Page 4 - Hong Kong

HK gives initial approval to first Bitcoin, ether spot ETFs, say funds

At least three offshore Chinese asset managers will launch the virtual asset spot ETFs soon

Hong Kong must hold national security line to ensure development: China

Hong Kong in March enacted a new national security law, also known as article 23, that updates or introduces new laws to prohibit treason, sabotage, sedition

HK bars Reporters Without Borders' rep, stoking press freedom concerns

Reporters Without Borders said Wednesday that one of its representatives was denied entry into Hong Kong, calling it a new decline in the city's press freedoms. According to the group, its Taipei-based staffer Aleksandra Bielakowska was stopped at the Hong Kong airport by immigration officers earlier in the day. She was detained, questioned and had her belongings searched three times before she was denied entry to Hong Kong, said the group, also known by its French acronym RSF. This action by the Hong Kong authorities, unprecedented for RSF, marks a new decline in the already poor press freedom climate in the territory, RSF said in a statement. Bielakowska was to meet journalists and attend a hearing at the trial of Jimmy Lai, the media tycoon and founder of the now-defunct Apple Daily newspaper who is currently facing national security charges. The Immigration Department did not immediately comment when contacted after business hours. Rebecca Vincent, RSF's director of campaigns,

US denounced Hong Kong's national security law but its actions remain muted

The US has denounced Hong Kong's new national security law as a tool to potentially silence dissent both at home and abroad, but so far the action from Washington has been notably muted, disappointing those fighting for the Chinese territory's democracy and freedoms. Since the law's swift passage on March 19, the US has announced visa restrictions on an unspecified number of unnamed Hong Kong officials but taken no further action. That's a far cry from 2020, when Beijing imposed national security restrictions to end months of unrest on Hong Kong streets. The U.S. responded by hitting the city's highest-ranking officials with sanctions and depriving the territory of its preferential trading status. While the new law, known as Article 23, now expands the Hong Kong government's powers to go after those it accuses of spying and to target dissidents anywhere in the world, Washington has been treading carefully. The State Department declined to preview or comment on any potential actions

Rupee most stable Asian currency in FY24 after Singapore, Hong Kong

Record inflows keep bond, currency market steady

China's WuXi AppTec sent US client's data with Beijing: US intelligence

Hong Kong listed Wuxi shares pared earlier gains of nearly 5 % to trade 1% higher, while Shanghai-listed shares were up 0.4%

Hong Kong regains fourth-largest market spot after rout in Indian equities

India cedes position as broader market rout shaves off $180 bn in mcap; China & Hong Kong markets have rebounded over 12 per cent

Shares in Australia, HK edges higher, while Japan, China stocks decline

Treasuries were mostly steady following a rally on Friday that wiped seven basis points from the 10-year yield. Australian and New Zealand bond yields ticked lower Monday

Article 23: Hong Kong's tough security law backed by China explained

Hong Kong's recently passed national security law has caused worry among financial professionals and businesses

Hong Kong passes anti-dissent law, to come into effect from March 23

Hong Kong lawmakers passed a new national security law on Tuesday that grants the government more power to quash dissent, widely seen as the latest step in a sweeping political crackdown that was triggered by pro-democracy protests in 2019. The legislature passed the Safeguarding National Security Law during a special session Tuesday. It comes on top of a similar law imposed by Beijing four years ago, which has already largely silenced opposition voices in the financial hub. Hong Kong's Legislative Council, which is packed with Beijing loyalists following an electoral overhaul, expedited the process. Since the bill was unveiled on March 8, a committee held daily meetings for a week, following an appeal by Hong Kong leader John Lee to push the law through at full speed. The law threatens stringent penalties for a wide range of actions authorities call threats to national security, with the most severe including treason and insurrection punishable by life imprisonment. Lesser ...

UBS starts job cuts at HK, Singapore wealth units after profit slump

Wealth generation in China has stalled as the nation's economy struggles to regain momentum amid a property crisis and a selloff in equities

China vows to 'safeguard' national security with new laws at conclave

China last month broadened its state secrets law to include 'work secrets' in the scope of restricted sensitive information, and enacted a controversial counter-espionage law last year

Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange

Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. after April 24, according to people familiar with the matter

Hong Kong publishes new national security law bill, raising rights concerns

The bill includes sentences of up to life imprisonment for treason, 20 years for espionage and 10 years for offences linked to state secrets and sedition

Hong Kong court affirms sedition conviction for pro-democracy activist

Criticizing laws or chanting anti-government slogans can be enough to jail someone for sedition in Hong Kong, an appeal court ruled Thursday in a landmark case brought under a colonial-era law increasingly used to crush dissent. Hong Kong's Court of Appeal upheld a 40-month sentence for pro-democracy activist Tam Tak-chi, the first person tried under the city's sedition law since Hong Kong returned to Chinese rule in 1997. Tam's lawyers had argued that his conviction should be overturned because the prosecution did not show he meant to incite violence. The prosecution is widely seen as part of Beijing's clampdown on dissent in the former British colony, following widespread anti-government protests in 2019. Tam was convicted on 11 charges in 2022, including seven counts of uttering seditious words." A judge at the lower court took issue with him chanting the popular protest slogan Liberate Hong Kong, revolution of our times words the government says imply separatism and criticisin

Carlyle, CVC, KKR show interest in potential takeover of Samsonite

The investment funds may consider teaming up and forming a consortium if Samsonite decides to move forward with a plan to go private, in that case, more bidders could emerge

Hong Kong ups salaries tax for high earners to 16% to tackle fiscal deficit

A two-tier tax system will be introduced from April, with income of up to HK$5 million ($640,000) taxed at a maximum of 15%, and anything higher than that being taxed at 16%

China's Country Garden gets winding-up petition in Hong Kong from creditor

The first hearing date is scheduled for May 17 at Hong Kong's High Court, after Ever Credit Ltd. filed its so-called winding-up petition dated Tuesday

Hong Kong lifts curbs on property market after home prices fell to 7-yr low

Hong Kong's government has lifted curbs on property deals after home prices fell to a seven-year low, adding to the Chinese territory's woes. Finance minister Paul Chan announced the move in a speech presenting the territory's budget, which also raised spending on tourism promotion. He said all curbs, such as extra taxes, imposed earlier to cool the property market would be lifted with immediate effect. Home prices have fallen for nine consecutive months and share prices have languished as a tightening of freedoms in the former British colony has rattled investors. Meanwhile, Hong Kong's tourism has not fully rebounded after it reopened to foreign travellers following the COVID-19 pandemic. China's slowing economy has also impacted Hong Kong's recovery. Chan said the limits on property transactions were no longer necessary amid the current economic and market conditions. The government lifted a 15 per cent stamp duty imposed on non-permanent residents who buy property in Hong Kong

7 held by HK customs for $1.8 bn money laundering case linked to India

At least seven persons were arrested by Hong Kong customs authorities on Friday in connection with the territory's biggest money-laundering case involving a whopping HKD 14 billion (USD 1.8 billion) some of it was linked to a mobile app scam case in India. The syndicate used stooge bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said. The operation was linked to a mobile app scam in India and two jewellery companies in the country, which allegedly handled about HKD2.9 billion (USD 371 million) of the funds, Suzette Ip Tung-ching, the head of customs' financial investigation bureau told the media in Hong Kong. Ip described the amounts laundered as astonishing with one of the accounts receiving as much as HKD100 million (USD 12.8 million) a day and carrying out as many as 50 daily transactions. Some of those arrested were non-Chinese residents of Hong Kong, she said without .