Hong Kong

Financial Secretary Paul Chan has directed the SFC and HKEX to study the feasibility of listing SPACs in Hong Kong.

Huawei is seeking internal HSBC documents it says will help it defend against its CFO Meng Wanzhou’s extradiction to the US to face bank and wire fraud charges.

The changes will be implemented starting from the May 2021 index review and effective in the June 2021 index rebalancing.

Zhonghui Anda CPA Limited may have failed to express an appropriate audit opinion in three years of Convoy’s financial statements, the Financial Reporting Council said.

Paul Chan spoke of measures to boost green bond issuance, launch southbound Bond Connect, expand Stock Connect, and subsidise REITs, fund managers and family offices coming to Hong Kong.

Under the proposed ILS Grant Scheme, the amount of grant for each issuance will be capped at HK$12mn, depending on the maturity of the ILS.

Collaboration will be key to combat persistent problems with false or misleading financial statements and other corporate misconduct, said SFC Chairman Tim Lui.

The maximum loan amount per enterprise, total loan ceiling, maximum repayment period, and duration of moratorium will be extended.

The decision is estimated to raise trading costs by 6-15 percent, depressing trading volumes and squeezing HKEX’s earnings per share by 3-7 percent.

The project, now called ‘m-CBDC Bridge’, will seek the development of a prototype to facilitate real-time cross-border transactions using multiple CBDCs.