Breaking News | HSBC plans to highlight former ECB head Draghi and Ark Investment's Wood at Hong Kong summit

The Global Investment Summit is scheduled from March 25 to 27 of the coming year.

HSBC has announced that they anticipate over 3,000 representatives from across the globe to attend the conference, with registration currently available.

Prominent events such as the Global Investment Summit are crucial for Hong Kong to sustain its stature as an international financial hub, especially in a period where it's dealing with drops in the real estate and initial public offering sectors, and confronting a deceleration in mainland economic expansion. Hong Kong's stock market, ranked third in Asia, is also facing challenges to uphold its pace following China's underwhelming fiscal stimulus scheme and Donald Trump's reappointment as US president.

Leading figures from companies such as HSBC, Goldman Sachs, JPMorgan Chase, Citigroup, BNP Paribas, Oaktree Capital Management, and KKR also attended, demonstrating their backing for Hong Kong. The metropolis serves as a significant revenue hub for several of these corporations, with a number of them situating their principal regional offices there.

During the conference, he vowed to increase assistance to Hong Kong in bolstering its position as a hub for the international yuan market. This would be achieved by releasing more governmental bonds and facilitating the listing of Chinese companies in the city. Wu Qing, the chairman of the China Securities Regulatory Commission, also suggested that commodity trading might be incorporated into the Connect program, which presently permits transnational trades of stocks, bonds, and wealth management products.

The latest study from J.P. Morgan Private Bank shows strategies for affluent families to navigate in a complicated global environment. The recent Global Family Office Report underscores governance, succession planning, investment management, and cybersecurity as prime areas of worry.

Amidst continuous worldwide ambiguities and a progressively intricate and evolving economic and investment environment, extremely wealthy families are more determined than ever to attain long-lasting success and financial gains. A lot of them are adopting strategic, advanced methods to reach their objectives, as stated in J.P. Morgan Private Bank's "2024 Global Family Office Report".

The study, which examined 190 single-family offices worldwide, uncovers the difficulties that extraordinarily wealthy families are dealing with in an ever more intricate global environment. This includes problems related to family management, training the upcoming generation of family heads, and apprehensions about cybersecurity.

Many families have successfully used appropriate financial wisdom to tackle these obstacles, but the overall advancement is inconsistent. Almost 75% of the ultra-high net worth families surveyed have taken steps to create a reliable governance structure – such as setting up an investment committee and board of directors, however, 27% have not done so.

Each family is unique, having their specific multi-generational and multicultural requirements. As the relationships become more intricate and the family's wealth expands, there arises a greater necessity for an established system to oversee the decision-making procedure, states Paul Knox, the Managing Director and Senior Wealth Advisor at J.P. Morgan Private Bank, Asia. He emphasizes that the fundamental concept of family governance is to comprehend and cater to the varying needs of those participating in the family enterprise or those directly managing the family's wealth.

The profound expertise of the private bank in customizing governance structures is crucial for interacting with ultra-high-net-worth clients and striving to fulfill their distinct objectives. Knox mentions that a significant part of their knowledge is derived from other families they've collaborated with who have accomplished this effectively. However, the most daunting task is to aid families in comprehending and pinpointing governance-related issues. Some families might convene on a regular basis, and although this fosters strong relationships and camaraderie, they might not necessarily address the critical matters. A more regular and official meeting could enable family members to contribute in a different manner.

The majority of Small and Medium Enterprises (SMEs) in Hong Kong have adopted e-commerce, which is a positive sign for the city's digital transition. According to the World Bank, it's projected that worldwide business-to-consumer e-commerce sales will hit a staggering US$6 trillion by the year 2024.

Sales tools based on the internet have the potential to increase income by 14.6% in the coming two years, especially for small to medium businesses (SMEs) expanding their customer base in mainland China and Southeast Asia. This was found in a study carried out by the Hong Kong Export Credit Insurance Corporation (ECIC) and Trade Development Council (TDC), which surveyed 352 local SMEs.

"E-commerce is now a crucial engine for the worldwide economy," stated Patrick Lau Hui-ping, the deputy executive director of TDC, during a press conference.

"Duties will surely affect products from Hong Kong and China, a situation we already experienced in [Trump's] initial presidency," remarked Lau. "A lot of domestic small and medium enterprises can branch out via online trading, thereby not solely depending on the US market."

Dell and HP report unsatisfactory quarterly revenues as worldwide PC market resurgence halts

Indications of a worldwide PC market recovery started appearing this year, yet there was a decline in shipments in the third quarter, as per IDC reports.

Dell's PC division suffered a 1% decrease in revenue, totaling US$12.1 billion in the fiscal third quarter, which did not meet expectations. Meanwhile, HP's PC department experienced a 2% increase in sales, reaching US$9.59 billion over a comparable three-month duration, yet it too failed to hit the analysts' average prediction.

"The update cycle for PCs is extending into the upcoming year," stated Yvonne McGill, the CFO of Dell, during a Tuesday teleconference with analysts post the release of the results.

The worldwide computer industry has witnessed a significant downturn in recent years, following a surge in need for new laptops during the early stages of the pandemic. This was when both students and business workers were confined to their homes.

Although recovery indications started to emerge this year, tech market research company IDC reported a decline in deliveries during the third quarter in October.

Commentary | No need to fear China's decision to consolidate financial sector supervision

Enhanced party dominance in the financial sector will facilitate the creation of a unified structure for more systematic decentralization.

Some maintain that strictly following guidelines set by a central authority could result in uniform market actions, which could intensify cyclical risks and create asset bubbles. Conversely, others argue that China's changes signify a major shift in its financial system, emphasizing financial institutions as service providers instead of entities driven by market forces.

However, these criticisms frequently fail to completely encompass the complexity and wider perspective of China's regulatory strategy.

Beijing has been striving to adjust the power dynamics between the central and local governments and to alleviate hidden assurances that skew market actions. However, considering China's vastness and the increasing intricacy of both local and global situations, these transformations are understandably unfolding at a slow pace.

The employment outlook in Hong Kong is deteriorating with 46% of employees feeling less optimistic about job prospects. A study by Robert Walters reveals that just over half of employers anticipate offering pay raises between 1 to 5 per cent.

Even though there has been a significant drop in openings for office jobs this year, there has been a whopping 122% increase in applications. This suggests that the market is now favoring employers, giving businesses more control, as pointed out in a study released by Robert Walters, a job placement agency.

The company conducted a survey of approximately 400 professionals and institutions in Hong Kong in September, revealing that just 55% of employers plan to increase salaries in 2025, a drop from 64% in the previous year's survey. Of these employers, 77% anticipate offering a pay hike of 1 to 5% next year.

The economy of Hong Kong is struggling due to various issues, including decreased consumer spending and the political conflict between the United States and China. This year, locals have chosen to travel across the border for more affordable food and recreation in cities on the mainland, which has resulted in a loss of the crucial increase in sales for the city's retailers.

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Residents of Hong Kong are searching for discounted items like roast chicken and soap at an American warehouse retailer located in mainland China.

The rate of growth decreased to 1.8% annually in the third quarter, down from 3.2% in the previous quarter, according to government data. The unemployment rate, after seasonal adjustments, increased to 3.1% from August to October, up from 3% in the three months prior, as per the information from the statistics department.

The founder of Chinese artificial intelligence company, DeepGlint, an early industry player, is stepping down amid escalating financial losses. The company, which specializes in image recognition, has reported losses exceeding those of 2023, as it struggles with issues related to emerging technology and client diversity.

Zhao Yong is withdrawing from the daily operations yet maintaining his position as chairman, based on the company's corporate record listed in Shanghai. The 45-year-old businessperson owns 17.55% of the company shares. Prior to establishing DeepGlint in 2013, he was employed by Google, following his attainment of a Ph.D. from Brown University in the US.

Wu Yizhou, who initially came on board as an assistant general manager earlier this year, has now ascended to the position of general manager, as per the official report.

Changes were made within DeepGlint, recognized as the premier AI share on the Shanghai Stock Exchange STAR Market, following the company's announcement of an annual loss up to September amounting to 136 million yuan (US$18.8 million). This figure surpasses the total loss of 90 million yuan incurred in 2023.

The clock is ticking for companies listed in Hong Kong to include women in their boards, warns Bonnie Chan from HKEX. Currently, a minimum of 250 such companies don't have even a single female board member, even though the deadline to comply is merely a month away.

In 2022, merely 16 percent of board members in corporations were female, up from 11 percent in 2018.

Chan stated at the Greater Bay Area Fintech Talent Summit, hosted by Bloomberg, the Hong Kong United Youth Association, and the Hong Kong Monetary Authority, that after two years of motivation and guidance, the number of non-compliant cases has significantly decreased from 800 to approximately 250.

The conclusion of the month-long program has provided college students with the chance to gain practical experience in the fintech sector, particularly in the Greater Bay Area.

Nintendo Switch users in China face uncertainty as Tencent plans to discontinue online services for the console. The sales of online games for the Chinese Nintendo Switch will be stopped on March 31, 2026, followed by the termination of other associated services a few weeks later, on May 15.

The eShop run by Tencent for the Chinese version of the Nintendo Switch will cease sales and distribution of both paid and complimentary video games and software on March 31, 2026, as announced in a declaration posted on the console's official website on Tuesday. Following this, specific downloads, code redemptions, and various online services will be discontinued on May 15, a few weeks after the initial closure.

As a way to make amends with impacted users, Tencent announced that it would provide four Nintendo games at no cost, from a selection that features Super Mario Odyssey and Pokemon: Let's Go! Pikachu.

Neither Tencent, the company that operates the biggest video game business globally in terms of revenue, nor the Kyoto-based company, Nintendo, provided an explanation for discontinuing local online support for Switch consoles in China.

The Nintendo Switch from China will remain on sale in the nation even after online sales and services are discontinued. This is possible as consumers can purchase games on physical cards, which can be inserted into the console, as stated in the official announcement.

A send-off in Macau for Lui Che-woo, the magnate behind Galaxy Entertainment

Government personnel from Macau like Elsie Ao Ieong and Jose Maria da Fonseca Tavares were present to pay tribute to Lui's life

Government personnel from Macau like Elsie Ao Ieong and Jose Maria da Fonseca Tavares were present to pay tribute to Lui's life

Numerous entrepreneurs, political figures, and close acquaintances gathered in Macau for a commemoration ceremony to bid farewell to the deceased Lui Che-woo. The Hong Kong real estate and gambling tycoon passed away on November 7, at 95 years of age.

Elsie Ao Ieong, the Secretary for Social Affairs and Culture in Macau, along with José Maria da Fonseca Tavares, the head of the city's Municipal Affairs Bureau, were among the attendees who came together to pay tribute to Lui's life and accomplishments.

Galaxy Entertainment Group announced that the tribute at the Galaxy International Convention Centre will be accessible for public viewing until December 3, between 3 pm and 6 pm local time.

The family is set to conduct a funeral service at the Hong Kong Funeral Parlour on December 4, at 3pm local time, as per a prior announcement made on Monday. Following this, a public memorial service will be held on December 5, after which the deceased's body will be moved to the Hong Kong Buddhist Cemetery for interment.

Starting from a modest background as a peanut and snack vendor, Lui elevated himself to become one of the wealthiest magnates in Asia. He owns an extensive range of assets including hotels, casino resorts, and real estate in Hong Kong and Macau. Lui established the K. Wah group, a development company, in 1995 and successfully secured a casino license in Macau in 2002 through Galaxy.

Profits for major Chinese companies took a hit in October due to the real estate downturn affecting other sectors. Firms associated with real estate and retail experienced the most significant impact.

Last month, there was a 10% year-on-year decrease in their collective earnings, according to a Wednesday announcement from Beijing's National Bureau of Statistics. The overall profits from January to October experienced a 4.3% slump compared to the same duration last year, amounting to 5.87 trillion yuan (US$810.9 billion). This downturn surpassed the 3.5% decline observed in the initial nine months.

Steel companies reported a deficit of 23.3 billion yuan in the initial ten months, whereas businesses in the "petroleum, coal and other fuels" industry saw a decrease of 37.7 billion yuan in earnings. Meanwhile, the non-metallic mineral industry experienced a sharp fall in profits, dropping 49.6% within the same timeframe.

Government-run manufacturing companies have announced an 8.2 per cent decline, amounting to 1.85 trillion yuan, in profits. On the other hand, large businesses from overseas, including those from Hong Kong, Macau, and Taiwan, reported a cumulative profit of 1.46 trillion yuan over the first 10 months, marking a 0.9 per cent increase compared to the same timeframe in 2023.

Private homegrown businesses collectively recorded a profit of 1.65 trillion yuan, marking a decrease of 1.3 per cent.

US legislators are expressing concerns that Hong Kong is turning into a center for financial misconduct. They have penned a letter to the US Treasury Secretary, Janet Yellen, urging her to reconsider the relationship with Hong Kong's banking industry.

Members of the U.S. House of Representatives have urged Treasury Secretary Janet Yellen to reconsider relationships with the banking industry in Hong Kong. They claim that the region has now turned into a major hub for money laundering and circumventing sanctions.

Hong Kong has become a center for numerous breaches of US trade regulations, such as exporting regulated Western technology to Russia and establishing shell corporations to purchase Iranian oil, stated the bipartisan heads of the House of Representatives Select Committee on the Chinese Communist Party in a correspondence to Yellen.

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US Treasury head Janet Yellen departs from China following 'challenging discussions' and complaints about overproduction.

"It is now necessary to scrutinize if the enduring US strategy towards Hong Kong, especially relating to its fiscal and banking industry, remains suitable," stated a version of the letter viewed by Reuters.

The US Department of Treasury didn't promptly reply to inquiries for commentary from Reuters. Similarly, the New York-based Hong Kong trade office was not immediately available to provide a response.