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Bolna has raised $6.3 million in funding from General Catalyst, marking a significant capital infusion for the Bengaluru-based startup as it expands its voice orchestration platform designed for enterprises operating across multiple languages and customer touchpoints. The investment positions Bolna to deepen its presence in India-focused use cases while sharpening its technology for regulated sectors that demand reliability, security and compliance in automated voice interactions.

Founded to address the growing demand for natural, human-like voice interfaces in customer engagement, Bolna develops software that allows companies to design, deploy and manage AI-driven voice agents across telephony systems. The platform focuses on orchestrating speech recognition, natural language understanding, dialogue management and speech synthesis in a single workflow, enabling businesses to automate calls without sacrificing contextual awareness or linguistic nuance. The funding round underscores investor confidence in voice as a critical interface as enterprises look beyond chat-based automation.

Executives familiar with the company’s roadmap say the capital will be directed towards product development, hiring in engineering and applied linguistics, and expanding enterprise partnerships. Bolna has prioritised support for multiple Indian languages and dialects, a feature that has become central as companies in banking, insurance, logistics and commerce seek to reach customers outside metropolitan centres. Industry analysts note that voice automation in India faces distinct challenges due to code-switching, accent variation and noisy environments, making orchestration and model tuning more complex than in English-only deployments.

General Catalyst’s backing reflects a broader venture trend towards applied AI infrastructure rather than consumer-facing chatbots alone. Investors have increasingly focused on platforms that sit beneath applications, enabling enterprises to integrate AI safely into existing workflows. In Bolna’s case, the emphasis on orchestration allows companies to plug in different speech-to-text or text-to-speech engines, including proprietary or open-source models, while maintaining control over call logic and data handling. This flexibility has become attractive as organisations navigate data residency rules and sector-specific compliance obligations.

Voice AI adoption has accelerated as call centres confront rising costs and labour shortages, while customers continue to rely on phone-based interactions for sensitive or complex queries. Research firms tracking enterprise automation report that voice remains the dominant channel for high-value customer service in India, particularly in financial services and public-facing utilities. Bolna’s platform aims to complement human agents rather than fully replace them, handling routine calls and triage before escalating complex cases. Company officials have said this hybrid approach improves efficiency while reducing customer frustration associated with rigid interactive voice response systems.

Competition in the voice AI space has intensified, with global players offering end-to-end solutions and local startups focusing on language coverage and integration with domestic telecom infrastructure. Bolna differentiates itself by positioning as an orchestration layer rather than a monolithic model provider. This approach aligns with enterprise preferences to avoid vendor lock-in and to adapt quickly as speech and language models improve. Analysts also point to the growing importance of observability and analytics in voice systems, areas where Bolna has invested to give clients visibility into call outcomes, latency and error rates.

The funding arrives amid heightened scrutiny of AI ethics and transparency. Voice systems, in particular, raise concerns around consent, disclosure and bias. Bolna has stated that it builds safeguards into deployments, including clear disclosures when callers are interacting with automated agents and configurable controls to limit sensitive data capture. Such measures are increasingly demanded by enterprise clients as regulators and consumers push for responsible AI use.

This recognition marks the third consecutive year Vinova has been named among Singapore’s fastest-growing companies, following its previous rankings in 2024 and 2025

A Track Record of Consistent Growth

Over the past 15 years, Vinova has earned a strong reputation for digital craftsmanship, delivering high-end mobile and web solutions alongside enterprise-level applications. This sustained growth has been driven by a clear strategic focus, disciplined execution, and a strong commitment to quality.

Our unwavering focus on quality and innovation enables us to serve over 300 clients worldwide. From fast-scaling startups to established Fortune 500 corporations, each benefiting from our dedication to delivering cutting-edge solutions with Singapore-standard excellence.

As we scale, Vinova remains committed to integrating ESG principles into our core operations, striving toward a Net Zero carbon footprint to ensure our innovation contributes to a sustainable future.

“We are honored to be recognized among Singapore’s fastest-growing companies once again in 2026,” said Mike Nguyen, CEO of Vinova. “This achievement belongs to our dedicated team, whose commitment and professionalism continue to drive our growth. We remain focused on delivering Singapore-standard excellence to our clients and partners worldwide.”

Strategic Expansion and Global Presence

In 2024, from our headquarter in Singapore, we took a significant step forward by successfully establishing operations in Thailand, strengthening our presence across the APAC region. At the same time, we are actively expanding our global reach through high-impact strategic partnerships.

These alliances seamlessly combine our signature artisan design standards with large-scale engineering capabilities, while ensuring Vinova continues to lead and innovate at the forefront of the international IT industry.

Hashtag: #Vinova, #Business, #Technology

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

VINOVA Pte Ltd.

Vinova is a leading digital transformation agency and technology solutions provider based in Singapore. With a focus on crafting beautiful, functional, and impactful digital products, Vinova offers services in UX/UI design, web and mobile application development, and enterprise system integration. Known for its agile methodology and client-centric approach, Vinova helps businesses innovate and excel in the digital age.

UAE President Sheikh Mohamed bin Zayed Al Nahyan arrived in New Delhi on a working visit, marking another step in the steady expansion of political, economic and strategic ties between Abu Dhabi and New Delhi. He was received at the Palam Air Base by Prime Minister of India Narendra Modi, accompanied by senior members of the Union Cabinet and officials from the external affairs establishment, underscoring the importance both sides attach to the engagement.

The visit places renewed focus on deepening UAE–India partnership at a time when bilateral cooperation spans trade, energy security, technology, defence and people-to-people exchanges. Officials said discussions during the visit would review progress under existing agreements while identifying new areas for collaboration aligned with long-term economic and geopolitical priorities.

The UAE and India have built a close relationship over the past decade, anchored by high-level political engagement and sustained institutional cooperation. The elevation of ties to a Comprehensive Strategic Partnership has provided a framework for collaboration across sectors, with regular leader-level interactions helping to maintain momentum. Sheikh Mohamed and Prime Minister Modi have met frequently on the margins of multilateral forums and through bilateral visits, creating a rapport that has translated into concrete outcomes.

Trade and investment remain central to the agenda. Bilateral non-oil trade has expanded significantly following the implementation of the Comprehensive Economic Partnership Agreement, which reduced tariffs, simplified customs procedures and opened services markets. Officials on both sides view the agreement as a catalyst for further growth, particularly in manufacturing, logistics, food security and digital services. The UAE has also emerged as a major investor, with sovereign and private capital flowing into infrastructure, renewable energy, ports and technology ventures.

Energy cooperation continues to be a pillar of the relationship. The UAE is a key supplier of crude oil and liquefied natural gas, while joint investments in strategic petroleum reserves and downstream assets have added depth to the partnership. As both countries pursue energy transition goals, collaboration has widened to include renewables, green hydrogen and climate technology, reflecting shared commitments to sustainability and diversification.

Defence and security cooperation has gained prominence amid evolving regional and global challenges. Regular joint exercises, intelligence exchanges and defence industrial cooperation have strengthened interoperability and trust. Counter-terrorism, maritime security and cyber resilience are areas where officials see scope for closer coordination, particularly given the shared interest in stable sea lanes and secure digital infrastructure.

Technology and innovation feature prominently in the discussions. The UAE’s push to position itself as a hub for advanced technologies aligns with New Delhi’s focus on digital public infrastructure, fintech and start-up ecosystems. Partnerships between research institutions, technology firms and start-ups have expanded, supported by policy initiatives and investment platforms designed to facilitate cross-border collaboration.

The large expatriate community also shapes the relationship. Millions of people from India live and work in the UAE, contributing to its economy and cultural diversity, while remittances and professional exchanges strengthen social and economic links. During past engagements, leaders have highlighted the role of this community as a bridge between the two nations, with initiatives aimed at skills development, worker welfare and cultural exchange.

On the multilateral front, both countries coordinate positions on regional stability, economic governance and climate action. Cooperation within forums such as the G20, where the UAE has participated as a guest under New Delhi’s presidency, has reinforced alignment on development priorities, debt relief for vulnerable economies and sustainable growth.

Officials familiar with the visit said meetings would assess progress on commitments made during earlier engagements and set timelines for new initiatives. Agreements and memoranda of understanding under consideration span sectors including education, healthcare, space cooperation and financial services, reflecting the breadth of the partnership.

By Nitya Chakraborty The Washington talks for discussing the future of Greenland failed on Wednesday with the foreign ministers of Denmark and Greenland returning back home with the message from White House that Greenland rightfully belongs to USA and Trump will be deciding on the timing of its takeover. The U.S. does not care for […]

The article How Far European Union Can Go To Defend Greenland From Trump Annexation? appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Organised by MP Singapore, and presented by the Franchising & Licensing Association (Singapore), FLAsia 2026 marks a new chapter for the long-running industry event as it enters its 21st edition under a new organiser partnership. The appointment of MP Singapore brings expanded regional reach, deeper industry engagement and a strengthened focus on business outcomes for exhibitors and visitors across Asia.

FLAsia 2026 is expected to welcome more than 7,000 trade visitors and over 250 exhibiting brands from franchising, licensing, character IP, retail concepts and emerging business models. The event will continue to serve as a central marketplace for brand owners, franchisors, licensors, investors and entrepreneurs to connect, explore partnerships and identify expansion opportunities across regional and international markets.

Building on the momentum from previous edition, the Brand Licensing Village will return in 2026. The dedicated zone will spotlight locally developed intellectual property that has already been successfully commercialised, offering visitors a focused platform to discover market-ready IP, connect with licensing experts and explore collaboration opportunities across categories. The Licensing Village reinforces FLAsia’s role in supporting IP growth and brand extension within the region’s licensing ecosystem.

On the franchising front, the Chinese Franchise Conference will make a return, reflecting continued interest from Chinese brands and investors seeking expansion opportunities across Southeast Asia and beyond. Curated in collaboration with key industry stakeholders, the conference will provide targeted insights, market perspectives and networking opportunities for Chinese franchise brands and regional partners.

FLAsia 2026 will also feature international pavilions and brand participation from key markets, with brands from Korea, Thailand and other regional economies expected to be present, further strengthening the show’s international profile. Alongside the exhibition showcase, the event will include curated business sessions, industry sharing, talent and career touchpoints, and dedicated zones highlighting innovation, IP development and brand growth, reinforcing FLAsia’s position as a leading gateway for franchising and licensing opportunities in Asia.

“Partnering with MP Singapore marks a dynamic leap forward for FLAsia. Together, we’re amplifying the event’s influence and reach, ensuring the franchising and licensing community thrives as the industry surges across Asia.” Mr Gan Shee Wen, President, Franchising & Licensing Association (Singapore).

“FLAsia is a well-established platform with strong industry trust, and we are pleased to be organising the event for the first time. By leveraging on MP’s global network, we will connect brands, partners and stakeholders in a way that will foster an environment that encourages collaboration, supports quality participation and drives tangible outcomes for both exhibitors and visitors. We are excited to grow FLAsia alongside the industry in the years ahead.” Jason Ng, Managing Director of MP Group.

Franchising & Licensing Asia has, over the years, established itself as a key business platform for brands seeking growth, market entry and partnership opportunities in Asia. With Singapore as its springboard, the event continues to attract regional and international participation, reinforcing its role as a gateway to Asian markets.

More information about FLAsia 2026 can be found at www.franchiselicenseasia.com.

Hashtag: #FLAsia2026 #Franchising #Licensing #BrandExpansion #TradeShowAsia #BusinessNetworking

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

About FLAsia

Franchising & Licensing Asia (FLAsia) – 21st Edition – Asia’s leading marketplace for franchising and licensing, FLAsia brings together reputable brand owners, business leaders, investors, and entrepreneurs to create a dynamic platform for accelerating business growth, expanding professional networks, and increasing brand visibility across the vibrant Asian market.​ ​FLAsia provides the chance for exhibitors to showcase unique business concepts, engage in face-to-face meetings with high quality visitors and create meaningful business connections.​ ​Visitors get to connect directly with brand owners, franchisors, licensors, industry experts, and like-minded leaders, attend insightful conferences, and access high quality business opportunities.​

About Franchising and Licensing Association (Singapore)

Franchising and Licensing Association (FLA Singapore), one of the founding members of the World Franchise Council, was established in 1993 with the mission to nurture and develop Singapore’s franchising industry. An essential component of Singapore’s knowledge-based economy, FLA Singapore promotes and facilitates the use of franchising, licensing and branding as a growth strategy for Singapore enterprises, thus contributing to turning Singapore into a regional franchise and license hub.

Through its partnership with Singapore government agencies and international franchise and license bodies, FLA Singapore also assists its members in their international development programmes. With an active growing membership of close to 150 companies, representing more than 250 strong brands, FLA (Singapore) is led and managed by a dedicated team of advisors, committee members and a full-time secretariat with the goal of supporting Singapore companies to expand internationally.

About MP Singapore

The MP Singapore (MP) is a global full-service agency that specialises in connecting and building eco-systems, industry engagement, events management and marketing. Established since 1987, MP embodies more than a quarter century of event building, marketing and management experience in both Eastern and Western cultures, practices, and business philosophies. We bring world-class talent, industry expertise, and incredible enthusiasm into the design and management of extraordinary online-to-offline experiences for your organisation.

MP is part of Pico Group, a global group of agencies specialising in engaging people, creating experiences and activating brands for businesses, institutions and governments. As part of the Pico group, MP has unlimited access to a wide network of industry contacts and resources. Pico Far East Holdings has been listed on the Hong Kong Stock Exchange since 1992.

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.

Hashtag: #HKUBS

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/

The MoU was signed by UTM Vice Chancellor Prof. Dr. Mohd Shafry Mohd Rahim and CDL Academy Chairman Dato’ Sr. Mohd Zaid Zakaria. It formalises the ongoing partnership between the two organisations and aims to provide students with industry exposure and practical experience, preparing them for careers in the construction sector.

Under the agreement, UTM and CDL Academy will pursue initiatives including professional training programmes, student internships, academic exchanges, workshops, seminars, and innovation projects in green building materials, advanced construction technologies, and cost management solutions.

Universiti Teknologi Malaysia (UTM) is Malaysia’s premier university for engineering, science, and technology, committed to building partnerships that enrich research output and provide students with real-world learning opportunities. The collaboration with CDL Academy exemplifies UTM’s efforts to equip graduates with the skills and experience needed to contribute effectively to the nation’s development.

Since its inception in 2019, CDL Academy has delivered over 100 seminars and learning engagements, benefiting more than 10,000 participants across the construction and engineering ecosystem. The collaboration with UTM expands these efforts, supporting the development of industry-ready graduates and addressing emerging needs in sustainable construction and advanced building technologies.

The MoU will be in effect for three years, with opportunities for renewal. Coordinators from both parties will oversee programme development to ensure measurable outcomes for students, researchers, and the construction industry.
Hashtag: #YTLCement, #CDLAcademy, #UTM, #ESG, #Sustainability, #Construction, #SustainableConstruction

https://ytlcement.my/cdl-academy
https://www.linkedin.com/company/ytl-cement-group/

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

CDL Academy Sdn Bhd

CDL Academy Sdn. Bhd. is the professional learning and development platform of the YTL Cement Group, established to support training and talent development within the construction industry. CDL Academy focuses on developing well-trained, industry-ready professionals through structured training and practical knowledge-sharing.

Beyond technical disciplines, CDL Academy serves as a hub for knowledge exchange, innovation and collaboration. It brings together practitioners, academics and universities, as well as industry leaders, industry associations and governing bodies through training programmes, seminars, workshops and strategic partnerships.

Through its commitment to quality education and best-practice sharing, CDL Academy aims to contribute to strengthening industry talent pipelines, supporting university–industry collaboration, and supporting the long-term advancement and sustainability of the construction ecosystem.

Universiti Teknologi Malaysia (UTM)

Universiti Teknologi Malaysia (UTM) is a premier public research university in Malaysia, specialising in engineering, science and technology. Located in Johor Bahru and with a campus in Kuala Lumpur, UTM is committed to producing globally competitive graduates and advancing cutting-edge research that addresses national and global challenges.

Based in Singapore, Singh will leverage his extensive experience across some of Asia’s most dynamic markets to deliver innovative approaches to Risk Capital and Human Capital for Aon’s enterprise and large multinational clients in Asia. Reporting to Craig Torgius, chief client officer and head of enterprise clients, Asia Pacific, Singh will focus on building strategic partnerships and unlocking new opportunities supporting clients to achieve their growth ambitions.

“Kulshaan brings a rare blend of strategic acumen with strong execution ability, global insight and local expertise to our Asia Pacific team,” said Torgius. “His ability to lead transformation, foster collaboration and deliver results across diverse industries will be invaluable in helping clients navigate an increasingly complex risk landscape.”

With over two decades of experience in consulting and executive leadership, Singh held prominent roles including managing director for talent solutions for southeast Asia at Aon, CEO Mercer Singapore and chief people officer at Charoen Pokphand Group. Most recently, as the global group chief people officer at Thai Union Group, he spearheaded large-scale transformation initiatives including organisation design, succession and leadership alignment.

Reflecting on his new role, Singh said, “I feel privileged and excited to be back at Aon and look forward to working closely with Aon’s global and local teams to deliver solutions that help clients navigate complexity and interconnected challenges.”

Read more about Aon’s capabilities in Asia Pacific here.

Hashtag: #Aon

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

About Aon

Aon plc (NYSE:AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.

Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.

Disclaimer
The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.

MoU signing and Malaysia Book of Records recognition underscore sustained consumer trust for ELDON, at a time when Malaysians are paying closer attention to sleep, stress and lifestyle balance

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 14 January 2026 – Malaysian media personality Chan Fong and singer-actor Henley Hii have been appointed brand ambassadors for Malaysian health and wellness brand Eldon Healthcare, also known as ELDON, reflecting the brand’s mission to provide relatable, real-life health advocacy for modern Malaysians.

The appointment comes at a meaningful milestone for ELDON, a consumer health and wellness brand of the Pharm-D Health Science group, following Malaysia Book of Records’ recognition for one of its flagship products, ELDON DX MAGELAX, as the most magnesium glycinate capsules sold in Malaysia.

Introduced to the Malaysian market in 2020, ELDON DX MAGELAX was among the earliest magnesium glycinate supplements registered with the National Pharmaceutical Regulatory Agency (NPRA). At a time when awareness of magnesium was still limited, ELDON played an early role in familiarising consumers with magnesium glycinate, now widely recognised for its absorption profile and gentle tolerability, and and known for supporting muscle relaxation, migraines and sleep-related concerns such as insomnia. This Malaysia Book of Records recognition reflects not only strong sales performance, but also growing accessibility and consumer trust.

According to Wong Chin Cheang, Group Managing Director of Pharm-D Health Science, the appointment of the brand ambassadors, alongside the Malaysia Book of Records recognition for ELDON DX Magelax, reflects a broader milestone in the group’s long-term journey.

“ELDON’s growth reflects what we stand for as a group: building Malaysian health brands that are grounded in science, scaled responsibly, and trusted by the public over time,” he said. “Achievements like these are not only about the scale or numbers alone, but also consistency, credibility, and serving real needs in the community.”

Brand Ambassadors grounded in the real Malaysian health and lifestyle

Malaysian media personalities Chan Fong and Henley Hii are well-known Malaysian public figures with strong audience connections across lifestyle and entertainment circles. Grounded, busy and active in ways many Malaysians relate to, they were chosen for their strong alignment with ELDON’s brand philosophy, which inspires practical wellness habits, including prioritising better rest, sleep quality and a balanced lifestyle.

This partnership taps into post-COVID trends where three in four Malaysians prioritise holistic health, as national conversations continue to encourage prevention and healthier routines.

“This partnership feels personal because it is based on real routines,” said Chan Fong. “Whether you are working late, juggling responsibilities, or simply trying to keep up with life, your daily habits matter. I appreciate that ELDON’s approach is practical and grounded.”

Henley Hii added, “A lot of people think wellness has to look perfect, but most of us are just trying to be consistent. I am excited that this is a long-term partnership because real habits take time, and it is about showing up repeatedly.”

ELDON: a Malaysian consumer health brand shaped by purpose and scale

Fully homegrown in Malaysia, Eldon Healthcare is a wholly owned subsidiary of Pharm-D Health Science, an integrated Malaysian pharmaceutical and consumer health group of companies committed to advancing evidence-based health solutions across different life stages. ELDON represents the group’s consumer health pillar, which focuses on translating scientific expertise into accessible, everyday health and wellness solutions.

For ELDON, the focus has always been on building credibility steadily through quality formulation, transparent sourcing, and wide accessibility through pharmacies, clinics, and healthcare partners across Malaysia and Singapore.

“ELDON was never built to chase hype,” said Kenn Siaw, Chief Executive Officer of Eldon Healthcare. “Our responsibility is to create sustainable health solutions that people can rely on. The Malaysia Book of Records recognition is meaningful to ELDON because it reflects a strong trust from consumers, pharmacists, and healthcare partners.”

He added that the appointment of Chan Fong and Henley Hii represents the next phase of the brand’s journey: “They represent the realities of modern Malaysian life, demanding schedules, family responsibilities, and the need to stay healthy without overcomplicating things. That’s exactly who ELDON exists for.”

Looking ahead

With its growing footprint and renewed focus on public engagement, ELDON aims to continue supporting Malaysians who see health not as a luxury but as an essential foundation for everyday living.

Together, the appointment of brand ambassadors and Malaysia Book of Records recognition mark not just a celebration but a stronger commitment from both the company and the brand to continue delivering consistent, trustworthy health solutions.

This milestone adds to Pharm-D Health Science’s growing track record of national recognitions, as its probiotic brand Lang Bragman, was recently also being recognised by the Malaysia Book of Records as the Largest Range of Homegrown Probiotic Products in Malaysia.
Hashtag: #EldonHealthcare #Eldon #EldonMagelax #MalaysiaBookofRecord #MostMagnesiumGlycinateCapsulesSoldInMalaysia #MagnesiumGlycinate #Migrane #Insomia #magnesium #albion #BetterRest #BetterSleepQuality #glycinate #activelifestyle #Ambassador #ChanFong #HenleyHii #PharmDHealthScience

https://eldon.com.my/
https://www.facebook.com/EldonHealthcareMalaysia
https://www.instagram.com/eldonhealthcare/

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

About ELDON

ELDON is a Pharm-D Health Science consumer health and wellness brand offering a wide range of science-based health solutions across nutritional supplements, functional food, skincare, personal care, and medical-adjacent products.

With partnerships and distribution spanning 2,000+ retail pharmacies and 100+ clinics across Malaysia and Singapore including digital health platform Pharm-Dx, ELDON is committed to quality, relevance, and accessible care for everyday health and wellness needs.

Learn about ELDON here: https://eldon.com.my/

About Pharm-D Health Science

Founded in 2001, Pharm-D Health Science (PDHS) is an integrated Malaysian pharmaceutical and consumer health group of companies specialising in pharmaceuticals and consumer health products. Its portfolio includes trusted, high-quality brands such as ELDON, VALENS, CMD, Lang Bragman, Reflux-G, Retane, and more.

Guided by its mission to make health and wellbeing accessible through science, the Group operates across research, development, manufacturing, and commercialisation to deliver science-based health solutions spanning across rare diseases, pharmaceuticals, medical nutrition, nutraceuticals, skincare and microbiome research.

Learn more about Pharm-D Health Science here: https://pharmdhs.com/

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

https://www.kgi.com.hk/en/
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KGI

KGI* has been a leading financial institution in Asia since 1997. Our scope of business encompasses wealth management, brokerage, fixed income, and asset management. We are committed to offering a comprehensive range of financial products and services to corporate, institutional, and individual clients throughout Asia. Backed by KGI Financial Group, we have a robust footprint in Asia, covering Taiwan, Hong Kong, Singapore, Indonesia, and Thailand^.

*KGI refers to KGI Asia Limited and its affiliates.
^an investee enterprise of KGI Securities, not a subsidiary.