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Bets against Hong Kong reach new extremes in financial markets

Investor confidence in Hong Kong is dwindling as the government loses its grip on an escalating outbreak of the Omicron variant of SARS-CoV-2. Bearish bets against Hong Kong’s shares have climbed to records and the benchmark Hang Seng Index is near a two-year low. Residents are converting the local currency into China’s yuan at the fastest pace in more than a decade, while the Hong Kong dollar is moving toward the weak end of its trading band against the greenback. Even the territory’s t...
Hong Kong United States Uju Wang Laura Cha Simon Powell Johns Hopkins University

China crackdown chips away at HKEX profits

Hong Kong’s stock exchange operator yesterday posted HK$12.5 billion (US$1.6 billion) for last year, but also registered its worst quarterly earnings in two years as China’s crackdown on a host of business sectors hit trading and company debuts. Hong Kong Exchanges and Clearing Ltd (HKEX) said its profits last year rose by 9 percent from the year before, thanks to a record first quarter. “HKEX had a strong year in 2021, despite a turbulent macro backdrop and the ongoing [COVID-19] pandemic...
Hong Kong Nicolas Aguzin Laura Cha Paul Chan Clearing Ltd Futures Commission

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