Hong Kong IPO Watch: Xiaohongshu (RedNote) is lining up a Hong Kong listing that could value it at over US$70b, with Goldman Sachs and CICC reportedly advising and a filing expected by end-June, as the city’s tech IPO revival gathers pace. Capital Markets: China’s top securities regulator said Beijing will back Hong Kong launching yuan-denominated treasury bond futures soon, aiming to deepen offshore RMB trading and give global investors easier long-term yuan exposure. New Listings: Six companies launched Hong Kong offerings seeking up to HK$19.8b, led by Lingyi iTech, as IPO activity stays supported by AI and stabilising global sentiment. Corporate Finance: Kingboard Holdings’ unit is selling about US$1.5b of shares in Kingboard Laminates via an accelerated bookbuild at a discount, with proceeds earmarked for PCB expansion and R&D. Policy & Planning: The HKSAR government has started a two-month public consultation on its first five-year plan (2026-2030), covering Northern Metropolis, innovation and livelihood priorities. Business & Risk: Kee Wah Bakery disclosed a ransomware attack and Hong Kong’s privacy watchdog is seeking details over possible data exposure. Legal & Markets: Veteran filmmaker Raymond Wong has started serving a five-month jail term for insider trading after giving up bail. Trade & Security: US CBP seized counterfeit FIFA World Cup merchandise worth over US$134,000, with many shipments reportedly originating in Hong Kong. Energy Backdrop: Oil slid below US$80 on expectations of Iranian supply easing, feeding into broader market risk appetite.