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Stocks

Stocks
Stock market action from around the world, with a focus on Hong Kong, China and the rest of Asia.
A bust of Elon Musk is seen in Brownsville, Texas, on Friday, the day of SpaceX’s IPO. Photo: Reuters
Millionaires, billionaires and trillionaires

Musk is world’s first trillionaire – what could he buy with all that money?

The SpaceX boss has reached a level of wealth that is hard to understand in real terms. But we’re going to try.

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United States

Elon Musk becomes world’s first trillionaire after SpaceX IPO

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Semiconductors

China’s Nvidia challenger MetaX eyes Hong Kong share sale to fund AI ambitions

Hong Kong stock market

The SpaceX factor: Hong Kong stocks face liquidity test from mega IPO

Listing adds to headwinds for Asia’s third-largest market as US$97 billion in lock-up expirations loom.

A SpaceX Falcon 9 rocket is displayed outside the company’s facility in Hawthorne, California, on June 8. Photo: AFP
Wealth management

Hong Kong gazettes tax break for fund manager bonuses to boost wealth hub role

The tax reform bill, which the government expects will attract talent to the city, is set to be read by lawmakers on June 24.

China's economic recovery

‘Not a crackdown’: China regulators eye neutral enforcement in shift from 2021

Increased scrutiny of tech giants and finance firms seen as end to the era of administrative restraint as officials move to curb monopolies and price wars.

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IPO

As Musk becomes first trillionaire from SpaceX IPO, will next come from China?

As the initial public offering sees Musk become the first ever trillionaire, China is also seeing growth in its tech uber-rich.

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Elon Musk in Beijing on May 14. Photo: AP
Banking & finance

Opinion | Why tech titans’ IPOs matter as much in China as in the US

Beijing will have to ask whether its capital markets and financial regulations can create and sustain companies of a similar scale.

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China stock market

China, Hong Kong stocks fall as AI bubble fears build up

Stocks in China and Hong Kong are suffering in a global sell-off after being laggards in the AI boom.

China stock market

Red-chip listing to make Chinese green power producer Shenzhen’s biggest IPO

Wind and solar producer plans multiple projects amid China’s push to deepen its insulation from global oil-shock pressures.

China Resources New Energy is set to become the first Shenzhen-listed company incorporated overseas but operating mainly in mainland China under the red-chip structure. Photo: Roy Issa
Hong Kong stock market

How the AI trade is stirring dotcom-era jitters across global markets

Signs of excess are mounting in AI trade, with soaring IPOs and stretched valuations echoing run-ups to past market peaks, analysts say.

Bank of America says of its 10 proprietary indicators for market stress, seven are currently flashing, in line with averages before the prior bear markets since 1990. Photo: Getty Images
IPO

The world’s 5 largest-ever IPOs, before Elon Musk’s SpaceX listing

Ahead of SpaceX’s public listing on Friday, set to break records, here are some previous block-buster fundraisers.

Semiconductors

Amid a memory supercycle, CXMT rival UniIC pushes for mainland IPO

As markets see a global, AI-driven demand for memory, UniIC is a step closer to listing in China.

Hong Kong stock market

Alibaba and WuXi AppTec decline in Hong Kong after addition to US blacklist

Designation of Chinese firms fuels investor unease, with markets bracing for a potential Fed tightening and an unwinding of the AI trade.

The Hang Seng Index fell 0.4 per cent on Tuesday. Photo: Jelly Tse
Artificial intelligence

Zhipu vs MiniMax: what’s driving the widening valuation gap in Hong Kong

Zhipu’s valuation now eclipses MiniMax, but looming lock-up tests may unleash volatility in Hong Kong’s AI stocks, analysts say.

At the market close on Monday, Zhipu’s market cap stood at HK$585.8 billion, about 2.6 times higher than Minimax’s HK$159.3 billion. Photo: Shutterstock
US-China tech war

SpaceX IPO set to lift industry in push for space-based AI, solar power: report

The company’s expected listing may boost overall satellite industry profit as it expands into more space-based applications.

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Hong Kong stock market

Hong Kong tech gauge welcomes MiniMax, Zhipu in AI milestone amid slump

Analysts say substantial passive inflows may follow the inclusion of MiniMax and Zhipu, though looming lock-up expiries risk diluting gains.

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Hong Kong stock market

Hong Kong stocks cut losses as AI rallies in Asia unravel on Fed rate-hike fears

Investors drive Hong Kong and other Asian markets lower as the AI trade unravels on rate-increase fears after strong reading on US jobs report.

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Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul on Friday. Photo: AP Photo
Banking & finance

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

Hong Kong’s investors have been unable to take advantage of the recent wave of blockbuster listings by Chinese AI companies on the mainland.

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Wealth management

China will enhance regulation of programme trading: CSRC chairman

China’s top securities regulator says new measures needed to ‘prevent someone from abusing the technology’.

Banking & finance

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
China stock market

AI effect vaults China’s Zhongji Innolight to top of stock benchmark

Maker of optical modules surpasses CATL in weighting thanks to off-the-charts demand from Alphabet, Amazon, Meta and Huawei.

An AI data centre architecture is seen at the Wiwynn booth during Computex in Taipei on June 2. Photo: AFP
Hong Kong stock market

Is Hong Kong losing its tech edge to the mainland’s AI boom?

Chinese investors are shifting from Hong Kong to mainland stocks, driven by AI opportunities and better returns.

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South Korea

Macroscope | How the AI chip boom made South Korea a victim of its own success

While tech giants are driving South Korea’s stock market higher, the country’s currency is struggling and foreign investors are pulling out.

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Banking & finance

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.

At least one branch of the Bank of East Asia (BEA) in Shanghai has banned mainland Chinese customers from opening Hong Kong bank accounts. Photo: May Tse
China stock market

Will new CSRC rules reshape China’s mutual fund industry?

Fund managers must now adhere to strict mandates, focusing on transparency and traditional industries, which will reshape investment strategies.

A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building in Beijing. Photo: Reuters
Hong Kong stock market

GenScript rally underscores China’s rise in cancer drug innovation

The share-price surge came as promising cancer trial data overshadowed continuing scrutiny of China’s biotechnology sector by US lawmakers.

IPO

Why Hong Kong is now the launch pad for mainland China’s AI champions

City emerges as a price-discovery hub, with mainland AI firms reversing a decades-old dual-listing order to secure global benchmarks.

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