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Markets

BYD’s challenge to Porsche; why Chinese cars are struggling locally: 7 EV reads

We have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. BYD’s EV tech in the spotlight as it challenges Porsche’s 911 Chinese electric vehicle (EV) assembler BYD has set its sights on Porsche’s supercars with plans to sell its Denza-branded new models in developed markets, the latest sign of its increasing heft in designing and...

July 22, 2026

Markets

Investors shift focus to China’s July Politburo meeting for stock-stimulus clues

‘We may see an acceleration of policy implementation in the near term to support consumer and technology industries,’ an analyst says Investors are looking ahead to an economic policy gathering convened by China’s top leaders for clues on the direction of the stock market, after state intervention tentatively stabilised sentiment. The Communist Party is expected to kick off its July Politburo meeting next week, in which President Xi Jinping and his colleagues in the prime decision-making body will set the policy tone for the second half. Calls have been growing among investors for more policy support for economic growth after the latest data showed an uneven recovery. “The July Politburo meeting may strike a positive tone on policies,” said Deng Lijun, an analyst at Huajin Securities. “We may see an acceleration of policy implementation in the near term to support consumer and technology industries.” The Politburo meeting was likely to prioritise technological innovation over consumption, with state resources set to tilt towards artificial intelligence, quantum computing and advanced manufacturing amid the heightened China-US tech race, Morgan Stanley said in a report last week.

July 22, 2026

Markets

China-dominated central bank digital currency platform touts largest transactions to date

Bank of China uses mBridge for two cross-border transfers worth more than US$1.7 billion each, as CBDC platform gathers momentum A leading Chinese bank has processed the largest cross-border transactions yet via mBridge, a multilateral central bank digital currency (CBDC) platform, marking a major milestone for the emerging payment network as well as Beijing’s global yuan ambitions. Two transactions, worth more than US$1.7 billion each, were carried out by the Bank of China’s Shenzhen and Fujian branches in June and July, respectively. They showed mBridge’s ability to support high-value cross-border settlements across different currencies and business scenarios, the lender said on Tuesday. In June, an outbound transfer of 11.3 billion yuan (US$1.7 billion) delivered same-day, full-value funds to a corporate client via the network – which comprises central banks from mainland China, Hong Kong, Macau, Saudi Arabia, United Arab Emirates (UAE) and Thailand. The following month, an inbound transaction in Hong Kong dollars moved from an overseas sender to an onshore corporate account in under 60 minutes.

July 22, 2026

Markets

Foreign carmakers lose more traction in China as luxury stronghold erodes

International luxury car brands from Mercedes-Benz to Land Rover took a further beating in China last month as wealthy consumers continued to shun expensive petrol-powered vehicles. Struggling against competition from China’s rising electric vehicle (EV) powerhouses, international marques would find it more difficult to retain their market share and maintain profitability in the world’s largest automotive market, analysts said. According to data from the China Passenger Car Association (CPCA),...

July 22, 2026

Markets

Hong Kong tipped to approve hedge fund tax breaks, attracting investment, talent

The bill, expected to pass this year, will exempt private equity and venture capital funds from paying tax on performance-linked income Speaking at a media briefing on Tuesday, Sandy Fung, KPMG China’s partner of tax and alternative investments, said the bill would be passed “soon” by the Legislative Council (LegCo), the city’s lawmaking body. “The bill could attract lots of funds and related talent to settle in Hong Kong, further cementing the city’s status as a global asset management centre,” Fung said. The drafted law, titled the Inland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026, was gazetted in mid-June and was moved to the second reading in the LegCo on June 24. It would make Hong Kong the first global city to offer accurate and detailed rules for tax break on carried interests and performance-linked income to funds and their managers, which KPMG’s Fung described as “an unprecedented and revolutionary improvement”.

July 22, 2026

Markets

Hong Kong’s red-hot rental market forces students to flat-hunt as early as April

Competition for student accommodation is intensifying in Hong Kong, with mainland students starting their flat search months earlier than previously Competition for student housing is intensifying in Hong Kong even as more accommodation comes onto the market, with mainland Chinese students beginning their search for a home months earlier than in previous years and landlords leaving flats vacant to capture the annual influx. Kenny Zhang, an agent at Youhouse Property who specialises in student rentals, said inquiries from mainland students began arriving from as early as late April this year, compared with late July or August three years ago. “The earlier leasing cycle has prompted some landlords to leave flats vacant for several months so they can lease them to students before the September semester, attracted by upfront annual rent payments and predictable tenancy periods,” Zhang said. The demand has helped keep the rental market firm. Centaline Property’s rental index rose 1.01 per cent in June from May, extending gains for a seventh consecutive month and marking a fifth straight record high. The agency expects rents to continue rising in the third quarter as students and imported workers compete for limited housing.

July 21, 2026

Markets

From Crisis to Cross-Border Growth: Bangchak’s Energy Reinvention

Under Chaiwat Kovavisarach’s leadership, Bangchak Corporation has evolved from a struggling Thai refinery into a diversified energy leader. By prioritising operational efficiency, financial discipline, and a strategic shift toward renewables, Chaiwat has transformed the organisation into a sustainable, regional player poised for long-term success in an uncertain energy market. When Chaiwat Kovavisarach first stepped into Bangchak Corporation Plc in the early 2000s, the Thai oil refiner was fighting for survival. The aftershocks of the 1997 Asian financial crisis were still reverberating through Thailand’s economy. Bangchak, then a small, state-linked refinery under the Ministry of Finance, was burdened with debt and on the verge of shutting down. Several global banks had attempted to stabilise it without success. Chaiwat, then an investment banker running his own advisory firm, was brought in to attempt what others could not: restructure the company and restore market confidence. His solution was unconventional. Rather than relying solely on debt guarantees, he introduced Thailand’s first depository receipt structure, allowing investors to convert government backing into an equity-based mechanism.

July 21, 2026

Markets

Zhongji Innolight already has 30 cornerstone investors for US$8b IPO: sources

The Chinese firm is aiming to raise US$8 billion in its Hong Kong listing on July 30, making it the city’s biggest share sale in seven years Zhongji Innolight has attracted more than 30 cornerstone investors for its blockbuster initial public offering in Hong Kong, which could become the city’s biggest listing in seven years, according to people familiar with the matter. The company is aiming to raise US$8 billion in the listing on July 30, which would make it Hong Kong’s largest share sale since Alibaba Group Holding’ US$12.9 billion offering in 2019. The company is going to start book building and launch its IPO roadshow on Wednesday, selling shares at a top indicative price of HK$1,010 (US$129) per share. That would represent a 23 per cent discount on the closing price of the company’s Shenzhen-listed stock on Tuesday. Goldman Sachs, China International Capital Corporation (CICC), Morgan Stanley and GF Securities are acting as joint sponsors. Zhongji is a supplier to tech giants including Nvidia, Alphabet and Meta Platforms, mainly producing optical modules for AI data centres.

July 21, 2026

Markets

US biotech firm developing therapies for infant brain injuries plans Hong Kong listing

Axiom Biosciences founder says Hong Kong investors show greater maturity than Nasdaq in handling biotech companies Axiom Biosciences, which develops experimental therapies for newborns with severe brain injuries by using AI, is targeting at least US$200 million through an initial public offering (IPO) in Hong Kong in 2027, followed by a secondary listing in the US in 2029. “Some of the most important science in the world is being built in the United States, but the way it gets funded hasn’t kept pace,” said Remo Moomiaie-Qajar, founder and CEO of Axiom, in a statement. In an interview, Moomiaie-Qajar said healthcare companies that listed in Hong Kong have been, for the last several years, outperforming Nasdaq listings during the same period. Hong Kong was “more mature and understanding of how to handle publicly listed companies” in the sector, he said. The company said it would be the first biotech firm operating in the US to list in Hong Kong. Founded in 2018 and headquartered in San Diego, California, Axiom had raised US$17.17 million over 13 funding rounds, according to CB Insights.

July 21, 2026

Markets

Can Beijing’s stock support deliver a long bull run and fuel its high-stakes tech drive?

The country’s push to stabilise markets reflects urgency to sustain capital access for tech firms and protect small investors Beijing’s intervention signals a regulatory intention to engineer a more durable and sustainable bull run on the nation’s US$15 trillion stock market, which is now counted on to support strategic tech self-sufficiency through equity financing while preserving household wealth. “Beijing may tolerate lower prices, stretched valuations being compressed and some of the speculative foam being skimmed from the market,” said Stephen Innes, managing partner at SPI Asset Management. “What it will not tolerate is an uncontrolled liquidation that threatens confidence, financing conditions or the credibility of China’s strategic technology push.” The effort initially paid off on Tuesday, when the tech-heavy Star Market 50 Index jumped 11 per cent, rebounding from a more than 20 per cent decline that had technically plunged the gauge into bear-market territory last week. Policy support gained traction as five state-backed insurers, including Ping An Insurance Group and China Life Insurance, pledged to boost equity investments.

July 21, 2026

Markets

China stocks rebound from AI sell-off amid national team support

Mainland Chinese shares are surging back from a sell-off amid regulatory support and huge purchases by state investors and major companies. The CSI 300 index rose 3.1 per cent on Tuesday, following a 1.5 per cent gain on Monday after China Securities Regulatory Commission (CSRC) chairman Wu Qing met industry representatives to discuss market stability. The tech-heavy Star 50 Index skyrocketed 11 per cent. Major insurers and other listed companies also unveiled stock purchases or buy-backs,...

July 21, 2026

Markets

China intensifies cross-border tax scrutiny as Beijing warns against offshore dodging

Major financial outlets blast offshore shell structures after case involving the Hong Kong entity of a mainland social media platform Two Chinese state media outlets warned on Monday against offshore tax evasion by calling out an incident involving a major social media platform and its Hong Kong entity, sending a message that Beijing is intensifying its scrutiny of cross-border corporate structures. The China Securities Journal, which is affiliated with Xinhua, and the Financial News, which is supervised by China’s central bank, revealed the enforcement action, highlighting a broader regulatory tightening over the way mainland firms use offshore hubs to manage money. The Hong Kong entity in question was denied “beneficial owner” status by tax authorities because it failed to meet the criteria for substantive business operations, according to the Financial News report. “Cross-border tax planning structures based merely on ‘formal compliance’ are no longer viable; structural designs must align with genuine commercial substance,” the Financial News reported.

July 21, 2026