Three decades ago today, a Chinese brewery founded by German settlers offered an unusual toast on the trading floor of the Hong Kong stock exchange. Instead of the typical flutes of champagne for cheering stock debuts, Tsingtao Brewery handed out glass mugs filled with its namesake beer for guests to celebrate its HK$889 million (US$114 million) initial public offering (IPO), the very first offshore share sale by a China-domiciled company. Hong Kong had never seen anything like this. The trading
Most Hong Kong consumers are unlikely to go on a shopping spree after the coronavirus pandemic recedes and expect to keep a tight rein on expenses due to the uncertain economic outlook, according to a recent survey. Over 70 per cent of the survey respondents said that they would continue to take a "pragmatic" approach towards consumption in the post-pandemic world, according to a survey of Citibank, the consumer division of US lender Citigroup. No overseas travel and work-from-home restrictions lowered almost half of Hong Kong residents' expenses by 13 per cent last year to HK$10,700 a month, the survey of over 1,202 Hong Kong residents aged 21 to 60 who earned over HK$12,000 per month showed. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The survey results dash the