Hong Kong Economic Journal

【#美股IPO】SpaceX世紀招股 最多籌6727億 SpaceX targets up to $86bn in record-breaking IPO 美國富商馬斯克旗下的太空探索公司SpaceX，落實下周五（12日）登陸美國納斯特，料集資最多862.5億美元（約6727億港元），將會是歷來最大集資規模的新股，亦考驗華爾街對巨額股權交易的接受程度。 該公司昨啟動路演，對於這宗世紀大刁，華爾街投行高層相當重視，大行正積極向富豪客戶推銷，主要承銷商之一的摩根大通行政總裁戴蒙（Jamie Dimon）更加親自上陣，向該行數千名的高淨值客戶推介SpaceX股票。 Elon Musk’s SpaceX is aiming to raise as much as US$86bn in a Nasdaq listing next week, potentially marking the largest IPO on record and testing investor demand for mega equity deals. The company has kicked off its investor roadshow, with strong interest from Wall Street banks and high-net-worth clients. JPMorgan, one of the lead underwriters, is actively marketing the deal, with CEO Jamie Dimon personally pitching the offering to key clients. The listing is expected to be a major test of market appetite for large IPOs amid heightened volatility and will be closely watched by investors globally. Full Article: https://lnkd.in/gngeNUJD ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#退休計劃】公僕退休金開支破500億 料未見頂 Hong Kong civil service pension bill tops HK$50bn, set to keep rising 公務員因為薪酬待遇穩定，加上舊制可享退休長俸，被社會視為「鐵飯碗」，但隨着舊制公務員陸續踏入退休年齡，政府的公僕退休支出壓力亦逐年加劇。公務員事務局透露，去年公僕退休金總開支已突破500億元，過去5年累計開支超過2300億元。預計本財政年度會有再多5330名公僕新領取退休金，意味「咬長糧」的公僕將逼近17萬人。 Hong Kong’s spending on civil service pensions exceeded HK$50bn last year and is expected to rise further as more public sector workers retire, the government said. The Civil Service Bureau said total pension outlays have climbed sharply in recent years, with cumulative spending surpassing HK$230bn over the past five years. An additional 5,330 civil servants are expected to start drawing pensions in the current fiscal year, pushing the total number of beneficiaries close to 170,000. The increase reflects the growing burden of legacy pension schemes that provide lifetime benefits to retired civil servants, adding pressure to public finances. Full Article: https://lnkd.in/gSpPBbjV ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#投資趨勢】私募公司瞄準中國科創商機 漢柏巍：國防晶片機械人亮眼可取 HarbourVest targets China tech opportunities, sees promise in defence chips and robotics 人工智能（AI）革命需要引入大量投資資金，私募投資公司漢柏巍（HarbourVest）認為，中國在科技創新和工業製造有龐大優勢，未來將帶來龐大商機，放眼全球，早前出現的「AI顛覆軟件」（AI disrupt software）亦令市場上出現更多值得投資的項目，隨着私募股權二級市場交易（Secondaries）冒起，私募業界更容易尋找新資金再投資。 HarbourVest Partners said it sees strong investment opportunities in China’s technology sector, particularly in areas such as defence-related semiconductors and robotics, as demand for artificial intelligence accelerates. The firm said China’s advantages in innovation and industrial manufacturing are likely to support long-term growth, creating a large pipeline of potential deals for investors. HarbourVest also pointed to the emergence of “AI-disrupted” software companies globally as opening up new investment opportunities. It said the growth of private equity secondaries has made it easier for investors to raise and redeploy capital, helping to drive further activity in the sector. Craig MacDonald Full Article: https://lnkd.in/gKr6TeWn ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#公司動向】怡和傳考慮出售更多資產 進行業務轉型 Jardine Matheson said to consider further asset disposals as part of strategic overhaul 外電引述知情人士透露，怡和控股正考慮出售更多資產，以進行全面改革，將這家企業集團轉型為一家專注於高成長領域的投資公司。 知情人士稱，正在考慮的方案中，集團旗下的文華東方國際有限公司繼去年以72億元價格將一座辦公大樓的13個樓層出售給阿里巴巴(09988)和螞蟻集團後，正考慮出售剩餘部分。 Jardine Matheson is considering selling additional assets as part of a broader effort to restructure the conglomerate into a more focused investment company centred on higher-growth sectors, according to people familiar with the matter cited by international media. Among the options under review, Mandarin Oriental International is said to be weighing the sale of the remaining portion of an office building, after selling 13 floors last year for HK$7.2bn to Alibaba and Ant Group. The potential disposals highlight the group’s efforts to streamline its portfolio and reposition its business towards sectors with stronger long-term growth prospects. Full Article: https://lnkd.in/g42H8dvz ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#財富管理】香港去年財富管理規模23萬億 超越瑞士居首 Hong Kong overtakes Switzerland as world’s largest wealth management centre, BCG says 波士頓諮詢公司(BCG)發表《2026年全球財富報告》顯示，香港去年財富管理規模增10.7%至2.95萬億美元(約23.01萬億港元)，首次超越瑞士的2.94萬億美元，成為全球財富管理「世一」。 報告指，香港去年管理財富規模增加，主要來自中國的財富、去年新股(IPO)熱潮及股市暢旺等因素。來自內地資金流入佔香港資產管理規模約60%，香港鞏固作為中國通往全球市場門戶的地位。預期2030年香港將維持年增長率約9%至4.6萬億美元。 Hong Kong has overtaken Switzerland as the world’s largest wealth management centre, with assets under management rising to US$2.95tn last year, according to Boston Consulting Group (BCG). The 10.7% increase pushed Hong Kong just ahead of Switzerland’s US$2.94tn, marking the first time the city has ranked first globally. BCG said the growth was driven by strong inflows of mainland Chinese wealth, a rebound in IPO activity and buoyant stock markets. About 60% of assets managed in Hong Kong are linked to mainland China, underscoring the city’s role as a key conduit between China and international markets. The consultancy expects assets under management in Hong Kong to grow at around 9% annually, reaching US$4.6tn by 2030. Full Article: https://lnkd.in/gMJiPUbZ ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#大行分析】高盛上調港樓全年漲幅至15% Goldman Sachs raises Hong Kong home price forecast to 15% on strong demand 本港樓價今年以來累漲8.3%，連升四周重上2023年10月水平，市場普遍對後續走勢樂觀。高盛今年2月把全年樓價升幅預測由5%大幅調高至12%後，昨天再加碼至看漲15%，為摩根大通於2月把樓市全年升幅預測上調到10%至15%之外，另一最牛預測。高盛解釋，今年樓價及租金表現均好過預期，而且持續度高，受惠於政府的人才計劃及土地成本較低等因素支撐，有利新盤利潤回升；該行維持預測2027年及2028年樓價可分別升7%及4%。 高盛指出，單計首4個月，二手樓價指數已上升8%，一手成交量也增48%，反映被抑壓的需求及市場情緒強力推動。年內租金升幅放緩至1.2%，表明部分需求正在「轉租為買」。 Goldman Sachs has raised its outlook for Hong Kong’s housing market, now expecting prices to rise 15% this year amid stronger-than-expected demand and improving sentiment. Home prices have climbed 8.3% so far this year, extending gains for a fourth straight week and returning to levels last seen in October 2023. The latest upgrade follows an earlier increase to a 12% growth forecast in February. The bank cited better-than-expected performance in both home prices and rents, supported by government talent schemes and lower land costs, which have boosted developer margins. Goldman maintained its projections for further price increases of 7% in 2027 and 4% in 2028. Secondary home prices rose about 8% in the first four months of the year, while new home sales surged 48%, pointing to strong underlying demand and improved market sentiment. Rental growth slowed to 1.2%, suggesting some renters are shifting toward buying homes. Full Article: https://lnkd.in/gnrhwca7 ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#職場趨勢】渣打擬4年裁8000後勤 AI取代 Standard Chartered plans to cut about 8,000 back-office jobs as AI use grows 渣打集團（02888）昨天在投資者日上公布一系列最新中期目標，除了提升營運及股東回報之外，令市場最震撼的是集團預告在2030年前，削減企業職能相關、即後勤職位超過15%，以反映人工智能（AI）應用增加的因素。按渣打2025年報員工人數推算，估計受影響的人數將近8000人。 渣打集團行政總裁溫拓思（Bill Winters）昨於簡介會上說，受影響的部門包括人力資源、風險和合規等，他又形容措施並非為了減省成本，而是利用財務支出，取代低增值的人力資源（lower-value human capital）。 Standard Chartered said it plans to cut more than 15% of its corporate function roles by 2030, potentially affecting around 8,000 jobs, as the bank increases its use of artificial intelligence. The reductions will mainly target back-office departments such as human resources, risk and compliance, chief executive Bill Winters said at an investor day briefing. Winters said the move is not aimed primarily at cutting costs, but at reallocating spending to replace lower-value human capital with technology. The bank is investing in AI to improve efficiency and streamline operations, he added. Full Article: https://lnkd.in/gnrhwca7 ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#債券市場】港大發債北都建校 料月底配售  HKU expected to launch bond sale this month to fund expansion plans 政府銳意發展北部都會區大學城，有意積極參與的香港大學已於3月底簽訂10億美元（約78億港元）中期票據集資計劃（MTN Program），可發行債券應對未來資金需要。港大校長張翔3月時表示，大學急需土地發展，有意向政府申請北都用地。 消息透露，該發債計劃進入直路，一眾承銷行近日將向投資者初步詢價，收集投資者對承購不同年期港元債券的胃納需求以及息率意向，若市場條件配合，估計港大有機會最快於本月底，透過私人配售形式首次發行港元債券，創本地大學發債的先河。 The University of Hong Kong is preparing to issue its first Hong Kong dollar bonds as it seeks funding for expansion, including potential development in the Northern Metropolis, people familiar with the matter said. The university set up a US$1bn medium-term note programme in March, giving it flexibility to raise funds through debt issuance. HKU has said it plans to apply for land in the government’s planned university hub in northern Hong Kong. Bankers have begun sounding out investors on demand for bonds of different maturities and pricing levels, the sources said. If market conditions are favourable, HKU could carry out its debut Hong Kong dollar bond sale via private placement as early as the end of the month. The issuance would mark the first time a Hong Kong university taps the local bond market, market participants said. Full Article: https://lnkd.in/gpbh-r9u ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#投資趨勢】瑞士百達：全球房產入市良機 樓價調整尾聲 漸離兩大風險 Pictet sees global property markets nearing end of downturn 全球樓價在過去數年表現欠佳，最近多個地區陸續出現復甦跡象，瑞士百達另類投資顧問私募房地產投資主管Laurent Gabert表示，難以判斷何時是最佳入市時機，但考慮到樓價已經調整、供需失衡等長期基本因素支持下，認為「市場出現多年未見的房地產投資機遇」。 Global property markets, which have struggled in recent years, are beginning to stabilise and offer attractive entry points for investors, Swiss asset manager Pictet said. Laurent Gabert, Head of Real Estate at Pictet Group, said it remains hard to time the market precisely, but recent price adjustments and improving fundamentals suggest the sector is approaching the end of its correction. He said long-term factors such as supply shortages are supporting valuations, while key risks that previously weighed on the market are starting to recede, creating what he described as a rare investment opportunity in global real estate. Full Article: https://lnkd.in/g7p728nd ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜

【#公司動向】城堡投資傳要求核心研究員遷離香港 Citadel asks Hong Kong-based researchers to relocate, FT reports 英國《金融時報》引述消息人士報道，基於對數據安全的考慮，對沖基金公司城堡投資(Citadel)已將部分核心研究人員調離香港。 消息人士透露，城堡投資在近數月已通知其駐香港的全球量化策略團隊成員，必須選擇調往其他辦公地點。據悉，部分受影響的研究人員已接受調往新加坡或美國邁阿密的提議。 城堡投資回應稱，今次人員調動是兩年前全球團隊調整的一部分，並非最近發生的事情，屬於公司的全球「協同設點」(co-location)戰略，與數據安全無關，又稱仍持續在香港與新加坡兩地招聘量化研究人員。 Citadel has asked some of its Hong Kong-based research staff to move to other offices as part of a broader global restructuring, the Financial Times reported, citing people familiar with the matter. The hedge fund has told members of its global quantitative strategies team in Hong Kong in recent months to relocate, with some employees accepting transfers to Singapore or Miami, the report said. Citadel said the staff moves were part of a global team adjustment launched two years ago and were not related to data security. The firm added that it continues to hire quantitative researchers in both Hong Kong and Singapore. Full Article: https://lnkd.in/g8uQWnm7 ｜Be sure to follow Hong Kong Economic Journal｜ ｜Inspiring Leadership Through Real Stories｜