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China’s market watchdog has ordered the removal of co-located trading servers from exchange data centres, a step that strikes at the core of high-frequency trading strategies by stripping away microsecond advantages and reshaping how orders reach the market.

The directive, conveyed to brokerages and proprietary trading firms over the past week, requires firms to relocate servers that sit inside or adjacent to exchange facilities, a practice that has allowed algorithmic traders to exploit ultra-low latency connections. By mandating physical separation, regulators aim to level access speeds across participants and curb behaviour blamed for sharp intraday swings.

Officials at the China Securities Regulatory Commission have framed the move as part of a broader effort to restore fairness and stability at a time when volatility has tested investor confidence. Exchanges have begun coordinating timelines with members, while technology vendors assess the operational impact of migrating equipment and reconfiguring networks.

At the heart of the change is co-location, a service long offered by major venues such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange. By placing servers in the same buildings as matching engines, firms could shave milliseconds off order transmission, a decisive edge for strategies that depend on speed. The new rule eliminates that edge by forcing all traders to connect from outside facilities, effectively compressing the speed differential.

Market participants say the immediate effect will be uneven. Firms that rely heavily on latency-sensitive strategies face higher costs and potential revenue declines, while asset managers and retail-focused brokers expect fewer instances of sudden price dislocations triggered by rapid-fire trades. Some proprietary desks have already paused certain algorithms as engineers test alternative connectivity routes.

Regulators’ concerns extend beyond fairness. Officials have grown wary of feedback loops in which automated strategies amplify short-term moves, especially during thin liquidity. Episodes of abrupt swings in small- and mid-cap shares have sharpened scrutiny of trading practices that can overwhelm order books in fractions of a second. By slowing the fastest participants, authorities believe markets will better reflect underlying supply and demand.

The measure also aligns with a wider tightening of oversight on quantitative trading. Over the past year, exchanges have refined monitoring of order-to-trade ratios, imposed stricter reporting on algorithmic strategies, and increased penalties for disruptive behaviour. Server removal adds a structural constraint that complements those rules, shifting the emphasis from after-the-fact enforcement to preventative design.

Technology providers are bracing for a wave of changes. Data centre operators linked to exchanges will see reduced demand for premium co-location services, while telecom firms may benefit as traders invest in faster external links to mitigate latency losses. Network optimisation, time-synchronisation tools and smarter order-routing software are expected to attract investment as firms adapt.

There are risks of short-term disruption. Moving servers involves downtime, testing and regulatory approvals, raising the possibility of temporary liquidity dips in certain instruments. Exchanges have signalled flexibility on implementation schedules to avoid disorderly conditions, though the direction of policy is clear. Compliance teams are urging firms to prioritise stability over speed during the transition.

Internationally, the decision is being watched closely. Other jurisdictions have grappled with the balance between innovation and fairness, with mixed approaches ranging from speed bumps to transaction taxes. China’s choice to remove co-location altogether is among the most decisive interventions to date and could influence debates elsewhere, particularly in markets where retail participation is high.

Accelerated overseas strategy as an integral part of brand transformation

HONG KONG/BANGKOK – EQS Newswire – 16 January 2026 – Chow Tai Fook Jewellery Group Limited (“Chow Tai Fook Jewellery Group”, the “Group” or the “Company”; SEHK stock code: 1929), the global Chinese luxury group built on a nearly-century old legacy of trust and innovation, announces the opening of a key strategic store in Bangkok, Thailand, within the iconic Siam Paragon, as well as the appointment of acclaimed Chinese actor Yang Yang as its Global Brand Ambassador. These initiatives mark significant milestones in the Group’s brand transformation journey as it redefines global luxury through Chinese craftmanship and artistry.

The Group, which operates over 5,000 stores globally with a market capitalisation of approximately HK$122 billion, equivalent to US$16 billion, (as of 31 December 2025), is strengthening its presence in luxury destinations across international markets as part of its brand transformation. The new store at a Southeast Asian luxury retail landmark showcases Chow Tai Fook Jewellery’s blend of modern sophistication with the richness imbued by cultural heritage.

In addition, the appointment of Global Brand Ambassador Yang Yang reflects the commitment to engaging new audiences and deepening emotional resonance with overseas consumers. Yang Yang, a renowned globally recognised Chinese actor, is set to strengthen the brand’s presence in key international markets, positioning it as a modern, elegant embodiment of Chinese luxury on the world stage.

A New Expression of Heritage and Modern Luxury

The new Siam Paragon store features the brand’s iconic “Chow Tai Fook Timeless Red” throughout. The space celebrates the beauty of Chinese craftsmanship and artistry with the use of refined materials and thoughtful lighting that create a warm, gallery-like ambience. To build connections and emotional resonance, the Group is introducing a selection of Thai-exclusive pieces that honour local culture.

“As we advance our dynamic brand transformation journey, curating exceptional retail experiences in international markets is pivotal in Chow Tai Fook Jewellery’s overseas expansion strategy. This expansion is part of our ambition to establish Chow Tai Fook Jewellery as a leading force in global luxury, while reinforcing our legacy of innovation, excellence, and cultural resonance,” said Ms Sonia Cheng, Vice-chairman of Chow Tai Fook Jewellery Group.

She further remarked: “Another key aspect of our strategic vision is the appointment of Yang Yang as our Global Brand Ambassador. Through this alliance, we will cultivate a refined and contemporary identity for a Chinese luxury brand on the world stage.”

Accelerating Global Reach to Redefine Luxury Across Borders

Chow Tai Fook Jewellery’s international business expansion is guided by a two-pronged approach: revitalising key existing markets and expanding into high-potential new territories for sustainable growth. With around 60 points of sales across international markets in 1HFY2026 (April to September 2025), the Group’s retail sales in Other Markets segment (including China duty-free) grew nearly 17% year-on-year.

The opening of the Siam Paragon store follows the debut of the Group’s first newly designed store in Southeast Asia, which opened at Singapore Changi Airport in November 2025. Building on this momentum, Chow Tai Fook Jewellery is set to further expand its international retail network, with plans to open its first store in Australia and an additional store in Canada by the end of June 2026. The Group also intends to expand into the Middle East market within two years.

Redefining Global Luxury Through Chinese Artistry

In celebration of its 95^th anniversary, the Group embarked on a brand transformation journey in 2024 to redefine global luxury. By blending heritage with contemporary iconic designs, the Group showcases the beauty of China to the world through exquisite jewellery that honours tradition while embracing modern elegance. ​

Chow Tai Fook Jewellery is the first Chinese jewellery brand to appoint a Creative Director with international perspectives and exposure, underscoring its commitment to innovative design and narrative-driven branding. Led by Creative Director of High Jewellery, Nicholas Lieou, the Group introduced its signature collections, including the CTF Rouge and CTF Joie Collections.

Hashtag: #ChowTaiFook

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

By Ashok Nilakantan Ayers When India’s finance minister Ms Nirmala Sitharaman rises to present the 7th Union Budget on February 1, a record of sorts, the moment will carry an uncommon weight. This is no routine fiscal exercise, no mere balancing of columns and commas. Instead, the budget is being cast — by industry leaders, […]

The article 2026-27 Budget Offers Modi Govt A Great Opportunity To Reshape Strategy 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/

Conceived as a structuring activation, Heirs of Greatness Day is part of the deployment of a strategic platform combining vision, method, and action. The initiative aims to position CCIs as levers for sustainable development, cultural sovereignty, and African soft power.

Held in a continental context marked by the Africa Cup of Nations and heightened international attention on the continent, the event affirms Casablanca as a symbolic crossroads where creation, transmission, and global projection converge.

At the heart of this activation is The Sovereign Code, the foundational methodology developed by ORUN, structured around three complementary pillars: Memory, Structure, and Transmission. Serving as a true reference framework, The Sovereign Code informs all ORUN programs and seeks to transform African cultural heritage into sustainable value-creation systems that are measurable and enduring.

Heirs of Greatness Day gives concrete expression to this methodology by highlighting the seven Houses of Art: Weaving, Foundry, Crochet, Tannery, Dyeing, Ceramics, and Tailoring. Designed as spaces for transmission, experimentation, and structuring, these Houses bring together master artisans, designers, and partners around a shared ambition: to create a dialogue between ancestral know-how and contemporary standards of creativity, quality, and responsibility.

On this occasion, Roméo Moukagny (Gabon, Senegal), Kader Diaby (Ivory Coast), Anil Padia (Kenya), Jennifer Mulli (Kenya), Henri Philippe Maidou (Central African Republic), Sonia Ahmimou (Morocco, France), and Lucette Holland (Senegal, France) presented works and approaches embodying a rigorous vision of African creation, deeply rooted in local territories while fully oriented toward the international stage.

The day’s program was designed as an immersive and narrative experience, blending institutional sequences, artistic installations, editorial exchanges, and symbolic moments. The evening featured the presence of Her Majesty Queen Temitope Morenike Enitan-Ogunwusi, Queen of the Yoruba People in Nigeria; Olivia Yacé, Miss Ivory Coast, Miss World Africa 2022, 2nd Runner-up Miss World 2022 and Miss Universe nominee; as well as singer Singuila, all coming together to celebrate greatness and exemplify the dialogue between cultural heritage, contemporary creation, and international influence..

The Sovereign Code – Build to outlast time

This cultural showcase reflects ORUN’s commitment to anchoring Heirs of Greatness Day in a continuity that goes beyond a single event. It was also the occasion for ORUN to receive ISO 20121 certification, attesting to its commitment to responsible and sustainable event management aligned with international standards.

This sustainability policy aligns with ORUN’s mission, The Sovereign Code (Memory, Structure, Transmission), and the core values guiding its action: Transmission, Responsibility, Inclusion and Equity, Excellence and Rigor, Local Anchoring and Lasting Impact, Integrity and Transparency. These principles structure all of ORUN’s commitments and its relationships with partners and stakeholders.

The initiative also benefited from significant diplomatic and institutional support, highlighting the growing recognition of cultural and creative industries as strategic sectors in Africa’s development trajectories. The presence of personalities from cultural, institutional, and international spheres reinforces the symbolic reach and credibility of this first edition.

Finally, Heirs of Greatness Day is part of an ambitious trajectory led by ORUN toward 2025-2030: structuring cultural sectors, building the capacities of designers and artisans, creating skilled employment, developing local value chains, and promoting African talent on the global stage.

This first edition thus marks the starting point of a movement set to establish a lasting presence in the continent’s cultural and economic ecosystem.

Distributed by APO Group on behalf of ORUN, part of African Currency Network (ACN).

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Caption: ORUN ART HOUSES Crochet

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Caption: ORUN ART HOUSES (1)

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Caption: ORUN ART HOUSES (2)

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Caption: ORUN ART HOUSES (3)

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Caption: ORUN ART HOUSES – Weaving

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Caption: ORUN ART HOUSES – Ceramics

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Caption: ORUN ART HOUSE- Couture

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Caption: Olivia Yacé, Miss Cote d’Ivoire & Habyba Thiero, Founder CEO of Orun

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Caption: Olivia Yacé, Miss Cote d’Ivoire – Her Regal Majesty Olori Temitope Enitan-Ogunwusi, the Queen (Olori) of the Yoruba kingdom of Ife in Nigeria – SINGUILA, Singer

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Caption: Massamba, the renowned Rwandan singer, accompanied by his group Hoba Massamba

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Caption: Her Regal Majesty Olori Temitope Enitan-Ogunwusi, the Queen (Olori) of the Yoruba kingdom of Ife in Nigeria & Habyba Thiero, Founder of Orun (1)

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Caption: Her Regal Majesty Olori Temitope Enitan-Ogunwusi, the Queen (Olori) of the Yoruba kingdom of Ife in Nigeria & Habyba Thiero, Founder of Orun (2)

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Caption: Her Regal Majesty Olori Temitope Enitan-Ogunwusi, the Queen (Olori) of the Yoruba kingdom of Ife in Nigeria & Habyba Thiero, Founder of Orun (3)

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Caption: Her Regal Majesty Olori Temitope Enitan-Ogunwusi, the Queen (Olori) of the Yoruba kingdom of Ife in Nigeria

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Hashtag: #HeirsOfGreatness #HeirsOfGreatnessDay #BuildToOutlastTime #ORUN

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

About ORUN:

Backed by African Currency Network (ACN) and a member of the Kigali International Financial Centre, ORUN is a Pan-African organization dedicated to structuring cultural and creative industries (CCI) as levers for sustainable development, cultural sovereignty, and soft power for the African continent.

As a true strategic tool serving African economies, ORUN is engaged in transforming territories by showcasing the continent’s talent and know-how. At the crossroads of creation, design, craftsmanship, and transmission, ORUN converts African professions, stories, and talents into sustainable cultural, economic, and symbolic assets capable of generating local value while engaging with strategic partners and international platforms.

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

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

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

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

Hashtag: #Xtep

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National Stock Exchange of India has set its sights on filing draft initial public offering documents by the end of March, signalling a decisive step towards a long-anticipated market listing after years of regulatory uncertainty and governance resets.

People familiar with the matter say preparatory work is advancing, with internal approvals and compliance checks being aligned to meet the timeline. The exchange, which dominates equity and derivatives trading in the country, has been seeking to revive its listing plans after earlier attempts were stalled by regulatory scrutiny and leadership changes.

The move hinges on the receipt of a no-objection certificate from the market regulator, Securities and Exchange Board of India, which would clear the way for formal appointments of investment bankers and legal advisers. Those appointments are expected to follow swiftly once regulatory clearance is in hand, allowing the exchange to progress towards a draft red herring prospectus.

A potential filing by the end of March would place the exchange on track for a listing later in the financial year, subject to market conditions and regulatory review. Such a timeline would mark a turning point for the bourse, which has remained unlisted despite being among the world’s largest exchanges by trading volumes.

The exchange’s renewed push comes after a period of structural and governance reforms aimed at addressing issues that emerged earlier in the decade. These included concerns around preferential access to trading systems and lapses in oversight, which led to enforcement actions and delayed the listing roadmap. Since then, the exchange has reconstituted its board, strengthened compliance frameworks, and worked to restore regulatory confidence.

Market participants view the IPO as a significant milestone for capital markets, offering investors exposure to a cash-generative infrastructure asset with a dominant market position. The exchange commands a substantial share of equity derivatives trading globally and has expanded its product offerings across equities, indices, commodities, and data services.

Financial performance has also supported renewed listing ambitions. The exchange has reported steady growth in revenues driven by trading fees, clearing and settlement income, and technology-related services. Operating margins have remained robust, reflecting the scale advantages of its platform and relatively low incremental costs as volumes rise.

Valuation expectations, while not formally disclosed, have been the subject of market discussion for several years. Unofficial estimates have ranged widely depending on assumptions around growth, regulatory constraints, and competitive dynamics. A formal IPO filing would provide the first detailed, regulator-reviewed snapshot of the exchange’s finances, risks, and strategic priorities.

The listing process is expected to draw intense scrutiny from the regulator, given the exchange’s systemic importance and its history. Any draft filing will need to address past issues comprehensively, outline governance safeguards, and demonstrate sustained compliance with regulatory norms. Observers expect the regulator to take a cautious but structured approach, balancing investor protection with the broader objective of deepening capital markets.

For investors, the exchange’s ownership structure adds another layer of interest. Several domestic and global financial institutions hold stakes, some of which have been illiquid for years due to the absence of a public market. An IPO would offer a potential exit route and price discovery mechanism for these shareholders, while also broadening public participation in a key piece of market infrastructure.

Competition in the exchange space has intensified, particularly in derivatives and technology-driven trading solutions. Rival platforms have sought to chip away at market share through pricing, product innovation, and regulatory appeals. Even so, the exchange’s network effects, liquidity depth, and brand recognition continue to underpin its leading position.

Analysts note that the timing of an IPO will also be influenced by broader market conditions. Equity markets have shown periods of volatility, and new listings have faced varying levels of investor appetite. A filing by March-end would allow flexibility to choose a launch window that aligns with sentiment and valuations.

GEM SRILANKA is organized by the Ceylon Gem and Jewellery Traders Association (CGJTA).It has over 2,000 members covering key gem-producing regions in Sri Lanka, including Beruwala, Ratnapura, and Galle, providing a professional platform for gemstone industry professionals worldwide to network, collaborate, and explore the world of gemstones in depth.

The exhibition set new records in both scale and attendance

This edition of the exhibition featured a total of 150 booths, attracting a large number of local and international buyers. Mr. Sunil Handunnetti, Minister of Industry and Enterprise Development of Sri Lanka; Rizwan Naeem, Vice Chairman of CGJTA,Mr. Andrew Lucas, President of GUILD Gemology Education and active field gemologist, Ms Ruby Liu, President of GUILD Gem Laboratories, and other distinguished guests attended the event.

At the Gem Sri Lanka 2026 gemstone exhibition, exhibitors comprehensively showcased their professional expertise across all stages of the gemstone industry value chain. Covering key areas such as mining, cutting, polishing, and heat treatment, the exhibition was guided by the core values of integrity and transparency, ensuring consistently high professional standards throughout. At the same time, this edition presented an immersive experience showcasing the long and diverse history of Sri Lanka’s gemstone industry, with detailed introductions to the country’s renowned sapphires and star sapphires. A dedicated premium exhibition zone was also curated to highlight exceptional sapphires and high-end colored gemstone collections.

According to data from GUILD Gem Laboratories, the number of gemstone samples submitted during the exhibition reached a new record high, directly reflecting the strong activity of the Sri Lanka trading market and further indicating a recovery trend in the global gemstone market at the beginning of the year.”The colored gemstone market in 2025 continues to evolve in terms of supply chains and color preferences. Although the market faced numerous supply-side challenges in 2024, against the backdrop of current conditions in the diamond market and rising gold prices, colored gemstones still demonstrate strong potential to gain increased market share.”Andrew Lucas noted in the opening of the GUILD 2025 Colored Gemstone Market Report.

Sri Lanka — a world-renowned gemstone trading hub

Sri Lanka has a thriving and highly valuable trade in precious and semi-precious gemstones, earning international recognition for its high-quality gemstones as well as its exceptional cutting and finishing craftsmanship. The gemstones produced in Sri Lanka consistently meet—and often exceed—the highest industry standards.

The country has long occupied a pivotal position in the global gemstone industry, serving as an integrated global hub encompassing mining, cutting, treatment, and trade. Buyers from major markets such as Japan, India, and China continue to travel to Sri Lanka, where they can observe the entire colored gemstone supply chain. Supported by a deep-rooted gemstone culture, extensive expertise, and an innovative mindset, Sri Lanka has developed a keen understanding of global market dynamics.

In recent years, by combining rough gemstone sourcing from Africa, Madagascar, and Southeast Asia with its renowned local cutting craftsmanship, Sri Lanka has further strengthened its position in the global gemstone industry.

GUILD Made a Dual-Booth Appearance at Gem Sri Lanka

As an internationally recognized gemstone testing authority, GUILD has long been committed to the study of field gemology, collecting A-type reference samples from major mining regions around the world to provide global industry professionals with accurate, authoritative, and efficient testing services. Since the inception of the exhibition, GUILD has served as a Platinum Sponsor of Gem Sri Lanka for three consecutive editions. At this year’s event, GUILD made its first-ever dual-booth appearance, featuring both GUILD Gem Laboratories and GUILD Gemology Education.

At the GUILD Gem Laboratories booth, a team of senior gemologists from GUILD Beruwala offered 24–48 hour rapid testing services to exhibitors and buyers, covering gemstone identification, treatment detection, and related services, providing reliable support for global gemstone trading and procurement. During the exhibition, the 2025 GUILD Colored Gemstone Market Report was also launched in limited quantities, serving as an important reference for industry trends and market direction.

Making its debut, the GUILD Gemology Education booth focused on the knowledge needs of professionals from both domestic and international markets, comprehensively presenting GUILD’s education and training programs as well as its overseas study tours. The booth showcased the English editions of Journey of Gems, professional color charts, and the combined volume of Microscopic Wonders: A Gemstone Inclusion Atlas, all of which were warmly received by industry professionals from around the world.

Focusing on a global perspective, driving the advancement of industry development

GUILD will continue to deepen its presence in the international gemstone market, leveraging its professional expertise to support the transparency and standardization of the global gemstone industry. Working together with industry peers, GUILD aims to explore new possibilities in source-origin trade and looks forward to even more highlights at the next edition of Gem Sri Lanka.

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