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Hopewell Highway Infrastructure Ltd. recently raised at least 1 billion RMB ($147 million) from the first offshore bond sale in China currency by a non-bank Hong Kong company, according to a source close to the company. Hopewell, controlled by Hong Kong billionaire Gordon Wu, offered two-year notes, said the source, asking not to be identified as the plan was private. China, the world second-largest economy, is seeking to promote the RMB as a global currency and increase its use in cross-border trade. The central bank last year expanded use of the RMB for cross-border trade settlement to 18 more provinces, allowing...

NEWS 2020

As at the end of April the total amount held in RMB deposits at Hong Kong banks had reached RMB 510bn ($78.7bn). This increase from RMB 90bn at the beginning of July last year has been driven by liberalization measures announced last year by the Chinese and Hong Kong authorities aimed at internationalizing the mainland currency. Such deposits are accumulating at an average of RMB 50bn a month and are largely the result of trade settlement, suggesting that these deposits will reach RMB 1,000bn early next year. As part of longer-term plans to allow the Chinese currency to be freely...

NEWS 2020

Taomee (NYSE: TAOM), a Chinese company operating a social networking and entertainment site for children that features virtual world, priced shares in its initial public offering (IPO) at the bottom of an expected range on 8th June. Taomee Holdings Ltd. sold 7.2 million American Depositary Shares for $9 each, raising $64.7 million, it had planned to sell shares ranging from $9 to $11 each. The company was coming aboard NYSE 9th June just as the bunch of US-listed Chinese companies has been under fire following a series of accounting scandals and alleged short sale of their own stocks. A number of...

NEWS 2020

China will issue rules on RMB-denominated foreign direct investment (FDI) into the mainland by the end of the year, a move that will allow easier repatriation of the Chinese currency according to the Hong Kong Monetary Authority (HKMA). "Once the new rules come out, it will provide a greater degree of certainty and easier access by investors when they have RMB funding in Hong Kong and elsewhere," said the HKMA's Chief Executive Norman Chan. China, the world's second-largest economy, is expected to grow by 9.5 percent this year.  "China may not want the offshore pool of RMB to return in the...

NEWS 2020

While other developed markets are still recovering from financial crises, Asia is booming, said a beaming KC Chan, Hong Kong secretary for financial services and the treasury, at a recent press conference. The former British colony is striving to cement its position as the de facto financial proxy to the China growth story, and thereby draw capital and talent to the territory shores. The Hong Kong SAR government is borrowing pages from Singapore playbook. Hong Kong has traditionally had a very laissez-faire approach to its economy. That very different from Singapore. In Singapore they e very proactive, because they understand that...

NEWS 2020

Four years after coming into existence, Hong Kong nascent market for RMB-denominated bonds, a core plank in China drive to internationalize its currency, has burst into life. The so-called dim sum bond market, named after the bite-size delicacies served in Hong Kong tea houses, has already seen more deals this year than in the entire 2010. Unilever, the European consumer group, and BYD, the Chinese carmaker backed by Warren Buffet, are among the issuers that have raised RMB fund in Hong Kong market through dim sum bond since January. While the sums involved are still small, the market rapid growth,...

NEWS 2020

Barbados is actively developing itself as a global offshore jurisdiction. The Government of Barbados is instituting several measures to develop Barbados into an attractive centre for offshore investors from afar. Barbados will be launching an international Stock exchange and international trading platform in 2011. This will enable local investors to carry on trading international securities. This project is currently being undertaken by the Barbados Stock Exchange. Barbados has inked bilateral double tax treaties with more than a score of countries, amongst which are, the United States, the United Kingdom, Canada, Switzerland, Sweden, Norway, Finland, last but not the least, China. Most...

NEWS 2020

In recent years, Jersey officials and business leaders have been stressing the importance of strengthening the island strategic and multi-facet business relations with the world second largest economy. Those directives have translated into numerous high level governmental visits between China and Jersey, along with a number of joint business conferences. The latest such occasion was in June 2011, when an official delegation from Jersey headed by Chief Minister Terry Le Sueur arrived to China. The delegation also included Assistant Chief Minister for International and UK Relations Senator Freddie Cohen, as well as figures from the Jersey Finance team. The eight...

NEWS 2020