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The Hang Seng Tech Index fell sharply to 1% in early trading, while the Hang Seng Index is currently down 0.11%.January 26th - The full-year economic data for 2025 has recently been released, showing that the national economy maintains a steady and progressive development trend. Recently, several international financial institutions have stated that the Chinese economy has demonstrated strong resilience and vitality, and looking ahead to 2026, in areas such as exports and consumption, the Chinese economy will inject more certainty into global development. Many institutions are particularly optimistic about the structural upgrading of Chinese exports. Goldman Sachs, in its latest report, pointed out that Chinese exports have shifted from being "cost-driven" to "technology and supply chain efficiency-driven," forming a globally irreplaceable production capacity cluster in the field of new quality productivity. UBS holds a similar view, pointing out that the competitiveness of Chinese exports is very strong, and the optimization and upgrading of export product structure continues to advance, with the competitiveness and market share of high-value-added and high-tech industries continuing to improve significantly. It is worth noting that foreign institutions generally mentioned that the stable industrial and supply chains in the Chinese market make it a top choice for multinational companies to establish operations in 2026, a resilience that is difficult to replace.Hong Kong-listed auto stocks opened lower, with XPeng Motors (09868.HK) falling over 3%, NIO (09866.HK) down 2.51%, and Great Wall Motor (02333.HK) and Leapmotor (09863.HK) among the biggest losers.Hong Kong stocks opened higher in the gold and non-ferrous metals sectors. Laopu Gold (06181.HK) opened 5.33% higher, Zijin Mining International (02259.HK) opened 3.5% higher, Luoyang Molybdenum (03993.HK) opened 3.83% higher, and Zijin Mining (02899.HK) opened 2.92% higher.The Peoples Bank of China (PBOC) conducted 150.5 billion yuan of 7-day reverse repurchase operations today: the bidding amount was 150.5 billion yuan, the winning bid amount was 150.5 billion yuan, and the operation rate was 1.40%, unchanged from the previous rate.

New FTX chief says bankrupt crypto exchange could restart

Skylar Shaw

Jan 20, 2023 11:43

According to Chief Executive Officer John Ray, the bankrupt cryptocurrency exchange FTX is considering ways to resurrect its operations. He made the announcement to the Wall Street Journal on Thursday.


According to Ray, who took over the company's leadership in November, a task group has been established to look at reviving FTX.com, the organization's primary international exchange.


The CEO also said in an interview with the Journal that he would research if resurrecting FTX's international exchange would generate more value for the company's clients than his team could get by simply selling the platform or liquidating its assets.


Following the news, FTT, the native token of FTX, increased by around 30%.


I'm relieved Mr. Ray is now only pledging to restart the exchange after months of blocking such attempts! Sam Bankman-Fried, the founder and former CEO of FTX, said in a tweet.


Bankman-Fried said, "I'm still waiting for him to eventually acknowledge FTX US is solvent and return clients' money.


An inquiry for comment from Reuters was not immediately answered by an attorney representing FTX.


Bankman-Fried is accused of robbing the exchange's users of billions of dollars to settle debts accrued by his cryptocurrency-focused hedge fund, Alameda Research. He's denied the allegations of fraud.


Customer money' future, however, is still unknown. In a note to creditors earlier this week, FTX said that since declaring bankruptcy in November, hackers had stolen nearly $415 million in cryptocurrency from its worldwide and American exchanges.


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