Opening a business bank account in hong kong

HONG KONG: Chinese technology giant Tencent kicked off its offer of bonds worth up to US$6 billion in Hong Kong on Wednesday (May 27), launching the sale even as riot police fired pepper spray to disperse protesters in the city's central business district. The deal is the biggest international offering by an Asian company this year and will be the first time the social media and gaming firm has offered ultra-long 40-year debt. Protests have returned to the streets of Chinese-ruled Hong Kong after Beijing proposed national security laws aimed at tackling secession, subversion and terrorist activities. Police on Wednesday fired pepper spray to quell protests against the government's move to make it illegal to disrespect the Chinese national anthem. Hong Kong-listed Tencent will finalise its bond deal in New York later on Wednesday, two sources said. Tencent has a quota from China's National Development and Reform Commission (NDRC) for up to US$6 billion, according to a source … [Read more...] about Tencent seeks US$6 billion in bond sale as protests hit Hong Kong

HONG KONG: Chinese e-commerce retailer JD.com has priced its shares at HK$226 (US$29.16) each and raised about US$3.87 billion in its Hong Kong secondary listing, according to two people with direct knowledge of the matter. The listing, the biggest in the city this year, comes as Chinese companies are putting off plans for U.S. listings amid mounting tensions between the world's top two economies, while those listed in New York are seeking to return to exchanges closer to home. JD.com, which is already listed on the Nasdaq in New York, had previously flagged it would sell 133 million shares. Under the terms of the deal, one of JD.com's American depository shares will be equal to two Hong Kong shares. That means the Hong Kong price represents a 3.9 per cent discount to the firm's closing share price of US$60.07 on the Nasdaq on Wednesday. The retail portion of the deal is open until noon Hong Kong time. The pricing comes as shares in Chinese online gaming firm NetEase began … [Read more...] about JD.com raises US$3.87 billion in Hong Kong secondary listing: Sources

HONG KONG: Chinese online gaming firm Netease raised at least US$2.7 billion in a Hong Kong secondary offering after pricing its shares at HKUS$123 (US$15.87) each, according to two sources with direct knowledge of the matter. The company had planned to sell 171.48 million shares, according to an earlier term sheet, and has the option of selling another 25.72 million shares, under a so-called 'greenshoe' option. The Hong Kong price is equivalent to US$396.70 for Netease's U.S.-listed shares which is a 2per cent discount to the stock's last closing price of US$405.01 on Thursday. Under the terms of the deal, one American depository receipt (ADR) is worth 25 of the company's Hong Kong shares. In its earlier regulatory filings, Netease said it planned to use the money raised in its Hong Kong listing to fund its international expansion plans. Netease's deal is expected to be one of several large secondary deals in Hong Kong this year, after the U.S. administration questioned … [Read more...] about Netease raises at least US$2.7 billion in Hong Kong listing, sources say

HONG KONG: Some global companies are considering shifting some of their treasury operations out of Hong Kong as the United States moves to end the city's privileges, senior bankers said, in the latest blow to the territory's status as a major financial hub. US President Donald Trump has begun the process of eliminating special US treatment for Hong Kong to punish Beijing's decision to impose new national security laws there – which China and Hong Kong say will not hurt rights and freedoms. Against the backdrop, a handful of global firms are eyeing a move of some of their corporate treasury operations to countries like Singapore, Malaysia, Thailand and Vietnam, four senior bankers with knowledge of the matter said. READ: Hong Kong loses US 'special status' - what next? READ: Hong Kong leader Carrie Lam accuses US of 'double standards' over protests "Companies' treasury operations follow trade flow and now there are many questions around Hong Kong's status as a trade hub," … [Read more...] about Some global firms consider moving treasury operations out of Hong Kong: Sources

HONG KONG: China's plans to impose national security legislation in Hong Kong are expected to lead to the flight of capital and talent from the Asian financial hub, bankers and headhunters said. The proposed legislation, which prompted concerns over freedoms in the semi-autonomous city, comes after large-scale and often violent demonstrations last year, which had already pushed some wealthy individuals to scout for investment options elsewhere. READ: China law requires Hong Kong to enact national security rules as soon as possible "In some cases where clients had a bit of inertia and hoped things that happened last year will just go away, they will now step on the gas to reduce their wealth concentration risk here," said a senior banker at a European private bank. "In many cases last year, we saw our clients putting in place plan B and didn't quite move the assets out of Hong Kong. I have already received some inquiries to activate that plan now," said the banker, whose … [Read more...] about Hong Kong bankers worry that new security laws could lead to capital flight