Top Reads of The Week 24/2/2024

Author

Richard @ The Asia Report
February 25, 2024

Top Reads of The Week  

The China Securities Regulatory Commission pledged to improve communications with markets and be more receptive to suggestions and criticism.

This comes as China's stock markets face challenges and regulators are being pressed to boost market confidence.

Hong Kong, Once a Shopping Mecca, Is Losing Chinese Tourists to China

Hong Kong was once a favored shopping destination for mainland Chinese tourists.

But now, cheaper prices, easier visa rules, and smoother travel options in mainland cities like Shenzhen are drawing Chinese shoppers away from Hong Kong leading to Hong Kong retailers struggling with the loss of tourist traffic.

Multinationals Choose Singapore Over Hong Kong for Asian HQs

An increasing number of multinational companies are choosing Singapore over Hong Kong as their Asian headquarters.

Political stability, business-friendly regulations, and Singapore's status as a global financial hub make it attractive.

The shift of companies away from Hong Kong signals its decline as a corporate hub.

United Overseas Bank (UOB) reported a 26% increase in core net profit to S$6.06 billion for the full year ended December 31, 2023.

This was driven by broad-based business growth across its global network. Net interest income grew 22% on loan expansion and higher interest rates.

Fee income rose with higher wealth management, fund management and corporate advisory fees.

Flurry of China Rating Withdrawals by Moody's Flags Defaults

Moody's Investors Service withdrew ratings on dozens of Chinese companies in 2023 amid an unprecedented wave of defaults.

It reflects growing financial stress in China from the property slump & weak growth. More defaults could weigh on investor confidence and access to financing.

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