Hong Kong’s unemployment rate slid to 5.1 percent in the March to May period of the year. The figure, which is down from 5.4 percent seen in the February to April period, was announced by the Hong Kong government on 17 June and is attributed to support from the city’s Consumption Voucher Scheme and relaxed social distancing measures.
HK$7.8 billion
The value of the loan Cathay Pacific will be able to access over the next 12 months. The loan facility is an extension of the rescue package granted by the Hong Kong government in 2020 to help the embattled flagship carrier stay afloat amid the impact of the pandemic on travel. It is the airline’s second such loan extension in two years.
HK$862.5 million
The amount in debt that China Evergrande Group failed to pay, leading to the group facing a winding-up petition submitted by a foreign creditor. It is the first winding-up petition known to have been filed against Evergrande, Mainland China’s second-largest developer by sales, which is reeling under more than US$300 billion in liabilities.
HK$16.72
The closing share price of GOGOX Holdings on 24 June, when the logistics company listed on the Hong Kong Stock Exchange (HKEX), valuing the company at HK$10.4 billion. It was the first listing to be marked by a physical ceremony in the HKEX’s listing hall after two years, with all listing ceremonies held online due to the pandemic.
ETF Connect
The name of a new scheme that will see eligible exchange-traded funds (ETFs) included in Stock Connect. The announcement, issued by China Securities Regulatory Commission and Hong Kong’s Securities and Futures Commission this month, will allow investors in Hong Kong and Mainland China to trade eligible ETFs listed on each other’s exchanges through local securities firms or brokers, starting 4 July.
Kelly Grier
The Chair and Managing Partner of EY United States, who stepped down from her role this month. Grier’s resignation came after disagreements with EY’s Global Chief Executive Carmine Di Sibio over the influence her business should wield within the firm’s international operations, reports the Financial Times, citing people familiar with the matter.
“You need the right systems to get the right data and internal controls, just to make sure that the information and data that is being used to support decision-making by senior management, and oversight by boards of directors, is as correct as can be.”
– Kevin Dancey, Chief Executive Officer of the International Federation of Accountants (IFAC), told Accounting Today. IFAC released a call to action this month urging chief financial officers and finance leaders to improve the quality of sustainable information and processes by leading with an “integrated mindset.”
4
The number of additional members appointed to the International Sustainability Standards Board (ISSB). The IFRS Foundation Trustees announced the appointment of Richard Barker, Verity Chegar, Bing Leng and Ndidi Nnoli-Edozien as inaugural members of the ISSB.
40%
The percentage decrease in cash Hong Kong expects in initial public offerings (IPO) the rest of the year compared to 2021, according to a forecast released by PwC this month. The firm is the first of the Big Four firms to soften its IPO forecast for the year. So far, 22 IPOs in the city have raised HK$17.1 billion this year, representing a 92 percent drop compared to a year ago at this time.
