Hong Kong

Hackers stole around $200 million from crypto firm Mixin early on Saturday, the company said on social media platform X on Monday, in what researchers say is the largest crypto theft so far this year, Reuters reported. Mixin, which lists its location on LinkedIn as Hong Kong, said the database of its network's cloud service provider was "attacked by hackers, resulting in the loss of some assets" and that "the funds involved are approximately US$200 million". Mixin describes itself as a network for transferring digital assets. It has one million users, according to its website.

Hong Kong's June retail sales rose 19.6% from a year earlier in the seventh consecutive month of growth thanks to a tourism recovery and positive consumption sentiment and the outlook is favourable, the city government said on Tuesday, Reuters reported. Sales increased to HK$33.1 billion ($4.25 billion). That compared with a revised 18.5% rise in May and 14.9% growth in April. The government launched a promotional campaign in March called "Hello Hong Kong" after lifting all strict COVID-19 restrictions in the city, to bring back tourists and businesses.

Hong Kong's economic growth slowed in the second quarter from a year earlier, advance government data showed on Monday, with the momentum softening after a strong rebound in the preceding quarter, Reuters reported. Total exports of goods continued to plummet as the external demand for goods remained weak, and overall investment expenditure saw a mild decline amid tightened financial conditions, the government said.

China Evergrande New Energy Vehicle Group said on Thursday that it had applied to the Hong Kong Stock Exchange to resume trading in the company's shares on Friday, Reuters reported. Trading in the shares of the company, the electric vehicle unit of China Evergrande Group, has been suspended since April 1, 2022, after it got sucked into a debt crisis in mid-2021. Read more.

A Hong Kong court on Monday said it will decide in September on an offshore debt restructuring for embattled property developer China Evergrande Group that could allow creditors to recoup up to about one-quarter of what they are owed, Reuters reported. Evergrande, the poster child of China's property sector crisis, has $330 billion in liabilities, making it the world's most indebted developer. A default in late 2021 triggered a string of defaults at other builders and left thousands of homes unfinished across China.

Hong Kong's move to raise the maximum mortgages available to some homebuyers, its first relaxation in curbs on home purchases adopted in 2009, boosted shopping interest over the weekend but did little for transaction volumes, property agents said, Reuters reported. One of the world's most expensive property markets, the Asian financial hub raised its cap on the loan-to-value (LTV) ratio on Friday to 60% to 70% from 50%, for properties worth up to HK$30 million ($3.8 million).

Hong Kong kicked off a new crypto regulatory regime in a bid to nurture a digital-asset hub, a pivot that’s stirred interest but has yet to win big investment pledges from an industry chastened by a market rout last year, Bloomberg News reported. The rules apply from Thursday and let crypto exchanges offer trading services to individuals and institutions if they secure and comply with licenses designed to shield investors from the risky practices exposed in the 2022 crash.

Crypto investment firm Hashkey Group plans to raise funds at a valuation above $1 billion, taking advantage of Hong Kong’s digital asset push to try and entice potential investors, Bloomberg News reported. Hashkey, which operates one of the city’s only two licensed digital coin bourses, is in early-stage talks to raise $100 million to $200 million, according to people familiar with the matter. The deal is progressing but terms such as size and valuation could change because they aren’t finalized, the people said, asking not to be identified discussing private negotiations.

Some Hong Kong-based staff with U.S. consultancy Mintz Group have left the city after the firm's Beijing office was raided by Chinese police in March, according to two sources with direct knowledge of the matter, Reuters reported. Investigations by Chinese authorities into Mintz, as well as U.S. management consultancy Bain & Co and mainland consultancy Capvision Partners, have sent a chill through companies that deal with China, with many unclear where red lines stand as Beijing prepares to introduce stricter anti-espionage laws in July.

Fierce competition for new mortgage customers is driving banks in Hong Kong to offer the highest cash rebates in nearly two decades, Bloomberg News reported. The deals — offered as a percentage of the principal loan amount — ramped up from about 1.3% last year to as much as 2.6% currently, the highest in over 17 years, according to Centaline Mortgage Broker data.