The Wealth Management Connect, the new cross-border scheme for the Greater Bay Area, made a solid debut on Tuesday, with most banks indicating strong demand for their investment products in the mainland and Hong Kong, according to bankers. HSBC, Standard Chartered, Bank of China (Hong Kong) (BOCHK) and 10 other lenders contacted by the South China Morning Post, said the response from customers to open bank accounts was positive, with many of them buying investment products across the border. "We
Weidai Ltd. (the "Company" or "Weidai") (NYSE: WEI), a leading auto-backed financing solution provider in China, today announced that it has received a letter from the New York Stock Exchange (the "NYSE") dated August 31, 2021, notifying Weidai that it is below compliance standards due to the trading price of its American Depositary Shares (the "ADSs").
Hong Kong-based asset management companies will introduce more yuan share class funds to meet demand from mainland Chinese investors when the Wealth Management Connect scheme is launched, industry body Hong Kong Investment Funds Association (HKIFA) said on Wednesday. Such funds invest in US and other international stock and bond markets and allow investors to buy and sell their holdings in the yuan. Fund managers use forward and other derivative products to hedge currency risks for investors. Ho