New regulator equals new hope. Both Shanghai and HangSeng indexes rose, with Shanghai showing the most optimism as Liu Shiyu, Chairman of Agricultural Bank of China, HK 1288, replaces now infamous Xiao Gang, overseer of the brief Shanghai circuit- breaker.
The Hang Seng was less ebullient on the news, although only 7 of its 50 components dropped. The most notable was HSBC, HK 5, which dropped 2.19% in Hong Kong after missing revenue and profit expectations blamed on Asian weakness and loan impairments from oil and gas companies. Revenue from Asia, where it relies the most for profits, as shown below, dropped by 5.7%.