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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
BUSINESSAug 19Hong Kong Gold Exchange taps tech strength in joint venture to power gold settlementThe Hong Kong Gold Exchange (HKGX) and TGX Technology have launched a joint venture to build a “secure, stable and internationally competitive” gold trading and clearing platform, as the city pushes to become a gold trading hub. Hong Kong Gold Exchange Trading System (HKGXTS) would draw on technology partners, including Alibaba Cloud – which backs TGX Technology – and Hundsun Technologies, to deliver the platform, according to a statement issued on Tuesday. Alibaba owns the South China Morning...South China Morning Post
BUSINESSAug 19Use of yuan hits 6-month high in Hong Kong’s fast-payment systemHong Kong’s fast-transfer payments denominated in yuan surged to a six-month high in July, signalling accelerating adoption of real-time cross-border retail payment channels even as mainland Chinese authorities maintain tight controls on capital outflows. Transaction values through Hong Kong’s Faster Payment System (FPS) for yuan reached 350.3 billion yuan (US$60 billion) in July, marking a 34 per cent increase from February, according to official data published by Hong Kong Interbank Clearing...South China Morning Post
BUSINESSAug 18After years, Macau firm opts out of Hong Kong renewal project, seeks US$153m for siteA North Point redevelopment site is being put on the market for HK$1.2 billion (US$153 million) after its owner, which spent years assembling the ageing property, warned that redeveloping it could result in losses of as much as 30 per cent. The sale offers a rare glimpse into the difficulties facing private developers in Hong Kong’s urban-renewal drive, where lengthy acquisition periods, financing costs and uncertain returns can undermine projects even as the residential market recovers. Cushman...South China Morning Post
BUSINESSAug 1882% of Chinese firms eye overseas growth, with Hong Kong top service support choiceMore than 80 per cent of surveyed mainland Chinese companies plan to grow their overseas presence, with Hong Kong listed as their top choice for a professional services platform to support expansion, the Trade Development Council (TDC) has found. The council’s survey, published on Tuesday, also showed that about 94 per cent of respondents were eyeing countries in the Belt and Road Initiative for expansion. The initiative refers to Beijing’s ambitious global infrastructure and trade programme,...South China Morning Post
BUSINESSAug 18Hong Kong 5-year plan should have Northern Metropolis tax breaks, listing reforms: HKICPAThe Hong Kong Institute of Certified Public Accountants (HKICPA) has urged the government to introduce tax incentives to help develop the Northern Metropolis and to improve the stock exchange’s listing regime to further cement the city’s role in international finance. The organisation’s submission for Hong Kong’s first five-year plan asked the government to consider tax incentives for investors who fund start-ups based in the Northern Metropolis, said Stephen Law Cheuk-kin, president of the...South China Morning Post
BUSINESSAug 18Chinese treasury futures launch cements Hong Kong as premier yuan hubWhen the Hong Kong stock exchange launched five-year China government bond futures on August 3, it did more than simply expand the city’s derivatives product suite. As the only China government bond futures in the offshore market, the contract deserves attention as it finally gives international investors an exchange-traded tool to hedge against yuan interest rate exposure, strengthening Hong Kong’s ability to price yuan assets, manage risk and serve global investors. The launch comes as the...South China Morning Post
BUSINESSAug 18Hong Kong’s dim sum bond market hits new heights as State Grid deal draws record ordersHong Kong’s offshore yuan bond market has seen another record-breaking deal – the largest single issuance by a Chinese state-owned enterprise – underscoring the growing appeal of the city’s dim sum bond market. State Grid Corporation of China raised 14.9 billion yuan (US$2.2 billion) through offshore yuan-denominated bonds, known as dim sum bonds, according to a statement on Monday from Bank of China, which acted as a joint global coordinator for the deal. The offering comprised 3.9 billion yuan...South China Morning Post
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