2019/2020 Budget Promotes Diversified Economic Development - InvestHK
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Quarterly Newsletter April 2019
2019/2020 Budget Promotes
Diversified Economic Development
Hong Kong’s Financial Secretary Paul Chan unveiled the 2019-20 Budget on 27 February. On the
economic front, the economy grew by 3 percent in 2018 and is forecast to grow by 2-3 percent in
2019. Headline inflation was 2.4 percent in 2018, with an underlying inflation rate of 2.6 percent.
For 2019, headline inflation and underlying inflation are both estimated at 2.5 percent.
This Issue 3 Sector Focus: Dispute Resolution
4-5 Special Feature: New Business Opportunities in the Greater Bay Area
6-7 International Forward Calendar 8-15 Case Studies
2
Apart from strengthening the industries currently enjoying competitive edges, Hong Kong has identified new areas
of growth by vigorously developing emerging industries. Here are the highlights:
• Set aside$5.5 billion for the • Allocate $800 million to support
development of Cyberport 5 to R&D by universities, key laboratories
Innovation accommodate more technology and engineering research centres
and companies and startups
Technology • Launch the $2billion Re-industrialisation
• Set aside$16 billion for Funding Scheme in 2019
universities to enhance or
refurbish campus facilities, • Expand the Corporate Venture Fund of the
in particular those for R&D
Science Park to $200 million
• Inject$20 billion into the
• Establish two innovative clusters in
Research Endowment Fund for
the Science Park focusing on “A.I. and
more research projects
robotic technologies” and “healthcare
technologies”
• Issue the first batch of • Consider limited partnership
government green bonds regime/tax arrangements to attract
private equity funds to HK
Financial • Tax concessions for Marine
Services Insurance and underwriting of • Provide a$400 million
specialty risks seed capital for Financial
Reporting Council
• Provide a 50 percent profits
tax concession to marine • Establish Academy of Finance for
insurance businesses financial leadership development
• Allocate$353 million for • Allocate$150 million to
the continued implementation support the development of
of the Development Blueprint an online international dispute
Others for Hong Kong’s tourism resolution platform by NGOs
industry
• Inject$1 billion into the
Film Development Fund
w www.budget.gov.hk
Sector Focus 3
Hong Kong — the Leading Dispute
Resolution Hub
Hong Kong has a robust legal services The Hong Kong International Arbitration its common law system which is familiar to
sector with more than 9,800 practising Centre (HKIAC) is a home-grown arbitral the international community and it is the
solicitors (including registered foreign institution. HKIAC ranked first for location, only common law jurisdiction with China.
lawyers from 33 jurisdictions) and about perceived value for money, helpfulness
Hong Kong’s special reciprocal arrangement
1,500 practising barristers, of which 100 of staff and IT services by the Global
with Mainland China makes it an ideal
are Senior Counsels in the city. Many major Arbitration Review Hearing Centres
location for the resolution of B&R-related
international law firms have offices in Surveys 2016, 2017 and 2018.
disputes. Under the arrangement, if a party
Hong Kong and provide a wealth of legal
A number of well-respected international refuses to comply with an arbitral award
expertise in areas such as banking and decided upon in Hong Kong, the other party
institutions have chosen Hong Kong as
finance, shipping, maritime, construction, can apply to the Intermediate People’s
their first global location outside their
intellectual property and information Court of the Mainland China in order to
home jurisdictions. This melding of local
technology. They also bring international seek enforcement of the award.
and international arbitral institutions has
perspective and experience in handling
strengthened Hong Kong’s development as
international transactions so that All of these advantages enable Hong Kong
the leading international legal and dispute
commercial disputes can be dealt with to become a prime venue for international
resolution services hub in the Asia-Pacific
fairly and effectively. legal and dispute resolution services
region and beyond.
through arbitration and mediation.
Worldwide Recognition and Opportunities from the
Enforcement of Arbitral Awards Belt and Road Initiative
Since 2015, Hong Kong has been among To explore the opportunities
The Belt and Road (B&R) Initiative
the top five preferred seats for arbitration of setting up or expanding
is expected to increase activities in
globally according to the International your dispute resolution related
trading, investment, financing as well as
Arbitration Surveys conducted by Queen business services in Hong Kong,
infrastructure and construction projects
Mary University of London. please contact:
amongst enterprises in the Mainland and
Hong Kong arbitral awards are enforceable the Belt and Road countries. Inevitably, Philip Kung
in over 150 Contracting States to the New there will be a possibility of disputes in Head of Business & Professional
these activities and transactions. Services
Z (852) 3107 1091
York Convention. This is complemented
by respective arrangements for reciprocal Under the “one country two systems”
enforcement with Mainland China and principle, the Hong Kong Special m pkung@investhk.gov.hk
Macao SAR. Administrative Region (HKSAR) maintains
4 Special Feature
New Business Opportunities under
the Outline Development Plan of
the Greater Bay Area
The Outline Development Plan (the Plan) of circle for living, working and travelling, establishing Hong Kong as the centre for
the Guangdong-Hong Kong-Macao Greater strengthening cooperation and jointly international legal and dispute resolution
Bay Area (GBA) was promulgated by the participating in the Belt and Road Initiative, services in the Asia Pacific region.
Central Government on 18 February 2019 jointly developing Guangdong-Hong Kong-
Some of the many business opportunities
and is an important document guiding the Macao cooperation platforms, as well as the
for overseas companies to take advantages
development of the GBA. In addition to implementation of the Plan.
of the GBA via Hong Kong include:
the background of the Plan and the overall
The Plan supports Hong Kong in
requirements such as the basic principles
consolidating and enhancing its status as
Innovation and R&D
and objectives of development, it covers
the spatial layout, namely building on international financial, transportation and • Foreign investors could set up research
the four core cities of Hong Kong, Macao, trade centres as well as an international and development (R&D) institutes and
Guangzhou and Shenzhen as core engines aviation hub, strengthening Hong Kong’s innovation platforms in the GBA. Taking
for regional development, continuing status as a global offshore Renminbi advantage of Hong Kong’s super tax
leveraging their comparative advantages, (RMB) business hub and its role as an deduction of 300 percent for qualified
and strengthening the radiating effect in international asset management centre and R&D expenditure and other supporting
leading the development of nearby regions. a risk management centre, promoting the policies, higher education institutions,
It includes policy measures for developing development of high-end and high value- R&D institutes and enterprises from other
an international innovation and technology added financial, commercial and trading, regions are encouraged to participate in
hub, expediting infrastructural connectivity, logistics and professional services, and events on innovation and technology
building a globally competitive modern so forth, making great efforts to develop in the GBA. They can leverage the
industrial system, taking forward ecological the innovation and technology industries, strengths in innovation and R&D as well
conservation, developing a quality living nurturing emerging industries, and as high concentration of headquarters
Market Focus 5
of enterprises in Hong Kong, together technology; biotechnology; high-end World-Class Business and
with the advantages of having complete equipment manufacturing and new Professional Services
industry chains in rest of the GBA. materials; 5G and mobile internet;
intelligent robots; 3D printing; applications • Providing world-class business and
• Moreover, the Plan calls for Hong Kong,
of BeiDou satellite navigation system; new professional services has long been
Macao, Guangzhou and Shenzhen to
energy vehicles; energy conservation and; Hong Kong’s core strengths. The Plan
leverage their rich scientific research
environmental protection technologies, supports Hong Kong’s development of
resources and solid foundations in new
just to name a few. high-end maritime services; maritime
and hi-tech industries to jointly develop
law and dispute resolution services;
strategic emerging industry clusters which • As innovation and creativity is not aviation management training centre
are well-supported by a comprehensive restricted to hardware development, and high value-added freight, aircraft
production chain, highly radiative for the GBA focuses in digital and creative leasing and aviation financing services as
driving the development of other areas industries such as animation, comics well as other professional services such
and globally competitive. In other words, and games, internet culture, digital as accounting and auditing, legal and
R&D institutes and enterprises in Hong culture and devices, digital art and dispute resolution services, management
Kong can benefit from more collaboration display, film and television industries consultancy, testing and certification,
with other cities in the GBA as well. and promote the application of digital intellectual property, construction
creativity in areas such as convention and related engineering works. Global
New Pillar Industries and exhibition, e-Commerce, medical companies can help satisfy the increasing
• The GBA will pursue the development and healthcare, education services, business service needs of the GBA from
and growth of new pillar industries tourism and leisure. Hong Kong.
including new-generation information
• The GBA consists of a consumer base
of 70 million people, who are relatively
and increasingly wealthy, and are within
just an hour or so travelling from Hong
Kong.
Last but not least, Hong Kong’s status as
an international financial centre enables
it to further expand into a platform for
investment and financing serving the Belt
and Road Initiative, a green finance centre,
develop more offshore RMB, commodity
and other risk management tools and
steadily expand the channels for Mainland
and Hong Kong residents to invest in
financial products in each other’s market.
InvestHK will continue to help enterprises
from around the world to understand
and take advantage of development
opportunities brought about by the
development of the GBA.
Full text of the Outline Development Plan:
w www.bayarea.gov.hk/filemanager/en/
share/pdf/Outline_Development_Plan.pdf
6 International Forward Calendar
APR
Capital Link International Shipping Forum Lloyd’s List Singapore Business Forum
Organised in partnership with Citi and in cooperation with As part of the Singapore Maritime Week, the forum is a
NASDAQ and the New York Stock Exchange, the forum is a knowledge based platform for audience to obtain the latest
1
meeting place for C-level executives, investors, ship owners 10 news and trend in shipping.
and financiers. Location: Singapore
Location: Metropolitan Club, New York City Organiser: Lloyd’s List
Organiser: Capital Link lloydslist.maritimeintelligence.informa.com
forums.capitallink.com/shipping/2019newyork/index.html
Internet Economy Summit
Marine Money Hong Kong Ship Finance Forum The region’s flagship event on digital economy that aims
Annual get-together for international shipping and finance to examine how businesses can leverage data-driven
professionals in Hong Kong, one of the major maritime hubs innovations to capitalise on opportunities in the connected
world. Themed “Digital Economy • Redefines our Future”, the
2 in the world.
two-day summit brings together prominent industry icons,
Location: Renaissance Hong Kong Harbour View Hotel
15-16 top business executives and entrepreneurs from around the
world offering a vision into the digital future with disruptive
Organiser: Marine Money
influence in the hottest topics at the forefront of global
marinemoney.com/forum/HK19 technology development.
Location: Hong Kong Convention and Exhibition Centre
Connecticut Maritime Association Shipping Organisers: HKSAR Government, Hong Kong Cyberport
North America’s largest Maritime conference where the ieconomysummit.hk
annual Commodore Award will be presented to those who
have significantly contributed to the development of the
2-4 maritime industry. International Dispute Resolution Conference 2019
Location: Hilton Stamford Hotel, Connecticut The Conference aims to foster discussion on emerging trends
in dispute resolution and the impact of the “Convention
Organiser: Connecticut Maritime Association on International Settlement Agreements Resulting from
cmaconnect.com Mediation” on international business environment.
Location: Hong Kong Convention and Exhibition Centre
Celebration of Chinese New Year Organisers: United Nations Commission on International Trade
Law, Hong Kong Mediation Centre and International Dispute
Hong Kong business seminar organised on the occasion of Resolution & Risk Management Institute
CNY celebration.
3 mediationcentre.org.hk
Location: Vicenza Chamber of Commerce 17
Organisers: InvestHK, HKTDC, HKETO in Brussels
Silicon Dragon Hong Kong 2019
vi.camcom.it/it
Panel discussions and tech chats with leading Mainland
China and Silicon Valley venture capitalists, tech entrepreneurs
Capital Link Singapore Maritime Forum and their investors. Focus on China’s leading advances in AI,
robotics, FinTech, biotech and more.
As part of the Singapore Maritime Week, the forum will
highlight the competitive positioning and advantages of Location: Cyberport, Hong Kong
Singapore as a maritime hub and also regional business and Organiser: Silicon Dragon
8 trading opportunities in Asia. silicondragonhk2019.eventbrite.com
Location: Westin Hotel Singapore
Organiser: Capital Link
forums.capitallink.com/shipping/2019singapore/index.html
MAY
HOFEX
Marine Money Singapore Offshore Finance Forum Asia’s leading food and hospitality tradeshow will bring
As part of the Singapore Maritime Week, the forum will gather the most comprehensive selection of food and drinks,
ship owners, banks, leasing companies and marine insurance 7-10 hospitality equipment and supplies products to Asia.
companies to deliberate on the future of shipping in Asia. Location: Hong Kong Convention and Exhibition Centre
Location: St. Regis Hotel, Singapore Organiser: UBM Asia Ltd
Organiser: Marine Money hofex.com
marinemoney.com/forum/SINOFF19
Finovate Spring
Symposium on the Guangdong-Hong Kong-Macao Being one of the largest FinTech events, Finovate Spring
aims at bringing cutting-edge banking and financial
9 Greater Bay Area technology, through a series of
With prominent government and business leaders from 8-9 fast-paced demos.
Hong Kong, Guangdong, Macao, and Japan as speakers, the Location: Hilton Union Square, San Francisco, California
Symposium will provide in-depth understanding of the
Greater Bay Area, and the business opportunities there. Organiser: KNect365
Location: Imperial Hotel Tokyo finance.knect365.com/finovatespring
Organisers: The People’s Government of Guangdong Province,
the Government of the Hong Kong Special Administrative The Next Web Conference (TNW)
Region, the Government of the Macao Special Administrative
TNW Conference is a two-day technology festival that
Region, InvestHK brings together international technology executives, top-tier
Registration: form.qooker.jp/Q/auto/en/greaterbayarea/sympojp investors and promising startups for two days of business,
9-10 knowledge sharing. InvestHK will have a booth at the event.
Location: NDSM (Nederlandsche Dok en Scheepsbouw
Maatschappij), Noord-Amsterdam
Organiser: theNextweb
thenextweb.com
7
Capital Link International Shipping Forum, China Moneyconf
Held in partnership with Columbia Shipmanagement and An event focused on FinTech and the revolution in money,
Singhai Marine Services and supported by the Pudong payments and finance.
Government, the forum will explore how international and 10-12 Location: RDS Arena, Dublin
Chinese ship owners, leasing firms, shipyards, and industry
10 players can benefit from the latest trends in global financing, Organiser: CiLabs (by invitation only)
capital markets, private equity, and alternative financing. moneyconf.com
Location: Grand Kempinski Hotel, Shanghai
Organiser: Capital Link Reception for New Foreign and Mainland
forums.capitallink.com/shipping/2019china/ Companies in Hong Kong
This networking reception is to welcome the foreign and
13 Mainland companies newly established in Hong Kong.
Consensus 2019
InvestHK will exhibit at the largest blockchain-focused event Location: Hong Kong
in North America. This year the event is expected to bring Organiser: InvestHK (by invitation only)
13-15 over 8,800 attendees and 254 speakers from 119 countries.
Location: New York Hilton Midtown
Airfinance Journal China 2019
Organiser: Coindesk
The two-day aviation finance conference will bring together
coindesk.com/events/consensus-2019 over 700 senior executives from airlines, leasing companies,
13-14 financial institutions and investment houses to examine
the most pressing issues and opportunities of the aviation
Nordic Community Networking Reception finance landscape.
This networking reception is to thank Nordic companies for events.airfinancejournal.com/china-airfinance/details
23 their contribution to Hong Kong.
Location: Hong Kong
Organiser: InvestHK (by invitation only) Inspirefest
Silicon Republic’s international event connecting sci-
tech professionals with fresh perspectives on leadership,
RICS Hong Kong Annual Conference 2019 16-17 innovation and diversity.
This conference will frame the regional and global dilemma, Location: Bord Gais Energy Theatre, Dublin
examine sensible city planning for professionals and Organiser: siliconrepublic
policymakers, and explore how Hong Kong can place itself at
24 the heart of the green revolution. inspirefest.com
Location: Grand Hyatt Hong Kong
Organiser: Royal Institution of Chartered Surveyors (RICS) 32nd Annual Marine Money Week
rics.org/en-hk/events/conferences-seminars/hkconf19 An annual event in the US, the Marine Money Week will bring
along a mid-year review of the global shipping industry.
17-19 Location: The Pierre Hotel, New York City
HKVCA China Private Equity Summit 2019
Organiser: Marine Money
This flagship event will attract over 600 venture capital and
private equity practitioners, leading corporates, and other marinemoney.com/forum/MMWeek19
industry professionals and participants from across the
30 region.
TradeWinds Shipowners Forum
Location: Hong Kong Convention and Exhibition Centre
An interactive discussion led by a panel of experts and
Organiser: Hong Kong Venture Capital and Private Equity designed to reflect TradeWinds readers priorities and
Association
25 concerns.
cpes.hkvca.com.hk Location: Athens
Organiser: TradeWinds
JUN 10times.com/shipowners-forum
Money 20/20 Aviation Financial Festival
The world’s largest marketplace for ideas, connections and The premier annual gathering for senior aviation finance
deals in payments, FinTech and financial services, the professionals to connect and address emerging trends and
event is where industry leaders come to seize new business risks facing the global aviation finance market. InvestHK will
3-5 opportunities, strengthen partnerships and discover the 26-27 have a speaking slot.
latest disruptions. InvestHK will have a booth at the event.
Location: Dublin, Ireland
Location: RAI Amsterdam
Organiser: ISHKA
Organiser: Money 20/20 Europe
ishkaglobal.com
europe.money2020.com/amsterdam
FIN Portugal 2019
Aiming to be a networking and interacting space for
participants, the event includes a forum, exhibition and
lounge area for product showcasing and workshop. InvestHK
6-7 will have a booth in conjunction with HKTDC.
Location: Exponor, Matosinhos, Porto See more events at
Organiser: Association of Young Entrepreneurs Portugal-China
finportugal.com
Organised by InvestHK Visit investhk.gov.hk for details
8 Case Study
Gearing Up
for Global
Expansion
Surging demand for smartphones
and IoT products spurs Xiaomi to
add brick and mortar in Hong Kong
and push forward its global strategy.
Established in 2010 in Mainland China, Exchange. According to Luo, listing in can strengthen the connection between
Xiaomi is an internet company with Hong Kong helps the company build Mainland China and the global market.”
smartphones and smart hardware an international and open ecosystem.
Xiaomi’s core objective in the next five
connected by an IoT platform at its core. “Hong Kong’s legal environment provides
to ten years will remain in its dual-core
The company first tapped on Hong Kong a strong foundation for the city’s free and
strategy of AI and IoT, while at the same
market in 2016 through its eCommerce stable market,” Luo remarked.
time put emphasis on 5G technology
website mi.com. While its wide‑range
“With the internationalisation of RMB, development, which the company believes
of smart products gaining popularity
Xiaomi will continue to leverage on will greatly boost its product demand in
in Hong Kong, Xiaomi opened two Mi
the city’s status as one of the largest both Mainland and overseas market.
Home Stores in the city in 2017, located
offshore RMB business hubs to manage
in Mong Kok and Causeway Bay, offering Luo concluded, “we are grateful for
our corporate financing, which will be
their products at affordable price for the InvestHK’s support and professional
favourable for us to build an international
local market. advice along our set up and expansion.
and open ecosystem.”
The market insights that they provide has
Two years later since the Hong Kong
Thanks to the city’s abundant supply been very helpful for us to understand the
stores opened, the company is already
of international and multilingual talent, commercial environment in Hong Kong
planning its third store in Hong Kong which
Luo said, the company currently hires and make the right decision.”
will situate in the New Territories and is
over 100 local employees covering sales,
expected to open soon in 2019.
marketing and partnership liaison, all of
Janine Luo, Hong Kong Operation Director, which are essential roles as the company
saw a 60 percent sales surge in Hong Kong gradually emerges as one of the global Xiaomi
in 2018. “The achievement and experience players in the technology arena.
that we gained in Hong Kong is extremely
Xiaomi Corporation
“We will continue to strengthen our (stock code: 1810) was
beneficial to Xiaomi’s goal to ‘go global’,”
multi‑brand strategy for smartphone
said Luo, “with a high-quality and broad listed on Hong Kong Stock
market, and plan to expand globally
consumer market, Hong Kong is definitely
including Europe and Latin America,”
Exchange on 9 July 2018
the place for us to invest in.”
Luo added. “With ample opportunities The world’s fifth biggest
In 2018, Xiaomi launched an initial public under the Belt and Road Initiative, Hong
seller of smartphones, the
offering (IPO) on the Hong Kong Stock Kong as an international financial centre
company has presence in
over 80 overseas markets
As of 2018 Q3, overseas
The achievement and experience market sales accounted for
44 percent of the group’s
that we gained in Hong Kong is revenue
extremely beneficial to Xiaomi’s w mi.com
goal to ‘go global’.
Watch the video:
Janine Luo
Global Operations Director
Xiaomi
Case Study 9
Charting New Waters
in the Greater Bay Area
UK-based water leisure specialist uses the city as the springboard for
its progressive growth plan in Mainland China and Asia Pacific.
All these projects
wouldn’t come to
fruition if we hadn’t
opened an office here
in Hong Kong.
Derek Barton
Managing Director
Barr + Wray (HK) Ltd
Barr+Wray (B+W) is UK’s leading steam rooms and spa treatment rooms. Barton was connected to InvestHK via
provider of commercial pool and spa Barton said the project is an excellent Scottish Development International
facilities. Founded in 1959 in Glasgow as addition to their expansive portfolio when they were planning to open an
a pump and filter supplier, the company in Asia, and can best demonstrate the office in Asia. The department assisted
developed into a filtration supplier for strength and comprehensive specialties the setup of B+W in Hong Kong by
pools and water facilities in the mid-60s, of B+W. providing local market insights and
and gradually evolved into a global spa networking opportunities. Barton
engineering and construction solution Under the vast development of
recalled, “Not only did InvestHK help
provider today with projects spanning Guangdong-Hong Kong-Macao Greater
Bay Area, there are even more new with our business setup, on a personal
across Europe, Middle East and Asia.
opportunities for B+W. “We expect there level, they also assisted my family to
When the company opened its will be a lot of upcoming five-star hotel settle in Hong Kong. For companies
Hong Kong office in 2011, they saw a huge projects in the area, which provide planning to come to this city, I highly
opportunity in the region, especially in enormous opportunities for us,” Barton recommend them to contact InvestHK
Mainland China and Macao where the remarked, “although there will also be for assistance.”
hotel market was thriving. According lots of local competition for sure, we
to Derek Barton, Managing Director,
have to stay focused and set ourselves
Hong Kong is the best location for
apart from others in our industry.”
them to reach out to the Asia market. Barr + Wray (HK) Ltd
“Since we came here, we have already B+W’s next step is to enhance the
Headquartered in Glasglow
completed more than 60 projects in all company’s exposure in the industry by
various marketing strategies, such as
with offices in Hong Kong
sizes across the region,” said Barton, “all
these projects wouldn’t come to fruition worldwide advertising and participating and Dubai
if we hadn’t opened an office here in in global industry conferences. While the The Hong Kong office has a
Hong Kong.” Hong Kong office looks after projects in full team of administrative
Asia including Mainland China, the team staff, project managers,
B+W recently completed a project for
is also looking to open new markets,
MGM Cotai in Macao, where it designed draftsmen and site managers
especially in Australia and New Zealand
and built the spa facilities of the five-star looking after clients in the
hotel with VIP feature pools and an array where tourism and hospitality industry
is booming.
Asia Pacific region
of thermal experience including saunas,
w barrandwray.com
10 Case Study
Hong Kong –
Connecting the
Nordic Business
Community and
Greater Bay Area
Nordic Innovation House has opened in
Hong Kong to lead businesses to explore
the new opportunities in the city and
the Greater Bay Area.
With the objective to give Nordic “The Hong Kong government has so space and lounge for members to connect,
companies a head start in one of the many initiatives and they make it and access NIH’s local network and join
most vibrant global innovation hubs very easy for expats to get visas and the Nordic community in the city. The
in the world, Nordic Innovation House funding,” he remarked, “I am amazed house also tailor-makes a “mentorship
(NIH) is a collaboration among Nordic by such willingness of a city to attract programme” where members can meet
Innovation, Nordic Council of Ministers, foreign companies.” experts in the field to offer advice from
and the national business organisations legal, to finance and recruiting aspects.
NIH’s member companies can use the
from Finland, Iceland, Norway, Sweden
resources of the house, including meeting Seeing great demand from companies who
and Denmark. NIH establishes offices in
are curious in exploring the Greater Bay
leading business hubs of the world where
Area, a new NIH has also been planned in
members can access NIH’s resources and its
Shenzhen which will open in the coming
worldwide network.
year, providing an additional space and
NIH Hong Kong was opened in resources for members.
November 2018 as its fourth destination
“It is important for companies to come here
worldwide after Silicon Valley, New York
and the region to experience the vibrancy
and Singapore. The rapidly growing interest The Hong Kong and energy. Once they have decided to set
in Asia market among Nordic companies
has drawn NIH to set up in Hong Kong, government has up here, they can also be an ambassador in
their home market,” he concluded.
according to Christian Bergenstråhle,
Community Director. “Although the easiest
so many initiatives
way for the Nordic companies to expand and they make it
to overseas is to ‘think west’, as it is closer
to their culture and market, we see a much
very easy for expats to Nordic Innovation House
bigger potential in Asia, especially in get visas and funding. Hong Kong
Hong Kong and the Greater Bay Area.”
“Our mission is to educate these
I am amazed by Situated in Central PMQ,
Nordic Innovation House
interested Nordic companies about these such willingness Hong Kong was inaugurated
opportunities in Asia, to inform and also to
inspire them the possibilities,” he added.
to attract foreign on 28 November 2018
companies. Offers different membership
The Perfect Gateway packages for startups, SMEs
As one of the core cities in the Greater and corporates from the
Bay Area, Hong Kong is an excellent Nordic region
springboard for foreign companies and Christian Bergenstråhle
startups, Bergenstråhle said. “Lots of Nordic Community Director w nordicinnovationhouse.
companies have a vision to expand their com/hongkong
business to Mainland China, and they see Nordic Innovation House
Hong Kong as a perfect gateway.” Hong KongCase Study 11
NANOS, Spanish Leading Kids Clothing Brand
Implements Omnichannel Strategy
for Asia Expansion
50-year-old Spanish children’s fashion brand plans to open more boutiques in
the city with launch of eCommerce site to prepare for regional expansion.
Hong Kong is definitely the best
place for us to start in Asia, we
are highly impressed with the
efficiency of setting up a business,
and we have everything we need
right at our fingertips.
Sergio Crespo
Managing Director, Goods from Spain
Originated from Spain, children’s fashion has greatly boosted the brand’s exposure it a perfect location for us to plan our
brand NANOS is well-known for its exquisite within a short period of time. According regional expansion.”
collections with timeless design, luxurious to the brand, they have already amassed
To sustain the business momentum,
soft fabrics and impeccable finishing in the over 100,000 followers on their social
NANOS’ next step is to open its second
garments. Royal families in Europe, as well media platforms.
outlet in Kowloon, and plans to expand the
as children of celebrities have been seen
team to manage the physical stores and
wearing the brand.
the website.
With over 70 stores worldwide located
Crespo concluded, “InvestHK has been
in Europe, US and Middle East, NANOS
giving us a lot of support since the
launched its first permanent boutique in
beginning, and helped us to set up and
Hong Kong in November 2018. Situated in
learn about the business environment in
Lee Garden Two in the bustling Causeway
Hong Kong. Their expansive network has
Bay, the new permanent boutique marks the
been very useful for us to create more
50‑year-old-brand’s debut in Asia.
opportunities for the company.”
“When we saw the great opportunity to
bring NANOS to Hong Kong, we immediately
had to jump at it,” said Sergio Crespo,
Managing Director of Goods from Spain. Shortly after, NANOS launched its Goods from Spain
Inspired by Crespo’s wife Gigi, who is a big eCommerce website focusing on the Asia
fan of Spanish brands, in particular NANOS, market. According to Crespo, the website Founded in 2017, Goods from
Crespo decided to set up the company has been going strong since the launch, Spain currently has around 5
in 2017 with a focus to import high quality and is already receiving orders from across
the region. With the brand’s ongoing digital
employees to manage NANOS
Spanish goods to Hong Kong. “With its wide
product range and high quality clothing, we efforts, the eCommerce site is especially stores in Hong Kong as well as
are convinced that NANOS’ strength and instrumental for expanding to existing the Asia eCommerce site
uniqueness will succeed in the Asia market.” markets across Asia
NANOS is the first brand
In preparation for the opening of a “Hong Kong is definitely the best place imported by Goods from
permanent shop for NANOS, a series of for us to start in Asia,” Crespo remarked,
“we are highly impressed with the Spain to Hong Kong, but the
marketing and branding strategies had
been lined up to introduce the brand. In efficiency of setting up a business, and company is already bringing
May 2018, NANOS first appeared in the city we have everything we need right at our more Spanish apparel brands
as a pop up store in a popular shopping mall fingertips, such as service companies in to the city
in Tsim Sha Tsui. Coupled with a strong public relations, eCommerce as well as
key opinion leader (KOL) engagement and logistic partners. The city’s geographical w nanos.hk
public relations strategy, the pop up store proximity to other Asian cities also makes12 Case Study
Local Talent
Holds Key
to Business
Success
With a strong pipeline of strategic
plans in Asia, global financial
technology firm, Enfusion, has
great ambition to further expand
in APAC via their Hong Kong office.
Enfusion was founded in 1997 as a financial international education background and Mainland China and Australia,” said
technology consulting company primarily their knowledge is highly transferable to Feng, adding that Hong Kong office as
focused on hedge funds. Today the firm our industry.” the regional headquarters will be a fully
boasts over 400 top-tier clients and is the functional and self-sufficient office that
With its Hong Kong office set up for more
leading provider of cloud-based investment supports the region.
than three years, Enfusion is already
management software, outsourced
planning for expansion. “Our overall goal “We are also planning to have more
middle and back office services as well as
in APAC is to expand into other regions locations in Hong Kong in order to
data analytics.
with satellite offices, such as in Singapore, better support our clients,” he added,
Enfusion launched an all‑in‑one solution “Hong Kong has to be the regional hub, and
Integráta, a bespoke cloud-based, fully we are happy to see more growth in the
integrated platform in the market that local market.”
provides clients a full front-to-back
investment management solution through
a single data set. They also offer middle
and back office fund services used by Hong Kong has Enfusion
investment managers to streamline
operations and reduce overhead expenses. put a great effort Headquartered in Chicago,
Enfusion has offices in
With its soaring development in the US in welcoming New York, London, Dublin,
and Europe market, Enfusion came to Mumbai and Hong Kong
Hong Kong in 2015 and set up its APAC global firms to
headquarters in the city. “We saw a good Functional team in Hong
market opportunity in Asia which we come in, and the Kong office from sales,
marketing, product &
could not ignore,” said Fiona Ren, Head of
APAC – Product Consulting, E‑Trading, Fund
support from customer support to fund
Services, “Hong Kong is one of the most
active, well-established financial markets
the government services incorporate their
efforts into Enfusion’s overall
around the globe, so we decided to come
here and start our Asia business.”
makes it really enablement strategy and
services delivery
“We believe that Asia is a good market for us easy for everyone Plan to expand its workforce
to expand, it also fills the gap of our global
support. The APAC headquarters will better
to set up a by at least 20 percent in the
coming months to serve the
serve our international clients.” business here. APAC market
According to Bob Feng, Director of APAC
Business, Hong Kong is very welcoming w enfusionsystems.com
to foreign investors. “It has been very Bob Feng
smooth for us to enter the market,” he
said, “The local talent pool is a key in our
Director of APAC Business
development. Most employees have an EnfusionCase Study 13
Building Asia’s Media
Entertainment Hub in Hong Kong
Millennial-targeted WebTVAsia sets up its office in Hong Kong to leverage the
city’s thriving media entertainment industry and easy access to potential partners
and investors.
times of its video content every month. commercial and media hub that gives us
Two of its most popular represented better access to potential partners and
content creators, Jason and Emi Wong, investors,” Chong said, adding that one of
both from Hong Kong, have more than its earliest creator partners signed are from
700,000 subscribers on their YouTube Hong Kong when they started out in 2013.
channels, representing a large base of
“The city has always got a vibrant media
audience for Hong Kong market.
entertainment industry including film,
With a mission of being “Asian Media TV, music and digital media,” Chong
Entertainment Hub”, the company remarked, “we see many global and regional
practices “ABC” approach – Audience, companies setting up their APAC hub here,
Brands, and Creators – to build a strong, hence we wish to have a closer and more
healthy media entertainment ecosystem productive relationship with them by
in Asia. Audiences follow the most popular having a local office.”
creators who are then funded by brands
He added that the talent in Hong Kong are
as advertisers, who seek to reach out
highly educated, multilingual and have
to millennials.
strong work. “We look forward to hiring
committed and passionate talent who can
truly contribute to the growth of not just our
Hong Kong entity, but also the WebTVAsia
group in Asia,” Chong concluded.
Hong Kong is
Established in 2013 in Kuala Lumpur, an important WebTVAsia
WebTVAsia is a media entertainment
group with multiple core businesses. Asian commercial Established in 2013, the
Not only does the company manage a company has expanded
multi‑platform network that helps content and media hub to 11 markets including
creators to distribute and monetise content, Mainland China, Korea,
it also produces original content, as well that gives us Japan, Hong Kong, Taiwan,
better access to
as offering brand solutions for brands Vietnam, Thailand, Malaysia,
and advertisers.
Indonesia and Australia
In 2018, the company launched LUVE, potential partners WebTVAsia is the official
a millennial‑focused video streaming
platform, which has become one of the and investors. Multi Channel Network
(MCN) of over 20 video
most popular mobile entertainment apps
in Taiwan and Thailand. WebTVAsia is also platforms, including Youtube,
planning to expand the platform to more Fred Chong Tencent, Baidu, as well as
countries in Asia this year. CEO Alibaba’s Youku and Tudou
“By 2025, millennials will form one billion WebTVAsia Its six core businesses
of Asia’s population, and will become the include multi-platform
biggest and most influential consumer network, owned and
groups that every corporate wants to Covering 11 markets in Asia Pacific,
WebTVAsia set up a permanent office in
operated platforms,
target,” said Fred Chong, Group CEO.
Hong Kong in 2017 to better serve its clients production studios,
and partners in the region. To date, the brand solutions, artiste
Reaching out to Millennials
office has ten employees with functions management and
WebTVAsia targets millennial audience
including business development, sales, experiential events
through its video networks which
marketing and production.
reach 330 million millennial viewers w webtvasia.com
across Asia who watch over five billion “Hong Kong is an important Asian14 Case Study
Welcome to
the World’s
Food Mecca
Mainland China’s famous
hot pot chain Haidilao sees
Hong Kong as the ideal base for
promoting their brand.
Founded in Mainland China in 1994, and food and welcome suggestions from
Haidilao has grown into an internationally customers.”
renowned restaurant group during the past
To maintain excellent customer service,
twenty years. The company prides itself
in excellent and good value for money Hong Kong is Haidilao also encourages its staff to be
creative in utilising in-store resources to
services. Other than Chinese face mask
changing performance, Haidilao also offers a food mecca with deliver an unforgettable experience for
every customer.
manicure and other personalised services
for customers while they are waiting a mature market Haidilao currently employs 250 staff
to be seated. Thanks to its innovative
business model, the restaurant has grown and people are in Hong Kong and plans to open more
outlets to meet new demand, providing
rapidly in Mainland China and overseas.
Today, the company operates over 400
very receptive a broader range of job opportunities for
local residents.
directly operated restaurants in more
than 100 cities across Asia, Europe, North
to new ideas. “Invest Hong Kong has facilitated our entry
into the Hong Kong market and helped us
America and Australia.
All these make with company registration and visa matters.
In October 2017, Haidilao opened its first Mainland Chinese restaurant operators
Hong Kong outlet in Yau Ma Tei, Kowloon, the city one of looking to establish a base in Hong Kong
followed by a second store in Causeway
Bay a year later. The company is already the ideal bases can seek advice from professional
organisations like Invest Hong Kong in order
planning to open more restaurants in
other locations across the city in order to for restaurants to facilitate their entry.” Zhang concluded.
serve more customers. In September 2018,
Haidilao was listed on the Hong Kong Stock
to enhance their
Haidilao International
Exchange, reaffirming its commitment to
the city.
brand image. Holding Ltd
Haidilao International
Ingredients for Success Zhang Yong Holding Ltd (6862.HK) was
According to Haidilao’s chairman Zhang
Yong, “Hong Kong is a food mecca with
Chairman listed on the Hong Kong
Stock Exchange on
a mature market and people are very Haidilao International
26 September 2018
receptive to new ideas. All these make the Holding Ltd
city one of the ideal bases for restaurants to Haidilao has restaurants in
enhance their brand image.”
Mainland China, Hong Kong,
providing a wider range of seafood, meat
In Hong Kong’s competitive dining scene,
and condiments.
Taiwan, Singapore, Japan,
Zhang believes Haidilao has many success the US, South Korea, Canada
factors. In addition to providing excellent “We learn from other industry players
and Australia
customer service, Haidilao has adapted and conduct in-depth research into the
its menu to suit local tastes, for example local food culture. We are also committed w haidilao.com
by adjusting the spiciness of the broth and to improving the quality of our serviceCase Study 15
Your Virtual Asset Partner
One of the first SFC regulated hedge fund managers in digital asset, MaiCapital
rides on Hong Kong’s FinTech development and explores new markets in APAC.
Hong Kong has a great
access to talents in
both technology and
financial service fields,
making it a perfect
place for us to start
our hedge fund and
blockchain business.
Michael Wong
Managing Partner and COO
MaiCapital
Specialised in blockchain technology, In November 2018, Securities and tax allowance and deductions.”
cryptocurrency investment and Futures Commission (SFC) set
MaiCapital currently hires six
asset management, MaiCapital helps out new regulatory approach for
employees, including a research
investors to generate return with virtual assets, including crypto asset
team with advanced degrees from
cryptocurrency, targeting family offices, portfolio management companies
engineering to physics, while its senior
financial institutions and high net worth and crypto‑equity fund distributors.
executives bring over a decade of
individuals. Headquartered in Hong MaiCapital is one of the first SFC
asset management experience. As its
Kong, the company aims to be a full regulated hedge fund managers in
development progresses, the company
service investment bank in the digital blockchain technology and virtual
will look to hire more staff for its
asset space, providing product advisory, assets investment in Hong Kong.
technology and operations team for
asset management and broker dealer
Wong not only sees a big potential for continuous expansion, with a long term
services to clients around the world.
cryptocurrency market in Hong Kong goal to boost presence in the rest of the
MaiCapital launched its flagship as the international financial centre APAC region.
product Blockchain Opportunity Fund in the region. “Hong Kong has a great
in March 2019, providing investors a access to talents in both technology
one‑stop solution to gain exposure and financial service fields, making it a
to virtual assets, easing the trouble perfect place for us to start our hedge
of maintaining multiple private keys, fund and blockchain business,” he said, MaiCapital
wallets, exchange accounts and adding that the city’s ease of doing
complex tax filing. business, sound regulatory system and Founded in August 2018 and
abundance of financial talent are also headquartered in Hong Kong
“Our target is to generate attractive
the decisive factors to start the company
return for our investors with reduced SFC-licensed hedge fund
in Hong Kong.
volatility and minimise the draw down,” manager and fully regulated
said Michael Wong, Managing Partner He added, “the city is highly competitive under SFC Type 4 (Advising
and COO, “we analyse a lot of different in terms of its bilingual legal system on Securities) and Type 9
blockchain model and market data, and and simple tax regime, providing
(Asset Management)
rank them on a metric system.” protection for investors with generous
w maicapital.io25/F, Fairmont House
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Central, Hong Kong Get Our App Now
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