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Asia Pacific Financial News from John Lothian News – December 15, 2017

Lead Stories

The $145 Trillion Future of Investing Is Heading to Asia;; Surging wealth throughout the developing world will reshape asset management.
By Nico Grant – Bloomberg
Chinese assets under management to rise at break-neck pace; This story is part of a series on the future of investing
Every other day, a new billionaire is minted in Asia. That growing wealth has sparked a shift in the world of investing, as ascendant emerging markets outpace the long-dominant U.S. and Europe.
https://goo.gl/cDFPDe

HKEX moves closer to accepting dual share classes; Exchange’s rethink prompted by losing out on Alibaba’s IPO to the US
Emma Dunkley in Hong Kong – FT
The Hong Stock Exchange has moved a step closer to allowing dual share classes, paving the way for blockbuster listings three years after losing out on technology giant Alibaba’s flotation to the US.
https://goo.gl/PYqcyP

Virtual currency ‘Ripple’ effect takes SBI to 9-year high; Investors see massive unrealized gains on brokerage’s stake in XRP operator
YUKO NOMURA, Nikkei
The cryptocurrency bubble has revealed itself in the stock market here as investors flock to SBI Holdings, betting that the brokerage’s links to U.S. virtual currency operator Ripple will yield massive investment gains as its XRP’s price soars.
https://goo.gl/FU19sc

Bitcoin boom presents risk to Japanese currencies brokers – Deutsche Bank
Adam Samson – FT
Swelling cryptocurrencies interest among retail investors in Japan means that foreign exchange brokers in the Asian country face a “higher risk of failure”, an analyst at Deutsche Bank has warned.
https://goo.gl/vZBhBe

The 5 most compelling financial statistics
AFR
Here’s a variation on the list of statistics meant to cause shock and awe. Today we have Chanticleer’s five financial stats that will either open your eyes to profound changes in the global financial system or stimulate your investment antennae.
https://goo.gl/Z98Kwd

Exchange News

Bursa Malaysia introduces new trading features
TheSundaily.com
Bursa Malaysia Securities Bhd has introduced new trading features of good-till-cancel and stop market & stop limit, providing alternatives for market participants to efficiently execute a greater variety of trading strategies.
https://goo.gl/Cep8eD

HKEX PROPOSES WAY FORWARD TO EXPAND HONG KONG’S LISTING REGIME
Regulatory
HKEX
Clear consensus on expanding listing regime to ensure Hong Kong remains competitive; Strong support for measures to help attract more listings by innovative companies; Exchange to consult market on rule changes to facilitate listings from three key groups; HKEX Chief Executive Charles Li blogs about the proposed changes to the listing regime, why they’re important, and how they will make Hong Kong more relevant and more competitive. (Includes video)
Hong Kong Exchanges and Clearing Limited (HKEX) and its subsidiary The Stock Exchange of Hong Kong Limited (the Exchange) today (Friday) announced the conclusions to the New Board Concept Paper (Concept Paper) published on 16 June 2017. Based on the feedback from market stakeholders, the Exchange has determined to proceed to expand Hong Kong’s listing regime to facilitate listings of companies from emerging and innovative sectors.
https://goo.gl/rW5MSW

Shaping the future of our IPO market
HKEX
Today the Hong Kong market has decided to take a big step forward and secure our relevancy as a premier global capital formation centre. Following an extensive market consultation, we have reached a clear consensus that Hong Kong must broaden its listing regime and proactively embrace the new economy.
https://goo.gl/CpjnAn

FinTech News

‘I didn’t take them seriously at first’: how Tom joined the bitcoin boom
Liam Cormican – SMH
Tom Budin “jumped on” cryptocurrencies about six months ago when a mate enlisted him to produce his band’s music – and wanted to pay him in cryptos.
https://goo.gl/nZTcZ7

Investing News

Man Group Launches Quantitative Fund in China with Support from Domestic Financial Service Institutions
PRNewswire
Man Group, the global active investment management firm, announces the launch of its first onshore investment strategy for qualified investors in China. Best endeavors offered by domestic financial service institutions are an indispensable factor to smoothly and efficiently promote registration process and product preparation of WFOE PFMs. ICBC will act as custodian to the fund, with Guotai Junan Securities providing fund administration and brokerage services.
https://goo.gl/FT5Ru8

Japan

Japan’s digital money exchanges heading abroad for growth; Quoine eyes Philippines; Bitpoint Japan to enter Taiwan
YUKINORI HANADA, Nikkei
Seeking fresh channels for growth, cryptocurrency trading platforms in Japan — the world’s biggest market — are branching out to other parts of Asia and beyond.
https://goo.gl/x6VGiA

Japan’s Central Bank Tweaks Message as Dissenter Calls for More Easing
By Toru Fujioka and Masahiro Hidaka – Bloomberg
Kuroda speech included new language on risks of more stimulus; Changes are said to have been wrongly interpreted as exit hint
A new dissenter on the Bank of Japan board calling for more stimulus has prompted the BOJ to adjust its communications to flag risks of additional easing, according to people familiar with the central bank’s discussions.
https://goo.gl/VPeBWp

Mainland China

China’s HNA Keeps Striking Foreign Deals as Banks Wince and Investors Flee
By ALEXANDRA STEVENSON – NY Times
With some investors in its bonds running for the exits and foreign banks increasingly skeptical about its prospects, HNA Group tried this week to reassure markets that it has access to the money it needs.
https://goo.gl/WY1TZ4

China’s Xi to tackle financial risks as corporate debt rises; Beijing to lay out 2018 economic goals at key conference next week
ISSAKU HARADA, Nikkei
Chinese President Xi Jinping is expected to use an annual economic policy meeting to stress the need to prevent a financial crisis, even though tighter regulations could pour cold water on an economy shored up by robust exports and investment.
https://goo.gl/CW2yDe

Shanghai seen replacing Paris as global growth center by 2035
Financial Post
China’s Beijing, Guangzhou, and Tianjin are cities to watch for growth, along with those in emerging Asia, according to an Oxford Economics study
https://goo.gl/DWixiA

China Finance Online and China Investment Securities Sign Strategic Cooperation to Develop Intelligent Finance Technology to Empower Investment Advisory Services
PRNewswire
China Finance Online Co. Limited (“China Finance Online”, or the “Company”, “we”, “us” or “our”) (NASDAQ GS: JRJC), a leading web-based financial services company that provides Chinese retail investors with online access to securities trading services, wealth management products, investment advisory services, as well as financial database and analytics services to institutional customers, today announced the signing of a strategic cooperation agreement with a Top 20 leading brokerage firm in China, China Investment Securities Co., Ltd. (“CISC” or “China Investment Securities”).
https://goo.gl/hiWHUQ

China Futures
Douglas Tengdin, CFA
China is the second largest single economy in the world and over half the size of the US economy. It’s home to some of the largest – and fastest growing – tech companies: Tencent (OTCPK:TCEHY), Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), and others. And of course, over 1.4 billion people live there, the most populous nation on the planet. It imports and exports over $3.7 trillion of products every year. China’s growth over the past 30 years has been truly astounding, a miracle of modern development. But because it is both physically and culturally distant, we underestimate its importance.
https://goo.gl/HQ6U2K

Hong Kong

Hong Kong overhauls city’s stock listing rules to attract biotech firms, tech giants to raise capital
South China Morning Post
The overhaul in the listing regulations and procedures, the most drastic in three decades, will take effect in mid-2018, according to the exchange operator
https://goo.gl/P9KPJR

Hong Kong ‘milkshake’ murderer challenges her life sentence
Reuters Staff
An American serving a life sentence in a Hong Kong jail for the 2003 “milkshake” murder of her Merrill Lynch banker husband made a fresh challenge against her sentence on Friday.
https://goo.gl/19cEMV

Why Hong Kong and New York are still worlds apart
South China Morning Post
Elbert Lee says if New York, the defining symbol of the modern West, exudes dominance and power as a source of culture, Hong Kong is almost the reverse. Evolving into a true world city will require looking beyond the images on Tourism Board booklets
https://goo.gl/S1ZLeR

Indonesia

Freeport-McMoRan keen to resolve Indonesia stand-off
Neil Hume, Commodities and Mining Editor – FT
Indonesia and the US mining company Freeport-McMoran are edging closer to a deal that will mean a state-owned group taking a majority stake in Grasberg, the world’s second-biggest copper mine.
https://goo.gl/QbxYCN

Singapore

China’s QStrategy opens Singapore office; The A.I.-based quant investment advisor, with new shareholder HYJF, is expanding into Southeast Asia.
DigitialFinanceMedia.com
The A.I.-based quant investment advisor, with new shareholder HYJF, is expanding into Southeast Asia.
https://goo.gl/UUBvSH

Singapore Exchange Clears Liquefied Natural Gas Futures
Melissa Thompson – Equities.com
The Singapore Exchange (SGX) announced that the index has cleared liquefied natural gas futures. The clearing is a first for liquefied natural gas futures. The delivery will go to India, Dubai and Kuwait.
https://goo.gl/qQrqJX

Vietnam

The World Bank and Vietnam Work to Strengthen Financial Systems
The FINANCIAL
A new World Bank report, jointly launched on December 14 with Vietnam’s Ministry of Finance, will support the development of a sound financial reporting institutional framework, by improving understanding of high-quality corporate financial reporting and auditing.
https://goo.gl/mG4jMr

Allow full foreign ownership at public firms: experts
Vientnamnet
The new law on securities should allow full foreign ownership at public companies and investment funds, according to members of the Viet Nam Business Forum’s (VBF) working group on capital market.
https://goo.gl/pYT8qB

Thailand

DSI arrests 10 for securities investment fraud
Bangkok Post
DSI has arrested two Thais and eight foreigners for their roles in an alleged cross-border investment fraud in which clients in Thailand lost B1.7bn.
https://goo.gl/uLpHK1

Bitcoin, mobile payments battle against cyberthreats
SUCHIT LEESA-NGUANSUK – Bangkok Post
Bitcoin and exchanges, artificial intelligence (AI) and the Internet of Things (IoT) are among the top cybersecurity attack trends in 2018, with mobile payments a primary target in Thailand, says a leading…
https://goo.gl/aScrzk

South Korea

North Korea’s Bitcoin Play; Cut off from the world economy by sanctions, Pyongyang is looking for ways to get its hands on cryptocurrency.
By Dune Lawrence – Bloomberg
As the digital currency bitcoin traced one of its meteoric ascents, a plum job posting began circulating online: chief financial officer for a rapidly expanding bitcoin financial-services company based in London. Although the company was real, the job had been dreamed up by North Korean hackers, according to Secureworks Inc., a cybersecurity company that discovered a document with the fake job description in November. It was meant to circulate by email among people in the bitcoin world. If someone clicked on it, a prompt would explain that it was created by a later version of Microsoft Word and that the user needed to “enable editing” and “enable content.” Doing so would install a piece of malicious code. While many digitally savvy people would presumably know better, such attacks can pay off if they hit just a few distracted recipients.
https://goo.gl/shQdbD

South Korea vice finance minister sees Chinese tourists return as ties improve
Cynthia Kim, Shinhyung, Lee – Reuters
South Korean vice finance minister Ko Hyoung-kwon said on Friday he expects improving diplomatic ties with Beijing to support the country’s economic growth next year as Chinese tourists return to its shores.
https://goo.gl/D8jqh8

Moves in South Korea to make cryptocurrency trading more transparent
Dahee Kim, Joyce Lee – Reuters
A South Korean blockchain association announced on Friday measures to boost transparency in trading of cryptocurrencies, agreed by 14 exchanges in the country including the world’s busiest virtual currency exchange, Bitthumb.
https://goo.gl/UzoNxN

India

India witnessed infusion of Artificial Intelligence across industries
Financial Express
When it comes to disruptive technologies that will drive businesses in the coming years, Artificial Intelligence (AI) is touted as the most promising and Indian enterprises across the spectrum began embracing it to enhance real-time user experiences.
https://goo.gl/GHo21z

US kills what India holds dear — Net Neutrality
Financial Express
The US Federal Communications Commission (FCC) voted along party lines on Thursday to repeal landmark 2015 rules aimed at ensuring a free and open internet.
https://goo.gl/gURxeB

The man licensed to kill India’s tigers; When dangerous beasts threaten communities, the authorities summon Nawab
Amy Kazmin – FT
Shortly before I arrive at his Nilgiri Hills retreat, Nawab Shafath Ali Khan receives an SOS from the Airports Authority of India. Wild boar are loose in the Vizag airport compound — a risk to aircraft taking off and landing in the Indian port city. Authorities have orders for the animals to be killed and want Khan to do the job.
https://goo.gl/dpNWma

Financials to Overshadow Drugmakers in India’s Revamped Sensex
By Nupur Acharya – Bloomberg
While equity investors will likely wake up on Monday to see Prime Minister Narendra Modi firming his hold on India’s politics, there’s something else they should look out for: The reshuffle of the main equity index.
https://goo.gl/2D5nnH

Australia

How One of Australia’s Richest Men Lost $1 Million to Email Scam
By Kaye Wiggins – Bloomberg
John Kahlbetzer’s administrator was tricked to make payment; Man accused of involvement in the fraud says he’s a victim too
The multi-millionaire founder of Twynam Agricultural Group Pty Ltd. lost $1 million in an email fraud, a London court heard Thursday. The British man who facilitated the theft says he’s a victim too.
https://goo.gl/41RYd1

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About Author

Lothian is executive chairman and CEO of John J. Lothian & Co. and editor of the John Lothian Newsletter. He publishes MarketsWiki.com, MarketsReformWiki.com, MarketsWikiEducation.com, JohnLothianNews.com and three industry newsletters.