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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
The MTR Corp’s 30-year US dollar note is the largest from a Hong Kong corporate issuer in more than two decades, according to the railway transport operator. Photo: Edmond So
MTR Corporation

Hong Kong’s MTR Corp raises US$3 billion from its largest public bond sale

The deal comes amid a buoyant Asian bond market as risk sentiment remains steady ahead of further US trade tariffs, according to analysts.

Hong Kong Monetary Authority (HKMA)

Wealth Connect 3.0: HKMA chief promises upgrades to boost appeal

CATL

CATL gets CSRC’s nod for Hong Kong IPO to raise at least US$5 billion

US-listed Chinese stocks

Chinese tea chain Chagee reveals revenue surge in US IPO filing

Net revenue nearly tripled to US$1.71 billion in 2024, company says as it prepares for Nasdaq listing.

A Chagee store in Beijing, pictured on October 1, 2023. Photo: Shutterstock
HKEX

Hong Kong set to fund Chinese start-ups’ ‘jaw-dropping’ innovations

China is at the beginning of a long innovation story, according to speakers at the HSBC Global Investment Summit.

Family offices

Hong Kong deepens push into AI, tech to boost its edge over Singapore: Paul Chan

Artificial intelligence is the future, as it has the potential to boost Hong Kong’s competitiveness, financial secretary says.

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Asia Tech

Alibaba’s Tsai says some AI bets like excess data centres are speculative

‘People are talking literally about US$500 billion, several US$100 billion [projects]. I don’t think that is entirely necessary,’ Tsai says.

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Alibaba Group chairman Joe Tsai says some of the multi-billion outlays may be unnecessary. Photo: Handout
Electric & new energy vehicles

Chinese EV maker Xiaomi raises US$5.5 billion to accelerate expansion

The Beijing-based firm sold 800 million new shares at HK$53.25 each, a 6.6 per cent discount to the closing price on Monday.

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Vietnam

Vietnamese tycoon facing death sentence scrambles to repay fraud billions

Truong My Lan’s lawyer said she was securing funds to appeal her life sentence, on top of the US$11 billion she needs to avoid execution.

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Wealth management

Exclusive | Hong Kong must capitalise on DeepSeek to lure global, Chinese funds: HSBC

Hong Kong’s stock market has a lot of room to expand as many companies are planning IPOs, HSBC’s Asia and Middle East co-CEO David Liao says.

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David Liao, HSBC’s co-CEO for Asia and the Middle East, pictured at HSBC headquarters in Central on March 19, 2025. Photo: Jonathan Wong
Mergers & Acquisitions

China to attract more private equity from Middle East and US: Bain & Co

Asia-Pacific deal value rose 11 per cent to US$176 billion in 2024, according to Bain & Company.

Workers walk past a mural depicting China’s history at the Zhongguancun No 1, an incubation platform for tech companies, in Beijing on March 19, 2025. Photo: AFP
Yuan

‘Slow decline’: why the US dollar is destined to lose its dominant status

The world is already moving towards a multicurrency system as financial technologies evolve and China pushes the yuan, economists say.

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Private credit

Exclusive | Chelsea owner Todd Boehly eyes Hong Kong and Macau for new ventures

The American tycoon spots potential for fintech, sports and entertainment expansion in Hong Kong and Macau.

Standard Chartered Bank

StanChart eyes 5 wealth hubs in Hong Kong to appeal to ‘new money’

The next wealth management centre will open in Central later this year, while the bank scouts for new locations in the city.

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Standard Chartered’s Priority Private Centre at K11 Atelier Victoria Dockside in Tsim Sha Tsui, Kowloon. Photo: Handout
Britain

UK cuts welfare and civil service spending, boosts defence

Finance minister Rachel Reeves sought investor trust by pledging to balance day-to-day spending with tax revenue by the end of the decade.

Britain’s Chancellor of the Exchequer Rachel Reeves. Photo: Reuters
China economy

HSBC to back Chinese firms in their growth plans amid global headwinds, CEO says

With continued investment, China is poised to lead the future of technology-driven, resilient, and sustainable supply chains, Elhedery says.

Women and gender

Top Hong Kong women CEOs talk about the school that fuelled their success

HKEX’s Bonnie Chan, SFC’s Julia Leung and Hang Seng Bank’s Diana Cesar talk about the school that shaped their worldwiew and beliefs.

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Mergers & Acquisitions

Li may swing BlackRock deal with just 15% of minority owners’ votes

Minority shareholders are also expected to support the sale to receive a special bonus of as much as HK$25 a share, they said.

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Li Ka-shing (centre) during his final annual general meeting as the chairman of his flagship companies CK Hutchison Holdings and CK Asset Holdings in Hung Hom on 10 May 2018, before his retirement. Photo: Sam Tsang
IPO

Hong Kong orders brokers to rein in credits to pre-empt IPO madness

Futu Securities, the city’s biggest online broker, said the SFC directive might cool the IPO market frenzy a bit.

IPO

Hong Kong widens lead over Singapore as Asia’s top financial centre: report

Nine of the top 20 global centres maintained their ranking, suggesting confidence in the financial sector amid slow economic growth.

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Singapore

Ontario Teachers’ departure is Hong Kong’s loss, Singapore’s gain

Canada’s third-largest pension fund will wind down its operations over the next 18 months, spokesman says.

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Ontario Teachers’ Pension Plan managed C$255.8 billion as of mid-2024, making it the world’s 20th largest by assets under management. Photo: Shutterstock
SCMP Exclusives

Exclusive | Hong Kong key to StanChart’s US$200 billion new money target: CEO Winters

Bank is developing over 200 use cases for AI, including fraud detection and prevention, anti-money-laundering screening and new products.

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Standard Chartered CEO Bill Winters, at SCMP office in Causeway Bay on 17 March 2025. Photo: Jonathan Wong
Hong Kong Monetary Authority (HKMA)

Hong Kong banks keep their prime rates steady after HKMA, Fed hold fire

The Fed is seen cutting rates again by midyear, while Hong Kong banks may lower their prime rates by 0.125 percentage points.

Hong Kong & China Gas

Towngas says tourism rebound, incoming mainland talent will drive sales in 2025

Towngas says its renewable energy business on the mainland was a strong profit contributor.

Singapore

Chinese tycoon sues Singapore family office ex-staff, claims US$56 million fraud

Lee Fung International owner Zhong Renhai has accused four former employees of fabricating documents to misappropriate funds.

High-rise office buildings in Singapore’s central financial district. The city state had attracted more than 2,000 single family offices as of the end of last year. Photo: AFP
Mainland China

The custodian of a third of China’s US$3.2 trillion reserves is hiring in Hong Kong

The firm is seeking trainees for fundamental research and systematic trading, according to a posting on HKCampusRecruitment.

Hong Kong-based SAFE Investment is responsible for managing a third of China’s US$3.227 trillion foreign exchange reserves. Photo: Reuters
Crime in Hong Kong

Hong Kong anti-corruption agency arrests 22 over HK$2 million mortgage fee fraud

Eighteen bank staff among those accused of taking bribes from intermediary to defraud institution of referral fees in mortgage loan applications.

Electric & new energy vehicles

CEO Lei Jun sees progress as Xiaomi raises 2025 EV deliveries target by 16%

Xiaomi is entering the high-end segment of the EV market and also eyeing overseas sales as it ramps up production.

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