Hong Kong Financial News

360 Realtors, India’s leading institutional channel partner (ICP), has forayed into the fractional ownership space through its new company 360 FRXNL. The newly-incubated entity will offer transparent and seamless transaction facilities across multiple assets, including commercial, residential, industrial, plots, and much more. The company aims at offering institutional-quality deals with the flexibility & convenience of retail investment.

Gen. Li Shangfu may have been removed and detained became rife after he was conspicuously absent at the meeting of the Central Military Commission (CMC) here on Friday.

China’s economic slump due to years of Covid restrictions, a property market crisis, and persistent tensions with the West — concerns that have helped make the “avoid China" theme one of the biggest convictions among investors in Bank of America’s latest survey. Foreign fund participation in the Hong Kong stock market has dropped by more than a third since the end of 2020. “Foreigners are just throwing in the towel," said Zhikai Chen, head of Asia and global EM equities at BNP Paribas Asset Management.

Blockchain researchers say North Korea-linked hackers are likely behind a $70 million theft from crypto exchange CoinEx. CoinEx, which says it is based in Hong Kong, said on Tuesday on social media platform X, formerly known as Twitter, that wallets used to store the exchange's crypto assets had been hacked. It said on Friday it estimates its losses at $70 million, which it said is a «small portion» of its total assets.

Today, the Hong Kong Monetary Authority (HKMA) issued a warning to cryptocurrency companies that improperly use the term "bank" in describing their services. 

Vistara will start direct flights between the national capital and Hong Kong from October 29.

Crypto exchange JPEX has reportedly increased its withdrawal fee to up to 999 Tether (USDT) after receiving a warning from Hong Kong’s Securities and Futures Commission (SFC). The staff of the exchange has also been reportedly missing from its Token 2049 booth in Singapore. 

Ethereum (ETH) co-founder Vitalik Buterin has issued a word of caution to cryptocurrency projects considering establishing their operations in Hong Kong. 

According to the report, Pakistan's finance ministry has cited the exhaustion of the country's foreign exchange reserves as the reason for being unable to release salaries, extending the financial strain into September. This situation poses a significant challenge to officials working in costly cities like Washington, DC, and Hong Kong, as well as Singapore, as they face the prospect of going without salaries for yet another month. Top officials have confirmed, «The press attaches working in Washington, DC, and Hong Kong, as well as the press counsellor deputed in Singapore, continue to live without salary since June.» This is not the first time that Pakistan, facing financial constraints, has encountered difficulties in disbursing salaries.

Swift has partnered with three central banks to conduct beta testing of its central bank digital currency (CBDC) connector solution in an effort to advance cross-border payments using CBDCs.

Johnny Ng, a member of the Legislative Council of Hong Kong, took to social media on Sept. 15 in response to comments made by Ethereum co-founder Vitalik Buterin about Hong Kong’s future “friendliness” toward cryptocurrencies. 

Hong Kong was crowned the best-prepared jurisdiction for widespread cryptocurrency adoption in 2023, retaining its crypto-readiness prowess for the second year in a row. 

It’s no secret that traditional gamers harbor a strong sense of disdain for crypto and non-fungible tokens (NFTs) in their games. The reason for this is clear, says Atari founder Nolan Bushnell, it all started with the insane rise of play-to-earn games.

Hong Kong legislator Johnny Ng has extended an invitation to Buterin to gain a firsthand understanding of the region's regulatory environment and crypto-related strategies after the Ethereum co-founder questioned the city's crypto-friendliness.

Asian stocks rose strongly on Friday, extending a global equity rally, after better-than-expected Chinese economic data added to the good vibes from expectations that tightening campaigns by the world's biggest central banks were close to over. The dollar stuck close to a six-month peak from overnight against major peers, buoyed by robust U.S. economic data, while the euro sagged following the European Central Bank's signal that Thursday's rate hike was probably the last this cycle. Crude oil hit a fresh 10-month top. MSCI's broadest index of Asia-Pacific shares rallied 0.84%. Japan's Nikkei jumped 1.33% to a two-month high. Hong Kong's Hang Seng added 1.2%, and mainland Chinese blue chips rose 0.2%, flipping from early small losses. Australia's stock benchmark surged 1.75%. U.S.

Indian stock market is expected to open higher Friday led by positive global cues amid improved domestic investor sentiment. Asian markets traded higher, while the US stock market ended with gains overnight amid easing fears of recession in the world’s largest economy. On Thursday, the domestic benchmark equity indices ended at record high level with the Nifty closing above 20,100-mark.

startups after exhausting 80% of the $250 million earmarked last year, a senior executive said, underscoring the lender’s focus on the sector facing funding challenges. Ajay Sharma, head of commercial banking at HSBC India, said the lender banks 45% of Indian unicorns, and is willing to meet some working capital requirements of startups, while pushing them to maintain high corporate governance standards. Instances of delayed financial reporting and alleged fraudulent practices by some large startups have put the spotlight on governance issues at some entities that have raised billions of dollars from investors.

Vedanta Resources financial policy regarding debt transactions may result in a potential downgrade of its current 'B-' rating to 'CCC' or 'CC,' as detailed in their credit FAQ addressing the implications of a liability management exercise for Vedanta Resources' credit rating. This rating action will happen if Vedanta tries a debt deal without enough compensation or buys back debt at a lower price than its face value in secondary markets. If Vedanta goes through with such a deal, S&P would probably lower Vedanta's rating to 'SD' and the bond ratings affected by this would drop to ‘D'.

China's Commerce Ministry has protested a decision by the European Union to investigate exports of Chinese electric vehicles, saying it is a protectionist action aimed at distorting the supply chain

Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange by trading volume Binance, said that Singapore’s approach to digital assets has become more “conservative,” particularly after the spectacular collapse of the now-defunct FTX exchange.

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