Hong Kong

A SPAC has to raise at least HKD 1 billion from its initial offering. Subscription and trading will be restricted to professional investors.

Chinese authorities may be preparing for a major restructuring of Evergrande's debt, as protesting investors demand repayment on overdue wealth management products.

The guidelines will take effect on 30 September, except for the new cross-border correspondent relationships requirements, which take effect six months later.

Some banks did not ensure the products were suitable, or did not explain product features and risks to customers.

Three ex-insurance agents allegedly conspired to defraud AXA of HK$1.2mn in commissions and bonuses, and to launder over HK$2.7mn in crime proceeds.

The change is expected to improve latency, deliver higher performance, and provide greater flexibility to implement new functionalities in the future.

Southbound trading under Bond Connect will have an initial daily quota of CNY 20 billion and an annual quota of CNY 500 billion.

The HKMA said it supports the publication of the new information note, which sets out options to replace USD LIBOR with SOFR in loan contracts.

Qianhai in Shenzhen will be used to strengthen cooperation with Hong Kong while Hengqin in Zhuhai will serve to strengthen cooperation with Macao.

Hong Kong's SPAC framework will reportedly be issued for public consultation this month, proposing that only professional investors be allowed to participate.