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Hong Kong's securities watchdog, the Securities and Futures Commission (SFC), is planning to release revised market sounding guidelines by the end of the year. The new guidelines will focus on publicly listed securities and will shift the responsibility for preventing the abuse of pre-deal confidential information to banks and brokers. The SFC has been engaging in private conversations with industry participants to fine-tune the guidelines further. The aim is to prevent the sharing of confidential information prior to market-moving deal announcements and to revive Hong Kong's financial hub status. The guidelines will also be shared with the International Organization of Securities Commissions to align with other regulators. [Extracted from the article]

The Hong Kong stock exchange is launching weekly options on the Hang Seng Tech Index, which includes stocks like Alibaba and JD.com. This move is part of the exchange's efforts to boost trading and liquidity in a market that has been struggling in recent years. The introduction of these options is expected to provide better price discovery and more flexibility for investors. The Hong Kong exchange has been expanding its derivatives offerings, with futures and options trading seeing consistent growth. The expansion of weekly options is aimed at diversifying investment options for retail and institutional investors. [Extracted from the article]

Hong Kong's plan to become a digital-asset hub is facing challenges as 11 crypto exchanges that received initial approvals are uncertain about obtaining full licenses. The city's Securities and Futures Commission found unsatisfactory practices during on-site inspections, including over-reliance on a few executives and inadequate protection against cybercrime risks. The specific exchanges that fell short of requirements are unknown as the inspections are ongoing. The licensing process is part of Hong Kong's efforts to restore its appeal as a financial hub, but it has struggled to generate significant personnel shifts or capital inflows. Only two platforms, OSL and HashKey, are currently fully licensed in Hong Kong. [Extracted from the article]

The Hong Kong stock exchange reported a 9% increase in profit for the second quarter, driven by higher trading volumes. The exchange's net income reached HK$3.16 billion ($406 million), falling slightly short of analysts' estimates. The rise in profit was attributed to increased market momentum and trading activity, as well as a boost in initial public offerings. The average daily trading volume of equities rose by 23% in the quarter, and trading via the Stock Connect to China's exchanges also saw significant growth. Despite the positive results, the exchange's shares declined by 2.2%. [Extracted from the article]

The Hong Kong stock exchange reported a 9% increase in profit for the second quarter, driven by higher trading volumes. The net income for Hong Kong Exchanges & Clearing Ltd. rose to HK$3.16 billion ($406 million), falling slightly short of analysts' estimates. The CEO, Bonnie Chan, attributed the strong performance to increased market momentum and trading activity. This is the first full quarter with Chan at the helm, and she is benefiting from a rise in initial public offerings, partly due to supportive measures from Chinese regulators. The average daily volume of cash equities trading also saw a significant increase of 23% during the quarter. [Extracted from the article]

Hong Kong tycoon Adrian Cheng, CEO of New World Development Co., believes that Hong Kong will become the top destination for family offices in the future. The city has set up the Hong Kong Academy for Wealth Legacy to promote itself as a global hub for the super-rich. Hong Kong currently has over 2,700 single family offices, with about a third managing at least $100 million in assets. The city is trying to regain its status as a global financial hub after facing Covid-19 restrictions and a crackdown on political dissent. Singapore has benefited from this situation and has become a popular base for family offices. Hong Kong has introduced tax and residency incentives to attract more money management firms, but it faces challenges such as geopolitical risks and Beijing's crackdown on billionaires. The Hong Kong academy aims to be a "super connector" for family offices and will hold a summit next month. Family offices managing over HK$240 million ($30.8 million) are exempt from profit taxes on their qualified financial investments. Hong Kong is also trying to establish itself as a top global venue for trading and storing art. Cheng is one of the heirs of a prominent real estate clan and believes that Hong Kong's advantage lies not only in its capital but also in its values. [Extracted from the article]

A former Citigroup trader in Hong Kong, Cindy Lui, is suing the bank for wrongful dismissal in 2019. This lawsuit is part of a larger saga that led to regulators imposing a $44.6 million fine on Citigroup in 2022. Lui is seeking compensation for lost job opportunities and accrued pension benefits. The dispute revolves around whether there was a natural buyer for Tencent Holdings Ltd. shares in 2018. Citigroup alleges that Lui misrepresented the trade, while Lui denies deliberate misrepresentation and blames internal control failures. The trial has concluded, with a further hearing scheduled for September 27. [Extracted from the article]

A former Citigroup trader in Hong Kong, Cindy Lui, is suing the bank for wrongful dismissal in 2019. This lawsuit is part of a larger saga that led to a $44.6 million fine imposed on Citigroup by regulators in 2022. Lui is seeking compensation for lost job opportunities and accrued pension benefits. The dispute revolves around whether there was a natural buyer for Tencent Holdings Ltd. shares in 2018. Citigroup alleges that Lui misrepresented the trade, while Lui denies deliberate misrepresentation and blames internal control failures. A decision on the case will be handed out on August 27. [Extracted from the article]

Hong Kong's government has reappointed Eddie Yue as the head of the city's central bank for another five-year term. Yue, who has been in this position since 2019, is responsible for maintaining the stability of Hong Kong's currency peg to the US dollar. He has also taken on a larger role as the face of Hong Kong's banking community, as the city's status as a global financial hub has been questioned due to a decline in business and increased political control from Beijing. Yue, who previously worked as a bank teller, is committed to safeguarding monetary and financial stability. [Extracted from the article]

A Hong Kong court has handed down the longest ever jail sentences for market manipulation, with two defendants receiving six years and eight months of prison time. The case involved false trading in Ching Lee Holdings Ltd, resulting in illicit profits of over HK$124 million ($15.9 million). The judge stated that the lengthy sentences were necessary to send a strong message to the investing public and protect Hong Kong's reputation as a global financial center. This case also marked the first jury win for the Securities and Futures Commission in a market manipulation case. The SFC is increasing its enforcement of market misconduct, with an upcoming insider trading case involving Segantii Capital Management. [Extracted from the article]

Hong Kong's de facto central bank, the Hong Kong Monetary Authority (HKMA), has announced plans to introduce a licensing regime for stablecoin issuers. Under this regime, stablecoin issuers that track fiat currencies will need to obtain a license from the HKMA and publish monthly attestations on reserve assets conducted by a third-party auditor. The proposed rules aim to strengthen Hong Kong's regulatory framework for virtual assets and are part of the city's efforts to position itself as a digital-asset hub. The legislation on the new rules will be reviewed by lawmakers later this year. [Extracted from the article]

Hong Kong's audit regulator, the Accounting and Financial Reporting Council, has stated that it found no evidence to support the allegations made against PricewaterhouseCoopers (PwC) in an anonymous whistleblower letter that circulated on social media in April. The allegations included claims that PwC had failed to establish effective quality controls, adhere to professional standards in its client relationship with China Evergrande Group, and assign appropriate personnel to key positions. The regulator is still conducting a separate investigation into PwC's audits of Evergrande. PwC has denied the allegations and reported the letter to relevant authorities. The firm is currently facing pressure and a potential record fine from Chinese authorities over its audit work on Evergrande, and it has been cutting staff across its China operations. Raymund Chao, who was mentioned in the letter, retired in June and was succeeded by Daniel Li. [Extracted from the article]

Hong Kong's audit regulator, the Accounting and Financial Reporting Council, has stated that it found no evidence to support the allegations made against PricewaterhouseCoopers (PwC) in an anonymous whistleblower letter that circulated on social media in April. The allegations included claims that PwC had failed to establish effective quality controls, adhere to professional standards in its client relationship with China Evergrande Group, and assign appropriate personnel to key positions. The regulator is still conducting a separate investigation into PwC's audits of Evergrande. PwC has denied the allegations and reported the letter to relevant authorities. The firm is currently facing pressure and a potential record fine from Chinese authorities over its audit work on Evergrande, and it has been cutting staff across its China operations. Raymund Chao, who was mentioned in the letter, retired in June and was succeeded by Daniel Li. [Extracted from the article]

The insider dealing case against hedge fund firm Segantii Capital Management, its founder Simon Sadler, and former trader Daniel La Rocca has been adjourned to October 15th. The defendants have requested to review unused materials related to the case. The Securities and Futures Commission of Hong Kong has accused the trio of trading $1.14 million worth of shares of fashion retailer Esprit Holdings Ltd. based on inside information. The case is one of the city's highest-profile legal actions against a major hedge fund firm. [Extracted from the article]

The insider dealing case against hedge fund firm Segantii Capital Management, its founder Simon Sadler, and former trader Daniel La Rocca has been adjourned to October 15. The defendants requested unused material and evidence related to the case at a Hong Kong District Court hearing. The Securities and Futures Commission accused the trio of trading $1.14 million worth of shares of Esprit Holdings Ltd. based on inside information. The case is one of the highest-profile legal actions against a major hedge fund firm in Hong Kong. [Extracted from the article]

Middle East sovereign wealth funds invested $2.3 billion in the greater China market in 2023, a significant increase from the previous year. This influx of capital is seen as important because it has a positive impact on the local industry and the general public, according to Kenneth Hui of the Hong Kong Monetary Authority. Hong Kong has been actively seeking funding from Saudi Arabia and other Middle Eastern countries to revitalize its stock market, which experienced a decline in initial public offerings due to market volatility and tensions between China and the US. [Extracted from the article]

Nasdaq is increasing its scrutiny of small initial public offerings (IPOs) from China and Hong Kong to prevent the wild swings that occurred after a few deals two years ago. The exchange has been asking IPO applicants from these regions questions about the identity and independence of the firms' pre-IPO investors. This increased scrutiny has lengthened the IPO process and added uncertainty and costs. Despite this, Nasdaq remains an attractive alternative for Chinese and Hong Kong firms due to its low listing threshold, cost, time required, and certainty from the disclosure-based system. [Extracted from the article]

Nasdaq is increasing its scrutiny of small initial public offerings (IPOs) from China and Hong Kong to prevent the wild swings that occurred after a few deals two years ago. The exchange has been asking IPO applicants from these regions questions about the identity and independence of the firms' pre-IPO investors. This increased scrutiny comes as more small firms from China and Hong Kong turn to Nasdaq for funding. While no IPOs have been halted, the process has been lengthened, adding uncertainty and costs. Nasdaq is seeking to ensure investor independence and that US-based investors make up the majority of these IPOs. [Extracted from the article]

Nasdaq is increasing its scrutiny of small initial public offerings (IPOs) from China and Hong Kong to prevent the wild swings that occurred after a few deals two years ago. The exchange has been asking IPO applicants from these regions questions about the identity and independence of the firms' pre-IPO investors. This increased scrutiny comes as more small firms from China and Hong Kong turn to Nasdaq for funding. While no IPOs have been halted, the process has been lengthened, adding uncertainty and costs. Nasdaq is seeking to ensure investor independence and that US-based investors make up the majority of these IPOs. [Extracted from the article]

Hong Kong will no longer close its markets during typhoons and major storms starting on September 23. This decision comes after recognizing that other cities allow trading in extreme weather and that markets can function during the pandemic. The change was pushed by the local government, although some smaller brokers opposed it due to costs and difficulties in remaining open. The Hong Kong stock exchange will provide support arrangements for brokers that need help during the transition period. The decision to close markets during severe weather also received criticism for disrupting flows through Stock Connect, which links to markets in Shanghai and Shenzhen. [Extracted from the article]

Hong Kong will no longer close its markets during typhoons and major storms starting on September 23. This decision comes after recognizing that other cities allow trading during extreme weather and that markets can function during the pandemic. The change was supported by the local government, although some smaller brokers opposed it due to costs and difficulties in remaining open. The decision is seen as a positive development for the Hong Kong market, removing uncertainty about access to market and liquidity. However, the trading halt during severe weather also received criticism for disrupting flows through Stock Connect, which links to markets in Shanghai and Shenzhen. [Extracted from the article]

Hong Kong will no longer close its markets during typhoons and major storms starting on September 23, ending a long-standing practice. Chief Executive John Lee stated that there was broad support for this change, as other cities already allow trading in extreme weather. The decision was made in light of the pandemic, which showed that markets can function even when most workers are at home. The change was pushed by the local government, although some smaller brokers opposed it due to costs and difficulties in remaining open. The trading halt during severe weather also received criticism because it disrupts flows through Stock Connect, which links to markets in Shanghai and Shenzhen. [Extracted from the article]

Hong Kong will no longer close its markets during typhoons and major storms starting on September 25, according to Chief Executive John Lee. This decision comes after recognizing that other cities allow trading during extreme weather and that markets can function during the pandemic. The change was pushed by the local government, despite opposition from smaller brokers due to costs and difficulties in remaining open. The trading halt also received criticism for disrupting flows through Stock Connect, which links to markets in Shanghai and Shenzhen. [Extracted from the article]

Segantii Capital Management's insider trading case will be transferred to a Hong Kong District Court, which has the authority to impose longer prison sentences. The hedge fund, along with its founder and a former trader, is accused of acting on insider information prior to a block trade in 2017. The alleged inside information was received from a person connected to Esprit Holdings Ltd., and Segantii sold about $1.14 million worth of Esprit shares before the block trade. The case will be handled by Hong Kong's Department of Justice, and Segantii has decided to wind down its hedge fund in light of the legal action. [Extracted from the article]

The Segantii Capital Management insider-dealing case has been moved to a higher court in Hong Kong, making it one of the most high-profile legal actions against a major hedge fund in the city. The case involves accusations of insider trading against Segantii, founder Simon Sadler, and former trader Daniel La Rocca. Sadler, who is known as Asia's "block trade king," founded Segantii in 2007 and managed the firm's traders and analysts. La Rocca, who was set to join JPMorgan Chase & Co., appeared in court as the second defendant. The CEO of Segantii, Kurt Ersoy, also appeared in court but has not been accused of wrongdoing. Another individual, Tony Psarianos, was identified as an alleged information provider but is not a defendant in the proceedings. The trial is set to start in July. [Extracted from the article]

Segantii Capital Management, one of Asia's top hedge funds, is facing allegations of insider trading in a Hong Kong court. The hedge fund is accused of using insider information to sell shares of an apparel retailer ahead of a block trade in 2017. The case highlights the potential impact of accusations of wrongdoing on investment firms, even if the trades involved are relatively small compared to the firm's assets under management. The next hearing is scheduled for July 2, and the case is expected to delve into the inner workings of block trades. [Extracted from the article]

Segantii Capital Management's insider trading case will be transferred to a Hong Kong District Court, which has the authority to impose longer prison sentences. The hedge fund, along with its founder and a former trader, is accused of acting on insider information prior to a block trade in 2017. The case involves the sale of a 10% stake in Esprit Holdings Ltd. by another hedge fund firm. Segantii received inside information from a person connected to Esprit, who previously worked at Bank of America's Merrill Lynch division. The hedge fund decided to wind down its operations three weeks after the insider charges were made public. [Extracted from the article]

Segantii Capital Management's insider trading case will be transferred to a District Court in Hong Kong, which has the authority to impose longer prison sentences of up to seven years. The hedge fund firm, along with its founder Simon Sadler and former trader Daniel La Rocca, are accused of acting on insider information prior to a block trade in 2017. The case was granted a transfer to the higher court, and the next hearing is scheduled for July 2. Segantii, once one of Asia's largest hedge funds, decided to wind down its operations and return outside capital to investors following the public disclosure of the insider trading charges. [Extracted from the article]

Segantii Capital Management Ltd. and its founder Simon Sadler are facing insider dealing charges in Hong Kong related to a stock trade in 2017. The case revolves around Segantii's actions prior to a block trade involving a 10% stake in Esprit Holdings Ltd. by Lone Pine Capital LLC. Esprit's shares fell 29% over six consecutive trading days before and after the block trade. The Securities and Futures Commission has accused Segantii, Sadler, and a former trader at the firm of acting on insider information. The case is being closely watched in the Asian financial hub, and prosecutors are expected to request the case be transferred to a higher court. Segantii has announced that it will return all outside capital and shut down its hedge fund. The case may hinge on whether prosecutors can prove that Sadler and the trader knowingly traded on material non-public information. A former trader at Bank of America Corp.'s Merrill Lynch division has also been named in the case. The trial could last at least three weeks, and statistics show that the majority of defendants in similar cases in Hong Kong are convicted. The article also mentions previous insider trading cases in Hong Kong involving Du Jun and Tiger Asia Management LLC. [Extracted from the article]

Hong Kong is planning to allow trading in the stock market during severe weather conditions, such as typhoons, starting in September. This move would end the long-standing practice of closing the market during inclement weather. The proposal aims to strengthen Hong Kong's position as an international financial center and consolidate its competitiveness. The plan is still being finalized and is subject to potential changes. The Securities and Futures Commission and the Hong Kong Monetary Authority are supportive of the proposal. [Extracted from the article]

UBS Group AG and HSBC Holdings Plc are urging China to expand wealth links with Hong Kong. The Hong Kong Monetary Authority is in discussions with the industry to potentially increase the Wealth Management Connect program to meet the needs of wealthier investors. The current quota for individuals to invest in Hong Kong was tripled in February, but executives argue that it is still not enough to attract private bank clients. The expansion of the program has already led to increased investment from southern Chinese cities. [Extracted from the article]

Hong Kong's securities regulator has announced that 11 cryptocurrency exchanges, including Crypto.com and Bullish, are closer to obtaining licenses. This comes one year after the implementation of a digital-asset rulebook aimed at establishing Hong Kong as a hub for the industry. However, prominent exchanges such as OKX and Bybit withdrew their permit applications, and major platforms like Binance, Coinbase, and Kraken did not apply. Hong Kong is competing with Dubai and Singapore to become a digital-asset center, but strict regulations and compliance requirements may pose challenges. [Extracted from the article]

Hong Kong is exploring the possibility of allowing staking for exchange-traded funds (ETFs) that invest in Ether, a cryptocurrency. This move could provide a source of passive income that is currently unavailable to US issuers. The Securities and Futures Commission (SFC) has been in discussions with crypto ETF issuers in Hong Kong about offering staking services through licensed platforms. If approved, this could increase demand for Hong Kong's spot-crypto ETFs and give the city an advantage over the US in terms of regulatory approval for spot-Ether ETFs. Staking involves locking tokens on the Ethereum network to validate transactions and currently yields around 4% annually. Hong Kong is competing with other cities to become a digital-asset hub and is also considering expanding its licensed digital-asset exchanges and developing a framework for stablecoins. [Extracted from the article]

Hong Kong is considering allowing staking for exchange-traded funds (ETFs) investing in Ether, which could provide a source of passive income. The Securities and Futures Commission has been in discussions with crypto ETF issuers about offering staking services through licensed platforms. If approved, this move could boost demand for Hong Kong's spot-crypto ETFs and give the city an advantage over the US, where staking is not currently allowed for Ether ETFs. Staking involves locking tokens on the Ethereum network to validate transactions and currently pays out around 4% annually. Hong Kong is aiming to become a digital-asset hub and is also exploring applications for licensed digital-asset exchanges and a framework for stablecoins. [Extracted from the article]

Jean Liu, the President and board director of Didi Global Inc., is stepping down from her roles after nearly a decade. This move comes as the company seeks to recover from a regulatory crackdown by the Chinese government. Liu will become a permanent partner and assume the position of chief people officer, reporting to CEO Will Cheng. She is a prominent female executive in China's tech industry and played a key role in Didi's success, securing support from tech giants like Tencent and Uber. Didi, which was fined over $1 billion in 2022 for violating laws, is planning a Hong Kong IPO and has seen a 55% increase in revenue in Q4 2023. [Extracted from the article]

Jean Liu, the President and board director of Didi Global Inc., is stepping down from her positions as the company tries to recover from a regulatory crackdown by the Chinese government. Liu will become a permanent partner and continue reporting to CEO Will Cheng as the chief people officer. She initiated the change to focus on long-term efforts such as talent development and social responsibility. Didi, once considered a national champion, is seeking a comeback after being fined and found to have violated laws. The company's revenue in Q4 2023 increased by 55% from the previous year. [Extracted from the article]

Hong Kong has officially launched a pilot program allowing residents to make digital yuan payments through major Chinese banks. This marks the first time that China's digital currency project has been deployed outside of mainland China. Hong Kong residents can now open digital yuan wallets with select banks and use them to pay merchants in mainland China. The wallets can be set up using a Hong Kong mobile phone number and can be topped up using the local instant payment system. The goal is to expand the use of the digital yuan and promote its acceptance by more retail merchants in both Hong Kong and China. [Extracted from the article]

Hong Kong has launched a pilot program allowing residents to make digital yuan payments through major Chinese banks, marking the first expansion of China's digital currency project beyond the mainland. Users can open digital yuan wallets with select banks and use them to pay merchants in mainland China. The wallets can be set up using a Hong Kong mobile phone number and can be topped up using the local instant payment system. This move is part of China's efforts to increase the global use of the yuan and comes as Hong Kong aims to develop a virtual-asset hub. [Extracted from the article]

Hong Kong Exchanges & Clearing Ltd. is expecting a resurgence of large initial public offerings (IPOs) in the city, according to its CEO Bonnie Chan. The exchange currently has 100 applicants waiting to list in Hong Kong, and recent developments have given them hope for the future. While IPO proceeds have been low in recent years, trading has picked up recently due to supportive measures from Chinese regulators. The Hong Kong stock index has also seen a significant increase, which is expected to support potential IPOs. Many of the Chinese firms looking to list in Hong Kong will likely be in the specialized technology sector. The CEO declined to comment on specific names, but it has been speculated that companies like Ant Group and Didi Global may seek to list in the city. Hong Kong Exchanges & Clearing Ltd. has been working to attract business from Saudi Arabia and is hopeful for future listings from Saudi companies. Bonnie Chan, the CEO, is the first woman to lead the exchange and has a background in law and IPO transactions. [Extracted from the article]

Hong Kong Exchanges & Clearing Ltd. is expecting a resurgence in large initial public offerings (IPOs) in the city, according to its CEO Bonnie Chan. The exchange currently has 100 applicants waiting to list in Hong Kong, and recent developments have given them hope for the future. Despite a slump in IPOs and stock trading, trading has picked up recently due to supportive measures from Chinese regulators and a surge in the benchmark Hong Kong stock index. Hong Kong Exchanges & Clearing Ltd. has been working to attract business from Saudi Arabia and believes it is only a matter of time before Saudi companies list in Hong Kong and vice versa. [Extracted from the article]

AIA Group Ltd., an Asia insurer, reported a 27% increase in new business value in the first quarter, reaching $1.3 billion. The company also announced an additional $2 billion in share buybacks and set a target to pay out 75% of its annual net free surplus generation to shareholders. AIA's shares in Hong Kong rose more than 7% in response to the news. The company acknowledged using a broker that relied on unlicensed agents to sell insurance policies, but emphasized that this only accounted for about 3% of new business value for its Hong Kong unit. AIA operates in 18 Asia-Pacific markets, with Hong Kong and mainland China being the largest contributors to new business and policy sales. The company's success in selling tax-deferred pension savings products in mainland China continued into the first quarter. Despite recent regulatory clampdowns on the industry, AIA's shares have been under pressure, down 25% in two years. However, the company's recent announcements have addressed investor concerns and provided clarity on future capital management policies. [Extracted from the article]

AIA Group Ltd., an Asia insurer, reported a 27% increase in new business value in the first quarter, reaching $1.3 billion. The company also announced an additional $2 billion in share buybacks and set a target to pay out 75% of its annual net free surplus generation to shareholders. AIA's shares in Hong Kong rose more than 7% in response to the news. The company acknowledged using a broker that relied on unlicensed agents to sell insurance policies, but emphasized that this only accounted for about 3% of new business value for its Hong Kong unit. AIA operates in 18 Asia-Pacific markets, with Hong Kong and mainland China being the largest contributors to new business and policy sales. The company's success in selling tax-deferred pension savings products in mainland China continued into the first quarter. Despite recent regulatory clampdowns on the industry, AIA's shares have been under pressure, down 25% in two years. However, the company's recent announcements have addressed investor concerns and provided clarity on future capital management policies. [Extracted from the article]

AIA Group Ltd., an Asia insurer, reported a 27% increase in new business value in the first quarter, reaching $1.3 billion. The company also announced an additional $2 billion in share buybacks and set a target to pay out 75% of its annual net free surplus generation to shareholders. AIA's shares in Hong Kong rose more than 8%, and annualized new premiums increased by 23% to $2.4 billion. The company acknowledged using a broker that relied on unlicensed agents to sell insurance policies but stated that it only contributed about 3% of new business value for its Hong Kong unit. AIA operates in 18 Asia-Pacific markets, with Hong Kong and mainland China being the largest contributors to new business and policy sales. [Extracted from the article]

Hong Kong Exchanges & Clearing Ltd. (HKEX) reported a 13% drop in profit for the first quarter, highlighting the challenges faced by new CEO Bonnie Chan in a sluggish trading and stock offering environment. Despite beating analysts' estimates, HKEX's core revenue declined by 7% during the period. Chan, who took over in March, faces difficulties due to the struggling Chinese economy and a slump in IPOs and trading. However, there is optimism about HKEX's ability to capitalize on long-term growth in China and connect with capital hubs in Southeast Asia and the Middle East. [Extracted from the article]

The Hong Kong stock exchange, HKEX, experienced a 13% decline in profit in the first quarter of the year, highlighting the challenges faced by new CEO Bonnie Chan. The company reported net income of HK$2.97 billion, surpassing analysts' estimates. However, core revenue decreased by 7% during the period. Chan, who took over in March, faces difficulties due to the decline in initial public offerings and trading, as well as the struggling Chinese economy. Despite these challenges, Chan remains optimistic about HKEX's ability to capitalize on the long-term growth of China and connect with other capital hubs. The exchange's shares have also experienced a significant decline, but recent initiatives from China's top regulator have boosted confidence in the market. Chan, the first woman to lead the exchange, has a background in law and previously worked with clients such as Tencent Holdings Ltd. [Extracted from the article]

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]