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Banking & finance
News about the global financial industry with a focus on developments in Hong Kong and China.
Gold sales have slumped in China as the global spot price drops amid consumer caution and an unstable economic outlook. Photo: Getty Images
China consumption

Gold slump: China’s sales plunge as precious metal’s price dips

While China’s interest in gold is unlikely to fade, investment-grade product sales have dwindled after 15 months of retail growth.

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IPO

The Stock Connect problem: why can’t investors buy the mainland’s top AI stocks?

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Wealth management

China will enhance regulation of programme trading: CSRC chairman

Japan

Macroscope | The problem with Japan’s bid to strengthen energy security, supply chains

By competing rather than dovetailing with the Belt and Road Initiative, the joint project with the World Bank reflects increasing regional fragmentation.

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World Bank president Ajay Banga and Japanese finance Minister Satsuki Katayama in Tokyo on June 1. Photo: Kyodo
Hong Kong Monetary Authority (HKMA)

Mainlanders can still open bank accounts in Hong Kong despite new rules: HKMA

Some mainlanders have reported having applications to open Hong Kong accounts rejected amid China’s tightening cross-border investment controls.

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Hong Kong

Hong Kong taps group of experts to help rewrite rules for tokenised bonds

HKMA sets up the collective, spanning 21 institutions, in push to expand blockchain-based issuance beyond government pilots.

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Qatar

China sees revival of foreign investors through IPOs, convertibles: UBS

The trend is part of a broader recovery of interest in Chinese assets from investors overseas.

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A terrace in Beijing’s central business district in China. Photo: Getty Images
Wealth management

Hong Kong’s proposed fund talent tax break set to sharpen edge over Singapore

Incentive will give Hong Kong the lowest tax rate globally for fund managers whose income is largely driven by performance fees, sources say.

Hong Kong

Hong Kong banks tighten rules in mainland China as Beijing pores over outflows

Some banks are exercising more caution with offshore accounts for their mainland China clients amid tighter investment controls from Beijing.

Artificial intelligence

How China plans to turn the AI computing boom into a new financial market

Aimed at attracting capital into hi-tech sectors, the move would be a first for the city and comes weeks after US-based CME Group announced a similar plan.

A view of Lujiazui, Shanghai’s premier financial district, on May 18. Photo: EPA
US Treasury

China among top buyers as gold overtakes US Treasuries in global reserves: ECB

Higher prices and global shocks have fuelled demand for gold, as central banks hedge against uncertainty.

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Gold buying reached historic highs in 2025, driven by geopolitical risks and higher valuations. Photo: dpa
Hong Kong

Opinion | Hong Kong is emerging as a leading capital hub of the multipolar era

As wealth creation’s centre of gravity shifts, expect Hong Kong to not only survive but also gain renewed strategic importance.

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China stock market

China’s Tiger Brokers reports strong results amid trading crackdown

Hong Kong trading soars 536 per cent, firm says, while making no mention of US$61 million fine from China’s market watchdog.

China’s private sector

The big scoop: lemon tea chain to revamp Haagen-Dazs’ struggling China business

General Mills is offloading the ice cream brand’s mainland China stores, as foreign businesses revamp models amid heated domestic competition.

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Haagen-Dazs currently operates nearly 200 stores in mainland China. Photo: Handout
Hong Kong Investment Corporation

AI, biotech and new energy likely targets of HKIC yuan fund

Hong Kong government’s investment arm to set up yuan-denominated venture capital fund aimed at investors seeking exposure to China currency.

HKIC, the Hong Kong government's investment arm, plans to set up a yuan-denominated venture capital fund. Photo: Getty Images
Artificial intelligence

Fear of missing out: why Asia-Pacific firms chase AI despite scant returns

Survey shows many enterprises across the region invest heavily in AI, worried that their rivals will outpace them.

Macau

Macau taps into Project mBridge digital currency platform

Project mBridge is seen as part of Beijing’s push to establish alternatives to traditional, US-dollar-centric payment networks.

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Wealth management

Why are Asia’s families eyeing liquid assets to secure their children’s wealth?

More of the continent’s parents are providing share portfolios and other assets for their offspring as confidence in property begins to wane.

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Illustration: Davies Christian
Family offices

Family offices eye shifting assets from North America to China, survey finds

Privately run firms managing investments of wealthy families showing ‘growing interest’ in China, UBS report says.

Hong Kong Investment Corporation

Hong Kong’s venture fund eyes bigger bankroll after double-digit return

Financial secretary says investment arm will also take lead on new offshore yuan-denominated venture capital fund.

IA

Hong Kong’s record insurance sales risk cooling under cross-border capital curbs

Insurers brace for impact from stricter cross-border rules, with the Insurance Authority stepping up oversight of mainland visitor purchases.

An insurance sales agent looks for customers in Tsim Sha Tsui, Hong Kong. Photo: Eugene Lee
Citic

Giant Chinese brokerage raising billions for overseas expansion

Citic Securities launches largest equity fundraising by a Chinese brokerage since 2022, aiming to raise 16 billion yuan.

Citic Securities’ company logo. Photo: Shutterstock Images
Hong Kong economy

Open Questions | Hong Kong must embrace ‘bipolar’ role to thrive in its ‘Stage 3.0’: Charles Li

Veteran deal maker urges an IPO link to lure global resource giants and turn Chinese buyers into owners as city solidifies role as East-West bridge and global capital hub.

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IPO

AI firm MiniMax prepares for mainland China listing after Hong Kong shares surge

Chinese AI model company hires Citic Securities to prepare a mainland share sale, with the listing venue yet to be confirmed.

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Hong Kong economy

Hong Kong considers new offshore yuan venture fund for tech, emerging industries

Initiative would build on AI and finance convergence while supporting yuan internationalisation, finance chief Paul Chan says.

A man walks past a money exchange shop in Central, Hong Kong. The nation’s latest five-year plan calls on Hong Kong to enhance its role as an international financial hub and expand its offshore renminbi business.Photo: Felix Wong
HKEX

Editorial | HKEX helping Hong Kong be a superconnector

As it marks 40 years as a unified exchange, the bourse’s next venture is branching out to partner with exchanges in the Gulf and Central Asia.

Cathay Group Chair Guy Bradley (left) and Hong Kong Exchanges and Clearing (HKEX) Chairman Carlson Tong Ka-shing (right) prepare to ring the gong to mark 40 years of HKEX on May 28, 2026. Photo: Jonathan Wong
Bonds

Macroscope | Why bond yields are going up everywhere

Unlike stock markets, bond markets are signalling a more cognisant and mature appreciation of the state of government finances.

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Mainland China

China appoints top regulatory official as financial clean-up drive continues

Ding Xiangqun takes up key role at the National Financial Regulatory Administration, one month after her predecessor was removed.

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