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This is the fifth edition of the Hong Kong Economic Policy Green Paper, released by HKU Business School, with the aim of providing recommendations on how Hong Kong can effectively tackle these challenges.

HKU Business School today unveils the Hong Kong Economic Policy Green Paper 2026. From left: Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management of HKU Business School, Prof. Dragon Tang, Professor in Finance in HKU Business School, Professor Hongbin CAI, Dean and Chair of Economics of HKU Business School, Prof. Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong and Director, Hong Kong Institute of Economics and Business Strategy, Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, and Dr. Tingting Fan, Principal Lecturer in Marketing of HKU Business School.

Prof. Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong and Director, Hong Kong Institute of Economics and Business Strategy said, “This Green Paper was released after months of rigorous research by the scholars from HKU Business School. Grounded in an academic perspective and guided by a pragmatic, problem-solving approach, we have conducted objective analyses and in-depth investigations into core issues and real-world challenges currently facing Hong Kong’s development in political and economic operations, people’s livelihood, and industrial upgrading. Our aim is to provide the Government and relevant authorities with valuable insights and actionable policy recommendations.”

Professor Hongbin Cai, Dean and Chair of Economics of HKU Business School, said, “As a ‘super-connector’ bridging China and the world, Hong Kong’s unique role remains indispensable. Looking ahead, Hong Kong must deeply integrate into China’s national development plans, and also take a more prominent role on the international stage, with an in-depth understanding of the global market and active engagement with its international collaborators.

With campuses in Beijing, Shanghai, and Shenzhen, and an expanding presence in Vietnam and Europe, HKU Business School embodies our unique proposition: deeply rooted in Hong Kong, fully engaged with the Chinese Mainland, and truly international. This year’s Green Paper reflects our dedication to inspiring solutions based on rigorous research. As a world-class institute of higher education, we are committed to enabling Hong Kong to further unleash its core values and usher in a new era of high-quality development.”

Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, added, “This Green Paper features research papers from ten teams of scholars with diverse backgrounds and varied expertise. Based on profound insights into Hong Kong’s development, they offer unique and targeted policy recommendations, building a rich and multifaceted framework of issues for the Green Paper. At the same time, behind these research achievements lies the scholars’ deep affection for and sense of responsibility toward Hong Kong.”

Regarding how digital technology can boost Hong Kong’s trade finance, he emphasised: “Both data and industry feedback clearly demonstrate the core value of trade finance. However, we need more synergy in the trade finance ecosystem and to catch up in digitisation. To address this, we must strengthen the governance and standard promotion of digital trade platforms and tools, deepen the cross-border interoperability of trade data, expand the functions of the Hong Kong Export Credit Insurance Corporation, focus on high-value-added trade enterprises, extend the coverage of Free Trade and Double Taxation Avoidance agreements, and promote responsible stablecoin adoption and Renminbi internationalisation.”

Prof. Dragon Tang, Professor in Finance at HKU Business School, stated, “Hong Kong is uniquely positioned to lead in the integration of blockchain technology within green finance, exemplified by our pioneering issuance of the world’s first tokenised green bonds, totalling HKD 6 billion in February 2024. With green finance representing a critical avenue for sustainable development, the global market is projected to grow significantly, emphasising the importance of transparency and trust. To capitalise on this opportunity, we must enhance our blockchain infrastructure, establish clear regulatory standards, and promote cross-border integration with initiatives like Core Climate. By leveraging blockchain’s capabilities, we can significantly reduce costs, improve transparency, and engage a broader investor base, ultimately driving our transition to a sustainable finance future.”

Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management, HKU Business School, commented on her study, saying, “Two weeks post-implementation of the hospital fee reform, the media reported no significant change in emergency department crowding, which aligns with what our analysis predicted. Overcrowding isn’t simply about patient behaviour – it’s a structural issue. Demographics are shifting, capacity is constrained, and alternative treatment options remain limited. What we now need is a careful, systematic evaluation of the fee changes. Where are vulnerable patients going for care? Are some patients delaying treatment? What unintended effects are emerging? Effective reform requires pairing fee adjustments with expanded primary care access. We can’t solve a capacity problem with pricing alone.”

Dr. Tingting Fan, Principal Lecturer in Marketing at HKU Business School, presented as well, spoke on her study and asked, “Why did Pop Mart go public in Hong Kong but register IP in Singapore? Or why was Molly ‘born’ in Hong Kong but did not go viral from Hong Kong? Why have local companies not managed to turn these homegrown IPs into major business triumphs? Learning from the past and looking forward, Hong Kong can leverage its financial market, legal system, as well as talents to build a comprehensive IP industry infrastructure and become an IP hub.”

The Green Paper includes ten articles; the key points are as follows:

Empowering Merchandise Trade Finance with Digital Technology in Hong Kong
Author: Prof. Heiwai Tang, Associate Vice-President (Global), The University of Hong Kong; Associate Dean (External Relations), HKU Business School; Associate Director, Hong Kong Institute of Economics and Business Strategy; Victor and William Fung Professor in Economics

• Trade is an essential lifeline for Hong Kong; its total merchandise trade was three times the city’s HKD3.2 trillion GDP in 2024. Trade finance is thus equally important, yet research shows that the total loans extended for trade finance have been declining.
• As geopolitical and technological shifts reshape trade, Hong Kong must upgrade its trade finance services. With consumer-goods trade shifting to smaller, more frequent orders and shorter cycles, financial institutions need to streamline approvals and develop flexible products for e-commerce and logistics-driven cash cycles. Banks also need to digitise core processes in fund settlement. The article cautions that platforms directly connecting mainland manufacturers with overseas buyers disintermediate Hong Kong’s traditional hub-and-spoke role.
• To address this, the article suggests the government leverage digital technologies to elevate the adoption of Hong Kong’s digital trade platforms through unifying core digital trade functions. Moreover, speeding up interoperability of trade data platforms with the Chinese Mainland and other economies will enable seamless data exchange.

Rebuilding Hong Kong as the Catalyst to the Greater Bay Area (GBA) Startup Ecosystem
Prof. Alberto Moel, Professor of Practice in Finance, HKU Business School
Prof. Joseph Chan, Associate Professor of Practice in Management and Strategy, HKU Business School; Associate Director, Centre for Innovation and Entrepreneurship

• Offering a quantitative analysis of the evolution of Hong Kong’s startup landscape, the article found that post-2019 activity has slowed, mirroring global venture capital trends, with most failing to grow beyond 50 employees due to scarce late-stage capital despite early-stage availability. While fintech and logistics dominate and AI/blockchain grow quickly, deep tech lags—authors view this as temporary and highlight Hong Kong’s alignment in financial innovation, regtech, and GBA supply chains to attract investment and support corporate transformation.
• To strengthen Hong Kong as the GBA’s premier startup hub and international financial centre, the article recommends nine policies—including fixing funding gaps, closing academia-market divides through industry-focused research for tech transfer, attracting/retaining talent, integrating Northern Metropolis with GBA supply chains, pivoting to high-value services, and drawing large tech platforms to incubate local startups.

The Applications of Blockchain in Green Finance: Hong Kong’s Experience and Opportunities
Author: Prof. Dragon Tang, Professor in Finance, HKU Business School; Associate Director, Centre for Financial Innovation and Development

• The green finance market has entered an important new phase. Hong Kong became the world’s first issuer of sovereign tokenised green bond when it priced an HKD800 million one-year note in February 2023. Despite this, Hong Kong faces several challenges in the practical implementation of using blockchain to advance green finance. This is due to the limited interoperability between blockchain platforms and existing financial infrastructure, which hinders cross-market transactions. Real-time settlement for tokenised assets is also difficult because of scalability constraints.
• The article argues that the future success of blockchain development in green finance will depend on progress in three areas: standardisation, scalability, and security. Clear regulatory frameworks and common technical protocols are needed to provide legal certainty and interoperability across platforms. While collaboration among regulators, technology providers, and energy-market participants can align rules for tokenisation. Blockchain can also connect Hong Kong’s Core Climate platform with overseas counterparts, as cross-border integration is crucial to the inherently international nature of climate finance.

Can Hong Kong be an IP hub for Future Labubu? An Overview of Hong Kong’s IP Industry
Dr. Tingting Fan, Principal Lecturer in Marketing, HKU Business School
Prof. Heiwai Tang, Associate Vice-President (Global), The University of Hong Kong; Associate Dean (External Relations), HKU Business School; Associate Director, Hong Kong Institute of Economics and Business Strategy; Victor and William Fung Professor in Economics

• As Labubu’s success turns the spotlight on the growing importance of the IP industry, the authors propose that this can inspire more creators and businesses to invest in branding, licensing, and cross-border collaborations. This can also attract policymakers’ attention to the emerging IP sector as a key driver of innovation and economic growth.
• To position Hong Kong as a leading regional IP trading centre, the authors recommend that stakeholders—including IP developers, entrepreneurs, and government agencies—coordinate efforts across key areas. These include building a robust IP financing ecosystem, such as through government-issued IP bonds replicating the green finance model; enhancing infrastructure and platforms to support IP development; developing specialised talent and professional services in the IP sector; promoting IP initiatives throughout the Greater Bay Area; and strengthening IP protection alongside a solid legal framework.

Thematic Research: Maximisation of Social Value and Shareholder Value – Insights from Hong Kong-listed Companies Across Sectors
Author: Prof. Sean Chang, Associate Professor of Practice in Finance, HKU Business School

• Through a triangulation research approach, the article examines how social policies, international frameworks, and corporate social responsibility influence a company’s valuation and capital budgeting decisions. Using insights from major Hong Kong-listed companies across nine sectors—spanning transport, utilities, financials, banking, conglomerates, technology, real estate, consumer, and hotel servicing—the research highlights CSR’s role in enhancing long-term firm performance.
• Key findings show that corporate risk assessment, company valuation, and stock performance are significantly influenced by CSR-linked socially responsible investing (SRI) factors. Hong Kong-specific social values, such as equality and sustainability, shape investor preferences, guiding finance managers to tailor solutions and adapt regulatory standards. While conventional metrics remain dominant, incorporating social value boosts long-term firm value by building shareholder trust and mitigating risks; companies can pursue CSR projects financed via SRI bonds to create dual economic and societal benefits.
• The study recommends embedding core values like equality and sustainability into corporate strategies, aligning budgeting processes with social objectives to pinpoint investments yielding both returns and positive impacts, and urging Hong Kong-listed firms to sustain capital budgeting aligned with enduring societal values.

Housing Affordability and Homeownership in Hong Kong, 1985-2023
Mr. Allen W. Huang, Student Researcher, Hong Kong Future Economy Institute
Mr. Alex Ngau, Research Associate, Hong Kong Future Economy Institute
Prof. Michael B. Wong, Assistant Professor in Economics, Management and Strategy, HKU Business School

• Hong Kong’s housing market has grown increasingly unaffordable, hindering upward mobility for younger generations. Main findings from the research reveal that since the 2002 suspension of the Home Ownership Scheme (HOS), homeownership has declined sharply, rendering private housing “impossibly unaffordable” for median-income households. A wide public-private rent gap drives young people to accept lower-paying or part-time jobs to qualify for public rental housing (PRH), distorting labour supply, stifling human capital investment, and fuelling a surge in adult co-living with parents; younger cohorts (born 1980-1999) face far lower access to public housing and ownership than prior generations at the same age.
• Taking Hong Kong Island as an example, between 2003 and 2024, the rent-to-income ratio for a typical 400-sq-ft private unit jumped from 35% to 60% of median household income, peaking at 65% in 2015 and 2019—far exceeding the UN-Habitat and World Bank’s 30% affordability threshold. Public housing rents stayed dramatically lower at just 7%–11% of median household income from 1985 to 2024. For home purchases, it now takes 18.2 years of median income to buy a 500-sq-ft private unit (up from 7.4 years in 2003), placing it in the “impossibly unaffordable” zone per the Demographia International Housing Affordability report, where ≤3.0 years is considered affordable and 9.0+ years is impossibly unaffordable. After the 2002 Home Ownership Scheme suspension, even subsidised HOS units now require 15.8 years of income on Hong Kong Island (up from 7.4 years in 2007), shifting them from moderately unaffordable to severely or impossibly unaffordable in urban cores.
• To reverse these trends, the authors recommend ramping up production of high-quality ownership units, easing resale and leasing restrictions on existing subsidised sale flats to boost residential mobility and enable “trading up” the housing ladder, setting housing price and affordability targets over mere supply goals, and adopting responsive mechanisms to balance demand and supply.

Beyond Crisis Management: Structural Reform for the Overcrowding in Hong Kong’s Emergency Departments
Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management, HKU Business School
Ms. Yiran Zhang, PhD student, HKU Business School

• Hong Kong’s public emergency departments (EDs) handle over 2.14 million annual attendances. This crisis, exacerbated by an ageing population, results from a structural mismatch: the majority of the attendances are for non-emergency conditions, leading to staff burnout and compromised care.
• The article proposes three comprehensive structural reforms. First, improving operational efficiency with accurate wait time information systems is crucial. Second, increasing the ED fee (categories III–V) aims to divert non-critical patients. Success for this hinges on assumptions about patient responses, particularly how varied population segments will react to the price signal. International evidence raises concerns, showing that higher ED fees can reduce overall utilisation, but with the decrease primarily occurring among price-sensitive groups who may risk delays in receiving serious care. Therefore, for this reform to succeed, the public must have genuine access to alternative care pathways that can accommodate acute but non-emergency needs outside regular business hours, with pricing acceptable to price-sensitive populations. Third, AI can augment the workforce and manage demand (e.g., through telemedicine).
• Ultimately, sustainable reform demands robust evaluation, political courage, and a commitment to address root causes, not just symptoms.

Initial Efforts to Empirically Measure AI Activity and Its Impacts on Hong Kong’s Labour Market
Prof. Alan Kwan, Associate Professor in Finance, HKU Business School
Prof. Mingzhu Tai, Associate Professor in Finance, HKU Business School; Associate Director, Institute of Behavioural and Decision Science
Mr. Zihan Wang, Master student, HKU Business School

• In an effort to empirically measure the impact of AI on Hong Kong’s labour force, the researchers observe that firms with a higher adoption of AI experience lower headcount growth. However, the scale of impact appears small in the city, which could be due to several potential reasons. One of these is the different composition of Hong Kong’s labour force compared with other countries. For instance, Hong Kong has a high proportion of finance or managerial talent, which is harder to displace; the city also features older or more elite workers. On the other hand, much of the impact of AI, particularly generative AI, is on the less elite and younger populations.
• As such, the authors recommend policymakers produce more labour market statistics that track the impact of AI, particularly by occupation. On the rate of AI adoption in Hong Kong through innovation, the authors find that the city is heavily skewed towards research, but not commercialisation. This means that the quality and quantity of academic research is not translating to commercial use. To address this decoupling, the authors propose that the government tweak its existing early-stage startup funding platforms to encourage streamlining and higher utilisation of existing government resources.

The Impact of Generative Artificial Intelligence on Cybersecurity in Hong Kong
Author: Prof. Michael Chau, Professor in Innovation and Information Management, HKU Business School

• As GenAI can produce human-like text, code, images, and audio, cybersecurity crimes have become easier and faster to perpetrate. Not only have data leaks and hacks into security systems led to significant financial losses in Hong Kong, but they also hurt confidence in the city’s digital infrastructure.
• The article recommends using AI to fortify Hong Kong’s cyber defence, such as using biometric verification and deepfake detection technologies, especially in areas involving critical infrastructure and high financial stakes. It is also important to prevent data leakage and other threats in using GenAI.

Hong Kong’s Next Growth: Pioneering the Web 3.0 Ecosystem
Prof. Yulin Fang, Professor in Innovation and Information Management, HKU Business School; Director, Institute of Digital Economy and Innovation
Mr. Yangchen Mou, PhD student, HKU Business School

• Given the inherent risks in Web 3.0 operational models—most notably within Decentralised Finance (DeFi) systems—striking a balance between fostering the development of the Web 3.0 ecosystem and implementing appropriate regulation to maintain financial stability is and should be a key priority for Hong Kong authorities. To support this, the article categorises the industry into three distinct systems—Centralised Finance (CeFi), the integration of Traditional Finance and Centralised Finance (TradFi-CeFi), and Decentralised Finance (DeFi)—and put forward targeted policy recommendations for each.
• For the CeFi system, the authors recommend creating a more conducive environment for development by refining specialised auditing frameworks, promoting a local Web 3.0 talent certification system, and introducing global leading CeFi institutions to the local market. For the TradFi-CeFi system, they suggest upgrading audit standards for traditional firms holding digital assets and upskilling traditional finance professionals with Web 3.0 expertise. In contrast, for the DeFi system, which carries higher inherent risks and poses greater regulatory challenges, the authors advise authorities to adopt a prudent stance while keeping monitoring its latest technological developments.

The full version of the Green Paper can be accessed here. Hi-res photos are available here.

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

About HKU Business School

Established in 2001, HKU Business School is one of the youngest and most dynamic members of The University of Hong Kong (HKU). The School strives to nurture first-class business leaders and foster academic and relevant research that serves the needs of Hong Kong, China and the rest of the world in the new Asia-led economy. As a top international business school, the School has established its place as a globally impactful institution that leads the way through timely thought leadership, pioneering research, and educational excellence. Deeply rooted in Hong Kong and fully engaged with China, the School’s world-class faculty equip students with global knowledge and perspectives.

HKU Business School offers business education across a full range of disciplines, while achieving remarkable growth in faculty strength and research capabilities. The School ranks Asia’s No.1 in Financial Times’ Aggregated Research Ranking for two consecutive years, 2024 and 2025, while the University of Hong Kong ranked 11^th in the world and No. 1 in Asia according to the QS World University Rankings 2026. The School has strategic partnerships with world-renowned universities and corporate partners, providing market-oriented content, superior learning, and instrumental resources.

To better serve our students and alumni in various cities and regions, and to facilitate collaboration opportunities with business communities around the globe, HKU Business School has established a unique international network that extends to Beijing, Shanghai, Shenzhen and Ho Chi Minh City.

HKU Business School is fully accredited by the European Quality Improvement Systems (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB).

Visit us at https://www.hkubs.hku.hk/

Chinese media reports highlight Malaysia as Xtep’s springboard for expansion into Southeast Asia, emphasizing that this business model transformation is crucial for implementing the “Chinese Root, World-Class Running Shoes” strategy proposed in 2022. Bonia’s sales network spans Malaysia, Singapore, Indonesia, Thailand, and other Southeast Asian markets. The company maintains strong, stable relationships with major shopping centers in these countries, possesses deep insights into local consumer needs, and has solid cross-border retail operation capabilities.

The first store under Xtep’s partnership with Bonia opened in Mid Valley Megamall, Kuala Lumpur. According to Xtep, this3,262-square-foot professional running flagship store displays performance running products by function and features services such as a trial running zone and foot shape and gait analysis, allowing runners to experience world-class running technology. This store also showcases stories of local runners and photos from local running events to enhance runners’ sense of belonging.

Running culture in Malaysia is maturing. Data from the World Bank and Euromonitor International shows that Malaysia has the largest sportswear and footwear market in Southeast Asia. The Malaysian Sports Culture Index 2023 survey revealed that 63% of respondents cited jogging as their favorite sport. In terms of road racing popularity, the 2024 Kuala Lumpur Standard Chartered Marathon attracted over 40,000 participants.

Xtep entered the Malaysian market in 2024 and has consistently employed an operational strategy of “Professional-to-mass influence” coupled with a cultural strategy of “adapting to local conditions”. The brand has connected with local consumers through events and running communities. During its partnership with VGO, Xtep organized several large-scale running events in Malaysia, including the “10KM Time Challenge” held in Penang in August 2024, which attracted top athletes from Indonesia, Singapore, Uganda and Kenya. With Malaysia emerging as a strategic hub for international growth, Xtep envisions the country as both a blueprint for overseas expansion and a dynamic showcase of its running heritage.

Hashtag: #Xtep

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Beyond Balance: The Next Regime

HONG KONG SAR – Media OutReach Newswire – 13 January 2026 – Today, KGI has released its 2026 Global Market Outlook, covering markets in the US, Mainland China, Hong Kong, Taiwan, and Singapore.

After a turbulent year of trade disruptions and policy uncertainty under President Trump, investors face new questions. China has unveiled its 15th Five-Year Plan, as policymakers aim to support domestic growth amid global challenges. The market outlook for 2026 is shaped by interest rate decisions, economic resilience, and shifting international dynamics.

Under this backdrop, we propose the “LEAD” strategy for 2026:

1. Liquidity Shift
2. Earnings Focused
3. Adding Credit
4. Diversified Assets

Cusson Leung, Chief Investment Officer at KGI, says: “Looking ahead to 2026, investors can adopt a LEAD strategy: L ​​stands for Liquidity Shift, benefiting from a weakening US dollar and interest rate cuts, with funds expected to flow to non-US dollar and Asian currencies; E stands for Earnings Focused, focusing on earnings growth to support valuations and allocating to US, European, and Japanese stocks; A stands for Adding Credit, locking in the credit of leading companies and increasing holdings of A-rated investment grade bonds; and D stands for Diversified Assets, responding to the upward trend in both stocks and bonds by including alternative assets to optimize asset allocation.”

Macro & US Markets
The US economy will experience a more pronounced downturn in 4Q25, which will extend into 1H26, and this will have a negative impact on consumption, slowing investment activity. Nevertheless, AI-driven productivity gains should provide some support, with US GDP growth in 2026 forecast at 2.2%. The eurozone will see moderate growth, with Germany benefiting significantly from fiscal expansion and economic improvement. Japan’s economy will strengthen on domestic demand, aided by additional fiscal stimulus. China has demonstrated resilience under trade protectionism in 2025. With inflation risks easing and labor market risks rising, the US Fed cut the interest rates in September 2025, with a total reduction of 75 bps in 2025, followed by an additional 50-75 bps in 2026.

Regarding US stocks, AI-driven productivity gains and cost reductions should sustain solid profitability, with S&P 500 earnings projected to grow by 13.55% year-on-year (YoY) in 2026. However, higher risk premiums may cap valuation upside, leading us to project a year-end target of 7,650 points. Market performance will reflect risk-driven declines in 1Q26, stabilize and recover in 2Q26, and rally significantly around the midterm elections in 4Q26. By sector, among AI-related themes we favor technology, semiconductors, utilities (on higher power demand), machinery for advanced manufacturing, and industrial REITs. Non-AI beneficiaries include aerospace and defense (on higher military spending), pharmaceuticals (on tariff benefits), and capital market segments (supported by active investment banking). As for fixed income, US economic weakness and Fed rate cuts will drive Treasury yields lower, with 10-year yields expected to fall to 3.5-3.7% by 2Q26. We recommend allocating to US Treasuries or high-rated investment-grade corporate bonds in 1H26, then rotating into high-yield bonds in 2H26 as policy rates and economic conditions reach a bottom.

James Chu, Chairman at KGI Securities Investment Advisory, says: “AI is triggering a new productivity revolution, supporting economic growth and strengthening corporate earnings. While the US economy is expected to slow, a recession remains unlikely, and the short-term impact of tariff policies should gradually fade by the first quarter of 2026. Although the Fed may shift from cutting rates at every meeting to cutting at alternating meetings, the overall environment remains a rate-cutting cycle. In a non-recession backdrop, lower interest rates should continue to support equity market performance.”

Mainland China and Hong Kong Markets
In terms of the macroeconomy, with the conclusion of trade agreements among many countries, risks have subsided. However, due to external drag, China’s GDP growth is expected to slow slightly to 4.6% in 2026. In 2026, investors should focus on four key areas for Hong Kong and mainland China markets: (1) In the consumption sector, domestic demand continued to be the core growth driver, contributing more than half of GDP. As the “trade-in” effect diminishes, the central government is expected to implement the “15th Five-Year Plan” and economic conference plans, launching a new round of subsidies covering culture, entertainment, and sports to continuously boost consumer spending. (2) In the financial market, risk appetite has increased. Given the narrowing spread between bond yields and fixed deposit rates, large amounts of savings are flowing into the capital market seeking returns. The fundamentals of the banking and insurance industries have bottomed out, and the credit structure is accelerating its shift from real estate to supporting the real economy. (3) Regarding the issue of “anti-involution,” the PPI remains weak, and capacity reduction has become a focus. Compared to 2015, this round involves more downstream private enterprises and needs to consider employment, presenting greater challenges. While industry consolidation is expected to be lengthy, the impact is controllable and beneficial for long-term healthy development. (4) Regarding new quality productive forces, this will replace real estate and infrastructure as the main investment focus. Digital infrastructure supports AI and embodied intelligence, and humanoid robots are expected to see commercialization in 2026, “iPhone moment.” Leading companies with core technological autonomy in innovative drugs will enjoy higher valuation premiums.

Overall, we are optimistic on Hang Seng Index. We expect the Federal Reserve’s interest rate cuts to drive fund inflows to the Hong Kong and mainland stock markets. Based on an upward revision of the forward PE ratio to 13.5x and 8% earnings growth, we set a target of 30,000 points for the Hang Seng Index by the end of 2026, representing a potential upside of approximately 14%. As confidence recovers, the investment style is expected to shift from defensive to growth stocks. Recommended 12 stocks: XPeng Motors (9868), UBTECH (9880), Tencent Holdings (700), Alibaba (9988), China Hongqiao (1378), AIA Group (1299), Ping An Insurance (2318), China Merchants Bank (3968), Akeso Biopharma (9926), Pop Mart (9992), Tencent Music (1698), and Sino Land (83).

Cusson Leung, Chief Investment Officer at KGI, says: “2026 marks a crucial turning point for the Chinese economy. While the market anticipates GDP growth to slow to 4.6%, “new quality productive forces,” resembling humanoid robots, is taking over as a new growth engine. The most critical signal in the market is the “awakening” of idle cash—massive savings are flowing from low-interest fixed deposits to the capital market seeking returns. With risk appetite returning and policy support intensifying, now is the time to shift investment strategies from “defensive” to “growth.” Driven by both valuation repair and earnings growth, we are optimistic that the Hang Seng Index will reach 30,000 points, and the allocation value of Hong Kong and mainland China stocks has reappeared.”

Taiwan Market
Compared to the dot-com era bull run, which lasted almost five years, the current AI frenzy has been around for about three years, suggesting that the uptrend is still in its middle phase and could extend through 2026.

AI plays are trading at high PEs, such valuations are backed by strong fundamentals. In fact, the PEG ratio of Taiwan’s AI supply chain has yet to surpass 1x. We estimate that aggregate earnings of AI plays will grow by 21% YoY in 2026, following impressive upticks of 35% in 2024 and 43% in 2025. AI stocks now account for more than 60% of TAIEX earnings, and with the ongoing AI arms race, overall TAIEX earnings growth is projected to accelerate from 14% in 2025F to 20% in 2026.

Although the AI frenzy should keep the bull market intact, volatility will rise in tandem due to: (1) substantial cumulative gains, and the fact that valuations are approaching historic highs; (2) policy and political uncertainty surrounding the US midterm elections; and (3) potential changes in the US Fed’s rate-cut pace. We expect the TAIEX to repeat a “smile-curve” pattern, featuring continued strength in 1Q26, followed by healthy corrections in 2Q-3Q26 before closing the year with a renewed upswing.

We think investors need to pay attention to two major themes. The first is a broad-based product spec upgrade trend across the AI supply chain, which will drive the industry into a new growth phase, with beneficiaries including foundries, GPU and ASIC designers, advanced packaging (such as CoWoS), and ODMs, as well as testing interfaces, memory, thermal solutions, CCL, ABF substrates, PCBs, switches, and power component suppliers amid strong AI computing demand and ongoing GPU platform upgrades. The second is diversification and defensive asset allocation. Innovations in consumer electronics, such as foldable iPhones and smart wearables, will provide growth opportunities, while companies with resilient domestic demand and stable high dividend yields offer a balanced strategy combining growth and income. Overall, investors should strike a balance between growth and resilience against volatility in their portfolios, in the face of market fluctuations.

James Chu, Chairman at KGI Securities Investment Advisory, says: “The solid earnings growth driven by AI and still reasonable valuations form a strong foundation for the ongoing bull market in Taiwanese equities. With AI adoption accelerating across enterprises and consumers, demand for computing power is rising rapidly. Yet supply remains constrained by chip and power bottlenecks, meaning hardware suppliers are likely to face continued shortages through 2026. Taiwan’s AI supply chain is set to remain a key beneficiary, particularly those tied to next-generation specification upgrades.”

Singapore Market
In 9M25, the overall performance of Singapore’s economy was better than expected as the global trade tensions eased after the US pivoted on its reciprocal tariffs and reached deals with its major trading partners. The manufacturing, wholesale trade and finance & insurance sectors remained the growth pillars of the Singapore economy, and each sector delivered decent growth. In particular, manufacturing’s growth has been robust, driven by the electronics, transport engineering and biomedical manufacturing clusters. The full year outlook is upbeat, as the growth momentum shall continue till the end of the year.

Looking ahead, the global economic outlook for 2026 suggests slower GDP growth for most of Singapore’s key trading partners, including China and the Eurozone, largely due to the impact of US tariffs, which will temper demand for Southeast Asian exports, though US growth is expected to remain resilient from AI investment. Consequently, Singapore’s outward-oriented sectors, particularly manufacturing and trade-related services, are projected to expand at a slower pace than in 2025, although the electronics and related sectors will benefit from AI demand, while some precision engineering and biomedical output may moderate domestically, the construction sector is set to grow, but consumer-facing sectors are likely to remain subdued. However, the relatively low interest rates and continuous government support shall buffer the impact of the slowdown, and the capital market will still benefit from the upward re-rating catalysts.

Chen Guangzhi, Head of Research at KGI Singapore, says: “Thanks to trade de-escalation and the AI wave, Singapore experienced significant economic expansion in 2025. Proactive government initiatives turbo-charged the equity bull run, and this strong momentum is expected to deliver an optimistic economic outlook for 2026.”
Hashtag: #KGI #MarketOutlook

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“This is incredible!” said Edward Townsend, a Cambridge student, his cheeks rosy from the cold wind and his eyes gleaming with excitement after an intense ice dragon boat race. “In the UK, the lowest temperature is around -5°C, but here it’s over -20°C. At first, we had no idea about ice dragon boating, but it’s more than just physical; it’s a test of teamwork. We’ve rowed on the River Cam, but this is our first time racing dragon boats on ice in China.”

“The biggest challenge is the technique difference. Ice dragon boating tests your core and upper body, while water rowing is more about the legs,” said Daniel Foran from Oxford. “But this challenge brought us closer as a team, and the HIT coaches were incredibly supportive, showing us how to use our strength effectively.”

“Ice dragon boating has really shown me how sports can bring the world closer, making distance feel almost irrelevant,” said Na Boshi, a student at HIT who is competing in his third ice dragon boat race. “In the past, the event was mainly an opportunity to connect with students and faculty from other C9 universities in China. This year, however, it felt even more exciting, as we welcomed teams from Oxford, Cambridge, and universities in Hong Kong and Macao. HIT’s athletic programmes are becoming increasingly international, creating an incredible platform for cultural exchange and mutual learning.”

“In Chinese culture, the dragon boat symbolises unity, progress, and excellence, values that resonate with the British ideals of courage, courtesy, and responsibility,” said Chen Jie, HIT Party Secretary. “Although China and the UK are at opposite ends of the Eurasian continent, this event bridges Oxford and Cambridge’s century-old rowing tradition with HIT’s engineering legacy and fosters cultural understanding between our youth.”

Beyond the competition, the cultural exchange was equally vibrant. Participants had the chance to visit Harbin Ice-Snow World, feed Siberian tigers up close, taste traditional Northeast Chinese cuisine, and explore the century-old Chinese Baroque district. These immersive experiences gave the foreign students a new and deeper understanding of China.

As a leading engineering university in China, HIT’s hosting of the event was more than a sports competition; it was an effort to explore new pathways for opening up higher education in today’s complex international landscape.

Hashtag: #HIT

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New targets outlined for 2030 following the successful conclusion of the 25×25 sustainability targets

HONG KONG SAR and SHANGHAI, CHINA – Media OutReach Newswire – 12 January 2026 – Hang Lung Properties Limited (SEHK stock code: 00101) (“Hang Lung” or the “Company”) today announces a new phase in its sustainability journey, unveiling 20 refreshed 2030 targets that build on its success in achieving its 25 x 25 Sustainability Targets.

Launched in 2021, the 25 x 25 targets defined Hang Lung’s agenda to the end of 2025 across four priorities: Climate Resilience, Resource Management, Wellbeing, and Sustainable Transactions. The Company has achieved its earlier ambitions, and exceeded targets related to greenhouse gas emissions reduction, renewable energy, and energy efficiency. Establishing such a concrete and robust set of targets also helped the Company develop practices in sustainability innovation and continual improvement.

Building on this success, now with expanded data, greater organizational maturity, and heightened ambition, Hang Lung’s refreshed 2030 targets reflect its position as an industry leader in sustainability.

The 20 targets for 2030 continue to be organized under the four priorities that define Hang Lung’s approach to sustainability, including the below highlights:

• Climate Resilience: Among the first real estate companies in Asia to have near- and long-term targets fully aligned with the Science Based Target initiative’s Buildings Criteria and its emission reduction pathway (1.5°C). Also, Hang Lung is the first real estate company in Asia to establish a Climate Value-at-Risk target.
• Resource Management: The first real estate company in Asia to formulate a target for biodiversity net gain (10%) on all new development projects and major renovations, supporting urban ecosystems and enhancing green spaces.
• Wellbeing: Generate at least HK$40 million in social value through community investments.
• Sustainable Transactions: Collaborate with tenants representing 25% of our leased floor area through our sustainability partnerships program.

Collaboration across the value chain remains central to Hang Lung’s approach, extending beyond traditional metrics. Hang Lung aims to partner with suppliers and tenants through quantifiable targets to drive progress upstream and downstream. In addition, the Company is committed to supporting innovation in standards development to facilitate impactful sustainability initiatives across sectors and jurisdictions.

Mr. Adriel Chan, Chair of Hang Lung Properties and Chair of the Sustainability Steering Committee, commented: “We are excited to embark on this next phase of our sustainability journey, reflecting Hang Lung’s growing role not just as a leader in sustainability action, but also in sustainability thought leadership. By working closely with partners across our value chain, we are confident that we can deliver on these commitments and continue to foster excellence in sustainable development in Asia.”

Mr. John Haffner, Deputy Director – Sustainability, added: “Over the past several years, we have seen how ambitious targets focus our efforts and help develop a culture of innovation. Building on our achievements and lessons learned, our 2030 targets are sharper and more data-driven, and will help us achieve greater impact in our communities.”

Full details of the 25 x 25 wrap-up and the new 2030 targets will be shared in Hang Lung’s 2025 Sustainability Report to be released in March. The report will provide further insights into the Company’s achievements, lessons learned, and emerging plans to support the refreshed 2030 targets, inviting partners and the wider public to join forces in shaping a sustainable future.

Appendix
Overview of 2030 Sustainability Goals and Targets

* Our definition of diverse background includes people with disabilities and ethnic minorities.

Hashtag: #HangLungProperties

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About Hang Lung Properties

For more information, please visit www.hanglung.com.

China’s commerce authorities have set out plans to reinforce the country’s legal and regulatory architecture governing trade, placing export controls and supply-chain risk management at the centre of economic policy for the year ahead. The agenda, outlined by the Ministry of Commerce of the People’s Republic of China, reflects Beijing’s determination to shield domestic industries from external shocks while maintaining its position as a pivotal node in global manufacturing and logistics networks.

Officials said the push will focus on tightening the legal framework that underpins foreign trade, improving the design and enforcement of export control mechanisms, and strengthening early-warning systems to guard against disruptions. The ministry described supply-chain resilience as a strategic priority, arguing that legal certainty and predictable controls are essential to sustaining economic stability amid persistent geopolitical tensions and shifting global demand.

Export controls have become a particularly sensitive policy lever for China as advanced technologies, critical minerals and dual-use goods face growing scrutiny worldwide. Over the past two years, Beijing has expanded the scope of its export control regime, introducing licensing requirements and compliance obligations that mirror, in some respects, measures imposed by other major economies. Officials now say further refinement is needed to close loopholes, clarify enforcement standards and ensure that rules are aligned with broader industrial and security objectives.

The commerce ministry’s policy outline also emphasises the need to improve coordination among regulators, customs authorities and law-enforcement agencies. By streamlining oversight and information-sharing, Beijing aims to reduce regulatory fragmentation that businesses have long complained adds cost and uncertainty to cross-border operations. Officials argue that a more coherent system will help enterprises navigate compliance requirements while allowing the state to respond more swiftly to emerging risks.

Legal experts in China note that the emphasis on statutory clarity signals a shift away from ad hoc administrative guidance towards more formalised rules. This approach, they say, could provide companies with clearer expectations, particularly foreign-invested firms that often struggle to interpret policy signals. At the same time, stronger legal backing for export controls may give regulators broader discretion to act when national security concerns are invoked.

The policy direction comes as global supply chains continue to recalibrate. Trade frictions, sanctions regimes and technology restrictions have prompted multinational companies to reassess sourcing strategies, diversify production bases and build redundancy into logistics networks. China, while seeking to retain its manufacturing dominance, has also encouraged domestic firms to reduce exposure to external vulnerabilities by investing in upstream capabilities and alternative markets.

Officials have framed the new priorities as part of a broader effort to balance openness with security. While reaffirming commitments to trade facilitation and market access, the commerce ministry stressed that safeguarding key sectors and technologies remains non-negotiable. This dual emphasis reflects guidance from top leadership that economic policy must serve both development and security goals, a theme repeatedly highlighted in speeches by Xi Jinping.

Industry analysts say the strengthened export control regime is likely to have uneven effects across sectors. Producers of high-tech components, rare earths and advanced materials may face tighter scrutiny, while exporters of consumer goods could see limited direct impact. However, the broader compliance environment may become more demanding, requiring companies to invest in legal expertise, internal controls and supply-chain mapping.

Foreign chambers of commerce in China have previously urged authorities to ensure transparency and proportionality in export control enforcement. Businesses worry that ambiguous rules or retroactive application could disrupt contracts and undermine confidence. The commerce ministry has sought to address these concerns by signalling that legal reforms will be accompanied by clearer guidance and procedural safeguards, though details on implementation timelines remain limited.

Beyond export controls, the policy outline highlights risk prevention across trade finance, logistics and overseas investment. Officials pointed to the need for monitoring mechanisms that can detect stress points early, whether arising from financial volatility, shipping bottlenecks or regulatory changes abroad. Strengthening such systems, they argue, will help Chinese firms adapt more quickly and reduce the likelihood of cascading disruptions.

By Nitya Chakraborty U.S. commerce secretary Howard Lutnick’s stunning podcast on Thursday claiming that the bilateral India-US trade deal was almost ready but was not signed as Prime Minister did not call the U.S. President Donald Trump as was expected by the Americans. This lack of proper gesture on the part of the Indian PM […]

The article Modi Mustn’t Rush To Appease Trump On Trade Deal, Explore Options appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Changhong is accelerating the integration of AI across its home‑appliance lineup. Its panda-themed AI series merges this widely welcomed Chinese cultural symbol with AI capabilities, utilising anthropomorphic interaction, environmental sensing, and adaptive control to recreate a naturally intuitive and comforting user experience. The AI TV features the intelligent “Panda Xiaobai,” offering round-the-clock interaction. Complementing it, the AI refrigerator introduces cloud-based humidity control to maintain ingredients in an optimized freshness chamber, while the AI air conditioner delivers a gentle adaptive cooling experience reminiscent of a natural breeze. Completing the ecosystem, the AI washing machine employs triple-power cleaning for efficient fabric care. Blending everyday technology with humanistic warmth, Changhong aims to create smart home experiences that feel more intuitive and emotionally engaging.

Moreover, Changhong also unveiled several breakthroughs: The 100-inch RGB MiniLED TV, boasts an ultra-slim profile, an anti-glare display, and immersive audiovisual performance, complemented by industry-leading large-scale AI models like DeepSeek for enhanced voice interaction. The AI Air Manager 360° air conditioner extends beyond temperature control to incorporate air‑quality management, learning user habits to optimize comfort and energy efficiency. The full‑space preservation refrigerator applies AI freshness algorithms and dual‑system temperature control to eliminate odor mixing and temperature fluctuations. The AI washer‑dryer set intelligently identifies fabric types and automatically adjusts washing programs.

Changhong presents a holistic smart home ecosystem designed around user experience, further enhancing its visibility and presence in the international smart home landscape. Driven by its global “Technology + Sports” branding strategy, the brand has established an overseas network encompassing R&D, manufacturing, products, and services. Through intelligent sensing, natural interaction, and multi-scenario coordination, its AI appliances deliver a more efficient, convenient, and comfortable home experience, reflecting the Company’s forward-looking vision for smart living.

Through its fusion of AI innovation and vivid design, Changhong is shaping a distinct global brand presence, delivering smart home solutions that resonate both emotionally and technologically with users worldwide.

Hashtag: #Changhong

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MiniMax is preparing to price its Hong Kong initial public offering at the top of the marketed range, signalling strong demand for artificial intelligence developers as investors seek exposure to homegrown technology firms with global ambitions, according to people familiar with the transaction.

The Shanghai-based company, best known for its large language models and consumer-facing AI applications, has accelerated its listing timetable amid a surge in interest for Chinese technology firms that are perceived to be less exposed to US trade and regulatory pressures. Bankers involved in the deal say early indications from institutional investors point to robust demand, particularly from Asia-based funds focused on long-term technology themes.

MiniMax, founded in 2021 by former SenseTime and Megvii researchers, has positioned itself as one of the country’s leading independent AI model developers. Its core products include general-purpose foundation models, AI companions and enterprise solutions used across gaming, education and content creation. The firm competes with larger players backed by internet conglomerates while marketing itself as more agile and research-driven.

People familiar with the IPO said the company is targeting a valuation that reflects the premium currently attached to AI-related listings in Hong Kong. While final pricing has not yet been approved, the expectation is that the offer will be set at the upper end of the range to capitalise on strong order books built during early marketing. The shares are expected to begin trading later this year, subject to market conditions and regulatory clearances.

The decision to push for top-range pricing comes as Hong Kong’s equity market shows signs of renewed momentum after a prolonged slowdown. Technology and healthcare deals have drawn increasing attention, supported by policy measures aimed at reviving capital markets and encouraging listings by innovative firms. Fund managers say AI remains one of the few sectors where investors are willing to pay up for growth, despite broader concerns over economic headwinds.

MiniMax’s IPO is also being closely watched as a test case for how investors value Chinese AI companies that operate largely outside the orbit of the country’s major internet platforms. Unlike peers that rely heavily on parent companies for distribution and funding, MiniMax has raised capital from a mix of venture investors and strategic backers, allowing it to retain greater operational independence. That positioning has resonated with some institutional investors seeking exposure to AI innovation without heavy platform risk.

The company has continued to expand its research capabilities, investing heavily in computing infrastructure and talent. Industry analysts note that MiniMax has been among the more visible Chinese developers releasing multilingual models and consumer applications that aim to compete with global offerings. Its emphasis on overseas markets, including Southeast Asia and parts of the Middle East, has helped broaden its revenue base and narrative ahead of the listing.

Still, the firm faces stiff competition. Domestic rivals supported by large technology groups benefit from vast user ecosystems and deep pockets, while international players continue to dominate cutting-edge model development. Pricing the IPO aggressively could raise expectations around execution and financial performance at a time when monetisation of AI remains uneven across the industry.

Market participants say Hong Kong has become a more attractive venue for such listings as regulatory scrutiny on technology firms has stabilised compared with earlier years. The city’s exchange has also updated listing rules to better accommodate companies with heavy research spending and limited near-term profitability, a profile that fits many AI developers.

Bankers involved in the transaction say MiniMax has highlighted its progress in commercialising products, including enterprise contracts and consumer subscriptions, to address investor concerns around sustainability. While the company is not yet profitable, it has signalled a clearer path to revenue growth than at earlier funding rounds, helped by rising demand for customised AI solutions among businesses.

The Scholarship Awards aims to recognize and support students pursuing life sciences or biomedical sciences programs at local UGC-funded institutions. Each awardee would receive a HK$50,000 scholarship, mentorship from industry professionals through the HKLSS Mentorship Scheme, and priority enrollment in the HKLSS Life Sciences Summer Internship Program, which offers students an integrated hands-on learning experience across Hong Kong, the Yangtze River Delta (YRD) Region and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Brought together by the Scholarship Awards, three awardees of cohort 2025/26 – SANTOSO Rachelle Jacinda (Y3 BSc in Biological Sciences, CityUHK), RAHMAN Syed Rayan (Y3 BSc in Applied Biology with Biotechnology, PolyU), and TAI Wing Yin Vincy (Y3 Bachelor of Biomedical Sciences, HKU), embarked on a shared journey – to be nurtured, grow, and ultimately bloom as future leaders in life sciences, contributing their skills and passion to advance Hong Kong’s life sciences ecosystem and build a better tomorrow through inter-disciplinary collaborations.

Homegrown Biological Sciences Dream Fuels Up in Hong Kong
Arriving from Indonesia three years ago, SANTOSO Rachelle Jacinda (Rachelle) joined Hong Kong’s life sciences community as an undergraduate with determination and hope. Her passion was first ignited by family medical challenges and her curiosity for biology drove her to pursue deeper studies in biological sciences.

What opened her door to her true calling was the hands-on laboratory work. Rachelle came to appreciate not only the essential role of doctors but also the vital impact of scientists, both working together to advance healthcare. This realization fueled her dream for postgraduate studies, a goal that she once deemed rather idealistic.

She described the Scholarship Awards as a “confidence boost”. She recalled receiving an affirmation from one of the Scholarship Awards interviewers about her future plans, “I think you’re in a quite good place” reassured her that she was on the right path.

With her confidence boosted, Rachelle plans to leverage the scholarship to establish herself in Hong Kong – a supportive nurturing ground for life sciences students, and growing global healthcare investment. Embracing the local culture, she is now learning Cantonese and improving her Mandarin to gear herself up and pursue future opportunities in both Hong Kong and the Chinese Mainland.

From Hometown to International Life Sciences Research Lab
“I wanted to become a surgeon [in the past] because I wanted to save lives every day. But if I become a researcher in the life sciences field, one single breakthrough can change millions of lives,” said, RAHMAN Syed Rayan (Rayan), who discovered his real passion in the research lab.

Rayan’s fascination with science began at the age of ten in Bangladesh, where he observed animals in his hometown. Like Rachelle, his enthusiasm for life sciences brought him to Hong Kong, where he was encouraged to immerse himself in research at the university laboratory, guided by professors with profound global research expertise. During semester breaks, Rayan seized every opportunity to broaden his knowledge. Now based in Hong Kong, on his freshman and sophomore years, he pursued an internship in Canada and a summer exchange in the UK, where research primarily followed a fundamental approach. He was thankful for the diverse doors Hong Kong had opened, as exposure to different research methods taught him to see things more holistically, which benefited his work in Hong Kong, known for its focus on translational research.

As Rayan continued to build his career in the life sciences field, receiving the Scholarship Awards meant a great deal to Rayan as he felt “trusted by the panel” and empowered him to be aware of his actions. “Having somebody else to tell you that you are on the right path and believe in you, is very important,” Rayan emphasized.

Rayan also feels especially grateful and refreshed to have found the amazing community he discovered through the Scholarship Awards, as he gets a chance to connect with like-minded peers, who all work towards the same goals and similar challenges. The Scholarship Awards has paved his way to additional opportunities, including priority access to the Society’s industry experience focused Summer Internship Program.

Scientists on TV Ignite Big Ambitions
TAI Wing Yin Vincy (Vincy), raised in Hong Kong, developed her passion for life sciences as a child watching scientists in action on TV. Inspired by her curiosity and determination to make a difference, she chose to study biomedical sciences at The University of Hong Kong, following her passion despite conventional expectations.

During her time at university, she gained practical experience through internships in both laboratory and Good Manufacturing Practice (GMP)-compliant facility, which reinforced her ambition. She also minored in Sustaining Cities, Cultures and the Earth to explore inter-disciplinary connections, “As a student, we should not only focus on life sciences, but also learn more about the global perspective, especially when sciences can influence the world,” she said.

These experiences deepened her dedication to the field and the Scholarship Awards became more than an award – it offered a source of belonging that affirmed her place in the life sciences community. “I feel like I am part of the Society, someone who can eventually grow and evolve together with the community and industry,” she said.

The Scholarship Awards has helped bridge her to the broader life sciences ecosystem, as Vincy was connected with previous and other same-cohort awardees at the Presentation Ceremony, and she looks forward to meeting more entrepreneurs, researchers, and C-suite executives from the life sciences sector and gaining guidance from them through HKLSS’ Mentorship Scheme and Summer Internship Program.

Powering Ambition: HKLSS Opens Paths Beyond the Classroom with its Pillar Programs
From different beginnings, Rachelle, Rayan, and Vincy find common ground through HKLSS. For them, the Scholarship Awards is more than financial support – it brings them to the pillar programs, a gateway to industry-centered mentorship, industry experience, and a vibrant community driving the future of life sciences in Hong Kong, the YRD, the GBA and beyond.

“I would very much love to go there [Shanghai and Shenzhen] because I will have the opportunity to explore new places and also to meet people with different cultures,” Rachelle said, while Rayan and Vincy also saw the internships as valuable opportunities to gain experience in the Chinese Mainland. “I have heard so many good things from my friends, especially the pharmaceutical companies over there,” Rayan added.

As a life sciences ecosystem enabler, HKLSS continues to expand its pillar programs, activities, and network to meet the evolving needs of members at different career stages. To address the growing demand for life sciences talent and attract both local and non-local professionals to the city, HKLSS also launched Biotech Talent, a dedicated job platform that connects talent with opportunities in the life sciences and biotechnology industry, and offers employers direct access to a diverse talent pool. Through a growing suite of initiatives, the Society partners with its network to support and cultivate a vibrant life sciences ecosystem with dedication.
Hashtag: #HongKongLifeSciencesSociety #HKLSS #香港生命科技青年會 #LifeSciences

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About Hong Kong Life Sciences Society

Hong Kong Life Sciences Society (HKLSS) is an organization established by Nan Fung Group in 2018 aiming to build a dynamic life sciences ecosystem in Hong Kong. Through knowledge exchange, collaboration and public engagement, HKLSS aims to attract, cultivate and retain talent in Hong Kong’s life sciences and biotechnology sectors.

Members of Hong Kong Life Sciences Society
Founder and Board Chair: Mr Vincent Cheung
Board Vice-chair: Mr Shannon Cheung, Prof Nancy Ip, Mr Antony Leung
Executive Director: Prof Ken Wong

Members of the Advisory Board
Prof Tom Cheung, Dr Vanessa Cheung, Ms Irene Chu, Mr Shan Fu, Mr Meng Gao, Ms Gladdy He, Prof David Ho, Dr Lu Huang, Mr Emmanuel Hui, Prof Daniel Lee, Ms Nisa Leung, Prof Suet Yi Leung, Prof Kai Liu, Prof Stephanie Ma, Dr Jay Mei, Prof Malik Peiris, Prof Leo Poon, Dr Jin Seok Seo, Prof Anderson Shum, Dr Qiusong Tang, Mr William Tang, Prof Lap-Chee Tsui, Prof Yung Hou Wong, Mr Frank Yu, Prof Kwok-Yung Yuen

For more information about the Hong Kong Life Sciences Society, please visit:
Website: www.hklss.org
Facebook: www.facebook.com/HKLifeSciencesSociety
Instagram: www.instagram.com/hklifesciencessociety
LinkedIn: www.linkedin.com/company/hklss/
Media inquiries: info@hklss.org

As crowds gathered for the New Year Countdown, they were able to enjoy a new format experience, with this year’s main event taking place at the Chater Road pedestrian zone in Central, sitting next to the Winter Wonderland display, which transformed Statue Square Gardens into a magical Christmas Town complete with a magnificent 20-metre tree and charming decorations.

A series of events including music performances and a light show were arranged by the Hong Kong Tourism Board (HKTB) with the aim of conveying positive energy, care, and blessings of peace to both locals and visitors, and to welcome a hopeful new year together.

The Hong Kong Special Administrative Region (HKSAR) Government had anticipated a large number of visitors during the festive season, which included a four-day long weekend over Christmas, while January 1 coincided with the start of a three-day long holiday on the Chinese Mainland.

The Government said the number of non-Chinese Mainland visitors reached a post-Covid record every day during the Christmas holiday with around 50,000 visitors daily from December 25 to 27, accounting for around 33% of the total number of travellers during that period.

This influx of festive visitors provided a further boost to Hong Kong’s tourism sector. In 2025, Hong Kong received 50 million visitors, marking a 12% year-on-year rise. This included 38 million visitors from the Chinese Mainland (up 11% year-on-year) and 12 million non-Chinese Mainland visitors (up 15% year-on-year).

In the Euromonitor International Top 100 City Destinations Index 2025, Hong Kong ranked second globally for international arrivals, behind only Bangkok.

The large number of visitors over festive period provided further impetus to the local tourism industry, which had already been buoyed by a series of mega events at the new Kai Tak Sports Park. Since its opening in March 2025, KTSP has become a new hub for major sports and entertainment events.

Hashtag: #hongkong #brandhongkong #asiasworldcity #tourism #megaevents #newyear #countdown #kaitaksportspark

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Prime Minister celebrated the New Year together with Malaysians and officially kicked off Visit Malaysia 2026 at Pavilion Kuala Lumpur, amid captivating pyromusical fireworks, drone formations, laser shows, and stunning 3D anamorphic projections, alongside a star-studded lineup of top artistes

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 1 January 2026 – Malaysia ushered in the New Year on a high note as the Visit Malaysia 2026 (VM2026) Countdown Festival culminated in a spectacular New Year’s Eve celebration at Pavilion Kuala Lumpur. The landmark event, a strategic collaboration between The Fame Events, Pavilion Kuala Lumpur and the Ministry of Tourism, Arts and Culture (MOTAC), serves as an iconic curtain-raiser that ignited the national momentum and aspirations for the VM2026 campaign.

The highlight of the night was the countdown moment led by YAB Dato’ Seri Anwar Ibrahim, Prime Minister of Malaysia as the Guest of Honour, who joined thousands of Malaysians and visitors to welcome the New Year. Underscoring the national significance of the occasion, the celebration was also attended by YB Dato Sri Tiong King Sing, Minister of Tourism, Arts and Culture Malaysia.

YB Dato Sri Tiong King Sing, Minister of Tourism, Arts and Culture Malaysia, stated: “This celebration was a symbolic event to ignite the momentum for VM2026 while welcoming the world to our shores. Malaysia is now fully ready to showcase its unique culture, creativity, and the warm hospitality of its people. It marks a strong head start towards our aspiration of 43 million international visitor arrivals, further solidifying our position on the global tourism map.”

The VM2026 Countdown Festival stood as a grand manifestation of Malaysia’s excellence on the global stage. Drawing thousands of domestic and international visitors, the New Year’s Eve celebration featured a breathtaking multimedia extravaganza, seamlessly integrating pyromusical fireworks, drone formations and laser projections. A key highlight was the stunning 3D anamorphic display starring the campaign’s beloved Malayan Sun Bear mascots, Wira and Manja.

The main stage was also graced by a stellar lineup of renowned local artistes, including Shila Amzah, Aina Abdul, Belle Sisoski, Vanessa Reynauld, Kidd Santhe, The Kuans, KLP48, Nazu, Rezza Shah, Danson Ooi, Euzen, and Penny. Their performances were complemented by dedicated cultural showcases that blended traditional rhythms with modern beats, elevating the celebratory atmosphere of the night.

The VM2026 Countdown Festival was a wider festive programme that began as early as 26 December 2025, extending the celebrations beyond the heart of the city. Parallel events and activities were held, offering visitors a glimpse of Malaysia’s rich heritage and creative spirit while embodying the essence of Truly Asia.

These included the VM2026 Bazaar at Pavilion Bukit Jalil, VM2026 Arts & Culture Showcase at Fahrenheit 88, featuring cultural pop-ups, interactive experiences such as batik art, porcelain making, wau decoration among others and showcases that drew strong public participation over several days. Malaysia’s vibrant food scene was brought to life at the VM2026 Bukit Bintang Food Bazaar, Lot 10, presenting a curated mix of traditional cuisines, local favourites and contemporary delights.

The build-up was further amplified by daily live 10 iconic DJs, flash mobs at the Bukit Bintang Crossing, Malaysia’s very own infamous Shibuya crossing and busking performances across key locations, creating a steady prelude to the countdown and sparking excitement both on the ground and across social media.

VM2026 provides a platform to bring Malaysia’s narrative to the global stage, guided by five strategic pillars: sustainability, cultural heritage, nature-based adventure, digital innovation, and global connectivity. However, these strengths will only truly shine when celebrated together by all Malaysians.

The festival was organised with the strong support of Kuala Lumpur City Hall (DBKL) and Tourism Malaysia as key partners. The success of the event was also made possible through collaboration with strategic partners, including Istana Budaya, the National Department for Culture and Arts (JKKN), the National Heritage Department, and the Malaysian Handicraft Development Corporation.

As the immersive countdown finale illuminated the Kuala Lumpur skyline, the VM2026 Countdown Festival marked a confident and celebratory opening to the tourism year ahead, reaffirming Malaysia’s readiness to welcome the world in 2026.

The year 2026 will be anchored by a series of mega events, including major festive celebrations such as Hari Raya Aidilfitri, Chinese New Year, and Deepavali, which will showcase Malaysia’s rich cultural and ethnic diversity while enhancing visitor experiences through a vibrant presentation of local arts, heritage, and entertainment.

This momentum will be driven by the implementation of a wide range of high-impact tourism events and programmes, encompassing cultural festivals, conventions, and MICE activities (Meetings, Incentives, Conferences and Exhibitions), as well as large-scale tourism exhibitions. Adopted on a nationwide scale, this approach aims to expand tourism reach, encourage longer visitor stays, and provide meaningful opportunities for travellers to experience the distinct cultural identities of Malaysia’s diverse regions.

Hashtag: #VM2026Countdown #VisitMalaysia2026 #SurrealExperiences #MalaysiaTrulyAsia

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

DL Securities’ formal approval as a licensed virtual asset service provider means that the sizeable digital asset and real-world asset (RWA) tokenization landscape being built by the Group will be delivered to global investors through a compliant, secure, and efficient channel — representing a critical step toward the inclusive-finance vision of “Investing Made Simple.”

Following the license upgrade, DL Securities plans to open omnibus accounts with OSL — one of the SFC-licensed virtual asset trading platforms in Hong Kong — to provide professional investors with secure and efficient execution services, including virtual asset trading and conversion between virtual assets and fiat currencies. The Company will implement stringent Know-Your-Customer (KYC) and Anti-Money Laundering (AML) procedures, perform continuous monitoring and risk assessment together with the platform, and conduct knowledge assessments for clients to ensure that services operate under the highest compliance standards.

To ensure prudence and regulatory alignment, DL Securities will strictly follow the additional conditions of the SFC and conduct virtual asset transactions via omnibus accounts on SFC-licensed platforms. Meanwhile, services will primarily target professional investor clients within its existing Type 1 regulated activity (securities dealing). This demonstrates that while embracing digital-finance innovation, DL Securities will continue to uphold Hong Kong’s rigorous regulatory framework and remain committed to delivering secure and compliant virtual asset services to high-net-worth clients.

Ahead of many licensed brokers whose roles remain focused only on “distribution,” DL has already established forward-looking strategic layouts in both asset digitalization and digital-asset investment, building a solid asset foundation for future business expansion. In terms of innovative RWA tokenization, the HK$500 million DL Tower located in Hong Kong’s Central district has formally commenced tokenization, with an initial tranche valued at HK$60 million. At the same time, the Group has completed the tokenization plan for its HK$312 million equity interest in the ultra-luxury U.S. real estate project ONE Carmel, aiming to pioneer an innovative shareholder-return mechanism. In addition, the Group has completed tokenization of nearly HK$40 million equity stakes in leading technology companies such as ByteDance and Kraken, enriching the diversity and growth potential of its digital-asset portfolio.

In terms of strategic investment in digital assets, the Group has likewise advanced its deployment. In computing power, nearly ten thousand high-performance mining rigs have been procured, generating close to two Bitcoins per day. The Group has also mapped out an additional HK$800 million digital-asset investment pathway, including HK$560 million into computing power and HK$240 million into tokenized gold assets. Cooperation with digital-asset asset-management platform Antalpha has achieved substantive progress, with an initial allocation of nearly HK$40 million in gold tokens completed. Meanwhile, continued investment in the fintech platform NeuralFin has delivered outstanding results — the platform’s valuation has reached HK$546 million and it has officially initiated preparations for U.S. listing, further strengthening the Group’s integrated digital-finance ecosystem.

Approval of the virtual-asset license provides crucial regulatory support for DL Securities to introduce the Group’s scarce, high-quality virtual-asset and RWA products to the broader investment market in a compliant and secure manner. Going forward, DL Securities will be able to offer professional and institutional investors compliant trading and professional advisory services covering mainstream digital assets such as BTC and ETH, as well as proprietary real-estate and equity-type RWA products. High-quality physical assets and frontier digital assets — once characterized by high thresholds and low liquidity — can now be transformed into fractional, tradeable digital rights, allowing broader groups of investors to share in the dividends of technological and asset-value growth.

Against the backdrop of global asset digitalization, RWA tokenization is becoming a key direction of financial innovation. While Chinese Mainland remains prudent toward such businesses, Hong Kong SAR — guided by a clear, stable, and internationally aligned regulatory framework — is actively assuming the role of a “testing ground.” Seizing this window of opportunity, DL has leveraged its deep understanding of the Hong Kong market, completed its virtual-asset deployment ahead of peers, and successfully obtained a pivotal license. This not only reflects DL’s strategic foresight but also its active participation in building Hong Kong into a global virtual-asset hub — firmly capturing first-mover advantages.

Mr. Andy Chen, Chairman and Chief Executive Officer of DL Holdings Group, stated:”This approval of our virtual-asset license is a milestone that has come naturally. DL has long ceased to be a bystander waiting for the license—we are already deeply engaged, holding substantial high-quality digital assets and RWAs. The license is a key — it opens the door for us to provide compliant services to investors worldwide. Looking ahead, DL will fully leverage our capital strength, asset reserves, and ecosystem advantages to become a trusted bridge connecting traditional finance and the digital-finance world.”

This license upgrade represents an important milestone in the Group’s deepening digital-finance strategy and embrace of fintech innovation. It is expected not only to significantly enhance business diversification and revenue potential but also to position the Company strongly in the digital-asset markets of Hong Kong and the Asia-Pacific region. Through rigorous compliance frameworks, professional teams, and deep collaboration with licensed platforms, DL Securities will provide professional investors with secure, efficient, and transparent virtual-asset financial services. Following the upgrade of Type 1 to include virtual-asset trading, the upgrade procedure for its Type 4 license (advising on securities) is also currently under final SFC review.

Hashtag: #DLHoldings #DLSecurities #SFC #LicensedBroker #RWATokenization #TokenizedAssets

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

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