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Hong Kong exchange marks a bumper day with six stock trading debuts as city tries to claw back global IPO crown from New York

Six companies debuted on the Hong Kong stock exchange on Tuesday, marking the busiest initial trading day for a bourse that is trying to claw back its global fundraising crown from New York city.The six initial public offerings (IPOs) raised a total of HK$4.4 billion (US$563.3 million) in Hong Kong, raising the city’s fundraising tally to almost HK$74 billion so far for the year, lagging behind the amount of capital raised on the Nasdaq and the New York Stock Exchange in the world’s top two… Source link

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Hong Kong stock exchange operator launches inline warrants, first new structured product in 13 years as part of plan to be Asia’s asset management hub

The operator of Hong Kong’s tock exchange will introduce inline warrants trading on Thursday, marking the first roll-out of a new structured product in 13 years, part of its three-year plan to diversify into a leading Asian asset management centre.Fifty inline warrants will start trading on Thursday (July 18) on the stock exchange, issued by six banks, BNP Paribas, Haitong, HSBC, JPMorgan, Societe Generale and Vontobel.They are derivative products linked to the Hang Seng Index and the share… Source link

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China 

China’s foreign exchange reserves rise faster than expected in June

China’s foreign exchange reserves rose US$18.23 billion to US$3.119 trillion in June, surpassing market expectations and the previous month’s pace of growth, according to data released on Monday.The country’s gold reserves also climbed for a seventh straight month to 61.94 million ounces, up from May’s 61.61 million ounces. Since China started buying in December, its gold reserves have risen by around 4 per cent. The value of China’s gold reserves rose to US$87.27 billion in June from US$79.83… Source link

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China 

Shanghai Stock Exchange to debut Nasdaq-style market for tech stocks on July 22, three weeks ahead of schedule

Star Market, the Shanghai Stock Exchange’s highly anticipated Nasdaq-style technology board, will debut on July 22, three weeks ahead of schedule, the bourse said on Friday.As of Thursday, 25 companies had received the go-ahead to start trading on the board, and they will also debut on the day, the bourse said. It added that it would make preparations to ensure a smooth start.Star market was officially launched by the China Securities Regulatory Commission on June 13. At that point, Huang… Source link

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Shanghai exchange moves to curb speculation even before trading starts at Nasdaq-style tech board, introduces suspension rules

The Shanghai Stock Exchange introduced rules to limit speculation on the Star Market, its new technology innovation board, on Friday.Chinese regulators are prioritising stability for the trading debut of the Nasdaq-style market, which was launched on Thursday during the annual Lujiazui Forum. It is expected to start trading within two months, the exchange’s chairman, Huang Hongyuan, said.According to the new rules, shares on the Star Market will be allowed to trade freely for the first five… Source link

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China still ‘exploring’ international board for foreign companies to raise funds on Shanghai Stock Exchange

Shanghai ambitions to transform itself into a global finance hub on par with New York and London includes a long-discussed international board to attract foreign corporate giants to raise funds on the mainland stock market.The plan is still alive, a key official says, but needs approval from the State Council, China’s cabinet.“We are exploring it, and I believe there will be some news about the board in foreseeable future,” Fang Xinghai, vice-chairman of the China Securities Regulatory… Source link

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Marco Rubio’s bill to increase the scrutiny of US-listed companies may be a boon to Hong Kong’s stock exchange. Here’s why

A United States bill that proposes to delist Chinese firms that don’t open their audit books to American regulators could benefit Hong Kong Exchanges & Clearing Limited as companies instead turn to the city’s bourse.Dubbed the ‘Equitable Act’, the bipartisan bill’s sponsors include Marco Rubio, a long term critic of China’s governance and human rights record. While the measure covers all US-listed firms, the focus is on China and on allowing the Public Company Accounting Oversight Board (PCAOB)… Source link

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Macau is considering a yuan-denominated stock exchange as the world’s gambling hub looks to diversify away from casinos

Macau is considering launching a yuan-based stock market to help it diversify away from gaming, its main source of revenue, and align the territory more with China’s growth plans for the Greater Bay Area in the country’s southern region.Macau’s Monetary Authority told Reuters in an email that it was starting feasibility studies for a securities market, including a stock market which would “leverage Macau’s advantage to serve the country’s need,” compared with established centres Hong Kong and… Source link

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Hong Kong stock exchange unveils confidential process to attract secondary listings by publicly traded companies

Hong Kong’s stock exchange has introduced a confidential application process for companies that are already listed in New York or London to raise funds on its bourse, part of the process to sharpen the city’s edge in the race to be the global fundraising hub.Unlike initial public offering (IPOs) applications that are publicly disclosed, the confidential process will be kept under wraps to shield applicants’ existing shares from volatility and speculation, according to the exchange’s listing… Source link

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China 

China’s biggest chip maker, SMIC, to withdraw from New York Stock Exchange as trade spat with US spills over to tech sector

China’s biggest maker of semiconductors is to withdraw from the New York Stock Exchange as the increasingly ferocious trade war with the US spills over into the technology sector.Semiconductor Manufacturing International Corp (SMIC) said on Friday evening it has notified NYSE of its intention to apply on June 3 to delist its so-called American depositary receipts from the bourse. In a filing to the Hong Kong stock exchange, where its shares are listed, SMIC cited low trading volumes of its ADRs… Source link

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