Xi’s market watchdogs get black swan for new year 3 Feb 2020 The benchmark index fell 9% as traders returning after a week-long holiday dumped stocks on coronavirus concerns. The slide may be hard to brake; Beijing’s stimulus options are constrained. Finance regulators, restructured after the 2015 crash, face a major credibility test.
India’s mega-IPO sounds like Aramco mess in making 3 Feb 2020 The mooted listing of state giant Life Insurance Corp, maybe worth some $130 bln, is the strongest sign yet of a government ready to shake things up. As with the Saudi oil debut, though, it will be a painstaking process that bends rules only to achieve a half-baked outcome.
Hong Kong’s new banks will move fast, break things 3 Feb 2020 The city’s first digital-only bank, backed by insurer ZhongAn, is paying around 6% deposit interest. Similar promotions may come from newbies backed by Ant, Xiaomi, and others. The aggressive entrance suggests incumbents may lose revenue share fast to rich upstarts.