Finance and economics
In Pictures: Ten Years Into Vision 2030, Digital Payments Reach Saudi Arabia's Traditional Markets
- 2026-03-09
- Photo Essay
- By: Haoming ZhouEdited by: Haoming Zhou
- 2026-03-09
Saudi Arabia marks a decade since Crown Prince Mohammed bin Salman launched Vision 2030 in 2016. One key reform area is the digital transformation of financial infrastructure. Saudi Arabia aims to achieve 80% cashless transactions by 2030, up from just 36% in 2019. According to the Saudi Central Bank (SAMA), electronic payments already accounted for 79% of total retail payments in 2024—nearly reaching the target six years early. Even in Souk Al-Zal, Riyadh's oldest traditional market, digital payments are gaining ground.
Budget 2026: Hong Kong reinforces its roles as international gold trading centre
- 2026-02-25
- Business
- The Young Reporter
- By: ZHANG Jiahe Roys、LI Jinyang CarlosEdited by: CHEN Ziyu
- 2026-02-25
Financial Secretary Paul Chan Mo-po announced that the government will establish Hong Kong as an international gold trading centre, providing relevant services including tax incentives, setting up industry associations and training for eligible gold trading institutions. Hong Kong plans to lift its gold storage capacity to over 2,000 tonnes within three years, according to Chan Ho-lim, the Under Secretary for Financial Services and the Treasury at the Hong Kong Gold Exchange 2026 opening ceremony. At the Asian Financial Forum on Jan.26., Hong Kong Financial Services and the Treasury Bureau signed a co‑operation agreement with the Shanghai Gold Exchange, establishing Hong Kong Precious Metals Central Settlement System Company Limited to create a gold settlement system. More than 10 banks, both local and overseas, will participate in the system to commence within the year. Hui Ching-yu, Secretary for Financial Services and the Treasury Bureau, said at the forum that gold is important under current geopolitical uncertainty and inflationary pressures. Lau Hou, 42, project manager of CNI Securities Group, said the key to increasing gold reserve capacity is whether Hong Kong could be a stronger physical hub in the Asia-pacific zone capable of storage, allocation, delivery and financing. “Hong Kong’s advantages lie in connecting the mainland with the international market, Asia-pacific time zone delivery, offshore RMB products and funding pools,” he said. “Through complementary cooperation with existing major international gold markets, participants can view Hong Kong as a key point in the global chain. This will increase the feasibility and attractivity of RMB-denominated gold productions, making market makers and institutions prefer to offer more products,” Lau added. Chan Wah, 25, local investor and lawyer, said he holds a wait-and-see attitude regarding the gold policy in today’s budget. “ I hope the government can prioritize training on market regulation and risk management, such as …
JD shares fall over 6% in Hong Kong as Q3 net income halves on new business losses
- 2025-11-14
- Business
- By: ZHOU Yun、TANG SiqiEdited by: Yichun Fang、BO Chuxuan
- 2025-11-14
Chinese tech and service giant JD.com achieved revenue growth but it was offset by dramatic expenses, resulting in shareholders’ net income being chopped in half, as the Company released its third-quarter results on Thursday evening. Non-GAAP net income attributable to ordinary shareholders reduced by 56.1%, despite the company’s net revenue in Q3 reaching 299.1 billion yuan, up 14.9% year-on-year, with its core business, JD Retail, reporting 11.4% revenue growth to 250.6 billion yuan, as highlighted in the company’s statement. The operational loss of the company’s new business, including JD Food Delivery, JD Property, Jingxi, and overseas operations, widened dramatically more than 24 times from 615 million yuan to 15.7 billion yuan, mainly because of a 3.4 and 7.3 times increase in cost of revenue and operational expenses, respectively. Dual-listed in the US and Hong Kong, the company’s overall marketing expenses rose 110.5% year-on-year to 21.1 billion yuan this quarter. Kenny Wen, Executive Committee Member of the Hong Kong Society of Financial Analysts, said that the main reasons for the situation of increased revenue but decreased profit margin are the JD price subsidy policy and its large-scale investment in new businesses. As for the retail sector, Sandy Xu, Chief Executive Officer of JD.com, said that the electronics and home appliances category has been facing a high base since the second half of Q3, which is expected to continue in the short term, and it has been weighing on its growth momentum. Ian Shan, Chief Financial Officer of JD.com, said during the earnings conference call, in terms of investment in new businesses, JD will further enhance its supply, performance, and service, and bring greater growth potential through the expansion of product categories, customer groups, and regions. Under the code 9618 in the Hong Kong market, JD.com closed at HK$116.9 on Friday, dropping …
Tourist numbers rise but shoppers report cautious purchasing at Mid-Autumn Festival
- 2025-10-07
- By: Zhou Xinying、Yau Ka MingEdited by: XIA Fan、BO Chuxuan
- 2025-10-07
Consumers at the Mid-Autumn festival night markets showed weak purchasing desire, despite increased visitor numbers reported by the government during the double-festival period. Sheen Zhang, a local who visited the Mid-Autumn Lantern Carnival in Victoria Park with her husband, said they are here to experience the festival’s vibe instead of purchasing. She prefers more budget-friendly options on Taobao, an online shopping platform, when considering shopping. Vinchi Cheung, a retail seller at LIFE MART Mid-Autumn Festival Market in Lai Chi Kok, found that consumers are more hesitant and less eager to spend than in previous years, as most of their purchases over the festival were limited to essential and rational expenditures. “Sales during the Lunar (Chinese) New Year were better, as customers were less price-conscious and more willing to buy,” Cheung added. This year’s Mid-Autumn Festival coincided with the Mainland’s 8-day Golden Week holiday. While mainland tourists enjoyed extended vacation time, Hong Kong residents had only two extra public holidays, October 1 and the day after the Mid-Autumn Festival. Paul Chan Mo-po, the Financial Secretary of this city, shared on his blog that 877,000 mainland tourists visited Hong Kong in the first four days of Golden Week, a 7% increase over the same period last year. This influx led to a surge in border crossings in early October, surpassing those of other months. Driven by Golden Week, the cumulative number of mainland border crossings in the first six days of October was significantly higher than the cumulative mainland border crossings in the first six days of other months. This cautious consumer behaviour is part of a broader shift in visitor spending patterns that has emerged over the past few years. Compared to 2023, daily per capita spending by inbound tourists in 2024 has declined, with many prioritising festive experiences, such …
Zijin Gold price jumps nearly 70% on Hong Kong debut amid heated gold market
- 2025-09-30
- Business
- The Young Reporter
- By: ZHONG Xinyun、LIN XiaoyouEdited by: ZHAO Runtong、BO Chuxuan
- 2025-09-30
The international unit of a Chinese mining giant has raised almost HK$25 billion (US$3.22 billion), taking the crown as the second-largest Initial Public Offering in Hong Kong, and achieved a robust first-day performance on Tuesday amid a rising gold market. Priced at its IPO price of HK$71.59, Zijin Gold International(Zijin Gold), a subsidiary of Zijin Mining Group Co., Limited(Zijin Mining), saw a 68.5% jump to close at HK$120.6, after opening at HK$111.50 and reaching an intraday high of HK$123. Trading under code 02259, Zijin Gold sold 349 million shares globally during its IPO, with 90% of the shares allocated to international investors. The city’s investors received a 10% allocation of the total, resulting in a 240.7 times oversubscription, according to the firm’s allocation result announced on Monday. The Hang Seng Index added 0.87% to 26,855.56 as of market close. < img src="https://public.flourish.studio/visualisation/25390467/thumbnail" width="100%" alt="chart visualization" /> “In the Hong Kong capital market, pure-play-play gold mining mining listed companies are relatively scarce,” wrote Tang Yan, a risk director of Sunflower Investment, a Shanghai-based asset manager, in a written reply to the reporter. She added that what makes the company an attractive choice this scarcity for investors makes the company an attractive choice seeking gold exposure for investors seeking gold exposure. With a total of 29 cornerstone investors committing HK$12.47 billion (approximately US$1.6 billion), the company received solid support from prominent asset managers and investment giants, including GIC Private Limited, BlackRock, Schroders, UBS AM Singapore, Fidelity Hong Kong, and Millennium Management. The funds raised by the gold miner are primarily planned for the acquisition of the Raygorodok Gold Mine in Kazakhstan and the upgrade and construction of existing mines, accounting for aboutabout 33.4% and 50.1% respectively. Kenny Wen, Executive Committee Member of the Hong Kong Society of Financial Analysts, said that the …
Hong Kong major banks follow Fed rate cut with smaller reduction
- 2025-09-18
- Business
- By: Wang Yunqi、ZHOU Yun、LO Shing KwanEdited by: Yichun Fang、BO Chuxuan
- 2025-09-18
The city’s de facto central bank has cut the benchmark interest rate by 25 basis points for the first time in 9 months, with local stocks ending the day lower. Aligning with the US central bank announcement of a 0.25% interest rate cut to 4% to 4.25% as expected, the Hong Kong Monetary Authority decreased its base rate by the same amount to 4.5% to track US movement, according to its official announcement. HSBC and Hang Seng Bank announced a 12.5 basis point cut to their prime rate, bringing it to 5.125%, effective this Friday. Bank of China (Hong Kong) and Standard Chartered (Hong Kong) followed with the same 12.5 basis point reduction, effective Sep. 22, resulting in new prime rates of 5.125% and 5.375% respectively. Billy Mak, Associate Director of the Centre for Corporate Governance and Financial Policy at Hong Kong Baptist University, said that the market’s expectation of the Federal Reserve cutting interest rates had already been priced into current valuations. “The rise of Hong Kong stocks this week was a direct response of the market to the possible interest rate cut in the United States,” said Mak. Duan Yang, associate director of the Department of Finance, Hong Kong Baptist University, predicted more investment and a boost in the financial market. “In terms of the stock market, lower costs of capital immediately improve stock valuation,” she said. “It will also lead to increased margin trading, increasing trading volume and liquidity in the stock market.” Echoing Duan, Steven Tam, Associate Director of Fulbright Securities Limited, said that the interest rate cut is generally positive for the whole Hong Kong stock market. Among them, utility stocks, property stocks and dividend stocks benefit more. The Hang Seng Index broke through the 27,000-point mark during the morning session and then declined, before …
Policy Address 2025: Hong Kong lowers house-purchasing money threshold to facilitate cross-border buyers
- 2025-09-17
- The Young Reporter
- By: Ye Enyi、Lan XinbeiEdited by: MAO Anqi
- 2025-09-17
Non-locals hoping to obtain Hong Kong residence through investment will be able to purchase residential property for a minimum of HK$30 million rather than the current HK$50 million, said Chief Executive John Lee Ka-chiu in Wednesday’s policy address. But the amount of the property purchase allowed to be counted towards the visa scheme eligibility of HK$30 million in investments will remain HK$10 million. This is under the New Capital Investment Entrant Scheme, which was launched on Mar. 1 last year, to help investors settle down in the city without the need to establish or join a business. As of February this year, the scheme has received 918 applications and expects to inject over HK$270 billion into the local market, according to the government’s press release in March. But among the approved applications, no applicant has made an investment in residential real estate. They all choose to invest in non-residential approved assets to meet the eligibility requirements. Wu Cheuk-him, district councillor of Tai Po, said the government’s move is positive. “I am confident that lowering the investment threshold for property purchases will draw more people to buy homes in Hong Kong, and as a result, to stimulate the local property market,” he added. Mainland residents face a stringent cap on foreign exchange conversion of US$50,000 (HK$389,000) a year, which means they cannot buy property that costs more than this with direct remittance. Viola, 26, from the mainland and working in a Hong Kong local school, said she purchased a residential property in Hong Kong at the end of 2023. She does not want to reveal her full name as she had to get creative, which may not be legal, with how she moved her money from a mainland bank into Hong Kong for the transaction. “I am constrained by the rule …
Policy Address 2025: Hong Kong develops tourism economy to revitalise retail industry
- 2025-09-17
- Business
- By: Wang Yunqi、LO Shing Kwan、Zhou XinyingEdited by: Yichun Fang、BO Chuxuan
- 2025-09-17
The Hong Kong government plans to unveil the “ Tourism Everywhere” strategy, combining local characteristics with international elements, to develop the tourism economy, said Chief Executive John Lee Ka-chiu during his Policy Address Speech on Wednesday. The tourism economy strategy encompasses a diverse portfolio of targeted initiatives, with yacht economy, horse racing tourism, cruise tourism, and eco-experiences included. These efforts of the government in tourism strategy aim to attract high-spending visitor segments, boost consumption, and drive growth across the retail, F&B, and hospitality sectors, according to Colliers, a global real estate and investment management consultancy, in a comment after the speech was delivered. “As of August this year, the overall visitor arrivals had reached 33.2 million, a significant increase of 12% over the same period last year", said Lee. Sophia Lam, a member of the Southern District Council, which is home to tourist attractions like Ocean Park and Repulse Bay, said the aim of promoting tourism by leveraging local culture is to boost the retail economy and stimulate consumer spending. According to the release from the Census and Statistics Department, the provisional estimate for total retail sales value was HK$214.8 billion for the first seven months of 2025, a decrease of 2.6% compared to the sum of the first 7 months in 2024. The government shows that from January 2023 to July 2025, the number of visitor arrivals in Hong Kong increased significantly, while the retail sales slightly declined during the same period. After the epidemic, Hong Kong's tourism industry gradually recovered, with the number of visitors to Hong Kong in the first seven months of 2025 reaching about 28 million. Chen Sihao, a professor of the Department of Accountancy, Economics and Finance at Hong Kong Baptist University, explained that the depreciation of the RMB has dampened mainland tourists’ enthusiasm …
South Korea Presidential Election 2025: Korean stocks surge more than 2% after the country’s new president announced
- 2025-06-04
- Business
- The Young Reporter
- By: BO Chuxuan、Wang YunqiEdited by: BO Chuxuan
- 2025-06-04
SEOUL –South Korea’s benchmark index surged 2.7% to 2770.84 at close on Wednesday (as of 3:30 p.m. local time) after Lee Jaemyung brought the presidential election to an end with his widely-expected victory at midnight. The Korea Stock Exchange KOSPI Index opened with a rise of 1.4% after a one-day recess due to the election holiday on June 3, reaching a closing high of 2770.84 – the highest level in over 10 months. The index has gained 20.8% since April lows triggered by concerns over Trump’s reciprocal tariff policies. Financial stocks saw significant gains today, with Bookook Securities surging more than 22% while Mirae Asset Securities, SKSquares, and Shinyoung Securities rose about 13%, charging the KOSPI higher. During his campaign, Lee Jae-myung proposed a series of financial policies, such as customised financial services for the underprivileged and debt relief for small business owners. Tech stocks are also leading gains among other component stocks. Chip and appliance maker Samsung Electronics gained 1.8% to 57,800 KRW, with the semiconductor manufacturer SK Hynix surged 4.8%, and aero engine-savvy Hanwha Aerospace gained 1.2%. Lee claimed his presidency and delivered a speech in front of the National Assembly, prioritising the revision of the economy and livelihood to alleviate economic hardship as his second priority in his incoming administration, following the restoration of democracy. “From the moment my victory is confirmed, I will devote every effort to recovering your livelihoods—quickly and decisively,” he said. Lee has also promised to boost the economy by increasing government spending, improving corporate governance, strengthening labour protection, and wrapping up the ongoing tariff talks and exchange rate negotiations with the Donald Trump administration, which may contribute to stabilising market sentiment. The South Korean won strengthened against major currencies on Wednesday, trading at around 1,363 per dollar and 946 per 100 yen as …
South Korea Presidential Election 2025: Young voters see the economy as one of their major concerns amid economic downturn
- 2025-06-02
- Politics
- By: BO ChuxuanEdited by: BO Chuxuan
- 2025-06-02
Young voters in Seoul consider the economy one of the major concerns heading into the South Korean 21st presidential election, which takes place on June 3, as South Korea’s central bank cut the basic interest rate by 25 basis points days before to counter the current economic downturn. “The current (economic) situation is really bad, everything is becoming more and more expensive,” said Victoria Kim, a psychology student at Yonsei University, who gave up travelling abroad but visited cities inside South Korea instead because of the depreciation of the South Korean won. South Korea's won weakened sharply after ex-president Yoon Suk Yeol declared emergency martial law, causing a democratic crisis in the country on Dec. 3, 2024, and hit a record low in nearly 16 years after Trump’s declaration of a 25 percent tariff against Korea-manufactured goods in April. While the South Korean benchmark stock index, KOSPI, moved higher and broke a 10-month record high at 2,720.64 on May 29, boosted by tech shares, which strengthened the won against the USD, this was mainly triggered by the US trade court’s blockade of Trump’s global tariffs. For Kim, the economic uncertainty extends beyond travel decisions to her everyday expenses. “I like to be a vegetarian and eat lots of veg and fruit at home, and with the recent price rises it’s a burden to buy and eat,” said Kim, working part-time in Seoul apart form college right now. Being eager to enjoy cultural life, Kim must continue working to save money, which makes her feel frustrated and negatively impacts her mental well-being. Jerry (assumed name), a student in the Korea University department of Humanities, sees social welfare for low-income groups as the key issue in his vote, and is looking for substantial and implementable funding policies to support the research and …