Hong Kong Financial News

Apecoin (APE) has tumbled -10% in a breakdown move, leaving Apecoin bag-holders dejected with APE price action asking ‘is ApeCoin Going to Zero?’.

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Just under 50 national governments have issued a joint pledge to “swiftly transpose” the Crypto-Asset Reporting Framework (CARF), the new international standard on automatic exchange of information between tax authorities, into their domestic law systems. The statement was published on Nov. 10. 

Hong Kong is “very ready” for the next wave of mass crypto adoption, with an influx of crypto talent that has been spilling into the aspiring digital asset hub, says Jupiter Zheng, a partner at Hashkey Capital.

Investing.com-- Most Asian stocks fell on Friday tracking hawkish signals on U.S. interest rates, while weak earnings from industry majors including  Softbank and SMIC weighed on broader technology stocks.

Investing.com-- Major Asian chipmaking stocks sank on Friday, tracking a steep decline in Semiconductor Manufacturing International Corp (HK:0981) after China’s biggest chipmaker logged a 80% slide in its quarterly profit amid worsening demand. 

UBS Group AG has joined rivals such as HSBC Holdings Plc, in extending an invitation to select clients in Hong Kong to trade specific crypto-linked exchange-traded funds (ETFs).

global markets after hawkish comments from the US Federal Reserve Chairman Jerome Powell. Asian markets traded lower, while the US stocks ended in the red overnight as treasury yields rose after the Fed Chair signaled that the central bank may need more interest rate hike to bring down inflation. On Thursday, the domestic equity benchmark indices ended lower amid mixed global cues.

BEIJING/HONG KONG (Reuters) — When China's largest developer Country Garden first skipped debt payments in August, its shares tumbled 14%, marking a reversal of fortunes: from industry poster child to another troubled property company struggling to pay its creditors.

Yuga Labs, the maker of the popular Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), is now on legal notice over injuries sustained at ApeFest.

SC Ventures, the fintech investment arm of British bank Standard Chartered, will establish a “Digital Asset Joint Venture” investment company in the United Arab Emirates in partnership with a Japanese financial conglomerate, SBI Holdings. 

The saga of the imploded cryptocurrency exchange JPEX continues to develop as Taiwanese prosecutors have reportedly found new alleged suspects.

The Taipei District Prosecutors Office has detained two individuals linked to JPEX, the cryptocurrency exchange, as part of an ongoing investigation into suspected fraud.

Ultraviolet (UV) lights were the likely culptit behind the reported vision loss, eye pain and skin issues for at least 15 attendees of Yuga Labs’ ApeFest event in Hong Kong last week, the nonfungible token (NFT) conglomerate has confirmed.

Hong Kong Immigration Department has made pre-arrival registration mandatory for Indian travellers. Indian nationals travelling to Hong Kong will need to complete a pre-arrival registration process online before they board their flight. «Indian nationals must apply for and successfully complete pre-arrival registration online before they can visit or transit the HKSAR visa-free (if seeking to enter the HKSAR during transit). Pre-arrival registration is not required for Indian nationals in direct transit by air and not leaving the airport transit area,» the Hong Kong Immigration Department said on its website. An Indian national can make use of the online service to apply for pre-arrival registration free of charge if he/she: Upon successful registration, travelers will receive a computer-generated notification slip. This slip must be printed on A4-sized paper and presented at the airline’s check-in counter. The details on the notification slip must match the traveler’s passport information exactly. Failure to present this document may result in denied boarding. «When applying for pre-arrival registration, the registrant must truthfully enter the correct information. The information the registrant provides in the pre-arrival registration needs to be exactly the same as it appears in his/her passport and he/she must use the same passport that is linked to it when visiting the HKSAR,» Honk Kong immigration department has warned travellers.

Asian share markets rallied on Thursday and the dollar was weaker after most U.S stocks edged higher and the S&P 500 recorded its longest winning streak in two years, with investors on high alert for signs that global interest rates have peaked. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, although up 4.6% so far this month. The yield on benchmark 10-year Treasury notes reached 4.5059% compared with a U.S.

US Federal Reserve officials and softer labor data led to growing expectations the central bank had reached the end of its rate-hike cycle. On Wednesday, the domestic equity markets closed with nominal gains amid mixed global cues. The Sensex ended 33.21 points, or 0.05%, higher at 64,975.61, while the Nifty 50 gained 36.80 points, or 0.19%, to settle at 19,443.50.

The initiative aims to explore the potentials of deposit tokenisation in enabling always-on, real-time treasury fund movement between accounts held by a corporate within the HSBC network.Conducted under the Hong Kong Monetary Authority's Fintech Supervisory Sandbox arrangement, the test encompassed the issuance, transfer, and redemption of deposit tokens. During the test, HSBC was connected to the blockchain platform developed by Ant Group.

Pizza Hut has started selling snake pizza. The popular American outlet has collaborated with a long-established restaurant in Hong Kong to put a contemporary twist on a traditional delicacy, featuring snake as a key ingredient on their pizza. This novel creation incorporates shredded snake meat, black mushrooms, and Chinese dried ham, all of which are essential components of an authentic snake stew. The introduction of this unique pizza is part of the marketing strategy of the Hong Kong franchise to generate online buzz and intrigue. These ingredients closely mirror those found in a traditional snake stew, a dish highly popular in Hong Kong and southern China, particularly during the colder months. Snake meat is often associated with potential skin benefits and the promotion of improved blood circulation. This unique dish is available for purchase in Hong Kong until November 22, offering a limited-time experience for curious food enthusiasts. Earlier in November, Sapphire Foods India, a Yum Brands franchisee, reported a 20 per cent decline in quarterly same-store sales at its Pizza Hut India restaurants on sluggish demand and said it is «cautious» about opening more outlets. Demand for pizzas has been slowing over the last few quarters, with restaurant operators pushing up prices in line with higher ingredient costs and as people have been shunning pizzas for fried chicken and burgers. Sapphire blamed the same-store sales decline at its Pizza Hut India restaurants, which make up roughly a quarter of its revenue, on «tough macro conditions and specifically high competitive intensity in the pizza category.» The decline has also forced Sapphire to rethink its plans to open additional Pizza Hut restaurants.

Linekong Interactive, a gaming and film production company headquartered in Beijing and listed on the Stock Exchange of Hong Kong (HKEX), is allocating $15 million to invest in projects building on the Bitcoin network.

Central banks have a responsibility to keep pace with the digital age and lead innovation, Agustín Carstens, general manager of the Bank for International Settlements (BIS), believes.