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Signing of strategic collaboration agreement deepens collaboration on PCIM Asia Shanghai, opening international opportunities for microelectronics companies

HONG KONG SAR – Media OutReach Newswire – 19 October 2026 – From efficient power supply for artificial intelligence (AI) data centres to precision control in smart robotics, power electronics is enabling the next wave of industrial innovation. Hong Kong Science and Technology Parks Corporation (HKSTP) and PCM Asia Shanghai signed a strategic collaboration agreement at Hong Kong Science Park to strengthen their collaboration on PCIM Asia Shanghai, Asia’s premier exhibition for power electronics exhibition.

Together, the two organisations also co-hosted the “Power Electronics Innovation Across Asia” seminar, bringing together international technology companies, academics from local universities, innovators and investors to explore advances in power electronics and power semiconductors, as well as trends and opportunities shaping Asia’s industrial future.

Deepening Cross-Boundary Collaboration to Expand International Market Access

The partnership aims to extend professional exchange into sustained collaboration across the innovation and technology (I&T) ecosystem. By combining the corporate networks, industry platforms, and regional strengths of HKSTP and PCIM Asia Shanghai, the partnership will foster knowledge exchange and industry collaboration across power electronics, semiconductors, electrification and renewable energy.

Through annual cross-boundary exchange activities, coordination meetings, and showcasing opportunities for start-ups, innovative solutions and ecosystem participants, the two parties plan to raise the international profile of emerging technologies and ventures, and help companies to build vital market connections.

The collaboration will also strengthen Hong Kong’s role as a hub for strategic partnerships and bring together international research institutions, integrated circuit (IC) design houses, technology developers and investors, while providing access to the manufacturing capabilities in the Greater Bay Area (GBA) and the Chinese Mainland, driving technologies from R&D, device design and prototyping, and pilot production to market adoption.

Mr Terry Wong, Chief Executive Officer of HKSTP, said: “We are entering an era where AI is ubiquitous, embedded in vehicles, factories, power grids, communications networks and smart devices. None of these systems can function without efficient power conversion, power control and power management. That is why power electronics is becoming one of the most important enabling technologies of the next industrial era. With Hong Kong’s strengths in design-led electronics and the manufacturing capabilities of the Greater Bay Area, HKSTP provides an end-to-end pathway from research and prototyping to pilot production, manufacturing and market adoption. Through our partnership with Messe Frankfurt on PCIM Asia, we can help innovators raise their international profile, connect with new partners and expand into global markets. Together, we aim to build Hong Kong into a leading centre for research, design and system integration in power semiconductors, and strengthen its role as a regional gateway for global power microelectronics collaboration.”

Mr. Richard Li, Executive Director of Messe Frankfurt (HK) Ltd cum Chairperson of the Board of Management, Guangzhou Guangya Messe Frankfurt Co Ltd, said, ‘With 25 years of history, the PCIM Asia series of events has consistently brought together power electronics companies, engineers, and researchers from Asia and around the world. After having held in Shanghai and Shenzhen, PCIM Asia has built a professional exchange platform focusing on power semiconductors, intelligent motion control, renewable energy, and energy management. Meanwhile, Hong Kong possesses outstanding R&D capabilities and global business network, backed by the robust manufacturing base of the Guangdong-Hong Kong-Macao Greater Bay Area. HKSTP has attracted over 300 micro-e companies and has been equipped with comprehensive infrastructure for R&D, prototyping and pilot production. Leveraging Messe Frankfurt’s global exhibition resources as well as the local industrial ecosystem of HKSTP, this strategic collaboration aims to connect Hong Kong’s research capabilities with the Asian power electronics industry. It will elevate the industry exposure of the city’s innovative technologies, and promote long-term sustainable partnerships among industry partners in the Chinese mainland, Hong Kong, and the world”

Connecting Research with Industry Needs in AI and Advanced Energy Applications

The event attracted representatives from industry, academia and the wider I&T ecosystem. Through keynote presentations, expert discussions, technology demonstrations, company pitches and talent networking session, the event explored opportunities to bring power electronics innovations to market.

Experts from international technology leaders, including Mitsubishi Electric, Infineon Technologies, Bosch, STMicroelectronics, Murata, SMC and Vtech, as well as scholars from four local universities discussed AI data centre power supply, smart robotics and advanced energy applications. Discussions focused on translating power semiconductor and intelligent control technologies into integrated, market-ready solutions.

On-site showcases featured gallium nitride (GaN) motor drives, silicon carbide (SiC) chips and power modules, and advanced packaging solutions for AI data centres, intelligent robots and energy systems. The exhibits highlighted how microelectronics can improve energy efficiency and support emerging industries, while creating opportunities for researchers, technology companies and industry partners to collaborate.

Strengthening the Pathway from Research to Pilot Production

HKSTP is home to more than 300 microelectronics companies. Its facilities—including the Hardware Lab, Sensor Packaging and Integration Lab, Heterogeneous Integration Lab and Pilot-Scale Manufacturing Lab—support companies across design, prototyping, and trial production.

Located at the Microelectronics Centre in Yuen Long InnoPark within the Northern Metropolis, the Hong Kong Microelectronics Research and Development Institute (MRDI) supports semiconductor product development and trial production through its pilot lines, helping accelerate the translation of research into practical applications.

HKSTP is also advancing the Microelectronics Centre expansion project (MECX), which will provide approximately 7,500 square metres of additional floor space to attract and support companies across the semiconductor value chain, fostering industry clustering and collaboration.

Hashtag: #HKSTP #PCM

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Vishnu Vardhan Reddy, Consul General of India in Dubai and the Northern Emirates, said innovation, renewable energy, defence and space technology could contribute to the next phase of economic expansion. He was addressing the Innovators and Investors Series organised by the Indian People’s Forum on October 16.

The proposal comes as both governments pursue a target of $200 billion in bilateral trade by 2032. Trade reached $101.25 billion during India’s 2025-26 financial year, exceeding $100 billion for a second consecutive year, according to official figures.

Reddy urged businesses and investors to establish partnerships capable of taking emerging enterprises into international markets. Investment in technology businesses, he argued, could create additional commercial activity while linking the UAE’s capital providers with enterprises developing products and services in India.

His remarks were an assessment, not a new government commitment or forecast backed by contracts. Achieving the target would require substantial expansion across multiple sectors, including those already accounting for the largest share of bilateral commerce. The $200 billion figure is a bilateral merchandise trade ambition, not a valuation of technology investments or start-up fundraising.

India’s exports to the UAE totalled approximately $37.36 billion in 2025-26, while imports were about $63.89 billion. The UAE remained India’s third-largest trading partner and second-largest export destination. India was the UAE’s second-largest trading partner, according to diplomatic trade data.

The technology emphasis follows a September meeting of the UAE-India High Level Joint Task Force on Investments, where officials agreed to advance work on local-currency settlement, payment-system integration and central-bank digital currencies. Those initiatives are intended to make financial transactions and cross-border commerce more efficient. Officials also discussed cooperation in financial infrastructure, an area where payment interoperability could lower friction for businesses operating in both markets.

The task force also examined investment proposals involving manufacturing, food processing and logistics. Projects discussed included an integrated aluminium complex proposed for Odisha, a food park in Gujarat and opportunities for aviation and logistics development at Dholera.

At the Dubai forum, speakers called for greater participation by UAE investors in start-ups seeking financing, commercial partnerships and access to international customers. The gathering connected entrepreneurs with businesses and potential financial backers.

Two enterprises, JE Plus Healthcare and University Living, presented their business models. JE Plus Healthcare focuses on distribution and logistics for healthcare products, while University Living provides accommodation services for students studying away from home. Both were seeking investment to expand their operations. Their presentations illustrated the range of businesses seeking support, from physical supply chains to digital services for international customers.

Actor and investor Vivek Oberoi told participants that unsuccessful investments were part of entrepreneurship and that investors needed to recognise the lessons associated with business failures. He said he had invested in 35 companies, with mixed results across his portfolio.

Jitendra Vaidya, national president of the Indian People’s Forum, said stronger two-way investment could support commercial ties between the countries. The organisation’s business representatives encouraged investors to examine opportunities in technology, artificial intelligence, machine learning and robotics.

Mahesh Advani, convenor of the forum’s business council, urged UAE investors to consider start-up financing. Piyush Jhunjhunwala, co-convenor of its business and professional council, identified technology-led businesses as a potential destination for private capital.

Figures circulated at the event described a substantial start-up and venture investment ecosystem in India, including companies operating in financial services and advanced technology. However, the figures covered different categories of businesses and financing activity, making direct comparisons difficult without consistent definitions and reporting periods.

The bilateral trade framework rests on the Comprehensive Economic Partnership Agreement, which entered into force in May 2022. It reduced trade barriers across numerous product categories and provided a platform for wider business cooperation. Trade volumes nevertheless remain sensitive to energy prices, demand conditions and changes in the composition of imports and exports.

Government initiatives now include Bharat Mart, intended to support access to markets, and a Virtual Trade Corridor designed to simplify trade processes. Both form part of efforts to improve the movement of goods and information between the two economies.

The Dubai forum was organised by the Indian People’s Forum, a community organisation that also conducts business and professional networking activities in the UAE.

The proposed arrangement would require unanimous approval from participating lenders and could facilitate a rights issue intended to strengthen the heavily indebted company’s finances, according to people familiar with the private negotiations.

New World is considering repaying approximately 10% of the loan principal as part of the extension, with a target of completing the arrangement before January. That would represent roughly HK$8.8 billion in repayments, although the proposed terms remain subject to negotiations.

Discussions are at an early stage, and the conditions could change before any agreement is reached. There is no certainty that the banks will approve the extension or that the company will proceed with a subsequent equity fundraising.

The negotiations follow months of efforts by the Cheng family, New World’s controlling shareholder, to develop a financial support package for the property group. A potential rights issue or share placement could be announced as early as November, provided the necessary arrangements are finalised.

A rights issue would allow existing shareholders to purchase additional shares, usually in proportion to their holdings. Such a transaction could provide fresh capital without immediately increasing the company’s borrowing, although shareholders declining to participate would face dilution.

The proposed loan extension concerns financing arranged in 2025 through one of Hong Kong’s largest corporate refinancing transactions. That agreement followed prolonged negotiations with creditors as New World sought to avert a potential default and manage substantial repayment obligations.

Under the earlier restructuring, lenders agreed to extend the maturity of approximately HK$63.4 billion in borrowings originally due in 2025 and 2026 by three years. Loans maturing from 2027 onwards retained their original repayment dates, subject to additional credit protection and collateral requirements.

A further two-year extension would give the developer additional time to manage repayments while pursuing equity financing and asset disposals. The precise maturity schedule and interest terms of any revised arrangement have not been publicly established.

New World’s latest financial disclosures underline the importance of securing lender support. Total debt stood at approximately HK$143.3 billion at the end of June 2026, down HK$2.7 billion from the previous financial year.

Net debt nevertheless increased by HK$6.2 billion to HK$126.3 billion, while the company’s net gearing ratio rose to 68.3% from 58.1%. The figures indicate that its balance sheet remains under pressure despite efforts to reduce gross borrowings.

The group reported approximately HK$17 billion in cash and bank balances and HK$15.8 billion in undrawn banking facilities at the financial year-end, giving it total capital resources of about HK$33 billion.

Those resources provide liquidity for operations and financial commitments, but they are considerably smaller than the outstanding debt burden. Access to banking facilities also remains subject to their contractual conditions.

New World’s annual revenue declined to approximately HK$20 billion from HK$27.7 billion a year earlier. However, core operating profit increased to HK$7.7 billion from approximately HK$6 billion, reflecting an improvement in underlying operating performance.

The company reported HK$2.23 billion in net profit from recurring operations, compared with a HK$1.23 billion loss in the preceding year. Gross financing costs fell 15% to HK$6.3 billion.

Its board decided against paying a final dividend for the financial year ended June 30, preserving resources as management continued its financial restructuring programme.

Alongside discussions with banks, New World has pursued exchanges of outstanding securities to lengthen its repayment profile. On October 14, the company indicated that it expected to issue approximately $189.1 million in new secured notes maturing in 2032 following the early results of a debt exchange offer.

The developer has also been restructuring property commitments. At the end of September, it announced arrangements to surrender its operating rights for the 11 SKIES commercial development near Hong Kong International Airport.

The agreement involves a HK$2.3 billion termination payment to the Airport Authority and additional works and services obligations, with the latter subject to a specified cost ceiling.

For the financial year ended June, New World recorded approximately HK$29.6 billion in attributable contracted sales from property developments and asset disposals. Hong Kong accounted for approximately HK$22.1 billion, with mainland China contributing the remaining sales.

The company also reduced capital expenditure by 6% to HK$11.8 billion during the financial year.

The meeting brought together the Supreme Council Member and the visiting minister as both countries seek to expand commercial partnerships, investment opportunities and diplomatic engagement. Discussions also covered bilateral relations and developments affecting the Gulf region.

Jaishankar described the meeting as an opportunity to exchange views on strengthening relations between the two countries and expanding engagement across the region. He acknowledged Sheikh Saud’s perspectives on bilateral cooperation and confirmed that the situation in the Gulf featured in their discussions.

The talks took place during the final day of Jaishankar’s three-day official visit to the UAE, which began on October 14. The visit was intended to review progress under the Comprehensive Strategic Partnership and identify opportunities for further cooperation across economic and diplomatic sectors.

Neither side announced a new investment agreement, trade target or commercial project following Friday’s meeting. The discussions nevertheless provided another channel for engagement between India’s government and the leadership of individual UAE emirates, alongside established federal diplomatic arrangements.

Economic cooperation remains central to relations between the two countries. Their Comprehensive Economic Partnership Agreement, which entered into force in May 2022, provides preferential market access for eligible goods and establishes mechanisms to facilitate trade and investment.

The agreement has supported efforts to diversify commercial exchanges beyond traditional energy transactions, with businesses exploring opportunities in manufacturing, logistics, infrastructure, technology and services. Its implementation also provides a framework for addressing commercial barriers and encouraging greater participation by companies operating in both markets.

Ras Al Khaimah has pursued investment partnerships involving manufacturing, industrial production, construction materials and logistics. Its industrial infrastructure and connections to regional shipping networks provide opportunities for businesses seeking production facilities and access to markets across the Gulf.

The emirate’s commercial engagement with India was also discussed during a July meeting between Sheikh Saud and India’s Ambassador to the UAE, Deepak Mittal, who was accompanied by business representatives.

That meeting examined opportunities for cooperation across several sectors and ways to utilise Ras Al Khaimah’s economic advantages. The discussions reflected continuing engagement between the emirate’s leadership and businesses interested in developing commercial operations within its jurisdiction.

Friday’s meeting followed talks on Wednesday between Jaishankar and UAE Deputy Prime Minister and Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi.

The two ministers reviewed cooperation under the Comprehensive Strategic Partnership and Comprehensive Economic Partnership, with particular attention to trade, investment and economic development. They also exchanged views on international issues and developments affecting regional stability.

Sheikh Abdullah reaffirmed the UAE’s commitment to strengthening bilateral relations and identifying opportunities that support the development priorities of both countries. Their discussions covered existing cooperation and possibilities for expanding engagement in sectors considered important to their respective economies.

The diplomatic exchanges come as governments and businesses assess the implications of uncertainty across the Gulf for investment, shipping and energy supplies. Regional stability remains an important consideration for commercial activity involving the UAE and India, particularly given their extensive trade and transport connections.

Jaishankar also participated in the Raisina Middle East Dialogue in Abu Dhabi on Thursday, joining discussions about international connectivity, strategic partnerships and the changing economic geography of global trade.

Speaking during a session examining continental corridors, he highlighted growing competition, emerging transport constraints and the importance of building reliable partnerships. His remarks addressed the challenges facing countries seeking secure commercial connections amid shifting geopolitical and economic conditions.

The dialogue, held on October 14 and 15, brought together participants to examine regional and international developments, including connectivity initiatives and cooperation between governments.

India’s relationship with the UAE also encompasses energy supplies, defence cooperation and investment, alongside extensive people-to-people connections. These established links provide an additional foundation for discussions involving the federal government and individual emirates.

The Embassy of India in Abu Dhabi estimated that approximately 4.3 million nationals from India were living in the UAE in 2024, representing roughly 35 per cent of the country’s population.

Ras Al Khaimah’s geographical position near the Strait of Hormuz adds a regional dimension to discussions about trade and connectivity. The emirate borders Oman and maintains industrial and maritime facilities serving businesses involved in manufacturing, construction materials and international commerce.

Japan’s foreign ministry confirmed on Thursday that the initial project would cost approximately $10 billion, with construction scheduled to begin before the end of 2026. Expansion of production facilities could eventually raise the total investment to about $21 billion, although the second factory remains conditional.

The agreement forms part of a $550 billion Japanese investment commitment negotiated with President Donald Trump’s administration in 2025, alongside a reduction in American tariffs on Japanese vehicles and other imports to 15 per cent.

GlobalFoundries said the first manufacturing plant at its existing Malta campus would begin production in 2029. An additional investment of approximately $10 billion would finance a second facility, with a decision on that expansion expected before the end of 2028.

Japan will supply the investment capital, while GlobalFoundries will provide manufacturing technology, technical expertise and operational management. The factories will be jointly owned by American and Japanese interests under an arrangement intended to expand semiconductor output without requiring the company to finance construction itself.

The first plant is expected to produce approximately 900,000 silicon wafers measuring 300 millimetres annually when fully operational. A second plant would add comparable capacity, substantially increasing the company’s manufacturing footprint in upstate New York.

GlobalFoundries estimates that the initiative will support approximately 27,000 construction and associated supply-chain jobs, alongside more than 1,000 skilled manufacturing positions in New York’s Capital Region. Those figures are projections rather than employment already created.

The US Commerce Department will separately receive an equity interest of approximately four per cent in GlobalFoundries. Chief executive Tim Breen said the transaction would raise the government’s overall holding to about seven per cent. The company is majority owned by Abu Dhabi’s Mubadala Investment Company.

GlobalFoundries shares advanced after the announcement, reflecting investor interest in an expansion model that could increase manufacturing capacity while limiting construction expenditure.

The ownership arrangements distinguish the investment from conventional private-sector semiconductor expansion. Japanese financing will underpin the factories, while the American government will gain a larger financial interest in the operator and participate in the broader manufacturing initiative.

GlobalFoundries also agreed with the Commerce Department to revise an existing award under the CHIPS and Science Act, reallocating $955 million towards investments in silicon photonics, silicon-germanium technology and advanced packaging at facilities in Malta and Burlington, Vermont.

These technologies are used in communications systems and data centres, where manufacturers are seeking faster connections and more efficient processing of large volumes of information. The separate funding revision does not represent an additional Japanese commitment to the two factories.

Japan’s foreign ministry described the New York project as the first semiconductor investment under the bilateral Strategic Investment Initiative announced in September 2025. It said the initiative was intended to strengthen supplies of mature-node chips used in automobiles, industrial machinery, smartphones and artificial intelligence data centres.

Although attention has focused heavily on advanced processors for artificial intelligence, mature-node semiconductors remain essential components in vehicles, industrial equipment and connected devices. Their availability is important to manufacturers seeking more geographically diversified supply chains.

The first facility will be built at an established semiconductor manufacturing location, allowing the investment to draw on existing industrial infrastructure and a local workforce. However, the announced timetable does not mean projected production capacity will be available immediately when operations begin.

Breen said GlobalFoundries had been chosen because large fabrication projects required manufacturing expertise and operational capabilities alongside financing. US Commerce Secretary Howard Lutnick welcomed the investment as a contribution to domestic manufacturing and employment.

The Japanese government expects the project to create commercial opportunities for its semiconductor equipment and materials suppliers. Tokyo Electron and SCREEN Holdings have expressed interest in supplying manufacturing equipment, while Tokyo Ohka Kogyo has indicated interest in materials and components.

Renesas Electronics, a major Japanese chipmaker supplying automotive and industrial customers, has expressed interest in purchasing output from the proposed facilities. Its participation could provide an important customer relationship as production plans advance.

Japan’s foreign ministry also identified smaller suppliers, including Fujikin and Kusakawa Seiki, as potential participants in the equipment and materials supply chain. Their involvement remains prospective, rather than a confirmed allocation of orders.

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The regulator on Tuesday imposed restrictions covering approximately HK$4.7 billion ($599 million) in assets held through 31 brokerages, while suspending trading in Sichuan Baicha Baidao Industrial Co over concerns that its share offering may have been rigged.

The enforcement action targets two suspected syndicates linked to three listings. Investigators are examining arrangements allegedly designed to create misleading impressions of investor demand and potentially divert proceeds from companies entering the stock market.

The SFC simultaneously issued detailed guidance identifying warning signs, including substantial loans to investors, undisclosed agreements, unusual last-minute subscriptions and concentrated share allocations involving parties connected to listing applicants.

Julia Leung, the commission’s chief executive officer, warned that financial intermediaries must challenge suspicious transactions rather than accept explanations that fail to withstand scrutiny.

The regulator said most market participants complied with applicable rules but stressed that misconduct by a minority could undermine confidence in Hong Kong’s capital markets.

The largest restriction concerns assets worth approximately HK$4.4 billion held through six brokerages and linked to suspected activities surrounding the listings of Baicha and Cloudbreak Pharma.

A separate restriction covers approximately HK$285 million associated with the listing of Tianju Dihe (Suzhou) Technology, involving accounts maintained through 29 brokerages.

Some brokerages received notices covering more than one investigation. The commission emphasised that the brokers themselves were not investigation targets and that restrictions did not affect their other clients.

Michael Duignan, the SFC’s executive director of enforcement, said the measures had significantly disrupted two suspected syndicates potentially involved in IPO manipulation.

The commission has not established criminal wrongdoing in the cases, and investigations remain under way.

Among the practices attracting scrutiny are substantial payments, loans or investments made by newly listed companies to investors or related parties shortly after prospectuses are finalised.

Such transactions can raise questions about whether investors genuinely committed their own capital or received financial support linked to their participation.

The regulator expects sponsoring banks to ensure that prospectuses disclose material financial developments and provide investors with complete, accurate information.

Another warning concerns investors whose subscription commitments appear connected to business cooperation, investment agreements or continuing commercial relationships with company executives.

Bankers have been instructed to investigate unusual orders and determine whether apparent independent investors have undisclosed relationships with issuers.

The commission also identified excessive involvement by listing applicants in selecting investors or directing share allocations as potentially suspicious.

Particular attention should be paid when allocations depart from agreed marketing strategies or favour investors who opened brokerage accounts shortly before an offering.

Large subscription orders submitted immediately before bookbuilding closes represent another warning, especially when their size appears inconsistent with an investor’s financial resources.

The watchdog highlighted arrangements involving derivatives or guaranteed returns that conceal the identities of investors ultimately benefiting from allocated shares.

Multiple accounts controlled by a single party can similarly disguise concentrated ownership and create an exaggerated impression of broad market participation.

Undisclosed commitments negotiated before an IPO are another concern, particularly where companies maintain offering sizes and timetables despite insufficient genuine investor demand.

The commission warned that questionable arrangements could extend beyond flotation dates into trading activities intended to support share prices, maintain market capitalisation or generate artificial turnover.

Such practices could involve concentrated holdings among designated investors and undisclosed understandings governing subsequent transactions.

The intervention comes during a strong year for Hong Kong fundraising, supported by listings from mainland Chinese technology companies, including businesses associated with artificial intelligence.

Regulatory concerns have also extended to the quality of listing applications. The SFC disclosed that 65 applications had been suspended during the first nine months of 2026 because of deficiencies in sponsors’ work.

Hong Kong authorities have been tightening scrutiny of disclosure standards and the resources investment banks devote to preparing flotation documents.

The shorter interval between IPO pricing and trading has added pressure on banks to verify investor identities and investigate questionable orders before allocations are completed.

The SFC nevertheless expects intermediaries to undertake reasonable verification procedures and reject subscriptions that fail regulatory requirements.

The commission has separately proposed stronger enforcement mechanisms targeting corporate misconduct, including additional measures addressing problematic listing transactions.

Baicha, whose trading was suspended on October 13, raised approximately $330 million through its April 2024 flotation. Its shares fell 27 per cent on their trading debut.