Hong

• Chinese AI unicorn Vast is reportedly exploring a potential initial public offering (IPO) on the Hong Kong stock exchange. • The move comes as the startup gains significant momentum, reflecting a broader surge in investor interest within China's rapidly expanding artificial intelligence sector. • This potential listing highlights the growing appetite for high-growth AI firms despite global economic volatility and regulatory scrutiny.

• The Bank of Japan maintained interest rates at 1% following a rare intervention to support the yen. • Economic indicators show China's factory activity has declined for the first time in five months, signaling a potential slowdown. • South Korea's stock market experienced a massive surge, recording a historic 18% increase.

• India approved only one foreign direct investment (FDI) proposal from China during the 2025-26 fiscal year, valued at just Rs 1 crore. • In contrast, 13 proposals from Hong Kong were approved, totaling a significantly higher investment of Rs 610.42 crore. • This disparity highlights a continued trend of negligible direct investment from mainland China amid ongoing geopolitical tensions and regulatory scrutiny.

• India approved only one Foreign Direct Investment (FDI) proposal from China worth Rs 1 crore during the last financial year. • In contrast, the government cleared 13 FDI applications from Hong Kong totaling Rs 610.42 crore. • These figures highlight the strict regulatory environment for investments from countries sharing a land border with India, which require prior government approval.

• India approved only one Chinese Foreign Direct Investment (FDI) proposal worth ₹1 crore and 13 proposals from Hong Kong totaling ₹610.42 crore during the last financial year. • These investments require prior government clearance under Press Note 3 of the DPIIT, a regulation implemented in April 2020 for countries sharing a land border with India. • The restrictive policy was established to prevent opportunistic takeovers and acquisitions of Indian firms during the COVID-19 pandemic.

• US borrowing costs reached a 19-year high as the Federal Reserve maintained its stance despite inflation concerns, while the Bank of England kept UK interest rates steady at 3.75%. • Samsung Electronics reported a massive 250-fold increase in chip operating income, though a broader sell-off in AI suppliers pressured several Asian markets. • China's "national team" intervened to support domestic indices ahead of CXMT’s initial public offering, offsetting regional losses and helping the Hang Seng Index close up 0.2% at 25,859.

• Hongkong Land’s Singapore Central Private Real Estate Fund is acquiring Wheelock Place from Wharf Real Estate Investment Company. • The transaction for the commercial property is valued at S$1.1 billion. • This significant acquisition is expected to impact the trading of securities for several companies, including Hongkong Land, on Friday, July 31.

• A top Hong Kong official has condemned remarks made by a former Morgan Stanley Asia chair who claimed the city has evolved into "just another big Chinese city." • The official dismissed the ex-banker's assessment, asserting that the views are driven by "anti-China bias" rather than an objective analysis of the region's status. • The dispute highlights ongoing tensions regarding Hong Kong's unique identity and its degree of integration with mainland China following political shifts.

• Hong Kong regulators are overhauling rules for high-risk investments following an 80% plunge in a popular leveraged fund tied to South Korean chipmaker SK Hynix. • The sell-off was triggered by fears of increased competition from China's ChangXin Memory Technologies and skepticism regarding the long-term payback of massive AI investments. • This event highlights the volatility of leveraged tech funds and the systemic risk posed by concentrated bets on the semiconductor industry.

• Director Na Hong-Jin's film 'Hope' maintained its No. 1 position at the South Korean box office for the weekend of July 24–26. • The movie earned $5.5 million during this three-day period, demonstrating strong continued audience interest. • The film's ability to hold the top spot indicates a successful theatrical run and significant commercial appeal within the domestic market.

• A survey of nearly 5,000 professionals and companies across 10 Asian markets reveals that workers in Singapore and Hong Kong are the least optimistic about AI's impact on their careers. • These financial hubs rank below mainland China (88%), Vietnam (83%), Japan (80%), and Taiwan (79%) in terms of regional career optimism. • Professionals in Singapore specifically fear job displacement via automation, potential bias in AI-driven decision-making, and the risk of their current skills becoming obsolete.

• Chinese AI startup 01.AI, founded by former Google executive Lee Kai-fu, has announced plans to launch an initial public offering (IPO) in Hong Kong by 2027. • To prepare for the listing, the company has restructured its offshore holding framework to align with regulatory and financial requirements. • The firm is strategically pivoting its business model to focus on enterprise decision-making AI tools instead of the development of frontier models.

Isabel Rose, 26, given six-year sentence for blackmail and perverting course of justice after accusing British bankerA British woman who reported being raped to police in Hong Kong has been sentenced to six years in prison for blackmail and perverting the course of public justice.Isabel Rose, 26, from south-east London traveled to Hong Kong in early 2024 to visit a British banker she had met while travelling in south-east Asia. Continue reading...

• Malaysian badminton players Man Wei Chong-Soh Wooi Yik and Leong Jun Hao advanced at the 2026 China Open, with the former pair securing their first win together and Jun Hao defeating H.S. Prannoy. • In the women's singles, Ratchanok progressed to face Vietnam’s Nguyen Thuy Linh, while Indonesia’s Putri Kusuma Wardani defeated China’s Han Qian Xi 21-16, 21-16. • Malaysia's Karupathevan Letshanaa was eliminated from the tournament following a straight-game loss to the United States' Beiwen Zhang (21-16, 21-15).

• The US announced 50% tariffs on a wide range of Canadian goods, while China is considering tighter export controls on AI chips and models to protect its technology. • To stabilize its markets, China has launched broad state support measures aimed at halting a significant selloff in tech stocks. • Taiwan's tech sector saw record growth, with US orders soaring 83.6% and ASEAN demand rising 52.3%, reinforcing its critical role in the global AI supply chain.

• China-based Moonshot AI is planning an initial public offering (IPO) in Hong Kong with a target valuation of up to $30 billion, a 50% increase from its previous $20 billion valuation. • The move follows the July 17 unveiling of Kimi K3 at the World Artificial Intelligence Conference in Shanghai, a model featuring 2.8 trillion parameters. • Kimi K3 is positioned as the world’s largest open-weight AI system, allowing external developers to build upon its architecture, contrasting with the closed models of OpenAI and Anthropic.

• Moonshot AI is planning an initial public offering (IPO) in Hong Kong within the next six months, targeting a valuation between $20 billion and $30 billion. • The company's Kimi K3 model has reportedly outperformed U.S. rivals, sparking a sell-off in American tech and semiconductor stocks as investors question U.S. dominance in AI. • The market shock also triggered a decline in Bitcoin prices, reflecting a broader "risk-off" sentiment across digital assets following the AI development shift.

• Moonshot AI is preparing for an initial public offering (IPO) in Hong Kong within the next six months, targeting a valuation of $30 billion following the debut of its Kimi K3 model. • The move comes as competitor DeepSeek also considers an IPO after completing its first external funding round, signaling a surge in public market ambitions for Chinese AI developers. • This trend highlights the volatility of risk assets, as AI-related news continues to influence markets, similar to the June selloff that pushed Bitcoin toward $62,000.

• Socialist candidate Francesca Hong has announced her bid for governor of Wisconsin, seeking to lead the critical swing state. • In an interview with Vox, Hong detailed her vision for governance, focusing on socialist policies to address systemic issues within the state. • Her candidacy is significant as it introduces a far-left ideological challenge in a state that often serves as a national political bellwether.

• National Development Minister Chee Hong Tat announced increased support for construction technology firms that innovate and apply robotics and automation solutions. • To facilitate adoption, developers and contractors will be provided with a list of certified technology partners for JTC projects. • The initiative aims to bridge the gap between innovation and industry use by helping startups integrate proven solutions after successful testing.

Third round of arrests linked to independent bookshops widely regarded as clampdown on dissent in territoryHong Kong authorities have raided two bookstores and arrested five people on suspicion of selling allegedly seditious publications, in the latest step targeting independent booksellers.Videos and photos from multiple media outlets on Wednesday showed officers wearing vests marked with “police” seizing boxes from the building that houses Have A Nice Stay, a bookshop founded by former journalists. AFP reporters saw officers also lead away a woman in handcuffs to a van. Continue reading...

• Nepal and Hong Kong, China, are facing off in the final of the Asian Games Men's T20I Qualifier for 2026. • The match is being broadcast with live scores, ball-by-ball commentary, and highlights via Cricbuzz for viewers in the USA and Canada. • This high-stakes final determines which team secures a qualifying spot for the 2026 Asian Games.

• Hong Kong Financial Secretary Paul Chan Mo-po reported that bilateral trade between Hong Kong and the Middle East surged by 35% during the first five months of 2026. • This growth is attributed to the deepening of strategic ties across several key sectors, including finance, trade, innovation and technology (I&T), and culture. • The increase signifies a growing trend of Gulf capital flowing into Asia, strengthening Hong Kong's role as a financial gateway.

• The 2026 Locarno Film Festival in Switzerland has unveiled its official program, featuring an "adventurous selection" of films designed to tackle contemporary challenges. • The lineup includes works from acclaimed directors such as Hong Sang-soo, Albert Serra, Vincent Grashaw, Erin Vassilopoulos, and Nelson Yeo. • High-profile actors including Isabelle Huppert, Monica Bellucci, and Caleb Landry Jones will appear in films premiering at the event.

• The Locarno Film Festival has unveiled an "adventurous" official lineup featuring a diverse selection of new films and high-profile talent. • The program includes works by acclaimed directors such as Hong Sang-soo and Nelson Yeo, with starring roles for actors Monica Bellucci, Isabelle Huppert, and Caleb Landry Jones. • Artistic Director Giona A. Nazzaro stated that the selection aims to address contemporary challenges while maintaining a strong focus on storytelling and entertainment.

• Trip.com cofounder and billionaire James Liang has warned China that a declining birth rate could severely hinder the nation's future innovation. • The warning comes as neighboring regions, including Japan, South Korea, Taiwan, and Hong Kong, transition into "super-aged" status, defined as having over 20% of the population aged 65 or older. • Liang argues that a lack of young people reduces the creative energy and risk-taking necessary to drive technological and economic breakthroughs.

• Director Na Hong-jin, known for *The Wailing* and *The Chaser*, has released a new trailer for his upcoming alien thriller titled *Hope*. • Produced by Forged Films and Plus M Entertainment, the film is scheduled to premiere in South Korean cinemas on July 15. • The movie will expand to United States theaters on September 9, with distribution handled by Neon.

• Former South Korea national team coach Hong Myung-bo was identified by the BBC as one of seven head coaches eliminated during the group stage of the 2026 FIFA World Cup. • The report highlights the "disaster" of the team's early exit, visually marking Hong with a "Red X" to signify his dismissal from the tournament. • The situation has sparked intense public criticism within South Korea, though Japanese broadcaster Kazushige Nagashima recently argued on TV Asahi that the backlash against Hong has become excessive.