Asia-Pacific

China’s new financial captain faces tough mission

11 Mar 2025

Beijing has given sovereign fund Central Huijin control of key players in previous market bailouts. The state giant now oversees firms with more than $27 trln in assets. That better equips it for complex tasks such as defusing local government debt and reflating stock prices.

Walmart’s India payments IPO looks hasty

10 Mar 2025

The US retailer is preparing to float PhonePe, a leader in a consumer payments niche. But a potential $15 bln valuation looks punchy, the firm's path to profitability seems uncertain, and regulation is unfavourable. A deal risks a repeat of the disastrous listing of rival Paytm.

China’s AI catch-up begins to look inevitable

6 Mar 2025

Beijing’s leap in developing silicon smarts, embodied in DeepSeek’s shockingly cheap model, will challenge US attempts to restrict cutting-edge technology. In this week’s Viewsroom podcast, Breakingviews columnists debate whether it will destabilize the AI market.

Panama deal puts CK Hutchison in a sea change

6 Mar 2025

How the Hong Kong conglomerate uses the $19 bln in proceeds from the sale of its global ports will be a key test for Chair Victor Li. His flagship group has been deleveraging and increasing payouts. If geopolitics don't get in the way, the Li empire is overdue a big purchase.

Trump will splinter world’s ‘China plus one’ plans

6 Mar 2025

The US president is moving aggressively against China’s exports, the economic pillar of its strategic adversary, by dangling secondary sanctions on third countries. It heralds a push towards a cleaner segregation of US-centric supply chains from those for the rest of the world.

China’s bank recap exposes lenders’ dilemma

5 Mar 2025

The weakest Big Five lender, $70 bln BoCom, may be the first to get a capital injection from the state. Beijing will want it to spur lending to help drive economic growth. But with more earnings-sapping rate cuts likely, BoCom would be better off keeping any new powder dry.

BlackRock gets bargain berth in Panama trade storm

4 Mar 2025

The investing giant agreed to pay $23 bln for CK Hutchison’s port operations along the vital shipping canal and beyond. It helps the Hong Kong conglomerate out of a political jam. A discounted valuation also bolsters boss Larry Fink’s bold but shaky infrastructure strategy.

Only a takeover will unlock Seven & i’s full value

4 Mar 2025

The Japanese firm's shares rose on media reports it will replace CEO Ryuichi Isaka, then fell 10% on worries it will reject Couche-Tard's $47 bln offer. Isaka once had activist backing and failed to perform. That sets a high bar for Seven & i to go it alone, even with a new boss.

TSMC’s $100 bln gamble jeopardises ‘Taiwan First’

4 Mar 2025

The $800 bln chipmaker’s boss, CC Wei, pledged fresh funds to build factories in the US on a visit to the White House. He also committed to set up a major R&D centre stateside despite an earlier reassurance to keep innovation at home. That's a fresh threat to Taiwan's tech edge.

Bubble tea giant gives Hong Kong needed IPO jolt

3 Mar 2025

The 42% pop in early trading for Mixue, China’s dominant chain with more shops than Starbucks, shows scale still sells on the street and in the market. The city’s largest listing this year augurs well for bigger debuts to come — including battery maker CATL’s $5 bln offering.

A Chinese Morgan Stanley is worth an M&A shot

3 Mar 2025

CICC may merge with Galaxy, per Reuters. They denied it, but a tie-up would combine a retail broker and an investment bank, as CICC’s Wall Street co-founder did with Dean Witter. It has more logic than earlier state-led deals, though being a global player would remain a stretch.

China’s only plan for Trump is plan for the worst

28 Feb 2025

The US president says he'll apply a new 10% tariff to its rival's exports next week as Beijing's annual policy meetings kick off. Chinese officials are due to set growth and stimulus targets. These will need to be flexible and vague to absorb rapidly escalating external shocks.

Climate policy requires a more realistic approach

27 Feb 2025

Despite trillions of dollars spent on renewable power, hydrocarbons account for over 80% of the world’s primary energy. Financial markets have lost confidence in the pursuit of net zero. The best governments can do is encourage the search for viable new electricity sources.

Seven & i hurtles towards a shareholder showdown

27 Feb 2025

The shares fell 11% after the family behind the $42 bln owner of 7-Eleven gave up trying to take it private. Pushy investors are likely to use the upcoming AGM to press the board to justify its weak strategy and engage properly with Couche-Tard, its unwanted Canadian suitor.

CATL’s electric-car hedge needs a hedge of its own

27 Feb 2025

Sales at the $163 bln Chinese company's energy storage unit generate a fifth of its top line and are growing at a rapid pace. But CATL's infrastructure ambitions will face as much Western scrutiny as its flagship battery business. Geographic diversification is in order.

Insurers will struggle to dodge climate-change tab

26 Feb 2025

From California to Delhi, losses from floods and wildfires are growing. Meanwhile, insurers are pulling cover to protect themselves. Governments can’t let that happen en masse, though, meaning the $3.6 trln property and casualty sector will end up paying one way or another.

Interests partly align behind Hong Kong bourse CEO

26 Feb 2025

One year into Bonnie Chan’s tenure at HKEX a push to streamline listings and tweaks to fees look well-timed as a $450 bln rally whets appetite for China stocks. The exchange remains tied to Chinese tech’s mast but Beijing’s pro-business messaging provides ample tailwinds for now.

Corporate anti-woke brigade gets $20 bln champion

26 Feb 2025

After stepping down amid reports of inappropriate behaviour, WiseTech's 70-year-old founder Richard White has returned as chair after a board exodus. That might bring short-term stability for the software firm. But it leaves thornier succession and governance issues unresolved.

How to navigate Trump’s trade wars

25 Feb 2025

The US president has slapped tariffs on Mexico, Canada, steel, aluminium, and is threatening more. Few have come into force, though. In this episode of The Big View podcast, Sam Lowe of Flint Global explains the different types of levies, and what they mean for global trade.

Deficit will push Hong Kong closer to the mainland

25 Feb 2025

The Asian hub's fiscal reserve has dropped 40% since 2020 due to shrinking revenue from land and property sales. The city is ramping up borrowing in response. China is a natural buyer of the debt, allowing Beijing to diversify its reserves and protect its gateway to the world.