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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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The Hong Kong Monetary Authority (HKMA) warned investors it has not approved any stablecoin issuers, labeling the marketing of such products as illegal, the SCMP reports, CoinDesk.com reported. The statement came after Hong Kong-based AnchorX announced the introduction of AxCNH, a stablecoin pegged to the offshore Chinese yuan. The company said it held a license from Kazakhstan’s Astana Financial Services Authority and that the coin would support cross-border payments and tokenized real-world assets, according to the SCMP.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Hong Kong High Court Judge Linda Chan said that she would like to see more Chinese cities allowed to recognize the city’s insolvency proceedings under a pilot program, Bloomberg News reported. In 2021, courts in Shanghai, Shenzhen and Xiamen were allowed to recognize insolvency proceedings in Hong Kong. In practice, the Hong Kong High Court has assisted insolvency administrators appointed by mainland China courts to collect assets and investigate related corporate affairs in Hong Kong, according to Chan.
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Hong Kong's debt-laden developers and their creditors are set to face intensifying financial pressure as bond maturities are slated to jump by nearly 70% next year amid falling sales and valuations for the city's economically crucial property sector, Reuters reported. Road King last week became the first city-based developer to default on bond coupons since China's property debt crisis began in 2021, following the first loan default by listed peer Emperor International earlier this year.
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Hong Kong Firm Appeals for Legal Protection of Investors as Its Panama Ports Contract Faces Lawsuits
A subsidiary of a Hong Kong conglomerate entangled in U.S.-China tensions appealed on Friday for legal protection for businesses in Panama after the company's contract over its Panama Canal port assets has been faced with lawsuits in the Central American country, the Associated Press reported. Respect for the rule of law is essential to assure businesses that Panama is a safe place to invest in, Panama Ports Company, under Hong Kong-based CK Hutchison Holdings, said in a statement.
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