Hong Kong’s securities regulator proposed to make banks criminally liable for false statements in initial public offering documents, seeking to strengthen investor protection after a series of accounting scandals.
Mark Konyn, the Hong Kong-based chief executive officer of RCM Asia Pacific Ltd., which helps oversee about $150 billion globally, commented on the outlook for equities amid concern the global recovery is faltering.
Chinese stocks will extend gains that made the Shanghai Composite Index the best performer among major Asian markets in the first quarter as inflation concerns ease, RCM Asia Pacific Ltd. and Baring Asset Management said.
The Bloomberg China-US 55 Index of the most-traded Chinese equities in the U.S. rose to a two-month high as airline profits grew and the government signaled it will move to shore up growth. Online search engine Baidu Inc. surged 7 percent in after-market hours trading after third-quarter profit topped analyst forecasts.
China’s banking regulator set capital targets for the nation’s five biggest lenders above the minimum 11.5 percent ratio amid concern that credit risks may rise, three people with knowledge of the matter said.
Asian stocks fell, sending the MSCI Asia Pacific Index to the lowest level since May last year, amid mounting concern Europe won’t resolve its debt crisis and as companies from Nippon Electric Glass Co. to China Yurun Food Group Ltd. predicted lower earnings.