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BUSINESSAug 19Hong Kong Gold Exchange taps tech strength in joint venture to power gold settlementThe Hong Kong Gold Exchange (HKGX) and TGX Technology have launched a joint venture to build a “secure, stable and internationally competitive” gold trading and clearing platform, as the city pushes to become a gold trading hub. Hong Kong Gold Exchange Trading System (HKGXTS) would draw on technology partners, including Alibaba Cloud – which backs TGX Technology – and Hundsun Technologies, to deliver the platform, according to a statement issued on Tuesday. Alibaba owns the South China Morning...South China Morning Post
BUSINESSAug 19Use of yuan hits 6-month high in Hong Kong’s fast-payment systemHong Kong’s fast-transfer payments denominated in yuan surged to a six-month high in July, signalling accelerating adoption of real-time cross-border retail payment channels even as mainland Chinese authorities maintain tight controls on capital outflows. Transaction values through Hong Kong’s Faster Payment System (FPS) for yuan reached 350.3 billion yuan (US$60 billion) in July, marking a 34 per cent increase from February, according to official data published by Hong Kong Interbank Clearing...South China Morning Post
BUSINESSAug 18After years, Macau firm opts out of Hong Kong renewal project, seeks US$153m for siteA North Point redevelopment site is being put on the market for HK$1.2 billion (US$153 million) after its owner, which spent years assembling the ageing property, warned that redeveloping it could result in losses of as much as 30 per cent. The sale offers a rare glimpse into the difficulties facing private developers in Hong Kong’s urban-renewal drive, where lengthy acquisition periods, financing costs and uncertain returns can undermine projects even as the residential market recovers. Cushman...South China Morning Post
BUSINESSAug 1882% of Chinese firms eye overseas growth, with Hong Kong top service support choiceMore than 80 per cent of surveyed mainland Chinese companies plan to grow their overseas presence, with Hong Kong listed as their top choice for a professional services platform to support expansion, the Trade Development Council (TDC) has found. The council’s survey, published on Tuesday, also showed that about 94 per cent of respondents were eyeing countries in the Belt and Road Initiative for expansion. The initiative refers to Beijing’s ambitious global infrastructure and trade programme,...South China Morning Post
BUSINESSAug 18Hong Kong 5-year plan should have Northern Metropolis tax breaks, listing reforms: HKICPAThe Hong Kong Institute of Certified Public Accountants (HKICPA) has urged the government to introduce tax incentives to help develop the Northern Metropolis and to improve the stock exchange’s listing regime to further cement the city’s role in international finance. The organisation’s submission for Hong Kong’s first five-year plan asked the government to consider tax incentives for investors who fund start-ups based in the Northern Metropolis, said Stephen Law Cheuk-kin, president of the...South China Morning Post
BUSINESSAug 18Chinese treasury futures launch cements Hong Kong as premier yuan hubWhen the Hong Kong stock exchange launched five-year China government bond futures on August 3, it did more than simply expand the city’s derivatives product suite. As the only China government bond futures in the offshore market, the contract deserves attention as it finally gives international investors an exchange-traded tool to hedge against yuan interest rate exposure, strengthening Hong Kong’s ability to price yuan assets, manage risk and serve global investors. The launch comes as the...South China Morning Post
BUSINESSAug 18Hong Kong’s dim sum bond market hits new heights as State Grid deal draws record ordersHong Kong’s offshore yuan bond market has seen another record-breaking deal – the largest single issuance by a Chinese state-owned enterprise – underscoring the growing appeal of the city’s dim sum bond market. State Grid Corporation of China raised 14.9 billion yuan (US$2.2 billion) through offshore yuan-denominated bonds, known as dim sum bonds, according to a statement on Monday from Bank of China, which acted as a joint global coordinator for the deal. The offering comprised 3.9 billion yuan...South China Morning Post
BUSINESSAug 18How Hong Kong infrastructure, AI firms are tapping Malaysia’s growth prospectsHong Kong infrastructure and artificial intelligence (AI) firms are well placed to capitalise on a surge of expansion opportunities in Malaysia, but unlocking this potential will require cultural sensitivity and adapting to local market dynamics, industry insiders have said. The remarks follow the recent opening of Hong Kong’s new Economic and Trade Office in Kuala Lumpur to bolster bilateral ties, coinciding with Malaysia’s New Industrial Master Plan 2030, which aims to advance the country’s...South China Morning Post
BUSINESSAug 17Is Hong Kong’s property market recovery running out of gas? UBS flags 4 risksThe Hong Kong property market’s recovery is forecast to moderate in both prices and rents in the coming months as disruptions brought about by artificial intelligence, slower population inflows and other factors are likely to impact the upturn, according to UBS. The Swiss investment bank said that in addition to AI and slower population growth, the city’s residential market could also be affected by the deepening integration of the Greater Bay Area, as well as incoming supply of new homes in the...South China Morning Post
BUSINESSAug 17Opatra London distances itself from Hong Kong firm over deceptive sales allegationsUK-based beauty chain Opatra London has distanced itself from a Hong Kong distributor accused of using “deceptive sales practices”, even after the local branch said it offered to refund about a quarter of a HK$60,000 (US$7,650) shopping bill on skincare products. The company said on Monday night that it deeply regretted if any customers had a “distressing experience associated with our brand”, and revealed it had initiated an independent review of the local distributor. The move came after local...South China Morning Post
BUSINESSAug 17Hong Kong exchange extends CEO Bonnie Chan’s term for 3 more yearsHong Kong Exchanges and Clearing (HKEX) has extended the tenure of CEO Bonnie Chan Yiting for another three years amid the bourse’s aggressive push to enhance its international competitiveness. The tenure of the 57-year-old Chan, the first woman to serve as CEO of the city’s exchange operator, will be renewed from March 1, 2027, to February 28, 2030, according to an exchange filing on Monday evening. “Bonnie has led HKEX Group with vision, purpose and distinction,” said Carlson Tong, HKEX...South China Morning Post
BUSINESSAug 17Global expats , entrepreneurs tap Hong Kong for solid career prospectsGlobal expatriates and entrepreneurs are reportedly utilizing Hong Kong for strong career prospects. This indicates a positive trend in the region's professional and entrepreneurial opportunities.theuknews.com · United Kingdom
BUSINESSAug 17Hong Kong’s sports sector in 2024 helped generate extra HK$46b in valueHong Kong’s sports sector helped to generate an extra HK$46 billion (US$5.9 billion) in value for the economy in 2024, the year local athletes clinched two gold and two bronze Olympic medals, with a lawmaker calling for targeted policies to build on that success. The Census and Statistics Department on Monday released an analysis of contributions to Hong Kong’s economy by sports and related activities in 2024, including the operation of facilities, manufacturing and retail, tourism and...South China Morning Post
BUSINESSAug 17Hong Kong tourist arrivals up 3% in July as bad weather curbs mainland growthHong Kong recorded about 4.5 million visitor arrivals in July, up 3 per cent from a year earlier, as major international conventions boosted business travel while bad weather weighed on growth from mainland China, according to the Tourism Board. The board said on Monday that a series of major international meetings, incentives, conventions and exhibitions (MICE), including the 108th Lions International Convention and the technology exhibition LEAP East, helped drive an increase in business...South China Morning Post
BUSINESSAug 17Global expats , entrepreneurs tap Hong Kong for solid career prospectsGlobal expatriates and entrepreneurs are reportedly choosing Hong Kong for promising career opportunities. This indicates Hong Kong's continued attractiveness as an international business hub.myanmarnews.net · Myanmar
BUSINESSAug 17Hong Kong airport passenger traffic up 11 . 7 pct in H1 : financial secretaryHong Kong airport reported an 11.7% increase in passenger traffic during the first half of the year, according to the financial secretary.en.people.cn · China
BUSINESSAug 17Hong Kong firm bets on Chinese open-weight models to rival CoreWeaveThe rise of Chinese open-weight models has shaken up the global artificial intelligence (AI) market in recent months. With China’s systems offering high performance at a lower cost, businesses around the world are looking at shifting away from Silicon Valley’s leading providers. Now, a new Hong Kong-based company aims to turn that trend into a billion-dollar business. The “neo-cloud” provider Antimatter is helping firms switch from the dominant US models – and the cloud systems that serve them –...South China Morning Post
BUSINESSAug 16Launch of Northern Metropolis flats attracts strong interest from Hong Kong homebuyersHong Kong homebuyers flocked to the first batch of units at a major residential project in the Northern Metropolis with 44 – or more than half – of the 82 flats made available via regular sale finding buyers as of 7.30pm on Sunday, according to agents. Wheelock Properties’ Park Silicon project in Kwu Tung North also sold eight units via tender worth more than HK$78.43 million (US$9.99 million), the developer said. The units were among the 18 available via tender starting Sunday. The positive...South China Morning Post
BUSINESSAug 16Death knell? Hong Kong’s five-year plan is a starting gunI’m a little perplexed and bemused by the brouhaha surrounding Hong Kong’s decision to draft its first five-year plan, as if the sky is falling in around the city’s famed laissez-faire economy. Predictably, Yale University’s Stephen Roach (he of “Hong Kong is over” fame) warned in a commentary last month that “Chinese-style central planning” could “over-promise and under-deliver”. In a 2024 commentary, he said Hong Kong had been “shackled by the deadweight of autocracy”. But from my vantage...South China Morning Post
BUSINESSAug 16Impact of US trade policy shifts on Hong Kong ‘primarily psychological’: Paul ChanChanges in US trade policy and interest rate trends will significantly affect Hong Kong’s economy but the impact will be “primarily psychological”, the finance chief has said, while expressing optimism for growth momentum to continue into the second half of the year. Financial Secretary Paul Chan Mo-po also revealed that Hong Kong welcomed 31 million visitors in the first seven months of this year, a 12 per cent increase year on year, while passenger throughput at Hong Kong International Airport...South China Morning Post
BUSINESSAug 15Northern Metropolis and AI vital to Hong Kong’s 5-year plan: business chambersHong Kong’s inaugural five-year plan should prioritise the Northern Metropolis megaproject, strengthen the city’s position as an international financial centre and advance its artificial intelligence (AI) strategy, major business chambers have said. In submissions for the city’s first five-year plan, groups including the American Chamber of Commerce in Hong Kong (AmCham) and the Federation of Hong Kong Industries (FHKI) identified the Northern Metropolis as a key economic driver. Their...South China Morning Post
BUSINESSAug 15Hong Kong’s night economy must focus on after-dark vibes, not eventsMore than 86,000 football fans passed through Kai Tak Stadium over two nights recently as Manchester City faced Inter Milan and Chelsea took on Juventus. Supporters filled nearby malls and restaurants, with some merchants reporting foot traffic three to four times higher than usual. For those few hours, Kai Tak offered a glimpse of what Hong Kong’s day-to-night economy could become: international visitors and local residents arriving early and extending the occasion beyond the stadium. The...South China Morning Post
BUSINESSAug 14Investment scam cases in Hong Kong drop 15%, but losses remain high at HK$1.65bHong Kong recorded a 15 per cent drop in investment scam cases in the first half of this year, but losses remained high at HK$1.65 billion (US$210 million), with police warning of fraudsters posing as representatives of legitimate overseas firms to swindle investors. Senior Superintendent Fanny Kung Hing-fun said on Friday that some of these firms of purported overseas origins did not exist at all, or had records of fraudulent activity in other countries. “For some of them, even their purported...South China Morning Post
BUSINESSAug 14Hong Kong raises economic forecast after best half-yearly performance in 5 yearsHong Kong has raised its full-year economic growth forecast for 2026 to a range of 3.5 to 4.5 per cent after expansion of 4.3 per cent in the second quarter, supported by buoyant external trade and resilient domestic demand. Releasing its half-yearly economic report on Friday, the government revised its 2026 growth forecast from the previous range of 2.5 to 3.5 per cent, citing a stronger-than-expected performance in the first half of the year and taking into account the near-term outlook. It...South China Morning Post
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