HSBC makes £10bn bet on Hong Kong as ‘super-connector’ for China and west

Deal will mean Hang Seng Bank’s shares are taken off local stock exchange as HSBC doubles down on Asian business

HSBC is shelling out £10bn to take its Hong Kong subsidiary private, in a move it said was designed to take advantage of the financial hub’s role as a “super-connector” between China and global markets.

The deal will result in Hang Seng Bank’s shares being taken off the local stock exchange as London-headquartered HSBC doubles down on its Asian business and snaps up the 36.5% of shares it does not already own.

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HSBC makes £10bn bet on Hong Kong as ‘super-connector’ for China and west

Deal will mean Hang Seng Bank’s shares are taken off local stock exchange as HSBC doubles down on Asian business

HSBC is shelling out £10bn to take its Hong Kong subsidiary private, in a move it said was designed to take advantage of the financial hub’s role as a “super-connector” between China and global markets.

The deal will result in Hang Seng Bank’s shares being taken off the local stock exchange as London-headquartered HSBC doubles down on its Asian business and snaps up the 36.5% of shares it does not already own.

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Super Typhoon Ragasa rampages through Taiwan, Hong Kong and southern China

Peak winds of 165mph bring 17 deaths in Taiwan, while Storm Bualoi threatens to strengthen into typhoon on its way to the Philippines

Super Typhoon Ragasa pounded Taiwan, Hong Kong and China before moving into Vietnam on Thursday night, though as a much-weakened storm.

At its peak Ragasa had mean wind speeds of 165mph as it moved to the south of Taiwan, where it brought significant heavy rain resulting in 17 deaths as a barrier lake burst.

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Weakened Super Typhoon Ragasa heads towards Vietnam after battering China and Hong Kong

Huge clear-up efforts start after storm leaves trail of destruction, with 25 reported dead in Taiwan and the Philippines

Huge clear-up operations were under way in southern China and Hong Kong on Thursday, after Super Typhoon Ragasa battered the region, causing widespread flooding and damaged roads.

Ragasa, the most powerful tropical cyclone so far this year, left a trail of damage across Hong Kong, which resumed international flights on Thursday but kept kindergartens and some schools closed. In the economic hub of Guangdong province in mainland China, where more than 2 million people were evacuated ahead of the super typhoon, crews used excavators to clear thousands of toppled trees and unblock roads.

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Super Typhoon Ragasa: 17 killed in Taiwan and Hong Kong battered as storm hits China

Chinese businesses and schools shut and residents in high-rises ordered to evacuate as storm makes landfall on Guangdong coast

Fierce winds, pounding rain and high seas battered Hong Kong as Super Typhoon Ragasa headed into southern China after causing a lake to burst in Taiwan, killing at least 17 people.

Hong Kong experienced widespread damage on Wednesday, including fallen trees and flooding in many areas, with the storm surge smashing the glass doors of an upmarket hotel and flooding its lobby, according to footage circulating online.

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Jimmy Lai trial: closing arguments in Hong Kong delayed by aftermath of Typhoon Podul

Lai has been detained since December 2020, with western nations and rights groups calling for his release

The closing arguments in the national security trial against jailed Hong Kong media mogul Jimmy Lai were postponed on Thursday after the Asian financial hub issued its highest-level “black” weather warning, stemming from ex-typhoon Podul.

Queues had formed outside the court for the public gallery, but torrential rain saw the closing arguments in the trial, which began in late 2023, delayed. Proceedings are expected to resume on Friday.

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Penny Wong complained to China about intimidation of exiled Hong Kong pro-democracy campaigners

Exclusive: Foreign affairs minister used July meeting on Asean sidelines to elevate criticism of targeting of Adelaide-based Ted Hui and Melbourne-based Kevin Yam

The foreign affairs minister, Penny Wong, complained about the targeted intimidation of exiled pro-democracy campaigners from Hong Kong directly to her Chinese counterpart, Wang Yi, during a bilateral meeting in Kuala Lumpur.

The July meeting was the first face-to-face discussion between the pair since two Hong Kong activists wanted for alleged national security crimes were subjected to anonymous letters offering Australian neighbours $203,000 to inform on them.

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White House to end US tariff exemption for all low-value overseas packages

Under Trump order, parcels valued at or under $800 outside of international postal network to face ‘all applicable duties’

The United States is suspending a “de minimis” exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs, the White House said on Wednesday.

Under an executive order signed by Donald Trump on Wednesday, packages valued at or under $800 sent to the US outside of the international postal network will now face “all applicable duties” starting on 29 August, the White House said.

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HSBC boss says Rachel Reeves putting up bank taxes would harm UK growth

Georges Elhedery’s comments come amid speculation the chancellor could make such a move in autumn budget

The boss of HSBC has joined a growing chorus of bankers cautioning Rachel Reeves against increasing taxes on banks in her autumn budget, warning it risked “eroding” investment and ultimately harming UK growth.

Georges Elhedery, its chief executive, said banks in the UK were already subject to the highest level of taxes on profits compared with other sectors, and paid more than in most other countries. He said placing further financial pressures on lenders could spell trouble for the UK economy.

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Hong Kong issues arrest warrants for 19 activists based overseas

Authorities accuse activists linked to pro-democracy group Hong Kong Parliament of subversion

Hong Kong’s national security police have issued arrest warrants for 19 activists based overseas, accusing them of subversion under a stringent national security law, marking the largest such tally yet.

They are accused of organising or participating in the Hong Kong Parliament, a pro-democracy group that authorities in the Asian financial hub say intended to subvert state power, under the law Beijing imposed in 2020 after months of pro-democracy protests in 2019.

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Typhoon Wipha hits Hong Kong bringing on highest storm alert

Authorities axe flights and school classes as typhoon closes in, with China’s Hainan and Guangdong provinces also on high alert

Hong Kong issued its highest tropical cyclone warning as Typhoon Wipha battered the city, with authorities cancelling school classes and grounding hundreds of flights.

Wipha was located around 60km south-east of Hong Kong as of 10am on Sunday, according to the city’s weather observatory. Huge waves were spotted off the eastern coast of Hong Kong Island.

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Hong Kong teachers allegedly told to avoid US Independence Day events

Messages advise staff to also warn students off celebrations to avoid violating national security law

Teachers in Hong Kong have been warned to keep themselves and students away from any US Independence Day celebrations as they may breach national security laws, educators have alleged.

A text message purportedly sent by the principal of a Hong Kong school to staff said the education bureau’s regional education office had reminded them “to be careful about Independence Day activities organised by the US consulate in Hong Kong, and not to participate to avoid violating the national security law and Hong Kong laws”.

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Hong Kong police tell people not to download ‘secessionist’ mobile game

Players face possible arrest for downloading Taiwan-developed Reversed Front: Bonfire, which lets them ‘overthrow the communist regime’

Hong Kong police have warned people against downloading a Taiwan-developed mobile game which they say is “secessionist” and could lead to arrest.

The game, Reversed Front: Bonfire, allows users to “pledge allegiance” to various groups linked to locations that have been major flashpoints or targets for China including Taiwan, Hong Kong, Tibet, Uyghurs, Kazakhs and Manchuria, in order to “overthrow the communist regime” known as the “People’s Republic”.

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Jailed Hong Kong democracy activist Joshua Wong hit with new charges

Wong accused of conspiracy in move rights groups condemn as ‘outrageous’ attempt to keep influential dissident imprisoned

Jailed pro-democracy activist Joshua Wong has been hit with further national security charges, a move rights groups said showed the Hong Kong government was trying to keep dissidents behind bars for as long as possible.

Wong, a well-known activist who has been in jail for more than four years either awaiting trial or serving sentences, is accused of conspiracy to collude with a foreign country. He appeared in court on Friday to hear the charge and did not apply for bail.

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Hong Kong releases second group of democrats jailed for four years in national security trial

Among those freed was long-time political and LGBTQ activist Jimmy Sham, who also led one of Hong Kong’s largest pro-democracy groups

Four people jailed in the landmark national security trial of the “Hong Kong 47”, the pro-democracy figures accused of conspiracy to commit subversion, were freed on Friday after more than four years behind bars, the second group to be released in a month.

Among those freed was longtime political and LGBTQ activist Jimmy Sham, who also led one of Hong Kong’s largest pro-democracy groups, the Civil Human Rights Front, which disbanded in 2021.

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Shein turns to Hong Kong for flotation as London attempt stalls, reports say

Fast-fashion retailer struggling to gain go-ahead from Chinese regulators for UK listing

Shein is reportedly aiming to list on the Hong Kong stock exchange as the online fast-fashion retailer struggles to gain the go-ahead from Chinese regulators for a flotation in London.

The company, which was founded in China where the majority of its suppliers are based but now has its headquarters in Singapore, is aiming to file a draft prospectus with Hong Kong’s stock exchange in the coming weeks, according to Reuters.

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Hong Kong authorities trying to disrupt independent press with ‘strange’ tax audits

Inland revenue targets eight outlets, union, 20 journalists and their families with supposed ‘random’ checks

Hong Kong authorities have targeted journalists and media outlets with what are supposed to be “random” tax audits, in a move the industry union says adds pressure to waning press freedoms.

The head of the Hong Kong Journalists Association, Selina Cheng, detailed what she said were “strange” and “unreasonable” accusations by Hong Kong’s inland revenue department. Requests or audits were made against the association, at least eight independent media outlets, and at least 20 journalists and their family members, including Cheng and her parents, she said at a press conference on Wednesday.

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Former prisoners and hostages urge Starmer to secure release of Jimmy Lai

Call for UK PM to act urgently over pro-democracy campaigner who has spent 1,602 days in solitary confinement

Former prisoners and hostages wrongly held abroad have urged the UK prime minister to urgently secure the release of the pro-democracy campaigner Jimmy Lai before he dies in a Hong Kong jail.

The 77-year-old media mogul, who is a British citizen, has been held in solitary confinement for 1,602 days and his family fears he might not survive another summer in Hong Kong, where temperatures can reach 40C (104F).

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India tries to halt auction of Piprahwa gems found with Buddha’s remains

Ministers claim sale in Hong Kong is unlawful and are demanding repatriation of sacred relics buried in third-century BC

The Indian government has issued a legal notice to halt the “unethical” auction of ancient gem relics, which it said should be treated as the sacred body of the Buddha.

Its Ministry of Culture said the auction of the Piprahwa gems in Hong Kong this week “violates Indian and international laws, as well as United Nations conventions”, and demanded their repatriation to India “for preservation and religious veneration”.

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Rights groups condemn arrest of Hong Kong activist Anna Kwok’s father and brother

Arrests are the first case of the city’s national security law being used to target the relatives of pro-democracy campaigners

Human rights groups have condemned the arrest of relatives of Anna Kwok, an exiled pro-democracy activist who is wanted by the Hong Kong police, in the first example of the city’s national security law being used to target the family members of an activist living overseas.

Kwok, 28, is the executive director of the Washington-based Hong Kong Democracy Council, and is one of 19 overseas activists wanted by the national security police, who are offering bounties of HK$1m (£97,000) for information leading to arrest.

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