Hong Kong SAR

HSBC's Asia profit before tax from global banking and markets slipped 33% to $654m in the fourth quarter of last year from $972m in Q4 2015, mirroring a fall in income.

HSBC outlined in its annual results announcement on Tuesday some of the difficulties it is facing in the Chinese market, but also said it was raising its revenue targets for the RMB business in 2017.

China Securities Regulatory Commission has given the nod to Bank of Communications Co to spin off and list its investment banking arm in Hong Kong, according to a filing with the city’s exchange.

China YuHua Education Corp was expected to close its HK$1.9bn ($244.8m) IPO on Tuesday as scheduled — but price sensitivity among investors meant finding the right pricing level was posing a challenge as GlobalCapital Asia went to press.

The Hong Kong government launched a new 10 year dollar sukuk on Tuesday morning, seizing the opportunity to set a new benchmark after previously only selling five year sukuk.

Singapore-based construction company HPC Holdings is looking to list its shares in Hong Kong and is seeking approval from the city’s exchange.

Law firm DLA Piper has hired a new partner to its finance and projects group in Hong Kong, according to a Monday press release.

BBVA sold down part of its holdings in China Citic Bank Corp for HK$4.6bn ($587.2m) on Wednesday, taking advantage of an unexpected rally in Chinese banking stocks.

Cathay United Bank has hired a senior banker from DBS to helm its corporate banking operations in Hong Kong.

In this round-up, the RMB is hangs on to its gains in the FX market, China sees RMB trade settlement sink to a four-year low, and Hong Kong Exchange (HKEX) is preps launch of offshore RMB (CNH) options contracts. Plus, a recap of our coverage this week.

We bankers love to whinge about our bonuses, or what we see as a lack thereof. But when a young friend of mine told me he felt sorry for some chaps at banks that weren’t getting any bonuses this year, I couldn’t help but laugh.

Kunming Dianchi Water Treatment Co has refiled a draft prospectus for its Hong Kong listing, after first submitting a proposal to the stock exchange in August 2016.