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BUSINESS11h agoHong Kong bus operators seek fare hikes of up to 17.7% amid fuel price surgeFour Hong Kong franchised bus operators have applied to raise fares by up to 17.7 per cent, citing “significant financial pressure” from soaring fuel prices driven by the Middle East conflict. Citybus has sought the steepest increase, at 17.7 per cent, followed by the KMB Company at 16 per cent. Long Win Bus and New Lantao Bus have applied for rises of 8.1 per cent and 9.8 per cent respectively, according to a paper the Transport and Logistics Bureau submitted to the Legislative Council on...South China Morning Post
BUSINESS11h agoNo rush to T+1: Hong Kong exchange won’t hurry settlement-time change, sources sayParticipants in Hong Kong’s stock market may need to wait longer for shorter transaction settlement times, as market participants want more time to prepare for the change, according to two sources familiar with the matter. Bourse operator Hong Kong Exchanges and Clearing (HKEX) said in a consultation paper in April that it aimed to implement a so-called T+1 system – under which trades would be settled one day after transactions – in the fourth quarter of 2027, replacing the existing T+2...South China Morning Post
BUSINESS13h agoBofA drops out of talks to arrange Moonshot AI's Hong Kong listing: reportBank of America has reportedly withdrawn from discussions to arrange Moonshot AI's public listing in Hong Kong. This development indicates a change in the financial plans for Moonshot AI's market entry.Seeking Alpha Tech
BUSINESS16h agoDoes Hong Kong’s economy serve the people or profit?China has lifted nearly 800 million people out of extreme poverty, arguably the greatest achievement in poverty reduction in human history. Even so, no mainland Chinese economist has won the Nobel Prize in Economic Sciences. Across the Pacific, the United States has produced about 75 per cent of Nobel economics laureates, even as its economy staggers under mounting public debt, chronic fiscal deficits, and recurring financial crises and government shutdowns. Of the 99 economics laureates ever...South China Morning Post
BUSINESS17h agoWhy did Hong Kong’s 11 Skies fail and can the megaproject be rescued?The roar of plane engines and the hustle and bustle at Hong Kong International Airport’s Terminal 2 present a stark contrast to the pin-drop silence at the adjacent 11 Skies commercial complex. A South China Morning Post reporter who travelled between the two places in early October found minimal footfall at the shopping centre, with the bright and airy environment of the airport terminal replaced by dim, stuffy and boarded-up corridors, and poor air conditioning amid the simmering outdoor...South China Morning Post
BUSINESS1d agoApec a chance for Hong Kong to earn its place in China’s tourism boomOver the coming weeks, Hong Kong and Shenzhen will host two major gatherings of Asia-Pacific decision-makers. Hong Kong’s first Apec Finance Ministers’ Meeting takes place on October 20-21, with around 500 visitors expected, while Shenzhen hosts the Apec Economic Leaders’ Week next month. These Asia-Pacific Economic Cooperation forum meetings will bring international visitors to two neighbouring cities at the centre of China’s Apec year. For Hong Kong’s tourism industry, they offer a timely...South China Morning Post
BUSINESS1d agoChina finance minister to deliver opening speech at Apec meeting in Hong KongChina’s finance minister, Lan Foan, will deliver a keynote speech, while presentations by three prominent financial institutions will be among the highlights of next week’s Apec meeting in Hong Kong, the South China Morning Post has learned. A draft agenda obtained by the SCMP on Monday listed a series of programmes for finance ministers from the Asia-Pacific Economic Cooperation’s 21 member economies on October 20 and 21 at the Hong Kong Convention and Exhibition Centre in Wan Chai. Sources...South China Morning Post
BUSINESS2d agoHong Kong to expand indices, derivatives and yuan-denominated products: HKEX CEOHong Kong Exchanges and Clearing (HKEX) is planning further measures to boost market liquidity, attract more international investors and expand the use of China’s currency, including through yuan-denominated gold futures and stock trading, according to a blog post by its CEO on Monday. The plans come as the city steps up efforts to reinforce its position as a leading international financial centre, following priorities outlined in the government’s policy address and the city’s five-year...South China Morning Post
BUSINESS2d agoFew Hong Kong investors take interest in listing by Africa’s top phone maker TranssionShenzhen Transsion Holdings drew a lukewarm response for its HK$3.36 billion (US$428 million) Hong Kong share offering, heightening worries over market sentiment for new listings in the fourth quarter. The maker of Africa’s bestselling phones closed its bookbuilding on Monday, with preliminary figures showing the offering attracted about 14,000 applications and was oversubscribed roughly 3.5 times, according to people familiar with the matter. Retail participation in Hong Kong initial public...South China Morning Post
BUSINESS2d agoThe game changer in Hong Kong’s gold ambition? Shenzhen’s jewellery hubBeijing is building a gold-backed monetary architecture to accelerate yuan internationalisation. In this three-part series, Part 1 traces China’s path as a gold superpower, while Part 2 explores the crucial role of Hong Kong’s offshore vaulting infrastructure. Hong Kong’s ambition to become an international gold trading centre rests not only on serving the nation’s financial needs, but also on China’s booming consumer market for gold. As the world’s largest gold producer and importer, China...South China Morning Post
BUSINESS2d agoHong Kong must ease listing rules to attract more angel funds and start-ups: HKEIAHong Kong would need to ease its listing rules and transaction requirements to attract more angel funds and become a hub for start-ups to go global, according to a leading industry body in the city. The city has only around 100 active angel funds – private investment vehicles targeting very early-stage innovative enterprises. This was far fewer than Shenzhen, which had about 400 such institutions, according to Samson Tam Wai-ho, honorary chairman of the Hong Kong Electronic Industries...South China Morning Post
BUSINESS2d agoLaopu Gold deepens Hong Kong footprint with entire-floor lease at Central tower: sourcesBeijing-based jeweller Laopu Gold has leased an entire mid-floor at One Exchange Square in Central to support its global expansion, according to two sources familiar with the matter. The brand was taking around 13,000 square feet at the flagship Central tower, which houses Hong Kong Exchanges and Clearing (HKEX), one source said. The deal comes as mainland consumer firms and financial institutions increasingly anchor their presence in Hong Kong’s core business district. Recent transactions on...South China Morning Post