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𝐓𝐡𝐞 𝐇𝐚𝐧𝐠 𝐒𝐞𝐧𝐠 𝐈𝐧𝐝𝐞𝐱 𝐡𝐢𝐭 𝐢𝐭𝐬 𝐡𝐢𝐠𝐡𝐞𝐬𝐭 𝐜𝐥𝐨𝐬𝐞 𝐬𝐢𝐧𝐜𝐞 𝐀𝐩𝐫𝐢𝐥 𝟒 𝐰𝐢𝐭𝐡 𝐫𝐞𝐩𝐨𝐫𝐭𝐬 𝐭𝐡𝐢𝐬 𝐰𝐞𝐞𝐤 𝐬𝐮𝐠𝐠𝐞𝐬𝐭𝐢𝐧𝐠 𝐚 𝐫𝐞𝐛𝐨𝐮𝐧𝐝 𝐢𝐧 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠

Hong Kong stocks closed at the highest level since April 4 on optimism that reports this week will show China’s recovery from the Covid-19 pandemic is strengthening while authorities further eased lockdown measures.

The Hang Seng Index rallied 2.4 per cent to 22,229.52 at the close. The Hang Seng Tech Index surged 4.7 per cent, while the Shanghai Composite Index added 0.9 per cent.

Gains in US equities last week also boosted sentiment, with the S&P 500 logging the biggest gain in two years on Friday. Federal Reserve officials signalled that the US central bank will consider the probability of a recession while moving to rein in inflation.

Source: South China Morning Post
For the full article, please visit https://bit.ly/3bpdjIF

𝐇𝐒𝐁𝐂 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐎𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐢𝐧 𝐂𝐡𝐢𝐧𝐞𝐬𝐞 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐛𝐚𝐬𝐞𝐝 𝐢𝐧 𝐒𝐡𝐞𝐧𝐳𝐡𝐞𝐧.

HSBC has increased its ownership stake in its Chinese joint venture to 90 per cent, becoming the latest Western lender to seek greater control of its onshore business as China further opens up its financial markets.

The bank, which previously held a 51 per cent stake in HSBC Qianhai Securities, said its joint venture partner, Qianhai Financial Holdings, retained a 10 per cent stake in the business following the transaction.

Last May, HSBC agreed to buy out its life insurance joint venture partner in China and take full control of that business. It was part of an ongoing push by financial services firms to take greater control of such onshore businesses since Beijing moved to relax rules on foreign ownership last year.

Source: South China Morning Post
For the full article, please visit bit.ly/3JciPtp