Hong Kong Financial News

Hong Kong's financial regulator, the Securities and Futures Commission (SFC) has vowed to step up its efforts to combat unregulated cryptocurrency trading platforms in its jurisdiction

The masterminds behind Hong Kong’s JPEX alleged crypto exchange scandal — referred to by some as the largest financial fraud to ever hit the city — have eluded authorities despite 11 people already being taken in for questioning in relation to the case.

Shares of China Evergrande plunged as much as 24% on Monday after the embattled developer said it was unable to issue new debt due to an ongoing investigation into one of its subsidiaries, dealing a fresh blow to its restructuring plans.

Sensex and Nifty 50 ended lower for the fourth consecutive session on Friday weighed down by weak global cues as the US Treasury yields rose to their multi-year high levels and crude oil prices rose by about a percent. “We expect the market to remain under pressure in the near term given the global concerns. Thus, we suggest investors to have higher allocation towards defensive and large-caps.

Vedanta Resources' (VRL) bond restructuring plan has met with some resistance from investors seeking better terms. The proposed plan suggests making a 50% upfront payment for the $1 billion January 2024 bond, a 15% payment for the August 2024 bond, and a 10% upfront payment for the March 2025 bonds, with the remaining amounts to be restructured. However, VRL needs the approval of at least two-thirds of the bondholders for this plan to proceed. Initial feedback from investors in Singapore and Hong Kong reveals discomfort with the proposed restructuring, raising the possibility of opposition from a group of bond investors, two bondholder sources said. «A group of bondholders could oppose the proposed restructuring, setting the stage for a potential showdown,» a source said.

The Miss Universe Organization has denied any association with the Miss Universe Coin project announced at the Philippine Blockchain Week (PBW) event held earlier this month. PBW said that they are in contact with all involved parties and will post an update soon.

China swept the first gold medals at the Asian Games in Hangzhou on Sunday in a statement of intent on day one of the region's answer to the Olympics. China claimed the first gold when Zou Jiaqi and Qiu Xiuping dominated the women's lightweight double sculls rowing to kick off a medal rush for the home nation. The Chinese pair finished in 7min 6.78sec, with Uzbekistan's Luizakhon Islamova and Malika Tagmativa taking silver — almost 10 seconds behind. «I am very excited as it's my first Asian Games,» said Zou, clutching her gold medal. «Stepping on to the podium today is a new starting point to help us prepare for next year's Paris Olympics,» said Qiu. Indonesia's Chelsea Corputty and Rahma Mutiara Putri won bronze. The hosts soon doubled up on the rowing lake as the men's lightweight double sculls gold was won by Fan Junjie and Sun Man, who finished five seconds clear of India's Arjun Lal Jat and Arvind Singh. China won six of the seven golds at the Fuyang Water Sports Centre rowing venue on Sunday morning with only Hong Kong's Lam San-tung and Wong Wai-chun getting in on the party by winning the men's pairs. China's shooters also claimed the women's 10m team air rifle. The hosts' rip-roaring start to the 19th Asian Games, which end on October 8, continued as Sun Peiyuan won the first martial arts gold. Sun successfully defended his men's changquan wushu title from 2018, ahead of Indonesia's Edgar Xavier Marvelo with Macau's Song Chi-kuan third. «I'm so very excited, I'm lost for words,» said Sun. China won 10 of the first 11 golds in the early action on Sunday.King Qin makes splashSwimming is one of the highlights of the Games and will see seven finals later on Sunday at the Hangzhou Olympic Centre Aquatic Sports Arena,

Also read: Asian Games 2023: India enter women's cricket final, beat Bangladesh by 8 wickets Hong Kong, China moved to first place in the race, followed by Uzbekistan and India. The Indian pair crossed the 1500m mark with a time of 5:05.11s. Things started to heat up as the three nations fought closely and gave their all to take away the gold medal.

A law firm that previously provided services to the now-defunct cryptocurrency exchange FTX has refuted a class-action lawsuit brought against them claiming that it assisted in the exchange's alleged fraud.

Mint is now on WhatsApp Channels :rocket: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Esports enthusiasts can tune in at 8 AM to watch Charanjot Singh and Karman Singh Tikka compete in the FC Online Round of 32. The sailing and rowing events will continue from 8:20 AM and 8:30 AM, respectively, with multiple athletes in action. In hockey, India will be playing against Uzbekistan at 8:45 AM.

According to the recent court filing, FTX, the bankrupt crypto exchange, has filed a lawsuit against former employees of Salameda, a Hong Kong-incorporated entity affiliated with FTX, to recover about $157.3 million.

Bitmain rolled out its next generation Antminer S21 and S21 Hydro ASIC miners at the World Digital Mining Summit in Hong Kong on Sept 22, revealing the crucial performance stats that the entire industry has been waiting for. The S21 has a hasrate at 200 TH/s and an efficiency at 17.5 J/T while the S21 hydro hashes at 335 TH/s and 16 J/T which is notable given that until recently, most Bitcoin ASICS were operating above the 20 J/T level.

oil prices weighed down investor sentiment. The losing run resulted in the benchmark indices shedding about 2.7% this week — their highest weekly loss since February. NSE's Nifty fell 68.10 points, or 0.34%, to close at 19,674.25.

Michael Bloomberg, co-founder of Bloomberg LP, outlined a succession plan for the financial information and news company, saying that his foundation Bloomberg Philanthropies will inherit it and then eventually sell it, the New York Times reported. The former New York City Mayor made the announcement at the Climate Summit hosted by the newspaper on Thursday. Representatives for Michael Bloomberg declined to comment. «I give virtually all of the company's profits to the foundation… but when I die, the foundation inherits the company,» the newspaper reported quoting him. Bloomberg was married to Susan Brown from 1976 to 1993 and has two daughters, Emma and Georgina.

Defunct cryptocurrency exchange FTX filed a lawsuit on Sept. 21 against former employees of the Hong Kong-incorporated company Salameda, which was previously affiliated with the FTX group, according to court documents.

China is considering relaxing the rules that cap foreign ownership in domestic publicly traded firms, people familiar with the matter said, as it seeks to lure global funds back to its $9.4 trillion stock market. 

Big retailer EnergyAustralia is facing millions of dollars in potential fines after the corporate regulator alleged it failed to provide simple price information to customers so they could compare offers with other providers.

India's crypto industry may have to wait for up to two years for a more lenient crypto tax regime, as per domestic exchange WazirX's CEO. 

Indian stock market indices are expected to open lower Friday tracking weakness in global peers amid worries over interest rates staying higher for longer that sent treasury yields soaring. Asian markets traded lower, while the US stock markets ended with steep losses overnight. The domestic benchmark equity indices witnessed an all-round selloff on Thursday with the Nifty 50 and Sensex ending in the negative territory for the third consecutive session.

Vedanta Limited has approved raising up to ₹2,500 crore through the private placement of non-convertible debentures, it informed exchanges on Thursday. These funds will be raised in one or more tranches. The natural resources major will raise funds through 250,000 debentures with a face value of ₹100,000 each.

The son of jailed Hong Kong media mogul and prominent pro-democracy activist Jimmy Lai says he doesn't want to see his father die in detention, as his lawyers raised the prospect that his long-delayed trial may be pushed back indefinitely