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The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)
The app for Alipay, the mobile payments service operated by Ant Group, is seen on a smartphone in Beijing on Monday, July 20, 2020. Ant Group, the online payments arm of e-commerce giant Alibaba Group, announced plans Monday for an initial public stock offering that could become the world's biggest since the start of the coronavirus pandemic. (AP Photo/Ng Han Guan)Chinese fintech Ant Group has raised its targeted valuation for its upcoming blockbuster initial public offering from $250 billion to at least $280 billion, Bloomberg reported on Friday.

HSBC was not involved in arranging a recent $6 billion Chinese government dollar bond sale, an unusual move for the U.K.-based financial institution, which has long had strong ties with the country, Bloomberg reported Tuesday.

Standard Chartered’s Hong Kong unit has applied to establish a securities company in mainland China, joining other global firms looking to ramp up their presence in the region as the country opens its financial sector to foreign players.

A group of seven major central banks reached a milestone on Friday in identifying attributes critical to a central bank digital currency and creating somewhat of a consensus about what the experimental currency would require, but they lag behind others like China that are already barreling ahead with pilot issuances.

Ping An Group, the top shareholder of HSBC, has lifted its stake in the bank to 8% as the U.K. lender continues its pivot to China, a strategy which has drawn scrutiny from Western politicians amid rising political tensions.

Banks in the U.S., Europe and parts of Asia will not return to pre-pandemic levels of credit strength until 2023, S&P ratings said Wednesday, warning the sector may take years to recover after the launch of a successful vaccine.

Bank of America has wooed Zhang Wenjie, a former HSBC mainland China executive, to join as a managing director and president of China, the South China Morning Post reported Monday, a departure that comes as HSBC has made the country the cornerstone of its growth strategy.

Standard Chartered has created a new CEO role for China’s “Greater Bay Area,” which includes mainland cities Shenzhen and Guangzhou along with territories Hong Kong and Macau, as part of the bank’s increased focus on the country.

U.S. Secretary of State Mike Pompeo blasted HSBC for allegedly blocking bank accounts tied to the pro-democracy movement in Hong Kong, again accusing the bank of becoming a political tool used by China to carry out its “coercive bullying tactics” against the U.K.

Toronto-based BMO Global Asset Management will reportedly add another sustainable fund based in Asia to its portfolio with a launch on the China A-Shares equity market.

The Shanghai Financial Court ruled that state-owned Everbright Capital Investment must pay a total of around RMB 3.5 billion ($502.7 million) to two partner investors over losses they incurred from the acquisition of a British sports media company that went bust.

HSBC plans to hire as many as 3,000 wealth planners in mainland China, as the bank sharpens its focus on managing high value Asian accounts, despite rising global human rights concerns over China’s treatment of Hong Kong.

Standard Chartered is deepening its ties to China with plans to invest HKD 310 million ($40 million) to set up a new center in Guangzhou, as Beijing aims to transform the coastal Greater Bay Area region into an international financial hub.

The Bank of China’s Malaysian outpost has begun using a QR code payment option for customers around the world who use the bank’s app, reflecting the current high demand for digital services as well as the bank’s continued interest in the Southeast Asian country.

HSBC is further expanding its Chinese footprint by creating a new fintech company and hiring a group of personal wealth advisers, a bank spokesperson told Fastinform on Monday.

The U.S. Senate unanimously passed legislation Thursday to impose sanctions on banks that do business with Chinese officials implementing Beijing’s new security law, which is viewed by many Western lawmakers as a violation of Hong Kong’s promised autonomy.

Taiwan officially launched an office on Wednesday that will facilitate migration from Hong Kong in a bid to attract bankers, skilled workers and companies that want to escape China’s increasing control over the former British colony.

HSBC on Friday reportedly sought to squash rumors from Chinese news outlets that the London-based bank plans to pull out of China as part of a recently reinstated global restructuring that will see it shed 35,000 jobs, even as the lender has recently taken heat in the West for its support of Beijing’s new national security law curtailing civil liberties for Hong Kong residents.

Standard Chartered will issue $1 billion in securities next Friday on the Hong Kong stock exchange, the British bank revealed on Thursday, signaling its commitment to the Hong Kong market even after it has faced criticism for supporting a controversial Chinese law.

HSBC has been forced to pick a side — facing pressure from China to support its controversial security law and spurned by the West for doing so — and the bank appears to have chosen to protect its profit against the backdrop of an ongoing strategic overhaul that hinges on a “pivot to Asia.”