Hong Kong Financial News

Asian and European stock markets faced sharp declines on Friday, with China spearheading the downturn as its September consumer price index showed no growth. Markets pundits say weak economic indicators from China could become a cause of concern for the global economy.

The ongoing trial of former FTX CEO Sam Bankman-Fried has uncovered a series of explosive revelations in the form of testimonies from former key FTX and Alameda Research executives. 

JD fell as much as 13% to a record low on Friday after several banks and brokers cut price targets and revenue growth forecasts for the firm, citing a weaker-than-expected recovery in consumer spending. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates.

Chinese e-commerce giant JD.com fell as much as 13% to a record low on Friday after several banks and brokers cut price targets and revenue growth forecasts for the firm, citing a weaker-than-expected recovery in consumer spending. The brokerages and banks including Citi, Daiwa and Jefferies, which issued notes to clients on Thursday and Friday with the revised estimates. JD.com, which is listed in Hong Kong and the United States, is expected to report quarterly financial data in mid-November following China's main online shopping festival, Singles' Day. Shares in JD.com, which is also China's largest home appliance retailer, closed at their lowest level since their June 2020 debut. A debt crisis in the key property sector has contributed to slowing China's economic growth after the pandemic, while many Chinese have cut back on spending due to concerns over the economy and job security, hurting the retail sector. In March, JD.com warned it would take time to rebuild consumer confidence post-pandemic as it missed fourth-quarter revenue forecasts. Citi Research lowered its revenue assumption for JD.com by 3.4% and 4.3% for the third and fourth quarter, saying that it now estimates 0.8% and 1.3% growth respectively. The bank's analysts cited a «relatively muted consumption trend, high base, intense competition, and on-going impact from restructuring adjustment» for the change in estimates. Nomura said JD.com had yet to see any meaningful improvement in retail since the third quarter, adding that the company had also missed on any positives from the stimulus policies China has rolled out since September to rescue the property market. JD.com said it had no comment on the analyst revisions and its share price

A 75-minute secretly recorded audio clip of Caroline Ellison has revealed the exact moment 15 former Alameda Research staff found out the hedge fund was “borrowing” user funds from FTX. 

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Days after its debut in New York, the Cyberspace Administration of China (CAC) had launched an investigation into Didi, citing a need to protect national security and the public interest. The company was fined $1.2 billion in July 2022 over data-security breaches and was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023, the report said.

The former CEO of a Miami-based investment firm has pled guilty to a conspiracy to commit commodities fraud involving crypto futures contracts and now faces up to five years in prison. 

China opened an industrial park dedicated to developing the digital yuan ecosystem on Oct. 11, according to Chinese press reports. This is the first such park dedicated to the central bank digital currency (CBDC), which is also referred to as the e-CNY.

Electric bus outfit TrueGreen Mobility is set to hit the fundraising trail again, setting the scene for investors to cross-check punchy growth forecasts from previous pre-IPO rounds.

Stock markets in the Asia-Pacific region and Europe saw gains on Thursday. This uptick was attributed to the United Kingdom’s economic recovery, China’s recent stimulus measures and expectations surrounding the United States Consumer Price Index.

By Marc Jones

Hong Kong's retail investors' interest in cryptocurrencies has recorded a significant surge this year, according to a recent survey by the Investor and Financial Education Council (IFEC), a subsidiary of the Securities and Futures Commission (SFC), Hong Kong’s securities regulator.

By Selena Li and Summer Zhen

Asian shares rose on Thursday as markets wagered that U.S. rates have peaked after more dovish remarks from Federal Reserve officials, while traders awaited the U.S. consumer inflation report later in the day for further monetary policy clues.

Thailand's prime minister says Malaysia’s national carmaker Proton and its Chinese partner Geely are considering setting up a plant in Thailand to produce electric vehicles

Federal Reserve's September meeting. The S&P 500 gained 18.56 points, or 0.43%, to end at 4,376.80 points. The Nasdaq Composite gained 96.83 points, or 0.71%, at 13,659.68.

Just 47% of retail crypto investors in Hong Kong are aware of the Virtual Asset Trading Platform Regulatory Regime, a piece of legislation that went into effect this June to protect the interests of retail investors in digital assets in the region.

The stock market in Asia and Europe had a contrasting day where a majority of the stock markets across the Asia-Pacific region climbed across the board while European markets had a mixed day. While South Korea's bullish rally drove Asian markets, European shares faced downward pressure from underperforming luxury stocks.

Sean Taylor, incoming CIO of Matthews

Key Takeaways

In response to the recent regulatory challenges faced by Bitfinex, iFinex Inc., the Hong Kong-based parent company, is set to repurchase shares worth $150 million from its shareholders, constituting approximately 9% of the company's total outstanding capital. This move, reported by Bloomberg on October 10, aims to provide iFinex with greater control over its private dealings and streamline its ownership structure.