Hong Kong

AML / KYC

Huawei Launches Hong Kong Court Proceedings Against HSBC

By Editors | 02/03/2021

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.

Securities / Derivatives

Hang Seng Index to Expand Constituency to 100 Stocks

By Manesh Samtani | 02/03/2021

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

Enforcement

HK Audit Regulator to Probe Convoy Financial Statements

By Ranamita Chakraborty | 01/03/2021

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.

Market Infrastructure

New Initiatives Announced to Promote Hong Kong Capital Market

By Manesh Samtani | 25/02/2021

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.

Market Infrastructure

HK to Introduce Incentives for Insurance-linked Securities Issuance

By Ranamita Chakraborty | 25/02/2021

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.

Enforcement

SFC, FRC to Enhance Regulatory Cooperation in Capital Markets

By Editors | 25/02/2021

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

Hong Kong to Enhance Special 100% Loan Guarantee Scheme

By Editors | 25/02/2021

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

Securities / Derivatives

Hong Kong to Increase Stamp Duty on Stock Transactions

By Manesh Samtani | 24/02/2021

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.

Fintech / Regtech

China, UAE Join HKMA-BOT Initiative to Create CBDC Bridge

By Manesh Samtani | 23/02/2021

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