HSBC, along with five other Hong Kong-based banks, have reduced their rates to a two-year low. According to a broker, this reduction could potentially decrease the monthly mortgage payment by HK$709 for a standard 30-year loan of HK$5 million.

Six prominent banks in Hong Kong, which include the three main note-issuing institutions – HSBC, Standard Chartered, and Bank of China Hong Kong (BOCHK) – have once again reduced their prime lending rates this year. This move has brought the cost of borrowing to its lowest point in two years.

BOCHK, HSBC, and its affiliate Hang Seng Bank are set to reduce their prime rate by 25 basis points, bringing it down to 5.375% starting Monday, as per individual announcements. This is the smallest it's been since November 2022.

Starting Monday, Standard Chartered, Bank of East Asia, and ICBC (Asia) – the regional branch of China's largest bank, will all reduce their prime rate by 25 basis points, bringing it down to 5.625 per cent.

Apart from Standard Chartered, the remaining five banks are set to reduce their savings rate to 0.375 percent annually for deposits over HK$5,000 (US$640), while keeping a zero interest rate for deposits less than this amount. Standard Chartered, on the other hand, will lower its savings rate to the same percentage, but this will apply to deposits exceeding HK$1.

"Following another reduction in US interest rates and considering aspects such as economic and market situations, HSBC has chosen to decrease its Hong Kong dollar deposit and lending rates," stated Hong Kong CEO Luanne Lim. "We will persist in keeping an eye on the global situation and local economic forecast, prepared to modify our rates if required."

The leading executive at HSBC Holdings has announced that job cuts will commence within a few weeks as part of the bank's extensive restructuring. The bank's new global wholesale banking division's chief stated their intention to complete the restructuring process rapidly.

"We understand fully that this is causing a distraction and disruption, so our goal is to resolve this as rapidly as we can," Roberts expressed to Bloomberg TV's Manus Cranny. "We're looking at a few weeks until we disclose the initial stage, followed by a few more weeks. We're committed to operating at a very swift pace."

He mentioned that information regarding the overall count of impacted jobs will be disclosed around the period of HSBC's annual results. "By February, we'll not only have a figure ready, but also an established organisational structure," he added.

Roberts is in charge of HSBC's operations in the US and the Americas, a position he took up five years ago following a 30-year stint at Citigroup, where he was primarily the chief lending officer. As part of his new duties, which involve implementing a new wholesale banking model, he will be moving from New York to London in January. The search for someone to take over his US position has already begun, according to Roberts.

AuGroup has made its debut on the Hong Kong Stock Exchange, marking a significant milestone as the first overseas furniture stock, and it shows great promise for future growth. [This article was brought to you by our advertising affiliate.]

The relaxing cycle of foreign central banks and the ongoing rollout of positive policy cues from the Mainland have significantly boosted investor confidence in the Hong Kong stock market. The Initial Public Offering (IPO) market has also seen a considerable rebound. Lately, a slew of large-scale IPOs and "A + H" shares have surfaced in Hong Kong, attracting substantial investor interest. On November 8, another high-quality stock, AuGroup (2519.HK), made its official debut on the Hong Kong Stock Exchange, earning the title of "first furniture stock to go international" in Hong Kong's stock market.

Public data reveals that AuGroup is a global frontrunner in the international e-commerce sector, with a focus on high-quality furniture and home decor. In 2023, the firm topped the chart in the B2C foreign e-commerce market for furniture and home decor sold by Chinese vendors; and secured fifth place in the worldwide B2C e-commerce market for the same category. In its recent Initial Public Offering (IPO), AuGroup's public offering in Hong Kong was oversubscribed by a factor of 17.7, culminating in a final offering price of HK$ 15.600.

AuGroup is targeting the furniture and home decor sector, a rapidly expanding B2C e-commerce segment with minimal return rates. Leveraging their robust supply chain and extensive logistics framework, AuGroup can swiftly create a variety of high-quality, competitively priced products to keep up with the fluctuating market needs. Consequently, they have quickly gained considerable market sway in the furniture and home decor sector.

Currently, AuGroup possesses a number of unique brands including ALLEWIE, IRONCK, LIKIMIO, SHA CERLIN, HOSTACK, and FOTOSOK that have gained popularity worldwide. In the year 2023, each of these 11 brands managed to generate over RMB100 million in Gross Merchandise Value (GMV). Based on information from Frost & Sullivan, in 2023, the company topped the charts in six categories for GMV on Amazon's U.S. website. Additionally, the company held a market share exceeding 10% in ten categories on the same site, again in terms of GMV, in the same year.

DBS Bank acquires the entire 75th floor of The Center, expanding its venture into the Hong Kong real estate market. The most recent acquisition from 'Cassette King' Chan boosts DBS's ownership to 11 floors in a building that was previously the world's priciest tower.

DBS Group Holdings, the largest bank in Singapore, is leveraging a dip in property prices to grow its Hong Kong operations by acquiring additional office space in a building formerly known as the world's priciest office tower.

DBS Bank's branch in Hong Kong spent HK$646 million (approximately US$83.1 million), equivalent to HK$27,028 per square foot, to purchase the whole of the 75th floor of The Center situated in the city's business hub, as per official documents dated November 6. Previously in September, the bank had shelled out HK$700 million, at a rate of HK$26,000 per square foot, for the 66th floor.

The most recent acquisition signifies a markdown of 18% compared to the price in 2018. China Unicom (Hong Kong), a cellular service provider, is presently the tenant of the 75th floor, paying a monthly lease of HK$1.46 million, set to expire in June 2027 as per official documents. Following this transaction, DBS will increase its stake in the tower to 11 floors.

DBS has not provided an immediate response to a request for a statement.

CIIE: L'Oreal, the cosmetics titan, bolsters its supply chain in China to minimize disruption risks

'Our focus is on this localisation strategy, aiming to manufacture as much as possible, wherever possible in China,' states the executive.

"By doing this, our reliance on international supply chains, primarily those not only in China but also majorly in the US or Europe, will gradually decrease."

The team has already improved its supply chain procedures in Suzhou and Yichang and began utilizing Guangzhou as a port, after discovering an excessive dependence on Shanghai. This over-reliance became problematic when Shanghai faced significant delays during Covid lockdowns.

"We've established storage facilities in locations previously unoccupied, such as the northeastern region of China, bringing us nearer to our consumers," Gupta stated. "In addition, we're mechanizing our larger facilities, which lessens our reliance on numerous personnel."

The business has also utilized technology to strategize for internet sales.

Analysts predict a stabilization in Hong Kong's housing prices following a rate decrease in the near future. The surprise reduction in the prime-rate by domestic lenders is anticipated to attract more purchasers, bolstering prices.

The surprising reduction in the prime rate by Hong Kong banks on Friday will decrease financing expenses and attract additional purchasers to the market. Experts anticipate that city's housing prices will reach their lowest point "in the near future".

BOCHK, HSBC, and its affiliate Hang Seng Bank are set to reduce their prime rate by a quarter point, bringing it down to 5.375% starting Monday, as per individual announcements. Standard Chartered, Bank of East Asia, and ICBC (Asia), the regional division of China's largest bank, will also lower their prime rate to 5.625%.

The actions of the banks came as a surprise, considering that Hong Kong banks usually lower their rates only once for every two to three reductions by the US, stated Raymond Cheng, who is a managing director at CGS International Securities in Hong Kong.

"The most recent reduction implies that the mortgage rate in Hong Kong will also decrease by 25 basis points, dropping to 3.625 per cent from its previous rate of 3.875 per cent."

In Hong Kong, a significant number of home loans are designed as prime-based lending, where the interest rates are determined at a level either higher or lower than the bank's prime rate. As a bank decreases its prime rate, the interest rate for these prime-associated mortgages similarly goes down, which aids in lessening the monthly expenditures and total borrowing costs for those purchasing homes.

TSMC stops taking advanced chip orders from mainland China following US export restrictions evasion: insider

TSMC has informed its mainland Chinese customers that it will cease the production of advanced chips for them, as per an individual who was informed about the announcement.

Earlier this week, TSMC announced that it will cease to take orders for the processing of advanced nodes at 7-nanometre or less from certain customers, starting from the upcoming week. This information was provided by an executive from a mainland chip design company who wished to remain anonymous due to the delicate nature of the topic. The executive had been informed about the notice.

The initial report about the domestic semiconductor industry came from Ijiwei.com, a Chinese news publication, on Friday. There was no immediate reaction from TSMC when asked to give their comments.

TSMC has rejected any claims of misconduct and has vowed to cooperate with the US Commerce Department in examining the matter. Meanwhile, Huawei has stated that it hasn't made any chips through TSMC since the amended foreign direct product rule, which was aimed at Huawei, was enforced by the US Department of Commerce in 2020.

International corporations are wagering on China's economy in spite of Trump's triumph and US commerce disputes. During Shanghai's CIIE trade exhibition, overseas businesses dismiss concerns of a fresh trade conflict between the US and China following Trump's win.

3M, the American multi-industry corporation known for creating a variety of products from industrial to domestic goods, announced that they are implementing smart technologies like robotic arms in their automotive production lines in China. These technologies will be used to monitor product specifications and provide personalized suggestions based on customer needs. The company launched its operations in China four decades ago and currently has seven manufacturing plants across the country.

Jack Xiong, the director of research and development operations for 3M China in Greater China, asserts that a localized supply chain is beneficial to both production and growth. He explains that this facilitates product development that caters specifically to the needs of local consumers and enhances the promptness in the supply chain response.

Kim Nam-kook, who is the head of investment and operations at E-Land Group — South Korea's biggest fashion and retail firm — has stated that they have made substantial investments in implementing advanced technologies within their supply chain in China.

Kim stated, "The magnitude of the Chinese market is so vast that it constitutes a 10 to 20 percent portion of the total international sales for some Korean firms. This percentage remains firm even amidst market instability."

Cryptocurrency supporters in China are elated by Trump's election win

These supporters anticipate a promising outlook for digital assets and associated regulations in mainland China and Hong Kong.

"He also mentioned that this change could potentially impact the regulatory perspectives on digital assets in mainland China in a positive way."

Bitcoin values soared past $75,000 at a certain moment on Wednesday, marking an increase of over 66% since the beginning of the year.

International food businesses seeking expansion are focusing on the sophisticated Chinese market, according to attendees of CIIE. They also stated that Chinese customers are seeking premium milk products and food items without any additives.

Global food corporations are striving to remain viable in the Chinese market by focusing on consumers who frequently travel, appreciate nutritious food, and are increasingly interested in Western commodities, according to participants at the biggest international trade fair.

"She commented that consumers in China have a significant preference for items such as high-protein milk drinks," during her speech at the China International Import Expo (CIIE) in Shanghai on Wednesday. The CIIE has attracted 3,500 exhibitors from over 150 different countries and regions, with big multinational corporations like Volkswagen Group and L’Oreal among them.

Goodman Fielder is particularly keen on targeting younger Chinese individuals who travel overseas for education, work, or leisure and develop a longing for the tastes they encountered in Western countries upon their return. Tang mentioned that consumers from China's top-tier cities travel internationally and acquire a liking for types of bread like ciabatta and sourdough, and seek these out when they return home.

Utilizing insights gained from their market studies, Goodman Fielder has expanded its product range for China by introducing La Famiglia frozen garlic bread and a pancake mix.

Theland, a dairy corporation from New Zealand, is introducing innovative products such as honey-infused milk to maintain its edge in the Chinese market, as stated by its Asia-Pacific CEO Sheng Wenhao. He noted that even amidst economic downturns, there are still areas experiencing growth.

MTR Lab supports Ensonic, an AI startup, in its initial investment in mainland China. Ensonic specializes in developing AI-driven sound detection systems that are employed for the quality assurance and upkeep of equipment.

AI Leading the Way: How Cyberport Start-ups are Enhancing Efficiency and Security in the Finance Sector

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The initial stage of the AI Supercomputing Centre is anticipated to start functioning within the current year. Cyberport, recognized as the city's digital technology center, is ready to assist AI-based start-ups like 221b, Aereve, AutoML Capital, AIFT (formerly known as OneDegree Group), and Wizpresso, to develop revolutionary AI-driven solutions for the finance industry.

AI is revolutionizing modern fintech in areas such as risk management and fraud identification. Cyberport is at the forefront of this shift, fostering growth for over 430 fintech startups and in excess of 300 AI, big data, and robotics firms. This is encouraging progress in fields like compliance, cybersecurity, wealth management, and credit risk reduction, among others.

Effective adherence to AML regulations

Aereve, a start-up from Cyberport, focuses on crafting AI-powered compliance solutions specifically for the Asian and Middle Eastern markets where non-Latin languages such as Japanese, Chinese, and Arabic are predominantly used.

The firm's systems for countering money laundering (AML) and customer identification (KYC) use proprietary natural language processing (NLP) technology to enhance the precision and effectiveness of compliance procedures. In addition, they provide integrated assistance for non-Latin languages such as Traditional and Simplified Chinese, Japanese, and Arabic.