• Cathie Wood, CEO of Ark Investment Management, predicted at the "2024 Hong Kong Web3 Carnival" that Bitcoin could reach $1.5 million per coin by 2030. Concurrently, Hong Kong is preparing to launch Asia's first spot ETFs for Bitcoin and Ethereum by the end of April 2024.
• The U.S. SEC approved 11 Bitcoin spot ETFs on January 10, 2024, marking a milestone in virtual asset acceptance by mainstream financial institutions like BlackRock and Fidelity. In contrast, Hong Kong regulators proactively issued guidelines in December 2023 to facilitate the trading of virtual asset spot ETFs by retail investors.
• On April 30, 2024, three Bitcoin and three Ethereum spot ETFs were listed in Hong Kong, introduced by subsidiaries of Chinese public funds. These ETFs are available for retail investors and mark a significant development in Hong Kong's virtual assets market.

监管思路日渐清晰，在保护投资者利益和市场发展中努力寻求平衡

【本文系数据通用户提前专享】监管思路日渐清晰，在保护投资者利益和市场发展中努力寻求平衡

• After Hong Kong's government abolished residential property market cooling measures ("撤辣") on February 28, 2024, the real estate market saw a significant rebound. Transactions surged with new properties selling over 400 units in just four days, surpassing the total monthly sales of February.
• The initial surge in property inquiries and transactions post-policy change began to wane by mid-April. Real estate agents reported a decrease in both viewing and transaction volumes, indicating that the initial rush might be losing momentum.
• Despite the short-term boost in transactions, long-term sustainability remains uncertain. The market faces challenges such as high interest rates and economic uncertainties which could affect future demand and prices.

“撤辣”效应能否持续仍需观察

【本文系数据通用户提前专享】“撤辣”效应能否持续仍需观察

金融体系的每一次变化，看似跟随政策起伏波动，但事实上每一轮金融周期穿透到底层，都是经济周期

2023年营业收入同比降1.16%，净利润同比增1.57%；较2021年、2022年营收分别下滑8.7%、15.6%的状况，有所改观

不良贷款余额有所上升，其中房地产行业的不良贷款余额同比增加18.81亿元, 但不良贷款率与上年末持平，各项资本充足率较上年末有所提升

• Several Chinese insurance companies, including Century Life and Pearl River Life, have announced they will not exercise their rights to redeem capital supplement bonds, highlighting the ongoing capital supplementation challenges faced by small and medium-sized insurers.
• The decision not to redeem these bonds is primarily due to the insurers' strained solvency positions. With over 360 billion yuan in insurance capital supplement bonds outstanding, around 20 billion yuan comes from insurers facing financial difficulties.
• Regulatory adjustments are being considered to address insurers' capital challenges, including revising rules for setting aside liability reserves and exploring new signs of shareholder capital injections. This situation reflects broader issues within the industry regarding risk management and capital adequacy.

【本文系数据通用户提前专享】多家中小险企放弃行使资本补充债的赎回选择权，虽然不涉及违约，但利率跳升的同时，传递了明显的问题险企信号

多家中小险企放弃行使资本补充债的赎回选择权，虽然不涉及违约，但利率跳升的同时，传递了明显的问题险企信号

部分银行将保险资管公司的存款纳入“单位存款”科目核算，造成各项存款大起大落；各机构要自查自纠，填报有误、数据失真造成不良影响的，可能会被采取监管措施

• SEVVA, a rooftop bar in Prince's Building, Central, Hong Kong, popular among investment bankers for post-deal celebrations, announced it will close in May 2024. This comes as the Hang Seng Index has fallen for four consecutive years and the Hong Kong Stock Exchange (HKEX) IPO fundraising hit a 22-year low in 2023.
• The Hong Kong government has taken measures to revive the stock market by reducing stamp duty on stock transactions and exploring reforms such as narrowing bid-ask spreads and implementing changes to the Growth Enterprise Market (GEM). Despite these efforts, traditional Western institutional investors remain cautious about allocating funds to Hong Kong stocks due to geopolitical concerns and structural challenges within China's economy.
• Signs of a potential bottoming out in the Hong Kong stock market include record-high share buybacks by listed companies and improved liquidity. With expectations of U.S. Federal Reserve rate cuts in 2024, there is some optimism that international capital might flow back into Hong Kong stocks. However, overall sentiment remains cautious with predictions of stabilization rather than a significant rebound for the Hang Seng Index in 2024.

【本文系数据通用户提前专享】市场对2024年的走势预判是“回稳”，而不是“大幅反弹”

市场对2024年的走势预判是“回稳”，而不是“大幅反弹”

多位业内人士分析，这一现象可能与即将落地的资本新规对于同业存单的风险权重调整有关，此外近期银行的资金面也较为紧张

一项衡量香港银行业融资成本的指标升至16年来最高水平

十余年“高歌猛进”画上句点，最新出台的救市政策能否力挽狂澜？