Hong kong finance secretary

Charles Li, CEO of Hong Kong Exchanges and Clearing Limited, speaks at the Sandler O'Neill + Partners Global Exchange and Brokerage Conference in New York - A + A HONG KONG (June 27): In 1997, the world watched as Britain returned Hong Kong to Chinese rule, with some pessimistic or wary about the outlook for the city and its role in the global financial system. Twenty-five years later, Hong Kong has so far retained its status as a financial hub, and some of the city's top executives are banking on a bright future as the territory remains a crucial springboard for investment into mainland China. Charles Li, former chief executive of bourse operator Hong Kong Exchanges and Clearing (HKEX) and founder of microfinance platform Micro Connect, said that although he believes the next 25 years will be "very different", he's optimistic. "I'm convinced that the overall prosperity of Hong Kong will remain as strong as before because Hong Kong retains its value to both … [Read more...] about Hong Kong’s top finance executives bank on city to thrive as gateway to China

- A + A (June 27): Hong Kong’s exports surprisingly declined in May as trade with China continued to face disruptions from Covid and other global headwinds stalled momentum. Overall exports slid 1.4% last month from a year earlier, reversing April’s 1.1% gain, the Census and Statistics Department said Monday. Economists had expected an improvement of 4.3%. Imports rose 1.3% in May from a year earlier, also worse than economists’ forecast of a 4.8% expansion. The trade deficit was HK$36.7 billion (US$4.7 billion), worse than estimates and the fourth straight month the city has recorded a deficit. May’s decline in exports comes after an unexpected uptick improvement in April, when exports to China were still falling but not as severely as in March. This time around, trade with China fell 10.1%, worse than April’s 9.4% drop, the statistics bureau said. The decline in the value of exports was attributed to “increasing headwinds” faced by the global economy, the … [Read more...] about Hong Kong exports post surprise fall on China curbs, global woes

Hong Kong's new Palace Museum, a gift from Beijing to marks 25th anniversary of the territory's return to Chinese rule, aims to engage the city's younger generation with Chinese culture, its director said recently. Spanning more than 30,000sq m, the museum showcases more than 900 artefacts on loan from Beijing's Palace Museum in the Forbidden City, including portraits from the Qing dynasty, calligraphy and ceramics. Of those, 166 works are considered "national treasures". "We need to promote the transmission and dissemination of Chinese culture," museum director Louis Ng said ahead of the museum's opening on July 2, a day after Hong Kong marks the anniversary of its handover from British to Chinese rule. "Especially for young people, we need to give them more opportunities to understand and appreciate Chinese culture." A flask with a dragon among floral scrolls from the Chinese Ming dynasty, centre, is displayed at the Hong Kong Palace Museum. Photo: AP The museum … [Read more...] about HK’s new Palace Museum, a gift from Beijing, aims to engage city’s youth

HONG KONG (Bloomberg): How does Hong Kong look to people born in the year of the handover - for whom the city has always been under Chinese sovereignty? Some feel their fate is tied to Hong Kong’s, while others feel like bystanders as Beijing tightens its grip. Many plan to leave sooner or later. We spoke to six 24- and 25-year-olds about the Hong Kong they grew up in, and the one they expect to exist in another 25 years. The returning professional "I feel helpless witnessing the changes that Hong Kong has been through,” said Keanne Lee. "At the same time, I want to keep a glimpse of hope alive that the city won’t lose its uniqueness.” Lee studied at a Hong Kong school where lessons are taught in English, then went to university in the UK. She returned to her home city after graduation, where she’s now a marketing executive for an e-commerce company. She has no plans to move abroad permanently in the near future. The growing pressure on school pupils to learn Mandarin is … [Read more...] about HK’s handover generation is caught in China’s whirlwind

- A + A HONG KONG/JOHANNESBURG (June 27): Prosus NV is planning to sell more of its US$134 billion stake in Chinese internet giant Tencent Holdings Ltd to finance a buyback programme, reversing a pledge to hold onto the full shareholding. Tencent declined in Hong Kong on Monday as investors pondered the extent to which Prosus, the Chinese company’s biggest shareholder, will unload its stock. The shares fell as much as 2.5% and traded 1.6% lower at the close. “We will keep selling Tencent shares to buy back our own, it’s open-ended and an unlimited programme,” Prosus Chief Executive Officer Bob Van Dijk said in an interview. “It’s actually a small part of Tencent daily traded volumes — it should be maximum between 3% to 5%.” The move represents a change of heart by Dutch e-commerce giant Prosus — majority owned by South Africa’s Naspers Ltd — which said after its last sale in April 2021 it wouldn’t offload more shares for three years. The company, spun off from … [Read more...] about Tencent backer Prosus to cut US$134 bil stake to buy stock

- A + A (June 28): China will ban more than one million mainland investors from trading onshore shares via the stock connect programmes with Hong Kong as authorities act on a new regulation to crack down on “fake foreign capital”. Under the rules taking effect on July 25, domestic investors with Hong Kong accounts can no longer purchase A shares through the northbound trading links, according to the China Securities Regulatory Commission (CSRC). Brokers in Hong Kong must stop giving new trading permits to mainlanders, while investors already in violation will be given a one-year grace period after which they are only allowed to sell the remaining shares. About 1.7 million mainland investors had access to trade via the northbound connects, with 39,000 being active in the past three years, according to the CSRC. While their transactions only accounted for about 1% of total turnover, such activity is “detrimental to the stability and the long-term development” of the … [Read more...] about China to ban over one million ‘fake’ foreign A-share investors

- A + A (June 27): Chinese stocks extended gains into a fifth week, bringing them close to a bull market, as investors turned increasingly upbeat amid eased pandemic curbs in Shanghai. Tech shares also rallied in Hong Kong to the highest in nearly four months. The recent rebound in Chinese equities, which started in April while stocks elsewhere were still selling off, is gaining momentum thanks to an improving economic outlook as well as persistent monetary and fiscal stimulus. President Xi Jinping's planned visit to Hong Kong is boosting stocks that would benefit from easing pandemic restrictions such as Macau casinos. The benchmark CSI 300 Index gained 1.1%, adding 4% in three sessions, led by consumer shares, as Shanghai's leader declared victory in defending the financial hub against Covid-19 and will this week allow residents to dine in restaurants in some areas deemed lower risk. Drinks maker Eastroc Beverage Group Co and food supplier Yihai Kerry … [Read more...] about China stocks approach bull market as investors catch up on gains

- A + A HONG KONG (June 28): Asian shares swung into positive territory in afternoon trade on Tuesday (June 28), propelled by China's decision to ease some quarantine requirements for international arrivals, with Hong Kong stocks particularly supported. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, having spent most of the day in the red. The index has fallen 3.8% so far this month. Health authorities said on Tuesday that China will halve to seven days its Covid-19 quarantine period for visitors from overseas, with a further three days spent at home. Following the news, Hong Kong's Hang Seng Index reversed its losses and jumped 0.85% in afternoon trade. In China, the blue-chip CSI 300 Index was 1% higher, also having clawed back earlier losses. The sharp change in mood looked set to last into the global day with the pan-region Euro STOXX 50 futures up 0.31%, German DAX futures 0.2% higher and FTSE futures climbing 0.47%. US stock … [Read more...] about Stocks swing higher as China eases quarantine rules

Share to Twitter Share to Linkedin When it comes to life expectancy, Okinawa prefecture and its semi-tropical islands off Japan’s south coast have long been referenced as the benchmark location for living a long life. According to the WHO , the global trend for how long we live increased by more than six years over the first 20 years of the 21st century, with the average global life expectancy increasing from 66.8 years in 2000 to 73.4 years in 2019. But in Okinawa that trend is in reverse. In 1980, it had the highest average life expectancy for both men and women, with men expected to live until at least 84 years and women averaging an amazing 90 years old. Yet in the 2020 census, it was discovered Okinawan men were living to an average age of 80.27 years and women 87.44 years. Gerontologists have long attributed those long lives to a combination of nutritious diet, regular exercise, a continued sense of purpose (known as the concept of ikigai in … [Read more...] about Live Long And Prosper: Five Countries Where People Live The Longest

- A + A HONG KONG (June 28): China Evergrande Group, the world's most indebted property developer, on Tuesday said it will "vigorously" oppose a winding-up lawsuit filed against it, and that the petition will not impact its restructuring plan or timetable. Evergrande confirmed the filing by investment holding firm Top Shine Global Ltd in Hong Kong for not fulfilling a financial obligation of HK$862.5 million (US$109.91 million). The developer has over US$300 billion in liabilities and defaulted on its offshore debt last year. It expects to announce a preliminary restructuring plan by the end of July. In a stock exchange filing on Tuesday, it said, if wound up, any disposition of property directly held, including assets and shares, will be void unless the court grants a validation order. In such a scenario, it said, any transfer of shares by shareholders or potential investors on or after June 24, when the petition was filed, would be void. Trading of Evergrande … [Read more...] about China Evergrande says winding-up lawsuit won’t impact restructuring