Hong Kong’s securities market regulator has defended a HK$1 billion (US$128 million) settlement with an accounting firm at the centre of an auditing scandal involving developer China Evergrande Group, saying it has unfettered powers to enforce discipline and a duty to protect the interests of independent investors. In a judicial review hearing on Wednesday, lawyers…
A Hong Kong court has ruled in favour of embattled conglomerate Evergrande in a debt-recovery case, allowing it to recoup about HK$6 billion (US$764.7 million) from a third party after a judge found the borrower’s arguments against enforcement of the loan were “fabricated”. In a High Court judgment handed down on Friday and seen by…
The liquidators of China Evergrande Group are seeking 57 billion yuan (US$8.4 billion) from three PricewaterhouseCoopers (PwC) entities in one of the largest corporate lawsuit claims in Hong Kong, arguing the firm’s global coordinating arm assumed responsibility for audits linked to the collapsed developer’s accounting scandal. Evergrande’s liquidators, Tiffany Wong and Eddie Middleton of Alvarez…
The liquidators of China Evergrande Group’s lawsuit against PricewaterhouseCoopers (PwC) International will have their case heard in the Hong Kong High Court on Monday, according to records posted on the judiciary’s website. The one-day hearing was scheduled before Deputy Judge Patrick Fung Pak-tung of the High Court and would be open to the public, the…
On a warm Saturday in early May, the kind of day most would choose to spend on a hike or at the beach, hundreds of Hongkongers instead stood for hours in a queue at Edinburgh Tower in Central. Two wholly owned subsidiaries of Chow Tai Fook Nominee (CTFN), a company linked to the Henry Cheng…
Hong Kong Exchanges and Clearing has launched its first equity index tracking Hong Kong-listed technology companies, underscoring the city’s ongoing shift from a market long dominated by property and finance towards innovation-driven growth. Unveiled on Tuesday, the HKEX Tech 100 Index tracks 100 large-cap and mid-cap companies spanning artificial intelligence, biotech and pharmaceuticals, electric vehicles…
Hong Kong Exchanges and Clearing has launched its first equity index tracking Hong Kong-listed technology companies, underscoring the city’s ongoing shift from a market long dominated by property and finance towards innovation-driven growth. Unveiled on Tuesday, the HKEX Tech 100 Index tracks 100 large-cap and mid-cap companies spanning artificial intelligence, biotech and pharmaceuticals, electric vehicles…
(Bloomberg) — Two of China’s private data agencies skipped releasing data on monthly home sales by the country’s top developers, after state-backed China Vanke Co. stirred market concerns with its bond extension bid. China Real Estate Information Corp. and China Index Academy, which are among the country’s biggest private property data providers, didn’t disclose the…
Hong Kong stocks rose on Monday after US Federal Reserve chair Jerome Powell signalled the possibility of a rate cut next month and Shanghai relaxed its home-purchase policies. The Hang Seng Index added 2 per cent to 25,837.65 at 2pm local time, the biggest gain in two weeks. The Hang Seng Tech Index rose 3…
Chinese developer Road King Infrastructure Ltd. is suspending all offshore debt payments, a reversal from a couple of months ago when it said it expected to have enough cash to pay interest on borrowings this year. The company said it should explore “a holistic solution” to the situation, according to an exchange filingBloomberg Terminal, a…