"Foreign firms are expanding in HK" (OU NÂO...)

jan23

Certainly mainland Chinese companies are now dominant on the Hong Kong Stock Exchange, representing 77 per cent of the market capitalisation of companies listed here, or 93 per cent including Hong Kong domestic listings. Those volumes have risen as US-China tensions have led some US-listed Chinese companies to move here. A new project to expand HKEX’s Stock Connect programme with the mainland stresses the intent to diversify by attracting international companies to Hong Kong, and linking them with the vast sums of retail investor money in mainland China. That may be a tough ask. Few western companies are currently listed in Hong Kong. And those that are are thinly traded. (Glencore is among those that delisted for this reason). Hong Kong’s idea now is to lure a clutch of consumer brands with strong positions in China — from luxury goods makers to German car brands. Prada currently cuts a lonely figure in this segment. The exchange is also keen to draw listings from fast-growing companies in the Middle East and other parts of Asia. It will have competition. Though Singapore is more focused on being a wealth hub, Tokyo, in particular, attracts ample stock market liquidity and is casting off its reputation as a Japan-only market. Although there are currently only 20 foreign companies listed on the Tokyo exchange, it added half a dozen in 2022 and expects close to 10 more this year.

https://www-ft-com.ezp.lib.cam.ac.uk/content/77b7e834-8780-4be0-9e8a-ad9961b7be5f

Can Asia’s key capital market maintain its international outlook? 

PATRICK JENKINs

nov22

Hong Kong says it’s back open for business. Will the world buy it?

https://edition.cnn.com/2022/11/05/asia/hong-kong-reopen-finance-summit-rugby-sevens-intl-hnk/index.html

jun22

Chinese Firms Are Dominating Key Parts of Hong Kong’s Economy

• Mainland firms are snapping up land, dominating city’s bourse
• Chinese businesses look to transform Hong Kong’s economy

https://www.bloomberg.com/news/articles/2022-06-26/chinese-firms-are-dominating-key-parts-of-hong-kong-s-economy#xj4y7vzkg

mar22

Hong Kong leader Carrie Lam said it was "unarguable" that the global financial hub was seeing a brain drain due to stringent coronavirus rules, but added she valued the city's international status and envisioned a "better development" after the pandemic.

https://www.reuters.com/world/asia-pacific/hong-kong-leader-says-citys-brain-drain-unarguable-2022-03-30/

The British government announces the withdrawal of its judges from the Hong Kong Court of Final Appeal over opposition to China’s national security law.

https://www.aljazeera.com/news/2022/3/30/uk-judges-quit-hong-kongs-top-court-over-chinas-security-law 

mar22

Empty Stores and an Exodus: Hong Kong’s Covid Crackdown Stirs Panic

A surge in cases has alarmed many residents. But the government’s mixed messaging about whether it will impose a lockdown has also been destabilizing. https://www.nytimes.com/2022/03/09/world/asia/hong-kong-covid-lockdown.html

Virus chaos pushes more expats to join Hong Kong exodus

https://www.france24.com/en/live-news/20220307-virus-chaos-pushes-more-expats-to-join-hong-kong-exodus

fev22

LEAVING

United Kingdom developers are lining up to set up offices in Hong Kong to serve the hundreds of thousands of Hongkongers who are expected to buy homes there under the fast-track British National (Overseas) residency scheme.

Galliard Homes, one of the largest privately held property developers in London and across the UK, has set up a new sales centre in Wan Chai with five employees, part of a 10-member team in the Asia-Pacific region.

Since the outbreak of the Covid-19 pandemic, customers from Hong Kong and mainland China have been “less willing to travel to London to buy [property], but prefer to buy [while] being based in Hong Kong,” said the developer’s director of international sales Ben Waterman. “They want face-to-face meetings with Galliard’s staff [who are equipped with] scale models, a large marketing suite and dedicated staff.” https://www.scmp.com/business/article/3167752/galliard-sets-hong-kong-sales-office-serve-rising-demand-uk-homes-bno

fev22

‘No light at the end of the tunnel’: Americans join Hong Kong’s business exodus. Worsening Sino-US ties, strict Covid rules and the crackdown on dissent have dented the territory’s fabled allure as a business hub, say expats
https://www.theguardian.com/world/2022/feb/06/no-light-at-the-end-of-the-tunnel-americans-join-hong-kongs-business-exodus

jan22

Hong Kong’s financial sector faces talent crunch as expats head for the exit

https://www.reuters.com/markets/europe/hong-kongs-financial-sector-faces-talent-crunch-expats-head-exit-2022-01-23/

jan22

Don’t write off Hong Kong as a financial centre just yet But those who cast such doubts about Hong Kong are mistaken. For hard economic reasons, the future of the Chinese territory, which maintains a certain separation from the mainland according to the principle of “one country, two systems”, is more secure than any global rival except New York. This is because China controls capital. China uses a range of quantity-based limits to keep its financial system isolated from the rest of the world. Chinese citizens, for example, need a permit to exchange more than $50,000 a year in foreign currency. There is a huge pent-up appetite both from mainland Chinese who want to diversify their savings into international markets and from foreign investors who want to buy assets in the world’s biggest source of economic growth. https://viralmunich.com/dont-write-off-hong-kong-as-a-financial-centre-just-yet/  https://www.ft.com/content/c4ff49bd-23b2-4953-9009-50a52aa8d7d5

jan22

As Western cash heads for the exits, Hong Kong Financial Secretary Paul Chan has urged Asian investors to funnel money back into the city. Chan said Hong Kong’s economic prosperity was tied to the Chinese mainland and the city would become a global hub for transactions in the Renminbi, the Chinese currency. He said Beijing had propelled the city into a “new development phase” tying the former British colony’s fate to the broader Guangdong-Hong Kong-Macao Greater Bay Area. https://www.brisbanetimes.com.au/world/asia/hong-kong-pushes-for-asian-investment-as-tens-of-thousands-leave-20220110-p59n7t.html

nov21

De acordo com este relatório, a relevância de Hong Kong enquanto local para realização de IPO continuará ao longo deste ano. "Hong Kong é agora o destino dos IPO chineses, é o hot spot". Pelas contas deste relatório, os IPO feitos em Hong Kong já valem 35,3 mil milhões de dólares este ano. De acordo com os números apresentados pela "general partner" da Race Capital, que constam do "China Internet Report" deste ano, só a Sequoia China "fez 96 investimentos no último trimestre".  https://www.jornaldenegocios.pt/empresas/web-summit/detalhe/setor-da-edtech-na-china-desapareceu-do-dia-para-a-noite-com-mudanca-de-regras-de-pequim

set21

A exchange FTX, que tem como sócios Tom Brady e Gisele Bündchen, está preocupada com o clima hostil de Hong Kong com empresas do mercado de criptomoedas, anunciando então a mudança de sua sede. A plataforma principal do grupo é a FTX Trading Limited, proprietária da FTX.com. No entanto, nas Bahamas a empresa opera com a FTX Digital Markets, que acabou sendo registrada pela Securities Commission Of The Bahamas, no último dia 20 de setembro. https://livecoins.com.br/ftx-se-preocupa-com-clima-hostil-em-hong-kong-e-muda-sede/

jul21

The American Chamber of Commerce in Hong Kong says US businesses there should study if the risks are worth the reward https://www.westport-news.com/news/article/Alert-The-American-Chamber-of-Commerce-in-Hong-16323473.php 

 Jun21

Since the law took effect one year ago, the HKSAR, as an international business center, has become more attractive for foreign companies, as the noise made by some anti-China Western politicians and media outlets suggesting that the city's attraction to foreign investors have waned is losing credibility. 

According to a ranking by UK-based think-tank Z/Yen and Shenzhen-based China Development Institute, the HKSAR was ranked No.6 among the world's financial centers in March 2020, before the law was implemented, in the Global Financial Centres Index. The city saw its ranking improve to No.5 in September 2020, after the law was enacted, and the ranking further improved to No.4 in March 2021, indicating the city's status received positive support from the implementation of the law.  https://www.globaltimes.cn/page/202106/1227419.shtml