US-HK Sanctions Reset: The US allowed the Trump-era “national emergency” tied to Hong Kong to expire and lifted parts of related sanctions, but said Hong Kong’s autonomy status still isn’t restored, leaving other restrictions in place. Phone Scam Crackdown: Hong Kong police reported a 46% jump in phone scam cases in the first five months of 2026, arresting 61 suspects in an operation targeting “guess who I am” fraud. Shein IPO Momentum: Shein won Hong Kong listing committee approval, with plans to file its prospectus later in July and potentially launch the IPO in late August, as valuation expectations reset. Water Sector Pay Controversy: A Hong Kong-owned water firm, Northumbrian Water, will pay its CEO multi-million-pound “retention” payments even as the UK regulator gains power to ban bonuses for pollution breaches. Equine Industry Deal: The Hong Kong Jockey Club signed a deepened cooperation agreement with Guangzhou ahead of Conghua Racecourse’s debut, aiming to build a Greater Bay Area equine industry cluster. AI Model Race: Moonshot AI unveiled Kimi K3, touting it as a major open-weight model release that could intensify competition with US AI leaders. Tourism Push: Morocco’s tourism office stepped up a Hong Kong campaign to attract more Chinese visitors, citing rising arrivals and expanding air links. Bookseller Legacy: Tributes followed the death of Lam Wing-kee, the Causeway Bay Books owner who became a symbol of free speech after his secret detention.