There’s some good news for Hong Kong this Wednesday morning. A survey showed the former British colony still enjoys the patronage of rich Chinese, who picked it as their top investment destination. At the same time, the city is now the biggest IPO market in the world, dislodging New York. But investors may be in for a lacklustre day in the equities market after Wall Street fell overnight.
Sluggish start seen for Asian markets. Equities may open flat to lower Wednesday following Wall Street’s weak finish overnight. The Nikkei may be range-bound after Chicago and Osaka futures traded close to the index’s closing level the previous session. CNBC
Wealthy Chinese pick Hong Kong as the preferred investment destination. The former British colony’s proximity to the mainland, its low tax rates, global access and cultural similarities are the reasons why rich Chinese named Hong Kong as the place to invest outside of their country, according to a recent Bain & Co survey. The study also found out that China had more than one million high net worth individuals in 2014, more than double from 2010’s level. South China Morning Post (paywall)
Hong Kong dislodges New York as top IPO market. With 24 new listings worth $11.8 billion, Hong Kong is now the biggest IPO market in the world, ahead of New York with $9.1 billion and Shanghai with $8.5 billion, according to data provider Dealogic. New York topped the list in 2014, while Hong Kong settled for second place, after China’s e-commerce firm Alibaba raised a record $25 billion in IPO in the U.S. South China Morning Post (paywall)
Foxconn eyes India. The Taiwanese firm that manufactures electronics for companies like Apple is planning to set up facilities and invest in an e-commerce startup in India. Foxconn has factories in China, but rising wages and competition have made it consider expanding its operations overseas in search for growth drivers outside of the mainland. The Wall Street Journal (paywall)
Hackers invaded the Internal Revenue Service to steal tax information from 2013 from about 100,000 U.S. households. The identity thieves, who took Social Security numbers and other data, tried to pry the information from another 100,000 records unsuccessfully. Wall Street Journal (paywall)
Maylasia stops Hong Kong activist at its border. Joshua Wong was slated to speak before youth activist groups this week but was turned away at Penang International Airport by “government order.” New York Times (paywall)
White House loses appeal on immigration. The Fifth U.S. Circuit Court of Appeals said the Obama Administration could not defer deportations for “millions of undocumented immigrants.” Wall Street Journal (paywall)
Photo credit: Christopher Chan via Flickr