Today may have been bereft of market-moving news or important economic data, but it sure has seen a milestone as Shanghai’s recently-bloodied index breaks the 5000-point barrier to reach a new seven-year high.
Shanghai composite rallies to a seven-year high as rest of Asia gets hammered. With Japan, Hong Kong, and the rest of Asia in doldrums, Shanghai’s SHCOMP composite soared past the 5000-point mark, a milestone unseen since 2008. It currently trades up 1%, while Hong Kong’s Hang Seng Index is down 0.5% and Japan’s Nikkei slips 0.44%. MarketWatch
Legend Holdings gets a green light for $2 billion Hong Kong IPO. Just in time to join Hong Kong’s red-hot IPO scene, Beijing-based Legend Holdings – Lenovo’s largest shareholder – has recently been given the green light by the Hong Kong stock exchange to launch its initial public offering. The company plans to raise up to $2 billion later this month and is set to take orders next week. WSJ (paywall)
India slated to be AIIB’s second-largest shareholder. With an estimated 8% of the Asian Infrastructure Investment Bank, India is set to hold the second-largest voting power among the bank’s 57 founding members. China, however, remains at the fulcrum of power with an estimated 30% of the Beijing-based bank. WSJ (paywall)
Axa to set up Hong Kong, Shanghai, and Singapore offices. In an effort to claim its own piece of the ever-growing Asian investment pie, French insurance giant AXA has announced that it will be setting up offices in Hong Kong, Shanghai, and Singapore. The push also has the added benefit of allowing the firm to accompany its various startups as they expand within the region. SCMP (paywall)
Photo credit: groucho via Flickr