Latest news with #LORRETTACHEN
Nikkei Asia
6 days ago
- Business
- Nikkei Asia
Hong Kong lists first bitcoin ETF in 2025 amid cryptocurrency bull run
Pando Finance's Hong Kong dollar-denominated ETF rose 2.3% on its debut in Hong Kong Stock Exchange on July 18. (Lorretta Chen) LORRETTA CHEN HONG KONG -- Hong Kong's licensed virtual asset manager Pando Finance on Friday listed its bitcoin exchange-traded fund (ETF) on the Hong Kong Stock Exchange's main board as regulatory support for cryptocurrencies pushes the sector's prices to fresh highs. The Hong Kong dollar-denominated ETF -- which tracks the Bitcoin Reference Rate by Chicago's CME CF Cryptocurrency Benchmarks -- rose 2.3% in its debut.
Nikkei Asia
16-07-2025
- Business
- Nikkei Asia
China's top lithium firms trim losses but warn of volatility
Jiangxi province-based Ganfeng Lithium is China's largest lithium producer. (Ganfeng Lithium company website) LORRETTA CHEN HONG KONG -- Two Chinese lithium producers have issued profit warnings for the first half on the Hong Kong Stock Exchange, but expect continued volatility in the sector amid tariff threats and intensifying price wars in China. Hong Kong-listed shares of Ganfeng Lithium and Tianqi Lithium fell sharply on Tuesday following the announcements and continued to trade lower on Wednesday. Ganfeng's shares dropped as much as 3.6% in midday trading.
Nikkei Asia
14-07-2025
- Business
- Nikkei Asia
Hong Kong banks tighten credit as bad property loans grow
As one of Hong Kong's most indebted developers, New World Development had to offer its prized assets, including the 11 Skies luxury airport shopping mall as collateral to secure $11 billion refinancing loans in June. LORRETTA CHEN HONG KONG -- More than five years ago, when New World Development asked banks in Hong Kong for a billion-dollar syndicated loan to fund the construction of a lavish shopping mall by the city's airport, banks had to fight for a share of the deal -- and they did not ask for collateral. For years, blue-chip Hong Kong property firms and the family dynasties behind them have obtained generous credit lines from banks without the need to provide collateral, in part thanks to their long-standing relationships, impeccable financials and the eagerness of banks to secure large deals. Until recently, interest rates were low and property prices were climbing rapidly.
Nikkei Asia
10-07-2025
- Business
- Nikkei Asia
China solar stocks shine as Beijing vows to combat price wars
Markets Potential supply-chain reform brightens prospects for ailing domestic sector Heliostat mirrors at the site of the solar thermal power generation project in Gansu province, China. Stocks of Chinese solar panel makers have rallied in recent days, after authorities warned against price wars leading to excessive competition. © Reuters LORRETTA CHEN HONG KONG -- China's official policy shows the desire to put an end to cutthroat price competition and overproduction, as a prolonged streak of producer price deflation haunts the world's second-largest economy. With hopes of potential reforms upcoming, stock prices of Chinese solar panel makers have been among the first to rally. Shanghai-listed Tongwei jumped as much as 12% in the five trading days to Thursday afternoon. Shares of Sungrow Power Supply also jumped 8.2% in Shanghai. Hong Kong-listed GCL Technology Holdings was 16.5% higher over the same period.
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Nikkei Asia
08-07-2025
- Business
- Nikkei Asia
China's offshore bond trade opens up to non-bank financial entities
Bonds Southbound Bond Connect expansion follows easing yuan depreciation pressure China announces the easing of outbound capital controls at the Bond Connect Anniversary Summit in Hong Kong on Tuesday. (Lorretta Chen) LORRETTA CHEN HONG KONG -- China has expanded its Southbound Bond Connect program to allow a broader range of mainland financial institutions to invest in offshore bond markets via Hong Kong, further relaxing restrictions on outbound capital flows. The program, which enables mainland investors to buy and sell notes tradable in Hong Kong, now includes non-bank financial institutions such as securities firms, mutual funds, insurance companies and wealth managers, said Jiang Huifen, deputy director general at the People's Bank of China, during a forum in Hong Kong on Tuesday.
