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LATEST ARTICLES
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HSBC’s choice of a new CEO to replace Noel Quinn was long flagged. Elhedery’s fortune is to be handed the reins of power in an extended period of calm for the UK lender, which benefited immensely from Quinn’s calm stoicism. But deteriorating Sino-US relations mean that turbulence for the London- and Hong Kong-listed lender is sure to return.
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Several Chinese bubble-tea makers are looking at Hong Kong IPOs. When high-end tea maker Nayuki listed three years ago investors drank it up, but the deal now trades 90% below its listing price. Can a new group of issuers revive the market?
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In the wake of heavy losses and mis-selling to retail investors, there is an urgent need for an overhaul of risk management in the banking sector.
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While the world’s biggest markets are still preparing for T+1 settlement, talk is growing of the next step – but going any faster would mean a total reworking of how markets function.
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Hong Kong-based Chinese investment banks, plagued by the market’s liquidity issues, are looking to China's economic pivot and the renminbi's rise as a fundraising currency to restore their fortunes.
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The great and the good have assembled again for the Global Financial Leaders investment summit in Hong Kong.
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HKEx chief executive Nicolas Aguzin opened the group’s latest new office in London on Wednesday. His aim: to get more global firms to IPO in Hong Kong and convince investors to put money to work there. But against the backdrop of China’s economic situation, his team will have its work cut out.
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The chair of Ping An Asset Management has called again for the break-up of HSBC and spin off of its Asia assets. His argument is a strong and valid one; his problem is that none of the bank’s other main shareholders seems to care.
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Hong Kong conference moves along. Nothing to see here.
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Initial public offerings by Chinese firms are Hong Kong’s lifeblood, yet they were rarer than hen’s teeth in 2022. For deal flow to return, China must open up. Buckle up: things could get bumpy.
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China is stuck. It has spent three years trying to keep Covid at bay, but now irate citizens have spilled onto the streets, questioning the competency of president Xi Jinping, and calling for an end to restrictions – just as transmission rates spike.
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HSBC’s outgoing CFO, Ewen Stevenson, has mounted a robust case for the bank’s cost performance in an intriguing call with analysts that also featured an appearance by his replacement, Georges Elhedery. As he prepares to leave the bank, Stevenson defended his legacy by taking on the firm’s arch-critic, Ping An.
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Last week’s financial summit aimed to show investors Hong Kong is open for business. While well attended, it also served as a reminder of how closed off the financial hub has become and how much of its lustre has been lost.
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The great and the good of global finance gather in Hong Kong this week for a summit that aims to remind the world of the city’s status as an international financial centre.
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China’s decision to let US regulators audit its New York-listed corporates is a shock. It’s a U-turn, a climbdown and a sign, more than anything, of China’s enduring financial frailty.
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HSBC’s interim result shows that banks are drawing a line under pandemic-related provisions, while simultaneously setting aside new ones for the disease’s economic cure. All banks must make this transition, but HSBC has other things to worry about besides: a campaign from China’s Ping An to split the bank in half.
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Hong Kong’s capital markets are moribund, its government erratic and directionless, and its economy in disarray. For a city that increasingly looks like anything but Asia’s ‘world city’ is there a route back to normality?
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The UK bank’s new fund aims to deliver metaverse-themed investment opportunities to wealthy clients in Hong Kong and Singapore.
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As Covid fatalities rise fast, senior bankers are fleeing a city that, despite today's relaxation of some rules, is increasingly cut off from the world. Will Hong Kong ever be the same again?
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A ‘remarkable’ global dollar bond from Airport Authority Hong Kong raises the question of whether any member of the aviation sector should include a green tranche within its funding structure.
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What does the future hold for Hong Kong, and by default for its overseers in Beijing? Euromoney’s China editor, stuck in lockdown in a Hong Kong hotel, considers the options.
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In the face of fierce regulatory pressure in Washington and Beijing, it is hard to see many, or any, Chinese firms going public in New York next year.
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Hong Kong’s harsh quarantine rules could stay for another year – and possibly longer. So could China’s. Bankers aren’t happy, but they’ve learned to adapt.
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A new study shows a high level of restlessness among high net-worth clients: they are tired of being immobile and are considering moving their families
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Last week, four global banks unveiled cross-border wealth management services under the banner of Wealth Connect, but with the crisis at Evergrande unresolved and growth slipping, the scheme comes at a tricky moment.
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After a year of testing, China announced the rollout of a ground-breaking wealth management scheme that binds Hong Kong with Guangdong province. It should prove a boon to Hong Kong banks and mainland investors – and to Hong Kong itself.
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Two years ago, Deutsche pulled back in ECM. Now, in Asia, it wants back in.
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The London-based MFO is barely a year old, but in just two months McFaddens has formed alliances in the UAE and now with CIIC, a privately owned Chinese group. It is another sign of how fast this area of high-end private wealth is growing up.
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By trumpeting a decision to relocate its private banking team to a pricier Hong Kong locale, Haitong International comes across as desperate for a headline. Then again, if it leads to a shinier future, it could be a prophetic moment for the big Shanghai institution.
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When Stephen Williams joined HSBC more than 20 years ago, the bank was a backmarker in Asian debt markets. When he retires next month, he leaves it top of the heap.
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The US bank’s decision to hire 2,300 new staff across its Asia wealth franchise, including 1,000 in Hong Kong alone, underlines the strength of the region and CEO Jane Fraser’s clear push in private banking.
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DBS’s deal to buy 13% of a young and privately owned bank in Shenzhen highlights not only China’s vast growth opportunities post-Covid but also the potential of the cross-border Greater Bay Area.
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HSBC has been talking about pivoting to Asia for decades. Now, it doesn’t just mean Hong Kong and its immediate surroundings. It is about time.
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Nicolas Aguzin, the new head of HKEX, is respected in China and internationally, but challenges lie ahead – not least that of turning the city into a global capital markets hub.
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Everything points to intense pressure for Hong Kong’s markets: global pandemic, geopolitics, local unrest. Yet HKEX just had a record first half. Its chief executive explains why.
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Does the investment manager’s decision to shutter its Hong Kong office and relocate to Shanghai matter?
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And the joint global coordinator is C█████ Sui███?
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It has become almost fashionable to write off the city. There are important reasons to believe it will endure.
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Bank of East Asia and activist investor Elliott have long bickered about the weak share performance of Hong Kong’s last family-run lender. A strategic review led by Goldman Sachs and backed by both aims to offer guidance about its future.
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Across Asia, the coronavirus is hampering banks’ ability to run roadshows, and even hold meetings, and some business continuity plans are starting to kick in.
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Should spirituality be one of the lenses through which the wealthy manage their money? Faith-based investors certainly think so. Euromoney talks to funds and wealth advisers who believe that positive energy or religion-driven strategies can bring enhanced returns.
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It may still be months before the latest coronavirus outbreak in China reaches its peak, so timing is everything for capital market practitioners in the region.
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The former head of communications for Greater China at HSBC opens a consultancy in Hong Kong.
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Dianrong’s founder is the host with the most… interruptions.
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In the heat of Hong Kong’s protests, rumours swirl that capital controls are imminent and banks are out of cash. The Hong Kong Monetary Authority ventured onto social media, proactively quelling the gossip. New HKMA head Eddie Yue tells Euromoney how.
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The first deal under new 19C listing rules will raise $12.9 billion if greenshoe is exercised.
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It was a bold call to launch a specialist credit business in Asia in 2009, but SC Lowy celebrates its 10th birthday as an established figure in distressed debt and high yield not just at home but also increasingly in Europe. Events in India, however, where the firm holds a position in Essar Steel, are testing its patience and resolve.
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Life goes on, but with extra security, incongruous graffiti and smashed ATMs.
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The bid by HKEX for the London Stock Exchange is bold and has scale on its side, but faces regulatory barriers – and the fact the LSE has a different idea of what an exchange should look like.
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The lifers are being cleared out at a bank traditionally known for the long service of its senior management.
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Arthur Hayes felt the golden days of finance had gone by the time he got started in investment banking in Hong Kong – until cryptocurrency gave him the opportunity to establish platform BitMEX, now one of the most successful bitcoin exchanges in the world.
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A case by Hong Kong’s ICAC against an individual on bribery charges is another example of Asia-Pacific regulators targeting the person as well as the institution.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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The landmark corporate governance (CG) report raises renewed concerns about dual-class structures – which is a bit awkward given CLSA underwrites them.
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The corporate titans that have dominated Hong Kong’s economy for decades are slowly handing over the reins of power to the next generation, but will they prove as loyal to international investment banks as their parents have been?
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Few firms have seen change quite like CLSA. It is now owned by Citic Securities and incorporates the Hong Kong (and international) arm of the mainland business. As such, it is Citic Securities’ international bridgehead to the world.
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Its capital markets are dominated by mainland-backed houses, but don’t think of them as a homogenous group – each firm has its own quirks, strengths and character.
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The prospectus for the forthcoming Hong Kong IPO of Bitmain, which dominates the market for cryptocurrency mining hardware, unveils the highs and lows of businesses linked to bitcoin. It will cause crypto ideals to collide with institutional expectations about business transparency.
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The first dual-class deal in Hong Kong; the intended first Chinese depositary receipt: Xiaomi’s IPO was not short of landmark intentions, but only some were delivered.
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Listing is a great result, but the rule change it required dilutes good governance.
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Firm buys Credito di Romagna stake; European banking licence adds to appeal.
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Big data concerns and growing protectionism mean many Chinese deals will stumble.
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The capital markets highlight of November in Asia was the Hong Kong IPO of Tencent spinoff China Literature, which raised HK$8.3 billion ($1.1 billion), was 600 times oversubscribed and shot up 70% on its first day of trading.
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After years of discussion and an agonizing wait for regulatory approval, HSBC’s securities joint venture in China – the first to have majority foreign control – is approaching launch. Senior figures explain the process and what the JV will look like.
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Policy bank money is fine, to a point, but if China really wants an infrastructure plan to change the world, it is going to need private sector money to join the party. It is going to need names like Macquarie, historically thought of as an investment bank (which it still is), but today also one of the world’s largest infrastructure investors.
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As Singapore reinforces its position as the leading FX trading centre in the Asia Pacific region, Euromoney looks at the prospects for other regional hubs.
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Everyone has a complaint about how Hong Kong’s markets are run, whether it is cornerstones, regulation, secret orders, or simply poor performance. How does HKEx get the environment right when everyone has a different idea of what is wrong?
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SFC scrutinizes stock exchange sponsors; US pursues princeling hires.
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The dominance of cornerstone tranches in Chinese IPOs represents a raw deal for other investors – and needs to stop.
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Best bank in the Middle East Emirates NBD Best investment bank in the Middle East HSBC Best digital bank in the Middle East Emirates NBD Best bank for financing in the Middle East Citi Best bank for advisory in the Middle East Barclays Best bank for markets in the Middle East National Bank of Abu Dhabi Best bank for transaction services in the Middle East Abu Dhabi Commercial Bank Best bank for wealth management in the Middle East Audi Private Bank Best bank for CSR in the Middle East Arab African International Bank Best bank for SMEs Bank of Alexandria Best bank transformation Al Ahli Bank of Kuwait Outstanding contribution to financial services Hisham Ezz Al Arab . Country Awards for Excellence 2016: Middle East Awards for Excellence Middle East press release
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Citi JV opts for Hong Kong for IPO, but should it have gone six months ago?
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The Hong Kong-Shanghai Stock Connect, which was launched amid much fanfare on November 17, has triggered a jump in CNH-funded arbitrage opportunities. However, rising Stock Connect volumes and easing by the People’s Bank of China – triggering a convergence between onshore and offshore rates – will remove current funding advantages.
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The debut issue of a five-year $1 billion sukuk this week is a statement of intent from Hong Kong that it is serious about Islamic finance, sending a strong signal to rival financial centres.
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Bets of a re-peg of the Hong Kong dollar have resurfaced in the currency markets as the Hong Kong Monetary Authority (HKMA) intervened to inject dollar liquidity to the tune of $9.86 billion several times since July 1 on the back of large inflows into Hong Kong during the past few months.
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New system connects Shanghai and HK markets; regulations need to catch up.
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Banks everywhere hire well-connected employees as standard practice. Why should Hong Kong so grate with US regulators?
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"Much may be made of a Scotchman if he be caught young." So Dr Johnson had it. In the case of the Hongkong and Shanghai Banking Corporation, an institution founded by Scots and still governed by one, it has grown to be the world's most profitable financial group. The unique international officer culture that has driven it – young men caught young, trained up, messed together, posted, reposted, in the bank for life and rarely back in the UK – will have to change, but it's bending and adapting rather than breaking. Steven Irvine reports on its fitness for the 21st century.