Five Things You Need to Know to Start Your Day

Russian companies seek shelter in Hong Kong. Global chip shares tumble after US moves. Lockdown fears return to Shanghai. Here’s what you need to know today.

Russian companies shut out of Western financial capitals are exploring Hong Kong as an alternative, stoking concern among US officials that the city will become a haven for businesses sanctioned over the war in Ukraine. A number of major Russian firms are seeking to engage with Hong Kong law firms to help anchor them in the city, sources say. China’s government has maintained friendly relations with Moscow and has imposed no sanctions since the start of the war. Meanwhile, the US warned Hong Kong not to assist sanctioned individuals after a megayacht linked to one of Russia’s richest men docked in the city’s waters.