Hong Kong Financial News

Investing.com — Most Asian stocks surged on Monday as a drop in U.S. inflation ramped up hopes for a less hawkish Federal Reserve, while data showing improving sentiment towards the Japanese economy put the Nikkei index back at 33-year highs.

Investing.com — Shares of Chinese electric vehicle makers surged on Monday, amid increased optimism over the sector after the largest players in the country clocked a sizeable jump in vehicle deliveries through June

Hong Kong has taken another major step towards becoming a leading hub for cryptocurrency and blockchain technology. 

China Information Technology Development Limited (CITD) (HKEX: 8178), a leading technology company specializing in AI and cloud technologies, has announced its plan to issue HK$100 million worth of Bonds using distributed ledger technology (DLT). The proposed issuance aims to revolutionize the bond market by leveraging blockchain and smart contract technologies.

As part of Hong Kong's ongoing commitment to embrace the "megatrend" of Web3 development, it has established a diverse group of industry and government officials to supervise the progress of Web3 in the region.

Klimt sold Tuesday for 85.3 million pounds ($108.4 million), making it the most expensive artwork ever auctioned in Europe. 'Dame mit Facher' — Lady with a Fan — sold to a buyer in the room at Sotheby's in London after a 10-minute bidding war for a hammer price of 74 million pounds ($94.35 million). The higher final figure includes a charge on top of the sale price known as the buyer's premium.

RERA) has permitted Hong Kong-based Risland Holdings to resume construction and sales of its first Indian project, after an about nine-month hiatus caused by insufficient documentation. The building sanction plan and the RERA registration for the project at Chattarpur in South Delhi had lapsed, and the Municipal Corporation of Delhi (MCD) as well as the RERA had declined to extend the validity of the documents due to a land ownership dispute. «Since, sanctioned building plans have been revalidated by MCD, applicants can now proceed with the work accordingly.

The crypto space has been in an uneven state around the world, with Web3 startups flourishing in the Middle East and Asia, while North American crypto entrepreneurs face challenges under tough macroeconomic and regulatory conditions, according to Animoca Brands CEO Yat Siu. 

British Airways (BA), the national carrier of the UK is one of the largest airlines in the world. Sean Doyle who has been with BA for 20 years took over as CEO in Oct-2020. In this interview with Arindam Majumder, Doyle speaks on the recovery from pandemic and its growth plans in India.

The Public Sector Pension Investment Board (PSP Investments) generated a net portfolio return of 4.4 per cent for the fiscal year that ended March 31 despite “challenging” markets, with officials crediting a combination of private market investments, international expansion and currency exposure.

Baby formula maker Bubs, the subject of a bitter board split, will write down up to $25 million worth of inventory after its goods piled up in China.

According to a June 27 report by local news outlet Foresight News, Web3 firms in Hong Kong are spending anywhere between 20 million to 200 million Hong Kong dollars ($2.55 million to $25.5 million) for the acquisition of a Virtual Asset Licensing Regime (VASP) licenses. Sources explained:

The price of Ethereum (ETH) has been on a remarkable upward rally, surging above the $18,000 level on Tuesday morning. 

US-based stablecoin issuer Circle is closely monitoring Hong Kong’s crypto policies as the government pushes for a friendly regulatory framework. 

After a failed rally above $31,000 on June 23, Bitcoin (BTC) has sustained the $30,300 resistance for the past three days. Curiously, this happened while gold reached its lowest level in three months, trading at $1,910 on June 22, down from a $2,050 peak in early May.

In a recent blog post, Hong Kong's Financial Secretary celebrated Father's Day while also sharing the government's significant efforts in stimulating innovative technological development. The official highlighted that since the establishment of the Innovation and Technology Bureau (now the Innovation, Technology, and Industrial Bureau) in 2015, nearly HKD 200 billion has been invested to bolster technological innovation.

Hong Kong and Shanghai Banking Corporation (HSBC) — the biggest bank in Hong Kong — has reportedly introduced its first local cryptocurrency services.

Hong Kong and India have been in the news recently with respect to their developments in the crypto landscape. While Hong Kong has been announcing several regulatory developments in its crypto ecosystem, India’s G20 presidency is what the crypto community in the country is banking on for a billion dollar market making opportunity. Hong Kong has traditionally been friendly in its approach towards crypto, which attracted many prominent businesses to set up shop in the region. After some initial back and forth on letting retail investors engage with digital assets, it has been made clear that all users can invest and engage in crypto the same way. The region’s welcoming policy for crypto institutions to establish themselves in the region initially was met with skepticism. This was mainly due to speculations of China’s influence and control over the industry from behind the curtains. Reports even suggested that Hong Kong was being used by Beijing as a sandbox, which itself had imposed a blanket ban on digital assets. This was a cause for concern among many stakeholders. However, these concerns were superseded by the pros that the country offered. For one, the country offers a set of comprehensive regulations among the increasing regulatory uncertainty in the US, the largest crypto market. In the recent collapse of banks in the US such as Silvergate and Signature, Hong Kong promptly stepped in to solve the fiat on ramp and liquidity challenges for crypto companies by offering partnerships with banks in its region.

Blockchain Australia’s new CEO Simon Callaghan hopes the Federal Government will take its cues on crypto regulation from the United Kingdom, Hong Kong, and Singapore — and definitely not the United States.

Cryptocurrency trading is an important part of the virtual asset ecosystem, according to Julia Leung Fung-yee, CEO of the Securities and Futures Commission (SFC) of Hong Kong.

The CEO of Hong Kong's Securities and Futures Commission (SFC), Julia Leung Fung-yee, addressed Hong Kong's embrace of Web3 regulation following the collapse of crypto exchange FTX last November, noting that crypto trading is an important part of the virtual asset ecosystem.