Hong Kong stocks rise after historic protest, government climbdown on extradition proposal restore confidence

Hong Kong stocks rose on Monday, after the city’s leader apologised for her handling of a controversial bill that would allow extraditions to China, following a historic protest joined by an estimated two million people.The Hang Seng Index edged up 0.4 per cent to 27,227.16, snapping a three-day losing streak. The benchmark was previously weighed down by worries over raw tensions between Hong Kong’s government and demonstrators, against the backdrop of an escalating US-China trade war.Chief… Source link

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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

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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

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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

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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

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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

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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

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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

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Hang Seng ends with tiny loss as normalcy returns to Hong Kong after huge protests

The Hang Seng Index closed slightly down while China shares eked out a tiny gain, as traders battled nerves over trade uncertainty while feeling excited about the official launch of a Nasdaq-style board on the mainland and a return of normalcy in Hong Kong after large protests.The Hang Seng fell 0.05 per cent to 27,294.71, crawling out of a morning hole in which lows were as deep as 1.6 per cent. In addition to trade, investors were focused on ongoing tension over a controversial proposal that… Source link

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Hong Kong government indefinitely postpones tender of Kai Tak land as protests throw city out of gear

The Hong Kong government has indefinitely postponed the tender of a large waterfront residential site at the former Kai Tak airport after violent street protests against a controversial extradition bill rocked the city.“The Central Tender Board announces that the closing time for tenders to be received through the Government Secretariat Tender Box by noon tomorrow [June 14] will be extended until further notice, due to blockage of the public access to the Government Secretariat Tender Box,” the… Source link

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