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In focus as Hong Kong sees IPO activity, with Kaifeng Millennium City Park filing and RedNote operator Xiaohongshu reportedly preparing a listing.

Asia

Autonomous Driving Firm Momenta Wins China Approval for Hong Kong IPO

Autonomous driving technology company Momenta received approval from the China Securities Regulatory Commission for its planned Hong Kong initial public offering, according to a filing notice published by the regulator on Thursday.The June 10 notice allows Momenta Global to issue up to 43.8 million overseas-listed ordinary shares and list on the Hong Kong Stock Exchange.Momenta submitted the filing through its mainland operating entity, Momenta (Suzhou) Technology.Under CSRC rules, the company must complete the listing within 12 months of filing approval or update its filing materials to continue the offering.The Hong Kong listing plan marks a shift from Momenta's earlier U.S. listing ambitions. The company received regulator approval in 2024 to pursue a listing on Nasdaq or the New York Stock Exchange, but the offering did not materialize.

Hang Seng
Asia

Market Chatter: Sogo Department Stores Operator Secures HK$6.39 Billion Refinancing

Lifestyle International Holdings, which operates Hong Kong's Sogo department stores, is said to have completed a HK$6.39 billion refinancing deal from a syndicate of 19 banks, according to a Bloomberg report on Thursday, citing sources.As per the report, the funding, which was backed by its flagship Causeway Bay property, is less than the HK$6.75 billion amount due on the original facility scheduled to mature on Thursday. The remaining amount is likely to be paid through its internal resources.The company plans to use the new financing facility mainly to repay a chunk of its five-year loan originally secured by its subsidiary, Future Develop.Lifestyle International did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang Seng
Asia

HKEX, HKMA Launch Digital Payment Pilot Project in After-Hour Derivatives Trading

Hong Kong Exchanges and Clearing (HKG:0388) and the Hong Kong Monetary Authority (HKMA) are exploring the use of e-HKD as a new digital payment service for after-hour trading in the derivatives market, according to a Thursday release by the latter.e-HKD is a wholesale central bank digital currency (CBDC) that is operational 24/7.The joint pilot project aims to boost risk management for derivatives trading outside regular banking hours through a more flexible and efficient advance margin payment arrangement.

Hang SengHKG:0388
International

Persian Gulf Outlook Lifts Asian Stock Markets; Nikkei 225 Tops 70,000

Asian stock markets largely churned higher on Thursday after Tehran and Washington late Wednesday signed a memorandum of understanding to end Persian Gulf hostilities.Tokyo's Nikkei 225 index rallied to close above 70,000 for the first time. Other regional exchanges mostly finished in the green, although Hong Kong and Shanghai declined.In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 1.7% as traders assessed the chances the Strait of Hormuz, through which Japan obtains much of its crude, will soon open to tanker traffic.The benchmark Nikkei 225 rose 1,151.24 to 71,053.49, as gaining issues outnumbered losers 135 to 84.Leading the upside was food company Ajinomoto, up 8.4%, while video-game maker Konami declined 8.7%.In Hong Kong, the Hang Seng Index opened lower and declined thereafter, closing down 1.6% on softness in oil, auto, tech and especially property sectors.The broad gauge Hang Seng fell 387.35 to 23,924.81, as losing issues outnumbered gainers 75 to 17. The Hang Seng TECH Index lost 1.4% on the day, while the Mainland Properties Index fell 4.3%.Leading the upside was Wuxi AppTec, up 5.1%, while China Overseas Land and Investment declined 9%.On the mainland, the Shanghai Composite fell 0.4% to 4,090.48.On the other regional exchanges, the S. Korean KOSPI rose 2.3%; the Taiwan TWSE inclined 1.3%; the Australian ASX 200 declined 0.6%; the Singapore Straits Times Index rose 0.7%, and the Thai Set declined 0.1%. In late trading in Mumbai, the Sensex was up 0.3%.The MSCI All Country Asia Pacific Index rose 0.5% on the day.

Hang SengNikkei 225Shanghai Composite
Asia

Hong Kong Stocks Extend Losses Following US Fed's Hawkish Pause; Three Firms File for IPO

Hong Kong stocks slumped on their last trading day of the week as investors reacted to the U.S. Federal Reserve's decision to hold interest rates with the possibility of a single rate hike by the end of 2026.The Hang Seng Index fell by around 387.35 points, or roughly 1.6%, to end at 23,924.81, while the Hang Seng China Enterprises Index decreased by 167.99 points, or 2.1%, to end at 7,976.04.Hong Kong markets will be closed Friday on account of a public holiday.The Federal Reserve kept its monetary policy steady Wednesday, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028. The central bank's Federal Open Market Committee maintained its interest rate at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.Fed Chair Kevin Warsh said the central bank would "deliver price stability" and acknowledged inflation has remained above the Fed's 2% target for years.In the same vein, the Hong Kong Monetary Authority kept its base rate unchanged at 4%.The authority said the outlook for U.S. interest rates remains uncertain and urged the public to carefully assess and manage interest-rate risks when making property purchases, investment decisions, or borrowing arrangements.Meanwhile, the city is seeking to raise HK$3 billion through tenders for institutional government bonds to fund infrastructure projects.In corporate news, three firms filed to go public in Hong Kong.Among the future debutants, Alebund Pharmaceuticals (HKG:9637) is seeking to raise HK$1.28 billion to fund the clinical development of its drug pipeline, while Crealights Technology (HKG:1191) is targeting HK$1.53 billion to expand its production capacity for optical transceivers.Meanwhile, Baige Online Digital Technology (HKG:2672) is seeking to raise up to HK$676.2 million to expand its research and development capabilities.

Hang SengHKG:1191HKG:2672HKG:9637
International

Hong Kong Leaves Base Rate Unchanged

The Hong Kong Monetary Authority kept its base rate unchanged at 4%, according to a statement released Thursday.The decision followed the U.S. Federal Reserve's move to keep interest rates unchanged.The authority said the outlook for U.S. interest rates remains uncertain and urged the public to carefully assess and manage interest-rate risks when making property purchases, investment decisions, or borrowing arrangements.

Hang Seng
Asia

China's Central Bank to Auction 40 Billion Yuan of Bills in Hong Kong

China's central bank will auction about 40 billion yuan of short-term bills in Hong Kong on June 22, according to a statement Wednesday.The People's Bank of China will auction six-month yuan-denominated bills that will mature on Dec. 23.The bills will bear interest at the highest accepted tender rate.

Hang SengShanghai Composite^SZSE
Asia

Jiangsu Boqian New Materials Files for Hong Kong Listing; Shares Jump 10%

Jiangsu Boqian New Materials (SHA:605376) applied for an initial public offering of its H shares with the Hong Kong Stock Exchange.The offering requires approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission and the Hong Kong bourse, according to a Thursday filing with the Shanghai bourse.Shares of the metal powder manufacturer rose 10% in recent trade.

Hang SengSHA:605376
Asia

US, Iran Sign Ceasefire Deal, Agreeing to Reopen Strait of Hormuz, Pakistan PM Says

The United States and Iran formally signed a landmark ceasefire agreement on Wednesday, with Pakistani Prime Minister Shehbaz Sharif confirming on X that the accord had been electronically signed by the presidents of both nations.Sharif, who served as mediator, said the deal carries immediate effect, with Iran pledging to reopen the Strait of Hormuz and Washington committing to lift its naval blockade as the first steps under the agreement.Trump confirmed the signing of the agreement, telling reporters outside the Palace of Versailles in France, "I signed it in Versailles... Just signed it," according to multiple reports, including from the AFP.

^BSE^HNXHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225^NSE^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

Hong Kong to Raise HK$3 Billion for Infrastructure Through Bond Tender

Hong Kong is seeking to raise HK$3 billion through tenders for institutional government bonds to fund infrastructure projects, according to a Wednesday statement from the Hong Kong Monetary Authority.The offering includes HK$1.75 billion of five-year bonds maturing on June 25, 2031, carrying a coupon rate of 2.96% per annum.The city will also offer HK$1.25 billion of 10-year bonds maturing on July 24, 2035, with a coupon rate of 3.17% per annum.The bonds will be issued through the reopening of existing bond series.Settlement for both offerings is scheduled for June 25, the de facto central bank said.

Hang Seng
International

Easing Crude Prices Stiffen Asian Stock Markets

Asian stock markets largely tracked higher Wednesday as global crude prices continued to ease, although ongoing concerns regarding mainland China property markets shadowed some exchanges.Shanghai and Tokyo finished in the green, while Hong Kong fell back. Other regional trading floors were mixed on the high side.Brent crude futures traded near $79.12 a barrel during market hours, dropping below the $80 mark.In Japan, the Nikkei 225 opened evenly and rose to the close, finishing up 0.7%.The benchmark Nikkei 225 rose 497.75 to 69,902.25, striking a fresh all-time zenith, as gaining issues outnumbered losers 136 to 85.Leading the upside was semiconductor-manufacturing equipment maker Lasertec, up 13.2%, while life insurer T&D declined 3.2%.In economic news, Japan's exports rose 17.0% on-year in May, the strongest growth since late 2022, reported the Ministry of Finance. Imports rose 12.5% on year in the same time period.Japan's core machinery orders in April rose 8.7% from March and by 15.6% on year, reported the Cabinet Office.In Hong Kong, the Hang Seng Index opened evenly but sagged in trading, closing down 0.7% as property stocks continued to weigh on the market.The broad gauge Hang Seng fell 181.79 to 24,312.16 as losing issues outnumbered gainers 79 to 13. The Hang Seng TECH Index gained 0.2% on the day, but the Mainland Properties Index fell 2.3%.Leading the upside was social-media platform Kuaishou Technology, gaining 7.3%, while Li Auto declined 3.8%.On the mainland, the Shanghai Composite rose 0.4% to 4,108.08.On the other regional exchanges, the S. Korean KOSPI rose 1.6%; the Taiwan TWSE inclined 0.2%; the Australian ASX 200 inclined 0.5%; the Singapore Straits Times Index rose 1.2%, and the Thai Set declined 0.1%. In late trading in Mumbai, the Sensex was up 0.5%.The MSCI All Country Asia Pacific Index rose 0.4% on the day.

Hang SengNikkei 225Shanghai Composite
Asia

Market Chatter: China to Support Hong Kong's Launch of Five-Year RMB-Denominated Treasury Bond Futures

China will boost its support for Hong Kong's launch of five-year renminbi-denominated treasury bond futures, the South China Morning Post reported Wednesday, citing China Securities Regulatory Commission Chairman Wu Qing.Wu made the remarks during the annual Lujiazui financial forum in Shanghai.The chairman did not mention any timeline for the city to launch the bonds, but the development could signal that the financial derivative product could materialize soon in Hong Kong after regulatory discussions, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang SengShanghai Composite^SZSE
Asia

Hong Kong Stocks Continue Downward Slide; Six Firms File for IPO

Hong Kong stocks continued falling Wednesday as investors made bets on the U.S. policy outlook under newly appointed Federal Reserve Chair Kevin Warsh.The Hang Seng Index fell by around 181.79 points, or roughly 0.7%, to end at 24,312.16, while the Hang Seng China Enterprises Index decreased by 96.02 points, or 1.2%, to end at 8,144.03.Global markets will closely follow Warsh's comments on inflation, unemployment, and the economic outlook at his first post-Federal Open Market Committee press conference later in the day.In local development, Hong Kong's seasonally adjusted unemployment rate stood at 3.7% for the March to May period, unchanged from the previous three-month period. The underemployment rate also remained unchanged at 1.5%.In corporate news, six firms filed to go public in Hong Kong.Among the list were Lingyi iTech (Guangdong) (SHE:002600, HKG:1688) with plans to raise HK$8.26 billion; SG Micro (SHE:300661, HKG:3661), which is seeking to raise up to HK$4.60 billion; and Circuit Fabology Microelectronics Equipment (SHA:688630, HKG:9630), with a target of up to HK$3.24 billion.Indonesian miner Merdeka Gold Resources (IDX:EMAS, HKG:6228) is also looking to go public in Hong Kong to raise up to HK$2.39 billion, while Beijing Zhongke WengeAI Science and Technology (HKG:1956) said it was seeking up to HK$900 million and Keytop Parking (HKG:2272) said it was targeting HK$399.9 million.

Hang SengHKG:1688HKG:1956HKG:2272HKG:3661HKG:6228HKG:9630IDX:EMASSHA:688630SHE:002600SHE:300661
Hong Kong's IPO Pipeline Swells as Six Firms Launch Deals, Eyeing HK$20 Billion in Combined Haul
US Markets

Hong Kong's IPO Pipeline Swells as Six Firms Launch Deals, Eyeing HK$20 Billion in Combined Haul

Hong Kong's listing market remained robust as six companies launched initial public offerings on Wednesday, collectively targeting nearly HK$20 billion in gross proceeds.The latest offerings come as companies seek to capitalize on robust investor appetite for artificial intelligence, semiconductor, and robotics-related stocks, helping sustain one of the busiest periods for new listings in Hong Kong in recent years.Among the companies launching deals, robotics maker Lingyi iTech (Guangdong) (HKG:1688, SHE:002600) is seeking the largest amount, aiming to raise up to HK$8.26 billion.The company secured commitments from 21 cornerstone investors who agreed to purchase about $406.9 million worth of shares.Analog integrated circuit maker SG Micro (HKG:3661, SHE:300661) is pursuing the second-largest offering, seeking up to HK$4.60 billion.Circuit Fabology Microelectronics Equipment (HKG:9630, SHA:688630), which manufactures equipment used in printed circuit board production, is targeting up to HK$3.24 billion and has secured 19 cornerstone investors who have committed about $196.6 million in shares.The other two issuers are artificial intelligence company Beijing Zhongke WengeAI Science and Technology (HKG:1956), which is seeking up to HK$900 million, and smart parking operator Keytop Parking (HKG:2272), which aims to raise about HK$399.9 million.The fundraising activity also includes Indonesian gold miner Merdeka Gold Resources (IDX:EMAS, HKG:6228), which is seeking to raise up to HK$2.39 billion through a Hong Kong depositary receipt offering.All six companies are expected to determine their offer prices by June 24, with allocation results due on June 25 ahead of their planned trading debuts on June 26.The latest offerings add to a strong year for Hong Kong's IPO market. Hong Kong's listing market got off to a strong start, raising HK$109.9 billion through 40 new listings in the first quarter, according to KPMG's latest report.The total was "nearly six times the amount raised and three times the number of new listings in the same period last year," KPMG said."Hong Kong's IPO pipeline is at a multi-year high with A+H listing applications reaching record levels. This depth of demand should sustain momentum in A+H listings through the rest of the year," the firm added.Nearly 80% of funds raised came from A+H and specialist technology listings, two segments KPMG expects will continue to underpin activity this year.Hong Kong Exchanges and Clearing proposed reforms in March aimed at boosting listing competitiveness, including easing requirements for companies with weighted voting rights structures and streamlining secondary listings for overseas-listed issuers.Despite tighter regulatory requirements, KPMG said the measures are not expected to materially affect listing activity and maintained its forecast that Hong Kong's IPO market will raise HK$350 billion in 2026.The flurry of IPO launches on Wednesday was likely driven by issuers aiming to complete listings before first-half disclosure deadlines, Kenny Ng, a strategist at China Everbright Securities International, was quoted as saying by Reuters.Ng added that he expects SpaceX's record listing to have only a limited impact on Hong Kong's IPO market because local investors have a relatively low participation rate in the company's share subscription."Instead, I believe the performance of the secondary market will have a more direct impact on investor enthusiasm for new listings," he said, as quoted by Reuters.

Hang SengHKG:1688HKG:1956HKG:2272HKG:3661HKG:6228HKG:9630IDX:EMASSHA:688630SHE:002600SHE:300661
Asia

Market Chatter: RedNote Operator Xiaohongshu Technology Hires Banks for Hong Kong Listing

Chinese social platform operator Xiaohongshu Technology has hired Goldman Sachs and CICC for a potential listing in Hong Kong, Reuters reported Tuesday, citing people with knowledge of the matter.The firm operates RedNote, commonly referred to as China's Instagram, and the listing could be among the most high-profile IPOs in the city, Bloomberg previously reported.It was not yet clear how much funds Xiaohongshu Technology was targeting, but the firm was valued at up to $50 billion towards the end of last year, Reuters reported.The firm could list as early as the second half of this year, according to the report.Xiaohongshu Technology did not immediately reply to a comment request from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang Seng
Asia

Fitch Affirms Shenzhen Investment Holdings at 'A', Stable Outlook

Fitch Ratings affirmed Shenzhen Investment Holding's long-term foreign- and local-currency issuer default ratings at 'A' with a stable outlook.The ratings agency said the affirmation reflects the company's unchanged policy role in managing state-owned assets and supporting industrial development in Shenzhen, as well as its strong links to the municipal government.Fitch said government support for Shenzhen Investment would be "virtually certain" if needed, citing the company's strategic importance as the city's key state-owned asset management and investment platform.The agency also highlighted the company's diversified investment portfolio, stable cash flow generation, and solid access to funding.Fitch expects the company's debt level to remain broadly stable through 2030, supported by investment income and asset disposals.

Hang Seng
Asia Markets

Soft China Economic Reports Roil Asian Stock Markets

Asian stock markets churned unevenly higher on Tuesday, as traders monitored media reports on a Persian Gulf peace deal and reviewed a slew of tempered economic reports from Beijing.Tokyo inched into green, while Hong Kong and Shanghai lost ground. Other regional exchanges largely finished higher.Brent crude oil futures traded at $81.06 during market hours, down 2.5%.In Japan, the Nikkei 225 opened evenly and finished up 0.1% after a modest key policy rate increase by the Bank of Japan.The benchmark Nikkei 225 rose 87.00 to 69,404.50, inching to another fresh all-time high, although losing issues outnumbered gainers 143 to 78.Leading the upside was telecom-equipment maker Fujikura, up 9%, while builder Obayashi declined 4.5%.In economic news, the Bank of Japan lifted its policy rate to a 31-year high of 1%, citing inflation risks and a soft yen.In Hong Kong, the Hang Seng Index opened lower and drifted south, closing down 1.4% after economic reports from Beijing pointed to a still-sluggish property market and soft consumer spending.The broad gauge Hang Seng fell 348.72 to 24,493.95, as losing issues outnumbered gainers 74 to 17. The Hang Seng TECH Index lost 2.2% on the day, while the Mainland Properties Index fell 3.6%.Leading the upside was computer-maker Lenovo, gaining 4.3%, while property-concern Longfor declined 8.9%.On the mainland, the Shanghai Composite fell 0.1% to 4,091.89.In economic news, mainland China's retail sales in May fell 0.6% on year, the National Bureau of Statistics (NBS) reported.The nation's fixed-asset investment fell 4.1% on-year in the first five months of the year, which was larger than the 1.6% decline seen in the January-April period, added the agency.China's new home prices across 70 cities fell 3.5% on-year in May, matching April's pace and extending a period of softness in home values dating back to 2022 and the COVID-19 pandemic.In contrast, China's industrial production grew 4.5% on year in May, reported the NBS.On the other regional exchanges, the S. Korean KOSPI rose 2.1%; the Taiwan TWSE inclined 0.9%; the Australian ASX 200 was steady; the Singapore Straits Times Index rose 0.8%, and the Thai Set declined 0.2%. In late trading in Mumbai, the Sensex was up 0.7%The MSCI All Country Asia Pacific Index rose 0.5% on the day.

Hang SengNikkei 225Shanghai Composite
Hong Kong's Trade Volumes Rise in April on Growing AI Demand
US Markets

Hong Kong's Trade Volumes Rise in April on Growing AI Demand

Hong Kong's exports and imports both rose in April on the back of growing AI demand.The volume of exports increased 32.3% and imports climbed 34% from a year earlier, according to Tuesday data from the Census and Statistics Department.April's export volume was higher than that in March, which rose 28.8%, but imports slightly slid from the previous month's growth of 34.6%.Moreover, the value of Hong Kong's exports jumped 42.9% and imports rose 44.4% during the same month.Meanwhile, export and import prices rose 8.1% and 8%, respectively, in April from a year earlier.The rise in exports was attributed to increases in raw materials and semi-manufactured and capital goods, which climbed 41.9% and 27.2%.The imports of semi-manufactures and capital goods, which rose a respective 44% and 29.4%, were also the main drivers for the increase in import volumes.The growing demand for artificial intelligence is a huge factor for driving Hong Kong's trade, despite the risk of geopolitical tensions."Looking ahead, resilient global demand for AI-related electronic products should provide continued support to Hong Kong's merchandise trade performance," a government spokesperson said. "Yet, heightened geopolitical tensions in the Middle East could pose a salient risk in the near term through disrupting supply chains, driving up transport costs and undermining global demand."More and more AI companies have been listing on the Hong Kong Stock Exchange this year. Between January and May, funds raised from IPOs, especially from the listings of Chinese AI companies, more than doubled year on year to HK$166.8 billion. Among the startups that have applied for a Hong Kong listing are Knowledge Atlas Technology (HKG:2513), also known as Zhipu AI, and MiniMax (HKG:0100), according to a June 11 report on Nikkei Asia.In terms of export volume, Hong Kong's top three export partners are Taiwan, Vietnam and China, which jumped 61.7%, 55.9% and 29.5%, respectively.Meanwhile, the biggest import volumes were from South Korea, Vietnam and the mainland, with respective growth of 86.2%, 81.4% and 35.5%.

Hang Seng
International

Hong Kong's Unemployment Rate Holds Steady at 3.7% in March-May

Hong Kong's seasonally adjusted unemployment rate stood at 3.7% for the March to May period, according to data from the Census and Statistics Department released on Tuesday.The reading matched the Trading Economics forecast of 3.7% and was unchanged from the previous three-month period.The underemployment rate also remained unchanged at 1.5%. Total employment fell by around 8,700 to 3.6 million people, while the number of unemployed individuals grew by 1,900 to 141,100.Hong Kong Secretary for Labour and Welfare Chris Sun noted that the city's government continued to monitor external uncertainties and their potential implications on the local economy. Nonetheless, Sun said the ongoing economic expansion should continue to render support to the overall labor market.

Hang Seng
International

Hong Kong's Export Volume Rises 32.3%; Export Prices Climb 8.1% in April

The volume of Hong Kong's total exports of goods increased 32.3% year over year in April, according to final data from the Census and Statistics Department (C&SD) released Tuesday.The volume of imports of goods rose 34% from a year earlier.Over the same period, export prices increased 8.1% year over year, while import prices grew 8%. This placed the terms of trade index, or the ratio of the export price index to the import price index, unchanged compared with the same month last year.By destination, total export volume to Taiwan climbed 61.7%, while shipments to Vietnam increased 55.9%.On the supplier side, the volume of imports from South Korea rose 86.2%, while arrivals from Vietnam climbed 81.4% year over year.

Hang Seng

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