HONG KONG SAR – Media OutReach Newswire – 4 March 2026 – Best Nights VC (BNVC) is proud to announce its investment in Mad Monkey, one of the world’s leading socially responsible hostel groups, joining lead investor EXS Capital. With locations across Southeast Asia and Australia, Mad Monkey welcomes hundreds of thousands of young travelers every year, creating unforgettable nights, lifelong friendships, and meaningful human connection on the road.
For Best Nights VC, the venture capital investment firm of globally known spirits brand Jägermeister, this partnership is a natural strategic fit. Best Nights don’t only happen at home, they happen while traveling, meeting strangers who become friends, and sharing unique experiences in unfamiliar places. Perfectly reflecting BNVC’s Emerging Markets Strategy, Mad Monkey stands out as a hospitality platform that already enables more than one million bed nights for over 115,000 guests a year across seven countries, including the Philippines, Cambodia, Indonesia, Vietnam, Thailand, Laos, and Australia, creating epic social connections on the journey.
“This investment marks an exciting next chapter for Mad Monkey,” said Tom Edwards, Co-Founder and Director at Mad Monkey. “With the support of EXS and Best Nights VC, we’re excited to continue with our growth plan while staying true to our mission of creating meaningful, inclusive travel experiences. Their shared belief in connection, community, and responsible travel strongly reflects our own values.”
“We’re delighted to welcome Best Nights VC into the Mad Monkey journey,” said Eric Solberg, Founder and CEO of EXS Capital. “Their deep understanding of culture-led consumer brands and their focus on meaningful social experiences make them a natural partner. Together, we see strong alignment in supporting Mad Monkey’s continued expansion and its ability to create safe, high-energy environments for travelers.”
“We’re excited to join EXS in backing Mad Monkey,” said Lorrain de Silva, Managing Director at Best Nights VC. “From empowering solo travelers to creating authentic social connection on the road, Mad Monkey represents exactly the kind of platform we believe in. We’re proud to come on board and contribute to a brand that already delivers more than one million Best Nights every year.”
Mad Monkey embodies the core mission of Best Nights VC: building safe, inclusive, high-energy environments where people connect, celebrate, and discover new cultures together. This investment is anchored in three narrative pillars that define Mad Monkey’s impact and long-term relevance:
Empowering the Solo Traveler
Safety at Mad Monkey is not an add-on, it is the foundation for inclusivity. Especially for first-time and solo female travelers, Mad Monkey offers a trusted and consistent standard across 24 locations in
Southeast Asia. From secure accommodation to strong on-site communities, the brand provides a reliable safety net that enables confidence, independence, and freedom of movement.
Social Tech: Connection Before Arrival
Mad Monkey bridges digital convenience with real-world connection. Through the Mad Monkey App, guests can see their future “tribe” before they arrive. Features such as pre-stay chat and real-time guest transparency allow travelers to start building community even before packing their bags, and allowing an extended user experience beyond the trip – fostering immediate social bonds, accountability, a sense of belonging from day one and lasting connections.
Community Impact
Guided by the belief that “one community shouldn’t ruin it for the next,” Mad Monkey sees itself as a guest in every region it operates. Its CSR initiatives are designed to support local communities and ecosystems rather than exploit them, Mad Monkey is proud to employ 77% of their staff from outside city communities ensuring that the local communities are enriched by the platform too.
Together, Mad Monkey, EXS and Best Nights VC are excited to co-create the next chapter of global backpacker culture, scaling experience-driven hospitality, expanding into new markets, and delivering more moments of joy, connection, and adventure worldwide.
The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.
DFI RETAIL GROUP HOLDINGS LIMITED
2025 PRELIMINARY ANNOUNCEMENT OF RESULTS
Highlights
Underlying profit reached the high-end of guidance at US$270 million, up 35% year-on-year
Reported profit of US$235 million, up US$480 million year-on-year
Health and Beauty delivered strong like-for-like (LFL) sales and profit growth
Convenience returned to profit growth in the second half of 2025, supported by a favourable mix shift towards higher-margin, non-cigarette categories
Strengthening value-driven, omnichannel proposition in Food and Home Furnishings
Divestments of Yonghui, Robinsons Retail and Singapore Food underscored the Group’s transition from a portfolio to a focused operating company and strengthened balance sheet to a net cash position
Returned approximately US$740 million to shareholders for the full year 2025, including a US$600 million special dividend
Final dividend of US¢10.50 per share based on a new 70% payout policy announced in December 2025
“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.
In Hong Kong and Macau, LFL sales increased by 5%, driven by strong growth in tourist store sales from higher arrivals. Own Brand strategy reset resulted in a 35% improvement in gross profit per SKU through a refined product range that better aligns with customer needs. Sales of Mannings China declined due to the closure of majority of its offline store network as the business pivots towards a cross-border e-commerce model.
Guardian in Southeast Asia reported 5% LFL sales increase, driven by growth in basket sizes across key markets and an expanding e-commerce presence, including the Guardian Malaysia loyalty programme launched in March 2025 and a new Guardian Singapore app in July 2025. Indonesia and Vietnam delivered LFL sales growth exceeding 10%, supported by strong traffic gains. Gross margin expansion and operating leverage contributed to operating profit growth of 16% in the region.
CONVENIENCE
Total Convenience sales were US$2.3 billion, representing a decline of 2% year-on-year or 3% on an LFL basis, due to lower-margin cigarette volume reductions following tax increases in Hong Kong in February 2024. Excluding cigarettes, overall Convenience sales grew 1% compared to 2024 and were marginally lower on an LFL basis. Underlying operating profit was US$97 million, down 6% year-on-year. Favourable sales mix shift towards higher-margin non-cigarette categories drove a return to a positive profit growth in the second half of 2025.
In Hong Kong, the Group expects to mitigate financial impact from declining cigarette sales in 2026 and beyond through continued growth in higher-margin non-cigarette categories, including RTE which accounted for 18% of sales for the full year, up from 16% in 2024.
7-Eleven Singapore reported robust LFL sales growth driven by a stronger RTE proposition and effective promotional campaigns. In South China, continued store network expansion through a capex-light franchise model, including 99 net increase in store number, contributed to 3% sales growth. LFL sales, however, were down 2% largely due to intense subsidy competition from food delivery platforms, primarily in the first half of the year. The focus remains on driving footfall through innovative RTE and Food Bar expansion to 1,250 stores by the end of 2028, compared to 325 as of year-end. Both markets saw meaningful profit growth, supported by a favourable product mix shift and disciplined cost control.
FOOD
Reported sales for the Food division were US$3.0 billion, remaining stable compared to 2024 on an LFL basis. Underlying operating profit reached US$62 million for the year, up 6% year-on-year, driven by earnings recovery in Singapore Food following the distribution of government consumption vouchers in 2025.
In Hong Kong, the Wellcome team strengthened its fresh and value proposition through pricing reinvestment supported by strategic direct sourcing. These efforts included a new partnership with Dingdong Maicai (DDL) since May 2025 for a wider selection of price-competitive fresh produce, as well as the Everyday Value campaign launched in September 2025, offering up to 40% savings on 100 core basket items. The team also accelerated omnichannel growth through broader digital channels – including a quick-commerce partnership with foodpanda and click-and-collect services – and a shortened delivery time to same or next day delivery, driving a more than 20% sales growth in Hong Kong Food online sales. Despite a 1% LFL sales decline compared to the prior year, total volume grew 2% driven by increased transactions and items per basket.
Southeast Asia Food sales performance benefited from multiple rounds of government consumption voucher distribution in Singapore during the year, including S$800 vouchers for each household and S$600 vouchers for individuals in celebration of the nation’s 60th anniversary. These vouchers, which were redeemable at supermarkets and heartland merchants, drove stronger sales in the Food segment. Convenience and Health & Beauty did not see a similar uplift in sales as the vouchers were not applicable to these outlets. Divestment of Singapore Food business was completed in early December 2025. Post-completion, the Group continues to serve the Singapore market through its Guardian and 7-Eleven brands. As the only nationwide modern trade operator in Cambodia, Lucky reported robust LFL sales growth with strong margin expansion on scale benefits.
HOME FURNISHINGS
IKEA reported sales of US$677 million, down 3% year-on-year and 5% on an LFL basis, compared to an 11% LFL sales decline in 2024. Operating profit was US$26 million, representing a meaningful improvement from US$16 million in the prior year, driven by effective cost control measures across markets.
Amid a challenging macro environment and reduced consumer demand for big-ticket items due to subdued real estate market activity, the IKEA team has prioritised enhancing its value proposition and omnichannel presence. Key initiatives include price reductions on high-volume products, rationalisation of non-core assortment, and a broader range of entry price points. In Indonesia, the team has further expanded digital partnerships with third-party marketplaces to improve accessibility, supporting continued progress towards its overall online sales penetration target of 18-20% by 2028. IKEA Food remains a critical traffic and revenue driver, representing 14% of total sales.
These combined with significant cost optimisation efforts in labour, supply chain and infrastructure across markets contributed to a US$10 million improvement in overall profitability.
RESTAURANTS
The Group’s share of Maxim’s underlying profits was US$72 million in 2025, an increase of 9% year-on-year, supported by resilient sales of US$3.1 billion, up 0.4% year-on-year, and ongoing cost optimisation. Improved mooncake sales during the mid-autumn festival and stronger restaurant performance in Southeast Asia was offset by challenging trading environment in Hong Kong and the Chinese mainland. Cost management in these markets also supported overall profit growth. During the year, Maxim’s continued to expand its Southeast Asia network with 84 net new stores added, mainly in Thailand and Vietnam.
OUTLOOK
2025 marked a year of strong progress for DFI, with the strategic reset across our businesses driving improved underlying profitability in both subsidiaries and associates, a stronger ROCE and enhanced shareholder returns. Our strengthened balance sheet and disciplined use of capital provides capacity to reinvest for growth both organically and inorganically, laying a strong foundation as we pursue our financial ambitions of achieving a US$310-350 million underlying profit (+11% CAGR at midpoint compared to 20257) and a 7-10% online sales mix by 2028.
At our inaugural Investor Day, we outlined clear strategic priorities which include strengthening our value proposition, enhancing omnichannel capabilities, accelerating Own Brand innovation, deepening digital monetisation, and leveraging data to deliver better outcomes for both customers and supplier partners.
For the full year of 2026, the Group expects organic revenue growth of approximately 2-3%8 and underlying profit attributable to shareholders to be between US$270 million and US$300 million. Excluding the divestment impact of Singapore Food and Robinsons Retail, this would represent a year-on-year growth of 13-25%.
Looking into 2026 and beyond, I am confident that DFI has developed a renewed foundation as we execute against our strategic priorities to deliver sustained, profitable growth, drive market share gains across our formats and generate long-term returns for our shareholders.
Scott Price
Group Chief Executive
—————– 1 Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025 2 Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Greater Bay Area
3 Excluding Singapore Food. Divestment of business was completed in early December 2025. 4 Excluding Singapore Food, cigarettes under Convenience and IKEA food 5 Excluding financial contribution from Singapore Food (December 2024) and Hero Supermarket (2024) for comparison purpose 6 Free cash flow is equivalent to cash flows from operating activities after lease payments minus normal capital expenditure
7 Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025
The issuer is solely responsible for the content of this announcement.
DFI Retail Group
DFI Retail Group (the Group) is a leading Asian retailer, driven by its purpose to ‘Sustainably Serve Asia for Generations with Everyday Moments’.
At 31 December 2025, the Group and its associates operated 7,580 outlets across 12 markets, of which 5,529 stores were operated by subsidiaries. The Group, together with associates, employed over 79,000 people, with some 42,000 people employed by subsidiaries. The Group had reported revenue of US$8.9 billion in 2025.
The Group is dedicated to delivering quality, value and service to Asian consumers through a compelling retail experience, supported by an extensive store network and highly efficient supply chains.
The Group and its associates, operates a portfolio of well-known brands across five key divisions. The principal brands are:
Health and Beauty
• Mannings on the Chinese mainland, Hong Kong and Macau S.A.R.; Guardian in Brunei, Indonesia, Malaysia, Singapore and Vietnam.
Convenience
• 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.
Food
• Wellcome and Market Place in Hong Kong S.A.R.; San Miu in Macau S.A.R.; Lucky in Cambodia.
Home Furnishings
• IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.
Restaurants
• Hong Kong Maxim’s group on the Chinese mainland, Hong Kong and Macau S.A.R., Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam.
The Group’s parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong. DFI Retail Group is a member of the Jardine Matheson group.
HANOI, VIETNAM – Media OutReach Newswire – 3 March 2026 – Vinhomes Green Paradise – Can Gio has officially launched its Smart City Certification Project in collaboration with Korea Management Association Consulting (KMAC), the World Council on City Data (WCCD), and the Standardized Urban Metrics (SUM) initiative. Through this initiative, Vinhomes Green Paradise aims to become the first internationally certified smart city in Vietnam, thereby establishing new global standards for sustainable and intelligent urban development.
Vinhomes Green Paradise features an exceptional collection of world-class amenities, setting a new standard of living for a future-ready urban development.
The partnership is designed to support the mega development in achieving the WCCD/SUM Custom ISO 37122 Smart City Certification. This certification is based on a customized indicators framework derived from the internationally recognized ISO 37122 indicators, tailored specifically for greenfield development projects and urban areas.
Under the partnership, KMAC will provide strategic consulting and technical advisory services to align the city’s development with the ISO 37122 indicators across key domains such as mobility, energy, environment, safety, and digital infrastructure.
The WCCD and SUM, headquartered in Toronto, Canada, is preparing a new customized indicators framework for greenfield development, based on the strategic smart city goals in the Vinhomes Green Paradise development. The WCCD/SUM teams, will oversee the assessment and smart city certification process, ensuring compliance with the ISO international standards and best practices.
The consortium agreed on a roadmap to deliver an Interim Certification within 2026, paving the way for full certification in subsequent phases.
“This project symbolizes a landmark collaboration between Vietnam and Korea in advancing global smart city standards,” said Mr. Chulse Oh, Head of AX Group at KMAC. “By combining Vinhomes’ visionary urban development with KMAC’s consulting expertise and WCCD/SUM’s global certification framework, VinhomesGreen Paradise will become a model for data-driven governance, sustainability, and smart innovation.”
“Vietnam is emerging as one of the most promising leaders in smart and sustainable city development. The Vinhomes Green Paradise is a remarkable new development in Vietnam that deserves global recognition,” said Dr. Patricia McCarney, President & CEO of the World Council on City Data (WCCD) and Director of SUM. “We are honored to partner with Vinhomes and KMAC to ensure that Vinhomes Green Paradise achieves global recognition through our WCCD/SUM ISO 37122 Custom Certification.”
Vinhomes Green Paradise benefits from a rare geographical setting, surrounded by the Can Gio Sea and the UNESCO-recognized Can Gio Mangrove Biosphere Reserve spanning over 75,000 hectares. The project features a 121-kilometer coastline, a total scale of 2,870 hectares, and a construction density of only 16%. It pioneers an upgraded ESG++ model, structured around five pillars: Environment, Social, Governance, Regeneration, and Climate Adaptation.
Upon full operation, the entire urban management system will be comprehensively greened with the following objectives: 100% clean electricity sourced from offshore wind farms, solar energy systems, and battery storage; 100% net-zero emission transportation, including electric cars, electric scooters, electric buses, electric bicycles, electric boats, and a high-speed railway system directly connecting to central Ho Chi Minh City.
In addition to strict compliance with environmental protection standards, Vinhomes Green Paradise places strong emphasis on biodiversity conservation and ecosystem regeneration throughout the development process, aligned with Ho Chi Minh City’s long-term climate adaptation strategy. A Forest Regeneration and Climate Adaptation Fund has been established to support research, restoration, and long-term resilience initiatives, with a core focus on mangrove restoration in Can Gio to establish a protective green belt for the entire development.
With its pioneering ESG vision, Vinhomes Green Paradise has become the first official participant in the “7 Wonders of the Future Cities” campaign initiated by New7Wonders, reinforcing its global recognition as a benchmark model for sustainable, AI-ready, and data-driven urban innovation.
Hashtag: #Vinhomes
The issuer is solely responsible for the content of this announcement.
Tokyo’s prime minister, Sanae Takaichi, has publicly disavowed any connection to a Solana-based meme cryptocurrency that suffered a dramatic collapse in value, asserting she and her office were unaware of its creation or trading activity. The digital token, which briefly had an eye-catching market cap in the tens of millions of dollars, has lost significant ground following her statement, underscoring the tangled dynamics between high-profile political figures and speculative crypto markets.
Takaichi took to her official social media account to address questions about the asset, which adopted her given name and circulated on the Solana blockchain. She said there appeared to be “various misunderstandings” over the name and market activity, stressing she had no prior knowledge of the token and that neither she nor her administration had authorised or endorsed it. The prime minister urged caution among investors and the broader public.
The token, widely referred to in trading circles as a meme coin, experienced wild fluctuations before its value slid by about three-quarters from earlier highs, according to market data. At one point, it drew attention with an inflated valuation that some tracking sites estimated around $27.7 million, although such figures can be volatile and highly sensitive to trading volume and liquidity levels on decentralised platforms.
Analysts say meme coins — especially those leveraging the names or likenesses of well-known personalities — have become a volatile sub-segment within the broader cryptocurrency ecosystem. These assets often lack a fundamental use case and instead draw speculative interest from traders betting on social momentum. When official figures distance themselves from such projects, confidence can evaporate quickly, leading to sharp price corrections.
Japan has long been among the more stringent jurisdictions in setting regulatory frameworks for digital assets. Its Payment Services Act and Financial Instruments and Exchange Act establish registration requirements and investor protection mechanisms for exchanges and token issuers operating within the country. However, this governance framework primarily targets regulated entities, leaving decentralised creations like meme tokens in a less clear-cut category. That regulatory ambiguity complicates efforts to police tokens that may be named after public figures without consent.
The sharp downturn in the coin’s price following Takaichi’s statement reflects how sentiments can shift dramatically in unregulated corners of crypto markets. Traders who had driven speculative interest in the token — buoyed by social media buzz — appear to have retreated as the prime minister’s denial circulated. Some onlookers also noted that meme coins relying on novelty or persona-based branding are particularly susceptible to pump-and-dump patterns, rewarding early holders at the expense of later investors when momentum fades.
Legal experts note that the use of a serving head of government’s name for a speculative financial instrument raises both ethical and legal questions. “The unauthorised use of a public official’s name in association with a financial product can mislead investors about endorsement or legitimacy,” said a fintech law specialist at a Tokyo university. “Enforcement is difficult when creators remain anonymous and operate outside regulated frameworks, but it invites scrutiny from both legal and policy perspectives.”
Market participants following the episode have pointed to wider trends in the crypto space. Solana, the blockchain on which the token was launched, is favoured by some developers for its low transaction costs and fast settlement times, making it a popular choice for experimental tokens and decentralised applications. Yet this very accessibility can also lower barriers for projects that have little substantive backing or oversight, heightening risk for retail investors.
For Japan’s financial regulators, the incident highlights the ongoing challenge of balancing innovation and investor protection. While the country has taken significant steps to legitimise and supervise digital asset markets, decentralised and anonymous token creations sit outside conventional regulatory reach. As such tokens proliferate beyond mainstream exchange listings, authorities may confront pressure to clarify how existing laws apply or to craft new measures tailored to emerging market behaviours.
Crypto exchange OKX has launched a developer-focused toolkit designed to power autonomous artificial intelligence agents on blockchain networks, marking a decisive step in the race to merge decentralised finance with machine-driven decision-making. The new framework, branded OnchainOS, is positioned as a programmable layer that allows developers to stitch together wallets, token swaps and real-time data feeds into self-operating bots capable of executing transactions without continuous human input. […]
Unidentified airborne objects struck an Amazon Web Services facility in the United Arab Emirates this week, igniting a fire that disrupted cloud services across parts of the Middle East and sharpened concerns over the vulnerability of digital infrastructure during periods of geopolitical strain. Amazon Web Services, the cloud division of Amazon, confirmed that an incident affected operations at one of its availability zones in the UAE, leading […]
Stock markets across India tumbled sharply as escalating conflict involving the United States, Israel and Iran heightened geopolitical risks and rattled investor confidence. The benchmark Sensex plunged by more than 1,000 points, slipping beneath the 81,000 mark, while the Nifty 50 index lost upwards of 300 points, breaching the crucial 25,000 support level as traders moved out of riskier assets. Over two trading sessions, equities have shed value significantly, wiping out approximately ₹11 lakh crore in market capitalisation, underlining how swiftly global geopolitics can translate into domestic financial stress.
The sell-off was driven by escalating military strikes between the United States and Israel against Iran, which led to the death of Iran’s Supreme Leader and triggered retaliatory actions across the region. This surge in hostilities has directly affected energy markets, pushing Brent crude oil prices upwards as disruptions along the Strait of Hormuz — a vital chokepoint for roughly a fifth of global oil shipments — raised concerns about supply. Higher oil prices have increased input costs for energy-importing economies and amplified inflationary pressures, prompting investors to reassess risk assets.
The immediate impact on Indian markets was stark. On Monday, the Sensex closed more than 1.3 per cent lower, its lowest finish in nearly six months, while the volatility index jumped sharply, reflecting heightened unease among traders. Nifty 50’s weakness on the trading floor mirrored broader pressure across key sectors, with energy, infrastructure and export-linked stocks bearing the brunt as sentiment deteriorated. Safe-haven assets such as gold saw notable gains as buyers sought refuge from equity market turmoil.
Analysts point out that crude oil’s swift ascent — fuelled by concerns over prolonged conflict and chokepoint disruptions — directly affects inflation and corporate margins. India imports a significant share of its crude from the Middle East, meaning sustained higher oil prices could widen the current account deficit and constrain monetary policy flexibility. As the cost of imported fuel rises, transport and manufacturing sectors may face margin pressure, posing broader economic challenges.
Sector-specific reactions were evident as aviation and consumer discretionary firms underperformed sharply, enduring heavier selling than other segments. Airlines canceling or rerouting flights due to closed Middle Eastern airspace compounded operational uncertainties for carriers with significant exposure to that region. By contrast, stocks of certain energy producers saw modest strength, as rising oil benchmarks can enhance their near-term earnings prospects.
Foreign institutional investors have been net sellers, exacerbating downward pressure on domestic bourses. Data from market intermediaries show significant outflows amid rising global risk aversion, with liquidity flowing into traditional safe havens including U. S. Treasuries and precious metals. This rotation underscores how geopolitical stress can quickly reframe investment priorities, often to the detriment of emerging market equities.
Currency markets reflected the strain, with the rupee depreciating against major currencies as capital outflows intensified. A weaker rupee further amplifies the impact of higher crude prices, raising import bills and potentially catalysing inflation. Bond markets reacted in kind, with yields on government securities climbing as investors demanded higher compensation for perceived risk and inflation expectations shifted.
Corporate India is also grappling with broader trade and supply chain disruptions. Chambers of commerce and industry bodies have flagged operational headwinds for exporters and manufacturers due to heightened shipping costs and logistical bottlenecks triggered by the conflict. Industries dependent on Middle East trade corridors or commodities now expect cost pressures and delivery delays that could dampen growth prospects over the quarter.
Global markets have not been immune to the fallout. European indices also slid as energy prices climbed and investor risk appetite waned, while U. S. equity futures oscillated amid mixed signals from corporate earnings and macroeconomic data. The global ripple effect highlights how interconnected financial systems are with geopolitical developments, where shocks in one region can quickly transmit across borders.
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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.”
Photo Caption: (From left) Ms Ida Lam, Chairperson of the Arts with the Disabled Association Hong Kong; Mr Sebastian Man Shiu-wai, Vice Chairman, Hong Kong Arts Festival Society; Ms Vivian Sum, Permanent Secretary for Culture, Sports and Tourism; Mr Nicholas D Hunsworth, Steward of The Hong Kong Jockey Club; and Ms Flora Yu, Executive Director of the Hong Kong Arts Festival, jointly served as officiating guests for the No Limits 2026 opening ceremony.
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.
Hong Kong Dance Company & China Hong Kong Para Dance Sport Association
Parade Ground,
Tai Kwun
13-15 Mar 2026
Zer-Brech-Lich
Alessandro Schiattarella and Ensemble
Black Box Theatre,
Kwai Tsing Theatre
17-18 Mar 2026
Precarious Moves
Michael Turinsky
The Box,
Freespace, WestK
21-22 Mar 2026
Harmonia
Unusual Symptoms / Theatre Bremen / Adrienn Hód
The Box,
Freespace, WestK
27-29 Mar 2026
Two Blind Women in the Snowy Tokugawa Nights – Sleeping Fires
Kuro Tanino
Studio Theatre, Hong Kong Cultural Centre
28 Mar 2026
Light and Shadow on Strings
Hong Kong Chinese Orchestra (Chamber Ensemble)
Yang Enhua (Solo and Ensemble)
Auditorium,
Tsuen Wan Town Hall
“No Limits” International Symposium
8 Mar 2026
The Way Forward: A Humanistic–Tech Framework for Inclusive Innovation
JC Cube, Tai Kwun
Online Programmes
Free screening available on “No Limits” website
Programme
Director
30 Mar – 25 May 2026
A Space in Time
Riccardo Servini & Nick Taussig
30 Mar – 25 May 2026
Away From Her
Sarah Polley
30 Mar – 25 May 2026
Lapse
Caroline Cavalcanti
30 Mar – 25 May 2026
Fujiyama Cottonton
Taku Aoyagi
Hashtag: #NoLimits
The issuer is solely responsible for the content of this announcement.
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.
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.
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HONG KONG SAR – Media OutReach Newswire – 27 February 2026 – In his 2026-27 Budget announced on Wednesday (25 February), Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) outlined areas for comprehensively reinforcing the city’s position as a leading international financial hub.
Despite the complex and ever-changing external environment, Mr Chan noted that Hong Kong’s financial market had performed strongly and the city’s financial system remains robust.
HKSAR’s Financial Secretary, Paul Chan (second left), outlines areas for comprehensively reinforcing the city’s position as a leading international financial hub
In 2025, Hong Kong ranked first globally for funds raised through initial public offerings.
“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 Greater Bay Area,” Mr Chan said. “By doing so, we will enhance Hong Kong’s role as an international financial centre on all fronts and contribute to the national strategic goal of ‘accelerating China’s development as a financial powerhouse’ “.
With Hong Kong being the world’s largest hub for offshore Renminbi (RMB) business, the Financial Secretary said the city would leverage its unique strengths and proactively align with national development strategies.
For advancing the internationalisation of the RMB, Mr Chan said Hong Kong would facilitate the wider use of RMB in activities such as trade and cross-boundary business; reduce transaction costs; enrich product offerings in the offshore RMB market; improve price discovery in the short-to-medium-term-interest-rate market; and attract high-quality issuers to increase RMB bond issuance in Hong Kong.
In 2025, the stock market delivered a stellar performance. The Hang Seng Index rose by 28 per cent over the year. The daily turnover surged by 90 per cent to a historic high of close to $250 billion (US$32 billion).
Mr Chan said the Hong Kong Exchanges and Clearing Limited (HKEX) would continue enhancing the securities market, attracting issuers and boosting market efficiency.
“We will also introduce the next stage of reforms, including enhancing the regulatory regime for listed companies, providing specific guidelines for overseas companies seeking secondary listing in Hong Kong, offering more overseas markets as recognised exchanges, and continuing to explore with the market the provision of an over-the-counter trading platform for delisted stocks or those requiring special handling.
“The electronic bond-trading platform will also be launched in the second half of this year, thereby reinforcing Hong Kong’s position as a global fixed income and currency hub,” he said.
To attract more family offices and funds to set up in Hong Kong, Mr Chan said Hong Kong would enhance the tax regime, including expanding the scope of “fund” to cover specific funds-of-one, as well as classifying digital assets, precious metals, and specified commodities, etc. as qualifying investments eligible for tax concessions.
Regarding the development of digital assets, the Government published the second policy statement for developing Hong Kong into a global hub for digital asset innovation through the establishment of a comprehensive regulatory framework.
A bill will be introduced this year to establish licensing regimes for, among others, digital asset dealing and custodian service providers.
“We will also explore the adoption of electronic signature for bond issuance documents and the digitalisation of bearer bonds,” Mr Chan said.
To promote the application of fintech and enhance the efficiency of the asset management market, the CMU OmniClear, a market infrastructure operator established by the Hong Kong Monetary Authority, will establish a digital asset platform this year. It will support the issuance and settlement of digital bonds. The platform will also be gradually extended to other digital assets and linked with other tokenisation platforms in the region, consolidating Hong Kong’s leading role in the realm of digital assets.
In order to build an international gold trading market in Hong Kong, Mr Chan said the Government would explore offering tax incentives for eligible institutions conducting gold trading and settlement in Hong Kong; assist the industry in setting up an industry-led trade association to consolidate resources, step up promotion, and foster ties with industry stakeholders from around the world; and help the industry keep abreast of the latest gold market developments, acquire relevant skills and develop a training framework.
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