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Hong Kong
Hong Kong will file a complaint against the U.S.’s additional 10% tariff with the World Trade Organization, claiming the levies violate WTO rules, the Wall Street Journal reported. In a statement released Friday, a spokesman for the Hong Kong Special Administrative Region (HKSAR) Government described the tariffs as “unreasonable measures” and “grossly inconsistent with the relevant WTO rules.” The U.S. measures “ignore our status as a separate customs territory as stipulated in Article 116 of the Basic Law,” and recognized by the WTO, the spokesman said.
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Hong Kong’s Securities and Futures Commission (SFC) has identified 33 additional suspicious websites impersonating HashKey, a licensed crypto trading platform. This brings the total number of flagged impersonators to 45, CoinMarketCap.com reported. HashKey, which in November 2022 became the second exchange to receive a crypto license from the SFC, reported these fraudulent links, stating that they slightly altered official website addresses to mislead users. In a notice to clients, HashKey emphasized that it has no connection to the fraudulent websites.
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A Hong Kong court delayed a hearing on Sino-Ocean Group Holding’s restructuring agreement with lenders, as the state-linked builder awaits a decision later this month on a UK case involving a debt plan for all creditors, Bloomberg News reported. Sino-Ocean earlier said that a group of loan lenders holding 86.2 percent of its debt had voted in favour of the Hong Kong scheme, passing a threshold of 75 per cent required for the restructuring arrangement in the city. The next Hong Kong hearing is set for Feb 19, “given the pending decision of the English Court”, according to a company filing.
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Distressed Hong Kong property firm New World Development Co. is in talks with banks to extend the due dates of some bilateral loans, adding to concerns over its ability to service one of the heaviest debt loads of its kind, Bloomberg News reported. It’s unclear how much of a delay the builder is seeking for each loan. But the efforts show the company — which had total liabilities of HK$220 billion ($28.3 billion) at the end of June — is exploring ways to alleviate financial pressure after recording its first annual loss in two decades.
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Hong Kong's securities regulator on Wednesday approved four cryptocurrency exchanges in the city's latest effort to stay competitive in a race to become a global centre for digital asset trading, Reuters reported. Hong Kong has been promoting itself as a hub for assets such as cryptocurrencies in a effort to maintain its attractions as a financial centre. The Hong Kong Securities and Futures Commission said it had granted licences to Accumulus GBA Technology (Hongkong) Co., DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI).
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Leading China hawks in the U.S. House of Representatives are calling for a rethink on whether Hong Kong should continue to enjoy the cozy banking relationship it has with the U.S., saying the city is becoming a hub for money-laundering and sanctions evasion, the Wall Street Journal reported. Hong Kong has turned into a major center for the export of controlled Western technology to Russia; the creation of front companies to buy Iranian oil; the managing of “ghost ships” that serve North Korea, as well as other violations of U.S.
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