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Hong Kong stocks opened higher and continued to rise, with the Hang Seng Index up more than 1% in the morning session and the Hang Seng Tech Index up 1.62%.On Monday, August 17, the Hang Seng Index opened 186.56 points higher, or 0.74%, at 25,303.41; the Hang Seng Tech Index opened 53.58 points higher, or 1.14%, at 4,761.2; the H-share Index opened 71.04 points higher, or 0.85%, at 8,411.87; and the Red Chip Index opened 18.92 points higher, or 0.46%, at 4,151.61.Hong Kong stocks opened higher, with the Hang Seng Index up 0.74% and the Tech Index up 1.14%. Gold and chip stocks generally rose. SenseTime (00020.HK) jumped over 7%, while Zijin Mining International (02259.HK) and JD.com (09618.HK) rose over 3%.Hang Seng Index futures opened 0.79% higher at 25,291 points, a premium of 174 points.August 17th - It is reported that the implementation plan for this years new policy-based financial instruments has recently been issued to local governments, who will then submit project applications accordingly. Unlike last year, this year the government will provide interest subsidies for eligible funds from these new policy-based financial instruments; in terms of investment allocation, it will emphasize key support for private investment and industrial projects. By 2025, policy-based financial instruments will primarily invest in the digital economy, artificial intelligence, consumer infrastructure, and urban renewal areas such as transportation, energy, and underground pipeline construction and renovation. This year, the allocation of new policy-based financial instruments has been further optimized, with a greater emphasis on supporting private investment projects and industrial projects.

AMP Departs Private Markets to Focus on Banking And Wealth Management

Charlie Brooks

Apr 28, 2022 10:00

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AMP announced on Thursday that it will receive an upfront cash payment of A$462 million from the sale of the assets, an additional performance fee payment of approximately A$57 million, and up to A$180 million contingent on future fund raising.


The deal comes just one day after AMP Capital announced the sale of its real estate and domestic infrastructure equity businesses to Dexus for up to A$550 million.


"After the two sales are complete, AMP Ltd will be a more focused entity, focused on driving our core banking and retail wealth businesses in Australia and New Zealand, with the primary objective of accelerating our strategy and increasing our competitiveness," AMP Chief Executive Officer Alexis George said.


With the recent announcements of the disposal of two AMP Capital assets this week, and the February divestment of the business's infrastructure loan platform, AMP has now completely exited its global investment managing subsidiary AMP Capital, which was valued at A$2.04 billion.


The transaction completes AMP's multi-year effort to exit the private markets industry and focus only on wealth management and banking.


The 172-year-old company anticipates that the two recent divestitures would add A$1.1 billion to its net capital. It expects to return the lion's share of net cash flows to shareholders through a combination of capital returns and on-market share buybacks.


The corporation has been rethinking its strategy in the aftermath of a 2017 Royal Commission into the financial services industry, which resulted in an exodus of clients, along with a string of corporate wrongdoing problems.


AMP anticipates concluding the sale of its worldwide infrastructure equity business in the fourth quarter of 2022. As of 0030 GMT, the Sydney-based company's shares were up 1.1 percent.

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