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Five Things You Need to Know to Start Your Day

Hong Kong crackdown leaders rewarded in new cabinet. Chinese equities are back in vogue. ‘Cryptoqueen’ hits FBI’s most-wanted list. Here’s what you need to know today.

On the day marking 25 years since Hong Kong was returned to Chinese rule, the city’s Chief Executive John Lee will install a cabinet that retains national security hardliners and elevates officials with strong China ties. The 21-person group keeps just six members of outgoing leader Carrie Lam’s team and 30% of the cabinet are women, the most in any initial pick since the city’s return to Chinese rule. Meantime, President Xi Jinping said Hong Kong had been “reborn” since he last visited five years ago. He is expected to give a speech later Friday. More on 25 years of Hong Kong under China here.