đź”’ Hong Kong in choppy waters, bracing for a repeat of 1998 Asia Financial Crisis
In the face of a deepening Hang Seng Index selloff, Hong Kong’s finance industry braces for a crisis reminiscent of the 1998 Asia Financial Crisis.
In the face of a deepening Hang Seng Index selloff, Hong Kong’s finance industry braces for a crisis reminiscent of the 1998 Asia Financial Crisis.
Amid Beijing’s increased control over Hong Kong, major firms, including Deloitte and KPMG, advise staff to use burner phones when visiting…
With Naspers having outperformed by so much, its shares are likely to be even more at risk should the predicted reverse hit Tencent’s stock.
Hong Kong is stressing its commitment to becoming a regional crypto hub – looking past the industry’s current turmoil.
Chinese investors have been scooping up Hong Kong tech stocks for weeks on end, lured by the market’s cheap valuation.
US-listed Chinese stocks plunged to their lowest level in nearly a decade, one day after Xi Jinping secured a third term as leader of the Communist Party.
As Evergrande edges closer to a massive restructuring, Beijing has stepped up efforts to limit the fallout at the expense of bondholders.
“What the state wants, the state gets. That makes the business climate unstable and ethically risky,” reports The Wall Street Journal.
“Shares in Tencent and Alibaba take another hit and fears mount of crackdown spreading to other sectors,” reports the Financial Times.
“After dropping 7.7% yesterday, Tencent is leading Hong Kong tech stocks still lower this morning, falling another 5%,” writes Alec Hogg.