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Turning tenants into sustainability partners
Markets

Turning tenants into sustainability partners

Having surpassed its 2030 Scope 3 GHG emissions target for downstream leased assets ahead of schedule, Swire Properties is stepping up efforts to engage tenants in reducing emissions, waste and resource consumption across the building lifecycle [The content of this article has been produced by our advertising partner.] In the built environment, long-term sustainability performance depends on how a building is designed and constructed, as well as how occupiers manage and use the space each day. That collective responsibility, carried by landlords and occupiers alike, is driving the next phase of Swire Properties’ sustainability vision. Following a year-long review, the developer has renewed its SD 2050 Strategy in its continuous efforts to align business performance, people and nature across the built environment. The growing role of tenants was evident at the Green Performance Pledge Forum 2026, held at ArtisTree in Taikoo Place in early July. The event recognised the environmental performance of participating companies while providing a forum for tenants and businesses to exchange ideas on resilience and sustainability.

From CXMT to Zhipu: How Alibaba’s investment pays off with a growing AI and chip portfolio
Markets

From CXMT to Zhipu: How Alibaba’s investment pays off with a growing AI and chip portfolio

ChangXin Memory Technologies (CXMT) and Zhipu AI have not only seen their share prices skyrocket, but they have also handed a windfall to their common backer: Alibaba Group Holding. Before the listing of China’s memory-chip giant on Monday, Alibaba owned nearly 5 per cent of CXMT, making it the chipmaker’s largest industrial shareholder, according to the prospectus. Alibaba has invested about 7.6 billion yuan in CXMT since 2021. Based on Tuesday’s closing market capitalisation of about 3.14...

Sun Life targets Asia’s booming wealth transfer market with new platform
Markets

Sun Life targets Asia’s booming wealth transfer market with new platform

Insurer joins global scramble to serve Asian clients looking to transfer wealth to next generation via insurance products Canadian insurer Sun Life has launched a new platform targeting Asia’s fastest-growing wealth management markets, as high-net-worth individuals in the region increasingly seek to use insurance products to protect their wealth and pass it on to the next generation. The integrated platform – named Sun Life Private Wealth – was launched on Tuesday with about 400 staff spread across Hong Kong, Singapore, Bermuda, Dubai, Canada, Ireland and the United States. It will serve high-net-worth customers with at least US$1 million of investible assets and ultra-high-net-worth individuals with at least US$30 million, according to the company. Rival insurers including Manulife, HSBC Life and AXA have also been exploring similar services recently, amid a trend for wealthy individuals looking to use insurance as a tool to pass on their assets to the next generation.

China’s home-grown DUV progress not the biggest threat to ASML, analysts say
Markets

China’s home-grown DUV progress not the biggest threat to ASML, analysts say

Dutch leader’s dominance in chipmaking gear not at risk amid China’s lithography push – unless the US steps in Western anxiety over a potential breakthrough in Chinese chipmaking gear may be rising, but home-grown machines are not the greatest threat facing industry leader ASML, according to analysts. The Dutch firm’s shares fell more than 8 per cent at one point on Monday in the US before closing down 5.8 per cent, after The Information reported that China had begun manufacturing home-grown immersion deep-ultraviolet (DUV) lithography machines through a state-backed company in Shanghai. China would produce about five DUV units this year and around 20 in 2027, The Information reported, citing anonymous sources. The first systems were expected to go to Semiconductor Manufacturing International Corporation (SMIC), Hua Hong Semiconductor and memory-chipmaker ChangXin Memory Technologies (CXMT), the report said. While the news fuelled a rally in lithography-related shares in mainland markets on Tuesday – sending Zhangjiang Hi-Tech, Yongxin Optics, Highly Group and Wavelength Opto-Electronic to their daily limits – industry observers urged caution over the reported advance.

Hong Kong’s Exchange Fund first-half earnings fall 37% on equity slump, softer bond income
Markets

Hong Kong’s Exchange Fund first-half earnings fall 37% on equity slump, softer bond income

HKMA warns of second‑half risks from potential AI asset corrections and uncertainty over the US rate path Earnings stood at HK$134.7 billion (US$17.17 billion), down from the record half-year return of HK$214 billion in 2025. The Hong Kong stock portfolio swung to a HK$11.8 billion loss from a HK$22.9 billion gain a year earlier. The Hang Seng Index also fell 11 per cent in the first six months of 2026 amid worries over rising interest rates and corporate earnings. “Despite losses on investments in Hong Kong equities due to the broad market decline, the Exchange Fund’s overall equity holdings achieved solid gains, driven by the strong performance in other equities.”

Hong Kong’s Asean charm offensive bags US$1.5 billion Malaysian bond listing
Markets

Hong Kong’s Asean charm offensive bags US$1.5 billion Malaysian bond listing

Dual listing on Bursa Malaysia and HKEX comes as Hong Kong officials further expand financial ties beyond mainland China Hong Kong’s push to draw Southeast Asian companies and markets into its financing orbit has scored a milestone, with the Malaysian government preparing to list a US$1.5 billion Islamic bond in the international financial centre later this week. The offering comprised US$850 million of 5.75-year trust certificates and US$650 million of 10-year trust certificates, according to a statement released by Malaysia’s Ministry of Finance. Strong market demand allowed the Malaysian government to tighten final pricing by 30 basis points from initial guidance, the ministry said on Friday, achieving what it described as “record-low spreads for the country’s sovereign debt”. The move adds to a bustling bond market at HKEX, which has welcomed more than 147 new bond listings this year, reinforcing the exchange’s position as an international fundraising hub.

CATL, BYD battle for supremacy in Middle East energy-storage market
Markets

CATL, BYD battle for supremacy in Middle East energy-storage market

BYD, Sungrow win contracts for storage at massive UAE solar plant, as EV battery makers seek better margins selling storage systems The two orders, totalling 18.775GWh, account for nearly all of the planned storage capacity of RTC, which features a 5.2 gigawatt solar photovoltaic plant and 19GWh of battery storage. Located in Abu Dhabi’s desert, the RTC project was unveiled last year as the world’s first large-scale, combined solar and battery storage facility, supporting the UAE’s Energy Strategy 2050 and Net Zero by 2050 goals, according to the website of the Emirates Water and Electricity Company. In January 2025, the megaproject was expected to be granted to CATL, which established a 19GWh partnership with Masdar that month, involving an investment of US$6 billion. “As major battery suppliers are expecting to have a new growth engine amid the fierce race in electric-car batteries, the competition in the energy storage sector is inevitable,” said Yale Zhang, managing director at the consultancy Automotive Foresight in Shanghai.

LVMH’s fashion and leather division reports 1% organic growth in second quarter
Markets

LVMH’s fashion and leather division reports 1% organic growth in second quarter

The French luxury brand has also seen persisting positive momentum in China for Hennessy cognac since the 2026 Chinese New Year Over the first half, organic sales at the fashion and leather goods division fell 1 per cent, an improvement on the 3 per cent decline in the second half of 2025 and the 7 per cent drop in the first, with the group noting a “rapid acceleration” in the United States. The wine and spirits division saw 5 per cent organic growth during the first half of the year, a visible improvement from the 4 per cent decline in the second half of 2025. Notably, the group saw persisting positive momentum for Hennessy cognac in China since the Chinese New Year, according to LVMH. The group’s cognac sales had previously plunged in China since Beijing imposed provisional anti-dumping duties on European brandy as retaliation to Brussels’ tariffs on made-in-China electric vehicles.

Fortune roller-coaster: as Elon Musk loses US$130b, Chinese chip and AI founders gain
Markets

Fortune roller-coaster: as Elon Musk loses US$130b, Chinese chip and AI founders gain

Surging stocks of CXMT, Zhipu and MiniMax create billions in wealth as world’s first trillionaire loses status amid SpaceX’s plunge Elon Musk poked fun at himself on social media on Saturday, saying he was a “(former) trillionaire” after losing around US$130 billion over five trading days just weeks after he became the first human to ascend beyond billionaire status. At the same time, the wealth of some executives at ChangXin Memory Technologies (CXMT), China’s leading maker of memory chips, surged as its stock soared 466 per cent on its first trading day in Shanghai on Monday, valuing the company at 3.28 trillion yuan (US$484.5 billion). Much of the wealth held by tech tycoons in both the US and China is paper wealth rather than accessible liquid assets and is also highly volatile, analysts said. “Stocks move in natural cycles, an inherent law of financial markets,” said Liu Shengjun, chief of the China Financial Reform Institute, a Shanghai-based think tank.

A tale of two markets: Wall Street cheers record highs while Beijing deflates bubbles
Markets

A tale of two markets: Wall Street cheers record highs while Beijing deflates bubbles

When the S&P 500, Nasdaq and Dow Jones Industrial Average hit record highs in early July, US President Donald Trump hailed it as evidence of America’s economic revival. “This is WINNING. The Golden Age of America is beginning – and we are just getting started,” he wrote in a social media post on July 4, the 250th anniversary of the signing of the US Declaration of Independence. Though it was only the latest in a long series of boasts about the stock market that have punctuated Trump’s...

What CXMT must do to grow global memory market share and build on its surge: analysts
Markets

What CXMT must do to grow global memory market share and build on its surge: analysts

Company’s wafer expansion and AI demand could lift its DRAM share and more than double the stock’s value, analysts say The listing of CXMT, the country’s top maker of DRAM chips, sparked investor momentum as its shares surged 466 per cent to close at 49 yuan. It has become the most valuable company listed on the mainland Chinese market. Its market cap of 3.28 trillion yuan (US$484.6 billion) is larger than US chip giant Intel, valued at about US$464 billion. Nomura on Monday estimated its share of the global DRAM market could rise from about 10 per cent now to about 18 per cent by the end of 2028. That growth would be supported by monthly capacity expanding from 280,000 12-inch wafers in Hefei and Beijing at the end of 2025 to 350,000 by the end of 2026 and 550,000 by the end of 2028, with new lines added in Shanghai, it added.

Big Short trader Michael Burry’s rising bearish AI positions test China’s stock support
Markets

Big Short trader Michael Burry’s rising bearish AI positions test China’s stock support

Burry’s increasing bearish wagers put pressure on Beijing’s stock market intervention as Moody’s flags mounting debt risks Moody’s cautioned last week that heavy capital spending was eroding cash flows at US hyperscalers including Microsoft and Amazon.com. The global AI trade, alongside a bull run on Chinese technology stocks, has faltered amid doubts over whether data-centre and cloud spending will translate into real cash flows and justify stretched equity valuations. “I believe much of current and future demand is not driven by end customers, end demand,” said Burry in a post on Substack. The high-profile investor was featured prominently in the 2010 nonfiction book The Big Short, as well as its 2015 film adaptation. “Much and possibly most is financed, off-balance sheet and not lit. Future revenues are majority financed in a circular arrangement, per the 2026 BIS [Bank for International Settlements] annual report.”