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Fitch Ratings: Weaker Environment Exacerbates Challenges for APAC Banks

Bank ratings in China, Hong Kong, Korea and Singapore remain stable, reflecting either external support (sovereign or institutional) or the banks' intrinsic financial profiles having adequate buffers at current rating levels to weather expected deterioration in 2020. Nevertheless, downside risks exist, due to external challenges and, in Hong Kong's case, an economy hit hard by social unrest. Increasing exposure to faster-growing emerging markets is likely to add to pressure, but this may only become more evident when the operating environment is less benign. This is also the case for Japanese banks, and comes on top of structural challenges to their domestic operations, which are likely to continue dragging on earnings and internal capital generation.


Harold Wong agreed to purchase 1.07% shares from MUFG?

According to HKEX disclosure, Harold Wong Tsu Hing seems to agree of purchasing the shares of Dah Sing Financials over the counter from MUFG Bank by cash on 20th November. The record showed Harold Wong's holding would add 3,413,267 shares, from 126,189,187 shares (39.49%) up to 129,602,454 shares (40.56%). The cost is 28.66 per share which is about HKD 97,824,232 in total.

But interestingly, the shares of second largest shareholder MUFG is shown as unchanged at 35,370,777 shares (11.07%). Though HKEX describes MUFG's filing as"you have entered into an agreement for the sale of shares in which you are interested but are not required to deliver them within 4 trading days." We have to observe any real change of shares in the following days.

If there is a 1.07% change of shareholdings in Dah Sing Financials, the related parties should clarify as well.

Harold Wong is the son of David Wong. Wong's family is the major shareholder of whole Dah Sing Group.