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Issue No. 81

HIGH FLYERS AWARDS Hong Kong’s Best Selling Business Magazine

WHERE TO INVEST IN 2026 THE NEW MONEY MAGNET: TAX REFORM LURES GLOBAL CAPITAL WHY 2026 COULD BE THE YEAR IPOS RETURN DEAL SLOWDOWN SPARKS DEMAND FOR RESTRUCTURING LAWYERS

HONG KONG BUSINESS | Q1 2026

HONG KONG

BUSINESS

FROM THE EDITOR

Established 1982 Editorial Enquiries: Charlton Media Group Hong Kong Ltd Room 1006, 10th Floor, 299 QRC, 287-299 Queen’s Road Central, Hong Kong | +852 3972 7166

arkets rarely move in straight lines, and no one can predict what lies ahead. Drawing on conversations with analysts and business leaders, Hong Kong Business has identified 10 themes to help frame investment thinking in 2026. These perspectives are intended to guide how money is allocated in the Year of the Horse.

PUBLISHER & EDITOR-IN-CHIEF Tim Charlton ASSOCIATE PUBLISHER Louis Shek EDITORIAL MANAGER Tessa Distor PRINT PRODUCTION EDITOR Eleennae Ayson LEAD JOURNALIST Gwyneth Marie Bejer PRODUCTION TEAM Frances Gagua Vincent Mariel Galang Jilliane Rae Manuel Alec Maquiling-Cruz Jaleen Ramos EDITORIAL RESEARCHER Shiena Viene Sur GRAPHIC ARTIST Cathlyn De Raya EDITORIAL ASSISTANT Vienna Verzo COMMERCIAL MEDIA TEAM Jenelle Samantila Dana Cruz Danielle Goh ADVERTISING CONTACTS Louis Shek +852 6099 9768 louis@hongkongbusiness.hk Shairah Lambat shairah@charltonmediamail.com AWARDS Julie Anne Nuñez-Difuntorum awards@charltonmediamail.com ADMINISTRATION Eucel Balala accounts@charltonmediamail.com EDITORIAL editorial@hongkongbusiness.hk

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Policy, meanwhile, is beginning to exert a clearer influence on capital flows. On page 24 we examine how tax reforms and the Capital Investment Entrant Scheme are repositioning Hong Kong in the competition for global capital, particularly amongst funds and family offices weighing Asia as a long-term base. Capital markets are also showing early signs of revival. After a prolonged slowdown, the IPO pipeline is rebuilding, though under far stricter conditions. On page 16, we analyse why listings may return in 2026, and which companies are most likely to succeed in a narrower window. Execution, rather than ambition, defines the sustainability story this quarter. On page 30, NatPower Marine CEO Stefano Sommadossi explains how Asia’s first shore-power network could move shipping emissions reduction from concept to infrastructure. As dealmaking slows, pressure is surfacing elsewhere. Our legal firms survey on page 29 tracks the growing demand for restructuring expertise and what it signals about the next phase of the cycle. Finally, turn to page 64 to see the leaders and organisations setting the pace this year in our High Flyers Awards.

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HONG KONG BUSINESS | Q1 2026

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HONG KONG BUSINESS | Q1 2026

CONTENTS

COVER STORY 10 INVESTMENT IDEAS FOR 2026

FIRST 08 Banks face dual pressure from rate cuts, CRE 10 Retail investors turn to private markets as diversification demand grows

STARTUP 12 RT Healthtech turns lab robotics into cheap exosuits

SPACE WATCH 14 'Fear-free' vet opens in Shau Kei Wan

PROPERTY WATCH 18 Forest Pavilion debuts forestbathing design

HIGH FLYERS PROFILES OF HONG KONG'S OUTSTANDING ENTERPRISES AND BUSINESS LEADERS

CEO INTERVIEW 30 HK to host Asia's first shore power network for ships

FINANCIAL INSIGHT

LEGAL BRIEFING

16 IPO pipeline tops 300 applications for 2026

34 Will the BHU bill drive more landlords to exit?

INDUSTRY INSIGHT

COMMENTARY

20 Gov't plans wider primary care network under reform 22 Modular builds cut construction time by 30%

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LEGAL OUTLOOK LAW FIRMS BOOST HIRING FOR DEAL, RESTRUCTURING LAWYERS

Middle East FDRK4467, Compass Building, Al Shohada Road, AL Hamra Industrial Zone-FZ, Ras Al Khaimah, United Arab Emirates

94 Strategic location tips for playgroups and education centres

For the latest business news from Asia, visit the website

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HONG KONG BUSINESS | Q1 2026

News from hongkongbusiness.hk Daily news from Hong Kong MOST READ

MARKETS & INVESTING

Strong IPOs, rising stocks lift Hong Kong property sentiment Strong IPO activity in Hong Kong, coupled with a surge in major equity indices to a four-year high, has generated a positive wealth effect, according to Colliers’ Asia Pacific Cap Rates report. Interest rates across theAPAC region largely stabilised during the quarter, with a general quarter-on-quarter downward trend.

FINANCIAL SERVICES

Hong Kong surpasses 2,700 family offices, outnumbering Singapore Hong Kong has surpassed 2,700 single family offices (SFOs), reinforcing its position as Asia’s top destination for managing ultra-highnet-worth wealth, according to the 2025 Julius Baer Family Barometer, developed with PwC Switzerland. The region's over 2,700 SFOs now outnumber Singapore’s 2,000.

HEALTHCARE

HOTELS & TOURISM

First Andaz Hong Kong hotel to rise in Central Crossing in 2027 Hyatt Hotel Corp. will open Andaz Hong Kong Central hotel in the Central Crossing mixed-use project in 2027. It is part of the hotel group’s management agreement with Wing Tai Properties Limited and CSI Properties Ltd., and marks the first Andaz hotel in the city as Hyatt recently formed its Lifestyle Group.

COMMERCIAL PROPERTY

HeyMax expands to Hong Kong with Cathay loyalty partnership

Government proposes new tobacco control bill

Henderson Land launches two-phase Central Yards mixed-use development

Singaporean loyalty fintech HeyMax has launched in Hong Kong, marking its first overseas expansion. The move includes a new regional partnership with Cathay and follows HeyMax’s July 2025 acquisition of Hong Kong-based fintech krip. Broader integrations are underway with MoneyHero, Octopus, Preferrd, and Visa.

The Hong Kong government has published the Tobacco Control Legislation (Amendment) Bill 2025, proposing changes to the existing legislation to introduce a new phase of tobacco control measures. In June 2024, the Health Bureau outlined an overall tobacco control strategy. Ten short-term measures were introduced.

Henderson Land has unveiled Central Yards, a major mixed-use development with over 1.6 million square feet of gross floor area. The project will be rolled out in two phases—phase 1 launching in 2027 and phase 2 in 2032. At the heart of the development is “The Bridge,” a 400-metre-long groundscraper.

HONG KONG BUSINESS | Q1 2026

FIRST of about 6% at end-2024. BEA has significantly downgraded problematic Chinese developers in recent years, S&P said in its report. Meanwhile, private lenders have reportedly stepped in to fill the gap in real estate lending as banks prioritise risk reduction and portfolio clean-up. “Anticipated interest-rate cuts will compress [net interest margins] and profitability to a moderate extent, in addition to asset-quality challenges from prolonged stress in Hong Kong's CRE market,” wrote Fitch expert Grace Wu, head of Greater China banks, in the 2026 outlook report. The narrow interest rate difference between Hong Kong and mainland China is also not expected to boost loan demand significantly due to US tariffs raising uncertainties and reducing capital expenditure (capex) plans, according to Fitch.

WHAT DEFINES HK'S ENTREPRENEUR CLASS TODAY PROFESSIONAL SERVICES/LEGAL

our in five entrepreneurs in Hong Kong now hold multi-residency status, placing the city amongst the highest globally, according to a report by HSBC. The proportion far exceeds the global average of 56%, underscoring how mobility has become a defining feature of Hong Kong’s entrepreneurial class. That global orientation is matched by confidence. The survey found that 93% of Hong Kong entrepreneurs are optimistic about their business prospects, whilst 84% express confidence in their personal wealth— both above global benchmarks. More than half of respondents (54%) maintain dual residency in either mainland China or Singapore, with others holding ties to markets including Taiwan, Japan, the UK, and France. Global mobility Hong Kong also continues to attract external capital and talent. More than one in five entrepreneurs from mainland China (22%) and Taiwan (26%) name the city as their top destination for wealth diversification. Amongst Chinese entrepreneurs surveyed, 78% plan to expand into Hong Kong. Expansion ambitions remain strong at home as well. Within the next year, 42% of Hong Kong entrepreneurs expect to enter new markets. Technology and artificial intelligence are seen as central to that growth, with 62% of global entrepreneurs citing tech and AI as their biggest source of optimism. Spending patterns reflect both affluence and diversification. Highend fashion and jewellery (49%), personal-use real estate (48%), and cars (47%) lead spending categories. Hong Kong entrepreneurs also stand out for their investment in art and collectables, with 33% participating, well above the global average. Despite this confidence, succession planning remains a concern. 8

HONG KONG BUSINESS | Q1 2026

Bank of East Asia is the largest independent-owned bank in HK

Banks face dual pressure from rate cuts, CRE

FINANCIAL SERVICES

ower interest rates are unlikely to lift Hong Kong banks’ earnings in 2026, as margin pressure from rate cuts coincides with prolonged stress in commercial real estate (CRE) that continues to weigh on asset quality, according to Fitch Ratings. On the one hand, residential mortgage demand is expected to rise modestly as the housing market stabilises alongside lower borrowing costs, the ratings agency said in its 2026 outlook report published in November 2025. But overall loan growth will remain ‘mild’ as banks reduce exposure to riskier sectors, such as CRE, which has become a years-long problem for the sector, prompting local lenders to clean up their portfolios of riskier assets. CMB Wing Lung is reportedly downsizing its mainland China property exposure through loan repayments and write-offs.Bank of East Asia (BEA), the largest independent-owned bank in Hong Kong, saw the impaired loan ratio for its Hong Kong CRE portfolio also climbed to about 7.5% from estimates

Grace Wu

Anticipated rate cuts will compress NIMs and profitability to a moderate extent

Fees and cross-border investments One bright area for Hong Kong’s banks are fees. Robust fee momentum, for example from wealth management fees from cross-border investment flows, can provide some upside earnings. Wealth management has seen robust activity in the city. Futu, a brokerage and wealth management company based in China, opened its largest store in Hong Kong and rolled out an institutional private wealth center in Causeway Bay. Hang Seng Bank, one of the locally headquartered banks, and majority owned by HSBC, has been opening several new wealth management centres across the city just in 2025, including one in Kowloon and a planned centre in Tsim Sha Tsui. Investment between Hong Kong and mainland China has also ramped up, with regulators in Hong Kong and the mainland recently doubling the daily quota of its Northbound trading of swap connect to about $6.3b (RMB45b), as well as expanded the list of swap connect dealers. Other measures include “supporting various types of offshore institutional investors to conduct repurchase or repo business in the Mainland bond market.” The People’s Bank of China will also work with relevant authorities to provide more renminbi assets in the Hong Kong market including treasury bonds, as well as work for the launch of RMB treasury bond futures in the city, according to a report by news.gov.hk.

FIRST operational efficiencies and balancesheet optimisation. We view these synergies as achievable over the medium term given HSBC’s strong execution record,” Fitch Ratings said.

Michael Makdad

Hang Seng Bank will be delisted from the HKEX after the deal's completion

Hang Seng Bank privatisation seen as 'long overdue'

FINANCIAL SERVICES

he Hongkong and Shanghai Banking Corp. Ltd. (HSBC)’s move to privatise Hang Seng Bank is a long-overdue decision that will improve the megabank’s capital and costs, analysts said. Parent-subsidiary double listings are inherently problematic in terms of governance, and in this sense, it’s a positive and long-overdue move, said Michael Makdad, senior equity analyst at Morningstar. “Of course, HSBC will need to pay a premium so it likely wouldn’t likely be positive in terms of my fair-value estimate for HSBC but there should be some opportunities for cost synergies,” Makdad said. HSBC proposed to take full

ownership of Hong Kongheadquartered Hang Seng Bank in October 2025 and is set to acquire the remaining 37% of its common equity. HSBC will delist the lender from the Hong Kong stock exchange following completion of the privatisation, which is expected to be done by the first half of 2026. Hang Seng Bank will continue to operate as a separate entity. Full ownership of Hang Seng Bank should remove structural constraints on integration and enable more efficient capital and resource allocation across the group’s Hong Kong franchises, said Fitch Ratings. “Management has identified value-creation opportunities through enhanced revenue generation,

We view the proposed transaction as a strategic redeployment of the substantial excess capital it is generating

Capitalisation pressure HSBC’s offer price is a 33% premium over Hang Seng Bank’s 30-day average at the time of the offer. Because of this, HSBC’s capitalisation is expected to see some pressure from this deal. However, its overall capitalisation should remain strong, according to S&P Global Ratings. “We don't expect the transaction to materially affect [HSBC’s] other key financial metrics, such as impaired loan ratio and provision coverage. This is mainly because HBAP has been consolidating Hang Seng Bank's financials for about 60 years,” the credit rating agency said. From a wider HSBC group perspective, Hong Kong has long been HSBC Holdings’ most profitable home market, it added. “We view the proposed transaction as a strategic redeployment of the substantial excess capital it is generating.” Hang Seng Bank accounted for about 16% of HSBC’s total assets and 19% of its total equity at the end of June 2025, S&P estimates. “We believe both HSBC and Hang Seng Bank will continue to focus on managing the rising credit risks stemming from the downturn in Hong Kong's commercial real estate in recent years,” it added.

THE CHARTIST: 46% OF PROFESSIONALS PRIORITISE SALARY OVER WORK-LIFE BALANCE

ver four in 10 (46%) professionals in Hong Kong cite their salary package as the main reason for staying with their current employer, according to a new report published by Hays. This is a sharp contrast with the rest of Asia, where worklife balance remains the top retention driver. Job security follows closely at 41%, reflecting growing concerns about market uncertainty, whilst only 24% prioritise worklife balance, down from 33% in late 2024. Job security has seen a marked rise in importance. The proportion of professionals valuing stability increased from 31% in late 2024 to 41% in 2025, overtaking preferences for team fit (36%). “Declining job security is particularly evident in Hong Kong, where 39% of professionals who changed jobs this year did so in pursuit

of greater stability,” said Adrian Lam, Regional Director of Hays Hong Kong SAR. The shift comes as 47% of Hong Kong organisations reported headcount cuts in 2025, and 41% expect more restructuring before the end of the year. Aside from salary and job security, professionals also value career progression (26%), benefits like healthcare and insurance (36%), and alignment with company values (23%). Many professionals in Hong Kong feel their jobs are at risk and are moving early to find new roles before decisions are made for them. He urged companies to act quickly, using internal mobility and clearer career paths to retain staff. “Organisations may wish to act swiftly to manage this sentiment, leveraging internal mobility and redefining career growth beyond traditional promotions to retain talent.”

Top reasons professionals stay with their employers

Source: Hays

HONG KONG BUSINESS | Q1 2026

FIRST looking elsewhere. Global opportunities, especially within the US technology sector, are increasingly attracting attention. “In the past few years, we’ve seen a rise of technology companies in the US, the rise of artificial intelligence (AI),” Leung said. “These are presenting a lot of opportunities not found here," she added. She cited OpenAI’s $3.8t (US$500b) valuation, making it the world’s most valuable private company, alongside SpaceX at a similar range. “All these giants in terms of market caps are staying private for longer.” The trend has benefitted digital wealth platforms like StashAway, which provide streamlined access to private funds with reduced minimums. Traditionally, highentry thresholds and lock-up periods excluded younger professionals. “If you look at this segment, a lot of them have quite a bit of liquid wealth to invest,” Leung said. “However, the options are actually quite limited and oftentimes, there’s a lot of strings attached, for example, very high minimums and lock-ups.”

Tech giants and AI companies draw interest, like OpenAI's $3.8t (US$500b) valuation

Retail investors turn to private markets as diversification demand grows

MARKETS & INVESTING

emand for diversification is reshaping the way retail investors approach wealth management, with growing interest in private markets that were once reserved for large institutions. A number of private funds are expanding their services to attract individual retail investors, said Stephanie Leung, chief investment officer at StashAway Hong Kong. “In the past few years, we’ve seen a pushand-pull factor coming together,” she told Hong Kong Business. “The pull factor is that investors demand higher returns. The push factor is that a lot of these private funds are expanding their business to offer smaller ticket sizes to smaller investors.” Private markets—covering private equity, venture capital, and other unlisted assets— have historically delivered higher returns than publicly traded stocks and bonds. Yet access has long been restricted. Minimum investment requirements often ran into millions of dollars, keeping the space dominated by pensions, endowments, and insurance companies. That exclusivity is eroding as financial 10

HONG KONG BUSINESS | Q1 2026

technology platforms bring private market strategies to smaller investors. “We actually built private market offerings because our customers asked for it,” Leung said. The shift reflects a broader reallocation of wealth. For decades, Hong Kong’s property market was a powerful generator of returns, serving as the foundation of many families’ wealth creation. But the sector has been sluggish since 2021, weighed by pandemic restrictions, economic headwinds in China, and rising interest rates. “Looking forward, the returns that you get from the housing market may be more diminished compared with the returns that we’ve been enjoying in the past 20–30 years,” Leung said. Even though analysts see signs of recovery—S&P projects residential property sales to reach 20,000 in 2025, the highest since 2019—many investors have begun

Instant portfolio adjusting StashAway positions itself as a digital wealth adviser “with a human touch,” offering private equity access for as little as US$20,000—far below institutional levels. The company also assigns dedicated bond advisers to clients reaching higher investment tiers, tailoring advice to individual life goals. “That provides an easy way for these young professionals or affluent investors to diversify their portfolios through both public and private channels,” she said. StashAway’s core demographic— professionals aged 30 to 45—expect flexibility and digital convenience. Many are used to managing finances on their smartphones rather than through traditional bank advisers. “[For example], today, I have an investment idea. I want to reallocate my portfolio. I want to get it done right away. I don’t want to pick up my phone and talk to a wealth advisor who may or may not be there and put me on hold,” Leung said. With 24/7 app access, investors can view and adjust their portfolios instantly. “Most of our customers, particularly the ones who are much more tech savvy, are already very used to doing their own wealth management on the app, on the phone, or anywhere they are. I think that is a trend that’s not going away,” she added.

The push factor is that a lot of these private funds are expanding their business to offer smaller ticket sizes to smaller investors

FIRST NUMBERS

STARTUP FUNDING ENTERS 2026 AT SLOWER PACE

Source: Tracxn

Note: All currencies are in USD

HONG KONG BUSINESS | Q1 2026

STARTUP RT HEALTHTECH TURNS LAB ROBOTICS INTO CHEAP EXOSUITS HEALTHCARE

Firefilm speeds up corp video editing

MEDIA & MARKETING

Raymond Kai-yu Tong, founder at RT HealthTech

T HealthTech is commercialising university-developed robotics to make wearable mobility support systems that hospitals, rehabilitation centres, and eldercare facilities can easily afford. The company, which started in 2024, builds on research by founder Raymond Kai-yu Tong, a biomedical engineer and professor known for developing low-cost robotic rehabilitation systems for stroke patients and children with cerebral palsy. “We’ve developed many useful technologies at the university—robotic systems for upper and lower limbs and even artificial muscles to help kids with cerebral palsy and stroke patients walk again,” Tong told Hong Kong Business. XoBrace, RT HealthTech’s flagship product, is a wearable knee-support exosuit that helps walking and reduces joint strain. The healthcare startup also offers XoMuscle, a soft, fabric-based actuator system that utilises air pressure to mimic human muscle movement. “With air pressure, just 100 grams of artificial muscle can generate about five kilograms of force—it’s powerful, easy to wear, and safe to use,” Tong said in an exclusive interview. Unlike earlier robotic projects that stayed within hospitals, the startup aims to bring assistive technology to everyday users. “We talked to many elderly people—they’re not patients, but they have knee pain or less muscle strength,” Tong said. “They want to stay active and improve their quality of life, so instead of labelling the product as a medical device, we designed it as a healthcare product.” Removing the middleman RT HealthTech sells its products for about $1,165 (US$150)—a fraction of the cost of similar robotic devices that cost $233,000 (US$30,000) to $3.1m (US$400,000). “We’ve made it more affordable because we want everyone to be able to use it for muscle support.” With initial funding of about $1.6m (US$200,000), the company is producing devices in small batches for rehabilitation centres, clinics, and eldercare providers. Tong told the magazine that the business is profitable whilst prioritising quality control. The startup stands out for handling both research and production in-house, a move Tong said allows faster commercialisation than traditional university licensing models. “In the past, our lab licensed technology to other companies,” he said. “Now, by having our own startup, we can launch products directly and move faster.” RT HealthTech plans to integrate brain-computer interface (BCI) technology, enabling users to control robotic systems and digital tools directly through their thoughts. “We’re developing brain-controlled robots,” Tong said. 12

HONG KONG BUSINESS | Q1 2026

irefilm Group Ltd. has built a real-time video-editing platform that speeds up the final stage of production by putting reviews, revisions, approvals, and storytelling work in one place. The company, founded in 2023, developed the platform to fix slow and fragmented corporate approval workflows, CEO Yan Or told Hong Kong Business. It is led by a team with almost two decades of experience in marketing and commercial video creation, she added. “The platform allows teams to leave comments directly on the video, draw on frames, and approve or reject revisions in real time,” she said in an interview. It can also process changes without the original project file, which Or said, eliminates repeated exporting and re-rendering that often bog down editors. The platform can analyse popular tags and titles online to help optimise a video’s reach. Firefilm offers a free trial, an enterprise plan priced at $180 per user, and a corporate plan priced at $980 per month, according to information listed on its website. The team also built an algorithm that adds narrative structure to footage, after noting that many artificial intelligence

Yan Or, Firefilm Group CEO

(AI)-generated clips lacked coherent storytelling. “AI-generated content cannot be used for commercial purposes directly—it requires human review,” Or told the magazine. Firefilm’s push for human-guided editing comes as YouTube’s July 2025 monetisation update cracks down on “inauthentic content,” including massproduced or AI-generated videos with minimal human involvement. Such content is no longer eligible for benefits like advertising revenue, even if it garners significant views. To support further development and expansion, the startup plans to raise about $2.3m to $3.1m (US$300,000 to US$400,000). The funding will help add languages such as Indian and Japanese, expanding beyond the platform’s support for traditional and simplified Chinese. Firefilm is available across the globe, with Hong Kong and Guangdong amongst its latest markets.

Cellmeric targets 80% cut in cancer therapy HEALTHCARE

ong Kong biotech startup Cellmeric Ltd. is developing a low-energy gene-delivery platform that could cut the cost of cell-based cancer therapies by as much as 80% and scale more easily than virus-based manufacturing. Founded in 2025, Cellmeric aims to bring the cost of Chimeric Antigen Receptor T-cell (CAR-T) therapy down to $500,000 from about $2.5m, CEO and founder Patrick Tang said. Cellmeric uses a “virus-free” method that delivers genetic material directly into cells without relying on modified viral vectors—the usual but costly approach. Traditional CAR-T production uses engineered viruses to insert a cancerfighting gene into a patient’s T-cells. The process is effective but expensive due to the risk of off-target gene insertion and the extensive safety testing required.

Patrick Tang, CEO and founder at Cellmeric

“Some nonviral options use high energy or chemicals that kill most of the cells,” Tang told the magazine. “Our platform avoids any unwanted DNA mutations and cuts out costly safety tests and production steps,” he added. The startup’s low-energy system maintains cell viability above 70% after a gene change, compared with about 10% for some existing nonviral tools, he said. Cellmeric plans to raise $23m to build a good manufacturing practice (GMP)compliant production system.

HONG KONG BUSINESS | Q1 2026

SPACEWATCH

'Fear-free' vet opens in Shau Kei Wan

The 11,000 sq ft facility introduces advanced surgical suites, a CT scan, and a new community teaching space.

HEALTHCARE

reature Comforts Veterinary Group has expanded its long-standing presence in Shau Kei Wan with the opening of a new 24-hour “fear-free” animal hospital, designed to offer a calmer, more advanced experience for pets, their owners, and veterinary professionals. Dr David Quach, medical director at Creature Comforts, said the new site represents both a physical and philosophical evolution for the group, which has served the Shau Kei Wan community for over 20 years. “This new hospital is more than double the size of our previous site — around 11,000 square feet across two floors,” Dr Quach told Hong Kong Business. The expanded space features complete separation between cat and dog areas, with individual waiting and consultation rooms to reduce anxiety and noise. A new inhospital lift connects the two floors, improving accessibility

Dr David Quach

for clients and easing the transfer of patients and equipment between the treatment and surgical levels. “We now have a dedicated soundproof cat ward with oneway ventilation, so cats do not smell or hear the dogs,” said Dr Quach. “Larger consultation rooms also give families and big dogs the option to be examined on the floor instead of tables — which helps prevent table-related stress.” Located on the east side of Hong Kong Island, the hospital links East Island, Tseung Kwan O, and the South Side, areas with high pet ownership. “We’re now able to provide round-the-clock emergency care to families who previously needed to travel to central Hong Kong,” Dr Quach said. The facility houses three operating theatres, including an orthopaedic suite for complex procedures, alongside a CT scan room and blood-bank services.

1 The hospital’s

reception enhances comfort for pets and owners.

2 Larger

consultation rooms offer a calmer, low-stress exam space.

4 3 Advanced CT

imaging expands round-the-clock emergency services.

4 Modern X-ray

suites are a key part of the hospital’s diagnostic upgrades.

5 ‘Fear-free’ care

helps reduce anxiety for pets during treatment.

6 A prep and

diagnostics area improves workflow.

HONG KONG BUSINESS | Q1 2026

FINANCIAL INSIGHT: IPO

IPO pipeline tops 300 applications for 2026 Proceeds in 2025 topped $200m for the first time in four years.

MARKETS & INVESTING

ong Kong’s IPO market is poised for continued growth in 2026, backed by listing reforms, strong investor appetite, and more than 300 active applications in the pipeline. Full-year proceeds tripled to $280b in 2025, surpassing the $200b mark for the first time in four years, based on data from Ernst & Young Group Ltd. (EY). The rebound reflects both large-scale fundraisings and a steady stream of smaller deals, said Jacky Lai, spokesperson for EY Hong Kong’s capital market services. “The Hong Kong IPO market not only rebounded strongly in scale but also demonstrated structural diversity and quality,” he said in an EY Greater China report published in November 2025. “Large deals stabilised market confidence whilst smaller deals added vitality, creating a healthy dynamic,” he added. Eight mega deals—each raising more than $10b—drove much of the surge. The top 10 offerings together raised $154.7b or 55% of total proceeds. Amongst the biggest was Zijin Gold International Co. Ltd.’s $25b float in September, which Macquarie Group described as the biggest gold mining IPO in history. Zijin Gold is the overseas unit of Zijin Mining, a major Chinese producer of gold, zinc, and copper. But 2025’s biggest deal was listed earlier, when battery giant Contemporary Amperex Technology Co. Ltd. (CATL) raised $41b through its H-share offering in May. In the middle of December, HashKey Holdings Limited—the region's biggest licensed crypto exchange—launched a bid to raise $1.67b. The year’s performance marked a sharp turnaround

Improved valuation and liquidity are driving the Hong Kong IPO market

Jacky Lai

Louis Lau

DEAL #1: CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. RAISED $41B THROUGH ITS H-SHARE OFFERING

HONG KONG BUSINESS | Q1 2026

from the early 2020s. In the first half of 2023, Hong Kong raised only $1.5b—its weakest start in two decades. Just two years later, the Hong Kong Stock Exchange (HKEX) reclaimed its position as the world’s leading listing venue, overtaking the New York Stock Exchange and the Bombay Stock Exchange. “Improved valuation and liquidity are driving the Hong Kong IPO market, with A+H and Chapter 18C listings thriving amidst the city’s strong momentum,” Louis Lau, a partner and head of the Hong Kong capital market group at KPMG China, said in the firm’s third-quarter IPO report in October 2025. He expects both categories to remain key sources of activity in the near term. Record surge in dual listings Revised pricing and allocation rules for IPOs are expected to improve subscription experiences in 2026. A+H listings—mainland Chinese companies that list both onshore A shares and in Hong Kong—have already shown strong momentum. As of September 2025, A+H listings had raised $91.7b, up 120% from full-year 2024, according to KPMG Advisory (China) Ltd. Eleven A+H listings were completed in the first nine months of 2025, compared with eight in 2024. EY’s estimates show a total of 20 A-share issuers listing in Hong Kong in 2025, though not all were dual listings. Policies encouraging mainland champions to list in Hong Kong and faster application processing have helped channel more large IPOs to the city, Robert Lui, southern region offering service leader at Deloitte China, said in a report in September 2025.

DEAL #2: HASHKEY HOLDINGS LTD. LAUNCHED A BID TO RAISE $1.67B IN MID-DECEMBER 2025

FINANCIAL INSIGHT: IPO Revised public float rules introduced on 4 August 2025 are expected to further support dual listings. Previously, A+H issuers had to allocate at least 15% of their issued shares to H-share public investors. Under the rules, issuers must allocate either at least 10% of total shares as H shares or offer a minimum of $3b worth of H shares at listing. There are now 83 A+H applications in the HKEX pipeline, based on third-quarter KPMG data. “Recent reforms highlight the flexibility and inclusiveness of Hong Kong’s listing regime, enhancing market vitality and competitiveness across listing, trading, products, and capital flows,” Peter Chan, EY Hong Kong’s technology, media and entertainment, and telecommunications assurance leader, said in the firm’s Greater China report. He said Hong Kong and mainland China’s capital markets have entered a “complementary development stage.” Beyond dual listings, Hong Kong is reviewing enhancements to its weighted voting rights regime, which may draw more overseas and technology companies to seek secondary listings. These measures would help attract a wider range of innovative enterprises, broaden Hong Kong’s issuer base, and draw in additional capital from fast-growing markets, said Edward Au, southern region managing partner at Deloitte China. “This will lead to greater diversity in issuer origins, industry representation, and investor sources in Hong Kong’s IPO market, further strengthening the city’s role and standing as an international financial centre,” he wrote in a Deloitte report in September 2025.

HONG KONG IPO MARKET Q3 2025 HIGHLIGHTS

Robert Lui

Top 10 largest Hong Kong IPOs

Peter Chan

Edward Au

Momentum into 2026 HKEX enters 2026 with more than 300 active IPO applications, including 90 A-share companies planning to list in Hong Kong, according to EY data. The Technology Enterprises Channel, launched in May, spurred a wave of applications from artificial intelligence (AI), biotech, and semiconductor companies. EY described new consumption and hard-technology sectors as the dual engines powering Hong Kong’s IPO resurgence. “Despite short-term volatility, the overall trajectory of Hong Kong stocks remains upward, achieving scale growth and structural upgrades under the combined influence of leading enterprises, market policies, and external factors,” Chan said. EY expects Hong Kong’s IPO market to remain active through 2026, though with “more measured growth.”

Zijin Gold International $25b float is considered the biggest gold mining IPO in history

Despite shortterm volatility, the overall trajectory of Hong Kong stocks remain upward

2025 Q3 YTD

Company

Proceeds (HKD billion)

Sector

Contemporary Amperex Technology Co., Limited

41.0

Industrials

Zijin Gold International Company Limited

25.0

ENR

Jiangsu Hengrui Pharmaceuticals Co., Ltd.

11.4

Healthcare / Life Sciences

Zhejiang Sanhua Intelligent Controls Co., Ltd.

10.7

Industrials

Foshan Haitian Flavouring And Food Company Ltd

10.6

Consumer Markets

Chery Automobile Co., Ltd.

9.1

Industrials

Lens Technology Co., Ltd.

5.5

Industrials

Hesai Group – W

4.8

TMT

Aux Electric Co., Ltd.

4.2

Consumer Markets

MIXUE Group

4.0

Consumer Markets

Proceeds (HKD billion)

Sector

Midea Group Co., Ltd.

41.0

Industrials

Horizon Robotics - W

25.0

ENR

S.F. Holding Co., Ltd.

11.4

Healthcare / Life Sciences

China Resources Beverage (Holdings) Company Limited

10.7

Industrials

Mao Geping Cosmetics Co., Ltd.

10.6

Consumer Markets

Sichuan Baicha Baidao Industrial Co., Ltd.

9.1

Industrials

Cirrus Aircraft Limited

5.5

Industrials

InnoScience (Suzhou) Technology Holding Co., Ltd.

4.8

TMT

T.S. Lines Limited

4.2

Consumer Markets

Robosense Technology Co., Ltd

4.0

Consumer Markets

Company

F2024

Note: All figures are as at 30 September 2025, included listing by introduction, and excluded SPAC or De-SPAC deals and GEM transfer Source: HKEx and KPMG analysis

HONG KONG BUSINESS | Q1 2026

PROPERTY WATCH

Forest Pavilion debuts forest-bathing design

It features a 50-metre outdoor pool framed by trees and stone-edged lounges.

RESIDENTIAL PROPERTY

ew World Development Co. Ltd. and Far East Consortium International Ltd. have opened Forest Pavilion, a 76,000-square-foot clubhouse at The Pavilia Forest I in Kai Tak, inspired by the Japanese concept of shinrin-yoku or forest bathing. The complex is divided into five themed zones—Forest Bath, Forest Cave, Forest Meadow, Forest Ruins, and Forest Peak—each designed to immerse residents in a nature-focused retreat. Its centrepiece is a 50-metre outdoor pool surrounded by trees and stone-edged lounges for water-jet bathing. The pavilion features more than 50 amenities, including a 25-metre indoor glass-enclosed pool, a gym, a multi-function court, and dedicated rooms for yoga and table tennis. Edwin Chan, head of projects at New World

Edwin Chan

Development, said the design aims to cultivate tranquillity rather than opulence. “The pavilion does not focus on grandeur but on tasteful and articulated spatial design, evoking inner calm and peace,” he told Hong Kong Business. Upper-level areas include a sky lounge overlooking Lion Rock Hill and Kwun Tong, whilst the first-floor function rooms offer forest and sea views. Japanese designer Koichiro Ikebuchi led the interior design, taking cues from “Werifesteria,” the act of wandering through the forest. Tiles of varied hues and textures mimic the tones of leaves and stones, whilst slate veneers create passageways reminiscent of caves. Chan said upcoming projects in the Pavilia Collection will continue to incorporate wellness-oriented features to promote “healthy and tasteful living.”

pavilion’s 1 The 50-metre outdoor pool framed by trees and stone-lined terraces.

glass-enclosed 2 Aindoor pool offers views of the surrounding landscape.

4 reflect 3 Walkways “Werifesteria,” offering a forest-like wandering experience.

function 4 Its lounge features warm timber tones and greenery accents.

5 Ikebuchi’s forest-inspired design creates a nature-themed play space.

multi-function 6 The court is designed for sports and recreation.

HONG KONG BUSINESS | Q1 2026

INDUSTRY INSIGHT: HEALTHCARE

Gov't plans wider primary care network under reform Health centres will offer screening and chronic disease care.

HEALTHCARE

ong Kong plans to bring private doctors, community pharmacies, and allied health providers into district health centres (DHC) under a reform push aimed at expanding access and easing pressure on public hospitals. “Primary care has existed for a long time, but records have been lacking,” Lawrence Iu, executive director at public policy think tank Civic Exchange, told Hong Kong Business. “Instead of leaving regulation only to professional bodies, the government will now also oversee the sector.” The government is preparing a bill that will let the Primary Healthcare Commission build wider care networks, set citywide service standards, and monitor the quality of subsidised services, Hong Kong Chief Executive John Lee said in his 2025 policy address in September. The planned networks will revolve around district health centres, which offer screening, health checks, and chronic-disease management. Iu said Hong Kong’s public hospitals

Wai Ting Fong

Lawrence Iu

Shin Thant Aung

handle about 90% of inpatient cases yet account for only two-thirds of healthcare spending, highlighting a structural imbalance. Iu added that recent crises showed the limits of the setup. During the Tai Po fire, which left 159 dead and 79 injured, these centres supplied medicine and mental-health services to displaced residents. Shin Thant Aung, director at Singapore-based consulting firm YCP Holdings (Global) Ltd., expects the reforms to create clearer referral pathways. Patients referred by health centres will get priority at public specialist clinics, whilst stable cases will be returned to community care to reduce bottlenecks. “Post-reform, we anticipate a 10% reduction in waiting time for stable new surgery cases at Health Authority specialist clinics,” he said. “That is roughly 10 weeks saved.” He added that the city’s upgraded eHealth+ platform would let providers across the network share patient information and coordinate

Public hospitals handle about 90% of inpatient cases yet account for only two-thirds of healthcare spending

HONG KONG BUSINESS | Q1 2026

treatment more effectively. Moreover, the city’s digitisation efforts are expected to enable more efficient and transparent processing for patients seeking financial support, said Wai Ting Fong, VP Healthcare & Head Country Management, DKSH Hong Kong. “The greater use of data-driven governance and performance monitoring will also help ensure accountability,” Wai said. The reforms are also expected to broaden access to screening and chronic-disease programmes. Aung said Hong Kong has about a million undiagnosed hypertensive or diabetic residents. Potential challenges As of August 2025, the Chronic Disease Co-Care Pilot Scheme had enrolled over 140,000 people since its launch in November 2023, and is on track to hit its three-year target of about 200,000 ahead of schedule. “DHC attendance is projected to exceed three million visits as coverage expands across all 18 districts,” Aung said. Still, analysts warned of challenges. Performance may vary across districts, particularly amongst newer district health centre operators. Iu said the shift of women’s and elderly health services into the network could temporarily disrupt care unless communication is clear. He also noted that patient behaviour hinges on convenience. “If it isn’t convenient, people may still use the old approach—calling emergency services and going directly to the hospital again.” “Hong Kong must also anticipate challenges around digital integration, private–public coordination, and governance complexity,” Wai said. “International experience shows that when these elements are not well coordinated, the benefits of reform are significantly weakened.” Manpower remains a major constraint, with most family doctors working privately. Wai said that the city may start recruiting non-locally trained professionals in the near term. Aung added that Hong Kong would need a third medical school, overseas recruitment and the Top Talent Pass Scheme to meet rising demand for family doctors and allied health professionals.

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HONG KONG BUSINESS | Q1 2026

INDUSTRY INSIGHT: REAL ESTATE

Modular builds cut construction time by 30% Tender and governance reforms aim to scale the gains. across the Northern Metropolis. RESIDENTIAL PROPERTY

he Northern Metropolis development faces critical tests on construction methods and land-tender rules, analysts said, as the city seeks to accelerate housing delivery and industrial growth. Jack Tong, director of research and consultancy at Savills (Hong Kong) Ltd., said modular construction technologies are central to cost control and efficiency. The shift to modular integrated construction reduced building time by 30% on a Tung Chung public housing project, he told Hong Kong Business in an interview. “The shift to a dual-envelope tender system is also critical, as it evaluates bids based on their economic and industrial contribution to the Metropolis to ensure private development aligns with the initiative’s goals,” he added. Hong Kong Chief Executive John Lee, in his 2025 policy address in September, announced the establishment of a dedicated committee for the development of the Northern Metropolis to streamline approvals and signal government commitment to the project. The committee is overseeing three separate working groups. One team is responsible for devising new development models, another is for planning the Northern Metropolis University Town, and a third is focused on overseeing end-toend project delivery. As part of their efforts, officials are introducing a two-envelope tendering system, flexible landgrant arrangements, and financing structures aimed at attracting strategic industries to anchor the San Tin Technopole and surrounding districts. Challenges Tong said governance reforms— placing the project under direct supervision of the Chief Executive— have improved approval speed and market confidence. “The most important organisational change has been the upgrade of the governing structure, which guarantees the project’s priority,” he told the magazine. 22

HONG KONG BUSINESS | Q1 2026

Artist impression of the Lau Fan Shan area (Photo from NM)

The most important organisational change has been the upgrade of the governing structure

Mark Cooper

Jack Tong

The project faces challenges from private land ownership, with nearly half of its 3,700 hectares made up of fragmented and largely undeveloped plots, Tong noted. “This creates major hurdles for land resumption and site formation," he said. Infrastructure timing also poses challenges, as critical transport links, including the Northern Spur Line, are not expected until 2032 to 2034, years after some housing is slated for completion, the analysts said. Budget constraints mean the government cannot fund the development alone, he added. “Public-private cooperation is crucial,” Tong said, citing measures like instalment payment of land premiums and the large partner scheme, which gives developers discounted development rights in exchange for building infrastructure. “These measures, alongside the shift in tender focus, aim to draw mid-sized developers and promote collaboration with innovation-driven industries,” he pointed out. The government is counting on delivering 189,000 public housing units between 2026-2027 and 20302031, supported by plans to make 2,600 hectares of land “spade-ready”

over the next decade. On top of that, 30,000 Light Public Housing (LPH) units are set for completion by 2027, with 10,000 ready for occupation by year-end. To speed things up, the government is rolling out new tools and mechanisms, including a Project Facilitation Office, artificial intelligence-driven cost-management tools, and broader adoption of modular integrated construction, which aim to accelerate delivery. Finding balance Mark Cooper, senior director of thought leadership for Asia-Pacific at the Urban Land Institute, said timely delivery matters, but sustainability and integration remain paramount. “The overall 10-year housing target is highly dependent on the Northern Metropolis, but the recent payment of substantial land premiums by major developers suggests private sector willingness to cooperate is improving,” he said in a separate exclusive interview. Tong said success rests on balancing efficiency, market participation, and innovation to ensure the Northern Metropolis meets both housing and economic objectives.

HONG KONG BUSINESS | Q1 2026

INDUSTRY INSIGHT: ECONOMY

The Capital Investment Entrant Scheme is forecast to grow to $27b (Photo from InvestHK)

Tax reforms draw funds and family offices to Hong Kong

The ultra-rich are timing large investments to secure tax and visa benefits.

ECONOMY

lanned tax reforms are expected to draw more funds and single-family offices, which are projected to rise from about 2,900 in 2025 to as many as 3,500 by 2028. Funds and family offices are likely to set up operations once the legislation takes effect next year, Kenny Shui, vice president at Our Hong Kong Foundation, told Hong Kong Business in an interview. “There could be regional relocations as family offices choose Hong Kong over Singapore due to better tax clarity and incentives,” the vice president added. The government is amending the tax regime for both sectors to attract more asset managers to base in the city, Hong Kong Chief Executive John Lee said in his 2025 policy address in September. The new regime broadens the types of funds that can qualify for incentives, including pension and endowment funds, and is likely to draw more hedge and private credit funds, analysts said. As of September 2025, the city attracted more than 200 family offices with support from Invest Hong Kong, surpassing the target set in the 2022 policy address, according to a

HONG KONG BUSINESS | Q1 2026

Kenny Shui

Shin Thant Aung

statement by the Financial Services and the Treasury Bureau. The bureau said the figure does not include family offices set up independently, and follows eight policy measures rolled out in 2023, including tax concessions, the Hong Kong Academy for Wealth Legacy and the New Capital Investment Entrant Scheme. “Removing the rule that treated bond interest as incidental income will allow credit, virtual-asset, and hybrid funds to operate more efficiently,” Shui said. “Removing HKMA (Hong Kong Monetary Authority) certification will also simplify applications and reduce compliance costs,” he added. Under the old rules, if a fund earned interest from bonds, that income was treated as incidental—a category that could disqualify the fund from tax incentives if it exceeded certain limits. Capital inflows are expected to rise alongside these changes. The Capital Investment Entrant Scheme, which has secured $10.5b in financial-asset commitments, is forecast to grow to $27b, said Shin Thant Aung, director at Singapore-based consulting firm

YCP Holdings Ltd. Shui noted that assets under private banking and wealth management linked to family offices had reached $1.5t by end-2024, up 88% from 2017. Net inflows, which fell from 2021 to 2023, rebounded last year. “Net fund inflows for family offices and private trusts in private banking and private wealth management business could stabilise at a high level.” Aung added that recent market reforms—including lower stamp duty—have boosted trading. “Policy announcements have triggered a rush of applications and capital deployment,” he said. “High-net-worth individuals are timing large investments to secure tax and visa benefits," he added. Investment behaviour is also expected to change as funds and families move earlier to secure eligibility. The government’s timeline is prompting investors to accelerate decisions. “Wait and see becomes act-now,” Shui said. 'Added burden' Still, analysts flagged areas needing adjustment. Shui said the 95% de minimis rule might restrict co-investor structures. Smaller funds may also struggle to meet rules requiring two qualified employees and at least $2m in yearly operating spending, almost double Singapore’s threshold. He added that as eligibility broadens, tax reporting obligations could be viewed as an added administrative burden, particularly when compared with Singapore’s self-administered incentive schemes. “Tax reporting could be no more than what is currently required for funds that manage or hold investments in Hong Kong.” Meanwhile, measures to improve efficiency could strain liquidity and operational capacity, particularly for smaller brokers and custodians with limited intraday funding, according to Aung. Tighter settlement and reconciliation timelines may also increase costs for global funds. Aung said Hong Kong should continue refining tax rules, market structure, and product depth to stay competitive. “Many families operate a dual-hub model, requiring Hong Kong to perpetually fine-tune tax, market structure, and product depth to stay ahead,” he added.

HONG KONG BUSINESS | Q1 2026

COVER STORY

10 investment ideas for 2026 Chinese stocks and US small caps are good bets, analysts said.

Holdings, Inc. Abeyguna said the Chinese government is likely to continue supporting domestic growth, even as debt constraints limit broader fiscal stimulus. “Whilst we would like to see grander measures to support consumers and help turnaround consumer confidence, we think debt constraints remain.” Throughout 2025, China rolled out support measures and pushed banks to participate in boosting the economy. For example, a circular issued on 14 December 2025 urged banks to support key consumer sectors such as durable goods and electronics to boost domestic demand.

Alibaba ranks amongst Morningstar’s top picks (Photo from Alibaba)

he next twelve months bring uncertainties that could make or break investors’ returns depending on how they manage risk, with the dollar’s decline, ongoing US tariffs, and questions around artificial intelligence (AI) investments as key factors. The weakening of the US dollar may require currency exposure reassessment and lead to global reallocation of investments, said Shihan Abeyguna, managing director for Southeast Asia at Morningstar Asia Limited. “Markets are unpredictable, and 2026 will test investor discipline in ways both familiar and new,” he told Hong Kong Business in an exclusive interview. “Trade tensions and tariffs remain a key topic,” he added. Investors in Singapore and Hong Kong are showing greater openness to diversify out of the United States and into Asian markets. “Tariffs will be one of the biggest what-ifs leading into 2026, with US President Donald Trump likely to roll out more next year,” said Hugh Chung, chief investment officer at Endowus Pte. Ltd. Meanwhile, AI investments are under increasing scrutiny. After years of soaring valuations, the market is questioning whether the 26

HONG KONG BUSINESS | Q1 2026

Markets are unpredictable, and 2026 will test investor discipline in ways both familiar and new

Shihan Abeyguna

Hugh Chung

billions of dollars invested in AI tools and companies will translate into comparable profits. Luke Pais, EY-Parthenon private equity leader for ASEAN and CEO at Ernst & Young Corporate Finance Pte. Ltd. in Singapore, argues that an AI bubble is unlikely at this stage. “Whilst AI has yet to deliver returns commensurate with the capital invested to date, we are still in the very early stages of use cases maturing.” Investors should not overreact to headlines, analysts said. “Don’t sell assets during market downturns,” Abeyguna told the magazine. “Periods of heightened uncertainty often lead to sharp recovery rallies. Missing these can significantly affect long-term investment outcomes.” He cited the April 2025 tariff shock, which created compelling buying opportunities, as a historical example of how volatility could reward disciplined investors. Idea 1 Focus on Chinese stocks Chinese and Hong Kong equities could perform well in 2026. Morningstar’s top stock picks include Alibaba Group Holding Ltd., Industrial and Commercial Bank of China Ltd., along with Yum China

Idea 2 Invest in AI adopters Rather than focusing on companies building AI infrastructure, such as chipmakers and cloud providers, investors may benefit more from companies that adopt AI. “The market is obsessed with AI builders, leaving adopters dramatically undervalued,” Abeyguna said. Traditional companies particularly in healthcare, finance, and industrial sectors could use AI to cut costs and improve operational efficiency, he added. Healthcare is a particularly promising area. Administrative costs can be significantly reduced, and AI may accelerate drug discovery. Despite these advantages, healthcare is trading below fair value, presenting a potential investment opportunity. But Abeyguna said the AI infrastructure market could follow the historical Railroad Paradox of the 19th century, when investors lost money due to overbuilt railroad tracks. Margins for infrastructure providers may struggle even as AI adoption grows, he added. Idea 3 Mixed outlook for the US The US market presents a split scenario. Tim Fung, head of equity strategy at J.P. Morgan Private Bank Asia, forecasts near double-digit S&P 500 returns for 2026. But labour market weaknesses and the lingering impact of tariffs pose risks, he wrote in the bank’s 2026 Global Investment Outlook report in November.

COVER STORY Chung told Hong Kong Business that investors should diversify beyond the S&P 500 or Nasdaq, whilst keeping US stocks as a core holding because they include innovative, cashgenerating global companies. Abeyguna said Asia-Pacific markets could provide better value and diversification opportunities given the weak US dollar. In a 2026 investment outlook report for Asian investors released in December, Vincent Chung, co-portfolio manager of diversified income bond strategy at T. Rowe Price Hong Kong Ltd., said investors should hold less US fixed income, as higher yields might be available in other markets. Idea 4 US small-cap stocks US small-cap stocks add diversification and have less exposure to AI-driven trends. After lagging large caps, they trade below fair value, making them a useful option for balanced growth portfolios, Abeyguna said. Small caps have lagged bigger stocks, making them a good way to diversify, Endowus’ Chung said. Idea 5 Europe and India Europe and emerging markets outperformed the US in 2025. Fung expects Europe to benefit from increased defence and fiscal spending. India is projected to experience strong earnings growth, potentially surpassing China as the leading emerging market. A survey by Natixis Investment Managers Singapore Ltd. found that 51% of investors identified Indiaspecific equities as one of the top three emerging markets likely to outperform in the next 12 months. Idea 6 Avoid corporate bonds Tight credit spreads make corporate bonds less appealing. Investors may prefer intermediate-term bonds, local-currency emerging-market debt, or high-quality government bonds with attractive yields. Abeyguna cited opportunities in local-currency emerging-market sovereign debt, whose yield has averaged 6.3%, with select segments offering above 9% potential, including currency appreciation. High-quality government bond yields are expected to remain elevated

due to expansionary fiscal policies in the US, UK, Germany, and France. Vincent Chung noted that governments would need to tap more sensitive buyers for funding, keeping long-term yields high. Idea 7 Caution on pharmaceuticals Rising tariffs could disrupt pharmaceuticals and semiconductors. In Singapore, companies paused US expansion until tariff exemptions were clarified. Minister Gan Siow Huang confirmed negotiations to secure favorable terms for Singaporean drug exports. Idea 8 Healthcare remains strong Healthcare is expected to dominate private-equity activity in Southeast Asia, driven by ageing populations and rising private consumption. Diversifying into healthcare and biotechnology offers strong potential for portfolio resilience, Chung said. Idea 9 Private markets Private markets are set to see increased interest amongst mass affluent and high-net-worth investors in 2026. “For affluent investors, private credit has become the practical 'onramp,'” Abeyguna said. “These funds offer the yield enhancement and floating-rate income that investors currently crave," he continued. But semi-liquid funds might limit redemptions during market stress, he said. Infrastructure, healthcare, and consumer-driven sectors remain the primary areas for private equity, with digital infrastructure— data centres, fiber networks, and telecommunication towers— expected to continue driving growth,

EY-Parthenon’s Pais said.

Luke Pais

Vincent Chung

Tariffs will be one of the biggest whatifs leading into 2026, with US President Donald Trump likely to roll out more

Idea 10 Gold prices may rise Gold prices could reach $6,064 (US$4,700) per troy ounce in 2026, up from $5,652 (US$4,381), according to data from Hua Seng Heng Commoditas Co. Ltd., a Thailandbased company dealing with gold trade and investments. In Thailand, demand for gold bars as savings instruments has risen, whilst jewellery purchases declined, Hua Seng Heng CEO Tanarat Pasawongse told a wealth management forum in December. He advised cautious accumulation to avoid missing out on other asset opportunities. “Nor should they chase gold at high prices. The $4,773-$4,903 (US$3,700US$3,800) per ounce range is considered appropriate for gradual accumulation,” he said. Investor takeaways The year ahead presents complex challenges and opportunities. Currency fluctuations, trade tensions, AI adoption, and sectorspecific trends will shape returns. Strategic diversification across Asia, healthcare, private markets, and selective US and European equities can provide resilience. Caution in corporate bonds and measured exposure to gold may protect capital. Discipline and long-term planning matter. Investors who assess markets carefully, manage risk, and position portfolios well can still find growth whilst limiting losses. The year ahead will favour patient, informed, and flexible strategies amidst global volatility.

Diversifying into healthcare and biotechnology offers strong potential for portfolio resilience

HONG KONG BUSINESS | Q1 2026

LEGAL OUTLOOK

Law firms boost hiring for deal, restructuring lawyers

are hiring more selectively. Sonder Consultants Pty. Ltd. reported in September 2025 that firms are prioritising targeted recruitment to reinforce core practices instead of pursuing broad expansion.

Keeping talent Competition for experienced lawyers remains intense, but Hong Kong firms don’t match the aggressive compensation packages offered in markets like London or New York, Lambert said. Demand is also shifting towards career mobility and international exposure, Murphy added. Newly qualified lawyers at top-tier firms in London had base salaries of $1.66m to $1.87m (£160,000 to £180,000) as of June 2023, according to UK recruiter Noble Legal Ltd. Lambert said firms should offer more than pay to attract and keep talent. The managing partner pointed out that expectations amongst younger lawyers have shifted towards clearer career pathways and professional development, making mentoring a more important part of retention efforts. “They have to offer a workplace where lawyers can feel that they are personally developing and are more than just another headcount," he added. Beyond technical skills, Robertsons has included initiatives related to physical and mental health in its internal training programmes. Lawyers leaving private practice continue to move into in-house positions or transfer to other international firms. According to Murphy, former HFW lawyers have taken senior legal and compliance posts in insurance, shipping, commodities trading, and financial services, whilst others have continued their careers at global law firms. Murphy said maintaining alumni relationships has become more important as former lawyers increasingly move into senior in-house legal and compliance roles. Meanwhile, the law firm has expanded graduate programmes to attract future talent. HFW also offers overseas placements, giving lawyers the chance to work in different jurisdictions and handle major transactions alongside senior partners and clients, he added.

There’s also strong demand for aviation, shipping, and construction advice. PROFESSIONAL SERVICES/LEGAL

op headhunters expect steady demand in 2026 for lawyers handling business deals and company restructuring, as law firms increasingly strengthen teams focused on specific industries to support growing cross-border work. “Transactional and restructuring are definitely two areas where we have seen a need for more professional support in 2025,” Chris Lambert, managing partner at Hong Kong law firm Robertsons, told Hong Kong Business. He added that based on recent market trends, firms are preparing for similar hiring needs in 2026. The outlook reflects broader deal and capital markets activity. Hong Kong Exchanges and Clearing ranked first globally for initial public offering (IPO) fundraising in the first half of the year, driven by secondary listings, technology companies and China-linked issuers, according to its 2025 interim report. There was strong hiring momentum across initial public offerings, mergers and acquisitions, funds, and finance practices in 2025 — a trend expected to extend into the new year, according to a September report by global legal recruitment firm Major, Lindsey & Africa. Moreover,

Chris Lambert

Peter Murphy

candidates with Mandarin skills, international training, and drafting experience were highly sought after. Sector-specific demand is also rising. Peter Murphy, head of HFW (Holman Fenwick Willan) Hong Kong, cited increased activity in aviation, shipping, and construction. HFW expanded its construction team last year, adding two partners and six lawyers to boost support for complex cross-border mandates. Over the first ten months of 2025, Hong Kong International Airport handled more than 50 million passengers, whilst flight movements reached 325,330, up 15.1% and 8.9% year-on-year respectively. Cargo volumes rose 2.3% to over 4.12 million tonnes over the same period. In addition, the city’s maritime ecosystem comprises more than 1,200 companies across port operations, ship management, broking and agency, ship finance, marine insurance, and maritime legal and arbitration services, according to the Transport and Logistics Bureau. “These appointments align with our strategy to grow our core sectors and respond to client needs in complex, cross-border matters,” Murphy said in an interview. Despite the demand, law firms

Despite the demand, law firms are hiring more selectively with firms prioritising targeted recruitment

HONG KONG BUSINESS | Q1 2026

LEGAL FIRMS SURVEY 2025 Rankings

LAW FIRM

2024 Rankings

Foreign/Local

2024 Legal Professionals

2025 Legal Professionals

Managing Partner

Baker McKenzie

FOREIGN

159

140

Allen Ng Managing partner for Hong Kong office

Des Voeux Chambers

LOCAL

103*

105*

Winnie Tam, SC & Dr. William M.F. Wong, S.C. Co-heads of Chamber

Sidley Austin

FOREIGN

72*

105*

Constance Choy Managing Partner for APAC

Li & Partners

LOCAL

Robin Li

Herbert Smith Freehills Kramer LLP

FOREIGN

91*

Jojo Fan Managing Partner, China

Reed Smith

FOREIGN

85*

Prajakt Samant Asia Managing Partner

Latham & Watkins LLP

FOREIGN

85*

79*

Posit Laohaphan Managing Partner of Asia offices

Maples Group

FOREIGN

77*

74*

Ann Ng Regional Managing Partner - Asia

King & Wood Mallesons

FOREIGN

74*

Hao Zhou & Hayden Flinn Co-Chief Executives (Hong Kong) Hong Kong, China Hong Kong SAR

Ogier

FOREIGN

67*

70*

Bill Chiang Managing Director, Ogier Global, Hong Kong

Eversheds Sutherland

FOREIGN

48*

64*

Charles Butcher Asia Managing Partner

Simpson Thacher & Bartlett LLP

FOREIGN

58*

61*

Adam C. Furber & Ian C. Ho Co-heads of Asia offices

Kirkland & Ellis LLP

FOREIGN

60*

N/A

HFW

FOREIGN

Peter Murphy Head of Hong Kong Office

Stephenson Harwood

FOREIGN

55*

Evangeline Quek Office Managing Partner Greater China

Denis Chang’s Chambers

LOCAL

Denis Chang SC Head of Chambers

Skadden, Arps, Slate, Meagher & Flom

FOREIGN

78*

Steve Kwok Head of Hong Kong office

Deacons

LOCAL

Lilian Chiang, MH Senior Partner

White & Case

FOREIGN

52*

Jessica Zhou Office Executive Partner - Hong Kong

Hogan Lovells

FOREIGN

45*

Owen Chan Office Managing Partner

Linklaters

FOREIGN

61*

48*

William Liu Regional Managing Partner for Asia

Parkside Chambers

LOCAL

48*

Wayne Walsh, SC Head of Chambers

Oldham, Li & Nie

LOCAL

Gordon Oldham Senior Partner

CMS

FOREIGN

47*

Toby Grainger Managing Partner

Gallant

FOREIGN

47*

46*

Philip Wong Managing Partner

TOTAL

1, 725

1, 720

Notes: • (*) - Website Data • (-) Not part of last year's survey

• The survey now covers 40 firms, causing shifts in the placement of firms. • Lawyer count is based on the number of legal professionals in each firm as of 30 September 2025.

HONG KONG BUSINESS | Q1 2026

CEO INTERVIEW

HK to host Asia’s first shore power network for ships

Grid-linked infrastructure will let ships draw power from shore whilst docked.

SHIPPING & MARINE

ong Kong will anchor Asia’s first regional network of ship-charging ports under a joint venture between UK-based NatPower Marine and Hong Kong’s Wah Kwong Maritime Transport Ltd., marking a major step in efforts to cut maritime carbon emissions. The venture, Wah Kwong NatPower Holdings, will build grid-connected infrastructure across Hong Kong to let vessels switch off fossil-fuel auxiliary engines and draw electricity from the shore whilst at berth. The system will also enable battery charging for near-shore propulsion using low-emission power. “Our objective is to build and operate a network of charging points for ships… [covering] container ships, cruiser ships, ferries, railroad and service ships,” NatPower Marine CEO Stefano Sommadossi said in an exclusive interview with Hong Kong Business. “We are electrifying the route, creating a green corridor, and that requires a technical solution that obviously is the same. So there is a lot of standardisation to be made,” he noted. Wah Kwong NatPower Director Greg McMillan said Hong Kong is an ideal starting point given its dense marine activity. About 18,000 ocean-going ships, 70,000 regional vessels, and 21,000 locally registered boats call at the port each year, he said. Decarbonisation initiatives The Organisation for Economic Co-operation and Development estimates the city’s maritime sector had emitted 620,693 tonnes of carbon dioxide as of December 2024. The maritime industry is under mounting pressure to decarbonise, and Hong Kong’s 2050 net-zero goal creates a strong case for investment, McMillan said. “It's about how we build in a certain location the right sort of grid infrastructure, the right sort of grid connection that allows you to deliver power sustainably over a long period of time,” he noted. “From an electricity perspective, we consider this as fuel. We're going to charge the ships, and the technology on board is basically batteries,” Sommadossi said. He noted there is a need to put some buffers in the middle in the form of Energy Storage Systems, which currently is mainly battery storage. “In Hong Kong, specifically, there's no infrastructure, so we have to start a building and operating, and we are in the process,” Sommadossi said. The Hong Kong initiative is part of NatPower Marine’s broader plan to develop 120 charging locations worldwide and link them with similar networks in Europe. Sommadossi said that in Mainland China, there is existing infrastructure, such as plug at berth in many ports, but the utilisation is very low. 30

HONG KONG BUSINESS | Q1 2026

Stefano Sommadossi, CEO at NatPower Marine

“In the case of Hong Kong, we're going to put directly our own investment because the infrastructure is not there. In some other instances, like in Mainland China, we create agreements in order to operate the existing infrastructure in partnership with the port,” he explained. In the UK and Ireland, the company is investing about $131m (£100m) in partnership with Peel Ports Group to electrify terminals along the Irish Sea, supporting more than 3,000 vessel calls a year. McMillan said Hong Kong’s market alone could require “hundreds of millions of US dollars in investment.” The first projects are slated to start operations in 2026, focusing on ferry terminals, container ports, and cruise berths.

Our objective is to build and operate a network of charging points for ships

Expansion plans By 2030, the venture aims to install shore-power systems in more than 30 ports, forming the backbone of Asia’s first international clean-energy corridor for ships. Sommadossi said expansion plans include Mainland China and North Asia, whilst McMillan cited South Korea, Japan, Malaysia, Thailand, the Philippines, and Singapore as priority growth markets. “We've already had interest from Japan. We think there are really high potential areas in Southeast Asia, really strong case to be made for some of the large Southeast Asian ports. So, it kind of remains to be seen how it will work. But basically, if anyone's looking for this, we can provide it,” McMillan said.

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HONG KONG BUSINESS | Q1 2026

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HONG KONG BUSINESS | Q1 2026

LEGAL BRIEFING

Will the BHU bill drive more landlords to exit? Tighter standards may prompt some owners to withdraw rather than invest in upgrades.

RESIDENTIAL PROPERTY

ong Kong’s Basic Housing Unit (BHU) bill, set to take effect in March 2026, may force some landlords to exit the subdivided unit market as stricter safety and living standards raise compliance costs, analysts said. Simon Reid-Kay, principal at real estate law firm Simon Reid-Kay & Associates, said many operators could reassess whether subdivided units remain commercially viable once the ordinance is enforced. “There will be landlords for whom that is just too much trouble and they will decide to get out of the subdivided unit market,” he told Hong Kong Business. “It’s purely an economic decision as to whether a landlord can make it work for them.” Hannah Jeong, head of valuation and advisory services at CBRE Hong Kong, noted that legal enforceability could lead some property owners to pull back from investing in upgrades rather than invest on upgrades. “We expect some landlords will exit because they do not want to invest more money to meet this requirement,” she said in a separate interview. She added that combining smaller rooms to meet minimum floor-area thresholds could reduce total unit supply. Stricter requirements The BHU bill requires subdivided units in residential buildings to meet standards for floor area, ceiling height, fire and structural safety, separate toilets, water supply, lighting, and ventilation. Each unit must have individual water and electricity metres and secure BHU recognition before being cleared for occupancy. Fire safety is a central concern. Jeong said independent fire detection systems for each unit and extinguishers in common areas are now compulsory after recent fatal fires. “Given the latest fire break in Tai Po, that’s the biggest concern from the government.” Costly upgrades include fire-safety installations such as sprinkler systems and associated water piping, whilst structural works—installing individual toilets, partitions and separate metres—add further expense. Improvements to ventilation and lighting are generally less costly. Those outlays could put upward pressure on rents over time. Jeong said landlords might try to recoup costs through rental adjustments of 10 to 20% per unit, though immediate increases might be difficult. “At this moment, a rental increase may not be possible for those units,” she said. “It is really the landlord’s obligation, even though they may not be able to recover their investment immediately, because this is a legal requirement.” The standards are achievable but will require capital. Reid-Kay estimated that of about 110,000 subdivided units in Hong Kong, roughly 33,000 will need major works, whilst about 77,000 will require minor upgrades. Jeong put the share needing significant improvements at 60% to 70%, with only about 10% to 15% likely already compliant. The bill also prescribes tenancy arrangements, including minimum lease terms and capped rent adjustments. Rent increases must reflect overall market movement as assessed by the Rating and Valuation Department, with a 34

HONG KONG BUSINESS | Q1 2026

Fire safety is a central concern for regulators

Simon Reid-Kay

Hannah Jeong

maximum cap of 10% per adjustment. “There’s a bit of protection there,” Reid-Kay said. Analysts warned the combined effect of withdrawals and renovation timelines could tighten supply, particularly for lower-income tenants who depend on these units. “If units are withdrawn, then rents, unfortunately, could be pushed up,” Reid-Kay told the magazine. The legislation includes transitional measures. Existing subdivided units will have a 12-month registration window once the ordinance takes effect. Registered units then get a 36-month grace period, starting 1 March 2027, to complete required works and obtain BHU recognition. Authorities have said they would adopt a peoplefocused enforcement approach and consider basic housing units and public-housing supply when addressing illegal letting after registration closes. Temporary rehousing assistance will be offered to households in need, whilst online portals, thematic websites, and district service teams will help landlords comply. Criminal penalties for noncompliance include fines as much as $100,000, a jail term of up to two years, and daily fines of $20,000 for continuing offences, Reid-Kay said. Despite the disruption, both analysts agreed that the reform shifts policy towards habitability and safety over unit quantity, aligning with broader housing and urban-renewal initiatives aimed at improving living conditions across the city.

HONG KONG BUSINESS | Q1 2026

EVENT: HONG KONG BUSINESS AWARDS

Outstanding tech companies lauded at HKB Technology Excellence Awards

ong Kong’s dynamic tech landscape is driven by businesses advancing progress through pioneering IT products, breakthrough solutions, and transformative digital strategies. With this, the Hong Kong Business Technology Excellence Awards 2025 took centre stage, as it celebrated exceptional trailblazers and innovations driving this transformation. Held on 4 September 2025, the Awards Ceremony brought together industry leaders, innovators, and visionaries for a distinguished event. As the region’s leading platform for technological recognition, the event honoured organisations that have advanced digital transformation and set new benchmarks for excellence. It recognised technology companies delivering groundbreaking IT products and

solutions, as well as organisations across diverse industries that have implemented innovative technology initiatives, leaving a profound impact on their business. An esteemed panel of industry experts served as this year's judges which include Matthieu Lambert, Asia Pacific Lead Partner, Microsoft Technology Services Practice, Deloitte Consulting; David Chen, Partner, Technology Consulting, Ernst & Young Advisory Services Limited EY - Global; Stanley Sum, Partner, Head of Technology, KPMG Advisory (Hong Kong) Limited; and James Lee, Partner - Consulting (Analytics & Cloud Transformation), PwC Mainland China and Hong Kong. Congratulations to all the winners for their remarkable contributions!

HONG KONG BUSINESS TECHNOLOGY EXCELLENCE AWARDS 2025 WINNERS

Ezygreenpak Limited • Sustainable Technology - Manufacturing

Airport Authority Hong Kong • Cloud - Insurance Airport Authority Hong Kong • Smart Technology - Aviation AsiaInfo Technologies Limited • AI - Telecommunications Atos • Cloud - Government AXA Hong Kong and Macau • AI - Insurance Baxter Healthcare Ltd • Smart Technology - Healthcare Technology BioZein Technology Corp Ltd • Biotechnology - Manufacturing Technology Cathay Cargo • Automation - Airline • Digital - Airline China Unicom Global Limited • Data Centre - Telecommunications

FWD Insurance • Analytics - Life Insurance • Enterprise Software - Life Insurance • Information Management - Life Insurance Global Technology Integrator Limited • Cloud - IT Services Go Wallet - HKT Openpay Limited • Blockchain - Marketing Technology HKT POS (SoftPOS) - Hong Kong Telecommunications (HKT) Limited • Fintech - Telecommunications GrowthOps • AI - Financial Technology • Digital - Financial Technology Hang Seng Bank Limited • AI - Information Management • Smart Technology - Banking Hang Seng Indexes Company • Analytics - Financial Services

CLP Power Hong Kong Limited & Alibaba Cloud • Cloud - Energy

HKT Limited • AI - IT Services • AI - Telecommunications

CTF Life • Digital - Insurance • Online Services - Insurance

HKT POS (SoftPOS) - Hong Kong Telecommunications (HKT) Limited • Fintech - Telecommunications

DBS Bank (Hong Kong) Limited • AI - Banking • Mobile - Banking Dell Technologies • Green Technology - Technology DFI Retail Group • API - E-Commerce • Digital - E-Commerce 36

Fidelity International • Digital - Financial Services • Mobile - Financial Services

HONG KONG BUSINESS | Q1 2026

Hong Kong Jockey Club • AI - Sports Hong Kong Trade Development Council • Online Services - Public Organisation HSBC • Analytics - Banking • Automation - Financial Services • Data - Banking • Regtech - Banking

Hutchison Telecommunications (Hong Kong) Limited • Digital - Telecommunications

RankEZ Hong Kong Limited • Cybersecurity - Computer Software

iFAST Financial (HK) Limited • API - Financial Technology • Wealthtech - Financial Services

Sales Marker, Inc. • AI - Marketing

Inchcape Hong Kong • E-Commerce - Automotive & Transport System

Shanghai Commercial Bank • API - Banking

Kaspersky Labs Asia Limited • Cybersecurity - Electronic Manufacturing • Cybersecurity - Manufacturing

Shangri-La Group (Shangri-La Circle) • Data - Hospitality & Leisure • Mobile - Hospitality & Leisure • Digital - Hospitality & Leisure

Lenovo • AI - Technology

sim Credit Card • Mobile - Hospitality & Leisure

Lenovo PCCW Solutions (LPS) • App - Insurance

Standard Chartered Bank • Cloud - Banking • Fintech - Banking

LexisNexis Hong Kong & Taiwan • AI - Legal Li & Fung (Trading) Ltd. • Data - Supply Chain

Sun Life Hong Kong Limited • Smart Technology - Financial Services • UX Technology - Insurance • E-Wallet - Insurance

Manulife (International) Limited • Machine Learning - Insurance • Enterprise Software - Insurance

SUNeVision Holdings Ltd. • Data Centre - Technology

Master Concept (Hong Kong) Limited • Cybersecurity - Health Products & Services

Tecsa Limited • AI - Retail

MGM • Digital - Hospitality & Leisure • Smart Technology - Hospitality & Leisure MTR Corporation • AI - Transportation • Mobile - Transportation • Smart City - Transportation

The Hong Kong and China Gas Co., Ltd. • Big Data - Energy The Hong Kong Research Institute of Textiles and Apparel (HKRITA) • Clothing Technology - Apparel The NET-A-PORTER Group Asia Pacific Ltd. • E-Commerce - E-Commerce

Newtech Technology • Smart City - Transportation

Uni-China (Market) Management Limited • Machine Learning - Retail

OneAsia Network Limited • AI - Diversified Services

United Asia Finance Limited • AI - Financial Services • Fintech - Payments

PhotonPay • Fintech - Financial Services Pictureworks • AI - Tourism PuraPharm Corporation Limited & HerbMiners Informatics Limited & Alibaba Cloud • AI - Healthcare QBE Hongkong & Shanghai Insurance Ltd • Automation - Insurance

Unlimitics • AI - Education Vistra • Software - Business Services Zodia Custody • Cryptocurrency - Financial Technology Zuellig Pharma Limited • Robotics - Pharmaceuticals

HONG KONG BUSINESS | Q1 2026

EVENT: HONG KONG BUSINESS AWARDS

Airport Authority Hong Kong

AXA Hong Kong and Macau

Airport Authority Hong Kong

Baxter Healthcare Ltd

Cathay Cargo

BioZein Technology Corp Ltd

China Unicom Global Limited

DBS Bank (Hong Kong) Limited

CTF Life

Fidelity International 38

HONG KONG BUSINESS | Q1 2026

CLP Power Hong Kong Limited & Alibaba Cloud

FWD Insurance

DFI Retail Group

Go Wallet - HKT Openpay Limited & HKT POS (SoftPOS)

GrowthOps

Hang Seng Indexes Company

HSBC

Lenovo

Hang Seng Bank Limited

HKT Limited

Hong Kong Jockey Club

HSBC

iFAST Financial (HK) Limited

LexisNexis Hong Kong & Taiwan

Inchcape Hong Kong

Li & Fung (Trading) Ltd HONG KONG BUSINESS | Q1 2026

EVENT: HONG KONG BUSINESS AWARDS

Manulife (International) Limited

MGM

PuraPharm Corporation Limited & HerbMiners Informatics Limited & Alibaba Cloud

MTR Corporation

Shanghai Commercial Bank

Sun Life Hong Kong Limited

The Hong Kong and China Gas Co., Ltd 40

HONG KONG BUSINESS | Q1 2026

Shangri-La Group (Shangri-La Circle)

Sun Life Hong Kong Limited

Uni-China (Market) Management Limited

QBE Hongkong & Shanghai Insurance Ltd

Standard Chartered Bank

Tecsa Limited

Vistra

Strategic Data Center Network

Secure, scalable infrastructure for growth in Asia UniCom is redefining the digital landscape across Asia through high-performance and scalable data center hubs strategically located in Hong Kong, China, Japan and Singapore. These key locations offer direct access to critical computing power at the core of the region's most connected and fastest-growing markets.

HONG KONG BUSINESS | Q1 2026

MACHINE LEARNING - INSURANCE ENTERPRISE SOFTWARE - INSURANCE

2025

Manulife (International) Limited receives 2 accolades at HKB Technology Excellence Awards 2025

It won the Machine Learning - Insurance and Enterprise Software - Insurance categories.

Manulife (International) Limited receiving accolades at the Hong Kong Business Technology Excellence Awards 2025

anulife (International) Limited reaped victories at the Hong Kong Business Technology Excellence Awards 2025, recognising its pioneering efforts navigating Hong Kong’s complex language landscape with innovation and accelerating digital customer experience. Industry-first GenAI assistant Manulife launched an AI-powered customer servicing tool, Manulife AI Assistant, designed to accurately understand and respond to Hong Kong’s unique mixedlanguage conversations. In a market where customers often speak in a fluid mix of Cantonese, English, and Mandarin, traditional digital tools have struggled to interpret context, prompting Manulife to innovate with a tailored solution that significantly enhances response accuracy across all sectors. To ensure reliability and precision, Manulife implemented a GenAI framework that separates understanding from response generation. The AI assistant’s sole purpose is to comprehend the customer’s question and then deliver answers from a curated library of pre-approved expert content. The implementation of this tool has shown impactful results even in its early stage of launching, with 10% of customer enquiries now being resolved instantly without human intervention. It has also enabled a significant increase in digital self-service transactions in the first 6 months and has demonstrated very strong performance in understanding

HONG KONG BUSINESS | Q1 2026

mixed-language queries. Manulife AI Assistant improves on traditional approaches by ensuring that every response is governed and backed by human expert knowledge. For customers, this means faster and simpler resolutions that are available 24/7. For agents, it means more time to focus on human-centric service. Meanwhile, for the business, it is a scalable platform for future innovation. After this, Manulife’s GenAI framework will soon support more dynamic conversations that include voice interactions and endto-end service journeys, such as claims submissions handled fully within the Manulife AI Assistant interface. eClaim Open to All-Submission Manulife’s eClaim Open to All-Submission is a major upgrade in digital claims servicing, as it gives customers and agents faster turnaround times and a smoother claims journey. This initiative introduces the new Claims Mini-Portal, an integrated e-submission module now available on both the customer website and the agent website. With this platform, customers can submit claims directly. Agents, on the other hand, can assist, track, and follow up through it. The platform supports claim types

including outpatient, hospitalisation, disability, critical illness and accidental claims. Additionally, its straight-through submission process enables customers to submit all claims online, except for death claims, regardless of the amount, and allows claims to be handled digitally. Furthermore, this upgraded service allows customers in Hong Kong, Macau, and Mainland China to enjoy a unified digital claims experience now, regardless of their location. Other essential services that the portal offers are the pre-assessment service application, VHIS claimable amount estimate, viewing medical card online, finding healthcare providers, and accessing the designated hospital list. Manulife remains committed to elevating service quality through digital leadership, enabling customers to make easier decisions and live better lives. About the awards The Hong Kong Business Technology Excellence Awards honours companies and organisations that are driving innovation, transforming industries, and setting new benchmarks for excellence in Hong Kong’s tech landscape.

Manulife is dedicated to enhancing service quality through digital leadership, enabling customers to make easier decisions and live better lives

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HONG KONG BUSINESS | Q1 2026

ONLINE SERVICES - INSURANCE DIGITAL - INSURANCE

2025

CTF Life celebrates double victory at the Hong Kong Business Technology Excellence Awards

The company’s exemplary digital platforms received top honours in both the Online Services - Insurance and Digital - Insurance categories at the awards programme.

CTF Life at the Hong Kong Business Technology Excellence Awards 2025

TF Life triumphed at the Hong Kong Business Technology Excellence Awards 2025, receiving recognition for its innovative digital platforms that are transforming the insurance landscape. These award-winning solutions deliver speed, simplicity, and intelligence across every touchpoint, providing seamless insurance support and transforming the insurance broker experience.

back valuable hours, enabling them to focus on what truly matters: fostering relationships and growing businesses. Meanwhile, operations staff benefit from automated processes that reduce manual workloads and free up time for more strategic, high-impact initiatives. CTF Life’s digital customer services platform is not just a tech upgrade – it is a complete transformation of how insurance is delivered. It’s faster, friendlier, and future-ready.

Reimaging customer experience with a gamechanging digital platform The reimagined digital platform is a sleek, all-in-one solution that makes interactions faster, smarter, and more seamless than ever. Gone are the days of paperwork and long wait times. This platform puts speed and simplicity at the forefront, allowing customers, Life Planners, brokers, and operations teams to handle service requests with just a few taps. Whether initiating a claim or updating a policy, most requests are processed instantly, whilst others are completed significantly faster than traditional methods. What truly sets this platform apart is its adaptive design. It intelligently tailors itself to user preferences and delivers a seamless experience across all devices and locations. Whether at home, in the office, or on the move, users enjoy a consistent, intuitive experience that makes managing insurance matters effortless. The results speak for themselves. Customer satisfaction is soaring, with turnaround times slashed and service quality elevated. Life Planners and brokers benefit from gaining

Revolutionising insurance brokerage In a bold leap toward digital transformation, CTF Life unveiled iPartner – an all-in-one digital platform purpose-built for insurance brokers. Designed with deep insight into the broker experience and powered by advanced AI technologies, iPartner redefines how brokers connect, operate, and grow in today’s fast-paced insurance landscape. Backed by the Chow Tai Fook Group (CTF Group) ecosystem, iPartner seamlessly integrates every essential function a broker needs – from customer engagement and policy applications to post-sales service and performance analytics – into one intuitive, digital-first experience. One of its standout features, the iPartner Document Center, offers brokers 24/7 access to the latest updates on products, promotions, and services across the CTF Group. No more chasing emails or outdated files – just instant, reliable information at their fingertips.

HONG KONG BUSINESS | Q1 2026

iPartner also transforms underwriting into a collaborative, real-time digital experience. Brokers, customers, and CTF Life’s operations team can interact directly within the platform, eliminating delays, reducing friction, and elevating service quality across every touchpoint. By digitising the entire insurance sales journey, iPartner not only boosts operational efficiency but also unlocks new business opportunities and delivers greater value to customers. It is a smarter, faster, and more agile way to do insurance. CTF Life’s digital transformation journey reflects a bold vision for the future of insurance – one that prioritises agility, intelligence, and human-centric design. By harnessing technology to simplify processes, empower stakeholders, and elevate service standards, the company is not only meeting the evolving needs of today’s customers and brokers but also shaping the future of the industry and setting new benchmarks. With innovation at its core, CTF Life continues to deliver on its promise of creating value beyond insurance, redefining what excellence looks like in the digital age. The Hong Kong Business Technology Excellence Awards honours companies and organisations that are driving innovation, transforming industries, and setting new benchmarks for excellence in Hong Kong’s tech landscape.

CTF Life’s digital transformation journey reflects a bold vision for the future of insurance

HONG KONG BUSINESS | Q1 2026

2025

ENTERPRISE SOFTWARE - LIFE INSURANCE INFORMATION MANAGEMENT - LIFE INSURANCE ANALYTICS - LIFE INSURANCE

FWD Insurance triumphs with three accolades at HKB Technology Excellence Awards 2025 The company bagged the Enterprise Software - Life Insurance, Information Management - Life Insurance, and Analytics - Life Insurance awards.

FWD Insurance receives their trophies at the Hong Kong Business Technology Excellence Awards 2025

WD Insurance reaped accolades at the Hong Kong Business Technology Excellence Awards 2025 for its initiatives such as Alteryx Integration, KPI Dashboard, and Experience Study. Alteryx Integration FWD's integration of Alteryx into its finance and actuarial operations has revolutionised the way data is processed and utilised. By focusing on streaming processes, FWD has transformed manual workflows into automated, user-driven environments that empower teams to work more efficiently. This shift has enabled finance and actuarial users to upgrade their skills and capabilities, allowing them to handle complex datasets, identify trends, and make proactive decisions independently. The impact has been profound, with report and scenario testing processing times reduced by over 95%, with turnaround time measurement now changed from days to minutes. Additionally, cash management and investment trade processing times have also dropped by 75%. In financial operations, preparation time has been cut by more than 50%, with errors decreasing by 80%. FWD's commitment to empowering its employees through advanced analytics and automation has laid the groundwork for success in the rapidly evolving insurance industry. KPI Dashboard FWD’s new KPI Dashboard, a real-time and interactive dashboard, has transformed how performance data is shared, accessed, and used across the organisation. This tool replaces manual and time-consuming

HONG KONG BUSINESS | Q1 2026

reporting with an automated and unified platform that delivers performance data instantly. Remarkably, the crossdepartment integration was completed in just six months, which is far shorter than the industry norm of a year or more. With this, instead of waiting for month-end Excel reports, leaders can simply refresh the dashboard to view the latest KPIs. Close to 60% of KPIs can now be refreshed daily for timely performance tracking. A total of 10 man days are saved monthly by reducing manual data consolidation across the organisation, which enables the company to unleash the human capital for better people development on more value-added tasks. As a single source of truth, the KPI Dashboard is equipped with powerful data visualisation and automation features that help leaders stay on track with strategic goals. Its scalable design ensures FWD can adapt the platform as business needs evolve.

Experience Study FWD Insurance has launched a major enhancement to its actuarial operations with the automation and centralisation of its Experience Study. This is a key tool for evaluating risk and improving forecast accuracy. Traditionally, actuarial teams had to gather policy data from various systems, often without the full context of customer behaviour or advisor performance. Now, through the Actuarial Experience Study Automation Project, FWD has integrated four key data domains—Policy, Advisor, Claims, and Client—into a centralised, always-ready database. This approach allows actuarial teams to analyse risk factors with greater accuracy, understand claim patterns and advisor influence, identify root causes of performance variances, and gain a full 360° view of customer demographics and policy behaviour. The project aligned with the strategic direction of FWD of embedding data-driven strategies into operations. It features realtime readiness of actuarial data for reporting and model updates, along with enhanced accuracy and speed in generating insights for regulatory and internal use. Looking ahead, the platform sets the foundation for advanced analytics and machine learning, predictive modelling, and cross-functional collaboration to better serve our customers. The Hong Kong Business Technology Excellence Awards honours companies and organisations that are driving innovation, transforming industries, and setting new benchmarks for excellence in Hong Kong’s tech landscape.

FWD has transformed manual workflows into automated, user-driven environments

HONG KONG BUSINESS | Q1 2026

SMART TECHNOLOGY - HOSPITALITY & LEISURE DIGITAL - HOSPITALITY & LEISURE

2025

MGM lands two wins at Hong Kong Business Technology Excellence Awards 2025

Its digital projects, the relaxing The Experience Pool at Tria Spa and mesmerising Bee Odyssey Show at MGM COTAI, set new benchmarks for immersive guest experiences.

Bee Odyssey

s Macau’s leading integrated resort operator, MGM has earned two major accolades at the coveted Hong Kong Business Technology Excellence Awards 2025 for its innovative digital projects: The Experience Pool at Tria Spa, which reimagines the spa experience, and the Bee Odyssey Show, which elevates the company’s brand presence in the cultural tourism sector. “Originality and innovation are in MGM’s DNA. We are committed to delivering oneof-a-kind experiences through advanced technology,” said Derek Watterud, Vice President of Resort Technology at MGM. “The Bee Odyssey Show and the Experience Pool are prime examples of how digital innovation can transform hospitality into immersive storytelling—pushing boundaries and crafting original moments that truly resonate with our guests.” The Experience Pool at Tria Spa The Experience Pool at Tria Spa, winner of the Smart Technology - Hospitality & Leisure category, redefines spa relaxation by blending advanced technology with immersive design. It offers guests a multi-dimensional sensory journey that merges reality and fantasy, providing a serene escape from daily stress. Key features include LED screens on two sides of the pool that display synchronised visual content in harmony with ambient music and an innovative simulated rain system overhead, enhanced by dynamic lighting. These elements are centrally coordinated through a programming system to ensure a seamless and immersive experience.

HONG KONG BUSINESS | Q1 2026

The concept behind the Experience Pool is to elevate traditional spa standards by integrating cutting-edge technology with creative design. It transforms the spa environment into a tranquil sanctuary where guests can unwind and rejuvenate. Since its launch, the Experience Pool has received overwhelmingly positive feedback. Guests have praised its ability to transport them into a peaceful, dreamlike state. The immersive nature of the pool has led to increased spa bookings, high customer satisfaction, and strong engagement, supported by glowing reviews and testimonials. This initiative demonstrates how thoughtful innovation can drive tangible business outcomes in the leisure and wellness sector.

Bee Odyssey Show at MGM COTAI Meanwhile, the Bee Odyssey Show, which earned MGM the Digital - Hospitality & Leisure category, transforms The Spectacle at MGM COTAI into a mesmerising floral wonderland. The immersive experience features adorable dirigible bees fluttering and dancing through vibrant flower clusters under the world's largest indoor LED screens. The show leverages the Guinness World Records title-holding venue with the largest free-span gridshell glazed roof, featuring over 130 speakers and more than 700 LED lights. The vivid 3D animations and digital art on the LED screens create a dreamlike, colourful garden where guests can dance alongside the bees. Guests can also interact with augmented bees and flowers through TikTok and DouYin augmented reality (AR) filters, extending engagement beyond the venue and encouraging social sharing. Bee Odyssey Show has achieved significant success and impact in several areas since its debut. The interactive AR filter on TikTok and DouYin has seen high levels of engagement. At the same time, the integration of advanced technologies, such as 3D animations, digital art, and dirigible devices, has set a new standard for immersive cultural tourism experiences. Hong Kong Business Technology Excellence Awards honours outstanding companies and solutions that have made exceptional contributions in pursuit of technological innovation within Hong Kong’s dynamic tech landscape.

Experience Pool

‘Originality and innovation are in MGM’s DNA’

HONG KONG BUSINESS | Q1 2026

AI - IT SERVICES AI - TELECOMMUNICATIONS

2025

HKT leads AI innovation for enterprise excellence and enhanced customer engagement

At the forefront of digital transformation, HKT is redefining how enterprises operate and connect with customers through cutting-edge AI solutions.

Dennis Chung, Senior Vice President of Product Marketing & Solutions Consulting, Commercial Group at HKT

y embedding innovation into every facet of its business, HKT is driving operational excellence and elevating customer experience. Its artificial intelligence (AI)-driven initiatives empower professionals to achieve greater efficiency and agility. Two key initiatives — the Enterprise AI Platform and the Contact Centre Agent Assist and Agent Quality Management, deliver secure, scalable, and practical solutions that enable its operations to thrive in the digital age. Unleashing innovation HKT’s Enterprise AI Platform is built to support enterprise-grade AI across all business functions within a secure, centralised environment. Designed for accessibility, it allows employees from diverse backgrounds to build, train, and customise AI bots without coding expertise. Its intuitive no-code interface opens the door to AI development, enabling teams to build tailored solutions that automate routine tasks and address specific business challenges, boosting productivity and agility. With over 600 AI bots currently deployed or in development, the platform is accelerating the adoption of generative AI across HKT, fostering innovation and streamlining operations. For instance, HR teams utilise bots to automate onboarding and respond to employee queries, whilst IT department deploys bots for real-time troubleshooting and escalating complex issues for expert attention. These

HONG KONG BUSINESS | Q1 2026

solutions integrate HKT’s proprietary data with robust security protocols, thus ensuring safe and scalable AI deployment. Built-in governance features, including enterprise-grade controls and compliance tools, provide peace of mind whilst enabling rapid innovation. To support adoption, HKT offers comprehensive onboarding as well as tailored training and support programmes, empowering employees to use AI responsibly and effectively. “AI is no longer a distant promise — it’s a reality we’re delivering today,” said Dennis Chung, Senior Vice President of Product Marketing & Solutions Consulting, Commercial Group at HKT. “Our Enterprise AI Platform empowers every employee to innovate, combining ease of use with enterprise-grade security to drive meaningful outcomes for businesses and their customers.” The accessible solution ensures that AI is not confined to technical experts but is a powerful tool for all, driving agility and efficiency across the organisation. From automating repetitive tasks to enabling data-driven decision-making, the Enterprise AI Platform is reshaping business operations, paving the way for a smarter, more innovative future. Redefining customer engagement HKT’s AI Contact Centre is transforming customer service by integrating AI and automation into regular interactions. The Contact Centre Agent Assist and Agent Quality Management, its AI-powered solution for the Next-Generation Contact Centre, enhances engagement across voice and digital channels. “By leveraging advanced AI, the platform equips agents with instant, intelligent prompts and recommended responses drawn from a robust corporate knowledge base. This ensures faster, more accurate and highly personalised customer experiences, elevating service quality to new heights,” said Dennis Chung. The platform automates routine tasks, allowing agents to focus on

meaningful, high-value conversations that build stronger customer relationships. Whether resolving billing inquiries or troubleshooting technical issues, customers receive faster, more tailored support. Smart tools help reduce delays and miscommunications, ensuring seamless interactions. At the same time, real-time performance monitoring and datadriven insights help evaluate key metrics and identify opportunities for improvement, significantly boosting service accuracy and reducing handling time, resulting in enhanced efficiency and customer satisfaction. Beyond immediate benefits, the platform drives long-term value through AI-generated analytics. These insights inform agent training and development, enabling continuous optimisation of workflow and service standards, contributing to more personalised customer interactions that evolve with changing needs. A vision for a smarter future HKT’s Enterprise AI Platform and AI Contact Centre exemplify the transformative potential of AI when applied with purpose and precision. By combining innovation with accessibility, security, and scalability, HKT is unlocking new levels of operational efficiency whilst delivering exceptional value to customers. Looking ahead, HKT remains committed to driving digital transformation, both within its organisation and across industries, helping to build a smarter, more connected future.

‘AI is no longer a distant promise — it’s a reality we’re delivering today’

HONG KONG BUSINESS | Q1 2026

AUTOMATION - AIRLINE DIGITAL - AIRLINE

2025

Cathay Cargo prepares for the future

From ONE Record integration to its Cargo Connect app, the carrier is transforming both customer experience and frontline operations to deliver safer, smarter, and efficient cargo handling. Hong Kong and Greater Bay Area Calvin Hui. “It has enabled our team to deliver a reliable and high-quality service that is meaningful to the operation and our customers.” In fact, the success of Cargo Connect in all but eliminating paperwork means the Cargo Operation Centre (COC) in the Cathay Cargo Terminal in Hong Kong is now a modern work environment – free of bulky filing cabinets – befitting its 24/7 operations.

Cathay Cargo aircraft

athay Cargo is proud to be the top cargo carrier at the world’s busiest cargo hub, Hong Kong International Airport. As one of the main gateways to the Greater Bay Area and rest of the Chinese Mainland, its home hub holds a unique position – one that Cathay Cargo is poised to strengthen. Beyond its expanding fleet and network, Cathay Cargo stands out as a leader in the digitalisation of the air cargo industry; it is adopting digital methods to bring greater convenience to customers when they book, provide better visibility during the shipment process, and drive efficiency amongst teams to deliver a more reliable and measurable service. Investing in innovation and continuous improvement Cathay Cargo has been investing heavily in improvements that increase ease, speed and efficiency for its global customers. “Around 70 per cent of our bookings in the past 12 months were made online, either using Cathay Cargo’s Click & Ship booking platform or via direct API links from forwarders’ own booking systems,” said

Cathay Cargo’s Click & Ship booking platform

HONG KONG BUSINESS | Q1 2026

Head of Cargo Digital Andress Lam. Also on the commercial side, plans to develop cathaycargo.com into a one-stop shop for customers are well underway, whilst on the operational side there have been even greater strides. In 2025, Cathay Cargo became the first carrier to use the ONE Record protocol in its day-to-day operations with a forwarder, a full year ahead of IATA’s implementation schedule. This protocol is a game-changer for the industry: it grants air cargo stakeholders, from forwarders to Customs, secure access to real-time information along a shipment’s journey. Cargo Connect for teams on the frontline As importantly, Cathay Cargo has invested in enhancements that make the lives of its operational teams easier so that they can focus on delivering their promise to customers. This is the essence of Cargo Connect. First introduced in 2023, this mobile app gives teams on the ramp all the tools they need in the palm of their hands. More than a comms device, it links to back-office systems to eliminate the need to go to and from the office between tasks or to complete paperwork at the end of a shift – all these aspects are achieved on the job in real time. For example, Cargo Connect lets users upload photos of cargo lock positions for quality assurance directly from the aircraft, removing the need to return to the office and use a PC. “Cargo Connect optimises operations by providing a digital platform with relevant digital information for a more mobile workforce,” says Head of Cargo Operations,

A heavyweight app for big shipments Meanwhile, bulky shipments such as aircraft engines or mining equipment are often urgently needed, but out-of-gauge or overweight items need approval before a booking can be confirmed. Teams used to submit paperwork to the Cargo Operations Centre (COC) for review, which often took a day. “Now we can respond in three hours, 24 hours a day, seven days a week,” says Hui. Sales teams simply enter the weight and dimensions of a shipment into the Cargo Connect app. The app not only automates the calculation process but also generates precise loading diagrams of how and where the shipment should be secured – information that is sent as a diagram to ramp teams via Cargo Connect after approval. This isn’t just about efficiency; it’s also about safety. By leveraging technical expertise and operational insights, the COC guarantees that each load is securely planned and executed, minimising risks and maximising reliability. “We are determined to maintain a leadership role in the digitalisation of the air cargo industry,” concludes Lam.

Cargo Connect

Cathay Cargo became the first carrier to use the ONE Record protocol in its day-to-day operations

HONG KONG BUSINESS | Q1 2026

2025

AI - FINANCIAL TECHNOLOGY DIGITAL - FINANCIAL TECHNOLOGY

GrowthOps: Turning AI vision into impact

As Artificial Intelligence (AI) rapidly becomes a defining force in global business, the question for enterprises is no longer whether to embrace this transformative technology, but how to apply it quantitative compatibility scores, and creates transformation journey. tailored interview questions that improve The introduction of hiring precision, fairness, and efficiency. Opus into GrowthOps’ ecosystem represents Transforming the customer experience a decisive step forward Sharing an example of how AI transformation in strengthening the improves customer experience, Eric company’s overall highlighted how early chatbot systems often AI capabilities. For provided rigid, scripted interactions. GrowthOps, AI is not “With the infusion of advanced natural a standalone initiative language processing and machine learning,” but a dynamic element he said, “the new generation of chatbots is embedded into the far more intelligent and intuitive — capable broader framework of understanding intent, managing complex of transformation. inquiries, and even offering proactive The innovative Opus GrowthOps at the HKB Technology Excellence Awards 2025 recommendations.” platform embodies this By analysing customer profiles, transaction philosophy, allowing s a leading AI and digital transformation histories, and behaviour patterns, AI-powered clients to infuse AI into every layer of their consultancy in the Asia–Pacific region, systems now deliver highly personalised, operations to unlock its full transformative GrowthOps continues to set the context-aware responses. potential. standard for helping organisations harness This enhances not only customer Eric noted that whilst AI technologies evolve the full potential of AI. By empowering clients satisfaction but also service efficiency and rapidly, many organisations still struggle to to embed AI into their core operations, brand engagement. bridge the gap between innovation and realGrowthOps ensures businesses remain agile Another example of AI’s power lies in loan world application. “The challenge today is and future-ready in an ever-evolving landscape. approval optimisation. By analysing large not whether AI can do something, but how volumes of applicant data with precision and to identify the right opportunities to apply it GrowthOps joins AppliedAI: Strengthening speed, AI enables faster, more consistent, meaningfully and translate it into sustainable global capabilities and objective credit assessments — reducing business value,” he explained. In May 2025, AppliedAI, a company bias, improving risk evaluation, and enhancing To address this, GrowthOps focuses headquartered in the United Arab Emirates, the customer experience. on helping clients, particularly in Banking, officially acquired GrowthOps. According to Financial Services, and Insurance (BFSI), build Eric Yu, GrowthOps’ Asia Regional Technology Championing agility & growth strategic business cases, ensure compliance Director and General Manager for Hong Kong, Looking ahead, Eric expressed confidence in readiness, and develop internal frameworks AppliedAI’s founding team brings extensive AI’s transformative power. for long-term AI integration and success. international experience and strategic insight, “The next decade will be a golden era for assets that have significantly enhanced AI adoption,” he said. “As AI continues to Pioneering the future of work GrowthOps’ technical and market capabilities. evolve, it will transform organisations from GrowthOps drives innovation beyond “This acquisition represents far more being reactive to becoming predictive — adopting existing technologies. than a change in ownership or structure,” anticipating trends and shaping markets As part of the AppliedAI network, the Eric said, “It marks a holistic transformation before they unfold.” company uses AppliedAI's Opus platform, that strengthens GrowthOps from within. Whilst GrowthOps has established which leverages its proprietary Large Becoming part of the global AppliedAI deep expertise in the BFSI sector, its Work Model (LWM), a next-generation AI network allows us to integrate world-class proven AI methodologies are now driving system engineered to predict and optimise technological capabilities and embrace success in education, healthcare, property workflows rather than language. a broader international perspective. This management, and pharmaceuticals. Unlike traditional language models, the LWM empowers us to deliver services of the highest Following its acquisition by AppliedAI, analyses extensive workflow data to identify global standards to clients across Hong Kong GrowthOps plans to expand its team and inefficiencies, forecast process outcomes, and and the wider Asia-Pacific region.” strengthen its footprint across Asia. By recommend optimisation strategies. The result combining strategic consulting with robust is smarter, adaptive, and scalable operations. A new era of AI-driven operations implementation, the company is poised to GrowthOps also introduced AI Recruit Alongside this strengthened foundation, help organisations not only navigate the Plus, an advanced recruitment platform AppliedAI has launched Opus, an advanced complexities of digital transformation but designed for the HR sector. agentic AI-driven workflow automation also develop and apply solutions to lead the Powered by four core AI engines, it platform. Opus seamlessly integrates industries of tomorrow. automates candidate-job matching, generates into GrowthOps’ suite of solutions — encompassing business and technology consulting, process analysis, system ‘Becoming part of the global AppliedAI network allows us to development, and infrastructure support. integrate world-class technological capabilities and embrace This ensures clients receive comprehensive guidance at every stage of their digital a broader international perspective.’

HONG KONG BUSINESS | Q1 2026

SMART TECHNOLOGY - FINANCIAL SERVICES

2025

Navigating retirement in Hong Kong: Strategies for a secure and worry-free future

Sun Life Hong Kong’s new “four-in-one retirement solution” tackles retirees’ biggest financial pain points with guaranteed income, inflation-resilient growth, and integrated health support. This plan also includes a unique “Last Rites Benefit” to cover end-of-life expenses of the life insured.

Sun Life announced the launch of its brand new RetireFree Immediate Annuity Insurance

enowned for its longevity, Hong Kong faces a unique challenge as its residents live longer but often lack adequate financial planning for retirement. A recent survey by Sun Life Financial Asia reveals that only 9% of pre-retirees and retirees in Hong Kong have long-term financial plans. The primary financial goal for 60% of respondents is to cover daily expenses, whilst 91% feel the pressure of inflation. This highlights three significant financial pain points for Hong Kong’s retiring population: a focus on immediate financial needs at the expense of long-term planning, conservative investment strategies that fail to generate stable income, and the erosion of purchasing power due to inflation. To address these challenges, Sun Life Hong Kong has introduced a comprehensive "fourin-one retirement solution" inspired by the traditional Siheyuan (四合院) concept, a fourwalled courtyard house symbolising wealth and stability. This solution aims to provide a stable and balanced retirement plan, ensuring financial security and peace of mind. “Hongkongers often view Siheyuan as a prestigious home that embodies wealth and a stable life, providing a sense of stability and balance commonly associated with affluent neighbourhoods. I believe the average consumer grasps the importance of Siheyuan and can easily connect with it. Thus, we aim to ignite curiosity about how this house concept aligns with our purpose of helping Clients achieve lifetime financial security and live healthier lives,” said Adley Low, Chief Client and Marketing Officer of Sun Life Hong Kong Limited. Four pillars of Sun Life’s retirement solution Sun Life’s "Four-in-one Retirement Solution” is built on four key components: the RetireFree immediate annuity insurance plan, Sun Life’s partnership with The Hong

HONG KONG BUSINESS | Q1 2026

Kong Mortgage Corporation Limited to refer the Policy Reverse Mortgage Programme, and the Reverse Mortgage Programme, as well as a Sun Life MPF fund that offers stable income. These offerings are specifically designed to assist Clients in addressing financial challenges, including longevity and increasing medical costs, ensuring a retirement free from financial worries. To address the above financial pain points that most of Hong Kong’s retiring population are facing, the newly launched “RetireFree Immediate Annuity Insurance Plan” is able to provide financial stability and growth. Establish a Stable and Sustainable Cash Flow Annuity is a reliable way to convert savings into a steady income stream. Sun Life’s RetireFree Immediate Annuity Insurance Plan, for example, offers a guaranteed income that starts one month after the policy takes effect and continues until the policyholder’s passing. Taking a 65-year-old male as an example, the current new business annuity rate is approximately 5.74%. This plan also offers the market's first-of-its-kind “Incapacity Benefit”, allowing the designated loved one to manage the finances and claims under the policy on behalf of the life insured. Grow Retirement Savings Whilst a stable income is crucial, it is equally important to combat inflation by ensuring retirement savings continue to grow. Sun Life’s RetireFree Booster Rider serves as a “wealth engine”, allowing Clients to lock in dividends from the third policy year or accumulate at a non-guaranteed annual rate of 3.5% to offset the inflation effect.

Maintain a Healthy Lifestyle Sun Life’s retirement solution goes beyond financial planning to include health management services. “HealthGuard” Concierge Services provide the life insured with free health check-ups, discounted medical and wellness services, and comprehensive support for healthcare needs in the Greater Bay Area. In parallel, Sun Life is advancing a strong digital roadmap that redefines how Clients experience financial planning. Platforms such as Advisor Workbench empower advisors to deliver deeper insights and more personalised guidance, while SunWallet provides Clients with seamless, real-time access to their policies and multi-currency services. These innovations mark significant milestones in Sun Life’s journey toward a fully connected, client-centric ecosystem. Looking ahead to 2026 and beyond, Sun Life will continue to leverage advanced analytics, automation, and data intelligence to anticipate Client needs and deliver faster, more tailored solutions. By combining digital innovation with trusted financial expertise, Sun Life is shaping a future where every Hongkonger can retire with confidence, clarity, and peace of mind — supported by a partner committed to helping them achieve lifetime financial security and live healthier lives. 1. The Policy Reverse Mortgage Programme and the Reverse Mortgage Programme are operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. Terms and conditions apply. For further information, please refer to: www.hkmc.com.hk. 2. The annuity rate is provided as an example based on application on Oct 24, 2025. The annuity rate is determined based on the current market condition. It varies depending on the insured's gender and age at the time the policy is issued. Please check with Sun Life for the latest annuity rate before enrolment. 3. “HealthGuard” Concierge Services is available to the life insured when the premium meets the specified threshold in the promotional period.

Sun Life reimagines retirement planning with a solution inspired by the Siheyuan concept

‘We aim to ignite curiosity about how this house concept aligns with our purpose of helping Clients achieve lifetime financial security and live healthier lives’

AUTOMATION - INSURANCE

2025

Elevating customer experience, humanising claims: QBE Asia’s ‘Solutions in a Box’ By Vick Rajaswaran, Regional Head of Claims

or most people, filing an insurance claim is a stressful, laborious experience. But what if we could reduce the time it takes to process a claim to a day or two, and take the anxiety out of the claims experience? This was the thinking behind QBE Asia’s ‘Solution in a Box’, its fully automated, endto-end claims experience. Fully automated claims process The idea of automating and personalising claims is not new. But in 2022, when QBE Asia’s claims team first suggested the idea, the company was in a strong position to explore it further. Unlike many other insurers, QBE Asia’s claims technology ran off a single unified platform that consolidated many capabilities and fostered innovations like straight-through-processing (STP), whilst also simplifying governance and providing indepth analytics. This would make the process of fully automating claims easier and demand less development time. Fair, consistent, trustworthy The other advantage QBE had was its deep commitment to claims excellence. For over a century of doing business in Asia, the firm has built a reputation for being fair, consistent and trustworthy when it comes to assessing claims. The company has always viewed claims excellence as a strategic advantage over industry peers. In light of these dynamics, the decision to develop an automated and easy-to-use, selfservice claims service was taken. Realising end-to-end automation Work on Solutions in a Box began early 2023. From day one, its development was a consultative process, involving customers and handlers. Early on, QBE Asia realised that neither wanted lengthy, back-andforth discussions about their claims. They simply wanted a message telling them that payment had been made. To limit some of the mundane yet important information gathering, the development team also sought to leverage machine learning to do this critically important exercise autonomously. QBE Asia also implemented a sophisticated analyticsbacked rules engine, which automates the entire claims journey from start to finish. A phased journey toward transformation Success didn’t happen overnight: development of the solution took place in phases. First,

Vick Rajaswaran, Regional Head of Claims - QBE Asia

the company built a generic system that could be applied to most insurance lines. It then incorporated unique features that corresponded to specific products and market nuances in the personal lines spaces. QBE Asia next enabled customers to receive automated WhatsApp notifications to check their claim status online via a portal. Live Chat was also introduced for customers who prefer chatting with a person and not a chatbot. The company also ensured every claim undergoes a rigorous quality assessment. A quality management system was soon implemented to navigate seamlessly from one claim to another and ensure that in-depth file reviews happen automatically. To enable timely claims payment, QBE Asia connected its systems with those of its banking partners and implemented fast payment capabilities. What used to take five days in processing an approved claims payment is today transacted instantly. A truly personal experience Not leaving other partners behind, a supplier portal was introduced to maintain interactions with service providers, adjusters and legal providers in a secure manner. QBE Asia additionally needed to cater for more complex claims: a large proportion of QBE Asia’s business involves speciality coverage,

such as marine, casualty, and professional indemnity. Accordingly, the company required additional features that supported claims made in these areas. One of the most important features of Solutions in a Box is video conferencing. Enabling customers and handlers to speak to a claims professional virtually humanised the experience and created an opportunity to empathise with policyholders. The solution’s conferencing and chat tools allow policyholders to communicate with QBE Asia in their local language as well, further personalising the experience. Strong results and recognition Within just 17 months, the company launched Solutions in a Box in May 2024. From day one, customer feedback was highly positive. During its first year, the solution’s net promoter score (NPS) of 45% was higher than what is deemed an industry average. Renewal rates with claimants are also high, thanks to Solutions in a Box, and currently stand at around 65%. Solutions in a Box has since gone on to win multiple awards. These include the Hong Kong Business Technology Excellence Awards 2025: Automation - Insurance. However, despite these, QBE Asia is not done yet. And will continue to upgrade the service.

QBE Asia has built a reputation for being fair, consistent and trustworthy when it comes to assessing claims HONG KONG BUSINESS | Q1 2026

2025

E-COMMERCE - AUTOMOTIVE & TRANSPORT SYSTEM

Inchcape Hong Kong wins at Hong Kong Business Technology Excellence Awards 2025

Its digital parts platform solution PartsLane has provided a streamlined and efficient online platform for customers to purchase automotive parts, offering convenience, transparency, and convenience.

Inchcape Hong Kong at the Hong Kong Business Technology Excellence Awards 2025 awards night

utomotive distributor Inchcape Hong Kong was recognised at the Hong Kong Business Technology Excellence Awards 2025 with the E-Commerce Automotive & Transport System category for its one-stop auto parts marketplace PartsLane, which has revolutionised the Hong Kong automotive parts market by providing a user-friendly online marketplace for customers to quickly find and buy auto parts. PartsLane has made a significant impact

Inchcape Hong Kong’s PartsLane auto parts marketplace

HONG KONG BUSINESS | Q1 2026

in Hong Kong's automotive parts industry experience throughout the supply chain. by providing a streamlined and efficient With PartsLane, our goal is to provide a B2B platform for purchasing automotive parts. parts marketplace that gives our partners a PartsLane provides immediate access to competitive edge,” the company said. inventory information, ensuring customers With the digital platform, Inchcape can find the parts they need without delay. Its has achieved a 45% revenue growth in first-in-market "Electronic Parts Catalogue" automotive parts sales, a 30% of total allows users to find parts by simply entering revenue driven from the digital platform, the vehicle's chassis number, making the as well as a 45% sales conversion amongst process quick and hassle-free. registered members. The marketplace operates round-the-clock, Hong Kong Business Technology ensuring customers can place orders at any Excellence Awards honours outstanding time. Through a rigorous supplier onboarding companies and solutions that have made process, it ensures that all suppliers are exceptional contributions in pursuit of reliable and that the parts provided are technological innovation within Hong Kong’s authentic. Customers can also trace the dynamic tech landscape. origin of parts and access detailed information, enhancing trust and confidence in their purchases. “PartsLane streamlines the sale of automotive parts in a way that drives value with a smoother process PartsLane provides a streamlined and efficient that offers a better, platform for purchasing automotive parts more efficient

‘Our goal is to provide a B2B parts marketplace that gives our partners a competitive edge’

HONG KONG BUSINESS | Q1 2026

2025

DATA - SUPPLY CHAIN

Driving supply chain excellence with data and AI: Li & Fung’s award-winning Trend Engine

Li & Fung’s award-winning Trend Engine is transforming the future of supply chains by unifying global data and AI into real-time, actionable market intelligence.

Li & Fung Tower

n a rapidly evolving global market, the ability to harness data and utilise AI effectively determines who leads the future of supply chains. Li & Fung is proud to share that its Trend Engine project has been recognised with the prestigious Hong Kong Business Technology Excellence Award 2025 for Outstanding Achievement in Data Innovation in the supply chain industry. This accolade marks a significant milestone for Li & Fung, underscoring its commitment to using AI technology and data analytics to transform the supply chain landscape and redefine the approach to design. The Trend Engine platform epitomises this vision: a centralised, intelligent data solution designed to empower Li & Fung’s global teams with unparalleled insight into consumer trends and market dynamics. Meeting the challenge of dynamic market demands The fashion and consumer goods industries face relentless pressure to rapidly anticipate and respond to shifting consumer preferences and market disruptions. Traditional data sources and isolated analytics have proven insufficient in capturing the depth and speed required to stay ahead. Li & Fung recognised the urgent need for a platform that integrates diverse data streams – from e-commerce activity and social media buzz to runway trends and supply chain data – into a single, actionable view. Trend Engine: Innovation at the core The Trend Engine is a state-of-the-art, cloud-based platform that leverages advanced data crawling, processing, and generative AI technologies. Pulling data from over 2,000 global suppliers and millions of 60

HONG KONG BUSINESS | Q1 2026

consumer touchpoints, it synthesises complex information to generate comprehensive trend reports instantly. This enables Li & Fung’s designers, merchants, and supply chain experts to access real-time insights on emerging styles, fabrics, colours, and consumer sentiments. Unlike fragmented data sources, the Trend Engine provides a 360-degree view that fosters collaborative decision-making and accelerates product ideation. Integrating proprietary algorithms with machine learning models, the platform adapts quickly to changes, ensuring that all stakeholders are equipped with foresight. Delivering impact across the supply chain Since its launch, the Trend Engine has driven transformational results across Li & Fung’s supply chain ecosystem. Market intelligence report generation capacity has more than doubled, reducing turnaround times from weeks to hours and enabling faster alignment across teams. Enhanced data quality and real-time updates minimised risks related to inventory excess or shortages, improving operational resilience. Meanwhile, data-driven insights have elevated design creativity, allowing for the launch of products that would be able to resonate more closely with consumers. The platform’s architecture supports integration across new markets and partners, future-proofing

Li & Fung’s supply chain capabilities. Real-time market intelligence has empowered quicker responses to global disruptions, thereby transforming uncertainty into opportunity. Li & Fung remains committed to pushing the boundaries of technology in supply chains. Building on the success of the Trend Engine, it aims to integrate even more advanced generative AI capabilities to accelerate product development cycles whilst ensuring quality and relevance. Li & Fung’s focus is not just on technology but on creating sustainable value for its customers, partners, and the communities it serves. With the innovative Trend Engine project, it has demonstrated that data excellence is a critical differentiator to driving efficiency, innovation, as well as growth in today’s marketplace. Keith Ip, Chief Technology Officer of Li & Fung, reflects on this achievement: “Winning the Hong Kong Business Technology Excellence Award for our Trend Engine project validates our unwavering dedication to leveraging data and AI to reinvent supply chains. This project exemplifies how technology can unlock new potential across the entire value chain, helping us deliver superior outcomes in an increasingly complex environment.” Shaping tomorrow’s supply chain, today Li & Fung’s commitment to innovation and the future of the supply chain remains resolute. By continuously integrating advanced data insights and AI-driven technologies like the Trend Engine, it strives to empower partners and customers with agility, resilience, and growth opportunities in an ever-changing global market.

‘This project exemplifies how technology can unlock new potential across the entire value chain’

2025

BIG DATA - ENERGY

Towngas: Elevating energy market monitoring with AI-powered market news extraction solution The Hong Kong and China Gas Company Limited uses artificial intelligence to extract and analyse market news, delivering faster insights and smarter decision-making.

Towngas receiving accolade at the Hong Kong Business Technology Excellence Awards 2025

he Hong Kong and China Gas Company Limited (Towngas) proudly developed its Market News Extraction solution with AI technology, which just earned the Hong Kong Business Technology Excellence Award. This recognition highlights Towngas's commitment to leveraging technology to get the market intelligence from a dynamically changing energy market for quick response. Harnessing AI for smart decision-making At Towngas, acting upon changing market situations is crucial for a gas utility that embraces different business segments, with full commitment to our customers. To filter relevant market information from the web, MNE-AI uses Generative AI and advanced web scraping to automatically extract, summarise, and classify online news. It replaced a manual, error-prone process, automating the tracking of 13 key categories.

“By relentlessly exploring new ideas and harnessing the power of AI, we are building a resilient and opportunistic future, poised to adapt and lead," stated Don Cheng, Chief Operating Officer of HK Business at Towngas. Exceptional outcomes MNE-AI has delivered remarkable results, achieving a news extraction accuracy of over 94% and a categorisation accuracy of 88%. By automating the news monitoring process, it has reduced manpower workload by 70%, allowing staff to focus on higher-value tasks. The system has also significantly shortened the time required to monitor and analyse news, enabling faster decision-making. Unlike the previous approach, which was limited to specific online sources, MNE-AI expands coverage to all web-based news, ensuring a broader and more comprehensive dataset.

Staying ahead of shifts From tracking energy prices and emerging technologies such as hydrogen to monitoring policy changes, subsidies, and weather risks, MNE-AI keeps Towngas at the forefront of market developments. More than being a tool, MNE-AI is a dynamic platform designed for continuous enhancement, evolving in line with the needs of the energy industry. Queenie Chan, General Manager – Business Transformation & Enquiry at Towngas, remarked, “We believe that this AI-driven market intelligence capability will empower us to derive valuable market insights, identify trends, and effectively respond to market changes. With updated market alerts, we keep continuously improving our business operation to provide excellent services to our valued clients.” This achievement earned Towngas the Big Data - Energy accolade at the prestigious Hong Kong Business Technology Excellence Awards 2025, recognising the company’s outstanding use of AI and advanced analytics to extract actionable market intelligence and drive operational excellence in the energy sector. The Hong Kong Business Technology Excellence Awards honours companies and organisations that are driving innovation, transforming industries, and setting new benchmarks for excellence in Hong Kong’s tech landscape.

Don Cheng, Chief Operating Officer of HK Business at Towngas

Queenie Chan, General Manager – Business Transformation & Enquiry at Towngas

‘By relentlessly exploring new ideas and harnessing the power of AI, we are building a resilient and opportunistic future, poised to adapt and lead’ HONG KONG BUSINESS | Q1 2026

2025

AI - INSURANCE

AXA Hong Kong and Macau wins AI - Insurance award at HKB Technology Excellence Awards 2025 Knowledge Bot is transforming customer service by delivering fast, accurate, and consistent policy responses through a secure, enterprise-grade AI platform.

AXA Hong Kong and Macau at the Hong Kong Business Technology Excellence Awards 2025

XA Hong Kong and Macau (AXA) has won the AI - Insurance award at the Hong Kong Business Technology Excellence Awards 2025 for its first GenAI-powered business solution, Knowledge Bot. The Knowledge Bot (Bot), a Gen AI-powered virtual assistant, supports the Customer Service (CS) agents by enabling rapid searches of policy details, delivering faster and more accurate responses to customer inquiries at the AXA Customer Contact Centre. The Bot marks a significant milestone in AXA’s data & AI transformation journey, reflecting the company’s commitment to modernising operations and enhancing customer experience through innovative solutions. Smarter service through AI The Bot, built on AXA’s proprietary Secure GPT platform, harnesses Large Language Models (LLMs) and is enhanced by Retrieval Augmented Generation (RAG) technology. This integration positions AXA at the forefront of its data and AI transformation, reinforcing its commitment to modernising operations and delivering superior customer experiences. The initiative addresses a defined operational need. Insurance inquiries are often complex, requiring precise, consistent answers drawn from approved documentation. The Bot provides real-time, concise and accurate responses by searching and summarising information from a centralised knowledge base. This knowledge base consolidates critical documents used by the Customer Contact Centre in their daily work, streamlining the knowledgemanagement process and ensuring consistency across all responses. 62

HONG KONG BUSINESS | Q1 2026

AXA’s AI-powered assistant integrates multiple AI technologies to deliver targeted outcomes. Leveraging LLMs for understanding and generating human-like responses, and grounding them in AXA’s centralised knowledge base through Retrieval-Augmented Generation (RAG), the bot provides concise, contextually relevant answers backed by official sources, reducing the risk of unsupported or generic outputs. Moreover, the CS agents can interact naturally with the Bot through a userfriendly web interface. Additional features, such as keyword search and product dropdowns, facilitate rapid retrieval of accurate answers. The Bot will also provide related follow-up questions and supplementary notes, prompting agents to capture the right details so the model can interpret inquiries more precisely and deliver more comprehensive guidance. To keep on enhancing the Bot, the development team collaborates with the business team. One ongoing effort is leveraging iterative prompt refinement as part of Large Language Model Operations (LLMOps), which continuously fine-tunes how the Bot understands and responds to questions with human oversight. With the feedback features, CS agents can provide feedback on the answers to adapt and improve. Measured Impact with In-built Adoption Since its launch, the Bot is estimated to save 180 man-hours per month. CS agents

report faster responses and reduced pressure during peak periods, contributing to a smoother customer journey. Documentation control has improved through centralised updates and version tracking, and AXA anticipates a reduction in customer complaints as ongoing refinements and quality improvements are implemented. Adoption and change management were embedded from the outset. AXA initiated a phased rollout to an initial cohort of a few senior CS agents, gathering structured feedback on usability, answer quality, and content coverage. Insights from frontline agents informed refinement of prompts, adjustments to prompts and logic, and expansion of the knowledge base. The next phase gradually target rollout to both onshore and offshore CS agents progressively, supported by ongoing training and a continuous feedback loop to sustain quality and relevance. Built to Scale Across the Enterprise Looking ahead, the Bot’s architecture is engineered for enterprise-wide scalability beyond the Customer Contact Centre. AXA plans to extend its capabilities across additional business functions, progressively building toward a comprehensive, cross-enterprise knowledge capability that unlocks value through reuse and standardised practices. The initiative establishes an architectural blueprint for future AI solutions and contributes to fosters AI literacy across the organisation. The Hong Kong Business Technology Excellence Awards recognise organisations that drive innovation, transform operations, and set benchmarks for excellence. AXA’s Knowledge Bot stood out for delivering cutting-edge AI with robust governance and measurable frontline impact, reinforcing AXA’s leadership in responsible AI adoption within insurance.

The bot provides concise, contextually relevant answers backed by official sources

WEALTHTECH - FINANCIAL SERVICES API - FINANCIAL TECHNOLOGY

2025

Bridging investors and advisors: Empowering the future of wealth management Technology and human expertise work together to shape the next generation of advisory services.

iFAST is a global fintech wealth management platform headquartered in Singapore

wenty years ago, wealth management in Hong Kong was mostly paper-based. Investors traded through banks where the selection of unit trusts was limited. Advice often reflected the bank’s priorities rather than the client’s needs. Transactions were slow and cumbersome and clients had little choice in how to manage their investments. The rise of independent wealth advisors changed this. These professionals focused on clients’ goals and provided objective guidance and longterm strategies. Yet they faced a heavy administrative burden that included paperwork, settlements, and compliance. This left less time for serving clients and building relationships. Empowering advisors through technology iFAST created a platform to help advisors manage these challenges. By digitising operations, advisors could concentrate on their clients. The platform expanded over the years and now supports more than 2,000 wealth advisors in Hong Kong and over 14,000 worldwide. It serves more than one million investors and provides access to thousands of investment products, including funds, bonds, stocks/ETFs, and discretionary portfolios. “The wealth management industry has changed tremendously but our vision remains the same. We aim to empower

advisors with transparency in product selection and fee models whilst helping them provide exceptional client service,” says Glory Lau, General Manager, Platform Services, iFAST Hong Kong. “We are proud to have grown alongside our partners and to continue supporting them in delivering greater value to clients.” From paper-based transactions to digital solutions, iFAST now offers portals, mobile applications, APIs, and white labelling. The platform has grown from supporting independent wealth advisors to assisting institutional partners. Technology and human expertise work together to shape the future of wealth management in Hong Kong. The human touch in a digital age Investors continue to trust human advisors more than AI for financial planning because of the personal relationships and ethical guidance they provide. Advisors bring insight, judgment, and understanding that technology alone cannot replicate. iFAST is committed to using technology to enhance the advisor’s ability to deliver this human touch. The company believes that the combination

of digital tools and human expertise is the future of wealth management. Technology should never replace advisors, but it can empower them to serve clients more effectively. iFAST will continue to innovate and provide solutions that help advisors strengthen relationships, deliver tailored advice, as well as maintain the trust that clients value most.

Glory Lau, General Manager, Platform Services, iFAST Hong Kong

‘We aim to empower advisors with transparency in product selection and fee models whilst helping them provide exceptional client service’

HONG KONG BUSINESS | Q1 2026

High-Flyers 2026 Profiles of Hong Kong’s Outstanding Enterprises and Business Leaders

HONG KONG BUSINESS | Q1 2026

ALLOYX GROUP

INNOVATING THE FUTURE OF REGULATED DIGITAL FINANCE

he digital asset industry is entering a decisive new chapter defined by the pursuit of regulation, trust, and utility. As global markets shift toward tokenisation and innovation, Hong Kong has emerged as a proving ground for the next generation of digital finance infrastructure. On 24 October 2025, AlloyX Group (Nasdaq: AXG), a leading fintech institution connecting traditional finance and digital assets, held a grand opening bell ceremony at the Nasdaq MarketSite in Times Square, New York City. The ceremony celebrated the official launch of the new trading symbol "AXG", marking the strategic upgrade of AlloyX Group in the fields of stablecoin infrastructure and real-world asset tokenisation and opening a new chapter in the institutionalisation of global digital finance. In the past year, it focused on building audit‑ready, institution‑grade systems spanning digital asset issuance, tokenisation, and digital brokerage—each designed to align with the standards and expectations of global regulators. Such maturity, combined with deep engineering expertise and real-world financial experience, has helped AXG attract clients that demand innovation without sacrificing security. AXG’s triumphs would not have been possible without the strong leadership and visionary guidance of its co-founder and CEO Dr Thomas Zhu. He brings institutional finance and regulated digitalasset experience to the company. After executing over 100 global equity offerings and launching Asia’s first and largest Bitcoin, Ethereum spot ETFs, and a retail-compliant tokenised money market fund in his previous organisations, Dr Zhu has developed a strong foundation in compliant digital-asset innovation. Supported by a FinTech doctorate and leadership 66

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in Hong Kong’s innovation ecosystem, he now applies this expertise at AXG to build trustworthy, interoperable digital-asset infrastructure that enables institutions to adopt blockchain safely and at scale. In an exclusive interview with Hong Kong Business, Dr Zhu discusses how AXG has solidified the company's reputation in the competitive digital asset landscape, ensured success amongst clients through its product portfolio, and positioned itself to capture opportunities in the industry. Reshaping on-chain yield Over the past year, AXG has significantly expanded its product portfolio, with a strong focus on institutional‑grade tokenisation. At the centre of this progress is the Real Yield Token (RYT), its most successful and differentiated offering to date. Described by institutional users as the first truly regulated, transparent, and stable on-chain yield product, RYT represents a breakthrough in regulated yield delivery on‑chain. Backed by a compliant money-market fund and custodised by a Tier 1 global bank, RYT offers T+0 settlement, full auditability, and daily transparent reporting. According to Dr Zhu, the market response for RYT has been outstanding. Corporate treasury teams, asset managers, and leading Web3 platforms have adopted the product as a bank-custodied, real-yield, crypto-native, risk-free instrument for treasury and liquidity deployment. It also lays the foundation for how it collaborates with global clients to scale compliant tokenisation and digital asset‑driven financial services across Asia and beyond. “RYT has become our flagship product, embodying our core

STABLECOIN PHILOSOPHY

FAST FACTS

At AlloyX Group, we believe the future of digital finance depends on building infrastructure that institutions can trust.

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AlloyX Group (NASDAQ: AXG) is a global leading financial technology firm with its core focus on digital currency payments and asset tokenisation. Founded in 2016, AlloyX Group is dedicated to bridging traditional and decentralised finance by building a secure, efficient and compliant financial infrastructure that provides integrated digital asset solutions for global investors and institutions. Backed by leading institutional investors, AlloyX Group manages compliant and transparent digital assets that are closely connected to the global economy.

This page: AXG at the NASDAQ opening ceremony Opposite page: Dr Thomas Zhu, Co-Founder & CEO of AlloyX Group

philosophy of combining regulatory rigour, institutional infrastructure, and real‑world utility,” Dr Zhu said. Redefining institutional finance Tokenisation is poised to fundamentally transform payments, treasury management, and institutional finance by making traditional instruments programmable, transparent, and accessible around the clock. As soon as money market funds and credit assets exist onchain, institutions are expected to be able to settle instantly, automate liquidity management, and achieve real‑time auditability. AXG is positioning itself at the centre of this transformation. Beyond RYT, the company is also advancing tokenised credit products, creating new avenues for payments, collateralisation, and corporate treasury management. As the digital asset ecosystem converges, institutions are soon going to operate within a unified environment where payments, investment, and liquidity run on the same interoperable infrastructure. “AXG’s mission is to build that infrastructure, merging regulatory‑grade engineering, traditional brokerage connectivity, and a global operating footprint to ensure that Hong Kong and the broader region lead the next wave of digital financial innovation,” Dr Zhu said. A regulatory-first architecture AXG’s greatest strength in the digital asset sector lies in its regulatory‑first approach, as every product it has built is engineered to meet global licensing standards and compliance requirements. It takes pride in being able to integrate digital assets with regulated brokerage and banking infrastructure, enabling institutions to leverage digital assets for payments, treasury, and settlement in a compliant and interoperable way. In addition, the company’s digital asset strategy is powered by its broader ecosystem in tokenisation and on‑chain financial infrastructure, allowing it to deliver a comprehensive institutional platform rather than a single‑purpose product.

Together, these strengths have established the company as one of the global trusted and competitive digital asset providers. “Our mission is to bridge traditional finance and next‑generation blockchain systems through compliant tokenisation, real‑time settlement frameworks, and artificial intelligence‑driven asset operations, creating a foundation for safer, smarter, and more connected global markets,” Dr Zhu said. Looking ahead, the company's objectives remain clear: continue to expand its global digital‑asset licensing footprint and further develop a regulatory‑first issuance framework across key markets worldwide. In parallel, the company is set to scale its tokenisation platform, extending beyond flagship products like RYT into a broader universe of credit, liquidity, and treasury assets, including the issuance of compliant stablecoins across multiple jurisdictions. It also aims to deepen the integration of traditional brokerage capabilities with on‑chain infrastructure, empowering institutions to transition between fiat and digital assets with full transparency, security, and auditability. “Ultimately, our goal is to build the next generation of digital‑finance infrastructure—one that dismantles traditional barriers between securities and digital assets, enabling institutions to manage all asset classes within a unified, compliant, and globally interoperable framework,” Dr Zhu remarked. AXG is further expanding its regulatory-first, institution-grade digital asset strategy into the Middle East and Africa (MEA) region as the region modernises through stablecoins, tokenisation, and cross-border payment innovation. Building on its experience in compliant digital asset issuance and tokenised finance, AXG will partner with regulators, banks, and payment networks to deliver trusted, real-world utility. With MEA emerging as a hub for trade, remittances, and digital finance, AXG aims to enable faster, cheaper, and more transparent capital flows whilst maintaining institutional risk and governance. Combining regulatory rigour, technical expertise, and real-economy use cases, AlloyX Group seeks to shape a compliant and scalable digital asset ecosystem across the region. HONG KONG BUSINESS | Q1 2026

AXA HONG KONG & MACAU

LOOKING INTO THE FUTURE OF CUSTOMER-CENTRIC AI IN INSURANCE

rtificial intelligence (AI) has been reshaping everyday experiences in the Asia Pacific at an unprecedented pace. As consumers grow accustomed to rapid, intuitive, and tailored interactions, their demands for vital industries such as insurance are also rising sharply. They now anticipate swift response and support, pushing insurers to accelerate their digital transformation to successfully meet their needs. In an era when customer expectations are increasing more than ever, major insurance firm AXA Hong Kong & Macau is redefining what technology-enabled service can look like. Over the past year, the company has made strides in applying generative AI (GenAI) to some of the most complex and high-volume functions in insurance, most notably with the launch of its GenAI-powered Knowledge Bot. Championing this transformative undertaking is AXA’s Data Science and Management Director Elaine Chan, whose decade-long experience with the firm has allowed her to lead with the principle that technology must serve meaningful human outcomes and require empowering every individual in the organisation to be a capable and responsible AI practitioner. Chan's role has since expanded into the Data & AI space, encompassing not just technical innovation but also organisational culture transformation and AI governance. This evolution reflects how

HONG KONG BUSINESS | Q1 2026

the industry has been maturing and the company’s commitment to being at the forefront of responsible AI adoption. AXA’s groundbreaking solutions, fueled by Chan’s visionary leadership, have been recognised by the highly sought-after HKB High Flyers Awards 2026 with a distinction in the Generative AI Solutions - Insurance category. This accolade, according to Chan, validates the firm’s commitment to innovation and digital transformation. In an exclusive interview with Hong Kong Business, Chan shares AXA’s distinct approach to using GenAI and how it stays at the forefront of innovation whilst maintaining security and compliance. Smarter, faster customer service AXA’s Knowledge Bot is an AI-powered virtual assistant that helps the firm’s customer service agents find policy details quickly and deliver swifter and more accurate responses. It marks a key step in AXA’s data and AI transformation, modernising operations and elevating customer experience by handling immense volume of calls per year and saving significant man-hours per year in daily operations. The tool combines Large Language Models (LLMs) with RetrievalAugmented Generation (RAG) to ensure that every response is rooted

GENERATIVE AI SOLUTIONS – INSURANCE PHILOSOPHY

FAST FACTS

We are moving forward every day, guided by our four core values: Customer First, Integrity, Courage and One AXA.

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After implementation, MailBot had impacted around 260,000 emails/year. MailBot has reduced the turnaround time for replying to customers to around 1 hour, resulting in higher customer satisfaction and enhanced service quality as CS agents’ time is freed up for complex cases. Knowledge Bot is estimated can impact around 800,000 calls/year. Around 2,000 hours/year of manhour are expected to be saved by using Knowledge Bot to provide more efficient and consistent answers. Both solutions are scalable and are being enhanced without proportionally increasing costs or headcount.

This page: AXA's Knowledge Bot and Secure GPT; Deputy CEO David Ng, together with AI CoE team Opposite page: Elaine Chan, Data Science and Management Director, AXA

in AXA’s official documents rather than generic or unsupported material. Such capability addresses challenges with complex insurance inquiries as well as tackles the need for precise and consistent answers grounded in approved documentation. Beyond speed and accuracy, it also enhances consistency. Agents benefit from a unified and centralised knowledge base and can interact through an intuitive interface offering keyword search, product filters, related questions, and supplementary guidance. Development teams can also partner closely with customer service agents to refine outputs based on real-world usage through AXA’s LLMOps and iterative prompt-refinement processes. This approach ensures continuous improvement without compromising control. “As our business environment grows ever more complex, I believe the next evolution in our partnership with AI is not just unidirectional checking, but truly reciprocal collaboration,” Chan said. A cross-enterprise vision The Knowledge Bot is only the beginning of AXA’s enterprise transformation. Across the organisation, targeted GenAI applications are being designed to deliver measurable operational gains whilst laying the groundwork for a scalable, shared AI ecosystem. Complementing this is MailBot, which automates the sorting, categorisation, prioritisation, and triage of customer emails. This solution boosts efficiency and ensures more consistent and timely responses across high-volume queues. At the same time, Document Understanding and other knowledgemanagement technologies are now being integrated into underwriting and claims processing. These solutions support decision-making, reduce repetitive workload, and maintain stringent controls, which are critical in areas where accuracy and regulatory compliance are paramount.

AXA plans to extend these capabilities into additional business functions, progressively developing a cross‑enterprise knowledge layer that unlocks value through reuse, shared standards, and streamlined knowledge management. Responsible AI by design AXA Hong Kong has also recently rolled out its AI Policy and AI Governance Framework, which includes a comprehensive AI assessment process to review and approve AI use cases across the full development lifecycle. This ensures that robust controls, accountability, and traceability are integral to every solution. Human oversight is equally central in this process. Feedback loops embedded directly into AI tools allow the firm’s business teams to fine-tune performance, strengthen reliability, and build trust. Change management is deliberate and phased, with milestone-based rollouts, structured training, and measured scaling based on validated impact. In winning the High Flyers Awards, she emphasised how these elements and the recognition underscore the firm’s commitment to digital transformation and how this is a collective success of its AI technical teams, business teams, and all support teams behind the scenes. Moving forward, AXA plans to focus on expanding the capabilities of its Secure GPT to the next level of Agentic AI possibility, compiling responsible AI and driving product innovation. By refining AI-driven solutions and fostering collaboration, the company aims to enhance operational efficiency, empower employees, and deliver exceptional value to customers. “Ultimately, I believe the most powerful outcomes arise when AI and humans collaborate as equals — each complementing the other, each safeguarding and amplifying the other’s strengths. This is the future I am committed to shaping at AXA,” Chan said. HONG KONG BUSINESS | Q1 2026

FSE LIFESTYLE SERVICES LIMITED

FSE LIFESTYLE MAINTAINS SUSTAINABLE GROWTH WITH INNOVATIVE SOLUTIONS

SE Lifestyle takes pride in its commitment to sustainable solutions, leveraging its skilled workforce and innovative technologies to foster growth and enhance community well-being. The company focuses on investing in employees and advancing technological innovations to meet the evolving needs of clients. FSE Lifestyle operates across three key business segments: property and facility management, city essential services and electrical and mechanical engineering (E&M) services. Its business units are recognised leaders in their respective markets, supported by a dedicated team of over 26,000 professionals. This robust network enables FSE Lifestyle to deliver seamless, one-stop professional services to clients in diverse industries, including facility management, cleaning and pest control, insurance solutions, technical support and maintenance, environmental solutions, system security, guarding and event services, as well as engineering and consultancy on installation. Professional People + Customised Services lead to Smart Solutions At the heart of FSE Lifestyle’s operations are three core strengths: Professional People, Customised Services and Smart Solutions. The company is dedicated to increasing public awareness of these strengths as

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they distinguish FSE Lifestyle in the competitive landscape. Its professional team is committed to fulfill the unique demands of its clients to provide tailored services that enhance their overall experience. FSE Lifestyle's values are reflected in its business practices, which prioritise transparency and a commitment to exceeding customer expectations. As the company navigates changing market dynamics, its focus on sustainable solutions remains paramount. “By integrating our talented workforce with cutting-edge technologies, we enhance service efficiency and deliver substantial benefits,” said Patrick Lam, Executive Vice-Chairman and Chief Executive Officer. Enhancing customer experience through innovation FSE Lifestyle continually seeks to improve customer engagement through personalised services and digital transformation. It is at the forefront of technological advancements, incorporating artificial intelligence (AI), real-time monitoring, facial recognition system, Internet of Things (IoT) solutions, drone technology, and 5G mobile applications into its operations. The company’s E&M technical support services are constantly evolving, utilising Building Information Modelling (BIM) integrated with digital asset management tools to optimise property and facility management.

CONGLOMERATES PHILOSOPHY

FAST FACTS

FSE Lifestyle Services Limited is a leading lifestyle services conglomerate with 3 major business segments: property & facility management services, city essential services and E&M services, with three core strengths: Professional People, Customized Services and Smart Solutions.

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FSE Lifestyle Services Limited is committed to delivering a better life, better home, and better quality every day. They provide integrated, convenient and safe living environments tailored to meet the needs of customers, staff and communities. The company upholds quality, teamwork, integrity, caring, passion and innovation as pillars of excellence.

This page: 2025 FSE Sustainable Seminar; FSE Caring Day 2025 partnered with the Tung Wah Group of Hospitals to visit 650 elderly residents in care homes; FSE Lifestyle has strong workforce to deliver comprehensive and innovative security and guarding services; and FSE Lifestyle's E&M services is recognised as one of the industry pioneers in adoption of green building design, MiC, MiMEP and DfMA in projects. Opposite page: Mr Lam Wai Hon, Patrick, Executive Vice-Chairman and Chief Executive Officer

In addition to innovative services, FSE Lifestyle hosts the annual FSE Caring Day, a flagship event that showcases its commitment to community engagement. Since 2011, this initiative has fostered collaboration with various non-governmental and social welfare organisations to give back to the community.

category. “Looking to the future, our goals include expanding our sustainable service offerings and enhancing our digital capabilities to better serve our customers. Our achievements reflect the dedication of our incredible team and partners who share our vision for a sustainable future,” Patrick concluded.

Embracing industry trends and sustaining business growth FSE Lifestyle is committed to driving innovation by exploring advancements in AI and IoT, implementing smart management systems that improve operational efficiencies and enhance customer experiences. The company’s initiatives include installing electric vehicle charging infrastructure in over 4,000 parking spaces, aligning with government goals to expand the charging infrastructure to around 200,000 spaces by mid-2027. In property and facility management, FSE Lifestyle embraces new operational models that combine skilled labour with innovative technologies and IoT applications, enhancing service efficiency at more than 200 sites through solutions like the Sm@rtUrban Apps, ComEasy, and drone technology. Its cleaning services also integrate IoT sensors, and other robotics.

Celebrating a milestone: 10th Anniversary since listing “As FSE Lifestyle approaches its 10th anniversary since being listed in 2026, we take this opportunity to reflect on our journey and the significant milestones we have achieved. This landmark anniversary highlights our growth and resilience in a competitive market and underscores our commitment to innovation and sustainability. We are grateful to our dedicated teams, valued clients and partners who have played a crucial role in our success. Looking ahead, we are excited to continue building on this strong foundation as we strive to enhance our services and expand our impact within the community,” said Patrick. In recent years, FSE Lifestyle has successfully diversified its service offerings and positioned itself as a unique lifestyle services conglomerate. Despite the challenges posed by the business environment, its core operations have remained strong, backed by a healthy balance sheet and a zero net gearing ratio. This stability is a result of its "Trio-Interactive Strategy," which emphasises training and development, safety and health and stakeholder engagement.

Navigating a dynamic business landscape FSE Lifestyle’s commitment to excellence has garnered recognition, including the prestigious HKB High Flyers Awards in the Conglomerates

HONG KONG BUSINESS | Q1 2026

FWD INSURANCE

FWD LEADS THE WAY WITH IMPERIAL FORTUNE

t the heart of the success of global insurance company FWD Insurance is its enduring brand vision: to change the way people feel about insurance. By combining customer insight with digital innovation, the company has continued to reshape the insurance experience by making it more intuitive, relevant, and empowering. Recently, it has set a new standard for innovation and customercentricity through the launch of Imperial Fortune, demonstrating its leadership in product innovation and its deep understanding of the needs of high-net-worth (HNW) individuals. Speaking with Hong Kong Business, FWD Insurance Chief Product Officer Kelvin Yu introduced Imperial Fortune and how clients can better utilise this product in growing their wealth. Redefining wealth growth for HNW clients Unveiled soon after the release of the relevant regulatory framework in March 2025, Imperial Fortune marks a milestone in Hong Kong’s insurance industry. The product has been designed primarily for HNW customers as a comprehensive solution to meet their diverse needs for wealth growth, legacy planning, and life 72

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protection. It is available only for professional investors as required under the regulatory framework of the Insurance Authority. Through its uncapped indexed account crediting rate, customers can harness the full growth potential of the equity markets whilst being shielded by the security of guaranteed stable returns. It also offers high life insurance leverage, allowing customers to secure substantial life protection at a more affordable premium. Moreover, guaranteed policy charges for the entire term provide customers with greater certainty and peace of mind, supplemented by a loyalty bonus. Other key features of Imperial Fortune include surrendercharge-free partial withdrawals that provide customers with greater autonomy and liquidity for their financial planning, as well as multiple death benefit payout options that support customers’ diverse legacy planning needs. After the launch of this product, FWD Insurance has further launched Imperial Wealth — a savings-oriented Indexed Universal Life (IUL) product. This has led to the company becoming the first insurer in Hong Kong to launch both protection and savings types of IUL products.

INSURANCE PRODUCT INNOVATION OF THE YEAR PHILOSOPHY

FAST FACTS

Celebrate living - Live life your way. Because whatever happens, we’ve got your back.

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FWD Hong Kong is part of the FWD Group, a pan-Asian life and health insurance business that serves approximately 34 million customers across 10 markets. FWD Hong Kong has been assigned strong financial ratings by international agencies. It offers life and medical insurance, employee benefits, and financial planning. Established in 2013, the company operates in some of the fastestgrowing insurance markets in the world with a vision of changing the way people feel about insurance. FWD Group is listed on the main board of the Hong Kong Stock Exchange under the stock code 1828.

This page: FWD Capital Tower Hong Kong and FWD employees Opposite page: Kelvin Yu, Chief Product Officer, FWD Insurance

A global perspective The rise of IUL products in several jurisdictions is what inspired FWD Insurance to create this competitive offering that meets international standards whilst addressing the specific needs of Hong Kong’s sophisticated clientele. Such a drive has been further bolstered by its full support for the Insurance Authority’s initiative to promote the development of IUL products. As the first insurer in Hong Kong to collaborate with investment banking firm UBS as an enhanced index solution provider, the company has been able to deliver lower premiums and comprehensive benefits, strengthening its reputation as a pioneer

in the HNW insurance space. “We spent tremendous efforts to launch this product not only to be competitive in Hong Kong but also in the global market for HNW individuals,” Yu said. This major milestone brought FWD Insurance the Insurance Product Innovation of the Year from the major award-giving body Hong Kong Business High Flyers Awards 2026. Yu believes that this accolade is a recognition of its leadership in product innovation in the HNW market segment. “In the future, we will continue to listen to our customers and develop product solutions to different customer segments for their needs,” he said. HONG KONG BUSINESS | Q1 2026

FWD INSURANCE

BUILDING A FUTURE-READY INSURER

n the past year when the digital landscape has witnessed remarkable evolution, global insurance firm FWD Insurance continues to set new benchmarks for innovation, efficiency, and customer-centricity in the sector. With its technology-first mindset and commitment to “Celebrate living,” it has emerged as a trailblazer in Hong Kong’s highly competitive insurance market. FWD Insurance’s strength lies in its ability to integrate advanced technology into its core operations to drive measurable results. Central to this success is the firm’s cloud-first architecture, which has enabled the seamless migration of core applications and the deployment of nearly 200 active artificial intelligence (AI) models across underwriting, claims, and customer service. Strategic partnerships with AWS and Microsoft have further enhanced FWD’s ability to deliver hyperpersonalised, real-time insurance experiences. At the heart of FWD Insurance’s success are five core values—proactive, innovative, committed, caring, and open—which guide how the company designs products, applies technology, and engages stakeholders. It anticipates customer needs, embraces innovation to simplify insurance, delivers on its commitments with integrity, builds empathetic solutions that enhance financial well-being, and fosters transparency and collaboration. Chief Financial Officer (CFO) Raymond Lo highlights how the most pivotal moments in his career have come from leading the firm through periods of rapid expansion and transformation, as navigating these inflection points required not only technical expertise but also the ability to build consensus, drive innovation, and foster a culture of agility and accountability. “I have learnt that true leadership is about anticipating change,

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empowering teams, and leveraging technology to deliver measurable impact, whether through automating core processes, enhancing data-driven decision-making, or championing cross-functional collaboration,” Lo said. Transforming operations inside out In the past year, FWD Insurance has differentiated itself by prioritising enterprise-wide transformation through automation and advanced analytics, in addition to innovations to enhance customer-facing digital tools. This dual focus on internal optimisation and external engagement has also earned the company multiple awards. At the same time, through its AI Lab in Singapore, the company is pioneering new applications in generative AI, whilst its strategic collaborations with Microsoft and AWS continue to bolster its AI infrastructure for hyper-personalised journeys, from AI Claims 2.0 to voiceenabled support and predictive modelling. Lo has noted that this holistic transformation is deeply rooted in FWD’s empowering corporate culture. Guided by its brand promise of “Celebrate living”, the company champions openness, proactiveness, and passion. Employees are equipped with digital tools and analytics capabilities, encouraged to innovate, and recognised for taking ownership of transformative initiatives. Changing the game Like many in the industry, FWD Insurance has faced the challenge of fragmented data across actuarial, finance, and operational systems.

INSURANCE TECHNOLOGY OF THE YEAR PHILOSOPHY

FAST FACTS

Celebrate living - Live life your way. Because whatever happens, we’ve got your back.

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This page: FWD is changing the way people feel about insurance and appearing in the Hong Kong skyline through Immigration Tower Opposite page: Raymond Lo, Chief Financial Officer (CFO), FWD

In response, it has launched the Experience Study Automation Project, enabling the creation of a centralised database by consolidating its four major data domains: Policy, Advisor, Claims, and Client. This breakthrough has allowed for sharper risk analysis, faster insights, and more informed decision-making. The insurer has also addressed the inefficiencies of manual reporting with a real-time KPI dashboard, refreshing 60% of metrics daily and far exceeding the industry’s monthly or quarterly average. Supported by its self-analytics tools, it has also reduced report processing time, streamlined financial preparation, and freed teams to focus on strategic, value-added work.

For Lo, winning the HKB High Flyers Award 2026 is a tremendous honour and a testament to the collective dedication and innovative spirit of the entire team. “I am particularly proud of my team in how our disciplined investment in technology and operational excellence has translated into measurable business value and industry recognition,” the CFO said. Looking ahead, FWD Insurance’s mission remains clear: to build a future-ready infrastructure that supports scalable growth and innovation; to deepen the use of data and AI in enhancing decisionmaking, customer experience, and operational resilience; and to strengthen governance and transparency as it evolves. HONG KONG BUSINESS | Q1 2026

HYATT REGENCY HONG KONG, TSIM SHA TSUI

CARING FOR PEOPLE, PRESERVING LEGACY

ong Kong’s hospitality sector continued its post-pandemic rebound through 2025, reasserting itself as a premier gateway for regional tourism and international business travel. Amongst the leading hotels making this possible is Hyatt Regency Hong Kong, Tsim Sha Tsui. At the helm of its success is its General Manager Per Kredner, a seasoned Swedish hotelier whose dynamic leadership and passion for people have helped the establishment flourish as one of Hong Kong’s most esteemed hotels. With over 25 years of international experience spanning Dubai, Muscat, Singapore, Shanghai, and Tokyo, Kredner brings a wealth of operational knowledge and cross-cultural insights to his role, which has proved to be most effective in managing properties across Asia and the Middle East, including the prominent Grand Hyatt Dubai, Grand Hyatt Singapore and Park Hyatt Shanghai. His appointment as General Manager of Hyatt Regency Tsim Sha Tsui in August 2016 marks the culmination of a journey defined by consistency, innovation, and care-driven leadership. “In hospitality, the human factor is the core essence to success and care is at the heart of our business,” he said. Nestled in the vibrant heart of Kowloon, Hyatt Regency Tsim Sha Tsui stands as a symbol of timeless hospitality, sophistication, and genuine human connection. “It is important to create genuine connections and truly understand our guests, including our associates. We live Hyatt’s purpose. We care for people so they can be their best,” said Mr Kredner.

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It has set itself to inspire well-travelled, creative and sophisticated leisure guests through elegant hotel guestrooms and suites, modern and private facilities, and being surrounded by world-class art and cultural hot spots. The property also holds a distinctive place in the city’s hotel heritage. Originally established in 1969 as the first Hyatt hotel outside the United States, it has quickly become a landmark to both locals and tourists. Today, its blends the legacy of classic hospitality with a forward-looking approach to guest experience. A storied legacy reimagined Being reborn in 2009 after initially closing its doors three years prior, Hyatt Regency Tsim Sha Tsui brought with its revamp its nostalgic charm, upgrading beloved venues whilst ushering in a new era of modern luxury. Currently situated in the same complex as K11 Art Mall and the luxurious Masterpiece residence, the hotel is within walking distance from countless prestigious brands, premium department stores, luxury boutiques, world-class art museums, Michelin-starred restaurants and bars, and the signature Victoria Harbour front. At the same time, the neighbourhood is a cultural epicentre, with must-visit attractions such as M+, the Hong Kong Palace Museum, and the West Kowloon Cultural District nearby. Within a short journey, guests can also explore historic treasures like the Grade II pre-war building cluster 618 Shanghai Street, or Hong Kong’s first public housing estate Mei Ho House.

BEST CITY HOTEL FAST FACTS •

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Established in 1969 and operated as the first Hyatt hotel outside of the United States, Hyatt Regency Hong Kong closed its doors on New Year’s Day 2006 and re-opened its doors as Hyatt Regency Hong Kong, Tsim Sha Tsui on 2 October 2009 Hyatt Regency Hong Kong, Tsim Sha Tsui is situated in a prime location directly connected to two MTR (Mass Transit Railway) stations.

This page: Hyatt Regency Hong Kong, Tsim Sha Tsui exterior; Hugo's Tournedos Rossini; Hyatt Regency Hong Kong, Tsim Sha Tsui lobby; Chin Chin Bar’s 16th Anniversary Private Label Whisky Opposite page: Per Kredner, General Manager, Hyatt Regency Hong Kong, Tsim Sha Tsui

Timeless culinary excellence Dining is at the heart of the Hyatt experience, and Hyatt Regency Tsim Sha Tsui proudly continues this tradition. Hugo’s, the authentic European restaurant, transports guests to a bygone era of classic fine dining, complete with elegant tableside service using restored 1960s Christofle hors d’oeuvres trolleys. The restaurant’s fictional Bavarian host, Hugo Ludwig Wilhelm von Gluckenstein, adds a touch of whimsy to an otherwise classic setting. Adding new creative energy to this culinary institution is Lewis Scarfe, the newly appointed Executive Sous Chef. A British native with over 17 years of global experience, Scarfe brings a deep respect for traditional European techniques, blending them with modern innovation. His updated à la carte menu pays homage to the classics, elevated with contemporary finesse and a focus on quality ingredients. Other delectable culinary options are The Chinese Restaurant, reminiscent

of a 1920 Chinese tea house that serves authentic Cantonese cuisine, and Chin Chin Bar — a perfect spot for whisky aficionados with close to 300 whisky selections and recently launching its 16th anniversary private label. Purpose-driven leadership As the hospitality industry navigates transformation and recovery, Hyatt Regency Hong Kong, Tsim Sha Tsui stands as a case study in resilience, adaptability, and leadership built on care. Kredner’s management style continues to embody everything that the property stands for: caring for people so they can be their best. Through its exceptional service, cultural connection, and culinary eminence, the hotel not only honours its past but also inspires the next generation of travellers and hoteliers alike. This momentous journey has brought them the Best City Hotel distinction from the HKB High Flyers Awards 2026. HONG KONG BUSINESS | Q1 2026

LINGNAN UNIVERSITY

LINGNAN UNIVERSITY REDEFINES BUSINESS EDUCATION

n Hong Kong’s competitive higher education landscape, Lingnan University’s Faculty of Business (LUFB) emerges as a trailblazer for innovation and transformation. Championing a distinctive educational vision that blends the humanistic values of liberal arts with cutting-edge business expertise, it redefines education for the next generation of business leaders. Recently recognised with the HKB High Flyers Award for Excellence in Postgraduate Business Education, the institution continues to set new standards in academic excellence, social impact, and global engagement. Liberal arts with business impact LUFB’s leadership in quality education is backed by a strong academic foundation. It employs over 80 academic and administrative staff, serving a vibrant student population with a total of 11 taught postgraduate programmes with a total of about 1,200 students. At the same time, its position amongst the world’s top institutions underscores a record of innovation and impact that continues to elevate Hong Kong’s educational reputation on the global stage. At the heart of the Faculty lies a powerful vision: to cultivate leaders who think deeply, act ethically, and innovate responsibly. It aspires to be recognised as a leading business school that seamlessly integrates liberal arts education with cutting-edge business knowledge, transformative research, and community engagement.

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Strategic partnerships with Alibaba Cloud, Microsoft, and Lenovo PCCWSolutions bring artificial intelligence and digital innovation directly into the classroom, bridging theory with industry practice. International footprint in quality education Lingnan University achieved a historic milestone in 2025 by ranking #1 globally in Sustainable Development Goal 4: Quality Education in the Times Higher Education Impact Rankings, affirming its unwavering dedication to advancing inclusive, equitable, and high-quality education aligned with the United Nations SDGs. The university’s expanding international reputation was further solidified with its debut in the Times Higher Education World University Rankings 2025, where it placed amongst the top 301–350 universities worldwide and ranked 47th globally in International Outlook. These achievements reflect its global vision and diverse, collaborative community. Further cementing this is its accreditation by the Association to Advance Collegiate Schools of Business, a distinction shared by fewer than six percent of business schools worldwide. Together, these honours affirm the Faculty’s excellence in teaching, research, and community impact. Human-centric learning and career empowerment In the past year, LUFB has amplified its student-centric and career-driven model, ensuring that academic achievement translates into real-world

EXCELLENCE IN POSTGRADUATE BUSINESS EDUCATION PHILOSOPHY

FAST FACTS

To be recognised as a leading business school that is committed to excellence in liberal arts teaching and learning, cutting-edge research, knowledge transfer, and community engagement.

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The Faculty of Business at Lingnan University was accredited by the Association to Advanced Collegiate Schools of Business (AACSB International) in 2011. The recognition reflects the Faculty's concerted efforts in benchmarking itself with the highest international standards, and continuous commitment to professional and academic excellence. The Faculty of Business has a shared commitment to the following core values: adaptability and entrepreneurship; creativity and critical thinking; diversity and international focus; knowledge transfer and community services; professionalism, integrity and social responsibility; and team spirit, collaboration and collegiality. Per 2023 employment status figures, the overall engagement rate in employment and full-time further studies amongst Lingnan University students is 91.7%.

This page: The Dean and students; Faculty of Business Logo; and Front Door of the Faculty of Business Building Opposite page: Michel Chertouh, Managing Director, Regent Hong Kong

readiness. Practical training, industry-led workshops, and experiential learning opportunities now play a central role in every programme. Students are encouraged to engage directly with professionals through employer roundtables, networking events, and alumni mentorship programmes that connect theory with practice. Furthermore, faculty members serve as dedicated mentors, offering individualised support to help students navigate academic challenges and career decisions. In response to the evolving needs of professionals, LUFB has also launched its Doctor of Business Studies (DBS) programme, a transformative offering that empowers executives, entrepreneurs, and academics to deepen their expertise and apply research-driven insights to real-world challenges. The DBS programme reflects its commitment to lifelong learning and knowledge transfer between academia and industry. The university has also seen remarkable achievements across several of its flagship programmes in the past, each reflecting its commitment to innovation, resilience, and interdisciplinary excellence. The pioneering Doctor of Business Administration in Global Digital Economy and Governance merges leadership and research to develop forward-thinking executives. Similarly, the Master of Accountancy programme, one of its most established and respected offerings, remains a cornerstone for cultivating top-tier accounting professionals. Equally innovative is the Master of Science in Arts Technology and Business, Hong Kong’s first Chinese-taught interdisciplinary master’s degree integrating art, technology, and business. The university has welcomed

esteemed professors from Tsinghua University to enrich the curriculum, further elevating its academic rigour and industry relevance. Lastly is the university's MSc in Environmental, Social, and Governance Management programme, one of the first few master's programme offerings in Hong Kong focusing on ESG and sustainability. Alumni of this programme now work in ESG consulting firms, financial services, etc. Leading with partnership and purpose LUFB’s long-term strategies are guided by a set of powerful insights drawn from its experience operating in a fast-evolving business environment. The faculty recognises that agility and lifelong learning are indispensable for both institutions and individuals. Constant curriculum renewal and pedagogical innovation ensure that its offerings remain relevant to emerging industry demands. Winning the High Flyers Award reaffirms LUFB’s mission to cultivate professionals who are skilled, socially responsible, and globally minded. Looking ahead, the Faculty is determined to deepen its position as a leader in liberal arts research, one where creativity and business acumen come together to solve complex global issues. “We look forward to continuing this journey with our community and stakeholders, as we empower the next generation of visionary leaders,” said Leng Mingming, Dean of the Faculty of Business of Lingnan University, Chair Professor of Operations and Risk Management. HONG KONG BUSINESS | Q1 2026

NOW HEALTH

PIONEERING STABLE, PERSONALISED HEALTH INSURANCE

n the rapidly evolving landscape of health insurance that demands a commitment to innovation, empathy, and membercentric solutions, international health insurance provider Now Health International (NHI) has positioned itself as a leading industry player by combining financial strength, human-led processes, and a forward-thinking approach to wellness. Vision Live Healthier ∙ Live Happier Mission To disrupt the health and well-being landscape by empowering our members to proactively manage their journey to wellness and better health. We achieve this through meaningful global partnerships, innovative new technologies and a long-term approach to health and wellbeing management. Values Innovation - We continually strive to find new and better ways of working. Excellence - We pursue excellence in everything we do. 80

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Empathy - We treat people with compassion and respect. Winning - We create a culture of winning for our customers, our partners, and our employees. https://www.now-health.com/en/about-us/ Future-focused health management With its philosophy of “Live Healthier, Live Happier” guiding the company, it aims to offer solutions for all budgets and needs, from comprehensive and benefit-rich global plans to regional health coverage. It commits to providing transparency to both intermediary partners and members about all communications around plans, pricing, underwriting and claims. At the same time, technological enhancements have also improved the member experience through this philosophy. Revamped digital membership cards and secure online portfolios have simplified access to telehealth and remote care, whilst 97% of claims are processed within five working days. The membership card can be downloaded to users' smartphone wallets. As part of Now Health's digital transformation strategy, the innovative mobile pass provides for a more seamless online user experience. Available for both iPhone and Android wallet, the

MOST INNOVATIVE HEALTH INSURANCE LEADER PHILOSOPHY

FAST FACTS

Now Health's primary philosophy is “Live Healthier, Live Happier,” which it uses to position itself as members’ health and wellness partner, rather than “just” being their health insurance company that they only interact with when they get sick.

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The company’s primary headquarters is in Dubai and is primarily supported by its Hong Kong office, with further offices in Shanghai, Singapore, Indonesia, Greece, Malta, Spain, and the United Kingdom. Each region and office benefits from a local General Manager and underwriting, customer service, clinical, and network team to ensure local technical expertise and that Now Health can tailor its products to the unique needs of members in each region. Across Now Health's global operation, it has over 300 team members. In conjunction with its sister company, Best Doctors Insurance, Now Health is able to offer compliant plans in 35 countries

This page: Now Health team photo and Now Health Mobile Pass Opposite page: Emily Chan – General Manager Hong Kong, Now Health International (Asia Pacific) Limited

mobile pass is interactive, and makes it even easier for users to access their plan when on the move. Plans can be updated in real time and managed through one's mobile phone. NHI Hong Kong General Manager Emily Chan noted that as global mobility and digital health solutions continue to grow, NHI is going to continue emphasising holistic wellness support, including mental health services and preventative care. She added that the company is actively expanding its medical networks and enhancing cross-region collaboration to ensure continuity of care for mobile members. Validating customer-first approach NHI has been honoured with a distinction in the HKB High

Flyers Awards 2026 under the Health Insurance category for its triumphs over the past year. Speaking about the most significant benefit of receiving external recognition, Chan said that whilst this award validates its customer-first approach, the company remains focused on its future mission: maintaining high retention rates, delivering stable pricing, and evolving its product offerings to meet the unique needs of members worldwide. “Ultimately, we’ll be continuing to deliver market-leading service levels and developing our 'Live Healthier, Live Happier' philosophy,” she said. NHI’s vision encapsulates its commitment not just to insurance, but to empowering members to lead healthier, more fulfilling lives. HONG KONG BUSINESS | Q1 2026

POLYU BUSINESS SCHOOL

POLYU BUSINESS SCHOOL DRIVES REAL-WORLD IMPACT IN BUSINESS EDUCATION

usiness education in Hong Kong has evolved rapidly, driven primarily by technological innovation, global competition, and closer ties with Mainland China. Several leading institutions continue to rank highly worldwide whilst expanding programmes that emphasise experiential learning, entrepreneurship, and Greater Bay Area opportunities. Amongst these institutions is PolyU Business School (PBS), whose strong industry ties and commitment to applied learning redefine what it means to deliver impactful business education in the region. The faculty has long been recognised as a pioneer in bridging the gap between theory and practice, with its flagship MBA programme embodying this through case studies, consulting projects, and a curriculum built around real-world business challenges. At the core of PBS’s identity is a powerful guiding principle: Innovation-driven Education and Scholarship (IDEAS). The philosophy underscores every aspect of the school’s operations, from curriculum design to community outreach. “We pursue IDEAS to engage stakeholders and deliver societal impact in a sustainable way with a focus on Hong Kong and the Greater Bay Area,” Dr Justin Law, MBA Programme Director, Senior

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Lecturer and Associate Head (Teaching), School of Accounting and Finance, The Hong Kong Polytechnic University spokesperson said. Staying ahead in a competitive market Hong Kong’s higher education sector is amongst the most competitive in Asia, yet PBS continues to distinguish itself through agility and forward-thinking leadership. Over the past year, the school has revamped its MBA curriculum with cutting-edge modules on digital transformation, sustainability, and entrepreneurship, with its focus on integrating technology and business analytics setting it apart. According to Dr Law, prospective students are also attracted by the faculty’s flexible study modes, international exposure, and strong alumni network, all of which provide tangible career advancement opportunities. Moreover, in a world increasingly defined by technological disruption, PBS is ensuring its graduates not just keep up but lead. Five key technological elements have been woven across its programmes to help prepare students for the digital economy. These include artificial intelligence (AI), blockchain, cloud computing, data science, and entrepreneurship.

EXCELLENCE IN MBA STUDENT LEADERSHIP DEVELOPMENT PHILOSOPHY

FAST FACTS

Be an innovative world-class university that pursues excellence in education, research and knowledge transfer for the benefit of Hong Kong, the Nation, and the world.

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PolyU Business School is one of the biggest business schools in Asia, with over 200 international scholars, 5,300 students, 55,000 alumni, and a dynamic portfolio of research centres tackling today’s most pressing challenges. The University provides the best holistic education to nurture socially responsible "leaders of tomorrow" who possess a strong sense of national identity and a global perspective and pursue innovation and interdisciplinary research to address the world's most pressing challenges. The University's unwavering commitment to excellence has earned it international recognition, with PolyU consistently ranking amongst the top 100 universities worldwide.

This page: PolyU's MBA Creator Workshop; 2024/25 Mentorship Programme; and Visit to SenseTime Group Limited Opposite page: PolyU MBA - LEAD TO CREATE

To materialise these technological elements, the faculty has also introduced programmes on AI, fintech, and ESG in recent years. Alumni have actually credited the programme for accelerating their career trajectories and expanding their global networks. Meanwhile, PBS has doubled down on collaboration to further maintain its edge. Its Centre for Business Technology & Innovations has become a hub for partnerships between academia and industry, connecting students and faculty with leaders from technology, finance, logistics, and entrepreneurship sectors. By leveraging their expertise and network, the faculty ensures that it remains at the forefront of digital and innovation trends. These alliances have yielded tangible benefits, from joint research projects and executive training to internships and consulting opportunities that place students at the frontlines of innovation.

Future-ready business education PBS’s blend of academic rigour, technological foresight, and social responsibility positions it as a driving force shaping the future of business leadership in Hong Kong and beyond. This feat has been recognised by the HKB High Flyers Awards 2026, as the faculty was recognised for Excellence in MBA Student Leadership Development. In celebrating this accolade, the faculty’s focus remains firmly on the future. Key priorities include expanding international collaborations, deepening industry partnerships, and driving research that addresses realworld problems in digital transformation, sustainability, and innovation. “At PBS, we believe that our responsibility extends beyond academic excellence. We are dedicated to shaping future leaders who are not only skilled in business but are also committed to making a positive impact on society,” PBS/PolyU spokesperson said. HONG KONG BUSINESS | Q1 2026

REGENT HONG KONG

HERITAGE MEETS INNOVATION: REGENT HONG KONG’S STORY OF TIMELESS ELEGANCE

n a city that thrives on reinvention, few landmarks capture the essence of timeless elegance quite like the five-star hotel Regent Hong Kong. Following its highly celebrated resurgence in 2023, the hotel has since reclaimed its place as a symbol of refined luxury and cultural sophistication. The hotel’s competitive edge lies in its ability to weave emotional depth into every guest encounter. Through “Beauty of Contrasts” culminates in Michelin-caliber dining, intuitive service, and sustainable practices, Regent Hong Kong successfully crafts warming personal experiences that resonate amongst its guests. From the serenity of redesigned suites overlooking Victoria Harbour to the culinary brilliance of Lai Ching Heen, The Steak House, and Qura Bar, the hotel’s offerings have redefined what modern luxury looks and feels like. Regent Hong Kong’s recent achievements speak volumes about its consistent excellence and cement its reputation as amongst the ultimate harbourfront destinations. This major breakthrough would not have been possible without the strong leadership of the hotel’s Managing Director, Michel Chertouh, whose decades-spanning career in the international hospitality scene has allowed him to immerse himself better in diverse cultures and hospitality nuances across the globe.

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Reviving a legend When Chertouh speaks about hospitality, he talks about emotion, connection, and artistry—all of which distinguish them amongst their industry competitors. Leading the relaunch of Regent Hong Kong stands out as a defining chapter for him, blending the establishment’s storied heritage with an innovative, future-focused vision. “Authenticity, collaboration, and a relentless pursuit of value have become the pillars of my leadership philosophy, inspiring teams to deliver timeless luxury,” he reflects. His distinct management style has guided him towards success through decades of transformation, not just in Regent Hong Kong, but in the hospitality landscape at large. Behind the grandeur also lies a heart: a team of over 700 passionate professionals who embody “We Noticed.” This culture of empathy and attentiveness drives every interaction. At the same time, Regent Hong Kong has emphasised its talent development, sustainability initiatives aligned with Hong Kong's Climate Action 2050 and IHG Hotel & Resorts' Journey to Tomorrow plan, and innovative resource management over the last year. Cultural connections and creative collaborations In a city as dynamic as Hong Kong, staying relevant also means staying

TOP LUXURY HOTEL PHILOSOPHY

FAST FACTS

Every view, one to covet. Every moment, one to savour. Every stay, another story to tell. This is the place. This is Regent.

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Regent Experience Agents and Masters offer approachable and intuitive service with curated moments including a mesmerising Day-to-Evening Rituals reflecting Victoria Harbour and the Hong Kong Island skyline as it transforms into “A Symphony of Lights.” For relaxation, Regent Club is an exclusive private sanctuary and luxurious residential retreat, serving breakfast, daily refreshments and evening cocktails with bespoke service on your terms. Regent Hong Kong, located on Victoria Harbour in Kowloon and connected to K11 Musea at Victoria Dockside, is steps away from key attractions.

This page: Regent Hong Kong Exterior, CEO Suite Living Room, Lai Ching Heen Main Dining Area with Harbourview, and Qura Bar Dining Room Opposite page: Michel Chertouh, Managing Director, Regent Hong Kong

inspired. In the past year, Regent Hong Kong has forged meaningful collaborations across art, culture, sports, and gastronomy. As the official hotel of the CR7 Life Museum, it hosted Cristiano Ronaldo and Al-Nassr FC during the Saudi Super Cup launch, whilst also serving as the inaugural Asia partner for the World Football Summit. From being the official hospitality partner for the Hong Kong Film Awards and Fine Art Asia to curating experiences like the Frida Kahloinspired afternoon tea in collaboration with the Hong Kong Ballet, the hotel’s cultural partnerships are equally compelling. “By seamlessly blending creativity with purpose, Regent Hong Kong continues to reshape forward-thinking hospitality—where timeless luxury intersects with vibrant cultural energy,” Chertouh said. A human-centred future Sustainability, digital transformation, and leadership development form the core of Regent Hong Kong’s forward strategy. The vision is clear: elevate Hong Kong’s status as a global hospitality and cultural hub, whilst enabling human connection. Advanced systems are expected to continue streamlining operations

and personalising guest journeys, from pre-arrival preferences to in-room experiences. “Technology empowers our colleagues to focus on what truly matters—creating meaningful, memorable moments that resonate deeply with every guest who walks through our doors,” Chertouh notes. For the Managing Director, Regent Hong Kong is more than a hotel; it is a living canvas of artistry and passion. “We reimagine luxury as a profound connection, delivering serenity, emotion, and a true sense of belonging,” he added. This bold vision and remarkable execution that have led to the establishment’s extraordinary performance have earned them Top Luxury Hotel distinction from the HKB High Flyers Awards 2026. Under Chertouh’s leadership, Regent Hong Kong has stood as a testament to the power of collaboration, authenticity, and purpose, as well as a place where every guest experience is crafted not just to impress but to move. “This accolade affirms our team’s visionary efforts and perseverance. Looking ahead, we remain committed to sustainability, responsible digital transformation, and nurturing future industry leaders—continually elevating Hong Kong’s stature as a global hub of hospitality and cultural excellence,” he said. HONG KONG BUSINESS | Q1 2026

RGA REINSURANCE COMPANY HONG KONG

RGA HONG KONG UNLOCKS NEW OPPORTUNITIES IN INSURTECH, DIGITAL UNDERWRITING

ew companies have managed to blend technical skill with transformative innovation quite like RGA Hong Kong. As one of the world’s leading life and health reinsurers, RGA (Reinsurance Group of America, Incorporated) has consistently stood out for its pioneering use of insurtech, deep expertise in risk management, and a steadfast commitment to client service. The company continues to set itself apart by providing holistic reinsurance solutions that integrate biometric risk expertise, financial innovation, and technology to create end-to-end insurance value for clients. This client-focused mindset has made RGA a trusted partner for insurers navigating market complexities, from product innovation to capital optimisation. Amongst the leaders propelling the company to greater heights is Carmony Wong, Senior Vice President, Southeast Asia Markets & CEO, Hong Kong. Since beginning her career as an underwriter at RGA in 2001, Wong has consistently demonstrated a readiness to move beyond her comfort zone and embrace new challenges – reflecting RGA’s commitment to adaptability and resilience in navigating industry complexities. For Wong, leadership is both a science and an art. “Communication, 86

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creative thinking, and empathy are just as essential as strategic thinking and sound decision-making. Leaders who embrace both aspects are more resilient and forward-looking, with the ability to navigate uncertainty and focus on opportunities, not just problems,” Wong said. This perspective has allowed her to drive outstanding results and develop a competitive edge for the reinsurance firm. Empowering the insurtech ecosystem RGA Hong Kong’s local presence has grown dramatically since its inception 30 years ago. With over 250 employees in its Hong Kong office, serving local and regional markets, RGA has successfully supported business needs across Asia, powered by global capabilities throughout the enterprise. These capabilities have allowed RGA Hong Kong to help its clients respond to significant shifts in market dynamics, from high interest rates to growing demand amongst affluent and high-net-worth clients for personalised protection and wealth solutions. To address these new realities, RGA has connected clients with technology solutions, strategies to enhance product design, and sophisticated investment expertise. Amongst the wide range of products RGA has recently launched with

OUTSTANDING INSURTECH & DIGITAL UNDERWRITING INNOVATION PHILOSOPHY

FAST FACTS

RGA’s culture is built on accountability, client-centricity, inclusiveness, innovation, purpose, and trustworthiness. These values guide decision-making, foster a highperformance environment, and resonate with employees, driving meaningful work.

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RGA has over 250 employees in Hong Kong, comprising both local and regional teams to support business needs across markets. Over the past 30 years, RGA Hong Kong has grown significantly — from a small team of fewer than ten employees. The company adopts a “One RGA” mindset, fostering a collaborative and inclusive culture.

This page: RGA Client Seminar and RGA Hong Kong donates unused laptops and devices to charity during a CSR event Opposite page: Carmony Wong, Senior Vice President, Southeast Asia Markets & CEO, Hong Kong

Asia Pacific insurers, underwriting innovation is a strong focus. For example, RGA redesigned the underwriting journey for a comprehensive critical illness product to eliminate medical exams and offer impact-based benefits across diagnosis, treatment, and recovery. For deferred annuity products, RGA helped the client offer retirement income and protection with no additional underwriting requirements to streamline the application process. Another transformative breakthrough for RGA is MedScreen+. Born from the recognition that decades-old underwriting methods no longer match modern customer expectations, MedScreen+ leverages AI and optical character recognition (OCR) to digitise and analyse medical reports to eliminate manual reviews and outdated questionnaires. Since its launch with a leading Hong Kong insurer, MedScreen+ has enabled underwriters to assess applications 30% to 50% faster. These efficiencies have reduced agent inquiries and improved transparency, making it easier to sell and access insurance domestically and across borders. Beyond speed, MedScreen+ represents a scalable solution that can be adapted to markets outside Hong Kong. Designed to evolve with industry needs, it positions RGA to meet growing expectations for digital experiences and sustainable underwriting practices.

Building a future on digital leadership At its core, RGA’s brand identity is defined by three pillars: innovation, partnership, and purpose. As the only global reinsurer focused solely on life and health, RGA’s technical depth and collaborative approach distinguish it in a crowded marketplace. “Integrity and trust are at the core of every relationship we build. We are committed to operating responsibly, with transparency and accountability,” Wong said. RGA’s core values and its success in delivering innovative solutions for clients in Hong Kong earned the company the Outstanding InsurTech & Digital Underwriting Innovation award at the HKB High Flyers Awards 2026. For the Hong Kong CEO, winning the award does not just mark another milestone in RGA's journey of innovation and excellence but also becomes a springboard to what comes next. “Looking ahead, we are focused on expanding digital underwriting, deepening client relationships and leading the market in innovative, sustainable solutions. Our goal is to address industry-wide opportunities and combine our strengths to make financial protection accessible to all,” Wong said. HONG KONG BUSINESS | Q1 2026

STANDARD CHARTERED BANK

STANDARD CHARTERED DRIVES AFFLUENT, CROSS-BORDER BANKING GROWTH

igh performing note-issuing bank Standard Chartered Hong Kong has continued to demonstrate strong momentum and financial performance in 2025. With income up 16% YoY and underlying profit before tax rising 24% YoY in the first three quarters, its sharper focus on affluent and cross-border banking is translating into tangible performance and growth. In the past year, the bank has also cemented its leadership as a global wealth manager with deep local roots and international reach. Through its affluent strategy, it has supported clients across the full wealth continuum—from mass affluent to private banking—accompanying them on their journey to grow and preserve wealth. Hong Kong, one of its four global wealth hubs, plays a crucial role as both an international financial centre and a natural gateway to Chinese Mainland. The region contributes around one-third of the group’s affluent income, underscoring its pivotal role in connecting clients to global opportunities. Moreover, the bank has enhanced its wealth management infrastructure in 2025 with the opening of its fifth Wealth Management Centre at One Peking, expanding relationship manager and specialist teams to better serve local, cross-border, and international clients.

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It has also offered clients a once-in-a-lifetime ‘money-can’t-buy’ experience of watching the Premier League season finale in Anfield Stadium, home of Liverpool Football Club, and organising opportunities for clients' children to serve as mascots for the match. This strategic focus on affluent and cross-border banking has been honoured by the coveted HKB High Flyers Awards 2026, as Standard Chartered Hong Kong wins Bank of the Year. In an interview with Hong Kong Business, the bank shares how it has successfully championed client ambitions by enabling access to the world’s most dynamic markets. Powering cross-border opportunities, RMB internationalisation Leveraging its distinctive global network, Standard Chartered Hong Kong consistently enhances trade, investment, and capital flow across markets. In the past year, the Bank has been amongst the first to complete repo transactions under enhanced Northbound Bond Connect measures, expanding liquidity management tools for market participants and attracting more international investors to access the Chinese Mainland capital market.

BANK OF THE YEAR PHILOSOPHY

FAST FACTS

Inspired by our DNA - Never Stand Still, we play as a trusted partner and super connector to celebrate our clients' pivotal moments. Championing client ambition by enabling access to the world’s most dynamic markets, backed by our unique network, advisory expertise, and commitment to making our clients’ next move matter.

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Standard Chartered is a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004 and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

This page: Anti-Fraud Convenience Store kick-off ceremony; HKFTW 2025; Taking clients to watch the Premier League season finale in Anfield Stadium, home of Liverpool Football Club; and Standard Chartered Hong Kong Marathon "Support Small Businesses, Cheer On the City" initiative Opposite page: Mary Huen, CEO, HK, Greater China, and North Asia, Standard Chartered Bank

Beyond Greater China, the Bank has extended its cross-border network through memoranda of understanding in Vietnam and Qatar, strengthening Hong Kong–ASEAN and Hong Kong–Middle East trade corridors. To further accelerating the internationalisation of the RMB, the Bank has supported Swap Connect transactions using the one-year Loan Prime Rate as the floating reference, enabling offshore investors to better manage RMB interest rate risks. It has also actively participated in the cross-boundary bond repurchase scheme launched by the HKMA and the People’s Bank of China, further promoting RMB’s role as a global funding and investment currency. Accelerating fintech innovation The bank has also demonstrated fintech leadership by helping China Asset Management (Hong Kong) launch Asia Pacific’s first tokenised retail money market fund, highlighting the region’s emergence as a global digital asset hub. It was named one of the first Tokenised Deposit Banks in EnsembleTX, owing to its active participation in Project Ensemble and successful completion of two real-value transaction use cases. Besides, its innovative use cases focus on anti-fraud, risk management, and enhanced client experience have been selected for the HKMA’s Generative AI Sandbox. Similarly, under the banking institution’s Project e-HKD+, Standard Chartered Hong Kong has surveyed over 500 affluent clients on digital asset investment attitudes and has responded by launching crypto ETF trading services in November, allowing clients to diversify portfolios through regulated access to emerging asset classes.

During the Hong Kong Fintech Week 2025, it has also reaffirmed its commitment to a comprehensive digital asset ecosystem, announcing plans to roll out market-first custody services for Bitcoin and Ethereum in early 2026 — a milestone in strengthening Hong Kong’s digital financial infrastructure. Sustainable and inclusive community growth Since 1859, Standard Chartered Hong Kong has stood “Here for good,” committed to fostering long-term community growth and trust. The Bank has intensified efforts in fraud prevention and public education, being one of the first in Hong Kong to fully implement the HKMA’s “Money Safe” measures. Its “Anti-Fraud Convenience Store” campaign has turned awareness into engagement by creatively reminding the public to stay vigilant against scams. Its flagship Standard Chartered Hong Kong Marathon has united the city, supporting local small businesses under the “Support Small Businesses, Cheer On The City” initiative. Further showcasing its global connectivity, it has also hosted the SC Games, an annual Standard Chartered regional sports event, in Hong Kong for the first time, bringing together over 800 colleagues from around the world during the National Games of China, celebrating teamwork and the city’s dynamic spirit. With its strong financial results, client-focused strategy, and commitment to innovation and community, the bank continues to play a defining role in connecting people, capital, and opportunities across borders — reinforcing Hong Kong’s position as a global financial and innovation hub. HONG KONG BUSINESS | Q1 2026

SUN LIFE HONG KONG LIMITED

DECRYPTING THE HIGH-NET-WORTH MARKET

he global landscape for high-net-worth (HNW) individuals continues to expand, with a recent report showing that nearly 22 million people worldwide now hold investable assets exceeding US$1m, and the AsiaPacific region accounting for more than 30% of this population. Hong Kong, in particular, remains a magnet for wealth creation and preservation due to its robust financial infrastructure and favourable regulatory environment. Amongst those at the forefront of this opportune environment is major insurance company Sun Life, which has consistently stood at the forefront of the global insurance and wealth management sectors. As the first multinational life insurance company in the region, its Client base spans 28 global markets, providing exceptional service to 85 million Clients through its 66,900 employees and 95,000 financial advisors. Sun Life has not only witnessed the changes of the times but has also continuously met the diverse needs of HNW Clients with innovative services and exceptional strength. In an exclusive interview with Hong Kong Business, Hong Kong CEO Clement Lam and Deputy CEO for Life and Health Christine Yeung today, discuss new trends in wealth management for HNW Clients and share how they use forward-looking strategies and comprehensive value-added services to meet the evolving wealth and life goals of these Clients.

Building a comprehensive HNW ecosystem Lam has observed that the demands of HNW Clients have shifted from simple wealth appreciation to more comprehensive wealth inheritance and succession planning to the next generation. "They show strong preference for high-coverage savings insurance, large-sum life insurance, universal life policies, investment-linked insurance products, key person insurance, and business continuation insurance," he said. This phenomenon is realised amidst the family office business becoming a 90

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crucial pillar of Hong Kong's asset and wealth management industry. A report published by the Hong Kong Securities and Futures Commission also revealed that the Client asset size from family offices and private trusts has reached HK$1.452t, bringing vast wealth management and professional service opportunities to Hong Kong. Sun Life has been deeply cultivating its HNW market for thirty years and has established a complete "HNW ecosystem", providing seven key support services: global tax advisory referrals, business & personal legal consulting, trust & company secretarial services, immigration & education consulting, Greater Bay Area medical support services, family office structure advisory, and enduring power of attorney referrals. At the same time, the company has helped Clients stay informed about the latest global wealth planning strategies and emerging opportunities through monthly Client seminars that feature industry experts who share valuable insights on wealth management and market trends. Navigating market shifts With heightened global volatility expected in 2025, Sun Life has emphasised the importance of dual protection strategies, combining guaranteed stability and diversified global asset deployment. Through contractual guarantees and stable long-term returns, products like savings insurance and annuities offer certainty and capital preservation, supporting life goals from education planning to retirement. Furthermore, investment-linked insurance products allow Clients to flexibly allocate assets across geographies and sectors, minimising single-market exposure whilst capturing global opportunities. The insurance firm has long been prepared in this battle, with its "Stellar" and "SunJoy Global" series savings plans being amongst the first insurance

BEST INSURANCE COMPANY - HNW VALUE ADDED SERVICE PHILOSOPHY

FAST FACTS

Our unwavering commitment is to put our Clients at the centre of everything we do. With our foresight, we are always well-positioned for the future.

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Sun Life Hong Kong Limited (“Sun Life”) has been rooted in Hong Kong for over 130 years since 1892. During this time, we have built up a deep and profound level of experience in wealth planning and protection. As our Clients navigate their way through important moments, our job is to use our expertise to enable them to make the most suitable decisions for their needs and plan wisely for their financial future. It is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.

This page (Clockwise): Christine Yeung, Deputy CEO for Life and Health, Sun Life Hong Kong Limited with Clement Lam, CEO, Sun Life Hong Kong Limited; Christine receives Sun Life Hong Kong's trophy at the High Flyers Awards 2025; Sun Life Asset Allocation & Investment Strategy Expo; and [From left to right: Mr Mark Tian, Chief Agency Strategy and Growth Officer, Sun Life Hong Kong Limited; Christine Yeung, Deputy CEO for Life and Health, Sun Life Hong Kong Limited; Mel Tang, Chief Business Development Officer, Sun Life Hong Kong Limited; and David Varley, Chief Partnership Officer – Brokerage, Sun Life Hong Kong Limited Opposite page: Clement Lam, CEO, Sun Life Hong Kong Limited

products in the market to feature ESG concepts and be highly favoured by HNW Clients. Lam predicts that ESG investing is going to become a significant demand for HNW Clients. Foundations of excellence Facing the high professional standards required by the HNW market, Sun Life has also placed great importance on the training and development of financial advisors. To this end, it has established a comprehensive professional talent development system that creates a unique, market-first professional cultivation system, as well as a diversified incentive programmes for new financial advisors to promote talent development. In further advancing family office professional development, the company has also become the first local insurance company to collaborate with a prestigious Hong Kong institution in offering family office courses in 2024. The company is set to continue partnering with various institutions to offer advanced programmes for HNW Clients, enhancing financial advisors' professional quality. "The company will continuously monitor market trends and actively support and participate in the government's policy-driven family office ecosystem development, further expanding its influence in the Asian market," Yeung said.

cross-border wealth management services have also led the region’s HNW insurance market to face growing competition. “Our main competition comes from other international insurance companies and comprehensive wealth management institutions. We must continuously innovate and deliver exceptional service in order to stand out in a competitive market,” Lam said. The winning formula: Diversified channels and exceptional HNW growth Sun Life’s strong competitive edge is reflected in its record-breaking performance and deep expertise in serving Clients. In the first half of 2025, the Hong Kong team achieved outstanding results driven by its diversified distribution strategy, with insurance brokers, insurance agents and bancassurance together building a powerful market coverage network. Its Annual Premium Equivalent (APE) exceeded HK$5b*, representing a 18% year-on-year growth, underscoring both the effectiveness of its multi-channel approach and the market’s trust in its products and services. With a long-standing commitment to high-net-worth Clients, Sun Life offers quality solutions that safeguard assets, enabling seamless wealth transfer and protecting health. This focus is reflected in the insurer’s portfolio: 30.55% of new policies in the first half of 2025 came from Clients with first-year annualised premiums above HK$10m, and 9% of policyholders hold coverage of over HK$100m. Backed by over 30 years of experience in this segment, its professional team and strong corporate foundation enable it to address the complex and evolving needs of high-net-worth Clients with confidence and precision. Yeung added that the local insurance market recorded more than 50% year‑on‑year growth in insurance sales in the third quarter of 2025**, serving as a key growth engine for the entire Asia region. “This achievement reflects the effectiveness of our integrated approach in product innovation, channel expansion, and digital transformation.”

Empowering the future of wealth Whether through sustainable investing, innovation, or professional talent development, Sun Life stands as a steadfast partner for HNW Clients — helping them build not only lasting legacies but brighter, healthier futures for generations to come. Its remarkable performance in the past year has been honoured at the latest iteration of the HKB High Flyers Awards, with the company clinching the Best Insurance Company - HNW Value Added Service. Reflecting on the win, Lam acknowledges that whilst Hong Kong has long attracted HNW individuals from around the world for asset allocation *According to Hong Kong Insurance Authority's provisional statistics as of Q2 2025 and wealth management, the increasing demands for both local and **Source: Sun Life internal reference as of Q3 2025

HONG KONG BUSINESS | Q1 2026

Index HONG KONG’S HIGH FLYERS Outstanding Enterprises 2026 AlloyX Group

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Hyatt Regency Hong Kong, Tsim Sha Tsui

Lingnan University - Faculty of Business

Now Health International

PolyU Business School

Regent Hong Kong

RGA Reinsurance Company, Hong Kong Branch

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Sun Life Hong Kong Limited

Generali Hong Kong GODIVA Hang Seng Bank Manulife (International) Limited PrimeCredit Limited

HONG KONG BUSINESS | Q1 2026

OPINION

Strategic location tips for playgroups and education centres

s more Hong Kong parents place greater emphasis on early childhood education, demand for high-quality playgroups and toddler learning centres continues to rise. This expanding sector is transforming the educational landscape and shaping new leasing patterns in the commercial property market. For landlords and real estate advisers, understanding the operational needs and location strategies of education providers is crucial to attracting stable, long-term tenants and increasing property value. For operators, selecting the right location remains a decisive factor in determining the success of their business. Here are four essential location considerations for playgroup and early childhood education centre operators in Hong Kong. Accessibility and transport convenience Accessibility is a key consideration for parents, particularly those with young or pre-school children. Locations within a short walk from an MTR station or major public transport routes greatly enhance the attractiveness of a playgroup. With busy schedules and the practical challenges of travelling with strollers or toddlers, parents naturally gravitate towards convenience. A well-situated centre not only simplifies daily routines but also supports stronger enrolment and retention outcomes. When evaluating potential spaces, consider pedestrian flow, nearby drop-off points, and elevator access. Properties with direct street-level entrances and well-maintained lobbies are particularly attractive, as they provide easy access for families. Understanding community demographics and lifestyle fit Targeting the right neighbourhood is crucial. Playgroups primarily serve young families with children aged six months to three years, so areas with a high concentration of such demographics are ideal. Traditional residential districts like Tseung Kwan O and Tai Koo offer stable demand due to their family-friendly environments and established communities. However, locations such as Causeway Bay and Tsim Sha Tsui have proven viable for education centres, thanks to their excellent transport links and proximity to shopping malls, cafés, and office buildings. These areas cater to working parents who may prefer to drop off their children before heading to work or running errands. A mixed-use neighbourhood can offer added convenience and flexibility, enhancing the overall experience for both parents and children. The key is to assess not just population density, but also lifestyle compatibility. A location that aligns with the daily routines of your target families will naturally attract more interest. Property design and child-friendly features The physical features of a property play a significant role in shaping the learning environment. High ceilings, natural sunlight with big windows, and flexible open spaces are ideal for toddler activities, sensory exploration, and movement-based learning. Properties with independent washrooms and baby changing

HONG KONG BUSINESS | Q1 2026

MICHAEL WONG Senior Director, Value Properties CBRE Hong Kong

facilities on each floor are especially valued by parents, as they reflect attention to detail and care for family needs. Moreover, the building’s entrance and lobby should be clean, spacious, and welcoming. A cluttered or narrow lobby can create a poor first impression and hinder stroller access. For education centres, the entrance is more than just a passage - it’s part of the brand image and a trust-building touchpoint. When inspecting potential spaces, bring a checklist that includes safety features, ventilation, lighting, and layout flexibility. These elements directly impact the comfort and satisfaction of both children and caregivers. Landlord support and lease flexibility Unlike retail tenants, education centres typically require longer lease commitments and customised renovations to meet licensing standards. Their clientele also differs in nature, making landlord collaboration a key factor for success. Supportive landlords who provide competitive rental terms, rent-free renovation periods, and assistance with obtaining education-related licenses can greatly streamline the setup process. Before finalising a lease, operators should assess whether the space is eligible for the required educational or school-related licences. Open communication with landlords about operational needs— such as soundproofing, partitioning, and child-safe installations— helps prevent future conflicts and project delays. In some successful partnerships, landlords have shown flexibility in space configuration, enabling operators to design multiple classrooms or activity zones tailored to varied age groups and learning approaches. Location strategy as a pillar of success Playgroups serve as more than early learning environments; they act as vital community spaces that nurture parent-child relationships and social development. Choosing the right location not only enhances educational outcomes but also strengthens brand identity and supports efficient operations. For aspiring playgroup and toddler learning centre operators, success depends on understanding how accessibility, community demographics, property design, and landlord collaboration intersect. For property owners, responding to these needs presents valuable opportunities to attract long-term tenants in a dynamic sector.

HONG KONG BUSINESS | Q1 2026

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HONG KONG BUSINESS | Q1 2026