Home 

Ping An’s fintech unit, OneConnect leans towards New York over Hong Kong for IPO, say people familiar

Ping An Insurance Group’s OneConnect financial technology unit is leaning toward picking New York over Hong Kong for its initial public offering (IPO) in the hope of achieving a higher valuation, three people with direct knowledge of the matter said.Ping An Insurance, China’s biggest insurer by market value, had been planning a Hong Kong IPO of the unit since the beginning of the year in a deal that could raise up to US$1 billion.The insurer is now seeking to list OneConnect in New York as… Source link

Read More
Home 

Hong Kong to become a hub for catastrophe bonds as Greater Bay Area takes shape

Hong Kong could emerge as a trading hub in products that help insurance companies in the “Greater Bay Area” offset risk related to property damage arising from flooding and other natural disasters, according to experts.Catastrophe bonds are structured credit instruments often used by US and Japanese insurers, as well as reinsurers, to raise capital by offloading the insured risks from natural disasters, be it wildfires in California or earthquakes in Nagano.Tow Lu Lim, a partner at law firm… Source link

Read More
Home 

Hong Kong extradition protests: ‘one country, two systems’ is good for business – and for Beijing

Demonstrations, tear gas and rubber bullets on the streets. You can see why the business community is in a flap. At first glance the events of the last week in Hong Kong look like a bad day in Belfast circa 1989. In response, American politicians are again muttering about how the Hong Kong government’s proposed extradition bill undermines the “one country, two systems” model on which the United States’ relations with Hong Kong are based. More and more are calling for a review of the… Source link

Read More
Property 

China takes top spot for private equity property investment in Asia in Q1, while Hong Kong finds itself in dogfight with India

Global private equity funds – the most agile investor in the cross-border real estate world – poured US$5.1 billion into China and Hong Kong property in the first quarter of this year, making the spots the top and third most favoured destinations respectively in Asia, according to Knight Frank.China absorbed US$3.6 billion of private equity capital in the first quarter while Hong Kong took in US$1.53 billion. By comparison, $1.56 billion went to second-placed India and $1.3 billion to Japan,… Source link

Read More
Property 

Protest against controversial extradition bill casts shadow on Hong Kong’s largest property sales since early May

Property sales were disappointing on Sunday in Hong Kong’s biggest offering since early May, as buyers stayed away amid huge protests in the city against a proposed extradition bill, and ongoing concerns over the US-China trade war.Not only is Hong Kong sitting in the middle of a worsening US-China trade war, but also its own political turmoil as protesters took to the streets on Sunday for a third time in a week against a proposed extradition law that would allow suspects to be sent to… Source link

Read More
Home 

Bears gather as data shows Hong Kong home prices retreat for second week after peak in May

Hong Kong home prices were down for a second consecutive week through Sunday, after hitting a record at the end of May, evidence that may suggest a broader correction is underway, according to experts.The Centa-City Leading Index, a home price gauge compiled by Centaline Property Agency, showed prices for lived-in homes dropped 1.43 per cent to 186.26, for the week ended June 9.“The uptrend of home prices has been hindered,” said Wong Leung-sing, senior associate director of research at… Source link

Read More
Home 

Hong Kong’s controversial extradition bill will damage city’s economy, relationship with the US, say economists

A controversial extradition bill that sparked massive protests in Hong Kong this week could potentially damage the city’s economy and its relationship with the United States, analysts and economists said.Ines Lam, an economist at CLSA, said in a research note that the proposed extradition bill, which would make it easier to send people from Hong Kong to mainland China for trial, could be a “tipping point” in US-Hong Kong relations and threaten Hong Kong’s special status.US senators Ted Cruz and… Source link

Read More
Home 

Rising uncertainty over trade war could weigh on bottom lines at Hong Kong’s banks, KPMG says

Rising interest rates helped boost Hong Kong banks as the city’s economy slowed last year, but heightened uncertainty from an escalating trade war between the United States and China could weigh on their performance in 2019, according to KPMG.Operating profit before impairments at the city’s licensed banks rose 15 per cent to HK$268 billion (US$34 billion) last year, from HK$234 billion in 2017, the accounting giant said. Total revenue at Hong Kong’s lenders increased 11.2 per cent to HK$445… Source link

Read More
Home 

Hong Kong top destination for Chinese IPOs, but new Shanghai tech board poses threat, Baker McKenzie says

Hong Kong is the top destination for Chinese companies seeking to list their shares outside China so far this year, but could face a challenge for initial public offerings from Shanghai’s new technology innovation board, according to a new report by the law firm Baker McKenzie.Thirty-four Chinese companies have raised or are expected to raise more than US$6.8 billion in IPOs in Hong Kong in the first six months of 2019, including new listings by the drug maker Hansoh Pharmaceutical Group and… Source link

Read More
Home 

Logistics developer ESR Cayman scrubs Hong Kong IPO amid ‘market uncertainties’

Logistics real estate developer ESR Cayman said on Thursday it would postpone its proposal to list on the Hong Kong stock exchange, becoming the latest company to scale back plans amid escalating tensions related to the city’s controversial extradition bill and the trade battle between the world’s two biggest economies.“In light of the current market conditions, the company, having consulted the joint global coordinators, has decided that the global offering will not proceed at this time,”… Source link

Read More