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HONG KONG SAR: Hong Kong Virtual Asset Exchange Limited (HKVAX) showcased its leadership in facilitating Security Token Offerings (STOs) for the blue economy at the Oeiras BlueTech Ocean Forum cum 10th International Forum on Clean Energy. The event, held on October 16-17, 2024, in Oeiras, Lisbon, saw HKVAX sign a Memorandum of Understanding (MoU) with Fórum Oceano and Yacooba Labs for a Blue Economy STO project, exemplifying its commitment to global collaboration in sustainable finance. HKVAX, a leading virtual asset trading platform licensed by Hong Kong’s Securities and Futures Commission, Fórum Oceano, a prominent Portuguese organization dedicated to promoting sustainable ocean management, and Yacooba Labs, a cutting-edge technology company specializing in data analytics and AI solutions, formalized their partnership by signing an MoU for an innovative Blue Economy STO project at the forum. The MoU outlines a broader commitment to the Blue Economy sector. The partners will make their best efforts to engage high-quality security token projects related to the Blue Economy with HKVAX covering aspects such as tokenization, distribution, listing, trading, and token custody. Dr. Anthony Ng, Co-Founder and CEO of HKVAX, emphasized the project’s significance: “This collaboration exemplifies our commitment to driving security token innovations in the Blue Economy sector. By tokenizing Blue Economy projects, we’re not only creating new investment opportunities but also actively contributing to marine ecosystem preservation.”HKVAX, a leading virtual asset trading platform licensed by Hong Kong’s Securities and Futures Commission, Fórum Oceano, a prominent Portuguese organization dedicated to promoting sustainable ocean management, and Yacooba Labs, a cutting-edge technology company specializing in data analytics and AI solutions, formalized their partnership by signing an MoU for an innovative Blue Economy STO project at the forum. The MoU outlines a broader commitment to the Blue Economy sector. The partners will make their best efforts to engage high-quality security token projects related to the Blue Economy with HKVAX covering aspects such as tokenization, distribution, listing, trading, and token custody. Dr. Anthony Ng, Co-Founder and CEO of HKVAX, emphasized the project’s significance: “This collaboration exemplifies our commitment to driving security token innovations in the Blue Economy sector. By tokenizing Blue Economy projects, we’re not only creating new investment opportunities but also actively contributing to marine ecosystem preservation.” Dr. Ambrose So, President of the International Forum for Clean Energy (Macau), delivered an opening speech emphasizing the importance of international partnerships in advancing blue economy initiatives. “China and Portugal can leverage their technological advantages to advance blue technology commercialization,” Dr. So stated. He highlighted green finance and blue carbon investments as key growth areas, commending initiatives like HKVAX’s Blue Economy STO project. “By combining our strengths, we can accelerate innovation and contribute significantly to global ocean sustainability,” Dr. So concluded. His remarks underscored the value of cross-border collaboration, aligning with HKVAX’s mission of facilitating international partnerships through tokenization. The Oeiras BlueTech Ocean Forum served as a catalyst for HKVAX’s mission to drive innovation in the blue economy through STOs and international partnerships. By bringing together diverse stakeholders from industry, academia, and policy, the forum enabled HKVAX to demonstrate its unique position at the intersection of fintech and sustainability. The MoU signing for the Blue Economy STO project underscores HKVAX’s role in translating global collaborations into tangible financial solutions for environmental challenges, reinforcing Hong Kong’s status as a hub for sustainable finance innovation. innovation.

PETALING JAYA: Malaysia remains open and welcoming to Chinese companies seeking to list on Bursa Malaysia whether for their first or second listing exercise, in line with both countries’ shared goals of fostering innovation and promoting high-value products and services. The Securities Commission’s (SC) executive director of corporate finance and investments Datuk Zain Azhari Mazlan said the listings will certainly enrich Bursa Malaysia with a greater variety of stocks and broaden the investment opportunities available to investors. “Malaysia saw an influx of China-based companies seeking a primary listing via initial public offerings or IPOs on Bursa Malaysia about 15 years ago from 2009 to 2013, but a number of these companies have since delisted or undergone takeovers. “This is largely due to corporate governance issues, financial performance and compliance with audit and listing requirements. “(However), these experiences have provided valuable lessons for both the market and regulators, prompting ongoing efforts to strengthen listing requirements and investor protections,” he told Bernama on the sidelines of the CGS Southeast Asia (SEA) Bilateral Investment Forum in Hainan, China. Zain was one of the speakers during the round-table session of the forum. He said these Chinese firms that have sought listing on Bursa, which were mostly in the typical consumer product sector, were noted to be mostly third-tier entities or small and medium enterprises or SMEs operating in the lower industry value chain. “The landscape has shifted significantly towards newer sectors for economic development such as the rise in digital transformation and the focus on innovation and sustainability,” he said. According to him, Malaysia has established itself as a leading destination for new data centre installations and an attractive semiconductor hub. This is driven by supportive government policies such as through the New Industrial Master Plan 2030, which aims to further strengthen the sector. “We are seeing renewed interest from Chinese companies in the new economy sectors, especially those with existing Malaysian-based operations or planned expansion into Malaysia. “These newer economy-type of Chinese companies, especially in sectors such as technology and cloud computing, offer several benefits to the Malaysian market by providing investment opportunities, technology transfer and knowledge, job creation and boosting innovation that can lead to our economic growth, advancement and enhanced competitiveness in the region,” he said. Currently, he said, several Chinese companies in those mentioned areas and sectors have shown their interest in list on Bursa Malaysia. Meanwhile, Deputy Investment, Trade and Industry Minister Liew Chin Tong said Chinese companies should consider Malaysia as an ideal destination to set up their regional headquarters, from which they can expand internationally. In his pre-recorded keynote address at the forum on Oct 16, he said Malaysia’s strength lies in having a skilled and educated multilingual workforce, an internationally recognised common law framework, comprehensive logistics network and a stable society. He hoped improved communication between the two nations would allow for a deeper and closer collaboration between Malaysia and China. The CGS SEA Bilateral Investment Forum 2024, from Oct 16-17, 2024, brought together 300 leading policymakers, industry experts and business leaders to explore emerging macroeconomic trends and bilateral investment opportunities between China and South-East Asia. The forum also explored high-growth sectors such as semiconductors, new energy, healthcare, private equity, hospitality and the digital economy, featuring expert panellists from China and South-East Asia.

HONG KONG: Hong Kong Chief Executive John Lee Ka-chiu issued the “Policy Address”, announcing a reduction in liquors tax: the custom duty for liquors with import prices over HK$200 will be reduced from 100% to 10%, and the portion HK$200 and below remains unchanged. ZJLD Group Inc. (“ZJLD” or the “Company”, SEHK stock code: 06979. HK) expressed high appreciation for this new tax reduction policy. It not only benefits the entire liquors industry in Hong Kong but also has the potential to stimulate the local Food and Beverage, Tourism, and other high-value-added industries, thereby benefiting the local economy as a whole. Chief Executive John Lee said that the adjustment of the liquors tax is a measure to “consolidate and enhance” Hong Kong’s position as an international trade center. The Chief Executive has also referenced the successful experience of abolishing the wine tax in 2008 to boost the wine trade and added that such a measure would promote the trade in the liquor business and drive the development of high-value-added industries such as Logistics and Warehousing, Tourism, and Premium F&B Business. Data shows that compared to 2008, wine’s import and re-export value increased by 375% in 2023. In 2009, the number of wine trade-related companies in Hong Kong increased by 350, creating 1,000 new jobs. The industry’s revenue increased by 35% over two years after implementing the duty-free policy. Wine import volumes have also maintained steady growth, with the number of companies engaged in the wholesale of alcoholic beverages increasing from 310 in 2008 to 800 in 2023, according to government statistics. Meanwhile, the number of retail stores selling alcoholic drinks has increased from 140 in 2008 to 520 in 2023. Hong Kong ranks as the world’s third-largest wine auction center. Mr. Paul Ng, the Executive Director and Head of International Operations of ZJLD Group, expressed, “The Hong Kong Government’s decision to lower the import duty on liquors will undoubtedly be a major boost for the industry, especially for the local premium baijiu market and its international trade. As the largest listed baijiu company headquartered in Hong Kong, we are well-positioned to seize this opportunity. In addition to relying on Hong Kong as a financing platform, we also view Hong Kong as a gateway for our global development. Many of the Group’s high-end products will benefit from the relevant policies,” He further analyzed, “On the one hand, we will pass on the benefits of the tax cuts to the market, allowing those who love and want to try Zhenjiu products to enjoy value-for-money and high-quality baijiu, thereby further expanding our brand’s influence and enhancing the capital market’s valuation of our Group. On the other hand, as an international financial center and a major tourism destination, Hong Kong’s wine auction, premium F&B, and hotel industries are thriving, with strong demand for quality baijiu. The tax reduction policy will undoubtedly drive further development of the entire industry ecosystem, thereby benefiting the public.” Hong Kong is the springboard for Chinese baijiu to go global, and the adjustment of its tariff policy directly affects the initiative for Chinese baijiu companies to showcase and market their products in Hong Kong, thereby driving the growth of Chinese baijiu exports. ZJLD believes that this reduction in liquors tax will inject new vitality into the local and national baijiu market, promote the export competitiveness of baijiu, and help Hong Kong further consolidate its strategic position in the global baijiu trade. Meanwhile, many outstanding baijiu brands can leverage Hong Kong’s internationalized platform to radiate across Southeast Asia and global markets, jointly promoting the Chinese baijiu culture to the world and comprehensively strengthening international recognition and influence.  

TOKYO: Japan’s exports last month declined by the most since February 2021, sapping momentum from the nation’s economic recovery as global demand weakened. Exports declined 1.7 percent from a year earlier led by automobiles, mineral fuels and construction machinery, and slipping to negative growth for the first time since November last year, the Japanese Ministry of Finance reported yesterday. The reading missed economists’ forecast of a 0.9 percent gain. Imports rose 2.1 percent, led by electronic calculators and semiconductor parts, and slightly missed the consensus estimate of a 2.8 percent gain, while the trade deficit narrowed to ￥294.3 billion (US$1.97 billion). The results indicate that Japan’s economy likely received limited support from external demand in the third quarter amid a global slowdown. “It’s a weak result,” Mizuho Research & Technologies Ltd senior economist Yayoi Sakanaka said, adding that net exports would likely be a drag on the third quarter. “Looking ahead, though the yen is slightly weaker again, I don’t think it will be a tailwind for exporters” given that other stronger factors are at play, such as China’s strengthening of its own exports which would likely muscle out Japanese shipments, Sakanaka said. The weaker exports reflect sluggish global growth amid growing uncertainty about the outlook in major economies. Shipments to China sank 7.3 percent last month, reversing gains of 5.2 percent the month before, while those to the US and Europe fell 2.4 percent and 9 percent respectively, the ministry’s data showed. The central bank is closely monitoring global trends, Bank of Japan (BOJ) Deputy Governor Ryozo Himino said last week. “While a weak overseas economy is one hurdle for the BOJ to raise interest rates, I believe the bank is more focused on domestic prices and exchange rate levels,” Sakanaka said. Japan’s currency remains another source of uncertainty, with the yen approaching the ￥150 level to the US dollar.–BLOOMBERG