Year of the Snake: from fireworks to cash, Hong Kong banks vie to lure mainland visitors
Hong Kong lenders, intent on enticing visitors from mainland China to open new accounts during the Lunar New Year festive period, are offering a bevy of perks including cash rebates, lucky draws, afternoon tea vouchers, hotel stays and dinners overlooking the Lunar New Year fireworks or horse races.
As the Year of the Snake begins, the government expects the city to welcome about 1.43 million mainlanders during the "golden week" holiday, spanning January 28 to February 4.
To compete for new clients during this prime opportunity, all of Hong Kong's major lenders, including HSBC, Standard Chartered, and Bank of China (Hong Kong), alongside digital banks such as ZA Bank, Mox Bank and WeLab Bank, have concocted special offers.
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HSBC, Hong Kong's largest lender, which turns 160 years old in March, is the title sponsor of the fireworks that start at 8pm on the second day of the Lunar New Year on Thursday.
"The Lunar New Year is an important festival and is set to draw many visitors to Hong Kong this year," said Luanne Lim, CEO of HSBC Hong Kong. "HSBC is excited to play a role in the celebrations by presenting a spectacular fireworks display for both residents and tourists alike."
HSBC will host a dinner with a view of the fireworks for certain clients at Hysan Place. Later in the week it will host a dinner overlooking the horse races at the Hong Kong Jockey Club in Sha Tin and a wealth-investment dinner at the Cloud 39 rooftop ballroom in the city's newest skyscraper, The Henderson. All three will feature feng shui masters to discuss the outlook for the Year of the Snake.
Those who open a new account at HSBC's recently opened retail banking centre at Hong Kong West Kowloon Railway Station - the terminal for high-speed trains from the mainland - will get a HK$1,000 (US$128) gift card for spending at Rosewood Hotel. There will also be a lucky draw for anyone who visits the centre.
HSBC's subsidiary Hang Seng Bank is offering a combination of incentives for mainland visitors to open new prestige accounts, including cash offers up to HK$6,800, 10 units of the Hang Seng Index Tracker Fund, high-interest time deposits in Hong Kong dollars and US dollars, and a gift bag including shopping coupons.
Tourists and locals view Lunar New Year decorations at Harbour City in Tsim Sha Tsui on January 26. Photo: Dickson Lee alt=Tourists and locals view Lunar New Year decorations at Harbour City in Tsim Sha Tsui on January 26. Photo: Dickson Lee>
Standard Chartered will offer new customers who meet certain requirements an afternoon tea set gift card and a Rosewood Hotel staycation package.
Bank of China (Hong Kong) (BOCHK), DBS Bank (Hong Kong), and digital banks such as Mox are offering lucky draws for customers who use their apps to send electronic lai see, or lucky money to friends and loved ones.
BOCHK's e-lai sees incorporate a panda theme thanks to a tie-up with Ocean Park, while customers who have a DBS bank account as their default receiving account in the Faster Payment System (FPS) and use e-lai see can receive up to HK$888 in cash rewards.
Mox customers who send an e-lai see of HK$50 or more will be entered into a lucky draw to win up to HK$888.80. The number eight is lucky in Chinese culture as it is a homonym for "rich".
"E-lai see has become an integral part of Lunar New Year celebrations in Hong Kong over the past few years," said Mox CEO Barbaros Uygun.
Another digital bank, WeLab, is offering a 5 per cent annual interest rate for time deposits in US dollars and Hong Kong dollars for two months. Normal time deposits stand at around 2 per cent.
Bank of East Asia is giving cash rebates of up to HK$1,688 for new mainland clients who open SupremeGold or SupremeGold Private accounts. The bank is also opening a SupremeGold Centre at Harbour City in Tsim Sha Tsui on February 1. The centre, as well as similar branches in Causeway Bay and Sheung Shui - hotspots for mainland tourists - will offer extended business hours during the holiday period.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
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Trump tariffs live updates: US-China trade talks to continue on Tuesday after signs of progress
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Yahoo
an hour ago
- Yahoo
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The move follows gains on Thursday and Friday, when the stock rose as much as 200% shortly after its long-anticipated public market debut. Stocks edged higher on Monday amid hopes that US-China trade talks will ease tariff tensions and eventually lead to a permanent deal between the two leading economies. The S&P 500 (GSPC) rose to just above the flat line, after the broad benchmark closed on Friday at its highest level since February. The Dow Jones Industrial Average (^DJI) gained 0.1%, while the tech-heavy Nasdaq Composite (^IXIC) edged 0.2% higher. High-level trade talks between Beijing and Washington began in London on Monday. This follows a phone call between President Trump and Chinese leader Xi Jinping last week. Apple's annual Worldwide Developers Conference (WWDC) kicks off in Cupertino, Calif., today. While investors may get another taste of artificial intelligence features, including AI-powered Siri, Apple isn't expected to deliver any big announcements. The company will likely showcase new features and designs for iOS, iPadOS, macOS, and watchOS. There's always a chance it will debut a new piece of hardware too. Apple (AAPL) stock rose 0.5% in premarket trading ahead of the event. Read our tech editor's preview of everything to expect from Apple WWDC 2025. Robinhood (HOOD) stock slipped 4% after it didn't make it into the benchmark S&P 500 index as some speculated it might. S&P Dow Jones Indices did not make any changes to S&P 500 membership as part of its quarterly rebalancing. Reuters reports: Read more here. Shares of Warner Bros. Discovery (WBD) rose more than 6% in premarket trading on Monday after the media company said it would split into two companies. Warner Bros. will separate its studios and streaming business, which includes HBO Max, and its cable television networks, including CNN. The split is expected to be completed by mid-2026. Reuters reports: Read more here. Economic data: New York Fed one-year inflation expectations (May); Wholesale trade sales month-over-month (April) Earnings: Casey's (CASY) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on AI as Apple takes the stage for WWDC A quieter summer is coming for stocks: Wall Street experts Hopes for US-China thaw as trade talks resume Senate GOP to lay out major revisions to Trump's tax bill Resilient economy to limit summer pullback in stocks: MS, Goldman Meta is set to throw billions at startup that leads in AI data China exports to US fall by most since 2020 despite tariff truce Here are some top stocks trending on Yahoo Finance in premarket trading: Robinhood (HOOD) stock fell 5% before the bell on Monday after the S&P Dow Jones Indices made no changes to the S&P 500 in its quarterly rebalancing. Tesla (TSLA) stock also dropped on Monday in premarket trading after CEO Elon Musk criticized President Trump's tax bill. Strategy (MSTR) stock rose on Monday by 2%. A SEC filing revealed the company had purchased 705 bitcoin during the period of May 26 to June 1 at an aggregate purchase price of $75.1M. Wall Street strategists are growing optimistic about US stocks, with forecasters at Morgan Stanley (MS) and Goldman Sachs Group (GS) the latest to suggest resilient economic growth would limit any pullback over the summer. Bloomberg reports: Read more here.
Yahoo
2 hours ago
- Yahoo
AMD price target lift, Apple's WWDC, Chewy downgrade
Market Domination co-host Josh Lipton tracks today's top moving stocks and biggest market stories in this Market Minute. Advanced Micro Devices (AMD) stock gains after Citi lifts its price target to $120 from $100, citing upcoming artificial intelligence (AI) catalysts and advantages over Nvidia (NVDA). Apple (AAPL) is kicking off its Worldwide Developers Conference on Monday, where the company is expected to unveil key software updates. Chewy (CHWY) stock slides after Mizuho downgraded the stock to Neutral from Outperform. Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute. It's time for Yahoo Finance's market minute. US stocks seesaw as investors eye renewed US-China trade talks. Wall Street looking for signs of either side willing to dial down tensions and reach a tariff deal. AMD shares getting a lift as City raises its price target on that stock from 100 to 120. City highlighting potential positive catalyst, the second half of the year and sees the chip maker as having some advantages over Nvidia. The price target change comes ahead of AMD's advancing AI event, which is taking place on June 12th. Apple kicking off its worldwide developers conference on Monday. The iPhone maker offering a look at the changes coming to the company's software products throughout the next year. Apple expected to reveal software and design updates. And Chewy shares, they're sliding as Mizuho hits the stock with a downgrade, lowering its rating from outperform to neutral. Mizuho citing the pet food company's unattractive positioning, noting quote, several potential landmines for the first quarter. And that's your Yahoo Finance market minute. Sign in to access your portfolio
