Chinese financials soared in Hong Kong overnight, led by insurers Ping An (+9%) and China Pacific Insurance (+8%), in response to new Chinese asset management regulations. Investors evidently believe that the new regulations will force money out of the dodgy wealth-management product (WMP) market into established asset managers, while stabilizing China’s financial system.
Photo: AFP/Isaac Lawrence
Chinese financials lead Hong Kong stocks to 10-year high
Market continues to digest new asset-management rules