The decision of JD.com, Baidu, Ctrip and NetEase and Yum China for a secondary listing in Hong Kong is certainly incentivized by the successful move of Alibaba that with such a high-profile IPO opened gave an indirect message to other Chinese companies. ", Nancy Pelosi Speaker of the House. Can China's Golden Week still shine brightly? The possible listing of these companies is expected to raise a total of 15 billion U.S. dollars and investment banks such as Goldman Sachs, Credit Suisse, Bank of America and China International Capital Corporation Limited are going to act as arrangers for the deals. Read about our approach to external linking. Close. Located at the heart of Asia, Hong Kong also thrives on close financial integration with Mainland China, extensive networks with the rest of the world, sound legal system, simple and competitive tax regime, free flow of capital, a full range of financial products, and a large pool of financial talents. A recent survey by the chamber found that nearly 40% of US companies were considering moving capital, assets or operations out of the city due to concerns about the new security laws. Debashis Ghosh on Instagram: "News: DBS Group Holdings Ltd, a well Despite the positivity about Hong Kong's future as a financial hub, its economy has still taken a hit from last year's protests, as well as from the Covid-19 pandemic. certificates of deposit) (RMB bn), Hong Kongs share of Chinas total foreign direct investment & outward direct investment. One of the citys main tactics in luring back visitors has been conferences. Hong Kong, led . In a statement on June 11, 2019, Nancy Pelosi, Speaker of the House, said, The extradition bill imperils the strong U.S.-Hong Kong relationship that has flourished for two decades. No. Get unlimited access to all stories at $0.99/month for the first 3 months. Tensions Between Hong Kong and Mainland China, China's Legal System Is Not Trusted Internationally, What Is Hong Kong SAR, China? The growth and gradual opening-up of China offer unmissable opportunities. I saw that I was going to be the focus of investigation or arrest for doing nothing more than my job, which is to be a public-interest lawyer, Vidler said. "We strongly believe that the proposed arrangements will reduce the appeal of Hong Kong to international companies considering Hong Kong as a base for regional operations. Its not clear how many of them were emigrating. On top of the traditional routes, theres also Top Talent Pass a new visa program to attract skilled workers. For much of its history, Hong Kong has functioned as a key East-West conduit for global finance and trade, thanks in large part to its independent judiciary and regulators that guarantee an. It's possible that Hong Kong may lose some of its relevance as a global financial center if the CommunistParty of China continues to ignore its constitutional pledge of "one country, two systems" and the region is transformed into just another Chinese city. Sophisticated Financial Hub | Hong Kong: a Leading Hub for Family Offices Tung added that Hong Kong is the only market in China that allows investment vehicles such as special purpose acquisition companies, or SPACs, which can raise money in the public markets and buy or merge with another company. Mainland China firms dominate IPO fundraising, raising 97 per cent and 98 per cent of the total amounts in 2020 and 2021. With its unique advantage of having the Mainland as hinterland and its extensive global network, Hong Kong has firmly established itself as the dominant gateway to China and a global offshore renminbi business hub. China is now the world's second largest economy and is expected to make up 20% of the world economy by 2030*. Home sales in May were 35 per cent lower than a year earlier, according to government data. Hong Kong, in this context, will continue to play its unique role as Chinas only international financial centre. As one of the leading international financial centres, Hong Kong is a prime location for financial services and home to many financial institutions. Despite that, Kaul says "Hong Kong will remain a key hub for relationships between China and the developed world in the West and in Asia." Hong Kong's reopening brings scant gains for financial hub despite push The cross-boundary nature of Hong Kong's financial services sector, especially asset management, is constantly being reshaped thanks to the joint efforts of the government and the sector, leading to an increasing number of available product types, a wider reach to more local, international and Mainland investors with different experiences, and more diversified investment strategies and preferences. had links to the Central Intelligence Agency, Xi Jinping promotes Macau as financial hub, potential alternative to Hong Kong, China passes national security law for governing Hong Kong, Furious, China summons US ambassador over Hong Kong bills, U.S. business lobby warns administration against ending Hong Kongs status, What U.S. businesses should know about Chinas anti-foreign sanctions law, Your donation today powers the independent journalism that you rely on, The past, present and future of Hard Bargain Tennessee. Financial-services worker visa approvals are picking up, IPO market just had its worst first half in two decades. Japan's LDP boosts support among older voters, Global money ditches Big Tech for a new group of stocks, Finding child care still the bane of city life for many in Japan. Communism is an ideology that advocates a classless system in which the means of production are owned communally. Hong Kong and the mainland strengthen financial and economic ties. Inflation and a very quick tightening of monetary conditions after over a decade of relatively accommodative monetary policies make the world more volatile, and uncertain, said David Solomon, chief executive officer of Goldman Sachs (GS.N). China Restricts Export of Chipmaking Metals in Clash With US, Odeys Hedge Fund Empire Is Disintegrating Bit by Bit, Stocks Decline as China Data Saps Risk Sentiment: Markets Wrap, Bank of America Says it Started Talks With Fed After Stress Test Results, Taylor Swifts Singapore Gig Frenzy Propels UOB Card Signups. By Camomile Shumba. "The flow of money that comes in and out of Hong Kong on a daily basis, that goes into mainland China and comes out, is very hard to replicate," she told the BBC's Asia Business Report. Hong Kong's Reopening Brings Scant Gains for Financial Hub International Financial Centre Hong Kong's status as the world's premier international financial centre is well recognised. 30-06-23 06:53 BJT. WATCH: Eddie Yue, head of the Hong Kong Monetary Authority, discusses the prospects of the citys status as a financial hub, the local currencys peg to the U.S. dollar, and the housing market. In Japan, inflation is actually good news. But then it began to fade a little bit.. With its strengths in banking, capital market and asset management, Hong Kong provides an all-encompassing and high-quality financial platform for investors, financiers, asset managers, funds and financial institutions alike from all over the world. That pace is almost equal to pre-pandemic levels, according to Immigration Department data. Jao wrote, "Thus, even though the Vietnam War was still going on, it became clear to the multinational entities that the region as a whole was poised for a new era of economic development in a relatively peaceful environment. Hong Kong is a leading banking, asset and wealth management hub, where leading hedge funds and private equity firms have established presence along with nearly 80 of the world's 100 largest banks and 70 of top 100 global money managers respectively. Monitor your investments 24 hours a day, around the clock from around the globe. Hong Kong's Reopening Brings Scant Gains for Financial Hub The outflow of bankers and other professionals is showing signs of starting to reverse. Tens of thousands of high-skilled workers left to escape the citys Covid regime and a crackdown on freedoms after Beijing imposed a national security law in 2020. Numbers like this make Hong Kong irresistible for many investors, according to Tara Joseph from the American Chamber of Commerce Hong Kong. HONG KONG Six months after Hong Kong reopened to the world, the city still has a steep climb to reclaim its place as Asias premier finance and tourism hub. The chart shows the amount of money raised in Hong Kong's IPO markets from Jan. 1 to July 26 for the years . Hong Kong Fights to Prove It's Still a Dominant Financial Hub ", Israel ends Jenin operation and trades fire with Gaza, Israel's Jenin operation reignites Palestinian anger, World sees hottest day since records began, Cuba turns to old ally Russia to tackle fuel crisis, 'For the politicians of France, we are nothing', The battalion of black women erased from history. It will also allow Hong Kong investors to broaden their mainland exposure. Unlike mainland China, Hong Kong has no capital controls. Editor's note: Matteo Giovannini is a finance professional at ICBC in Beijing and a member of the China Task Force at the Italian Ministry of Economic Development. Source: Bloomberg-compiled data. Is Hong Kong's future as Asia's financial hub at risk? - BBC News Your donation today powers the independent journalism that you rely on. Many doubted that Hong Kongs openness would remain intact once it returned to Chinese rule. Importance in Finance, Special Administrative Region: Overview, Example, FAQ, Macau SAR, China: Overview, History, Examples, What Is a Tiger Economy? On June 30, 1997, when Britains national anthem played for the last time in Hong Kong, American businessman Benjamin Schwall was among those at the handover ceremony. "China says Trump is on edge of precipice as Hong Kong rights bill hits his desk. All Rights Reserved. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The border reopening has lifted market sentiment with expectations that mainland Chinese would return to buy properties in the city. Lawyer Michael Vidler arrived in Hong Kong in 1992 and stayed on because he caught the travel bug. Hosted by Anna Edwards, Tom Mackenzie and Mark Cudmore. On this week's episode of Idea Generation, designer Nicole McLaughlin takes us on a journey from her start as a graphic design intern to becoming a viral sensation on Instagram by crafting creative upcycled shoes. You may opt-out by, Storytelling and expertise from marketers, Financial Services Development Council of Hong Kong. Key Takeaways Hong Kong, the semi-autonomous territory of China and former British colony, is behind only New York, London, and Shanghai London in terms of its ranking as a global financial. How China's national security law could change Hong Kong forever - CNBC Inbound travelers are still required to be in hotel quarantine for seven days, which has been reduced from the previous 21 or 14 days, but is still far longer than other financial hubs that are removing COVID restrictions. As one of the Mainland's principal trading partners, Hong Kong not only provides a channel for goods and services to go global, but also catalyses the international usage of renminbi along to the process. The article reflects the author's views, and not necessarily those of CGTN. In the first five months Hong Kong approved about 3,700 new visas for financial services workers via the four established visa programmes. This week the phase one deal between the U.S. and China has been signed sending a positive signal to the markets in terms of a renewed stability in the relationship between the two world's biggest economies. Bankers and investors fear China's push to impose national security laws on Hong Kong threaten the city's future as an international financial centre. He said Hong Kong is still an attractive financial hub, especially for U.S. firms focused on the Chinese market. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Overnight on Wall Street is morning in Europe. According to the report, Hong Kong's rating fell by two points to 743 from six months ago, compared with New York's 770, London's 766 and Shanghai's 748. An index of economic freedom is a method of scoring and ranking jurisdictions based on the degree of economic freedom their residents enjoy. Hong Kong's financial hub is at a crossroads on linkedin (opens in a new window) Hong Kong's financial hub is at a crossroads on whatsapp (opens in a new window) Save. "But then there's the daily life of Hong Kong people and some of the issues Hong Kong people face have predated these protests, issues, such as inequality issues, such as that divide between rich and poor. "Hong Kong shares jump to one-month high, extradition bill withdrawn. Hong Kong's strength as a global financial centre is best demonstrated by its role in the reform and opening up of China's economy. The top three global financial hubs also saw a decline in their ratings. Updated Jul 3, 2023 at 8:31 p.m. UTC The Hong . She has been working in the financial planning industry for over 20 years and spends her days helping her clients gain clarity, confidence, and control over their financial lives. Open. The BBC is not responsible for the content of external sites. articles a month for anyone to read, even non-subscribers! China is fighting its largest COVID outbreak since the summer as cases again erupt across the country, triggering concerns that Beijing's heavy-handed response to outbreaks is exacting a growing toll on the world's second-largest economy. Hong Kong, struggling to revive hub status, sells 'China - Reuters EIN: 41-0953924. Hong Kong owes its status as a flourishing financial hub to a number of factors, like the region's rule of law, independent judiciary, relatively low taxes and lack of capital . FIND OUT MORE Hong Kong Financial Service Sector at a Glance inSight Article (s) Speech (es) /Reuters Photo. The papers used the fact that Vidlers firm was listed as the company secretary for the U.S. National Democratic Institute to suggest he was backed by Americans. Patten, Hong Kong judicial independence fears threaten city's business case, Foreign cash flees China as investors shun autocracies, Japan's economic clout wanes in Southeast Asia, The acute care dilemma at Japan's hospitals, Boon or bane? The financial sector and the tech industry disputes are far from being solved and the current status is reflected by the increased scrutiny that Chinese companies' IPOs need to go through on the Nasdaq when applying for a listing on the U.S. stock exchange.

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