Brian Chang

NSSK (日本産業推進機構), advised by BDA Partners, has agreed to sell its stake in #JapanEnergyComponents to Obara Group Incorporated, a Japan-based machine industry company. #power #energy #welding #bdapartners #theglobalinvestmentbankingadvisorforasia

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With some of my personal thoughts: Market analysts are guessing that the BoJ may have already conducted a large-scale yen-buying intervention during Monday's yen swing. Their suspicion stems from a 5.5 trillion yen discrepancy between the BoJ's forecast for commercial bank deposits and last week's estimate by money market brokers. If that's the case, the BoJ is likely buying time until the Fed pivots to rate cuts, narrowing the interest rate differential. However, the central bank might need several more interventions to prevent the currency from plumbing new three-decade lows. The fact is, such a massive intervention can only move the rate around 500 pips, and the USDJPY uptrend shows little resistance. It's an extremely costly endeavor. Coupled with the market's waning fear of intervention and the potential resurgence of carry trades after the previous profit-taking, defending the yen could be an uphill battle for the BoJ.

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Sinohope Technology Holdings Limited (1611.HK) announced that its subsidiary, Sinohope Asset Management (Hong Kong) Limited (“Sinohope AM”), has received approval from the Hong Kong Securities and Futures Commission for its application for a Type 1 (dealing in securities) license and an uplift of its Type 4 (advising on securities) license. With the new Type 1 license, Sinohope AM will be able to distribute virtual asset (VA) related products to professional investors, including but not limited to VA funds and VA structured products. As a Type 4 license holder, Sinohope AM can now also provide VA advisory services under its uplifted license. We look forward to leveraging these new licenses to better serve professional investors with innovative VA offerings. Thanks the help from Jason Chan (Howse Williams) in securing the license approval in less than half a year, we were able to obtain these licenses in an efficient timeframe. SINOHOPE Asset 新火科技

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China and Vietnam are important trading partners, and their diplomatic ties go back 70 years. Of course, shared borders often cause friction, but shared values and interests can help smooth things out. China is also emerging as an important source of direct and indirect investment in Vietnam, as this article in the Vietnam Investment Review details. #vietnam #gainsfromtrade #emergingmarkets

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CSI Guoxin HK Connect Central SOE Dividend ETF Listed in Shanghai and Hong Kong! 🌟 On July 12, the CSI Guoxin HK Connect Central SOE Dividend ETF was listed on both the Shanghai and Hong Kong Stock Exchanges. The launch event in Shanghai featured ETF managers, central SOE representatives, and over 30 institutions. China Reform Holdings highlighted the ETF's role in connecting central SOEs with international capital, supporting high-quality development. A Hong Kong official noted the region's significance as an international financial center, aiding mainland enterprises. ETFs are key tools for wealth management. This listing enhances investor satisfaction and strengthens financial ties between mainland China and Hong Kong.🌐📈 👉 Read more: https://lnkd.in/gzMPDcqq #Finance #ETFs #CapitalMarkets #Investment #SOEs #Shanghai #HongKong #FinancialServices #GlobalMarkets #WealthManagement #EconomicGrowth #SSE #ShanghaiStockExchange #CSIIndex #ETF #2024 #mainland #China #HongKong #investors #Stock #MarketShare #ChinaSecurities #BondMarket #MaketEconomy #Listedcompany #Trading #InvestChina #CSRC #SecuritiesLending #MarketStability #Regulation #InvestorProtection #Finance #ChinaFinance #MarketRegulation

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A 2018 speech that rings ever so true today - Noted economist 向松祚 delivered a searing speech six months into the trade war. It has been widely circulated this week for some of his remarks have become prophetic. He openly questioned Beijing’s ability to manage the bilateral relations with Washington at a time when China was still faced with far too many domestic challenges of its own. He castigated the authorities and state media for glossing over these challenges given that they were structural and deeply-rooted issues. However, the title of his speech "2018年，中国国运的转折；过去最差，未来最好的一年；最不讲信用的政府!" ,six years later, has unfortunately become true. 向 said 2018 marked the beginning of the biggest changes facing the country in 40 years and that 2018 will be remembered as “过去最差，未来最好的一年。” A must listen. #china #economy

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Appreciation goes out to the AmCham Taiwan Topics team and Senior Advisor Don Shapiro for highlighting this encouraging trend. The variety of industries and opportunities for investment and trade that each state offers makes every office that is opened here in Taiwan a valuable resource for businesses and investors on both sides of the Pacific. For the financial industry, the opening of the Empire State Development office in Taiwan will be particularly important, for both Taiwan and the Empire State. It comes as Taiwan has embarked upon a series of projects and regulatory changes aimed to transform and empower the local financial industry. With New York State being home to Wall Street, the new office has the potential to play a key role in boosting bilaterial financial industry ties, deepening the discussion on collaboration regarding regulatory and policy issues, and helping Taiwan and America's financial industries further support many firms from key industries that are expanding investment in the U.S. and globally. https://lnkd.in/gD-8GHcd

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It was my pleasure to speak with Hong Kong Economic Journal in a recent interview about my views on the current restructuring trends for mainland China’s property sector and the importance of working side-by-side with companies during these challenging times.   As a company financial advisor or a board advisor for companies that are facing challenging times,  its important to build a level of trust and transparency. There also needs to be an acknowledgement from all parties that compromise and concessions will occur, but it allows all parties to survive.   Fortune Ark Restructuring Limited, understands the importance of building trust and being transparent to all parties involved in a restructuring. Through effective advisors, a company can navigate towards a positive trajectory, and FAR are here to help the company achieve this goal.   To read the interview follow the links below: 沈仁諾轉做重組達人 為企業續命 清盤專家疫下感悟 願與落難公司並肩 (Rod Sutton becomes restructuring expert to save companies from going under, liquidation expert changed his outlook during the pandemic, now stands side by side with companies in trouble) https://lnkd.in/ghMdubEY   斡旋先建互信 妥協始能存活 (Mediation builds mutual trust; survival only happens through compromise) https://lnkd.in/g9US_qsj   讚港充滿活力 治安佳利營商 (Hong Kong is a city full of vitality, secure and business-friendly) https://lnkd.in/gqa2vDnD   #HongKongEconomicJournal #boardadvisory #financialadvisor #restructuring #debtadvisory #debtfinancing #capitaladvisory #captialraising #corporatefinance

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Can investors capture the China opportunity ex-China? Jian Huang and Edward Blenk will analyze the risks and potential wins at this Hong Kong Venture Capital and Private Equity Association (HKVCA) session next week.

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The Hong Kong Institute of Marketing(HKIM) recently engaged in an in-depth discussion with Mr. Alex Ma, CEO of LukKa International Group, regarding the development of the Greater Bay Area. As the inaugural Chairperson of the China and Greater Bay Area Affairs Committee, Alex detailed the group’s achievements in industrial transformation and cultural industries. Since its establishment, the group has been committed to innovation and development, successfully integrating traditional printing with modern cultural industries, thereby promoting comprehensive corporate upgrades. In the context of the Greater Bay Area’s development, the group actively responded to national policies by establishing the LukKa Creative Cultural Industry Park and the LukKa Environmental Packaging and Printing Industry Park. These parks have not only enhanced the company’s production efficiency but also injected new vitality into the local economy. By continuously introducing advanced technologies and management concepts, the group has successfully transitioned from traditional manufacturing to cultural and creative industries. The history of LukKa Group’s endeavors is not only a microcosm of corporate development but also a testament to the economic takeoff of the Greater Bay Area. Today, the group’s parks have been rated as national 3A-level tourist attractions, becoming a bright card of industrial tourism in the Greater Bay Area. 香港市務學會與力嘉國際集團行政總裁馬楚力先生(Alex)近日就大灣區的發展進行了深入探討。 本人身為首任中國及大灣區事務委員會主席身份，Alex詳細介紹集團在工業轉型及文化產業的成就。 集團自成立以來，始終致力於創新與發展，並成功將傳統印刷業與現代文化產業結合，推動了企業的全面升級。 在大灣區的發展背景下，集團積極回應國家政策，打造了力嘉創意文化產業園區和力嘉環保包裝印刷產業園區。 這些園區不僅提升了企業的生產效率，也為當地經濟發展注入了新的活力。 集團透過不斷引進先進技術和管理理念，成功實現了從傳統製造業向文化創意產業的轉型。 力嘉集團的奮鬥史不僅是企業發展的縮影，更是大灣區經濟起飛的見證。 如今，集團的園區已被評為國家3A級旅遊景區，成為大灣區工業旅遊的一張亮麗名片。

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Between a rock and a hard place: HKEX's balancing act Hong Kong's capital markets remain an attractive place for PRC companies to raise funds from international investors, including through IPOs. Recent indicators and client requests suggest that after a somewhat slower period, interest in and demand for HK IPOs are picking up. Underwriters and potential issuers will likely remain cautious until after the US elections. However, as the US-China geo-political and geo-economic relationships are expected to remain tenuous, PRC companies and investors are exploring options beyond western capital. The HK IPO process can thus serve as an important indicator of how the financial sector and other market participants address the existing and future US-China conflict of laws, particularly around international sanctions and PRC countermeasures. Despite being stuck between a rock and a hard place, the HKEX has been able to strike a creative – albeit some might say, timid – balance between international banks' commitment to sanctions compliance and domestic rules. 1. Sanctions opinion This balancing act relies on the requirement for potential issuers to provide a sanctions memo from a qualified counsel. We have supported a number of recent successful IPOs and pending processes. We can therefore attest that HKEX takes this sanctions clearance very carefully – often through a number of detailed follow up queries and clarifications – before the disclosure terms are finalized. A legal opinion must address whether business activities within the track record period (3 years): (i) are subject to or may have violated any sanctions and export controls laws in applicable jurisdictions; and (ii) will result in any material sanctions risks to itself or other stock exchanges. Dealings in high-risk countries like Iran and Russia should therefore be carefully reviewed and sanctions risks should be efficiently mitigated. 2. Sanctions compliance The legal opinion is a "live" document and delays in listing will require the analysis to capture an updated track record period. This requires an applicant to continuously comply with ever-changing sanctions regimes. Indeed, the HKEX recommends all applicants monitor their business for exposure to sanctions risks during and after their listings. While international sanctions compliance might not always be a top priority, any company with HK IPO aspirations would be well-advised to enhance its sanctions compliance early to save legal fees and IPO delays. 3. Collaboration with regulators Listing applicants should also be ready to answer questions from the regulator and be flexible when circumstances change – eg SenseTime, a facial recognition developer, removed US investors from its IPO after being added to the CMIC List. Our sanctions and our IPO teams are happy to address any questions – Frank Bi, Li Jiang, Tom Cummins, Dr. Dr. Claus Zimmermann, Vicki Tang, Kenneth Lee

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[HKEJ｜Value Partners’ Cheah Cheng Hye: “It’s just the beginning of a major recovery in Chinese stocks”] “From a fundamental perspective, they are still relatively cheap. Most importantly, the Chinese government needs to take follow-up actions to strengthen investor confidence,” Dato’ Seri Cheah Cheng Hye, Co-Chairman and Co-CIO of Value Partners Group, said in an interview with HKEJ. To read more about Mr Cheah’s views, click here (Chinese only): https://bit.ly/3ZKzTTh Follow us on LinkedIn to access our latest news and investment insights. 🔎 Facebook: bit.ly/3mjfFLB 🔎 YouTube: bit.ly/valuepartners4236 🔎 Subscribe to our e-newsletter: bit.ly/3AGDDI6 #valuepartners #mutualfunds #investments #assetmanagement #China

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Astounding news in e-commerce: last month’s inaugural Hong Kong Shopping Festival has just made waves by amassing over 90 million views across various mainland Chinese e-commerce platforms! The festival featured over 30 livestreaming events across platforms like 小紅書(Little Red Book), 抖音(Douyin), and 淘寶(Taobao) with renowned hosts, generating impressive sales for participating brands. It was a fantastic opportunity for brand visibility and business performance: for instance, a vendor reported a 135-fold increase in orders during the festival! Events like Hong Kong Shopping Festival 2024 are great ways for local businesses to gain exposure to the mainland market and foster innovation in the wider GBA e-commerce landscape. The HKSAR Government also has ongoing support for SMEs through initiatives like the SME Export Marketing Fund. It’s clear that there’s now significant opportunities for businesses to expand into the mainland e-commerce market! #HongKong #Ecommerce #SMEs #BusinessGrowth #Innovation https://lnkd.in/giqazMgr

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HKSAR Government's Institutional Green Bonds Offering The Government of the Hong Kong Special Administrative Region of the People's Republic of China (the HKSAR Government) today (18 July) announced the successful offering of approximately HK$25 billion worth of green bonds (the Green Bonds), denominated in Renminbi (RMB), US dollars (USD), and euro (EUR) under the Government Sustainable Bond Programme (previously known as the Government Green Bond Programme). Following a virtual roadshow on 16 July 2024, the Green Bonds were priced on 17 July 2024 as follows: ·RMB 2 billion 2-year tranche at 2.60%; ·RMB 2 billion 5-year tranche at 2.70%; ·RMB 2 billion 10-year tranche at 2.80%; ·RMB 2 billion 20-year tranche at 3.05%; ·RMB 2 billion 30-year tranche at 3.15%; ·US$1 billion 3-year tranche at 4.336%; and ·EUR 750 million 7-year tranche at 3.379%. #greenbond #HongKong #HKMA #offshore #RMB

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It is always a challenge for G5 Central Banks to manage market expectations when policy decisions are unsynchronised with the US Fed. The integration of their capital markets makes for something akin to a weighted basket of monetary conditions, with the USD claiming the lion share. What can make it easier, however, is when the US is not reeling from a shock, or when the Fed isn't giving strong forward guidance beyond market expectations. Fortunately for the BoJ, this is one of those times . . . although it briefly looked different in early August. The statement on monetary policy from the BoJ (https://lnkd.in/dMjjxETZ) made it clear that policy guidance is unchanged, meaning the MPB moves forward with normalisation at the next meeting. Growth was cited as still proceeding above potential, and price indicators validate the price target. The risk factors that present the most concern are external, essentially growth in US & Europe. It is for that reason a US soft-landing provides the ideal landscape for BoJ normalisation. China is slowing, which will be a drag on Japanese growth. A sudden slowdown in the US or Europe would require a policy pause. Barring some pre-US presidential election nightmare scenario, or fresh geopolitical shock, BoJ looks set to raise rates to 0.50% at the end of October. Will that produce some additional Yen strength? Possibly. But most of the speculative pressure has been released from the Yen crosses. If the Yen strengthens due to renewed capital inflows, strong inbound tourism, and a smooth LDP presidential succession, then this is a positive side story to monetary policy normalisation, not an interruption. #boj #monetarypolicy #yen #fed #centralbanks

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HKSAR Proposes to Waive the Stamp Duty Payable on the Transfer of Shares or Units of REIT and the Jobbing Business of Options Market Makers On November 8, the Government of the Hong Kong Special Administrative Region (HKSAR) published the Stamp Duty Legislation (Miscellaneous Amendments) Bill 2024 to waive the stamp duty payable on the transfer of shares or units of real estate investment trust (REIT) and the jobbing business of options market makers, and to provide for a revised stamp duty collection arrangement upon the implementation of the uncertificated securities market (USM) regime in HKSAR. "The stamp duty waiver payable on the transfer of REIT shares or units and the jobbing business of options market makers, as announced in the 2024-25 Budget, would enhance the competitiveness of Hong Kong REITs and reduce the transaction costs of options market makers. The revised stamp duty collection arrangement would facilitate a more efficient stamping and collection process under the USM environment. These measures would help promote the development of the financial market," the Government spokesperson said. The Bill will be introduced into the Legislative Council for first reading on November 20.

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[Letter to Hongkong] Is 2025 the Year for Retirement? — Robert Chung (Editor’s note: HKPORI held a press conference today to outline our development direction for the coming year and explain our decision of repositioning. The President and Chief Executive Officer, Robert Chung, authored this article to elaborate on the considerations behind the decision.) Numerically, 2025 is a squarely neat number. It is the sum of 0+1+2+3+4+5+6+7+8+9 squared, and it is also the sum of the cubes of all these numbers. Incidentally, on 25 of January 2025, there will be a rare conjunction of six planets. These make me think: May be 2025 is a good year to retire. I have just stepped down from my two-year presidency of the World Association for Public Opinion Research (WAPOR), so I have at least done something for Hong Kong and the world, maybe I can retire. But then I thought, “I have also promised to write a global textbook on public opinion research, seems that I cannot quit. Looking back at Hong Kong, I have been working in the field of public opinion research for more than one-third of a century. I have witnessed a boom then a bust, and it is saddening to see the dissipation of talents. “Should I stay on?” Seems that it is not a question but an exclamation. When we left the university amidst social chaos, we had the support of countless citizens. Generosity brings responsibility. Three years ago, I was advised to leave, and I could choose anywhere. I agreed, that everywhere can be my home. But as I said on the stage of “100% Hong Kong”, we have heavenly truth and universal love, so we do not just ask how things are, but also what we feel. I stayed. I stayed not to fight, but to persevere. As a teenager, I was fascinated by astronomy, and I realized the persistence of the sages to the truth. The laws of the universe will not be changed by anyone. Geocentricity, heliocentrism, atheism, and all other theories may be restricted by the authorities at times, but the truth will never change. Mahatma Gandhi has taught us, “All through history the way of truth and love has always won. There have been tyrants and murderers and for a time they seem invincible but in the end, they always fall.” Full Article in HKPORI new website: https://lnkd.in/eJUbqTCN Support us: https://lnkd.in/eP2wzXtx #HKPORI #Hongkong #RobertChung

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"The multifaceted development of CBDCs at both wholesale and retail levels demands a holistic approach to tackle related technical, macroeconomic, and financial challenges." - Prof. Kar Yan Tam, Dean of HKUST Business School and Acting Director of IEMS. This critical issue was addressed by experts at the CBDC conference. Learn more about their insights: https://buff.ly/3xPz2oe

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