Breaking News | China's Deputy Prime Minister He Lifeng Set to Head Finance Team to Hong Kong's Banking Summit Next Week

China's Deputy Prime Minister, He Lifeng, is set to spearhead a delegation to the 2024 Global Financial Leaders Investment Summit in Hong Kong, as reported by two insiders.

It is anticipated that he will guide a group made up of leaders from China's national banks, such as the Bank of China's chairman, Ge Haijiao, to the 2024 Global Financial Leaders Investment Summit. The event is put together by the Hong Kong Monetary Authority (HKMA), according to the sources.

This will be the largest group of mainland officials and financiers attending an event in Hong Kong since the HKMA launched its first conference in 2022. The conference was used to declare that the city was "open for business" again following the Covid-19 epidemic.

At the previous year's convention, he gave the main speech via video from Beijing on the first day of the event.

Eleven minutes past

HKMA CEO Eddie Yue asserts that the conference for 300 financial leaders will provide a new perspective on Hong Kong.

The venue for the summit, the Grand Hyatt hotel in Wan Chai, has reached its full capacity of 300 people, leaving some bankers still on the standby list.

A painting by Mark Rothko fetches a price 30% lower than in 2015, illustrating difficulties in the Hong Kong art market. The artwork titled 'Untitled (Yellow and Blue)', previously in the possession of runaway Malaysian financial expert Jho Low, garnered US$33 million at a Sotheby's auction.

A piece of artwork by Mark Rothko, previously owned by the runaway Malaysian moneyman, Jho Low, gained significant attention in 2022 due to its similarity with the Ukrainian flag. It was auctioned off in Hong Kong on November 11 for HK$252.5 million (US$32.5 million), a price that was 30% less than what it fetched at a previous auction in 2015.

The artwork named "Untitled (Yellow and Blue)", finished in 1954, was a significant feature of the inaugural modern and contemporary art evening auction at Sotheby's Maison. This venue, which is a retail and display area located in the city's main commercial zone, started operations in July.

This was a surefire plot with a non-negotiable offer, indicating that a monetary arrangement was established with an external entity prior to the auction to guarantee a transaction.

The artwork was purchased by art consultant Patti Wong, who was physically present to buy on behalf of a client. The final bid was HK$225 million, which was the minimum predicted price before the auction.

Overall, the rather dull evening auction resulted in seven items being pulled out and five items remaining unsold from the 35 lots provided.

Hong Kong's real estate and casino tycoon, Lui Che-woo of K.Wah and Galaxy, passes away at 95

Lui, the head of the K. Wah Group, passed away calmly on November 7, as reported in the submissions to the Hong Kong stock exchange by his own firms.

The self-made Asian casino tycoon, Lui Che-woo, who started his journey by selling peanuts and snacks, and later amassed a vast empire of hotels, resorts, and properties in Hong Kong and Macau, has passed away at the age of 95.

The companies acknowledged on Monday evening that Lui's foresight, exceptional leadership, and direction were the fundamental elements for the group's growth and ongoing triumph. They also mentioned that a new chairman will be selected at an appropriate time.

Rarely seen without his characteristic newsboy hat, Lui left an impressive mark as one of Hong Kong's most triumphant businesspeople. He elevated a minor construction materials firm into a multifaceted corporation involved in property development in Hong Kong and gambling ventures in Macau. Additionally, he was one of Hong Kong's most charitable benefactors, contributing significantly to education and youth progress.

John Lee Ka-chiu, the Chief Executive of Hong Kong, expressed his sympathy to Lui's family and acknowledged the tycoon's longstanding dedication to societal contributions, as per an official statement.

An international platform influencing the future of legal practice

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Hong Kong has reiterated its position as a worldwide center for law by holding the yearly Hong Kong Legal Week (HKLW), the standout event of the Department of Justice (DoJ).

The grand occasion, which lasted for five days from November 4th to 8th, drew in lawyers, policy developers, and scholars globally for stimulating debates.

Under the banner "Hong Kong's Common Law System: A Global Launchpad to China and Beyond", HKLW 2024 delved into a wide range of legal issues, reestablishing the city's role in steering legal advancements throughout the Asia-Pacific area and further afield.

Worldwide involvement and main topics

HKLW 2024 saw the participation of over 5,000 individuals from over 40 jurisdictions. This event provided a stage for in-depth discussions on the advancements in international private law, alternative dispute resolution (ADR), digital assets, and the vital function of legal systems in promoting economic expansion.

International Summit on Private Law in Asia-Pacific

Trump's return could spell trouble for Chinese electric vehicle producers, anticipate 'choppy waters'

Chinese electric vehicle manufacturers have the option to establish a foothold in the US, withstand tariff hits or seek fresh markets in other locations, as suggested by Pareto Economics.

The incoming president has pledged to impose higher import taxes on nations that have allegedly exploited the US for a long time, in a bid to shield American auto manufacturers. Furthermore, he is determined to overturn Biden's strategies promoting electric vehicle (EV) usage, contending that EVs are ineffective, as soon as he assumes office.

Robert McNally, founder and president of the consulting firm Rapidan Energy Group in Washington, stated that one commonality between most Democrats and Republicans is the belief that the US should not allow China to take control of the electric vehicle market or any other industries. There is a widespread bipartisan consensus on this issue, and McNally anticipates that this stance will become even more strongly reflected in the policies implemented after Trump assumes presidency.

Two hours and eleven

In his initial address following an attempted assassination, Trump pledges to impose steep tariffs on vehicles manufactured in China.

Chinese electric vehicle (EV) manufacturers were heavily impacted by Biden's policies when he increased the import duty from 25 per cent to 100 per cent in August. The US accused China of saturating its car markets with state-supported EVs, an action aimed at affecting $18 billion worth of Chinese exports including semiconductor chips.

Support for cryptocurrency from Trump could prompt China to reinstate its digital asset market, according to HashKey's chief, says

The CEO and chairman of HashKey, Xiao Feng, stated that various elements could potentially drive China to reestablish its digital asset market within the next couple of years.

"Without the current circumstances, China might have required five to six years to embrace cryptocurrency businesses," he stated. "However, due to these influences, the timeline might be reduced to just two years."

Bitcoin surpasses a record high of $89,000 amidst the Trump-era cryptocurrency surge. The leading digital currency has seen a leap of approximately 30% since the American elections, leading investors to consider if there's still potential for growth.

The biggest cryptocurrency has surged approximately 30 per cent following the US election on November 5, reaching a record peak of US$89,599 early Tuesday. The rise then leveled off, positioning the digital currency at US$87,800 as of 8.27am Hong Kong time.

Trump has promised more supportive regulations for cryptocurrencies, and his Republican Party is consolidating its control over Congress to advance his plans. Other commitments consist of establishing a strategic bitcoin reserve in the US and enhancing the local mining of the digital currency.

His position dramatically deviates from the stringent measures taken against the contentious sector by the Securities & Exchange Commission under President Joe Biden's leadership. This change has stimulated both major and minor token purchases, inflating the worth of digital assets to approximately US$3.1 trillion, according to data from CoinGecko.

Bitcoin is on a tear, according to Chris Weston, the lead researcher at Pepperstone Group, as he mentioned in a report. For those traders who haven't yet dipped their toes into this rapidly rising investment, the key question is whether there's still potential to jump on this sizzling opportunity or if it would be wiser to hold off for a minor downturn and let some of the feverish momentum cool down.

The Hong Kong stock market standard plummets under 20,000, relinquishing increases from stimulus measures. The Hang Seng Index descends to its most minimal level since September 25, wiping out a policy-driven surge that had previously accounted for a rise of up to 27 per cent.

On Tuesday, the Hang Seng Index saw a decrease of 2.8 per cent, ending at 19,846.88. This slump took the index to its worst position since September 25, negating any progress made in the policy-driven surge. The Tech Index also saw a significant decline of 4.2 per cent. Additionally, the CSI 300 Index and the Shanghai Composite Index experienced a dip of 1.1 per cent and 1.4 per cent respectively.

Car dealership company Zhongsheng Holding was the biggest loser, dropping 9.6 per cent to HK$17.20. Similarly, China Hongqiao Group, an aluminium manufacturing company, fell sharply by 8.7 per cent to HK$13.02. Meanwhile, electric car manufacturer Li Auto saw a decrease of 5.6 per cent, bringing its value down to HK$90.25.

"Following the underwhelming stimulus declaration in China, it seems there's no optimistic trigger in sight," stated Gary Ng, a high-ranking economist at the French investment bank, Natixis. He further noted that investors are currently opting for safer options, while evaluating the unpredictabilities in Trump's strategies and the geopolitical tensions between China and the US.

FTX launches a legal battle against Binance and its ex-CEO Zhao Changpeng, seeking damages of $1.8 billion. The case is connected to Binance's divestment from FTX, a competing exchange platform started by the currently incarcerated Sam Bankman-Fried.

The lawsuit claims that Alameda Research, a division of FTX, financed the stock buyback with tokens that were worth $1.76 billion at that time. The suit further suggests that Alameda was financially unstable when it purchased the stocks, and consequently, it didn't have the necessary funds to support the transaction, implying that the transaction should not have been permitted.

Through this legal action, the Plaintiffs are aiming to reclaim a minimum of US$1.76 billion allegedly unlawfully moved to Binance and its leadership at the expense of FTX's creditors. They also seek additional compensatory and punitive damages, the amount of which will be decided in court. This was stated by the administrators of the FTX estate in a document filed last Sunday in Delaware, USA.

A spokesperson for Binance stated: "The allegations hold no weight, and we firmly intend to protect our interests."

Cop29: Is China capable of stepping up to the climate challenge in the wake of Trump's renewed focus on fossil fuel extraction?

'China is perfectly positioned to present itself as a more accountable international force,' says an analyst, even without making additional pledges.

The conference, which started in Baku, Azerbaijan, on Monday, signifies the first instance in 15 years where international delegates will discuss a new worldwide climate finance goal. This will outline the aid that affluent countries will offer to nations requiring assistance to reach their environmental objectives.

This also signifies the cutoff date for nations that endorsed the Paris Agreement to present more robust nationally decided contributions (NDCs) to highlight their climate commitments ahead of Cop30 the following year.

With the United States' involvement wavering, the focus is now on China, the globe's second-largest economy and the leading emitter of greenhouse gases.

The adoption of AI in Hong Kong businesses is on the rise, largely due to government policy support. These businesses are exploring AI solutions that not only improve their abilities but also comply with regulatory standards.

"In the last year, there's been a rise in customer questions concerning the use of AI to boost their business operations."

The increasing attention from corporations, coupled with governmental backing, is guaranteed to accelerate Hong Kong's progress in building a robust AI framework to aid domestic sectors. This was mentioned by Alex Chan, who is the Vice President of Enterprise and Digital Solutions at NTT Com Asia, during an off-the-record discussion at the event.

The credit rating company supported by Ant Group has received approval from China's central bank after waiting for three years. The collaboration, where Ant Group has a 35% stake, experienced a long delay compared to other previously licensed companies, which were approved within a few weeks of their application.

In November 2021, Qiantang submitted an application for a license, disclosing that the majority shareholders of the company were the government-owned Zhejiang Tourism Investment Group and the private entity, Ant, with each holding a 35 per cent stake in the joint venture. Qiantang boasts a registered capital of 1 billion yuan, equivalent to US$139 million.