Date
16 November 2019

Markets

  • Swiss giant UBS was banned from leading initial public offerings in the city for a year, and fined HK$375 million. Photo: AFP

    SFC fines top investment banks US$100 million for IPO failures

    Mar 15, 2019 10:30am
    Hong Kong’s securities regulator banned UBS from leading initial public offerings (IPOs) in the city for a year, while fining it and rivals including Morgan Stanley a combined US$100 million for due diligence failures on a...
  • The tech board's registration-based listing procedure cuts the regulatory red tape and allows startups that have yet to turn a profit to list. Photo: AFP

    Shanghai tech board draws defectors from rivals

    Mar 14, 2019 9:34am
    A growing number of companies trading on China’s main over-the-counter (OTC) equity market are defecting to Shanghai’s hotly-anticipated Nasdaq-style technology board, as they follow the money. Four companies, including Jiangsu Beiren Robot System Co. and Jiangxi...
  • China aims to encourage more technology firms to seek listings at home as part of efforts to boost the financial markets. Photo: Reuters

    China publishes final rules for new Shanghai tech board

    Mar 4, 2019 9:15am
    China has finalized regulations for a Nasdaq-style innovation board that promises to smooth the way for Chinese technology IPOs, Reuters reports. The stock market regulator late on Friday published the rules for the tech board in...
  • Wong Ching-kit, 25, was arrested on Thursday along with a core member of his firm on suspicion that they had duped some people through the sale of crypto mining equipment. Photo: RTHK News video/screenshot

    Man behind cash-throwing stunt arrested for crypto-related fraud

    Mar 1, 2019 3:32pm
    A purported crypto entrepreneur who found himself in the news last December for a money-throwing stunt on a Hong Kong street was arrested on Thursday for suspected fraud related to sale of virtual currency mining equipment. Wong...
  • Chinese shares rallied after MSCI said it would quadruple the weighting of mainland shares in its global benchmarks later this year. Photo: AFP

    Asian shares up after MSCI announces China weighting boost

    Mar 1, 2019 10:33am
    Asian shares rose on Friday, driven by a rally in Chinese markets after index publisher MSCI announced it would boost the proportion of mainland shares in its global benchmarks, Reuters reports. Chinese shares rallied, with the...
  • Uber and Lyft want to improve relations with drivers who have long contested their classification as independent contractors and what they have claimed are low wages and poor treatment by the companies. Photo: Reuters

    Uber, Lyft to offer IPO shares to most active drivers

    Mar 1, 2019 9:31am
    Uber Technologies Inc. and Lyft plan to offer cash bonuses to some of their most active drivers with the option to purchase shares in the ride-hailing firms’ highly anticipated Wall Street debuts, Reuters reports. Both programs...
  • Apple's former top corporate lawyer is alleged to have misused his position to trade illegally in company stock ahead of earnings announcements. Photo: Reuters

    US charges former top Apple lawyer with insider trading

    Feb 14, 2019 9:14am
    A former top corporate lawyer at Apple was criminally charged by the US Department of Justice on Wednesday with insider trading, Reuters reports. Gene Levoff exploited his positions as corporate secretary, head of corporate law and...
  • The securities regulator said Prasert Prasarttong-osoth, his daughter and another executive executed and matched trading in Bangkok Airways shares that caused price and volume to be inconsistent with market conditions. Photo: Bloomberg

    Thai tycoon quits listed firms on regulator’s order

    Jan 21, 2019 1:11pm
    Thai tycoon Prasert Prasarttong-osoth resigned on Monday as chief executive of Bangkok Dusit Medical Services and Bangkok Airways after the securities regulator barred him from holding executive positions in listed Thai firms, citing share manipulation, Reuters...
  • NYSE and Nasdaq are set to face fresh competition as major Wall Street players plan to set up a new bourse. Photo: Reuters

    Wall St firms plan new low-cost stock exchange

    Jan 8, 2019 8:53am
    A group of nine financial institutions, including Morgan Stanley, Fidelity Investments and Bank of Bank of America Merrill Lynch, plan to launch a low-cost bourse that will compete with the New York Stock Exchange and Nasdaq....
  • US stocks in 2018 had their worst year in a decade, heavily driven by steep price drops in the last quarter. Photo: Reuters

    Trump calls December stock market fall a ‘glitch’

    Jan 3, 2019 8:15am
    US President Donald Trump played down the stock market’s drop at the end of 2018, calling it a “glitch” and saying the market will again go up once various trade deals are settled, Reuters reports.  Trump, who...
  • The IPO comes as Chinese authorities try to tighten tobacco regulation in a country of 1.4 billion people where around 300 million smoke. Photo: Bloomberg

    China Tobacco International files for Hong Kong IPO

    Jan 3, 2019 7:47am
    China Tobacco International, the overseas subsidiary of China’s state-owned tobacco monopoly and the world’s largest tobacco producer by volume, has filed for a Hong Kong initial public offering, Reuters reports. The listing will raise around US$100...
  • Power party: CC Land chairman Cheung Chung-kiu, Chinese Estates former chairman Joseph Lau, Alibaba chairman Jack Ma, and China Evergrande chairman Hui Ka-yan. Photo: Internet

    A gathering of tycoons: something’s cooking

    - Jan 2, 2019 12:04pm
    From gloom to boom? Just when almost everyone was so glad to bid adieu to 2018 – a quite horrendous year for stock punters the world over – a snapshot of four smiling Chinese tycoons joining...
  • A screen displays the Dow Jones Industrial Average after the close of trading in New York on Wednesday, The benchmark index notched its best-ever one-day points gain after getting hammered in recent weeks. Photo: Reuters

    Dow soars more than 1,000 points on short-covering, technicals

    Dec 27, 2018 9:06am
    US stocks staged a dramatic rebound on Wednesday, with the Dow Jones Industrial Average surging more than 1,000 points for the first time ever, on short-covering activity following reports of strong holiday-season sales in the world’s...
  • US stocks have already entered bear market territory and the down-phase may last a long time, says 'bond king' Jeffrey Gundlach. Photo: Reuters

    US equities in bear market; 2nd leg down more painful: Gundlach

    Dec 18, 2018 9:44am
    US stocks will suffer further falls, billionaire bond trader and investment guru Jeffrey Gundlach said on Monday, warning of a long-term bear market. Speaking on CNBC TV, Gundlach, who is the chief executive of DoubleLine Capital, said passive...
  • Tencent Music CEO Cussion Kar Shun Pang and other top company officials ring the opening bell at the NYSE on Wednesday to celebrate their firm’s listing. Photo: Reuters

    Tencent Music shares climb in US trading debut

    Dec 13, 2018 10:07am
    Tencent Music shares surged as much as 13.5 percent in their US trading debut on Wednesday as investors shrugged off volatile markets and sought a piece of the Chinese music streaming giant. The stock opened at...
  • The US initial public offering values Tencent Music at US$21.3 billion. Photo: Bloomberg

    Tencent Music raises nearly US$1.1 billion in US share offering

    Dec 12, 2018 9:02am
    China-based music streaming company Tencent Music Entertainment Group has raised close to US$1.1 billion in its US initial public offering (IPO) after pricing its shares at the bottom of its targeted range, Reuters reports, citing two...
  • Reserve Bank of India Governor Urjit Patel resigned on Monday after a month-long tussle over policy with the government. Photo: Bloomberg

    Indian rupee, stocks dive after central bank chief quits

    Dec 11, 2018 1:14pm
    Indian markets plunged before recovering some ground on Tuesday as Reserve Bank of India Governor Urjit Patel’s unexpected resignation on Monday shocked investors, Reuters reports. For further direction traders were cautiously awaiting results from crucial state...
  • SoftBank, which controls the world’s biggest tech private equity fund at nearly US$100 billion, will use the IPO proceeds to invest in startups. Photo: Bloomberg

    SoftBank’s record IPO reaches US$23.5 billion

    Dec 11, 2018 7:19am
    SoftBank Group Corp. is set to raise 2.65 trillion yen (US$23.5 billion) in Japan’s biggest-ever initial public offering, Reuters reports. Telco unit SoftBank Corp. priced its stock at 1,500 yen apiece, as previously indicated. It also...
  • The Hong Kong stock exchange will work with mainland counterparts in formulating rules on trading by mainland investors in Hong Kong-listed firms with dual voting rights. Photo: Bloomberg

    HK, China bourses reach deal on dual-class shares

    Dec 10, 2018 9:23am
    The Hong Kong stock exchange said on Sunday that it has reached a deal with its counterparts in Shanghai and Shenzhen on trading by mainland investors in Hong Kong-listed companies with dual voting rights, Reuters reports....
  • Ride-hailing services giant Uber is said to be keen to beat smaller rival Lyft in launching an IPO. Photo: Reuters

    Uber makes confidential filing for IPO: report

    Dec 10, 2018 9:13am
    Uber Technologies has filed paperwork for an initial public offering, Reuters reports, citing people with knowledge of the matter. The ride-hailing company filed the confidential paperwork on Thursday, moving in lock-step with its smaller US rival...