Jiangxi Bank Co., a commercial lender in eastern China, is seeking to raise as much as HK$7.79 billion ($993 million) in a Hong Kong initial public offering. The company is offering 1.17 billion shares at HK$5.94 to HK$6.66 apiece, according to a Hong Kong ... ( read original story ...)
John Tsang, Hong Kong’s ex-finance tsar, is now a fintech evangelist
John Tsang Chun-wah made a name for himself in Hong Kong for a few things: he tried and failed to become Hong Kong’s chief executive in 2017; he was one of the longest serving financial secretaries in Hong Kong’s history; and he presided over an ... ( read original story ...)
Hong Kong raises interest rate by 25 basis points, matching US Fed move as higher cost of money sets in
Hong Kong’s monetary authority raised the city’s base lending rate for the second time this year, in lockstep with an overnight move by the US Federal Reserve to maintain stability in the local currency, as the ever-rising cost of money trend becomes ... ( read original story ...)
Hong Kong regulator enhances supervision on Allahabad Bank
The bank should also not incur additional non-bank credit exposures. The bank currently has only one overseas branch with a dealing room in Hong Kong. The business of the branch decreased by nearly 9 per cent to ₹12,871 crore as on March 31, 2018, ... ( read original story ...)
Rate Hikes for Hong Kong Borrowers a `Matter of Time’ After Fed
A dose of reality may be on the way for Hong Kong, even as it breezes through the U.S. Federal Reserve’s latest rate hike. Because its currency is pegged to the dollar, the Asian financial hub effectively imports U.S. monetary policy and adjusts ... ( read original story ...)
Hong Kong’s Fed-Pacing Rate Hike Signals Reckoning Still to Come
Analysts seeking to call when banks will raise mortgage costs A dose of reality may be on the way for Hong Kong, even as it breezes through the U.S. Federal Reserve’s latest rate hike. Because its currency is pegged to the dollar, the Asian financial hub ... ( read original story ...)
China’s Vaccine Tourists Drain Hong Kong’s Supply of Cancer Drug
In the two years since Merck & Co.’s Gardasil 9 became available in Hong Kong, about 2 million mainlanders have come for the shots, according to the Xinhua News Agency. With the drugmaker unable to keep up, some clinics are turning away Chinese patients ... ( read original story ...)
Hong Kong bourse raises CEO’s annual salary to HK$9.3 million, before bonus and stock options
Hong Kong Exchanges and Clearing Limited (HKEX) has raised the salary of its chief executive by 3.5 per cent as it renews his contract for three more years, rewarding him for leading the 2017 overhaul in listing rules that could return the world’s fourth ... ( read original story ...)
Hong Kong workers feel they are not equipped with the right skills for digital economy: Survey
Robotic process automation is an emerging form of digital labour powered by software robots or artificial intelligence, which mimic human actions relating to a wide variety of business transactions. Hope said that Hong Kong’s economy could potentially ... ( read original story ...)
Hong Kong Monetary Authority enhances supervision of PNB’s HK branch
State-owned Punjab National Bank (PNB) on Wednesday said the Hong Kong Monetary Authority (HKMA) has enhanced supervision of its Hong Kong branch and has asked it "not to proactively solicit customer deposits". "...In view of the capital position of the ... ( read original story ...)
‘Nirav Modi shifted all dummy directors in Hong Kong to Cairo after scam was exposed’
Divyesh Gandhi, director in Anuragen, one of the Hong Kong-based dummy companies ... so that he could pay off previous ones and use the remaining money for his business activity. He convinced bank officials by showing bogus papers of import-export business ... ( read original story ...)
Allahabad Bank branch in Hong Kong to face increased scrutiny from HKMA
The bank's latest annual report said its Hong Kong branch had earned operating profit of Rs. 905 million and net profit of Rs 448.6 million in the financial year 2017-18. In the last fiscal, the bank's international business stood at Rs 128.71 billion and ... ( read original story ...)
Hong Kong companies have much to do to improve their dismal green credentials
sustainable practices and certification standards would give consumers confidence in their products and effectively communicate standards of industry leaders to business partners. However, Hong Kong’s sustainability efforts were seen lagging behind in ... ( read original story ...)
With vacancy tax, will Hong Kong government be smiling when the dust settles on war with developers?
Hong Kong’s soaring property prices no longer shock people, but there was still a jaw-dropping moment last week when a car parking space was sold for an astonishing HK$6 million (US$760,000). Chan’s heads-up and Lam’s support have sent the latest ... ( read original story ...)