China is tightening scrutiny over domestic companies seeking to list in Hong Kong, signaling a shift in how one of the market's most entrenched offshore listing structures is treated. The move targets the long-standing "red-chip" model, widely used by Chinese firms to raise capital abroad, and reflects Beijing's growing concern over capital outflows and regulatory opacity.

Adobe reported stronger-than-expected quarterly results while announcing that longtime CEO Shantanu Narayen will step down after nearly two decades leading the software company. The company said Narayen will remain CEO until a successor is appointed and will continue as chair of the board afterward, according to CNBC.