Hong Kong

China stocks are still a trade, not an investment

2 Apr 2025

Global traders are returning to Chinese equities but long-term investment allocations have lagged. The $14 trln onshore market remains an IPO wasteland where fast foreign money prevails over buy-and-hold. Beijing’s private sector support will struggle to offset US aggression.

China insurers find capital home in Hong Kong

31 Mar 2025

The $127 bln Ping An and peers are upping purchases of the city's stocks as they hunt for yield. Low interest rates and a lack of investment options on the mainland will sustain the trend. That should help narrow the premium onshore shares trade at to their Hong Kong equivalents.

Geely is legacy carmakers’ electric poster child

25 Mar 2025

The $23 bln Chinese manufacturer’s core earnings rose 56% last year, mostly by defying shrinking demand for gas guzzlers in its home market. Yet it’s also nurturing fast-growing but often unprofitable EV brands like Zeekr. Rivals from Ford to Stellantis will look on with envy.

Prudential’s India listing may prove short-sighted

25 Mar 2025

The insurer might seek a $12 bln valuation for its local asset management unit. Returning proceeds to shareholders could boost Pru's stock, which trades at a discount to AIA. But a sale would be a partial retreat from a fast-growing market while giants like BlackRock pile in.

China tech giants dig pricey trench for AI war

20 Mar 2025

Tencent tripled capex to $11 bln in 2024 and vowed to increase spending this year to develop models and chatbots. Rival Alibaba pledged $50 bln to AI over the next three years. Yet business models are hazy and competition is fierce. Returns will be a long time coming.

CK Hutchison is stuck as a geopolitical pawn

17 Mar 2025

The Li clan hoped to escape Washington’s ire over Panama and unlock value by agreeing a $23 bln ports sale to BlackRock. China is pushing back. Whether Beijing can block the deal or not, the Hong Kong conglomerate’s future is for now largely out of executives’ hands.

China and US hunker down for long shipping battle

13 Mar 2025

Washington may charge docking fees for China-linked ships and wants allies to follow. The immediate impact is manageable for Chinese firms. But it will take years and hefty investments for the US to break China's shipbuilding dominance. Beijing has options to protect its firms.

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.

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.

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.

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.

Fracturing world muddies Bill Winters’ options

21 Feb 2025

The CEO of $35 bln Standard Chartered has had a mostly underwhelming decade at the bank. Recent departures at the top make it hard to bow out. And a global trade war may benefit the emerging markets lender, enticing him to stay. But the fallout could upend his progress, too.

New HSBC CEO leaves growth question on backburner

19 Feb 2025

Georges Elhedery announced $1.5 bln of cost cuts that should help keep the $200 bln bank fairly lean. The bigger problem is HSBC’s revenue, which risks stagnating as rivals expand. The implication is that growth is out of the new CEO’s hands, making a valuation boost unlikely.

Hong Kong broadband buyout has a lot on the line

22 Jan 2025

State-owned China Mobile is buying internet provider HKBN for $900 mln, the latest example of mainland firms expanding their presence in the city. But a US fund may lob in a higher offer. If and how a bidding war unfolds will show how open the financial hub is to Western capital.

Ping An’s tech dreams may yet exit intensive care

16 Jan 2025

The $110 bln insurer’s days of spinning off web-based ventures to help boost its value are long over. But a quirky special dividend is giving it back majority control of beaten-down but cash-rich Ping An Healthcare just as the online medical firm’s fortunes look set to improve.

Hong Kong bankers make lemonade out of delistings

15 Jan 2025

Club Med owner Fosun Tourism plans to take itself private, capping a record year of similar deals in a city thirsty for large IPOs. It helps the company's ailing parent and hard-up shareholders get a decent premium. For financiers too, the trend is bittersweet.

Country Garden’s debt fix is a bet against Beijing

10 Jan 2025

The property developer, once China’s largest by sales, is offering a 90% haircut as an option to restructure $16 bln of offshore bonds. Acceptance would imply creditors have given up hope that the government is about to put more substantive policies in place to boost home prices.

Toymakers build fun Hong Kong stocks a playground

10 Jan 2025

Bloks shares surged on their debut on overwhelming demand. The $2 bln firm, which specialises in Transformers and other figurines, is tapping into China's collectible toy frenzy led by peer Pop Mart. The duo spotlight a cheap and cheerful part of an otherwise gloomy economy.

For China, Hong Kong IPOs start to look urgent

9 Jan 2025

The next wave of offerings in the city will come from mainland-listed companies, including those with global ambitions like CATL. Beijing wants to shore up the hub's status as a financial centre. Narrowing fundraising avenues in the People's Republic may make that an imperative.

Chinese investment banking will roar back in 2025

20 Dec 2024

In 2024 regulators throttled share sales they feared would worsen a stock rout, triggering a 90% drop in IPO fundraising from a peak in 2021. With markets stabilising, Beijing can open the taps, end the deals drought and get capital to growth-focused firms.