Hong Kong’s banks and brokers are offering record margin loans of almost HK$300 billion (US$38.7 billion) for retail investors to buy into Ant Group’s IPO this week, which is on course to be the most popular offering ever in the city.
HSBC, Hong Kong’s biggest bank, is ready with an IPO lending capacity of over HK$100 billion to support retail investors subscribing to the mammoth flotation, according to a statement from the lender issued on Friday.
At the same time, Bright Smart Securities, the biggest local broker to offer IPO margin financing, is prepared to lend HK$50 billion to customers wanting a slice of the action. Read more…..
Chart of the Day
The Philippines, a beautiful tropical archipelago of islands that forms one of the most important economies in the world today. This nation often flies under the radar as a quiet achiever but it is both interesting and important to understand because it may be the quintessential 21st-century growth nation, and that is not to say it is some super modern nation from the future, but rather it is to say that the story of the success and failures of the Philippines is by extension the story of the world today as more and more countries, modernize, embrace technology, trade internationally and bring their citizens into the global middle class.