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On May 9th, Hong Kong Stock Exchange data showed that the total market capitalization of the securities market reached HK$48 trillion at the end of April 2026, a year-on-year increase of 24%. The average daily turnover in April 2026 was HK$253.5 billion. The average daily turnover for the first four months of 2026 was HK$271.1 billion, a year-on-year increase of 8%. The average daily turnover of exchange-traded funds (ETFs) for the first four months of 2026 was HK$39.1 billion, a year-on-year increase of 5%. There were 49 new listed companies in the first four months of 2026, a 158% increase compared to 19 in the same period last year. The total funds raised through initial public offerings (IPOs) in the first four months of 2026 amounted to HK$151.4 billion, a year-on-year increase of 604%.On May 9th, the National Healthcare Security Administration released the "Work Plan for Adjusting the National Basic Medical Insurance, Maternity Insurance and Work Injury Insurance Drug Catalog and the Commercial Health Insurance Innovative Drug Catalog in 2026 (Draft for Public Comment)" for public comment.On May 9th, Japans Ministry of Economy, Trade and Industry (METI) announced on social media that Japan may send government officials to Russia as early as the end of May to maintain communication channels and provide support to its companies still operating in Russia. METI stated that it is necessary to protect the assets of Japanese companies remaining in Russia, and to support these efforts, the Japanese government has been maintaining government-level communication with Russia and has made relevant requests.May 9th - As the war with Iran disrupts oil transport in the Persian Gulf, global oil inventories are being depleted at a record rate, eroding the buffers originally intended to withstand supply shocks. The rapid shrinking of inventories means the risk of more extreme price spikes and supply shortages is looming. With the Strait of Hormuz nearing closure for two months, governments and industries have fewer options to cope with a supply loss of over 1 billion barrels. The sharp depletion of inventories also means that even after the conflict ends, the market will remain vulnerable to future supply disruptions for a longer period. Morgan Stanley estimates that global oil inventories fell by an average of about 4.8 million barrels per day between March 1st and April 25th, far exceeding previous peaks in quarterly inventory declines compiled by the International Energy Agency. Crude oil accounted for nearly 60% of the decline, with the remainder being refined products. Crucially, the oil system also needs to set a minimum inventory level. Natasha Kaneva, global head of commodities research at JPMorgan Chase, stated that this means that the untouchable safety stock will be reached before inventories truly bottom out.On May 9th, the China Association of Automobile Manufacturers (CAAM) clarified that rumors circulating online claiming "new energy vehicle companies were summoned for talks and placed under investigation for battery locking issues" are false. A CAAM representative stated that the claims circulating online regarding "eight new energy vehicle companies being summoned for talks due to battery locking issues" and "three companies being placed under investigation" lack official source and are seriously inconsistent with the facts. All industry regulatory updates and enforcement measures should be based on official information from the relevant authorities. Furthermore, CAAM hopes that new energy vehicle companies will optimize their battery management systems, maintain transparency, protect consumers right to know and choose, establish efficient after-sales communication channels, actively handle complaints and disputes related to battery locking, and safeguard their brand reputation through honest business practices.

FTX looks for $9.4 billion in rescue funds, Bahamas freezes some assets

Alice Wang

Nov 11, 2022 16:46

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According to a source, FTX is frantically trying to raise $9.4 billion from investors and competitors as Chief Executive Sam Bankman-Fried desperately tries to preserve the cryptocurrency exchange that has been battered by a wave of customer withdrawals.


According to the individual with firsthand knowledge of the situation, Bankman-Fried has considered financing $1 billion from Justin Sun, the creator of the cryptocurrency token Tron, a competitor exchange called OKX, and the stablecoin platform Tether.


According to the source, he is looking to raise the remaining monies from other sources, including current FTX backers such venture capital firm Sequoia Capital.


However, it remained unclear whether Bankman-Fried would be able to obtain the necessary money and whether these investors would take part.


Paolo Ardoino, the chief technology officer at Tether, stated on Twitter that the company has "no plans to invest in or lend assets to FTX."


Daniel Loeb's Third Point is one of the 30 to 40 investors in FTX's data room, but a person with knowledge of the situation said that the hedge fund is not considering increasing its investment in FTX.


Requests for comment on the most recent information on the talks from FTX and Sequoia were not immediately answered. The latest update of the talks was not immediately available for comment from OKX. However, earlier on Thursday, OKX informed Reuters that Bankman-Fried had contacted them this week and disclosed liabilities totaling $7 billion that needed to be quickly covered.


Lennix Lai, director of financial markets at OKX, told Reuters, "That was too much for us."


The Bahamas Securities Commission, where the business is domiciled, also took action against FTX by freezing the assets of FTX Digital Markets "and linked parties." A division of FTX with a Bahamas license is FTX Digital Markets Ltd.


The commission added that "the prudent course of action" was to place the unit into "provisional liquidation to protect assets and stabilize the company," adding that "the Commission has proactively dealt with the problem" and "continues to do so."


A request for comment from FTX was not immediately complied with.


In a tweet, FTX said that it had secured an agreement with Tron to provide a unique facility where customers may transfer some cryptocurrency holdings from FTX to outside wallets. Initial asset deployment to support the swaps will be $13 million, according to the statement.


Tron's representative noted that while this was "the initial step for us," the dialogue was still in progress and that the company was "open to talks about additional rescue solutions." Credit lines were "certainly one of the subjects," according to the spokeswoman, but they were not thoroughly discussed.


After a proposed rescue plan with larger rival Binance fell through, Bankman-Fried stated earlier in the day in tweets and a note to staff obtained by Reuters that he was in talks with "a number of stakeholders" in the cryptocurrency industry, including Sun.


He did not want to "imply anything about the odds of achievement," he continued, nevertheless.


In addition, Bankman-Fried announced that his trading company Alameda Research, which some have suggested was partially to blame for FTX's issues, was ceasing trading.


The situation facing FTX is a spectacular fall for the 30-year-old crypto CEO who was previously valued at close to $17 billion but who, in a matter of days, went from being the industry's savior to the one who required saving.


A wider crisis of faith in cryptocurrencies has been sparked by issues at FTX, one of the biggest cryptocurrency exchanges in the world. Overnight, bitcoin fell below $16,000 for the first price since late 2020.


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