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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
CICC will issue some 3.1 billion new A shares at 36.91 yuan to acquire all outstanding shares in Dongxing Securities and Cinda Securities to facilitate the merger. Photo: CFOTO/Future Publishing via Getty Images
Mergers & Acquisitions

Chinese brokerage CICC unveils merger details with Dongxing, Cinda

The three-way merger will create China’s fourth-largest investment bank with assets of US$128 billion.

IPO

Holiday rush: Hong Kong IPO market sparkles with busiest December in years

HKEX

HKEX amends float rules to strengthen Hong Kong’s status as global finance hub

China property

China Vanke unveils proposal to extend US$366 million bond after 3 failed bids

Bondholders will vote on the revised plan from Thursday to Monday, and it requires over 90 per cent of the total voting rights to take effect.

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In the first three quarters of this year, Vanke posted a net loss of 28.02 billion yuan. Photo: Reuters
IPO

HashKey shares debut flat in Hong Kong amid bitcoin bear market

The firm, one of 11 licensed virtual asset trading platforms in Hong Kong, raised US$206 million in the city’s first crypto-native IPO.

Capital gains tax

Hong Kong signs tax treaty with Norway, marking fourth such agreement this year

Treasury chief Christopher Hui said the government plans to begin CDTA negotiations with Slovenia and Oman early next year.

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Semiconductors

China’s tech ambitions stoke red-hot chip IPO market

MetaX shares make their debut on Wednesday after a wildly popular IPO as China’s tech self-sufficiency push fuels investor demand for AI-related stocks.

MetaX C500 GPU. Photo: Handout
China economy

Opinion | Global finance is quietly moving east

The IMF’s Shanghai Centre will not alter global finance overnight but shows that Asia’s voice in shaping international financial norms is growing louder.

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Hong Kong

Hang Seng Bank shareholders to vote on HSBC buyout proposal on January 8

Hang Seng Bank’s independent financial adviser recommends that shareholders vote in favour of HSBC’s proposal to privatise the lender.

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China property

Vanke’s bondholders reject payment extension, raising default risk

The rejection in a three-day vote that ended late on Friday gives the developer a grace period of five business days to pay 2 billion yuan of onshore bond.

The construction site of a residential complex being built by Chinese real estate developer Vanke in Nanjing in eastern China’s Jiangsu province on February 13, 2025. Photo: AFP
Hong Kong economy

Opinion | How Hong Kong can capitalise on Chinese creative destruction

The Greater Bay Area’s success shows that with the right environment, creative destruction can generate inclusive growth.

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An electric vertical takeoff and landing (eVTOL) aircraft, developed by Chinese drone maker EHang, carries out a demo flight at the urban air traffic operation demonstration centre in Bao’an district, Shenzhen, on April 16. Photo: Xinhua
Hong Kong property

Yau Tong project nearly sells out amid hopes of home market recovery in 2026

The flats at One Park Place were in high demand after developers Sino Land, CSI Properties and MTR offered discounts of up to 15 per cent.

Stocks

Macroscope | As global spending needs grow and debt rises, business as usual won’t suffice

The increase in government debt means that nations must look elsewhere for funds required to meet socioeconomic needs.

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US Federal Reserve

Editorial | Hong Kong must find new growth areas amid uncertain US monetary policy

Divisive US Federal Reserve interest rate cut underscores why the city should not look too much to American interest rate cuts to bolster the economy.

US Federal Reserve chairman Jerome Powell attends a press conference in Washington on December 10 after the US central bank decided to lower the target range for the federal funds interest rate by a quarter of a percentage point. Photo: Xinhua
China GDP

China to keep high fiscal deficit ratio in 2026 to buoy spending plans: analysts

After central economic work conference, observers said ratio is likely to stay at this year’s record 4 per cent in line with ‘targeted’ spending.

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President Xi Jinping speaks at this year’s central economic work conference in Beijing. Photo: Xinhua
IPO

Hong Kong needs to attract global champions to broaden fundraising base: FSDC

Think tank urges the expansion of connect schemes to cover a wider range of asset classes and the promotion of digital asset trading.

IPO

China’s generative AI tiger MiniMax pursues Hong Kong IPO to expand global reach

Hong Kong equity market offers platform for mainland Chinese AI firms seeking international investors amid intensifying domestic competition.

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Mergers & Acquisitions

Chow Tai Fook sells Australian energy assets for US$4.3 billion

Sembcorp Industries to acquire 100 per cent ownership of Alinta Energy, which Chow Tai Fook acquired in 2017.

Alinta owns a portfolio of power-generation assets and a gas and electricity retail business throughout Australia. Photo: Handout
Malaysia

‘We’re just trying to survive’: young Malaysians buckle under rising debt

The country has seen a nearly 60 per cent increase in bankruptcies among those under 30 amid rising living costs and access to easy credit.

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Blockchain

Swift tests blockchain with Ant International and HSBC in cross-border trial

By using the ISO 20022 messaging standard, the partners say they can make tokenised deposits interoperable with legacy systems.

Interest rates

Six major Hong Kong banks keep prime rates unchanged despite HKMA base rate cut

Savings rates near zero limit room for cuts as lenders protect profitability margins, analysts say.

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The Hong Kong skyline and business area are seen from The Peak. Photo: Sam Tsang
United States

US Fed delivers quarter-point rate cut as policymakers weigh inflation outlook

Move falls short of Trump’s demands as debate over Fed independence intensifies and markets brace for global spillover effects.

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US Federal Reserve Chair Jerome Powell is set to step down in May. Photo: Reuters
Chinese offshore investment

China’s sovereign fund reveals it opened London office after Trump win

China Investment Corporation opened its third offshore office in London in December 2024, joining outposts in Hong Kong and New York.

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IPO

Hong Kong’s IPO juggernaut projected to raise up to US$45 billion in 2026: KPMG

It will be a pivotal year for hi-tech listings, which will help cement Hong Kong’s place at the top of global markets, auditing firm says.

Hong Kong economy

Opinion | As UK-China ties warm, Hong Kong can be a natural bridge

China’s innovation and influence present exciting opportunities for both nations, and Hong Kong plays a unique role in this equation.

Chinese Vice-Premier He Lifeng gestures to British Chancellor of the Exchequer Rachel Reeves before the start of the 11th China-UK Economy and Finance Dialogue in Beijing on January 11. Photo: AP
Hong Kong property

JD.com’s US$450 million stake in Hong Kong Central tower eases Lai Sun debt woes

JD.com’s latest Hong Kong investment – a half stake in China Construction Bank Tower – will ease balance sheet pressure at Lai Sun.

JD.com has been expanding its operations in Hong Kong. Photo: Reuters
Hong Kong property

Hongkong Land’s leasing deal with major law firm a sign of ‘flight to quality’

Harneys’ new lease is a sign of firmer demand in prime locations after years of pressure, although citywide rents remain subdued.

Corruption in China

Video | Ex-Chinese banker executed for taking bribes

Bai Tianhui was the second senior figure from Huarong to be sentenced to death and was executed on December 9, 2025.

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