Business

Industrial & Commercial Bank of China Ltd., China's largest bank by assets, has won approval to set up a wholly owned investment-banking unit in Hong Kong, as the big Chinese lenders continue to diversify into financial services beyond their traditional business of lending and taking deposits.

In Group Plc, the world's largest publicly traded hedge fund manager, began selling a managed futures fund with a capital guarantee to Hong Kong individuals seeking protection from falling stock markets.

A wine auction in Hong Kong, run by the American auction house Acker Merrall & Condit, raised more than 64 million Hong Kong dollars (about $8 million) on Saturday,

Reliance Anil Dhirubhai Ambani Group’s broking and distribution arm Reliance Money is looking at expanding its international presence to earn 50% of its revenue overseas in five years. The company is also planning to enter investment banking and wealth management businesses.

A further decline in China Mobileon concerns that the restructuring of the mainland's telecom industry will increase its competition and a drop in CNOOC after oil prices retreated dragged Hong Kong shares slightly lower by Wednesday's close.

China Construction Bank (CCB) announced on Tuesday the Bank of America is to exercise part of its call option to buy 6 billion Hong Kong-listed CBC shares from Huijin at about 2.42 Hong Kong dollars (about 31 U.S. cents) per share.

Asian business to tap into the growing pool of smaller Chinese companies looking to raise money on the public markets.

Further lowering of interest rates in the United States could increase inflation risks in Hong Kong, whose dollar is pegged to the U.S. dollar, Hong Kong's Financial Secretary John Tsang said on Monday.

Hong Kong stock fell 1.94 percent on Monday, tracking weak overseas markets, as soaring oil prices rekindled worries over inflation and its impact on global economic growth.

Industrial & Commercial Bank of China Ltd., the world's biggest by market value, is ``seeking every opportunity'' to expand in Hong Kong following a bid for the city's Wing Lung Bank Ltd.