Fosun, the mainland owner of Club Med, said on Friday it has filed for an initial public offering in Hong Kong for the travel operator and its ClubMed Lifestyle and other tourism-focused businesses, according to RTHK reported. The company said proceeds from the proposed listing will be used mainly to expand its global resort network, upgrade vacation offerings and strengthen its digital and AI capabilities. Fosun withdrew Club Med from the Paris stock exchange after acquiring it in 2015. The new entity, with Club Med as its flagship, plans to operate about 85 resorts by 2030. Club Med currently has 69 resorts worldwide and has recently announced plans to open new sites to reach 100 resorts by 2035. Chief executive Stephane Maquaire said the listing marks an important step in the evolution of the group's shareholding structure and gives Club Med the means to accelerate its international development.

China's State Administration of Foreign Exchange approved a new batch of QDII quotas on August 28, adding $68.4 billion and lifting the cumulative approved quota from $1.76169 trillion to $1.83009 trillion, according to Jiemian News. The latest allocation includes $30.99 billion for 45 banks, $101 billion for 79 securities and fund firms, and $42.003 billion for 48 insurance and insurance asset managers; 23 trust firms received no new quota. Among the banks, China Industrial and Commercial Bank/ICBC Wealth Management, Bank of East Asia, HSBC, Hang Seng Bank and others each received $100 million, while East West Bank and China CITIC Bank International were approved for the first time, also with $100 million each. In the securities and fund category, E Fund, ChinaAMC, GF Fund, Bosera and 22 other public funds each received $100 million, and Xinyuan Fund was approved for the first time with the same amount. In insurance, China Ping An Insurance, China Life Insurance, Taikang Life Insurance and New China Life Insurance were among 12 firms that together gained $1.36 billion. The quota expansion had been signaled earlier: on June 17, SAFE head Zhu Hexin said at the Lujiazui Forum that a new batch of QDII investment quotas would be issued soon to meet reasonable overseas investment demand from domestic entities. Jiemian News also reported that many QDII funds have tightened subscription limits amid strong demand and limited quota supply, with some products capping daily purchases at as little as 10 yuan.

According to the BBC, Canada is recruiting dozens of researchers from US universities, including Harvard, under a new government program backed by C$504 million ($362 million; £268 million) for work in fields such as climate change and medicine. More than three-quarters of the 64 professors moving to Canada from around the world will come from the US, and 48 of them are relocating under the program. Seth Guikema, a climate resiliency researcher moving from the University of Michigan to the University of Western Ontario, said he will use C$8 million over the next eight years to study tools for better preparing for natural hazards such as storms and wildfires. Canada’s Industry Minister Melanie Joly said the government was pleased the professors were coming, while Peter Caravan, a biopharmaceutical researcher and professor at Massachusetts General Hospital and Harvard Medical School, is moving his work to the University of British Columbia in Vancouver. The BBC also reported that some academics said US funding cuts and uncertainty were making Canadian offers more attractive.

Affirm shares were little changed on Friday after the buy-now-pay-later company reported fourth-quarter results. According to Sina Finance, CEO Max Levchin said high oil prices are putting pressure on consumers. Levchin said U.S. consumers are clearly feeling higher gasoline prices and that the company’s services can help them manage cost pressure from inflation. The American Automobile Association said the national average gasoline price was $4.09 per gallon on Friday, down from above $4.50 in May but still well above pre-war levels in Iran. The last time the national average was below $3 was March 2. Levchin said demand for the company’s business has risen in an inflationary environment because people are becoming more careful with spending. He also said consumers remain generally in decent shape, but caution is still needed. The latest personal consumption expenditures price index showed U.S. annual inflation at 3.7% in July. The index rose 0.2% month over month on a seasonally adjusted basis, while personal income increased 0.4% and personal spending rose 0.2%, both above market expectations. The company reported revenue of $1.17 billion for the fourth quarter, above the $1.11 billion market estimate from LSEG. Affirm forecast first-quarter revenue of $1.19 billion to $1.22 billion, above the $1.16 billion consensus estimate. Gross merchandise volume also beat expectations at $14.1 billion, compared with a StreetAccount estimate of $13.39 billion.

According to Jin10, SPDR Gold Trust holdings decreased by 4.279 tons from the previous day to 1,042.357 tons.

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