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PricewaterhouseCoopers (PwC) has announced that it will investigate an anonymous letter circulating on social media that contains "false allegations" about the company's role in auditing China Evergrande Group. PwC Hong Kong has reported the incident to relevant authorities and is treating it as a high priority. The letter raises questions about PwC's involvement in Evergrande's accounting fraud and other corporate governance issues. It should be noted that the authenticity of the letter has not been verified. PwC has faced other challenges in different regions, including governance control issues in Australia and fines in the UK for auditing failures. [Extracted from the article]

The Hong Kong Exchanges & Clearing Ltd (HKEX) has proposed a plan to allow investors to enlist multiple clearing banks for their cash equities and options trades. This proposal is currently being reviewed by the Securities and Futures Commission. The aim of this plan is to revive Hong Kong's struggling stock market by encouraging lower fees, better quality of services, and greater privacy for investors. Currently, there are a limited number of clearing banks in Hong Kong due to high capital requirements. Most of the clearing business is handled by US and European banks, with only two Chinese firms involved. [Extracted from the article]

Hong Kong's ZA Bank is in discussions with potential stablecoin issuers to provide accounts for the cash reserves that would back the tokens. The bank is in contact with five to eight corporate clients interested in creating stablecoins and would offer them fiat reserve accounts once they are admitted to the Hong Kong Monetary Authority regulatory sandbox. ZA Bank aims to explore the various use cases for stablecoins and is considering custodying virtual assets, including stablecoins. The bank has already facilitated over $1 billion in transfers from Web3 clients and plans to break even this year. [Extracted from the article]

HSBC Holdings Plc's senior executives have reassured shareholders in Hong Kong that the bank remains committed to paying dividends. At an annual shareholders meeting, Chairman Mark Tucker and CEO Noel Quinn emphasized the importance of dividends and their commitment to rewarding shareholders. The meeting was sparsely attended, in contrast to two years ago when shareholders expressed dissatisfaction after dividends were cut during the pandemic. HSBC has been selling businesses outside of Asia and plans to announce a special dividend from the sale, with dividends already exceeding pre-Covid levels. Despite a decline in fourth-quarter profit, HSBC's full-year earnings reached a record high. The bank's shares have declined 2.5% this year in Hong Kong but gained 29.8% last year. [Extracted from the article]

HSBC Holdings Plc's senior executives have reassured shareholders at an annual meeting in Hong Kong that the bank remains committed to paying dividends. Chairman Mark Tucker and CEO Noel Quinn both emphasized the importance of dividends in their speeches, acknowledging that many shareholders and their families rely on them. The meeting was sparsely attended, in contrast to two years ago when shareholders expressed dissatisfaction after dividends were cut during the pandemic. HSBC has been selling businesses outside of Asia and plans to announce a special dividend from the sale, along with its first-quarter results. Despite a decline in fourth-quarter profit, HSBC's full-year earnings reached a record due to rising interest rates globally. [Extracted from the article]

Andrew Left, the founder of Citron Research, is seeking an apology and a refund from Hong Kong's market regulator. Left was fined and banned from trading in 2016 after questioning the financial stability of China Evergrande Group, which has since defaulted on its debt and been accused of inflating its revenue and profits. Left believes that an apology and refund would be a gesture of good faith. He also expressed optimism about China's future, suggesting that the country should shift its economic focus away from real estate and towards manufacturing and important technology. [Extracted from the article]

Bank of America is reducing its office space in Hong Kong's Central district, a move that reflects the challenges faced by commercial landlords in the city. The bank is giving up one and a half floors in Cheung Kong Center, its main office location, and relocating supporting staff to a lower-rent back office in Kowloon Commerce Centre. This decision follows similar moves by other international banks in Hong Kong, as the demand from the banking and finance sector for office space has decreased. The vacancy rate in Hong Kong has reached an unprecedented 16.4%, and office rents are expected to decline further. [Extracted from the article]

The Hong Kong government is considering extending Eddie Yue's term as the de-facto central bank chief after his current term expires in October. This decision is being made to avoid market disruption during a fragile time for the Asian financial hub. Yue is seen as a steady hand and is relatively young, but the decision is not final and subject to change. He is responsible for managing Hong Kong's $517 billion war chest and ensuring the city's currency peg to the US dollar. Yue has publicly supported Beijing's tightening grip on the city and has defended the currency's stability. He has a modest upbringing and worked as a bank teller before joining the government. The Hong Kong Monetary Authority (HKMA) was one of the first local regulators to address the business community's distress during the pandemic. Yue and his team even sent hampers of fine wine and gourmet food to stranded bankers in quarantine hotels. [Extracted from the article]

The Hong Kong government is considering extending the term of Eddie Yue as the de-facto central bank chief after his current term expires in October. This decision is being made to avoid market disruption during a fragile time for the Asian financial hub. Yue, who has been leading the Hong Kong Monetary Authority since 2019, is seen as a steady hand and is relatively young. However, the decision is not final and is subject to change. Yue is responsible for ensuring the city's currency peg to the US dollar and has publicly supported Beijing's tightening grip on the city. He has also defended the currency against calls that the peg to the dollar was in peril. Before joining the government, Yue worked as a bank teller and helped set up the HKMA in 1993. The HKMA was among the first local regulators to address the business community's distress during the Covid-19 pandemic. [Extracted from the article]

The Hong Kong government is considering extending the term of Eddie Yue as the de-facto central bank chief after his current term expires in October. This decision is being made to avoid market disruption during a fragile time for the Asian financial hub. Yue, who has been leading the Hong Kong Monetary Authority since 2019, is seen as a steady hand and is still relatively young. He is responsible for managing Hong Kong's $517 billion war chest and ensuring the city's currency peg to the US dollar. The decision is not final and is subject to change. Yue has also publicly supported Beijing's tightening grip on the city and has defended the currency's peg to the dollar. He had a modest upbringing and worked as a bank teller before joining the government. The HKMA was one of the first local regulators to address the business community's distress during the pandemic. [Extracted from the article]

Hong Kong is considering scaling back its plans to open up trading during severe weather, specifically during typhoon signal 9 or 10 alerts. This would be a departure from the city's current practice of closing operations during severe storms. The proposal is aimed at helping smaller firms that struggle to continue operations during extreme weather. However, there are concerns that this would undermine the city's goal of being a reliable market during all conditions. The final rules for the typhoon trading mechanism are still being developed, and the implementation of the new system has been delayed. [Extracted from the article]

Hong Kong's top market regulator, Tim Lui, has proposed that China lower the minimum asset requirement for investors to participate in the stock trading link with Hong Kong. Lui suggests lowering the threshold from 500,000 yuan to 100,000 yuan in order to boost liquidity and trading. This move would provide more opportunities for mainland investors and increase Hong Kong's market liquidity. Lui also recommends aligning dividend tax benefits for mainland and international investors and encouraging Chinese firms to list in Hong Kong to mitigate potential delisting risks. He emphasizes the need for a more prudent approach to regulation to restore investor confidence in the Hong Kong market. [Extracted from the article]

The Hong Kong government plans to appoint Carlson Tong, the former chairman of KPMG China, as the next chairman of the Hong Kong Exchanges & Clearing Ltd. Tong, along with new HKEX CEO Bonnie Chan, is expected to revive the exchange after a decline in IPOs and stock-trading volumes. Tong has experience leading difficult projects, including heading an expert group to boost stock market liquidity and brokering the Stock Connect trading link. The appointment comes alongside a larger reshuffle at the exchange, with Chan taking direct control of more corporate functions and Wilfred Yiu being stripped of his operations division. [Extracted from the article]

The Hong Kong government plans to appoint Carlson Tong, the former chairman of KPMG China, as the next chairman of the Hong Kong Exchanges & Clearing Ltd. Tong is expected to take over after April 24 and will work alongside new HKEX Chief Executive Officer Bonnie Chan to revive the exchange. Tong has experience leading difficult projects, including heading an expert group to boost stock market liquidity and brokering the Stock Connect trading link. The appointment comes as part of a larger reshuffle at the exchange, with Chan taking direct control of more corporate functions and Wilfred Yiu being stripped of his previous role as co-chief operating officer. [Extracted from the article]

The Hong Kong government plans to appoint Carlson Tong, the former chairman of KPMG China, as the next chairman of the Hong Kong Exchanges & Clearing Ltd. Tong's appointment is expected to take place after April 24, and it is mandated by local securities law. Tong will be taking over during a challenging period for the stock exchange, as trading has been struggling and initial public offerings have been limited. Tong and a spokesperson for HKEX declined to comment on the appointment. [Extracted from the article]

The Hong Kong stock exchange has set a deadline for listed companies to include at least one woman on their boards by the end of this year. While most companies have complied, nearly 500 are still governed by all-male boards, with the largest offenders being Chinese state-owned companies or their affiliates. Advocates for gender diversity argue that having women on boards leads to better financial performance and a wider commitment to gender equality. The Hong Kong stock exchange has not specified the consequences for non-compliant firms, but there are calls for a zero-tolerance approach. [Extracted from the article]

The Hong Kong Monetary Authority (HKMA) is relocating over 100 employees to a skyscraper in Kowloon in order to save costs and provide more working space. The HKMA has leased three floors in the International Commerce Centre and will be giving up its office space in Pacific Place on Hong Kong Island. This move will reduce rental costs and free up space in its headquarters in the International Finance Centre. The move will involve workers in the banking conduct and banking policy departments, as well as the HKMA-affiliated research center Hong Kong Academy of Finance. The HKMA regularly reviews its office accommodation arrangements to meet its operational needs. The International Commerce Centre is a premium office tower in Kowloon that has attracted foreign firms. The cost-saving efforts of tenants have impacted Hong Kong's commercial real estate market, with a high office vacancy rate and expected rent drops. [Extracted from the article]

The Hong Kong Monetary Authority (HKMA) is relocating over 100 employees to a skyscraper in Kowloon in order to save costs and provide more working space. The move involves leasing three floors in the International Commerce Centre and giving up office space in Pacific Place. This relocation will reduce rental costs and free up space in the HKMA's headquarters. The move is primarily affecting workers in the banking conduct and banking policy departments, as well as the HKMA-affiliated research center Hong Kong Academy of Finance. The ICC is a premium office tower in Kowloon that has attracted foreign firms in recent years. The cost-saving efforts of tenants have impacted Hong Kong's commercial real estate market, with a high office vacancy rate and expected rent drops. [Extracted from the article]

Hong Kong has received 24 applications from companies seeking licenses to operate digital-asset exchanges in the city, including well-known players like Bybit, OKX, and Crypto.com. However, notable exchanges such as Binance, Coinbase, and Kraken were absent from the list. Hong Kong aims to establish itself as a regulated hub for the crypto industry, but compliance costs may pose a challenge for some businesses. The city's evolving regulatory landscape will likely impact existing exchanges and the way they operate. Additionally, most crypto flows into Hong Kong occur through over-the-counter trades rather than digital-asset exchanges. Hong Kong is also exploring rules for stablecoins and considering allowing exchange-traded funds that invest in select cryptocurrencies. [Extracted from the article]

Twenty-two companies have applied for licenses to operate digital-asset exchanges in Hong Kong, including Bybit, OKX, and Crypto.com. However, notable players such as Binance, Coinbase, and Kraken were absent from the list. Hong Kong aims to become a regulated hub for the crypto industry, but compliance costs may pose a challenge for some businesses. The city's evolving regulatory landscape will likely impact existing exchanges, and most crypto flows into Hong Kong occur through over-the-counter trades rather than digital-asset exchanges. Hong Kong is also working on rules for stablecoins and considering allowing exchange-traded funds that invest in cryptocurrencies. [Extracted from the article]

Twenty-two companies, including Bybit, OKX, and Crypto.com, have applied for licenses to operate digital-asset exchanges in Hong Kong as the city aims to become a regulated hub for the crypto industry. However, notable players such as Binance, Coinbase, and Kraken were absent from the list. Hong Kong's virtual-asset rulebook prioritizes investor protection, but compliance costs may pose challenges for some businesses. The city is also cracking down on over-the-counter crypto trades and is working on rules for stablecoins and potentially allowing exchange-traded funds for select cryptocurrencies. [Extracted from the article]

Hong Kong's government has decided to remove cooling measures on housing in order to boost the weak housing market. The Hong Kong Monetary Authority has also eased mortgage rules, allowing some homebuyers to purchase properties with smaller down payments. Additionally, the government plans to raise taxes on high earners to reduce the budget deficit. These measures are part of a broader plan to revive growth in the financial hub, which has been impacted by falling home prices, national security measures, and the economic slowdown in China. [Extracted from the article]

The Hong Kong government is removing cooling measures in the residential property market in an effort to revive the city's struggling economy. The measures, which included taxes on property purchases, will be canceled immediately. The government also plans to allocate funds for tourism initiatives, such as fireworks displays and hosting more mega events. The decision to ease property curbs is expected to benefit property firms and travel-related shares. [Extracted from the article]

Hong Kong is preparing to implement new rules to crack down on shops that convert cash to cryptocurrency with minimal oversight. These shops are part of the over-the-counter (OTC) crypto trade, which accounted for the majority of the $64 billion in digital assets that flowed through the city in the past year. The new regulations will require OTC providers to collect customer records and increase staff to monitor for illegal activity, potentially increasing costs. Hong Kong is also working to establish tightly regulated crypto exchanges as an alternative to the OTC route. The city's customs department will oversee the OTC providers, alongside other agencies, to prevent money laundering, terrorism financing, and fraud. However, some experts believe that the decentralized nature of crypto makes it difficult to regulate effectively. [Extracted from the article]

Hong Kong is preparing to implement new rules to crack down on shops that convert cash to cryptocurrency with minimal oversight. These shops are part of the over-the-counter (OTC) crypto trade, which accounted for the majority of the $64 billion in digital assets that flowed through the city in the past year. The new regulations will require OTC providers to collect customer records and increase staff to monitor for illegal activity, potentially increasing costs. Hong Kong is also working to establish tightly regulated crypto exchanges as an alternative to the OTC route. The city's customs department will oversee the OTC providers, alongside other agencies, to prevent money laundering, terrorism financing, and fraud. However, some experts believe that the decentralized nature of crypto makes it difficult to regulate effectively. [Extracted from the article]

Hong Kong is preparing to implement new rules to crack down on shops that convert cash to cryptocurrency with minimal oversight. These shops are part of the over-the-counter (OTC) crypto trade, which accounted for the majority of the $64 billion in digital assets that flowed through the city in the past year. The new regulations will require OTC providers to collect customer records and increase staff to monitor for illegal activity, potentially increasing costs. Hong Kong is also working on establishing tightly regulated crypto exchanges as an alternative to the OTC route. The city's customs department will oversee the OTC service providers, alongside other agencies, to prevent money laundering, terrorism financing, and fraud. However, some experts believe that the decentralized nature of crypto makes it challenging to regulate effectively. [Extracted from the article]

Hong Kong leader John Lee held a meeting with diplomats and lobby groups to promote his new security law, but attendees were left unsatisfied as Lee took few questions and the government did not appear keen to listen. The proposed legislation aims to protect the Chinese state, but has raised concerns among business leaders and Western democracies over its definition of state secrets and potential impact on freedom of speech. The government reassured attendees that the law would not affect normal business operations and that intent would be crucial in determining criminal acts. The government also emphasized its commitment to preserving Hong Kong's freedoms and unique status. [Extracted from the article]

Hong Kong leader John Lee held a closed-door meeting with diplomats and lobby groups to discuss his new security law, but many attendees were left unsatisfied as Lee and his officials did most of the talking and only took a few questions. The proposed legislation aims to protect the Chinese state, but concerns were raised about the definition of state secrets, the vagueness of the proposed offenses, compliance costs, and checks and balances. The government reassured attendees that the law would not affect normal business operations and that intent would be crucial in determining criminal acts. Some diplomats noted that the new law offered more clarity than the national security law imposed by China in 2020, which has strained Hong Kong's relationship with Western democracies and limited freedom of speech. The government also assured business representatives that it would not do anything to undermine the city's freedoms and unique status. The European Union and UK Foreign Office expressed concern about the erosion of Hong Kong's freedoms under the guise of national security. Justice Secretary Paul Lam stated that while there are concerns about certain aspects of the law, no one has expressed outright opposition to it. Lee emphasized the need for the government to explain the new law to counter negative perceptions and emphasize that it is meant to protect Hong Kong. [Extracted from the article]

Hong Kong plans to raise the guarantee on bank deposit savings to HK$800,000 ($102,000) in order to provide more protection during times of financial stress. The current cap of HK$500,000 will be increased, with the changes expected to be implemented in the fourth quarter of this year. The new limit will cover over 92% of the city's depositors. Hong Kong's deposit protections are higher than Japan and Singapore, but lower than the US and the UK. The review of the cap will be conducted every three years starting in 2027. [Extracted from the article]

The value of negative-equity mortgages in Hong Kong has reached a two-decade high, with the total amount of these loans standing at HK$131.3 billion ($17 billion) at the end of December. This increase is due to a prolonged slump in the property market, which is predicted to be one of the worst in the world this year. The number of negative-equity loans has more than doubled in three months, reaching 25,163 cases in December. This situation is a result of declining property prices and additional challenges faced by Hong Kong, such as its reliance on a struggling China. The rise in underwater mortgages may lead to losses and foreclosures for lenders, potentially impacting credit costs at banks. [Extracted from the article]

The value of "underwater mortgages" in Hong Kong has reached a two-decade high, with negative-equity loans totaling HK$131.3 billion ($17 billion) as of December 2023. This surge is due to a prolonged slump in Hong Kong's property market, which is predicted to be one of the worst in the world this year. The number of underwater loans more than doubled to 25,163 cases in December compared to three months earlier. While declining property prices and a reliance on a slumping China contribute to this situation, the delinquency ratio remains low at 0.03%. However, analysts warn that lenders may face losses and foreclosures as a result of the rise in underwater mortgages. [Extracted from the article]

Hong Kong is considering implementing rules for stablecoins, and several companies, including Harvest Global Investments, RD Technologies, and Venture Smart Financial Holdings, are in talks with the Hong Kong Monetary Authority about participating in stablecoin trials. Stablecoins are digital tokens that are typically pegged to fiat currencies and backed by reserves of cash and bonds. They are used for crypto trading and lending, but some argue they could have wider use in payments. The stablecoin market is currently dominated by US dollar-linked tokens, but a Hong Kong-dollar referenced token could be a "powerful alternative." [Extracted from the article]

Hong Kong has announced several measures to deepen its financial links with China, aiming to integrate the city further with the mainland. The measures include facilitating real estate purchases, expanding the Wealth Connect program, opening China's onshore repo market, and allowing Chinese state bonds as qualified collateral. The move comes as Hong Kong seeks to regain momentum after facing challenges from strict Covid policies and the imposition of a national security law in 2020. The expansion of financial links between Hong Kong and China is occurring amidst turmoil in both markets, with Chinese and Hong Kong stocks experiencing significant losses. [Extracted from the article]

Hong Kong has announced several measures to deepen its financial links with China, aiming to integrate the city further with the mainland. The measures include facilitating mainland real estate purchases, expanding the Wealth Connect program, and opening China's onshore repo market. The authorities also plan to allow bonds issued by the Chinese state and its policy banks as qualified collateral for the Hong Kong Monetary Authority's Renminbi Liquidity Facility. These policies are intended to support Hong Kong's role as a key offshore RMB center and attract more foreign investment in China's onshore bonds. The move comes as Hong Kong seeks to regain momentum after facing challenges due to strict Covid policies and the imposition of a national security law in 2020. Despite recent turmoil in both the mainland and Hong Kong markets, Chinese and Hong Kong stocks have rallied this week following signals of support from Chinese officials. Hong Kong has been expanding its financial links with China in recent years, including the establishment of Stock and Bond Connects and the launch of the Wealth Connect program. [Extracted from the article]

Saudi Arabia's Public Investment Fund (PIF) has invested millions of dollars in electric racing leagues, including Formula E Holdings Ltd., Extreme E, and E1. These investments demonstrate the PIF's efforts to build media influence and promote green initiatives. The PIF's involvement in various sports, such as golf, soccer, and boxing, reflects Saudi Arabia's desire to increase cultural influence and diversify its economy beyond oil. The Formula E series, in particular, sees Saudi Arabia as a potential source of future investment. The PIF holds significant stakes in these racing ventures, indicating its commitment to sustainability and innovation. [Extracted from the article]

Saudi Arabia has invested millions of dollars in electric racing leagues, including Formula E Holdings Ltd., Extreme E, and E1, as part of its efforts to build media influence and promote sustainability. The country's sovereign wealth fund, the Public Investment Fund, owns significant stakes in these ventures. This investment reflects Saudi Arabia's broader trend of becoming a major investor in various sports, aiming to build cultural influence and diversify its economy beyond oil. The Formula E series, in particular, sees Saudi Arabia as a potential valuable source of future investment. [Extracted from the article]

A Hong Kong court has rejected Jimmy Lai's request to dismiss a sedition charge, leading to an early defeat for the democracy activist. The court ruled that the charge was brought within the six-month time limit after the alleged offense, conspiracy to publish seditious material. Lai, the founder of Apple Daily, will now face trial for all three original charges, including two national security charges that could result in a life sentence. Western governments, including the US and UK, have called for Lai's release, but China has criticized these statements as politically motivated. Lai's trial began three years after his arrest under a national security law imposed by Beijing. [Extracted from the article]

A Hong Kong court has rejected Jimmy Lai's request to dismiss a sedition charge, marking an early setback for the democracy activist. The court ruled that the charge was brought within the six-month time limit after the alleged offense, conspiracy to publish seditious material. Lai, the founder of Apple Daily, will now face trial for all three original charges, including two national security charges that carry a potential life sentence. The US and UK have called for Lai's release, but China has criticized these statements as politically motivated. Lai's trial began three years after his arrest under a national security law imposed by Beijing. [Extracted from the article]

Nicolas Aguzin, the CEO of Hong Kong Exchanges & Clearing Ltd., will be leaving the company at the end of his three-year contract. He will be succeeded by Bonnie Chan, who will become the first woman to hold the top job at the exchange. Aguzin faced challenges during his tenure, including profit declines and a slowdown in IPO deals. Chan, a former partner at law firm Davis Polk & Wardwell LLP, has experience in IPO transactions and was head of the listing division at HKEX. [Extracted from the article]

Nicolas Aguzin, the CEO of Hong Kong Exchanges and Clearing Ltd., is reportedly leaving the company after a tenure marked by declining earnings and a drop in the share price. Aguzin's three-year contract is set to expire in May, and it is unclear whether he will leave immediately or finish his term. During his time as CEO, Aguzin faced challenges such as global economic concerns, Covid-related restrictions, and a crackdown on private enterprise in mainland China, which led to a decline in trading and initial public offerings. Despite implementing changes such as expanding trading links and introducing new features, the company's share price has fallen significantly. Aguzin was paid HK$24 million ($3.1 million) in 2022, excluding share awards. [Extracted from the article]

Hong Kong's corporate governance ranking in Asia has fallen to its lowest level in decades, dropping to sixth place from second, according to the Asian Corporate Governance Association's CG Watch rankings. This is the first time Hong Kong has fallen out of the top three spots since the rankings began in 2003. The decline is attributed to concerns about the deterioration of minority shareholder rights, the independence of the judiciary, and the introduction of a Beijing-led national security law. Australia maintained its top spot, while Japan jumped to second place for the first time. Singapore and Taiwan tied for third place. [Extracted from the article]

Hong Kong Exchanges & Clearing Ltd. (HKEX) is considering extending the contract of Chief Executive Officer Nicolas Aguzin until May 2025. The board wants to avoid changing both the chairman and CEO in the same year. Aguzin's current three-year contract ends in May, while Chairman Laura Cha's appointment expires in April. Aguzin has faced challenges during his tenure, including declines in profit and a decrease in trading volumes and initial public offerings. However, HKEX's quarterly profit has improved, and the pursuit of an IPO by oil giant Saudi Aramco could strengthen Aguzin's position. [Extracted from the article]

Hong Kong's local council elections had the lowest turnout in nearly three decades, with only 27.5% of eligible voters casting ballots. This decline in participation can be attributed to a lack of political diversity and the revamp of the system to solidify China's control. In 2019, a record 71% of voters turned out and handed pro-democracy candidates a landslide victory, but since then, a national security law has been imposed and pro-democracy candidates have been effectively excluded from the elections. The new district council system required candidates to secure endorsements from government-appointed committees loyal to Beijing. Despite efforts to encourage voting, such as discounted flights and celebrity endorsements, the low turnout suggests a widespread disengagement from politics. [Extracted from the article]

Hong Kong's local council elections had the lowest turnout in nearly three decades, with only 27.5% of eligible voters casting ballots. This decline in participation can be attributed to a lack of political diversity after China implemented changes to solidify its control over Hong Kong. In 2019, a record 71% of voters turned out and handed pro-democracy candidates a landslide victory, but this year's elections saw a dramatic reversal due to the exclusion of pro-democracy candidates and the imposition of a national security law. The low turnout indicates a widespread disengagement from politics rather than political apathy. [Extracted from the article]

Hong Kong Exchanges & Clearing Ltd. (HKEX) is considering extending the contract of Chief Executive Officer Nicolas Aguzin until May 2025. The board wants to avoid changing both the chairman and CEO in the same year. Aguzin's current three-year contract ends in May, while Chairman Laura Cha's appointment expires in April. Aguzin has faced challenges during his tenure, including declines in profit and a decrease in trading volumes and initial public offerings. However, HKEX's quarterly profit has improved, and potential business opportunities, such as an IPO by Saudi Aramco, could strengthen Aguzin's position. [Extracted from the article]

Hong Kong's smaller brokers and advisers have formed the Association of Hong Kong Capital Market Practitioners to advocate for more support from the government. The group aims to loosen the tight regulations on the city's small-cap market, which has experienced a drought of initial public offerings and declining trading. The association believes that regulators are too focused on the needs of big businesses and should instead focus on boosting liquidity and offering more support to smaller companies. The group has backing from key politicians and aims to revive Hong Kong as a more inclusive market for companies of all sizes. [Extracted from the article]

Hong Kong's local council elections experienced a record-low turnout, with only 27.5% of eligible voters participating. This decline in participation can be attributed to a lack of political diversity following China's revamp to solidify its control over Hong Kong. In the previous election in 2019, a record 71% of voters turned out, reflecting widespread dissatisfaction and resulting in a victory for pro-democracy candidates. However, the subsequent imposition of a national security law and the redesign of local district councils to exclude pro-democracy candidates have limited citizens' ability to voice their concerns through the electoral process. The majority of this year's candidates were loyal to mainland China, and contenders had to secure endorsements from government-appointed committees filled with Beijing loyalists. Despite efforts to encourage voter participation, such as discounted flights and celebrity endorsements, the low turnout suggests a widespread disengagement from politics. [Extracted from the article]

Solina Chau, long-time partner of Hong Kong billionaire Li Ka-shing, has urged governments to listen to a variety of voices in order to avoid making poor policy decisions in a rapidly changing world. Chau emphasized the need for counter proposals and counter-factual thinking to prevent being stuck in normalcy bias and implementing bad policies. These comments provide insight into the thinking of key members of Li's inner circle. The article also highlights the challenges faced by Hong Kong, including deficits, slumping markets, and emigration, as well as the city's struggle to maintain its status as a global financial hub. Chau called on the government to support innovation beyond popular industries and emphasized the importance of living happily and well as a way to promote Hong Kong. The article mentions the city's recent electoral system revamp, which effectively banned pro-democracy candidates from standing in the first city-wide election since the change. The article also touches on the crackdown on tycoons' influence, including Li's, in selecting the city's leader and legislators. Chau expressed that international investors are still confused and cautious about Hong Kong. The article concludes by mentioning the arrests made under the national security law and the calls for voting in the upcoming district council vote. [Extracted from the article]

Hong Kong Exchanges & Clearing Ltd. (HKEX) has announced plans to keep the local stock market open during typhoons starting from July. Currently, trading is suspended depending on the severity and duration of weather warnings issued by the government. The new proposal aims to eliminate the complex arrangements and allow trading to continue as normal regardless of weather conditions. The move is seen as a way to revive turnover on the Hong Kong stock exchange, which has been experiencing losses and facing pressure from foreign and mainland Chinese investors. However, safety remains a priority, and all operations on severe weather days will be conducted remotely. [Extracted from the article]

Three Hong Kong regulators, including the Mandatory Provident Fund Schemes Authority, Insurance Authority, and the Accounting and Financial Reporting Council, have called on members of their industry to participate in the upcoming local elections. The government has recently revamped the election system to solidify Beijing's control. Concerns about low turnout have prompted these regulators to issue statements urging industry members to vote. Pro-democracy candidates won a majority in the last District Council elections in 2019, but since then, Beijing has imposed a national security law and candidates must now pledge their patriotism to China. [Extracted from the article]