China's tax dragnet rattles market as offshore trusts, insurance targeted

Wealth ManagementHong Kong insurer and bank shares drop sharply on signs of widening enforcementSkyscrapers in Hong Kong, including AIA Central and the HSBC building, are seen through a fence at sunset. © ReutersLORRETTA CHEN and CISSY ZHOUAugust 6, 2026 17:53 JSTHONG KONG -- Shares of insurance companies and banks dropped in Hong Kong on Thursday as concerns mounted that China is expanding a global tax collection effort that will allow it to reach citizens' offshore wealth.