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Markets

Hong Kong stocks retreat as regional tech volatility offsets short covering

Zhipu AI bucked the downward trend to surge over 11 per cent as volatility surrounding its recent IPO share unlocking began to ease Hong Kong stocks closed mixed on Thursday as a rally in major technology firms and solid mainland inflows offset a broader market sell-off driven by escalating Middle East tensions. The Hang Seng Index retreated 0.7 per cent to close at 24,030, reversing some of the previous session’s strong gains, while the Hang Seng Tech Index edged up 0.01 per cent. Among high-profile tech movers, artificial intelligence model developer Knowledge Atlas Technology, also known as Zhipu AI, bucked the downward trend to surge over 11 per cent as volatility surrounding its recent IPO share lock-up expiration eased. In contrast, rival MiniMax tumbled nearly 18 per cent during its first major lock-up expiry. Semiconductor players also bucked the broader market decline. Smart-Core Holdings and GigaDevice jumped more than 27 per cent and 21 per cent, respectively. Semiconductor Manufacturing International Corporation surged around 10 per cent. On the mainland, equities reflected a more resilient underlying sentiment.

July 9, 2026

Markets

Hong Kong top retirement choice for ultra-rich expats, St James’s Place says

Two-thirds of the city’s ultra-rich expatriates wish to retire there because of financial benefits and career boosts, says St James’s Place Two-thirds of ultra-rich expatriates living in Hong Kong plan to retire in the city, thanks to stronger financial benefits, according to a survey by St James’s Place. Hong Kong was the top retirement destination for wealthy expatriates, picked by 67 per cent of high-net-worth individuals, which the British asset management firm defines as those possessing investible assets of HK$1.5 million (US$191,000) or above. “Living in Hong Kong is full of economic opportunities, accelerating both earnings potential and financial freedom,” said Oliver Wickham, chief executive officer at St James’s Place Hong Kong. For the expatriates who responded to the survey, the career advancements and financial benefits of Hong Kong were cited as the major drivers of their decision to relocate. Ninety-six per cent of expatriates in Hong Kong said they earned more abroad than they would at home, with 15 per cent rewarded pay increases of more than 50 per cent and 45 per cent having gained salary boosts of 25 per cent or more.

July 9, 2026

Markets

Yuan: global ambitions

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July 9, 2026

Markets

AXA Global Private makes Hong Kong debut

The platform offers a one-stop solution for multi-jurisdictional wealth and legacy services to high-net-worth families [The content of this article has been produced by our advertising partner.] AXA Group has rolled out AXA Global Private as a unified platform to better serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals together with globally mobile families across Asia. The announcement was made on 8 June during a press conference in Hong Kong. On the same day, a private gala launch was held, where senior executives from the French insurance group joined VIP guests for a programme exploring the themes of heritage, crafted wealth, protected future and enduring legacy. Clients gain access to multi-jurisdictional arrangements that support their wealth planning needs across markets and generations. “As Hong Kong has recently claimed the top spot as the world’s largest offshore wealth hub, we look forward to leveraging our presence in the city to provide our regional clients with comprehensive solutions for long-term success,” he added.

July 9, 2026

Markets

China now has 7 of world’s 10 biggest banks as Beijing’s financial ambitions grow

China’s Big Four banks took the top spots in The Banker’s latest global ranking, with JPMorgan Chase following in fifth place In total, Chinese banks made up seven of the top 10 in the ranking, which lists global banks in terms of tier-one capital size. All seven of them are controlled by the Chinese government. Postal Savings Bank of China broke into the top 10 for the first time, while US giants Bank of America and Citigroup ranked sixth and eighth, respectively. Chinese banks collectively held US$54.8 trillion in total assets, more than double the US$25 trillion held by US banks in the ranking, data showed. However, the race is not only about size, as US banks continue to hold the advantage in terms of profitability.

July 9, 2026

Markets

The Peninsula’s owner and SF Holding set up captive insurers in Hong Kong

The Hongkong and Shanghai Hotels CEO says the move enhances its risk management capabilities and supports its long-term growth A parent company sets up a captive insurer to provide insurance ­protection for all firms within the group. This helps manage risks more effectively and retain profits that would otherwise go to an external company. “[The] arrival of the two captive insurers bears testimony to the successful execution of our strategy of developing Hong Kong into a leading risk management centre,” said Clement Cheung Wan-ching, CEO of IA. The Hongkong and Shanghai Hotels’ unit would also be the city’s first captive insurer to underwrite property damage and business interruption risks. The hotel group’s CEO, Benjamin Vuchot, said the move marked an important step in strengthening the company’s position as a leading luxury hospitality and lifestyle brand. “It enhances our risk management capabilities and takes our company to the next level in supporting our long-term growth,” Vuchot said in a statement on Wednesday. “As a Hong Kong-based company with over 160 years of heritage, we are proud to contribute to the city’s development as a global risk management centre.”

July 8, 2026

Markets

China’s circuit-board makers push capex towards record to feed AI boom

Hundreds of millions of dollars invested in high-end plants as more than 20 PCB makers disclose aggressive expansion plans In the first half of the year, more than 20 Chinese PCB companies – including Victory Giant Technology, WUS Printed Circuit, Shennan Circuits and Suzhou Dongshan Precision Manufacturing – disclosed aggressive capacity expansion plans. With major players committing hundreds of millions of dollars per project, the cycle marks one of the most intense growth phases the sector has seen in recent years. Driving the surge is a pivot towards the high-end boards required for AI servers. Victory Giant, based in Huizhou in southern China’s Guangdong province, recorded a massive jump in its first-quarter spending, scaling up its capital expenditure to 3.6 billion yuan (US$530 million) from 730.1 million yuan a year earlier. Rival WUS Printed Circuit, based in Kunshan in southeastern Jiangsu province, saw its first-quarter capital expenditure more than double to 1.5 billion yuan, up from 658.1 million yuan a year earlier.

July 8, 2026

Markets

Hong Kong IPO debut delayed in rare move over missing regulatory data: sources

DKE, a maker of e-paper display modules, says more time needed to finalise its exchange announcement and obtain clearances from regulators On Tuesday night, just before its scheduled listing on Wednesday, DKE Holding Company postponed its IPO ceremony after it failed to provide investors with an offer price and results of its bookbuilding. The maker of e-paper display modules said more time was needed to finalise the exchange announcement and obtain clearances from regulators, with the event now postponed to Thursday, according to a filing issued on Tuesday night. A brokerage firm submitted share purchase documents via Hong Kong Exchanges and Clearing’s (HKEX’s) FINI digital IPO platform, but was asked by the regulatory authority to provide additional client information, resulting in the delay, according to a source who requested anonymity as they were not authorised to speak publicly on the matter. The brokerage firm was probably not familiar with the process, the source added. The shares offered by DKE were sold out during the bookbuilding period, said another source familiar with the matter.

July 8, 2026

Markets

China further boosts Hong Kong’s role as offshore yuan hub

China’s central bank announced more measures to expand Hong Kong’s role as an offshore yuan hub, injecting “vitality” into the city’s markets and supporting efforts to grow international use of the currency. Institutions in mainland China would be able to buy a net 800 billion yuan (US$118 billion) of offshore bonds each year via the Southbound Bond Connect scheme, an increase of 60 per cent, People’s Bank of China (PBOC) Governor Pan Gongsheng said on Tuesday. The scope of eligible products...

July 8, 2026

Markets

BYD challenges Porsche’s 911 with launch of electric supercar in Europe

With the Denza Z electric sports car, featuring DiSus tech and blade batteries, BYD aims to compete globally and challenge its German rival The Shenzhen-based carmaker planned to unveil the Denza Z sports car featuring BYD’s self-developed intelligent DiSus body control ­system at the UK’s Goodwood Festival of Speed on Thursday, it announced in a statement. “A vehicle to lure international consumers away from global marques like Porsche can help BYD convince more overseas drivers of its quality and reliability,” said Eric Han, a senior ­manager at Shanghai consultancy Suolei. “The energy crisis due to the war in Iran is providing Chinese EV makers with a catalyst for international expansion.” BYD claims its DiSus system can keep passengers firmly in place during high-speed ­cornering and prevents the ­vehicle from rolling over. The two-door Denza Z is fitted with BYD’s blade battery packs, which are arranged in an array to increase energy density and resistance to overheating.

July 8, 2026

Markets

Beyond the Noise: How Quality Journalism Drives Real-World Influence

Business and marketing leaders gathered on a late-June afternoon in Hong Kong at the South China Morning Post’s The Lede Summit, which focused on how quality journalism resonates with decision-makers and drives measurable impact. The summit was preceded by two exclusive sessions earlier in the day: the Agency Leaders Breakfast, which convened heads of creative, communications and media agencies, and the CMO Circle Luncheon, where prominent marketing leaders looked at the way trusted media environments drive brand impact. Influencing the Influential Produced with insights partner HarrisX, the study titled The Intersection of Influence, examined how news influences influential audiences, and why trusted media environments matter more than ever. Opening the summit, SCMP chief operating officer Kevin Huang reflected on today’s media landscape, defined by constant notifications, algorithm-driven feeds and AI-generated content. He said the study showed quality journalism continues to command attention and shape decision-making. “We live in a world of information overload,” he told the audience.

July 8, 2026

Markets

BYD surpasses Tesla in global race; ‘do-or-die’ crisis in China’s market: 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. China’s BYD surpasses Tesla to regain lead in global EV race China’s electric vehicle (EV) king BYD has leapfrogged once more over Tesla to become the world’s largest battery-powered car manufacturer, spurred by its surging overseas shipments, despite posting an 8.2 per cent...

July 8, 2026