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BUSINESSAug 24John Lee urges start-ups to seize opportunities through ‘golden gateway’ of Hong KongHong Kong’s leader has called on scientists, leading enterprises and investment institutions from around the world to seize opportunities in the city, describing it as a “golden gateway” for overseas companies to enter the mainland Chinese market and mainland unicorn firms to expand globally. Speaking at the first Global Unicorn Summit on Monday, Chief Executive John Lee Ka-chiu made a familiar pitch to attendees and entrepreneurs, citing the city’s unique advantages as a “superconnector and...South China Morning Post
BUSINESSAug 24Fast - fashion giant Shein aims for $27bn valuation in Hong Kong market debutFast-fashion company Shein is reportedly targeting a $27 billion valuation for its debut on the Hong Kong market. This indicates a major financial move by a prominent global retailer.theguardian.com · United Kingdom
BUSINESSAug 24Shein plans to raise $1.8bn in Hong Kong IPOMarket capitalisation is nearly three quarters below its peak after fast-fashion retailer’s attempts to list in New York and London failedFinancial Times
BUSINESSAug 23AI - related IPOs raise nearly 100 bln HKD in Hong Kong in 6 months : HKSAR financial chiefAccording to Hong Kong's financial chief, AI-related Initial Public Offerings have generated approximately 100 billion HKD in Hong Kong over a six-month period. This highlights significant investment and growth in the artificial intelligence sector within the region.hongkongherald.com · China
BUSINESSAug 23‘Huge influx’: expat retirees projected to drive Hong Kong’s premium home demandHong Kong is tipped to see more luxury home sales with expatriates increasingly choosing the city as their retirement base, drawn to its low-tax environment as well as business opportunities, according to analysts. “A huge influx of expats who used to live in Hong Kong are moving back with a long-term view to retirement,” said Victoria Allan, founder and CEO of Habitat Property. “Many expats who previously would have left to retire are staying and purchasing [property] for the first...South China Morning Post
BUSINESSAug 23Chinese, Southeast Asian ride-hailing firms eye Hong Kong amid licensing roll-outMore ride-hailing platform operators from mainland China and Southeast Asia have approached the Hong Kong government about entering the city’s market ahead of the launch of licensed operations, the transport minister has revealed. Secretary for Transport and Logistics Mable Chan also said on Sunday that more than 7,500 people had applied for the new combined taxi and ride-hailing vehicle written test, calling the number a “very good and positive” sign. “We hope there will be more competition and...South China Morning Post
BUSINESSAug 23Licence to savour: Hong Kong craft brewers push for on-site beer permitsWhen a 100-strong South Korean tour group approached a Hong Kong craft beer manufacturer for a tour and tasting session, the operator declined their request. The refusal was not down to a lack of confidence in the product or a staff shortage. It was regulatory: the brewery simply lacked a licence to serve its beer on the premises. “It is not easy doing manufacturing in Hong Kong,” said Luke Yardley, founder of local craft beer brewery Yardley Brothers. “It is just a missed opportunity when in...South China Morning Post
BUSINESSAug 23Hong Kong can open a lucrative new frontier as Chinese tech IP hubSince 2021, Hong Kong’s development as a regional intellectual property (IP) trading centre has featured in China’s five-year plans and the policy addresses of chief executives Carrie Lam Cheng Yuet-ngor and John Lee Ka-chiu. There are good strategic reasons to see considerable potential in developing the city as an IP servicing centre for the Greater Bay Area, and potentially the whole of China and wider Asia-Pacific region. Hong Kong has several natural advantages. Major international IP...South China Morning Post
BUSINESSAug 23How Opatra’s ‘coercive’ tactics in Hong Kong echo global ‘Dead Sea sales scams’Allegedly aggressive sales tactics and business operations in Hong Kong’s beauty product sector closely mirror the global “Dead Sea sales scams” uncovered years ago, documents on WikiLeaks have shown. The controversy has prompted calls from experts for the city’s government to strengthen regulation by expanding proposed cooling-off period legislation to cover retail beauty goods. A check of the whistle-blower website WikiLeaks by the South China Morning Post found that shops and kiosks selling...South China Morning Post
BUSINESSAug 22Beyblade battles drive up sales at Hong Kong malls, but how long will the trend last?The sharp clatter of spinning metal tops, cheers, sighs of frustration and shouts of “three, two, one … Go shoot!” echo across a shopping centre in Hong Kong’s New Territories on a weekday. In shops across Tuen Mun Town Plaza, children, teens and young adults hunch over small plastic battle arenas, unleashing the spinning tops into the “Beystadiums” in head-to-head competitions. The toy popularised by Japanese anime in the early 2000s made a comeback in Hong Kong and elsewhere in Asia early this...South China Morning Post
BUSINESSAug 22Why Hong Kong’s SK Hynix fund stayed at full leverage amid market volatilitySouth Korean investor Carol Kim thought Hong Kong-based CSOP Asset Management’s new flexible leverage structure would cushion losses in its SK Hynix leveraged product, only to take a 77.2 per cent hit after the fund maintained its maximum exposure every day following the revised rules. “I expected the flexible leverage structure to soften the blow, but it actually felt like it was dropping even harder than the product in South Korea,” the 32-year-old Seoul-based retail investor said. The CSOP SK...South China Morning Post
BUSINESSAug 21Chinese insurer Ping An eyes Hong Kong ETFs as Beijing greenlights cross-border investmentPing An Insurance (Group), China’s largest insurer in terms of market capitalisation, is eyeing investments in Hong Kong-listed exchange-traded funds (ETFs) to boost returns following Beijing’s green light for cross-border allocations, according to senior executives. “Allowing mainland insurance funds to invest in Hong Kong listed ETFs is set to tighten the ties between Hong Kong and the mainland capital market,” said Richard Sheng, secretary of the company’s board, after a press conference on...South China Morning Post
BUSINESSAug 21Opatra London and Hong Kong distributor suspend local operations after arrestsThe British headquarters and Hong Kong distributor of beauty product company Opatra London have suspended local operations after allegations of aggressive sales tactics triggered the arrest of local senior staff and a raid on a corporate secretarial office in Sheung Wan. In a statement issued on Friday, Opatra London continued to distance itself from the local distributor, which it said owned and operated the local stores independently. The office of the local company, Sayles Retail, was raided...South China Morning Post
BUSINESSAug 21Shanghai’s answer to Nasdaq outstrips Hong Kong amid Chinese tech frenzyStar 50 index up almost a quarter this year, leaving rivals behindFinancial Times
BUSINESSAug 21Hong Kong financiers press for tax breaks after Singapore unveils rival schemeHong Kong should press ahead with its proposed tax break on carried interest, the performance fees earned by hedge fund and private equity managers, after Singapore unveiled a rival tax-exemption scheme, according to industry participants. The bill, submitted to lawmakers in June and expected to come to a vote later this year, has sparked debate in the financial industry. Some participants argue that the exemption is too narrow in scope, while others question the fairness of exempting...South China Morning Post
BUSINESSAug 21More Hong Kong consumers allege coercive beauty sales in wake of Opatra crackdownMore consumers in Hong Kong have come forward to allege aggressive sales tactics across the beauty sector, including credit card abuse, unwanted physical contact and pressure to buy costly products, on the back of a crackdown on the local operations of a UK-based brand. Legal experts warned that such practices could breach the Trade Descriptions Ordinance, which prohibits harassment, coercion and misleading conduct used to pressure consumers into making purchases they otherwise would not have...South China Morning Post
BUSINESSAug 20Haeco, China Aircraft Leasing Group sign MOU to build maintenance hub in Hong KongHong Kong Aircraft Engineering Company (Haeco) has signed a memorandum of understanding with the country’s largest independent aircraft lessor to set up a maintenance centre in the city, forging what authorities described as a “powerful alliance” between industry giants. The Transport and Logistics Bureau on Thursday revealed that Haeco, a sister company of flag carrier Cathay Pacific Airways, had signed the agreement with China Aircraft Leasing Group Holdings Limited (CALC) earlier in the...South China Morning Post
BUSINESSAug 20Top executive at Opatra Hong Kong operator quits amid coercive sales probeAt least one top executive of the Hong Kong operator of UK-based beauty chain Opatra London has resigned, it emerged on Thursday, after customs officers arrested two of the company’s managers over alleged coercive and misleading sales practices. Meanwhile, the Lux Boutique outlet at Harbour City in Tsim Sha Tsui, which is operated by the same company, was boarded up and locked on Thursday. A check by the South China Morning Post found that Sayles Retail filed a “Notice of Resignation of Company...South China Morning Post
BUSINESSAug 20Hong Kong conglomerate seeks $1 . 5 billion in damages from Panama for takeover of canal portsA Hong Kong conglomerate is seeking $1.5 billion in damages from Panama for the alleged takeover of canal ports. This highlights a major international business and legal dispute.mymotherlode.com · United States
BUSINESSAug 20Cathay Pacific to launch direct flights between Hong Kong and Almaty in JanuaryCathay Pacific Airways will launch direct passenger flights between Hong Kong and Almaty, Kazakhstan’s largest city, in January, making it the airline’s first Central Asian destination and establishing the only non-stop service between the two. The three-times-weekly service will begin on January 9 next year. Flights will operate every Tuesday, Thursday and Saturday, subject to regulatory approval, the airline said. The outbound flight will depart Hong Kong at 4.25pm and arrive in Almaty at...South China Morning Post
BUSINESSAug 20Hong Kong conglomerate seeks $1 . 5 billion in damages from Panama for takeover of canal ports – Winnipeg Free PressA Hong Kong conglomerate is seeking $1.5 billion in damages from Panama following the takeover of canal ports. This represents a major international business and legal dispute.winnipegfreepress.com · Canada
BUSINESSAug 20Hong Kong sees opportune time for advancing IPO connect scheme: IPO queen Pamela ChungHong Kong is seeing an opportune time to move forward with a so-called IPO connect scheme, according to Pamela Chung Kong-hung, Vistra’s managing director and head of its IPO & Share Registry Services, who says the scheme would allow mainland investors access to initial public offerings (IPOs) in Hong Kong, enabling better price discovery and expanding the investor capital pool to better match the city’s large IPO pipeline. “The secondary market connect has been operating very stably without...South China Morning Post
BUSINESSAug 20Hong Kong’s CK Hutchison seeks HK$11.7b from Panama over canal ports disputeHong Kong-based CK Hutchison has launched international arbitration against Panama, seeking more than HK$11.7 billion (US$1.5 billion) in damages over the government’s takeover of two strategic ports at the entrances to the Panama Canal. Announcing the move on Thursday, the Li Ka-shing family-backed conglomerate said Panama had breached an investment-protection treaty and international law through “sovereign acts” targeting its decades-old concession to operate the Balboa and Cristobal...South China Morning Post
BUSINESSAug 19Prudential Hong Kong expands headquarters amid Beijing’s intensified wealth oversightPrudential Hong Kong has agreed to lease headquarters space at Swire Properties’ One Taikoo Place and One Island East, marking a notable expansion of its office footprint in the city, according to the developer. Under the agreement, the insurer will occupy a total of 83,000 sq ft across the two buildings, “reinforcing the company’s commitment to Hong Kong and Taikoo Place as its long-term headquarters”, said Swire Properties, one of Hong Kong’s largest commercial developers and landlords, in a...South China Morning Post
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