Please click on each headline for the latest news on Hong Kong and China:
- Surging demand and zero wine duties make Hong Kong a new wine hub
- IMF affirms HK's economic recovery and supports the linked exchange rate system
- Hong Kong -- the world's premier destination for initial public offerings
- Canadian Financial Mission to Hong Kong in January
- China's largest wind-power producer raises US$2.3 billion in IPO
Surging demand and zero wine duties make Hong Kong a new wine hub
Surging demand for quality wine from China's new rich, combined with the recent elimination of wine duties in Hong Kong, has transformed the city into a global hub for wine trading and distribution, according to the World Street Journal.
Wine imports to Hong Kong jumped more than 34 per cent to 32.5 million liters in the year ended March 31. The inflow is coming from several sources -- longtime Asian collectors who are moving their wines closer to home, wine sellers setting up shop in Hong Kong, and wine buyers who take advantage of the zero tax incentive to ship wines home from overseas. Sales at Hong Kong wine auctions have reached US$47.2 million so far this year, a 75 per cent increase from all of 2008. Sotheby's says Hong Kong has surpassed London and New York as its most important market.
more
IMF affirms HK's economic recovery and supports the linked exchange rate system
The International Monetary Fund (IMF), in its Staff Report released December 3, affirmed Hong Kong's efforts to aid economic recovery and reiterated its support for the Linked Exchange Rate system (LERS).
The IMF sees an economic recovery is under way in Hong Kong, fuelled by growth on the Mainland China, supportive government policies and accommodative monetary conditions imported from the U.S. The Hong Kong's economy should steadily strengthen and unemployment should decline in the coming months.
Meanwhile, the IMF maintains its long-standing support of the LERS, which has shown itself to be a simple, transparent exchange rate arrangement that has proven to be an anchor of monetary and financial stability in Hong Kong.
The Chief Executive of the Hong Kong Monetary Authority, Mr Norman Chan, added that Hong Kong remains firmly committed to the Link, which has served Hong Kong extremely well since 1983 as the anchor for monetary and financial stability.
more
Hong Kong -- the world's premier destination for initial public offerings
Hong Kong, having raised US$13.82 billion in the first 10 months this year, has become world's premier destination for initial public offerings.
According to the World Federation of Exchanges, Hong Kong was ranked No.1 as the largest listing market by fund-raising size, surpassing Shanghai and New York. Shanghai's IPO take for the year now stands at US$12.37 billion.
The number of offerings this year until last week of November was 62 per cent up on last year, with 47 companies turning to Hong Kong for flotation. It is said that Hong Kong is now seeing investment capital pouring into the listing market "as there is no other way to go due to the low interest rate."
more
Canadian Financial Mission to Hong Kong in January
Companies interested in accessing financial, investment and business opportunities in China and the region are invited to join the forthcoming Canadian Financial Mission to Hong Kong co-organized by the Investment Industry Association of Canada (IIAC), Hong Kong Trade Development Council (HKTDC) and Hong Kong Economic and Trade Office (HKETO).
Members of this Canadian mission will join 1,000 international delegates at the Asian Financial Forum on January 20 and 21, 2010 to obtain intelligence and exchange views on the opportunities and challenges facing Asia in the current dynamic global financial environment. On January 22, mission members can also join a special programme arranged for overseas and Chinese Mainland delegates of AFF for additional networking and first-hand market intelligence collection.
The Canadian Financial Mission mission is suitable for participation by Canadian bankers, institutional investors, fund managers, business leaders, senior executives of leading corporations and other key financial players.
For more information, please contact Andrew Yui, Director (Canada), Hong Kong Trade Development Council, Tel: (416) 366-3594 or Email: andrew.yui@hktdc.org.
more
China'slargest wind-power producer raises US$2.3 billion in IPO
Bloomberg.com reported that China Longyuan Power Group, the largest producer of wind power in Asia, raised US$2.26 billion from its Hong Kong initial public offering. It is the world's third biggest IPO by an alternative energy company.
China WindPower Group Ltd. and China Solar Energy Holdings Ltd. have more than tripled in Hong Kong trading this year as the Chinese government encourages the use of cleaner, renewable energy sources. It is estimated that China's wind-power capacity will increase more than fivefold in the next decade.
more
