Committed to addressing the difficulties regarding people’s livelihood through the rule of law, Pi Jianlong, a lawyer and a national political advisor, has spent years going deep into factories, workshops, law firms and juvenile probation and rehabilitation centers, making sure that his proposals, grounded in rigorous field research, are precise, practical and responsive to real needs.

Noting the predicament faced by food delivery riders, including the lack of contracts, social security and basic protection, he proposed targeted suggestions such as innovating social security models and strengthening platform responsibilities. In 2025, platforms such as JD.com and Meituan successively introduced social security plans, providing full social insurance coverage for full-time riders and accident and medical insurance for part-time riders.

Awarded for his outstanding performance in 2025 by the Chinese People’s Political Consultative Conference (CPPCC) National Committee recently, Pi exemplifies the commitment of thousands of CPPCC members to serving the people through high-quality duty fulfillment, underscoring the CPPCC’s role as a major vehicle through which people’s democracy is practiced.

On Wednesday afternoon, China’s top political advisory body, the CPPCC National Committee, kicked off its annual session in Beijing. Chinese President Xi Jinping, together with other leaders, attended the opening meeting of the fourth session of the 14th CPPCC National Committee.

99.9% proposals handled

Acting as a dedicated consultative body, the CPPCC has pooled extensive consensus and strength to support the successful conclusion of the 14th Five-Year Plan and a solid start to the 15th Five-Year Plan over the past year, injecting strong vitality into the practice of whole-process people’s democracy – a key concept put forward by Xi himself to advance China’s political landscape.

Over the years, China has made all-around progress in improving the institutions, standards and procedures of socialist democracy and advanced socialist consultative democracy by way of extensive participation.

According to a work report delivered at the opening meeting, in 2025, the CPPCC National Committee received 5,992 proposals from its members, of which 5,061 were accepted for processing. The response rate for the accepted proposals stood at 99.9%.

The CPPCC National Committee members carried out 6,778 activities to serve the people, along with 11,115 outreach activities engaging people from relevant sectors. These efforts benefited more than 4 million people.

By innovating consultative and deliberative methods, improving consultative democracy institutions, and fostering a culture of consultation, the CPPCC has further strengthened its role in promoting democracy and offering policy advice while building consensus.

Over the past year, the CPPCC National Committee held 98 consultative and deliberative events, ranging from promoting the country’s green and low-carbon transition for the 15th Five-Year Plan and developing the silver economy to improving and innovating social governance. These efforts demonstrate that consultative democracy is grounded in reality and responsive to public needs, pooling support, consensus, wisdom and strength to advance Chinese modernization.

Securing a strong start to the 15th Five-Year Plan

Supporting the formulation of the 15th Five-Year Plan serves as a key task of the CPPCC in 2025, representing a vivid practice of whole-process people’s democracy.

From May 20 to June 20 last year, China launched an online public consultation to gather opinions for its next five-year plan. The initiative drew over 3.11 million valid submissions, yielding more than 1,500 constructive suggestions across 27 topics.

A summary of these findings was submitted to the Party leadership, ensuring that the people’s voices were heard at the highest level. By September, a total of 2,112 suggestions had been collected from various regions, departments and sectors, resulting in 218 revisions to the document.

To contribute to the 15th Five-Year Plan, the CPPCC, over the past year, held a special standing committee meeting and carried out 54 special studies, yielding a series of high-quality outcomes. Meanwhile, it launched a special research column, publishing 55 issues to provide evidence-based references for policy-making.

This broad-based participation highlights that national development strategies are rooted in public will, gathering strong momentum for Chinese modernization.

According to the work report, in 2026, the CPPCC will conduct in-depth research and thorough consultations on major tasks and strategic measures of the 15th Five-Year Plan and carry out cross-committee, cross-sector and cross-disciplinary studies, aiming to put forward forward-looking, targeted and operable policy suggestions, according to the report.

Focusing on key issues in areas such as economic development, technological innovation, reform and opening up, social development, and people’s livelihood, the CPPCC will truthfully reflect public opinions based on facts and implement the CPPCC National Committee’s democratic oversight work plan during the 15th Five-Year Plan period.

For more information, please click:
https://news.cgtn.com/news/2026-03-04/How-China-builds-consensus-boosts-growth-via-consultative-democracy-1LeSOfZLbk4/p.html

Hashtag: #CGTN

The issuer is solely responsible for the content of this announcement.

The first OWA dates back to 1999, 3 years after HKWPEA was inaugurated, and has been running at a few years’ interval since. The 2026 OWA is the 9^th to be organized to recognize outstanding Hong Kong women professionals and entrepreneurs, to celebrate excellence, spotlight role models and to showcase the continuous contribution made by women in the current age and New Economy.

The press conference was hosted by HKWPEA represented by office bearers including Ms. Julianne Doe, President; Partner of Hui Doe & Sum Law Firm LLP; Ms. Jennifer Tan, Chairperson, Organizing Committee of 2026 OWA; Senior Advisor of Ant Digital Technologies – International Business and Partner of 01F Group; Ms. Marina Wong, JP, Chartered President; Ms. Helen Kan, Immediate Past President, HKWPEA; Ms. Sandra Mak, Director, Ms. Angel Hon, Director, and Ms. Agnes Koon, Director, HKWPEA.

Ms. Jennifer Tan, Chairperson, Organizing Committee of 2026 OWA, said: “Coming out of the challenging pandemic years, we found ourselves faced with global economic uncertainties and severe geopolitical issues calling for strong leadership and audacity to innovate and advance. Against this backdrop, we find it even more meaningful to celebrate outstanding women professionals and entrepreneurs in Hong Kong and thank them for their tireless contributions to society. Their accomplishments are leading lights for the younger generation. By highlighting their success, we encourage future leaders to chase their dreams and pursue sustainable initiatives to benefit communities and mankind.”

Nomination for the 2026 OWA recognising achievements in professions and business categories begins today until April 30, 2026. Six awardees will be selected by an eminent judging panel. The nomination form can be downloaded from HKWPEA website: https://www.hkwpea.org/

47 outstanding women have been selected in the past 8 OWA events. A few past OWA awardees were present at the press conference for a brief fire-side chat at the media conference. They are Dr. Eliza Yi Wah HO FOK, Winner, 2021 OWA, Chairman of the Hong Kong Breast Cancer Foundation; Prof. Helen MENG, Winner, 2017 OWA, Patrick Huen Wing Ming Professor of Systems Engineering & Engineering Management, The Chinese University of Hong Kong and Dr. Rebecca LEE, Winner, 1999 OWA, Founder of Polar Museum Foundation. While sharing their key to success, they also encourage women from different fields to come forward and join the award scheme.

Ms. Marina Wong, Founding President of HKWPEA, announced the 2026 OWA Judging Panel composition:

• Mr. Benjamin HUNG Pi Cheng, BBS, JP, President, International for Standard Chartered (Head Judge)
• Ms. Agnes CHAN Sui Kuen, BBS, Chairman, Hong Kong General Chamber of Commerce
• Ms. Teresa KO Yuk Yin, BBS, JP, Former Senior Partner, Hong Kong and China Chairman, Freshfields
• Hon. Jeffrey LAM Kin Fung, GBM, GBS, JP, Member of the Executive Council
• Professor Charles NG Wang Wai, PhD, Vice-President for Institutional Advancement, The Hong Kong University of Science and Technology
• Dr. Rosanna WONG Yick Ming, DBE, JP, Senior Advisor, The Hong Kong Federation of Youth Groups

Independent Advisor:

Professor Andrew CHAN Chi-fai, SBS, JP, Emeritus Professor, Department of Marketing, The Chinese University of Hong Kong Business School

Since the inception in 1999, the award has achieved recognition in selecting women who provide outstanding examples to business leaders, peers and youth alike, in their high standard of integrity and ethical values. HKWPEA was established in 1996 as a non-profit organization by a group of local women professionals and entrepreneurs. They have come together to develop a strong support network, to create practical and innovative learning and business opportunities for themselves and for others, to promote high professional standards, and to respond to consultations of the HKSAR Government on various policy issues.

HKWPEA website: https://www.hkwpea.org/

Special thanks to Hong Kong Economic Times, our Media Partner

Hashtag: #HKWPEA

The issuer is solely responsible for the content of this announcement.

Outstanding Women Professionals and Entrepreneurs Award

Past Winners of Outstanding Women Professionals and Entrepreneurs Award

1999

Professor Rosie Young, Dr. Polly Cheung Suk-yee, Ms. Rebecca Lee Lok-sze,
Ms. Augusta Chui, Ms. Chong Kin-wo, Mrs. Anna Sohmen

2002

Professor Felice Lieh Mak, Professor Hu Shiu-ying, Ms. Rita Chan Pui-kwan,
Ms. Ella Cheong Shuk-ki, Ms. Mary Ma Xue-zheng, Dr. Magdalena Wong Man-kun

2005

Professor Nancy Y Ip, Ms. Vivien Chen, Professor Grace W K Tang, Ms. Sandy Yip Fung-ying, Ms. Vivienne Tam, Ms. Chiang Lai-yuen

2008

Professor Karen Lam Siu-Ling, Professor Vivian Yam Wing-Wah, Ms. Yao Jue,
Ms. Eleanor Law Kwai Chun, Ms. Bianca Ma Kin San, Ms. Deborah Wan Lai Yau

2011

Dr. Edith Mok Kwan Ngan Hing, Ms. Starry Lee Wai King, Mrs. Margaret Leung,
Dr. Margaret Chung Wai Ling, Ms. Gao An Feng, Ms. Wong Siu Ling

2014

Ms. Susanna Chiu Lai-kuen, Professor Leung Suet-yi, Ms. Nancy Sit Ka-yin,
Ms. Daisy Poon, Mrs. Annie Tse Yau On-yee, Mrs. Viola Wong Ho Suk-ying

2017

Professor Pascale Fung Ngan, Professor Helen Meng Mei-ling, Ms. Judy Chan, Professor Karen Chan Ka-yin and Dr. Jane Lee Ching-yee

2021

Ms. Ashley Galina DUDARENOK, Dr. Eliza Yi Wah HO FOK, Ms. Vivian Ying Shih LEE, Prof. Christine Kung-wai LOH, Ms. Winnie Wan Chi TAM, Ms. Jennifer Yuen Chun TAN

A major highlight was the prestigious Asia-Pacific Association for International Education (APAIE) 2026 Conference and Exhibition, which ranks among the world’s top three international higher education conferences. The event attracted over 3,500 leading international education professionals to explore the latest trends and critical issues in higher education.

Speaking at the opening ceremony of APAIE 2026, the Hong Kong Special Administrative Region (HKSAR)’s Secretary for Education, Dr Christine Choi said, “To further promote higher education in Hong Kong to the world, we are dedicating this week as the ‘Study in Hong Kong’ Week, during which we will share our success stories and connect more closely with partners worldwide.”

“Under the “one country, two systems” principle, Hong Kong enjoys the distinctive advantages of being part of China with strong support from our Motherland and at the same time being centrally located in Asia.

“Our universities are globally recognised, with five of them within the world’s top 100 and Asia’s top 20. Hong Kong claimed all top four spots in the ranking of the world’s most international universities last year. Indeed, one in every four of our students come from outside Hong Kong. The proportion is even higher for academic staff, with around 70 per cent from elsewhere.”

Held under the theme “Asia-Pacific Partnerships for the Global Good”, APAIE 2026 featured pre-conference workshops, summit forums, keynote speeches, and exchange activities.

Dr Choi met with education officials and representatives from various regions on international education development trends and co-operation. She held separate meetings with the State Secretary of the Ministry of Education, Research, Development and Youth of the Slovak Republic, Mr Róbert Zsembera, and the Director General of the International Cooperation Department of the Ministry of Education and Training of Vietnam, Dr Nguyen Thu Thuy, to exchange views on the development, co-operation, and promotion of international higher education.

Dr Choi also toured the “Study in Hong Kong” Pavilion, where she learned about the promotional efforts of University Grants Committee (UGC)-funded universities and how they expand international networks to recruit students from various regions for study and exchange in Hong Kong. She also visited other booths at the exhibition, exchanging views on higher education development with representatives from various countries and regions.

Dr Choi noted that Hong Kong, as Asia’s world city, possesses advantages in global connectivity, world-class infrastructure, and rich cultural experiences that attract outstanding talent.

During the Week, UGC-funded universities hosted campus tours, allowing overseas guests to experience first-hand the fusion of diverse cultures from different regions. Universities also organised student exchange activities to foster friendships among international students from different regions, deepen their understanding of Hong Kong, and help them better integrate into local campus life.

“While Hong Kong is highly popular among students from the Chinese Mainland, those from other parts of the world, especially in the Association of Southeast Asian Nations (ASEAN) and Belt and Road countries or regions, have increased significantly in recent years,” Dr Choi said.

“As we welcome more non-local students to our schools and universities, we hope Hong Kong can serve as a springboard for them to engage with the Chinese Mainland and the wider Asia-Pacific, and as a pathway to widen collaborations across this vibrant region.”

Hashtag: #hongkong #brandhongkong #asiasworldcity #StudyinHongKong #Asia-PacificAssociationforInternationalEducation #APAIE

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The issuer is solely responsible for the content of this announcement.

“Effective execution of our strategy drove strong financial performance and higher shareholder returns in 2025, despite a challenging retail environment. Our significant progress made in portfolio simplification creates investment capacity for strategic priorities, enabling greater value for our customers and accretive inorganic opportunities to drive sustainable growth and returns.”

Lincoln Pan

Chairman

DFI RETAIL GROUP HOLDINGS LIMITED

PRELIMINARY ANNOUNCEMENT OF RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2025

INTRODUCTION

It is my honour and privilege to join DFI Retail Group (‘DFI’ or the ‘Group’) as Chairman of the Board, supporting Group Chief Executive, Scott Price, and his leadership team in executing its strategic priorities and delivering shareholder returns. On behalf of the Board, I would also like to express our gratitude to John Witt for his invaluable contributions to DFI over many years.

As Asia’s leading multi-format retail platform, DFI has a unique set of assets – strong customer trust, an extensive store network across markets, deep data insights from a powerful loyalty programme, and a strengthening Own Brand portfolio – that will serve as a foundation for growth over the coming years.

Amid macroeconomic volatility and evolving consumer needs, the Group has been responding effectively through a stronger value proposition and enhanced omnichannel capabilities. This strategy is yielding early and encouraging results, demonstrated by a 35% increase in underlying profit in 2025. We remain particularly optimistic about the growth prospects in Health & Beauty and Convenience, as well as the opportunities emerging in digital.

I am confident that under the capable leadership of Scott and his team, DFI will continue to deliver retail excellence to customers across Asia while driving long-term value creation and growth.

Under a new 70% dividend payout policy announced in December 2025, the Board recommends a final dividend of US¢10.50 per share (2024 final dividend: US¢7.00).

STRATEGIC HIGHLIGHTS

Over the course of 2025, the Group executed effectively against its strategic framework of Customer First, People Led, Shareholder Driven. This approach enables DFI to navigate market challenges while capturing opportunities that build on its strong platform for sustainable growth.

The retail landscape is rapidly evolving, driven by shifting consumer behaviour and digitalisation. The Group remains focused on strategic priorities that place customers first – delivering quality, value and convenience in everyday moments. Across its businesses, the Group made good progress in strengthening value propositions, expanding customer reach in growth markets, driving deeper customer engagement with data-driven insights and accelerating digital monetisation. These initiatives enhance its ability to better serve customers and supplier partners while delivering returns to shareholders.

Investing in talent development remains at the top of the agenda. During the year, the Group achieved an improved team member engagement score. Inclusive leadership, a purpose-driven culture and engaged team members are critical to driving stronger performance and delivering exceptional customer experience. In parallel, the Group continues to enhance its organisational agility in meeting customer needs while reducing overhead costs.

In 2025, the Group completed the divestments of minority stakes in Yonghui and Robinsons Retail, as well as Singapore Food business, enabling reinvestment in subsidiary businesses and strategic priorities with stronger growth and return potential. This approach, combined with a sharpened business focus and a strengthened balance sheet, delivered a total shareholder return exceeding 90% in 2025, including the distribution of a US$600 million special dividend in October.

PROSPECTS

Transformation is an ongoing journey for today’s retailers. Serving diverse communities across Asia, where economic conditions and consumer expectations vary widely, the Group must stay agile and locally relevant guided by a customer-first mindset and a disciplined focus on growth opportunities that further build on its competitive advantages. Over the year, DFI has invested in delivering better outcomes for customers through price reinvestment, Own Brand innovation, omnichannel expansion and data-driven personalisation – focus areas that will remain central to its growth plans in the years ahead. An expanded digital ecosystem also unlocks new avenues to drive deeper value for supplier partners and enhance shareholder returns.

I would like to end by expressing the Board’s appreciation to our team members. We could not be more proud of the work they have done over the year, particularly in responding to the deeply tragic Tai Po fire in Hong Kong. Their unwavering dedication to serving our customers across Asia is what will continue to drive our business forward and build long-term value for shareholders.

Lincoln Pan

Chairman

GROUP CHIEF EXECUTIVE’S REVIEW

INTRODUCTION

We are pleased to close 2025 on a strong note, with underlying profit attributable to shareholders up 35% year-on-year to US$270 million, reaching the high end of our guidance range. This strong performance was driven by a recovery in LFL subsidiary sales, improved margins and proactive portfolio actions, including the divestment of our minority stake in Yonghui.

Customers across Asia, including in our home market of Hong Kong, are increasingly seeking quality and convenience at great value. While macro challenges remain, we are encouraged to see early signs of recovery in key retail segments, including 3% growth in health and beauty sales in Hong Kong, supported by a 12% increase in tourist arrivals. As Asia’s leading multi-format omnichannel retail platform, we are uniquely positioned to meet customers’ evolving needs effectively across all channels through relevant and compelling customer propositions.

With a renewed focus on balancing profitability with capital discipline, the Group ended the year in a net cash position, after distributing a US$600 million special dividend, and delivered a significantly improved return on capital employed (ROCE) of 9.4%. Our strengthened balance sheet allows us to reinvest for growth as we deepen our focus on higher-return subsidiary businesses and strategic priorities that sustain value creation for shareholders. For the full year 2025, we returned a total of approximately US$740 million to shareholders, including the special dividend.

In December, we held our inaugural Investor Day where DFI announced a new dividend policy with an increased payout ratio of 70%. Dividends paid during the year, combined with a share price increase of more than 70%, resulted in a total shareholder return exceeding 90% in 2025. We also outlined our three-year plan for realising our financial ambitions and accelerated growth goals, including a target of US$310-350 million in underlying profit (representing 11% CAGR at the mid-point compared to 2025¹) and an improved ROCE of at least 15% by 2028.

As we enter the new financial year, we remain firmly focused on executing our strategic priorities to drive sustained, profitable growth.

STRATEGIC DELIVERABLES – KEY PROGRESS

Over the past year, we have made significant progress in our transformation from a portfolio business into a strategically focused operating company. We have been advancing our strategy across five key deliverables to create greater value for our customers, supplier partners and shareholders.

Retail Excellence

By delivering best-in-class customer propositions, we see a wide range of opportunities for driving higher store sales density and market share gain across all business segments.

Health & Beauty

Mannings and Guardian continue to strengthen their position as the trusted advisor for wellness, unlocking strong cross-category growth opportunities through an assortment with high functional value across supplements, derma skin care and hair care. Customers across Asia are increasingly shifting to retailers that best fulfil their broad, diverse and unique wellness goals. Our technology-enabled personalised services – including skin, scalp and health assessments – drive higher purchase conversion and basket size by deepening customer understanding of their wellness needs. These capabilities will be expanded to 25% of our Health & Beauty store network to enhance our competitive differentiation and leadership in wellness.

Convenience
7-Eleven is broadening its shopper missions towards higher-margin, non-cigarette categories with a strategic focus on ready-to-eat (RTE) offerings, which accounted for 24% of Convenience sales in 2025. Across markets, consumers are seeking more convenient, high-quality and value-driven meal solutions. The expansion of Food Bars to 1,250 locations in South China and the rollout of RTE-focused store revamp across the entire Hong Kong network by 2028 will further strengthen 7-Eleven’s RTE proposition.

Food

Given consumers’ pivot towards value, continued northbound travel and increasing competition from Chinese mainland e-commerce platforms, the Wellcome team has focused on enhancing food basket value for customers by advancing our Everyday Low Price strategy. Investment in reduced pricing through strategic direct sourcing of core basket items, particularly in fresh, has resulted in a 2% growth in volume driven by higher footfall and increased items per basket. Direct sourcing allowed us to reduce prices while protecting gross profit, resulting in a 30-basis point gross margin improvement. These efforts further supported the narrowing basket price gap compared to the Greater Bay Area to a currently low single-digit price difference².

Home Furnishings

Similar to Food, IKEA has focused on enhancing its affordability and accessibility by reinvesting in the pricing of high-volume products, broadening the range of entry price points, rationalising the tail of slow-selling assortment, and further expanding digital touchpoints through third-party marketplaces. We are also strengthening IKEA Food as a key draw for customers seeking exciting and affordable food experiences as part of their store journey. These efforts are supported by significant cost transformation initiatives across our operating markets.

Own Brand

Our reset in Own Brand strategy across Food and Health & Beauty is driving higher customer loyalty and sales penetration through greater exclusivity and value. By refining our product range to align closely with customer needs and maximising cross-selling across our formats, we achieved meaningful improvements in margins and sales productivity.

Access to Customers

We continue to strategically expand our network in high-growth, profitable markets, primarily through a capex-light franchise model, with 114 net new openings³ in 2025. In particular, we will deepen 7-Eleven’s presence in Guangdong province to around 2,400 stores and expand Guardian’s footprint in Indonesia to approximately 750 stores by 2028.

Omnichannel and Data Ecosystem

DFI’s expanded omnichannel ecosystem is elevating our relevance and engagement with customers, providing us deep data insights across daily consumer needs that few peers in Asia can match. This ecosystem now allows our customers to engage with DFI brands across more than 90 digital channels, including apps, websites, third-party marketplaces, quick-commerce partnership with food delivery platforms and click-and-collect services. Our strengthened digital proposition was underpinned by a 140-basis point increase in online sales penetration to 6.4%⁴ as at year-end 2025, with order volume more than doubled year-on-year. Our overall digital ecosystem, comprising e-commerce, retail media, insights monetisation and yuu, continues to drive improved financial returns for the Group.

Retail Media (DFIQ Media)

Positioned to become Asia’s leading omnichannel retail media network, DFIQ Media offers a differentiated online and offline advertising proposition, enabling brands to execute cross-format campaigns through our digital assets and more than 10,000 in-store digital screens across markets. DFIQ Media delivered strong sales growth, albeit from a low starting base, achieving a fourfold increase in revenue over 2024, supported by proprietary data insights from over 7 million monthly active users across our growing digital portfolio.

DFIQ Portal

We aim to empower our supplier partners with actionable insights that drive greater business impact and better outcomes for customers. The DFIQ Portal – a vendor platform combining DFIQ Media, DFIQ Insights and trade capabilities – was launched in December 2025, providing suppliers real-time access to critical analytics that enables optimised inventory management and more effective strategic planning.

Retail Analytics

Leveraging cross-format data insights from over 5 million yuu Rewards members in Hong Kong, we continue to enhance our assortment and promotional decisions to help expand both in-store sales and gross profit.

Lean & Agile Model

Maintaining a lean and agile operating model is essential to ensuring efficient decision-making in a rapidly evolving retail landscape. Continued cost optimisation and better product sourcing will support both strategic price reinvestment and sustainable margin expansion in the coming years. Overhead reductions are expected to translate into lower SG&A costs beginning 2026. We remain disciplined in capex, driving network growth primarily through a franchise model with a strong focus on paybacks.

Strategic pivot from portfolio to a focused operating company

We conduct strategic reviews of our businesses guided by return on capital and total shareholder return priorities. During the year, we completed the divestment of our minority stakes in Yonghui and Robinsons Retail, as well as our Singapore Food business, generating total gross proceeds of approximately US$1 billion in cash consideration. In line with our capital allocation priorities, these proceeds were redeployed towards debt repayment, resulting in a net cash position of US$70 million as at year-end 2025. In addition, a special dividend of US$600 million was distributed to shareholders in October 2025. The Group remains focused on maximising total shareholder return while maintaining strategic flexibility for inorganic growth opportunities that are accretive to long-term shareholder value.

2025 PERFORMANCE

Total revenue from subsidiaries in 2025 was US$8.9 billion, up 1% on a LFL basis, excluding cigarettes. Organic revenue, excluding divested businesses⁵ for the comparable period, grew 0.5%. Strong sales growth in the Health & Beauty division was offset by lower contributions from other segments.

Excluding the impact of the minority stake divestments in Yonghui and Robinsons Retail completed in 2025, total revenue for the Group, including 100% of associates and joint ventures, remained broadly stable.

The Group reported total underlying profit attributable to shareholders of US$270 million for the year, up 35% year-on-year. This was supported by improved profitability from subsidiary businesses, lower financing costs and higher underlying profit from associates following the divestment of Yonghui.

Underlying profit from subsidiaries was US$183 million, 15% higher than the prior year. This was driven by strong Health & Beauty performance in addition to earnings recovery in Singapore Food and Home Furnishings segment, partially offset by lower contribution from Convenience due to reduced cigarette volume.

The Group’s share of underlying profit from associates was US$88 million, an improvement of US$45 million compared to the prior year, primarily due to the divestment of minority stake in loss-making Yonghui and higher contribution from Maxim’s as a result of improved mooncake sales and restaurant performance in Southeast Asia. Despite challenging trading conditions in Hong Kong and Chinese mainland, Maxim’s delivered profit growth in these regions through cost optimisation.

The Group reported operating cash flow after lease payments of US$430 million, 30% higher than the prior year, supported by underlying operating profit growth. Free cash flow⁶ for the period was US$281 million, up 78% year-on-year. As at 31 December 2025, the Group’s net cash was US$70 million, compared to US$468 million net debt at 31 December 2024.

SUSTAINABILITY

We remain firmly committed to our purpose to sustainably serve Asia for generations with everyday moments – with a focused, balanced, collaborative approach taking into account the macroeconomic environment and consumer sentiment. We are driving progress on our pathway to reduce our Scope 1 and 2 emissions by 50% by 2030 from a 2021 baseline, with our targeted investments in refrigerant emissions management, energy efficiency, and behaviour-change initiatives across our operations gaining momentum throughout the year. From 2025 to 2030, we will further increase the share of renewable energy use in our portfolio, helping to accelerate the energy transition in the key markets where we operate.

As advocates for our customers and the communities we serve, we are committed to delivering affordable, sustainable products. In 2025, we delivered 380 tonnes of Own Brand low-carbon rice to our Hong Kong markets and added multiple products through our Grounds to Green programme to our 7-Eleven RTE range. These award-winning initiatives demonstrate our ability to anticipate customer expectations and deliver on market demands. We maintained strong discipline in waste and packaging management, keeping us on track to meet our 2030 targets.

BUSINESS REVIEW

HEALTH AND BEAUTY

Sales for the Health and Beauty division grew 7% year-on-year or 5% on an LFL basis to US$2.6 billion. Underlying operating profit was US$228 million for the year, representing an increase of 8% compared to 2024.

Both Mannings and Guardian achieved strong LFL sales performance, supported by growing wellness sales penetration towards the mid-term target of over 35%. To further strengthen our leadership in wellness – a cross-category opportunity spanning health, beauty and personal care – Mannings and Guardian complemented their wellness-focused assortment with in-store health, skin and scalp assessments in selected outlets. Our personalised consultations and tailored product recommendations deepen our engagement with customers, supporting larger basket sizes and higher purchase conversion.

Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #IKEA #yuu #Maxim’s

The issuer is solely responsible for the content of this announcement.

DFI Retail Group

Pioneering World-First AI Retinal Scan for Early Detection and Proactive Prevention of Cognitive Decline

HONG KONG SAR – Media OutReach Newswire – 2 March 2026 – AIA Alta Club, an exclusive membership programme for high-net-worth customers by AIA Hong Kong, announced the launch of the Brain Health Programme.* Featuring a world-first AI-driven retinal imaging health management solution, the programme makes AIA Hong Kong the first insurer in the market to offer this innovative, proven screening experience.

The Brain Health Programme provides a non-invasive and highly accurate solution for early detection of cognitive conditions, effectively enabling early identification and proactive prevention of cognitive decline. More than a screening service, the programme provides personalised coaching and tailor-made, science-backed wellness plans targeting cognitive health based on each member’s evaluation. Each member receives customised guidance that is not just preventive, but transformative.

Dementia leads to the loss of daily self‑care ability and is among the top three retirement concerns,¹ with care reaching around HK$200,000 annually.² In Hong Kong, one in three people aged over 85 lives with significant impairment.³

By positioning cognitive health as one of the core pillars of healthspan, AIA Alta Club empowers its members to take charge of their wellbeing and enjoy longer, more fulfilling lives. The programme pioneers the world’s first AI-powered retinal imaging technology for brain health, a non-invasive retinal scan with up to 92% accuracy. The technology was developed by i-Cognitio Sciences, a research-based company originating from The Chinese University of Hong Kong (CUHK), and launched through the collaboration of AIA Hong Kong and Humansa. This makes AIA Hong Kong the first insurer in Hong Kong to offer such an innovative and reliable screening experience.

Ms Alice Liang, Chief Proposition & Healthcare Officer of AIA Hong Kong & Macau, said: “Cognitive decline often begins years before symptoms appear. More than 70% of AIA Alta Club members, who are aged 40 years and above,⁴ see protecting brain health as a priority. Meanwhile, research shows that up to 45% of dementia cases can be prevented or delayed.⁵ Once the condition is detected, the programme can provide members with personalised, science-based care and coaching based on the results.”

Ms Liang added: “At AIA Alta Club, we believe longevity is about quality as much as quantity, adding life to years, not just years to life. The Brain Health Programme brings this vision to life by making cognitive health a central pillar of healthspan. By being the first insurer in Hong Kong to offer the world’s first AI-powered retinal scan for cognitive health, we are setting a new industry benchmark by integrating health, wealth and lifestyle into a truly holistic ecosystem. In addition to protecting brain health, we empower our customers to embrace genuine wellbeing and enjoy Healthier, Longer, Better Lives.”

Brain Health Programme: Combining Technology with Care

The programme combines advanced AI diagnostics with personalised support:

• i-Cog Retinal Imaging Scan – World’s first AI-powered retinal scan for brain health
• Montreal Cognitive Assessment 5-minute Protocol (MoCA-5) Test – A five-minute test to quickly assess memory, attention, and thinking skills
• Comprehensive Brain Health Assessment to identify risk factors that influence brain ageing

The programme also includes wellness coaching and anti-ageing supplements that support antioxidant, anti-inflammatory, and detox functions. Each service comes with prevention strategies and medical guidance. AIA Alta Club members can redeem complimentary sessions.

Since its establishment in 2023, AIA Alta Club has been renowned for its bespoke privileges and diverse services for members to find their optimal balance of wealth and wellness. It provides science-based, personalised healthcare services and health management solutions. Through Infinite Health Programmes, launched in 2024, AIA Alta Club adopts a proactive and preventive approach, using early detection, precise measurements, and continuous monitoring to optimise physical functions, mental health, and metabolic performance.

Remarks:

• This “Brain Health Programme” is operated by a third-party service provider – Humansa Company Limited. AIA shall not be responsible for any act, negligence or omission of medical advice, opinion, service or treatment on the part of the service(s) provided by them. AIA reserves the right to amend, suspend or terminate the service without further notice. AIA is not the service provider, or the agent of the service provider, of the Services. AIA makes no representation, warranty or undertaking as to the quality and availability of the Services, and shall not be responsible or liable for the Services provided by the service provider. Under no circumstance shall AIA be responsible or liable for the acts, omission or negligence in provision of the Services (including but not limited to diagnosis, treatment and medical and healthcare services) by the service provider.

1. Source: AIA Hong Kong Internal data (a total of 650 Hong Kong and Chinese Mainland residents were interviewed between 17 and 24 June 2025 to understand their attitudes towards retirement life and their retirement planning.)
2. Source: Alzheimer’s Disease International (2016). Cost of Community Care for Dementia and Cognitive Impairment in Hong Kong Chinese: Social and Informal Care Time Analysis
3. Source: The Chinese University of Hong Kong (2017). CUHK Launches World’s First Study Utilizing Retinal Imaging for Alzheimer’s Disease Screening in Chinese Population
4. Source: AIA Hong Kong internal data (as at Dec 31, 2025).
5. Source: Livingston, G., Huntley, J., Liu, K.Y. , Costafreda, S.G., Selbæk, G., Alladi, S. (2024). Dementia prevention, intervention, and care: 2024 report of the Lancet standing Commission. The Lancet, 404(10452), 572-628.

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About AIA Hong Kong & Macau

AIA Group Limited established its operations in Hong Kong in 1931. To date, AIA Hong Kong and AIA Macau have about 18,000 financial planners,¹ as well as an extensive network of independent financial advisors, brokerage and bancassurance partners. We serve over 3.6 million customers,² offering them a wide selection of professional services and products ranging from individual life, group life, accident, medical and health, pension, personal lines insurance to investment-linked assurance schemes with numerous investment options. We are also dedicated to providing superb product solutions to meet the financial needs of high-net-worth customers.

¹ As at 30 June 2025
² Including AIA Hong Kong and AIA Macau’s individual life, group insurance and pension customers (as at 30 June 2025)

Challenges Perceptions of Inclusion and Art

HONG KONG SAR – Media OutReach Newswire – 1 March 2026 – The eighth edition of “No Limits”, jointly presented by the Hong Kong Arts Festival and The Hong Kong Jockey Club Charities Trust, officially opened on 28 February evening at the Auditorium of Kwai Tsing Theatre. The opening programme, The Nature of Why, is performed by Paraorchestra—the world’s first professional inclusive orchestra—offering audiences an immersive arts experience inspired by Nobel Prize–winning physicist Richard Feynman. Fusing live orchestral music, contemporary dance and audience interaction, the work redefines the boundaries of inclusive art.

Under the theme “All of Us, All Ways”, the eighth edition of “No Limits” is committed to revealing the richness of diverse values and connecting people through the arts. For the first time, “No Limits” has collaborated with two of Hong Kong’s flagship performing arts companies—the Hong Kong Dance Company and the Hong Kong Chinese Orchestra—to produce multidisciplinary inclusive programmes. These collaborations aim to inspire new perspectives, demonstrate how inclusive arts are being further integrated into Hong Kong’s cultural mainstream, and open up the limitless imagination that diversity brings.

“No Limits” 2026 presents 11 boundary-breaking programmes across music, theatre, dance and film, in a total of 29 performances. In addition to Paraorchestra’s immersive orchestral-dance production The Nature of Why, highlights include: Wayfaring Beyond, a brand-new large-scale outdoor dance work co-produced by “No Limits” and the Hong Kong Dance Company, and co-choreographed and performed with the award-winning China Hong Kong Para Dance Sport Association; Light and Shadow on Strings, co-produced by “No Limits” and the Hong Kong Chinese Orchestra, featuring visually impaired rising star erhu player Yang Enhua in a concert blending traditional and contemporary Chinese music; the Asia premiere of award-winning contemporary dance work Harmonia by Theatre Bremen and Hungarian choreographer Adrienn Hód, challenging established notions of bodily value in dance; the Asia premiere of Precarious Moves, a semi-autobiographical solo performance by Vienna-based artist Michael Turinsky that confronts social expectations and established frameworks surrounding disabled bodies; “No Limits” Asia newly commissioned theatre work Two Blind Women in the Snowy Tokugawa Nights – Sleeping Fires with renowned director Kuro Tanino; and the Asia premiere of Zer-Brech-Lich, an original playful and sensorial musical dance theatre work by Swiss-based choreographer Alessandro Schiattarella, created and performed with three disabled performers. This year, “No Limits” launches the “Local Creative Research and Development Scheme”, pairing local artists with individuals of diverse abilities to co-create new works exploring inclusive practices. The initiative injects fresh vitality into Hong Kong’s inclusive arts landscape, while research outcomes will be presented during “No Limits” 2026 to showcase the potential of inclusive arts.

Ms Sum Fong-kwang, Vivian, JP, Permanent Secretary for Culture, Sports and Tourism, said: “‘No Limits’ provides a stage for artists with different abilities to showcase their creativity and talents, fostering an inclusive community. It bridges people with different origins, backgrounds and abilities, which on the one hand enriches our arts and cultural offerings, and on the other, showcases the role of creativity as a continuous driver of societal development. I wish this year’s ‘No Limits’ resounding success, and every audience find inspiration and enlightenment through the programmes.”

At the opening ceremony, Mr Sebastian Man, Vice Chairman of the Hong Kong Arts Festival Society, said: “Since its inception in 2019, ‘No Limits’ has promoted inclusion through local and international inclusive arts performances, as well as the Jockey Club ‘No Limits’ Education and Community Outreach Programme, showcasing the remarkable talents of artists with diverse abilities. As we enter the eighth edition, we are delighted to collaborate for the first time with Hong Kong’s flagship arts companies to present two locally produced programmes that embody the spirit of diversity and inclusion. We sincerely thank The Hong Kong Jockey Club Charities Trust, co-presenter of ‘No Limits’, for its long-standing support. We also thank our Strategic Supporting Partner, Arts with the Disabled Association Hong Kong, for providing comprehensive accessibility services to ensure that everyone can experience the power of the arts. Above all, we extend our heartfelt gratitude to every participating artist for their tremendous dedication.”

Mr Nicholas D Hunsworth, Steward of The Hong Kong Jockey Club, said: “In keeping with No Limits’ theme this year “All of Us, All Ways” – a series of community programmes will be presented by artists with varying abilities to promote inclusion. It reminds us that differently abled people are not different at all, but an integral part of a diverse society. The Hong Kong Jockey Club has long supported arts and cultural projects to enrich lives and build a culturally vibrant city – as evidenced by over 50 years’ funding for the Hong Kong Arts Festival. The Hong Kong Jockey Charities Trust – in partnership with the Hong Kong Arts Festival – has co-presented No Limits since its inauguration in 2019.”

Building on its established practices, “No Limits” 2026 continues to advance social inclusion and talent development through a wide range of initiatives under the Jockey Club “No Limits” Education and Community Outreach Programme. These initiatives promote inclusivity and creativity, strengthen networks across the education and community sectors, and lay the foundation for a more empathetic and inclusive society. Programmes include the inclusive dance project VISION, International Symposium The Way Forward: A Humanistic–Tech Framework for Inclusive Innovation, school touring concert The Ways We Move, as well as the “No Limits” Creative Training Programme and Community Showcases.

In addition to live performances, online screening programmes include the documentary A Space in Time by Riccardo Servini and Nick Taussig, which follows a couple and their two sons born with Duchenne muscular dystrophy as they journey forward together; Sarah Polley’s Away from Her, portraying a couple of over 40 years facing early-onset Alzheimer’s disease; Taku Aoyagi’s documentary Fujiyama Cottonton, set at Mirai Farm, which serves people with disabilities, and exploring the beauty of everyday life, creativity and community; and Caroline Cavalcanti’s Lapse, a heart-warming story of two teenagers—a deaf skateboarder and a rap enthusiast—who form a bond through sign language and shared struggles.

Tickets for live performances are now available via URBTIX. Half-price concessionary tickets are offered to full-time students, people with disabilities and one companion, and Comprehensive Social Security Assistance (CSSA) recipients. (www.urbtix.hk/series/124?bannerCode=NL2026)
Community programmes are free and open to the public without prior registration. Programmes screened online will be available free of charge on the official website www.nolimits.hk from 30 March to 25 May 2026.

Extending the spirit of inclusion beyond the stage, “No Limits” has also launched a brand-new accessibility-themed plush toys collection. Purchase “No Limits” programme tickets worth HK$500 or more in a single transaction via URBTIX to receive one No Limits Inclusive Plush Toy Redemption Coupon upon ticket collection. Available while stocks last.

Arts Accessibility Services
“No Limits” collaborates with the Arts with the Disabled Association Hong Kong to enhance high-quality art projects with accessibility services and ensure that audiences with varying needs can enjoy performances without barriers. Accessibility services differ from programme to programme, and include audio description, accessible captions, sign language interpretation, theatrical interpretation, braille booklets, audio booklets, easy-to-read booklets and relaxed performances. Extra wheelchair seats may be available at the venues, and guide dogs are welcome.

For more event details, please visit the “No Limits” website: www.nolimits.hk
Click here for programme details: www.nolimits.hk/programme
Urbtix: https://www.urbtix.hk/series/124?bannerCode=NL2026

Appendix

Programme

Online Programmes

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About the Hong Kong Arts Festival

Launched in 1973, the Hong Kong Arts Festival is a major international arts festival committed to enriching the cultural life of the city. In February and March every year, the Festival presents leading local and international artists from all genres of the performing arts, giving equal importance to great traditions and contemporary creations. The Festival also commissions and produces work in theatre, music, chamber opera and contemporary dance by Hong Kong’s own creative talents and emerging artists, many of which have subsequently had successful runs in Hong Kong and overseas. Every year, the Festival also presents more than 250 “PLUS” and educational activities that offer diverse arts experiences to the community as well as tertiary, secondary and primary school students. In addition, through the “No Limits” project co-presented with The Hong Kong Jockey Club Charities Trust, the Festival strives to create an inclusive space for people of different abilities to share the joy of the arts together.

For more information about the Hong Kong Arts Festival, please visit https://www.hk.artsfestival.org/.

About “No Limits”

Launched in 2019 and co-presented by the Hong Kong Arts Festival and The Hong Kong Jockey Club Charities Trust, “No Limits” offers barrier-free performances and events and explores and promotes inclusiveness and understanding through the arts.

Every year from February to March, “No Limits” showcases a series of fascinating programmes of music, dance, theatre and film by international and Hong Kong artists of different abilities. It also presents free film screenings as well as education and community programmes including an international symposium.

“No Limits” is committed to provide accessible in-venue performances and programmes for people with different abilities, highlighting creativity and talent in a variety of forms, spreading the message of inclusion to the society.

For more information about “No Limits”, please visit https://www.nolimits.hk

By Ashok Nilakantan Ayers NEW YORK: When Narendra Modi walked into the Knesset and told Israel’s parliament during his visit to Israel on February 25-26, that “peace and stability in West Asia are directly linked to India’s security,” he was doing more than delivering a diplomatic courtesy. He was planting a flag. India, under its […]

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• Searches on Airbnb by Malaysian travelers in 2025 increased year-on-year by over 200% for check-ins during Ramadan and by nearly 50% for check-ins during Hari Raya.
• Group travel continues to lead festive travel patterns.

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 27 February 2026 – With Chinese New Year, Ramadan and Hari Raya falling in close succession in early 2026, Malaysians are planning ahead for meaningful reunions and shared celebrations.

Airbnb data shows that searches in 2025 by Malaysian guests for check-ins during Ramadan grew by over 200% year-on-year, reflecting heightened festive travel intent*. Searches during the same period for travel during Hari Raya also grew by nearly 50%**, as families and friends plan trips to reconnect and celebrate together.

Festive travel spreads beyond major cities

While Kuala Lumpur, Johor Bahru, Ipoh and Malacca emerged as the most popular domestic destinations during the festive season***, travel demand extended well beyond urban hubs.

Hari Raya saw growing interest in states such as Kelantan, Terengganu, Pahang and Perak, reflecting the enduring balik kampung tradition. Meanwhile, Chinese New Year saw travel dispersed even further afield to East Malaysian destinations including Kuching, Sarawak and Kota Kinabalu, Sabah***.

International travel also peaked during the festive stretch, with Malaysians leveraging public holidays for overseas getaways. Top outbound destinations searched included Tokyo and Osaka in Japan, as well as Perth, Australia.***

Togetherness drives travel behaviour – Group and family travel dominate

Whether travelling within the country or heading overseas, Malaysians continue to centre their celebrations on togetherness and shared moments. Across all three celebrations, group and family stays accounted for an average of over 80% of the searches, underscoring a clear preference for shared travel experiences.****

Searches by Malaysians for entire homes increased by an average of approximately 95% during the festive period– signalling a preference for stays that can comfortably host families and larger groups for family reunion****.

Top searched amenities for this period included pools, washing machines, Wi-Fi, parking and air conditioning, highlighting the practical considerations that shape longer festive stays***.

Amanpreet Bajaj, Airbnb’s Country Head, India and Southeast Asia, states, “Festive moments in Malaysia are deeply rooted in togetherness. With major celebrations converging this year, we’re seeing travel become an integral part of how Malaysians reconnect, whether returning home for balik kampung, gathering with extended family, or planning meaningful getaways. On Airbnb, we’re seeing strong demand for larger homes that allow families and friends to celebrate comfortably, reflecting how shared spaces continue to shape the way people travel during important cultural moments.”

*Based on Airbnb internal data of searches made between Jan-Dec 2025 by Malaysian guests for check-ins between 18-20 February 2026 vs searches made between Jan-Dec 2024 for check-ins between 1-3 March 2025

**Based on Airbnb internal data of searches made between Jan-Dec 2025 by Malaysian guests for check-ins between 20-22 March 2026 vs searches made between Jan-Dec 2024 for check-ins between 30 March – 1 April 2025

***Based on Airbnb internal data of searches made between Jan-Dec 2025 by Malaysian guests for check-ins between 16-18 February 2026 (CNY), 18-20 February 2026 (Ramadan) and 20-22 March 2026 (Hari Raya) vs searches made between Jan-Dec 2024 for check-ins between 28-30 January 2025 (CNY), 1-3 March 2025 (Ramadan) and 30 March-1 April 2025 (Hari Raya)

**** Based on Airbnb internal data of searches by Malaysian guests in 2025 for check-ins between 16-18 February 2026 (CNY), 18-20 February 2026 (Ramadan) and 20-22 March 2026 (Hari Raya) for group, family travel and entire homes.

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About Airbnb

Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home, and has since grown to over 5 million Hosts who have welcomed 2 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and experiences that make it possible for guests to connect with communities in a more authentic way.

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Mr Chan said Hong Kong would be stepping up support measures such as computing power, land and capital, to enhance the city’s influence as a global source of original innovation.”Hong Kong’s strengths in innovative scientific research and commercialisation of research outcomes lie in our internationalised qualities, strong research capabilities, support of financial sector and a rich pool of high-calibre talents,” Mr Chan said.

He added that the Government is pressing ahead with the industrialisation of artificial intelligence (AI) and deepening its integration across various industries, while encouraging wider AI application, referred to as AI+, with an initial focus on life and health technology and embodied AI.

“I will establish and chair the Committee on AI+ and Industry Development Strategy to formulate strategies and create favourable conditions for AI to empower the transformation and development of industries,” Mr Chan said.

“We are making proactive efforts to align with the National AI+ Initiative by promoting ‘industries for AI’ and ‘AI for industries’ through application.”

The Financial Secretary highlighted that the Hong Kong Artificial Intelligence Research and Development Institute Company Limited will come into operation in the second half of this year, to promote AI+ development and transformation of R&D outcomes and advise the Government on relevant matters.

Professor Sun Dong, Secretary for Innovation, Technology and Industry, echoed the need for holistic development of AI+ development. “When you talk about AI, you cannot just talk about AI research, or just talk about the infrastructure, we have to do it together. Actually, that is what we have been doing in the past three years. Everything is very important.”

Central to the Government’s efforts in promoting I&T is the San Tin Technopole area in the Northern Metropolis development.

“The San Tin Technopole will provide a large piece of land which can help accelerate the commercialisation of R&D results and provide industrial space for prototyping, pilot and mass production,” Mr Chan said. He proposed injecting $10 billion (US$1.28 billion) as initial capital to take forward the development, while leveraging market resources to accelerate the progress.

Mr Chan also earmarked $10 billion (US$1.28 billion) to accelerate the development of the Hetao Hong Kong Park by engaging the market to speed up the disposal of the remaining land parcels under Phase 1 development, providing key infrastructure, further strengthening support to start-ups and establishing a venture fund.

Mr Chan set aside about $220 million (US$28 million) to establish in Hong Kong the first national manufacturing innovation centre outside the Chinese Mainland. This, he said, reflects the Government’s commitment to implementing the Co-operation Agreement on the Development of New Quality Productive Forces and the Promotion of New Industrialisation signed with the Ministry of Industry and Information Technology to promote industrial collaboration.

The Budget also sets out support measures for various technology-related emerging industries. Among them is the aerospace industry. The Office for Attracting Strategic Enterprises will take the lead to identify aerospace enterprises to develop in Hong Kong. Also, the Hong Kong Exchanges and Clearing Limited would review the relevant listing requirements to facilitate and attract the listing of aerospace enterprises in Hong Kong.

Noting that low earth orbit satellites can support the development of high-end industries, Mr Chan said the Government would proactively expand telecommunications infrastructure, streamline the relevant licensing regime and promote future 6G applications.

Meanwhile, the $10 billion (US$1.28 billion) Innovation and Technology Industry-Oriented Fund, introduced by the Government to channel market capital to invest in emerging fields of strategic importance, such as life and health technology, AI and robotics, as well as future industries, is expected to commence operation within this year.

“The key is to popularise the understanding and use of AI by all levels of society,” Mr Chan said.

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The theme of the 2026-27 Budget, the fourth Budget of the current-term Government, is “Driving High-quality, Inclusive Growth with Innovation and Finance”.

“Over the past year, as a result of the booming economy and capital market, our tax revenue has increased. Coupled with the reinforced fiscal consolidation programme gradually bearing fruit, our public finances have improved sooner than expected,” Mr Chan said.

The Financial Secretary revealed that Hong Kong’s Consolidated Account was expected to register a surplus of $2.9 billion in the current fiscal year, instead of a deficit of about $67 billion as originally estimated. The Operating Account for 2025-26, which was originally estimated to record a deficit of about $3 billion, will register a surplus of $51.3 billion, he said.

It was also confirmed that Hong Kong’s economy expanded by 3.5% in 2025, with growth forecast to be between 2.5% and 3.5% for 2026.

Mr Chan noted that this year marks the beginning of the National 15th Five-Year Plan, and he stressed the need for Hong Kong to actively align with the Plan.

“Our country’s sustained high-standard two-way opening-up, coupled with scientific and technological innovation, have presented us with new opportunities,” he said. “We must embrace the 15th Five-Year Plan with an innovative mindset, fostering new quality productive forces in accordance with local conditions.”

Mr Chan set out a series of measures to drive I&T development, including establishing the Committee on AI+ and Industry Development Strategy; taking forward the Sandy Ridge data facility cluster project; promoting AI training; and accelerating digital intelligence transformation of the Government.

“We are pressing ahead with the industrialisation of AI and deepening its integration across various industries, while encouraging wider AI application, thereby achieving the target of adoption and utilisation by all,” he said.

The International Clinical Trial Academy will, he said, also be established to help enable the Chinese Mainland’s biomedicine technology to go global, attract foreign investment, and help develop Hong Kong into an international health and medical innovation hub.

To facilitate the development of new industrialisation, the Budget has earmarked resources for establishing in Hong Kong the first national manufacturing innovation centre outside the Mainland, and the New Industrialisation Elite Enterprises Nurturing Scheme will be launched.

The Government will promote the full integration of technological innovation and industrial innovation through key infrastructure, including the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, and the San Tin Technopole in the Northern Metropolis.

To support financial services, Hong Kong will proactively align with national development strategies, advance the internationalisation of the Renminbi, and continuously reform the securities market.

The Government will legislate this year to enhance tax regimes for family offices and funds, as well as establish licensing regimes for digital asset dealing and custodian service providers.

“Despite the complex and ever-changing external environment, Hong Kong’s financial market has performed strongly and our financial system remains robust,” Mr Chan said. “We will continue to consolidate our existing strengths, tap into emerging fields, strengthen market systems and risk control and deepen financial co-operation in the GBA (Guangdong-Hong Kong-Macao Greater Bay Area).”

Noting that Hong Kong saw a year-on-year 12 per cent increase in visitor arrivals last year, which had created business and job opportunities for related sectors, the Budget will allocate $1.66 billion (US$212 million) to the Hong Kong Tourism Board (HKTB).

“The HKTB will scale up its flagship events and promotion, introducing new elements and extending event duration, and organise more signature festive events to highlight Hong Kong’s East-meets-West uniqueness,” Mr Chan said.

The Budget also earmarks an additional funding of $1 billion (US$128 million) for the Built Heritage Conservation Fund to enrich city culture. Elsewhere, the Government will launch the Northern Metropolis Urban-rural Integration Fund as a pilot scheme to support rural tourism projects.

To further promote sports development in Hong Kong, the Financial Secretary will inject $1.2 billion (US$154 million) to the sports portion of the Arts and Sports Development Fund.

Mr Chan said that the global environment has remained volatile over the past year, and Hong Kong has continued to undergo economic transformation.

“Technological innovation, in particular the development of AI, has brought us a mix of opportunities and challenges. Yet, Hong Kong has always thrived amid changes and progressed through innovation. We must make full use of our strengths and leverage the resolute support of our country to speed up and scale up our economic development sustainably for creating better development opportunities for the people and enhancing their quality of life,” Mr Chan said.

For more details on the 2026-27 Budget, click here.

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By Nitya Chakraborty Only a week has passed since the BNP supremo Tarique Rahman has taken over as the Prime Minister of Bangladesh after the resounding victory of his party in the February 12 national elections. The 60 year old PM who is back to the country after an exile of 17 years in Britain, […]

The article US-China Rivalry Suddenly Intensifies In Bangladesh As Tarique Takes Over As PM appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).