Sharon Lam joined Breakingviews in 2017. She previously covered technology and culture at Forbes, and has also worked at Mirae Asset and HSBC private bank. Sharon holds a bachelor's degree in international relations and political science from Tufts University, where she wrote and edited for Hemispheres, an international relations journal. She is based in Hong Kong.
City regulators have awarded three online-only banking licenses, hoping to shake up a lucrative $23 bln local market after years of underinvestment. Tough requirements mean two have gone to ventures backed by big names, not startups. That won't stop them tackling HSBC and others.
Sales in the mainland and beyond dipped in 2018, to $13 bln. There was still exuberance: a monumental abstract triptych sold for a record $65 mln. But the mood ahead of Hong Kong’s Art Basel is subdued. For buyers, that may be good news, auguring less volatility and lower prices.
Mainland autonomous truck startup TuSimple is hitting the U.S. road, challenging the likes of Waymo and Volvo. Despite support from Beijing, policy contradictions have reduced China’s attractiveness to its own companies, making it a laggard in the self-driving race.