For decades, Hong Kong has been a magnet for the rich. From wealthy Chinese setting up family trusts to millionaires migrating from across Southeast Asia, all of them have been sucked in by the city’s promise of free capital flows, a trustworthy legal system and extensive financial expertise. But some worry this model could now…
Assets and wealth under management in Hong Kong surged to a record high last year as global investors returned to Chinese assets, underscoring the city’s edge over Switzerland as a wealth hub. Financial firms in Hong Kong managed HK$42.2 trillion (US$5.38 trillion) worth of assets last year, a 20 per cent increase from the previous…
Fintech company iCapital has more than doubled its office footprint in Hong Kong, leasing a 9,000 sq ft space in One International Finance Centre in the city’s Central business district as it staffs up to capture rising demand for wealth-management services in Asia. The US company, which opened its office in Hong Kong five years…
Hong Kong is actively considering launching a new offshore renminbi venture fund to channel capital into cutting-edge technology and emerging industries, while supporting yuan internationalisation, the city’s finance chief has said. The initiative aligns with the nation’s 15th five-year plan, which guides development from 2026 to 2030 and calls on Hong Kong to enhance its…
A study from Boston Consulting Group has concluded that there’s up to $150 billion in textile waste currently in landfills. But that doesn’t mean all hope is lost for the fashion industry. MR Magazine reported that repurposing fast fashion waste, along with governments disincentivizing waste, could help fix the industry’s production problem. California’s Senate Bill…
Hong Kong strengthened its position as a leading global wealth management hub after investors committed major capital to the city last year, lifting assets under management to HK$35.14 trillion (US$4.5 trillion), just shy of an all-time high, before stocks and other instruments delivered hefty gains. Assets under management in the city grew almost HK$4 trillion…