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...Nguyen recalls seeing this verbalised in a sign: “ANOTHER AMERICAN DRIVEN OUT OF BUSINESS BY THE VIETNAMESE.”...
...This is not serious. It’s sentimental and sappy! This is about as sappy as you’re going to get from me.” Nguyen hates being sentimental....
...He was the latest casualty in a years-long corruption crackdown led by Communist party secretary-general Nguyen Phu Trong....
...The Hang Seng index was up 3.5 per cent this week. Markets in the rest of Asia were muted, with mainland China’s CSI 300 index losing 0.7 per cent....
...Chabaidao is Hong Kong’s largest IPO this year, as the city has struggled to recover from an extended stock market rout and persistent lack of new listings....
...China’s securities regulator, announcing the moves earlier this month, underlined the importance of Hong Kong as a financial centre. Support is sorely needed for the market....
...“This causes hesitancy for foreign companies who want to make big investments in Vietnam,” he said....
...“After this IPO the sentiment will even get worse because they received an undersubscription and this gives a very bad impression that Hong Kong’s IPO market is simply not effective,” he added....
...In 2021, Nguyen Thi Thanh Thuy jumped at an offer by Vietnam’s Saigon Joint Stock Commercial Bank (SCB) to invest in a new savings product offering high interest rates....
...Earlier this year he interviewed Sam Altman, the CEO of OpenAI, and he really challenged him on the direction these advances are taking us....
...“[You] should feel honoured to participate in this important historic mission.”...
...But this flop isn’t just down to Chabaidao. It would usually be rare to see a listing for a profitable company that was not oversubscribed many times over by local retail investors....
...It is widely expected to begin cutting rates later this year....
...Shares in mainland Chinese property developers with Hong Kong listings rose during early trading on Thursday, extending their rally this week....
...Maersk and Hapag-Lloyd’s agreement this year to shift cargo to Shenzhen’s Yantian port instead of Hong Kong underlines the trend, according to analysts....
...The government has said it hopes to pass the bill this year....
...Shares in JD.com dropped 6.8 per cent ahead of its fourth-quarter earnings announcement this week....
...“So this blocks a lot of global users from coming to Hong Kong,” said Weng, adding that the city would suffer if it issued too many licences. “The local market is not that big.”...
...Shares in HKEX fell 0.5 per cent following results and are down more than 9 per cent this year....
...He forecast Hong Kong would see a 2.5-3.5 per cent growth in its economy this year, following a worse than expected 3.2 per cent expansion last year....
...The Chinese territory’s bourse logged a profit of HK$2.97bn (US$379mn) in the first three months of this year, it said in a filing on Wednesday....
...But it “hasn’t come out and said definitively, ‘this is OK and this isn’t’”, one said....
...Shares in HKEX are down almost 10 per cent this year....
...So far this year, only five companies have listed in Hong Kong, raising a combined $279mn and reflecting a year-to-date drop of about 18 per cent from a year ago....
...Additional reporting by Cheng Leng in Hong Kong...
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