6 h. ago Hong Kong virtual insurer Bowtie Life raises US$70 million in third funding round

Bowtie Life Insurance, the city’s first virtual insurer, on Friday said it raised US$70 million in its third funding round from existing shareholder Sun Life, its largest such effort since its establishment in 2018. “The stock market rally in Hong Kong this year has improved market sentiment, paving the way for many start-ups and companies to raise funds in both private and public markets,” said Fred Ngan, Bowtie’s co-founder, in an interview on Friday. The city’s Hang Seng Index benchmark is up...

Economics

2 d. ago China Merchants Bank’s brokerage arm gets virtual asset licence in Hong Kong

CMB International Securities (CMBI), the brokerage arm of China Merchants Bank, said it received a virtual asset licence from Hong Kong’s Securities and Futures Commission, making it the first mainland broker to conduct cryptocurrency trading services and other activities in the city. The licence, issued on Monday, allowed CMBI to engage in a variety of virtual asset services, including trading, custody and advisory services. In addition, it can provide guidance on risk management, regulatory...

Politics

2 w. ago Mainland digital yuan partner signs deal to develop stablecoin tech in Hong Kong

A Beijing-based fintech services provider, which has provided billing systems for China’s digital yuan, has signed a strategic partnership with a Hong Kong firm to tap stablecoin and virtual asset business opportunities, in the latest sign of mainland interest in the city’s recent moves to license cryptocurrency issuers. Shenzhen-listed North King Information Technology said on Wednesday that it had struck a deal with Hong Kong-listed GoFintech Quantum Innovation to develop infrastructure to...

Politics

2 w. ago Mainland Chinese digital yuan partner to develop stablecoin tech in Hong Kong

A Beijing-based fintech services provider, which has provided billing systems for China’s digital yuan, has signed a strategic partnership with a Hong Kong firm to tap stablecoin and virtual asset business opportunities, in the latest sign of mainland interest in the city’s recent moves to license cryptocurrency issuers. Shenzhen-listed North King Information Technology said on Wednesday that it had struck a deal with Hong Kong-listed GoFintech Quantum Innovation to develop infrastructure to...

Politics

2 w. ago Hong Kong’s IPO dominance leaves Singapore grasping for lost allure

Hong Kong’s vast lead over Singapore as a listing venue appears unassailable, with even the Southeast Asian city’s home-grown companies heading north to raise funds, but the city state remains determined to improve its allure, according to bankers and analysts. IFBH, a Singapore-incorporated Thai firm that is the world’s second-largest bottler of coconut water, started trading on the Hong Kong stock exchange on Monday after completing a HK$1.16 billion (US$147 million) initial public offering...

Politics

3 w. ago China AI chip firm Biren raises new funds, plans Hong Kong IPO, say sources

China AI chip firm Biren raises new funds, plans Hong Kong IPO, say sources  Reuters

Economics

last month MingMed seeks Hong Kong listing to fund research and launch Botox alternative

MingMed Biotechnology is seeking a Hong Kong listing this year to raise funds to research and market a genetically engineered alternative to Botox in China. The drug developer, based in the Nansha district of Guangzhou, said it would set up an incubation centre in the Hong Kong Science and Technology Park in the third quarter. “Hong Kong has many good universities and research institutes, but it [does not have] a lot of innovative biotech firms,” said MingMed CEO Zhang Yan in an interview on...

Politics