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Xiaomi Corp. has initiated a share sale aimed at raising up to $5.3 billion to support its electric vehicle expansion. The company plans to offer 750 million shares priced between HK$52.80 and HK$54.60, reflecting a discount of 4.2% to 7.4% from its last closing price in Hong Kong. This move follows a significant fundraising effort by EV giant BYD Co. of $5.6 billion.
HSBC CEO Elhedery announced a restructuring initiative aimed at reallocating $1.5 billion in efficiencies towards growth areas, particularly in investment banking operations in Asia and the Middle East. This strategy follows the bank's exit from key businesses in Europe and the US, reflecting a strong momentum for HSBC. Elhedery shared these insights during an exclusive interview at the HSBC Global Investment Summit in Hong Kong.
Asian shares showed mixed results, with Chinese markets declining after a rally on Wall Street driven by tariff hopes. The Nikkei 225 rose 0.3%, while Hong Kong's Hang Seng fell 2.2%. U.S. futures dipped slightly, and oil prices remained stable as investors await key economic updates this week.
HSBC CEO Georges Elhedery announced a strategic shift to enhance investment banking in Asia and the Middle East, following exits from key European and US markets. The restructuring aims to save $1.5 billion and focus on areas of competitive advantage, with significant job cuts expected, particularly among senior management. Elhedery emphasized Hong Kong's importance to the bank and plans to simplify operations while retaining and competitively rewarding talent.
HSBC's CEO Elhedery highlighted the bank's ongoing organizational simplification aimed at enhancing efficiency and agility, targeting $2.5 billion in cost savings over the next few years. The initiative is expected to yield $300 million in benefits this year, with full savings materializing by 2027, while reallocating costs to growth areas. Elhedery emphasized the importance of customer advocacy and the bank's commitment to adapting to changing market needs.
HSBC Holdings Plc plans to intensify its investment banking efforts in Asia and the Middle East following its exit from significant operations in Europe and the US. CEO Georges Elhedery announced the bank's intention to reallocate $1.5 billion towards growth areas, focusing on debt financing, equity capital markets, and mergers and acquisitions in the region.
Deutsche Bank has raised its target price for CHINA MOBILE (00941.HK) from $90 to $105 while maintaining a Buy rating. The company plans to increase its dividend payout ratio from 73% in 2024 to over 75% by 2026, with reduced capital expenditure expected to enhance profitability and free cash flow. Additionally, CHINA MOBILE's foray into AI-related growth areas presents further upside potential.
Hong Kong is enhancing its position as a global financial hub, focusing on gold trading, attracting foreign investment, and promoting green finance. The city is set to host the inaugural Hong Kong Global Financial and Industry Summit, aiming to foster international collaboration and innovation in fintech and digital assets. With a projected economic growth of 2.9% annually and a significant rise in stock market activity, Hong Kong continues to strengthen its role as a super-connector in global finance.
HSBC Holdings Chairman Mark Tucker highlighted the potential for sustained growth in the Asian economy, driven by Chinese economic stimulus and India's market size. The rise of Chinese private enterprises is seen as a challenge to Western dominance, contributing to a market rebound. Additionally, Hong Kong is projected to surpass Switzerland as the world's largest wealth management center by 2027-2028, reinforcing its status as a key international financial hub.
Morgan Stanley Investment Management has announced a portfolio management change for the Morgan Stanley China A Share Fund, Inc. In other news, Indian equities continued to rise, driven by gains in banks and energy stocks, while Citigroup adjusted its price target on Morgan Stanley to $125, maintaining a neutral rating. Additionally, Morgan Stanley raised its GDP growth forecast for China in 2025.
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xiaomi launches 5.3 billion share sale to boost electric vehicle expansion
06:42 25.03.2025
hsbc ceo outlines restructuring plans and focus on asia and middle east
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Asian markets mixed as Chinese shares decline following Wall Street rally
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