Hong Kong

Potential buyers are inquiring about purchasing the struggling crypto lender Hodlnaut and its claims against bankrupt digital-asset exchange FTX, Bloomberg News reported. “Various parties who are interested in acquiring” Singapore-based Hodlnaut’s crypto platform and FTX claims have contacted the interim judicial managers overseeing the company after it sought protection from creditors, according to an affidavit seen by Bloomberg News. The judicial managers are in the process of signing non-disclosure agreements with the potential investors, the document shows.
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Hong Kong is sticking with a plan to become Asia’s digital-asset capital despite the industry’s tarnished reputation, a stance drawing tentative interest from bruised crypto firms looking for paths to recovery, Bloomberg News reported. The city claims it will learn the lessons of a $2 trillion crypto market rout and a spate of global bankruptcies like the collapse of the FTX exchange to create a fresh regulatory framework that can protect investors and encourage growth.
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Hong Kong securities watchdog will propose a subset of tokens it would allow for retail investors' trading, its chief executive said on Wednesday, as it presses on with a new regulatory regime that will make the city more friendly to crypto startups, Reuters reported. As investor protection will continue to be the focus of the new virtual asset service provider (VSAP) regime, the Securities and Futures Commission (SFC) will also seek public views about specific guardrails for retail trading, said Julia Leung, chief executive officer at the commision.
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Hong Kong is making a pitch to multinational companies to list on its stock market, despite heightened tensions between China and the West, the Wall Street Journal reported. The city’s stock exchange hopes a new initiative that allows mainland Chinese investors to trade shares of international companies will present a compelling case for some of the world’s largest businesses to raise funds in the Asian financial hub.
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A tender for the sale of embattled China Evergrande Group's headquarters in Hong Kong has lapsed again, two sources with knowledge of the matter said on Tuesday, because the offer prices and terms fell short of requirements, Reuters reported. Lenders to the office tower, China Evergrande Centre, valued at between HK$8 billion and HK$9 billion ($1.02 billion and $1.15 billion), appointed a receiver in September to seize the asset and tender it for sale with a bid deadline of Oct 31.
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The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 50 basis points to 4.75%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin, Reuters reported. The U.S. central bank raised interest rates by half a percentage point and projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023, as well as a rise in unemployment and a near-stalling of economic growth. "Rate hike in the U.S.
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The billionaire co-founder of Guangzhou R&F Properties Co Ltd is wanted in the United States accused of paying kickbacks to obtain permits for a construction project in San Francisco, a court in London heard on Monday, Reuters reported. Zhang Li, the chief executive of Hong Kong-listed developer R&F, is wanted on a provisional warrant issued in the Northern District of California, which accuses him of participating in a scheme to bribe public officials between 2015 and 2020. Ben Lloyd, representing U.S.
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Li Lin, the founder of crypto exchange Huobi Global, is lending up to $14 million to a Hong Kong company he controls after FTX's sudden bankruptcy prevented the firm from accessing $18.1 million worth of cryptocurrencies. New Huo Technology, a digital-assets service platform that used to be called Huobi Technology, said on Monday that the amount includes $13.2 million in customers' assets and $4.9 million that belongs to one of its subsidiaries, the Wall Street Journal reported.
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Economists downgraded their forecasts for Hong Kong’s economy, predicting it could contract for the third time in four years, after data Monday showed growth is being weighed down by Covid restrictions and a slump in trade, Bloomberg News reported. Goldman Sachs Group Inc. expects gross domestic product to decline 0.5% in 2022, down from an earlier prediction of 0.3% growth. Bloomberg Economics now sees GDP shrinking 0.6% compared with a previous projection of 0.7% expansion.
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