Enterprises Channel aims to assist innovative firms raise funds, as outlined in Paul Chan’s budget speech in February.

The Hong Kong stock exchange is taking steps to make it easier for specialist technology and biotechnology firms to list in the city. Photo: Nathan Tsui
Hong Kong Monetary Authority (HKMA)

Hong Kong’s Exchange Fund posts US$8.7 billion gain for the first quarter

Exchange Fund benefits from Hong Kong stock market rally; Hang Seng Index rises 15 per cent in the first quarter.

Exchange Square in Central. Photo: Jelly Tse
IPO

Chery gears up for US$1.5 billion Hong Kong IPO without Wall Street banks

Chery is working with the Hong Kong units of CICC, Huatai Securities and GF Securities as joint sponsors.

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Hong Kong stock market

Hong Kong stocks up on optimism about foreign investors buying local assets

Demand for assets boosted the local dollar, prompting the HKMA to intervene in the foreign exchange market to protect its trading band.

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