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Dr. Krithpaka Boonfueng, Executive Director of NIA, said that rapid advances in artificial intelligence, escalating geopolitical tensions across multiple regions, trade decoupling and reciprocal tariff measures that create uncertainty in the global economy and value chains, as well as environmental issues and natural disasters, were major forces shaping change in 2025. ‘Innovation’ remains a critical tool for coping with these disruptions and uncertainties.

Looking ahead to 2026, Thai entrepreneurs will need to continue closely monitoring and adapting to change. Key innovation trends present both opportunities and challenges, starting with technology trends that help reduce costs and build long-term competitiveness. Notable technologies include Agentic AI, which can autonomously perform tasks such as customer chat responses, sales closure, order management, queue booking, price comparison, and automated purchasing; Hyper-Automation, which integrates bots and systems to reduce repetitive tasks, improve efficiency and accuracy, and enable real-time data-driven decision-making; and Carbon Accounting, which is becoming essential for SMEs involved in exports or global supply chains. Businesses are increasingly required to measure carbon footprints across energy use, production, logistics, and waste, in response to stricter global regulations such as the EU’s CBAM and Thailand’s forthcoming Climate Change Act.

Business trends highlight growth opportunities across several sectors. These include Health and Wellness, covering not only treatment but also prevention and therapy, particularly for working-age populations facing stress, office syndrome, and sleep disorders. Opportunities span physical therapy clinics, aromatherapy and sleep-aid products, herbal supplements, wellness tourism, yoga, and meditation. Another fast-growing area is the Pet Economy, as the Thai pet market continues to expand despite economic headwinds. This sector now includes holistic and organic pet food, fresh pet meals, fashion apparel, multifunctional pet furniture, and premium services such as pet spas, hotels, and condominiums. Additionally, Green and Circular Businesses are gaining traction, with upcycling and recycling ventures transforming waste and local materials into higher-value products. Although costs may be higher, sustainability-driven products can command premium prices, creating opportunities for community-based SMEs through innovative design aligned with environmental and fashion trends.

Consumer trends reveal a shift toward value-for-money and self-care. Hyper-Personalization is increasingly important, as consumers seek products tailored to individual needs, supported by advanced data analytics—such as supplements based on blood test results or skincare customized to personal skin conditions. Silver Solutions address the needs of Thailand’s aging society, with services focused on convenience, safety, and quality of life, including home modifications, slow-life travel programs, and assisted healthcare services. Meanwhile, Muketing or the Magic Economy reflects the enduring role of belief, spirituality, and cultural traditions in Thai society, creating economic value through religious tourism, spiritually inspired products, and design-driven items that blend art with faith.

Dr. Krithpaka added that NIA’s long-term mission is to transform Thailand into an innovation-driven economy, with startups and innovation-based entrepreneurs at its core. This requires the creation of new industries to drive growth and position Thailand as an “Innovation Nation” through three key objectives: developing innovations based on advanced and deep technologies that are difficult to replicate; creating high-value products and services rooted in creativity and cultural capital; and preparing a highly skilled workforce capable of keeping pace with rapid technological change and evolving demographic and labor market structures. NIA works closely with domestic and international partners in its role as a Focal Conductor of Innovation, supporting innovative businesses through the 4G framework: Groom (incubation and capability building), Grant (funding support), Growth (market expansion and access to capital), and Global (international market entry). In 2026, NIA will drive Thailand’s economy and society through four key innovation policy pillars.

The first focuses on promoting investment in innovative businesses, offering a range of financial mechanisms including grants for early-stage ventures and co-investment schemes for growth-stage firms, such as corporate co-funding, public venture mechanisms (NIA Venture), global investment link programs, and capital gains tax exemptions to support startup fundraising. The second pillar emphasizes innovation linkages, strengthening collaboration between academia and industry to translate research into real-world applications through acceleration programs, innovation hubs, ecosystem platforms, tax incentives, and future mechanisms such as intellectual property financing. The third pillar supports regional innovation development, enhancing local economies and quality of life through Social Innovation Driving units (SID), Open Innovation programs, City and Community Challenge, Social Innovation Villages, and Ninmungkornth The Reality, which inspires new or small entrepreneurs to become local economic champions. The final pillar aims to enhance national innovation competencies, cultivating innovation mindsets, technological and business skills, entrepreneurial thinking, and global readiness across youth, startups, SMEs, and organizations. Key initiatives include STEAM4INNOVATOR, Startup Thailand League, NIA Academy training programs, and productivity-focused projects such as INNOProductivity for SMEs, aligned with international innovation management standards like ISO 56001.

Through these integrated efforts, NIA seeks to strengthen Thailand’s innovation ecosystem and ensure that innovative businesses can grow resiliently and compete on the global stage.

Hashtag: #NIA #NationalInnovationAgency

https://www.nia.or.th/

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/

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.

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).

Image (1): https://apo-opa.co/3YHa1Gb
Caption: ORUN ART HOUSES Crochet

Image (2): https://apo-opa.co/4qKPJYm
Caption: ORUN ART HOUSES (1)

Image (3): https://apo-opa.co/3LHf6eG
Caption: ORUN ART HOUSES (2)

Image (4): https://apo-opa.co/4qpgcLg
Caption: ORUN ART HOUSES (3)

Image (5): https://apo-opa.co/4pHR3dJ
Caption: ORUN ART HOUSES – Weaving

Image (6): https://apo-opa.co/4jASNnm
Caption: ORUN ART HOUSES – Ceramics

Image (7): https://apo-opa.co/4jCsKME
Caption: ORUN ART HOUSE- Couture

Image (8): https://apo-opa.co/4b4KZIB
Caption: Olivia Yacé, Miss Cote d’Ivoire & Habyba Thiero, Founder CEO of Orun

Image (9): https://apo-opa.co/3LAtpBB
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

Image (10): https://apo-opa.co/4qtR5Hm
Caption: Massamba, the renowned Rwandan singer, accompanied by his group Hoba Massamba

Image (11): https://apo-opa.co/4pC7nfS
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)

Image (12): https://apo-opa.co/4jZ2PiF
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)

Image (13): https://apo-opa.co/4qlGjCP
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)

Image (14): https://apo-opa.co/459PFJi
Caption: Her Regal Majesty Olori Temitope Enitan-Ogunwusi, the Queen (Olori) of the Yoruba kingdom of Ife in Nigeria

Image (15): https://apo-opa.co/45bwO0w

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.

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

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

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.

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

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

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

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

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

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

Hashtag: #HIT

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

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.

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