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Yahoo BusinessMay 25, 2020
Hong Kong Finance Has a Security Blanket
(Bloomberg Opinion) -- China's decision to impose a national security law on Hong Kong has spurred speculation of capital flight and an erosion of the city's status as an international financial center. As a venue for share offerings, at least, the near-term future is looking bright. For that, the territory can thank worsening U.S.-China relations.U.S.-listed Chinese technology companies are lining up to sell stock in Hong Kong, seeking refuge from an environment that has become increasingly less hospitable. Nasdaq-traded JD.com Inc. and NetEase Inc. are planning secondary listings in the city next month, following a trail blazed by Alibaba Group Holding Ltd. in November. Optimism that more companies will join them drove shares of Hong Kong's exchange operator up more than 6% on Monday.There's every reason to expect these stock offerings to do well, and push Hong Kong back up the rankings of the world's largest fundraising centers. So far this year, the city is the sixth-largest market by capital raised. It topped the table for the whole of 2019 when New York-listed Alibaba sold $13 billion of stock, underscoring the existence of a strong local investor base for China's most successful companies.The reception for Alibaba suggests that Asian institutional investors want to be able to trade China's leading enterprises in their own time zone. JD and NetEase are also among the nation's technology champions. Beijing-based JD competes with Alibaba in e-commerce, while Hangzhou-based NetEase is behind some of the most popular mobile games in China.

Yahoo BusinessMay 25, 2020
Futures Rise, Stocks Mixed as China Tensions Mount: Markets Wrap
(Bloomberg) -- U.S. and European equity futures gained and Asian stocks began the week in mixed fashion as traders weighed more signs of economies reopening around the world against the rise in U.S.-China tensions.Hong Kong shares extended Friday's slide, following police clashes with protesters marching against China's move to crack down on dissent. Stocks climbed in Tokyo, Sydney and Seoul, and fluctuated in Shanghai. S&P 500 futures nudged higher, building on a rally from late in the Friday session. European contracts also climbed. Oil traded near $33 a barrel in New York. Volumes may be light with holidays in the U.S., U.K. and Singapore. China set its daily yuan reference rate at the weakest level since 2008 after the increasing tensions drove the currency to a seven-month low.On the virus front, Japan's government is expected to lift the state of emergency in Tokyo and its surrounding regions later Monday, while more Australian children returned to schools and a hard-hit region in northern Italy reported zero fatalities for the first time. Still, the U.S. is considering restricting travel from Brazil, which now has the second-highest number of cases.Fresh turmoil in Hong Kong that spilled over into street protests at the weekend is threatening to damage an already souring Sino-U.S. relationship. The U.S. should give up its "wishful thinking" of changing China, Chinese Foreign Minister Wang Yi said, warning that American leaders are potentially pushing toward a new Cold War. Bullish
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