Hong Kong Accelerates Digital Money Strategy as e-HKD Pilot Enters Phase Two

HKMA’s report shows tokenised money ecosystem maturing, with wholesale use prioritised ahead of retail rollout
The Hong Kong Monetary Authority (HKMA) has published the Phase 2 report of its e-HKD Pilot Programme, highlighting the territory’s ambition to position itself as a global leader in digital finance.

The document outlines how Hong Kong is evolving its monetary infrastructure to include public and private digital money – notably a central bank digital currency (CBDC) and tokenised deposits – and charts a roadmap for commercial and institutional adoption.

Phase 2 involved eleven industry partner groups and centred on three themes: settlement of tokenised assets, programmable money and offline payments.

Pilot results revealed that distributed ledger technology (DLT)-based settlement could compress settlement cycles from T+2 (trade date plus two days) to T+0 (same day), particularly in tokenised asset contexts.

Yet banks participating in the pilots indicated that tokenised deposits offered many of the same operational efficiencies and were more attractive for near-term deployment.

On programmability, the report explored use cases such as green-voucher disbursements, escrow-style prepayments and supply-chain financing.

It found that while the functionality exists, large-scale commercial models are still nascent.

The offline pilot – involving super-SIM and Near-Field-Communication (NFC) wallets – found that given Hong Kong’s mature digital payments market the incremental benefit of a dedicated offline e-HKD is limited at this stage.

In light of these lessons, the HKMA says its immediate priority is for wholesale applications of the e-HKD – for large-value, institution-to-institution transactions, cross-border settlement and the tokenised-asset ecosystem.

Preparatory work on policy, legal and technical foundations for retail use by individuals and corporates will continue, with a target completion date before mid-2026. Public rollout is conditional on market readiness, technological developments and international convergence.

The report also formalises the HKMA’s classification of digital money into ‘public money’ (physical cash, central bank reserves, CBDCs) and ‘private money’ (tokenised deposits, regulated stablecoins), emphasising coexistence and interoperability rather than displacement.

It underscores Hong Kong’s strategy of combining public-sector oversight with private-sector innovation to build next-generation payment rails.

By positioning itself at the frontier of digital-money infrastructure, Hong Kong seeks to deepen its status as a financial hub in the Asia-Pacific.

The HKMA’s deliberate emphasis on wholesale applications marks a pragmatic shift from retail hype to real-world institutional deployment.

Should market conditions align, a retail-ready e-HKD could mark a significant step in reshaping how money is issued, transferred and programmed in a major global financial centre.
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Alibaba Launches 2 Billion Yuan Investment to Transform 200+ Chinese Convenience Stores into Taobao-Branded Instant Commerce Hubs

The giant aims to provide one-stop, 24-hour and 30-minute delivery services by equipping existing stores with digital infrastructure across China’s cities
Alibaba Group Holding has unveiled a 2 billion yuan (approximately US$281 million) investment for a new initiative that will turn convenience stores across more than two hundred Chinese cities into branded outlets supporting its Taobao instant-commerce network.

Rather than opening entirely new storefronts, the plan involves retrofitting existing convenience-store operators with Alibaba’s digital supply-chain tools, Taobao branding and clearance to access the group’s wholesale platform 1688.com and on-demand replenishment logistics via its Aoxiang system.

Under the programme, participating convenience stores will receive technical support in areas including product procurement, inventory replenishment and omni-channel logistics integration.

The aim is to deliver “one-stop, 24-hour and 30-minute delivery” shopping services, as described by Hu Qiugen, general manager of Taobao Shangou (the instant-commerce unit).

The first batch of these partner stores has already gone live in eastern China’s Hangzhou and Nanjing.

The move builds on Alibaba’s broader push into “instant retail,” where orders placed via Taobao may be fulfilled—in some cases within an hour—by leveraging its food-delivery unit Ele.me and extensive logistics network.

Earlier this year, the Taobao Instant Commerce portal exceeded 40 million daily orders within a month of launch.

The retrofit of convenience stores seeks to strengthen Alibaba’s local presence and fulfilment capabilities within dense urban neighbourhoods.

Industry observers see the plan as a response to intensifying competition in China’s instant-retail space, where rivals such as Meituan and JD.com are investing heavily.

By empowering convenience-store owners to operate as fulfilment nodes, Alibaba hopes to reduce last-mile costs and accelerate consumer delivery times without the expense of opening dedicated outlets.

Analysts note that China’s convenience-store market has robust growth potential and is well suited to the instant-retail transformation: the number of stores recently surpassed 250,000 and the category enjoys rising consumer relevance.

The retrofit strategy allows Alibaba to tap that existing infrastructure and remodel it into a network of rapid-delivery hubs.

Execution will focus on rolling out store partnerships in more than two hundred cities nationwide, anchored in Taobao’s digital ecosystem.

Participating stores will be supplied via 1688.com and managed through Alibaba’s Aoxiang logistics and inventory platform.

The company says it is committed to a “win-win” outcome within its retail ecosystem.

The success of this push may influence how online-to-offline retail evolves in China and beyond, as seamless integration of digital and physical channels becomes increasingly central to consumers’ shopping habits.

The transformation of local convenience stores into instant fulfilment nodes is a key step in that strategy.
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China’s Durian Craze Fuels Vietnam’s Spiky Boom — and a Farmer’s Mountain Road Hustle

Vietnamese growers scale up durian plantations riding China demand, but evolving export hurdles loom
Five-five-year-old government worker Huynh Kuan Thu heads out every couple of weeks from Ho Chi Minh City, battling traffic and pot-holed roads to reach his twelve-hectare durian plot in the hilly hinterlands.

There, he tends some 1,200 trees of the Thai-bred Monthong variety, cultivated with one eye on China’s voracious appetite for the “king of fruits”.

Vietnam’s durian industry has soared in recent years.

Exports reached an estimated three-point-three billion US dollars in 2024, helped by surging demand from China and millions of young Chinese consumers.

The fruit now accounts for nearly half of the country’s fruit and vegetable export value.

This boom has turned retired officials, farmers and plantation managers into entrepreneurs.

Acres once planted with coffee or cashews are being replanted with durian.

Processing sheds and sorting stations are becoming commonplace along rural roads.

China remains the chief export market, absorbing over ninety per cent of Vietnam’s durian shipments.

Yet the rapid growth conceals mounting challenges.

Earlier this year, Vietnamese producers saw their exports to China fall sharply as Beijing tightened testing protocols for residues such as cadmium and Auramine O, and required stricter traceability.

In the first half of February 2025, only about 3,500 tonnes crossed the border — a drop of around eighty per cent.

In response the Vietnamese government and industry are scrambling to uplift compliance, establish planting-area codes, increase laboratory testing and even expand frozen-durian exports, which tripled to over 14,000 tonnes in the first half of 2025. But farmers like Thu remain exposed to the uncertainties of shifting border rules, quality standards and international competition from Thailand, Malaysia and Indonesia.

Thu’s journey illustrates the stakes: a five-hour drive from the city, an early start, remote roads — all for the promise of accessing a trade driven by China’s cravings.

His plantation is a bet on global demand and domestic adaptation.

Whether Vietnam’s durian boom evolves into a resilient export engine or stalls under regulatory and market pressure may determine the livelihood of thousands of growers who have switched pathways in hope of the next harvest reward.
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Hong Kong Lights Up With 10-Kilometre Torch Relay Ahead of National Games

Athletes, leaders and volunteers carry the flame from Tamar to Kai Tak as Hong Kong co-hosts the 15th National Games
Hong Kong took the streets on Sunday morning as torchbearers began a 10-kilometre relay to mark the local leg of the 15th National Games, ahead of the event’s official opening on November 9. The route started at the Government Headquarters in Tamar, passed the Central harbourfront, Golden Bauhinia Square and Victoria Harbour via ferry, before concluding at Kai Tak Sports Park.

More than 50 participants from different sectors took part in the Hong Kong segment, joined by simultaneous relays in Macao, Guangzhou and Shenzhen.

The relay is part of a regional joint-hosting format, underlining the cooperation of the three places.

Road closures, ferry adjustments and a temporary restricted flying zone were put in place to manage the event safely.

Organisers emphasised the city’s desire to showcase its distinctive mix of urban culture, waterfront vistas and new sports infrastructure.

Representatives said the route was chosen to highlight Hong Kong’s harbour, skyline and sporting venues, underscoring its evolving role as a major sports city.

With the flame now gathered across the four regional cities, all eyes turn to the Games proper, where Hong Kong will field its largest-ever delegation of more than 600 athletes competing in 28 events.

The torch-relay event served both as a celebration and a public prelude to the competition ahead.
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Jensen Huang’s ‘Chimaek’ Dinner Omitted Nvidia’s Key Memory Supplier SK Hynix — Here’s Why

Despite SK Hynix being Nvidia’s leading HBM partner, the Korean memory house was left off the high-profile dinner in Seoul — and logistics appear to be the reason
During his October visit to South Korea, Nvidia chief executive Jensen Huang sparked global attention with a viral “chimaek” (fried chicken and beer) dinner in Gangnam alongside Samsung Electronics chairman Lee Jae-yong and Hyundai Motor Group executive chair Chung Eui-sun.

However, the gathering notably did not include SK Group chairman Chey Tae-won, head of SK Hynix — Nvidia’s largest supplier of high-bandwidth memory (HBM) chips for AI systems.

Questions circulated over why a key player like SK Hynix was absent from the spontaneous meetup.

According to sources familiar with the matter, the dinner was never intended as a formal “Korea Inc.” summit but simply as a casual get-together: Huang himself described it as wanting to “eat chimaek with friends”, not hold a press conference.

The venue’s limited seating meant only a small circle could attend.

SK Hynix’s exclusion appears to be a matter of scheduling rather than cold-shouldering.

The company, which announced earlier in September that it had completed development of its mass-production-ready HBM4 memory chips, was engaged in separate meetings and discussions during the same visit.

Industry reports say Chey and SK Hynix executives were tied up in supplier negotiations and infrastructure planning with Huang and the Korean government, preventing attendance at the dinner.

The memory firm remains fully integrated into Nvidia’s ecosystem: earlier public disclosures from last year showed that Huang asked SK Hynix to accelerate delivery of its HBM4 chips by six months, a pivotal component in Nvidia’s next-generation AI systems.

Skipping the dinner thus provided no indication of a breakdown in relations.

For Samsung and Hyundai, the dinner symbolised high-level alignment with Nvidia in AI, semiconductors and mobility.

But its informal format and limited scope inadvertently sidelined SK Hynix, prompting analysis of perception versus substance in global tech diplomacy.

As Nvidia progresses its Korean visit — which coincides with the Asia-Pacific Economic Cooperation CEO Summit — the broader set of supplier discussions, infrastructure commitments and strategic announcements points to Seoul’s elevated role in Nvidia’s global AI supply chain.

SK Hynix remains a central player; its absence from the headline photo appears logistical rather than strategic.
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Rosewood Hong Kong Crowned No. 1 in The World’s 50 Best Hotels 2025

Hong Kong property tops global ranking as Asia dominates luxury-hospitality list
The Rosewood Hong Kong has been awarded the No. 1 spot in The World’s 50 Best Hotels 2025 list, beating out high-end competitors across the globe and marking a significant win for the city’s luxury-travel sector.

The accolade was revealed during a gala event in London and comes as Asia once again dominated the ranking, with six of the top ten properties located in the region.

Opened in 2019 and overlooking Victoria Harbour in the Victoria Dockside precinct, the Rosewood Hong Kong impressed judges with its expansive scale and design that blends modern sophistication with local identity.

With more than 400 rooms and a starting nightly rate near €750, the hotel was described as “a beacon of modern Asian minimalist hospitality” by the ranking organisers.

The second-place finish went to Four Seasons Bangkok at Chao Phraya River, while Bangkok’s Capella Bangkok took third.

Europe featured prominently as well, with Passalacqua on Lake Como ranked fourth and Raffles Singapore fifth.

Overall, Asia accounted for 18 of the top 50 entries, underscoring the region’s dominance in ultra-luxury hospitality.

In their commentary, the list organisers highlighted a widening trend: travellers are now favouring hotels that emphasise “experience over extravagance” – properties that offer authenticity, emotional resonance and a deep sense of place, rather than pure opulence.

This thematic shift helps explain why properties like Rosewood Hong Kong, which fuse local culture with high design, have surged ahead.

Europe and the Americas also held strong positions.

Italy claimed six hotels in the top 50, including major names in Paris and Florence, while the U.S. and Mexico showed rising representation, particularly in nature-based or design-forward properties.

Emerging destinations such as Kenya and Brazil also registered with standout entries, signalling broader global ambition in luxury travel.

For Hong Kong, the win represents more than just a prize.

It serves as a symbol of the city’s resurgence in global hospitality following pandemic disruptions, and reinforces its place as a creative hub in the Asia-Pacific’s luxury circuit.

The hotel’s owner-operator, Rosewood Hotel Group, said the award will further bolster its growth and brand positioning across the region.
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Huang’s Gangnam ‘Chimaek’ Dinner Snubs SK Hynix—Logistics Cited Amid South Korea AI Deals

Despite being SK Hynix’s major memory-chip role for NVIDIA, chairman Chey Tae-won was absent from CEO Jensen Huang’s Garland meeting with Samsung and Hyundai.
When Nvidia CEO Jensen Huang met in Seoul on October 30 for a notable “chimaek” (fried chicken and beer) dinner with Samsung Electronics chairman Lee Jae-yong and Hyundai Motor Group executive chair Chung Eui-sun, one heavyweight name was conspicuously absent: SK Hynix chairman Chey Tae-won.

SK Hynix is Nvidia’s largest supplier of high-bandwidth memory (HBM) chips, raising immediate questions about the omission.

Sources familiar with the event insist the gathering was never intended as a formal “Korea Inc.” summit but rather a casual social occasion.

Huang himself is reported to have described the meeting simply as “eating chimaek with friends”, not a press conference.

The venue’s capacity was limited and attendance by only a small circle was planned.

Further examination reveals the absence was due more to scheduling and logistics than any strategic slight.

On the same evening, Chey was tied up in final preparations for the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Gyeongju, making attendance at the dinner impractical.

SK Hynix has publicly confirmed that a separate formal meeting between Chey and Huang was scheduled for October 31.

While the Samsung–Hyundai photo-op drew widespread attention, SK Hynix secured more substantive business progress behind the scenes: earlier reports indicate Huang and SK Group are developing a joint AI factory deploying more than 50,000 Nvidia GPUs and next-generation HBM memory for advanced AI systems.

The fact that SK Hynix was absent from the dinner but central to the afternoon’s major deal highlights the difference between social optics and supply-chain substance.

Nvidia’s Korea visit underscores both supply-chain strategy and geopolitical calculation.

With Nvidia’s China market access heavily restricted, strengthening ties with Korean memory makers is now vital.

Samsung, Hyundai and SK Hynix each play distinct roles—Samsung targeting HBM4 production, Hyundai focusing on software-defined vehicle partnerships, and SK Hynix leading the memory-chip supply chain.

In short, Chey’s omission from the Gangnam photo may have looked conspicuous, but industry observers say nothing strategic was lost.

The real collaboration is unfolding in boardrooms and fabs, not just over chicken and beer.
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“New Women but No New Men”: Scholar Urges Deeper Gender Reform in China

Historian Wang Zheng argues that while Chinese women’s roles have evolved significantly, men’s transformation has lagged behind
Historian Wang Zheng reflects that although many Chinese women have redefined their roles as professionals, mothers and citizens, the broader transformation of men and gender relations remains incomplete.

She traces the shift from women’s confinement in the home under Confucian patriarchy to the dramatic public-life entry of educated women during the May Fourth era, yet warns that the era of “new men” has not yet arrived.

Wang notes that women’s material lives have changed significantly—education access, career opportunities and public visibility have grown—but the inner worlds of many men still reflect traditional expectations of dominance and authority.

She points to persistent demographic and social imbalances, such as the sex-ratio skew and the double burden of women’s paid and unpaid work, as evidence that gender equality remains a work in progress.

Wang further explores how the current state-led feminism in China, while institutionalised, often emphasises women’s roles in service to national and family goals rather than full emancipation.

She argues that women’s voices may be present in policy frameworks, but genuine autonomy and transformative shifts in gender power dynamics await a “new man” who shares the evolved responsibilities in home and society.

The scholar underlines that the next stage of gender reform will require men to embrace changed roles domestically and professionally: greater care responsibilities, more equitable partnerships and a rejection of inherited patriarchal norms.

She characterises the moment as one of unfinished evolution—women have surged ahead, but men’s mirror transformation is still pending.

Wang’s observations contribute to a broader global conversation about gender roles in modern societies and highlight the unique trajectories of China’s ongoing gender transition.

Her call to attention is for men and women alike to engage in a shared reconstruction of social roles, rather than leaving the burden of change solely to women.
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China’s Innovation Is Different, Not Deficient, Says Analyst Liu Qian

Economist argues exports’ share of GDP has fallen to 19 % and urges US-China rivalry to shift beyond technology and trade
Economist and business strategist Liu Qian has urged a reframing of China’s global role by arguing that the country’s innovation model differs from the Western “zero-to-one” paradigm and its economic risks are often overstated.

Speaking in a recent interview, she highlighted that exports now represent about 19 per cent of China’s gross domestic product, down from a peak of 36 per cent, and that sales to the United States accounted for only around 2.8 per cent of GDP last year.

Liu described how Chinese innovation tends to take an existing idea and scale it massively (“one to 1.1”) or combine functions to create platforms (e.g., WeChat) rather than inventing entirely new categories.

She cited firms like Contemporary Amperex Technology Co Ltd (“CATL”) as examples of “0.1” innovators that focus on a single component—batteries—and achieve global dominance.

She said this kind of incremental, system-scale innovation is nonetheless genuine and globally impactful.

On the trajectory of US-China competition, Liu warned that the rivalry now encompasses technology, ideology and global governance, not merely trade.

She expressed concern that heightened bilateral tensions risk dragging both countries—and the world—into conflict.

While referencing the “Thucydides Trap”, she said war is not inevitable but could be precipitated by hawkish leadership or unchecked public sentiment.

Liu suggested emerging-market states could offer a stabilising “third pillar” in the global system that might moderate the bipolar contest.

Turning to women’s advancement, Liu noted that despite progress in education and participation, women in China still do twice as much housework and childcare compared with men.

She emphasised that achieving gender equality is not only a social objective but also essential for sustaining economic growth.

“Women hold up half the sky,” she said, borrowing the Chinese proverb to affirm their pivotal role.

Liu concluded by calling for greater trust-building between China and the outside world: “Curiosity and personal experience are our best tools to bridge perception gaps.” She argued that external observers should engage directly with China’s ecosystem rather than relying on second-hand narratives, noting that the country’s innovation ecosystem and economic strategy merit nuanced understanding.
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EU Urges More Hongkongers to Apply for Flagship European Scholarships

European Union’s Hong Kong head highlights over 100,000 international opportunities and the Erasmus Mundus master’s programme
The European Union’s head of office in Hong Kong, Harvey Rouse, has called on more Hong Kong residents to apply for Europe’s flagship scholarship programmes, citing compelling value and broad access to English-taught degrees.

Rouse noted that the European Commission offers upwards of 100,000 available scholarship places across its member states for international students.

Speaking ahead of the “Study in Europe” education fair scheduled for November 7, Rouse pointed out that tuition fees in many EU countries remain significantly lower than in other global markets and that several states waive undergraduate tuition altogether for foreign students.

He specifically emphasised the Erasmus Mundus Joint Master’s (EMJM) programme, which covers full or partial tuition and may include living-cost support while allowing students to study across multiple European institutions.

The upcoming fair in Hong Kong, organised by the European Union Office to Hong Kong and Macao in partnership with twelve member-state consulates, will provide Hong Kong and Macao students with direct access to degree and exchange opportunities, alumni testimonies, and scholarship briefings.

Rouse encouraged local applicants to “choose Europe as a study destination” and highlighted the range of more than 4,500 English-taught programmes available.

Educational analysts say this push aligns with broader trends of student outflows and heightened competition among global universities, with European destinations seeking to attract top talent amid shifting demographics.

For Hong Kong students, the prospect of lower cost, high-quality academic offerings and networking opportunities across the EU represent an increasingly compelling alternative.
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Mainland China’s Wealthy Turn to Hong Kong Family Offices as Global Investment Base

Senior banker reports triple increase in mainland clients setting up family offices in Hong Kong and 30 % jump in assets under management in first half of 2025

An increasing number of affluent individuals from mainland China are using Hong Kong as a platform to diversify globally, according to a senior executive at the Hong Kong-based lender China CITIC Bank International (CNCBI). Wendy Yuen, head of the bank’s personal and business banking group, said that the bank’s cross-border wealth-management clients from the mainland have tripled in the first half of this year, while the bank’s assets under management grew by roughly 30 per cent in the same period.

Ms Yuen explained that many wealthy mainland families are establishing family offices in Hong Kong “as a platform for them to diversify their investment portfolio,” citing the city’s broad access to international investment products and its role as an established international financial centre. The bank also reported that its fee income from wealth-management rose 50 per cent in the first half, while private bank operating income surged around 60 per cent.

The growth aligns with Hong Kong’s official drive to attract family-office activity. In a policy address in September, Chief Executive John Lee Ka‑chiu set a new target to bring in an additional 220 family offices by 2028, following the earlier achievement of onboarding 200 between 2023 and 2025. The city introduced tax incentives in 2023 and launched an investment-migration scheme last year to support the hub ambitions.

Industry commentary underscores that Hong Kong’s greater appeal stems not only from favourable tax and regulatory settings but also from initiatives such as the Wealth Management Connect (WMC) scheme and dedicated banking services tailored to cross-border wealth flows between mainland cities and Hong Kong. CNCBI’s own disclosures show the bank has set in motion a “dual-centre” private-banking strategy across Hong Kong and Singapore, delivering bespoke global-asset-allocation solutions linked to mainland clients.

Analysts say the influx reflects broader trends of mainland capital seeking diversification amid slower domestic growth and tighter regulatory controls. The surge in family-office and private-bank activity in Hong Kong is therefore both a strategic win for the city and a sign of evolving wealth-management flows in the region.

Ms Yuen noted that families are using Hong Kong not just for investment management but also succession, trust and philanthropic planning, emphasising the city’s growing role as an Asia-Pacific wealth-management hub. With increased product availability, tax efficiencies and cross-border connectivity, Hong Kong is riding a sustained wave of mainland-driven private-wealth inflows.

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Hongkong Land Confirms 240 000-Share Buyback at Around US$6.11–6.19 Each

Listed property investor repurchases ordinary shares, signalling commitment to shareholder returns
Hongkong Land Holdings Limited has executed a buyback of 240,000 ordinary shares at prices ranging between US$6.11 and US$6.19 each, according to company disclosure.

The repurchased shares will not be held in treasury but will be cancelled, altering the company’s voting rights and capital base accordingly.

As at the date of the announcement, the group’s issued share capital stands at 2,174,354,626 ordinary shares with one vote per share.

Hongkong Land has indicated that the repurchase falls under its ongoing capital-management strategy, and that the voting rights figure may be used by shareholders for notification purposes under applicable disclosure rules.

The share-buyback follows a string of similar transactions earlier this year, including a purchase of 235,000 shares at an average price of US$6.28 in July and a separate 225,000-share repurchase at an average price of US$6.42 in September.

Analysts view these repurchases as a move to support the share price and return incremental capital to investors while the company maintains its refocused strategy on premium Asian property investments.

While the impact on the group’s results is immaterial and the scale modest, the announcement may bolster investor confidence in Hongkong Land’s commitment to disciplined capital allocation.

The company’s broader strategic goal includes enhancing asset-management returns and unlocking value through its real-estate portfolio in Asia-Pacific gateway cities.

With markets closely monitoring real-estate firms amid macro-economic pressures and interest-rate volatility, Hongkong Land’s decision to repurchase shares sends a clear signal that the board sees value in its equity at recent levels and remains focused on shareholder-friendly measures.

Investors will continue to assess whether further buyback activity or dividend enhancements form part of the group’s next steps in delivering long-term shareholder value.
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Top Seed Belinda Bencic Withdraws from Hong Kong Open With Thigh Injury

Spanish player Cristina Bucsa advances to semi-finals after Swiss top seed Bencic pulls out at WTA 250 event in Hong Kong
Top-seeded Swiss player Belinda Bencic withdrew from the Prudential Hong Kong Tennis Open on Friday due to a thigh injury, allowing Spain’s Cristina Bucsa to advance to the semi-finals without playing her quarter-final match.

Bencic had defeated Aliaksandra Sasnovich and Yafan Wang in earlier rounds but announced she could not continue further in Hong Kong because of her thigh discomfort.

Bucsa will face Australia’s No. 5 seed Maya Joint in the semi-final, after Joint secured her spot by defeating Japan’s Himeno Sakatsume 6-4, 2-6, 6-4 in the quarter-finals.

In the bottom half of the draw an all-Canadian semi-final is set where No. 2 seed Leylah Fernandez beat Romania’s Sorana Cîrstea 6-4, 6-4, and No. 3 seed Victoria Mboko advanced when Anna Kalinskaya retired while trailing 6-1, 3-1.

Bencic, who entered the tournament fresh from a title in Tokyo, expressed regret that she would be unable to compete further and thanked Hong Kong for its hospitality.

While her withdrawal shifts the dynamic of the draw, the remaining top seeds remain on course to contest the title in the final week of the season.

This development underscores the physical toll on the tour as players contend with a crowded calendar and late-season demands.
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Hong Kong Civil Servants Asked to Vote in December LegCo Election

Chief Executive John Lee urges government employees to fulfil civic responsibility ahead of the December 7 poll
Chief Executive John Lee Ka-chiu has written to Hong Kong’s civil service, urging all 171,000 government employees to take part in the upcoming Legislative Council election on December 7 and set an example for society.

In his message, Lee cited the Civil Service Code and affirmed that casting a vote is “a manifestation of civil servants upholding” the Basic Law and demonstrating allegiance to the city.

The letter appeals to civil servants to vote as the “backbone of the government” and emphasises that taking part in elections is a civic duty.

Lee did not specify whether staff who do not vote could face disciplinary consequences, but he confirmed there is no hard target for turnout.

The government has also encouraged private-sector organisations and institutions to support voter participation.

Lee requested businesses to provide staff with opportunities to vote, highlighting that allowing civic participation is part of their social responsibility.

For its part, one major property group has announced half a day’s leave for staff to facilitate voting.

While the appeal to vote is not directed at any specific candidate or party, the tone of the campaign underscores the government’s emphasis on participation under the principle of “patriots administering Hong Kong.” Reports indicate that civil-service unions are monitoring the arrangements, particularly whether leave provisions or other accommodations will be offered for staff on polling day.

The election authorities and government officials have pledged to ensure a safe, fair and orderly poll.

Lee reiterated that the election is integral to governance and that departments will make special arrangements for civil servants on duty to cast ballots.

The upcoming election will test whether participation can improve on the low turnout recorded in previous cycles.

With nominations now open, the government’s appeal to civil servants signals its intent to integrate public-sector workers into the wider effort to boost civic engagement across the city.
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Hong Kong’s Economy Surges 3.8% in Third Quarter, Beating Forecasts

Goods exports, domestic demand drive growth as jobless rate remains elevated
Hong Kong’s economy expanded by 3.8 per cent year-on-year in the third quarter of 2025, official advance estimates showed, comfortably surpassing the Reuters-polled forecast of around 3.1 per cent.

The gain marks the eleventh straight quarter of growth for the territory.

The stronger-than-expected performance was driven by a 12.2 per cent rise in goods exports and a 2.1 per cent increase in private consumption expenditure during the July-to-September period.

Exports of services rose 6.1 per cent.

On a seasonally adjusted basis the economy grew 0.7 per cent compared with the previous quarter, up from 0.4 per cent in Q2.

Government officials said the outlook remains positive, with “further solid growth” expected for the remainder of 2025, supported by robust regional trade flows and sustained demand for electronics-related products.

However, some structural headwinds persist.

The unemployment rate rose to 3.9 per cent in the July-September period, and a consulting firm warned that industrial transformation is constrained by limited land and talent.

While the financial and trading sectors continue to recover, retail and hospitality remain less dynamic, highlighting a divergence within the economy.

The government has maintained its annual growth target of 2 to 3 per cent, despite the more-vibrant third-quarter performance.

Authorities also reduced the city’s main interest rate in line with developments in the United States, citing benefits to asset-market sentiment, while the pace of future rate cuts remains uncertain.

While the headline figures offer a clear indication of recovery momentum, analysts say that sustaining the gains will depend on deeper labour-market improvements, diversification of growth drivers and progress in areas such as real-estate reform and innovation industries.
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All-Canadian Semi-Final Set at 2025 Hong Kong Open Between Fernandez and Mboko

Second seed Leylah Fernandez and third seed Victoria Mboko to clash in Hong Kong semi-final as Bencic withdraws
Second-seeded Leylah Fernandez of Canada advanced to the semi-finals of the Prudential Hong Kong Tennis Open on Friday after defeating Romania’s Sorana Cîrstea 6-4, 6-4 in 1 h 44 m at Victoria Park.

Her victory secures an all-Canadian semi-final clash against compatriot Victoria Mboko, the tournament’s third seed, who progressed when Russia’s Anna Kalinskaya retired while trailing 6-1, 3-1.

The match between Fernandez, the 2023 champion and world No. 2 seed, and Mboko, aged 19 and rising fast, is scheduled no earlier than 3.30pm.

“It’s going to be an amazing match,” Fernandez said.

“Victoria has been playing great all year.

This match-up is simply great for Canadian tennis.” Meanwhile Mboko described Fernandez as a “true model for Canadian girls.”

Elsewhere in the draw, top seed Belinda Bencic of Switzerland withdrew before her quarter-final match with Spain’s Cristina Bucsa due to a thigh injury, allowing Bucsa to advance.

Bucsa will face Australia’s fifth seed Maya Joint in the other semi-final, after Joint defeated Japan’s Himeno Sakatsume 6-4, 2-6, 6-4.

With the top seed now out, the path to the title is wide open.

Fernandez aims to add another Hong Kong trophy to her résumé, while Mboko seeks a breakthrough on the WTA 250 stage.

The match will not only determine the finalist but also carry significant momentum as the season draws to a close in Asia’s final stop on the women’s tour.
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Rosewood Hong Kong Crowned No. 1 in World’s 50 Best Hotels 2025

Hong Kong property tops global luxury hospitality ranking as Asia claims lead presence in top ten
Hong Kong’s Rosewood Hong Kong has been officially named the world’s best hotel in the 2025 edition of The World’s 50 Best Hotels, the independent ranking announced at a ceremony in London.

This marks a significant achievement for both the hotel and the city’s standing in luxury hospitality.

The property, located on Kowloon’s waterfront in Victoria Dockside, offers 413 rooms and suites, eleven restaurants, a spa-and-wellness complex and sweeping views of Victoria Harbour.

Its win follows a strong previous showing and reflects growing recognition of its blend of design, service and local identity.

Asia again dominated the 2025 list, with eighteen of the top fifty hotels located in the region.

Notable entries alongside Rosewood Hong Kong include Four Seasons Bangkok at Chao Phraya River (No. 2), The Upper House in Hong Kong (No. 4) and Passalacqua on Lake Como (No. 5).

Rosewood’s ascent to the top spot reflects broader trends in global luxury travel: micro-boutique experiences, thoughtful design rooted in sense of place and the value of authenticity over extravagance.

The hotel’s owner, hotel-group chief Sonia Cheng, called the award “a tribute to Hong Kong as a global hospitality capital”.

With this win, Hong Kong asserts its role not merely as a gateway city but as a destination where world-class hospitality is crafted locally and rivalled globally.

The accolade is expected to further boost inbound luxury tourism and support the city’s tourism and hospitality sector recovery in the post-pandemic era.

Rosewood Hong Kong now joins an elite circle of global properties cited across six continents, and its elevation to No. 1 will serve as a benchmark for hoteliers and travellers alike seeking experience, not just opulence.

As the awards ceremony revealed new categories such as “Best Boutique Hotel” (won by Passalacqua) and others recognising design, sustainability and new entries, the hospitality industry’s evolving priorities were on full display.

Rosewood Hong Kong’s position at the top embodies that evolution — modern luxury rooted in place and purpose.
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U.S. Secures Key Southeast Asia Agreements to Reshape Rare Earth Supply Chains

Memoranda signed with Malaysia and Thailand mark a strategic pivot to diminish China’s dominance in critical minerals.
The United States has taken major strategic steps to realign global supply chains for rare earths and other critical minerals by finalising cooperation agreements with Malaysia and Thailand.

On 26 October 2025 in Kuala Lumpur, Donald J. Trump, President of the United States, signed Memoranda of Understanding (MOUs) with Malaysia and Thailand aimed at securing direct access to resources and processing infrastructure outside of China’s dominance.

Under the pact with Malaysia, the two nations agreed to deepen collaboration on rare earth elements and other critical materials, and Malaysia committed to refrain from imposing export bans or quotas on these resources to the United States.

The agreement also opens the door for U.S. investment in Malaysian mineral processing and downstream industries, and a reciprocal trade component valued by Malaysian reporting at around US$150 billion.

Malaysia holds substantial rare earth deposits—estimated at 16.1 million metric tonnes—but has limited processing capability.

By partnering with the U.S., Kuala Lumpur seeks technology transfer and value-added growth in its mining sector.

Malaysia remains cautious, however: its trade minister reaffirmed that raw ore exports will continue to be restricted to ensure domestic processing remains in-country.

Simultaneously, the U.S. and Thailand signed their own MOU, also on 26 October, which covers exploration, extraction, processing, refining, recycling and recovery of critical minerals and rare earths.

Bangkok described the pact as non-binding and subject to Thai law, but recognised it as a strategic entry point to connect more firmly with U.S. supply chains for industries such as electric vehicles, clean energy, semiconductors and defence systems.

These agreements come at a time of heightened global concern over China’s dominant role in rare earth mining and processing—often estimated at roughly 70 percent of mining and 90 percent or more of global processing capacity.

The U.S. has been actively seeking to diversify its supply away from Beijing’s control, particularly since China introduced new export control measures in recent months that threatened to disrupt key industrial flows.

In Kuala Lumpur, the U.S. also advanced a reciprocal trade agreement with Malaysia that elevates bilateral ties to a “Comprehensive Strategic Partnership.” The scope of the deal encompasses rare earths, aerospace procurement, semiconductors and data-centre infrastructure, and broad market access provisions for U.S. firms.

For Washington, the strategic logic is clear: to build more resilient, friend-shored supply lines for materials essential to next-generation technologies, renewable energy deployment and national security systems.

By shifting from dependency on a single supplier to regional partnerships in Southeast Asia, the United States is reshaping the geopolitical architecture of its industrial base.

For Malaysia and Thailand, catering to U.S. demand creates an opportunity to attract investment, ramp up domestic processing capacity and capture more value within their material-value chains.

However, both nations face practical challenges: the need for infrastructure, technology, regulatory clarity and environmental safeguards remains significant.

Beijing, for its part, is not standing still.

China’s state-linked firms are reportedly in discussions with Malaysia’s sovereign investment vehicles to build rare earth processing within Malaysia under Chinese terms—underscoring the competition for influence in the region.

While the signed MOUs do not instantly eliminate China’s dominant position, they signal a structural shift.

Investors and industrial planners take note: the era of “flat world” global supply chains appears to be giving way to a more region-anchored, supply-chain security-driven model centred in Washington’s orbit.

The next major test will be how swiftly the agreements translate into concrete production and processing capacity, and how Beijing reacts in kind or counters via its own strategic alliances.
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Hong Kong Delegation Wraps Riyadh Mission to Boost Asia–Middle East Economic Ties

Led by Financial Secretary Paul Chan, the Hong Kong team explored innovation, finance and trade links at the Future Investment Initiative summit in Saudi Arabia
A business delegation organised by the Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council, headed by Financial Secretary Paul Chan, concluded a visit to Riyadh from 27 to 31 October 2025 aimed at strengthening economic and innovation ties between Hong Kong and Saudi Arabia.

At the centre of the trip was attendance at the Future Investment Initiative summit, alongside a programme of high-level meetings with Saudi government officials and business leaders.

Mr Chan addressed a thematic session titled “Board of Changemakers: Public-Private Powerbrokers” at the summit and presented Hong Kong’s experience in public-private partnership models and its role as an international financial hub under the “one country, two systems” framework.

He underscored Hong Kong’s capacity as a “super-connector” and “super value-adder” linking Mainland China enterprises and global capital with Middle Eastern markets.

The delegation comprised roughly forty members drawn from finance, innovation and technology sectors, including representatives of artificial intelligence, biotechnology, fintech and green-technology firms.

They visited development projects such as New Murabba smart city, Diriyah Gate and the Red Sea Global tourism zone, and held business-matching sessions with institutions including Saudi Awwal Bank, Saudi National Bank, Riyadh Chamber of Commerce and Industry and the Saudi-Chinese Business Council.

The mission keynotes echoed themes of Saudi Arabia’s Vision 2030 and Hong Kong’s ambitions.

Saudi Arabia, the largest economy in the Middle East with a gross domestic product of about US$1.084 trillion in 2024, has made trade with Hong Kong and the region a growing priority; meanwhile Hong Kong remains the fourth-largest trading partner for Saudi Arabia in its regional export markets.

The visit sought to facilitate Hong Kong and Mainland companies’ entry into the Middle East and deepen their understanding of the market.

In his remarks, Mr Chan pointed to Hong Kong’s world-leading offshore RMB business, wealth-management ecosystem and regulatory framework oriented towards global capital flows as attractive features for Middle-East firms.

He invited Saudi and wider Middle-East enterprises to make use of Hong Kong’s gateway functions.

As the delegation wrapped, officials indicated that follow-up efforts will focus on structuring investment and cross-border collaboration frameworks in innovation and professional services, leveraging the ties established during this mission.
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2025 Hong Kong Open to Close WTA Season with Strong Entry List and Vital Ranking Points

WTA 250 event in Victoria Park features Bencic, Fernandez and Mboko with US$36,300 for the winner
The 2025 Prudential Hong Kong Tennis Open, a Women’s Tennis Association (WTA) 250 tournament, will be held at Victoria Park from October 27 to November 2, offering players one of the last chances to wrap up the season in Asia and close the year on a high.

Entry lists published in recent days show top seeds including Belinda Bencic, Leylah Fernandez and Victoria Mboko, alongside Sofia Kenin, Anna Kalinskaya and Maria Sakkari.

With the defending champion Diana Shnaider absent, the field opens up and places pressure on Fernandez, champion in 2023, to reassert herself.

Bencic headlines as the first seed and a major contender if she participates in full.

The draw also includes Katie Boulter, 2024 finalist, who could pose a challenge.

Prize-money distribution reveals the champion will receive US$36,300 and 250 WTA ranking points, while the runner-up collects US$21,484 and 163 points.

Semifinalists will earn US$11,970 and 98 points.

These incentives underscore the importance of the event for players seeking late-season momentum.

Schedule-wise, the tournament offers a traditional 32-player singles draw with matches beginning in the last week of October.

For players not qualified for the season-ending WTA Finals, the Hong Kong tournament provides a key opportunity to boost ranking, gain confidence and finish the year strong.

While many eyes will be on Fernandez’s title defence hopes, the presence of rising star Mboko, and the battle for late-season form from Kenin and Sakkari, adds depth to the draw.

As the last major event before the season finale, the Hong Kong Open is poised to deliver compelling storylines.

For the local organisers and fans, the return of the tournament in full WTA 250 status reinforces Hong Kong’s position in the global tennis calendar and its role in the Asian swing of the women’s tour.
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Hong Kong Charts New Course as Super-Yacht Hub While Addressing Deep-Rooted Poverty

Waterfront marina expansion promises economic elite appeal even as social inequality remains a pressing challenge
Hong Kong is moving ahead with ambitious marina-and-yacht tourism projects that aim to bolster the city’s appeal to high-net-worth individuals, even as persistent poverty remains a central social issue.

With over 12,000 registered yachts and only approximately 4,300 berths currently available, authorities are preparing to add around 1,100 additional berths at key locations including the proposed Airport Bay Marina (part of the “SKYTOPIA” development), the Hung Hom harbourfront, the former Lamma Quarry site and an expanded Aberdeen Typhoon Shelter.

The development at Airport Bay Marina is a flagship element of the “SKYTOPIA” master plan led by Airport Authority Hong Kong (AAHK), located adjacent to the Hong Kong International Airport.

The project is set to include Hong Kong’s largest marina with more than 500 berths, a market geared toward affluent visitors, a marine resort and luxury hotel, art-storage facilities and a promenade.

The first phase is expected by 2028. Other new berth locations at Hung Hom and Lamma are also under review or in discussion with industry stakeholders.

Industry and government officials anticipate that the yacht sector could generate roughly HK$4.5 billion (US$579 million) annually if fully developed, while recognizing that as a proportion of Hong Kong’s broader economy—exceeding US$407 billion—the direct fiscal impact is modest.

The true strategic benefit is expected from attracting high-net-worth individuals, capital investment and ancillary services linked to super-yacht tourism.

Alongside these developments, the city faces critical socio-economic challenges.

A significant share of residents continue to live under constraints of limited upward mobility, high housing costs and inequality of opportunity—factors that local critics argue must be balanced even as marquee waterfront projects proceed.

The tension between elite-oriented infrastructure and broader social welfare is shaping public discourse as the government positions Hong Kong as Asia’s luxury-marina destination.

The government has acknowledged industry calls for simpler regulations, streamlined customs and berthing procedures for super-yachts, and greater investment in workforce training and maritime services.

The Development Bureau and Marine Department have held consultations with the boating industry on policy adaptations and new marina locations.

If these marina initiatives are delivered effectively, Hong Kong could strengthen its role as a gateway for global capital and luxury tourism within the Greater Bay Area.

The challenge remains to ensure that the economic lift from the super-yacht sector is complemented by inclusive growth that addresses the city’s enduring social and economic disparities.
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Hong Kong Retail Sales Jump 5.9% in September on Tourism Boost

Retail turnover reaches HK$31.3 billion as visitor arrivals surge, though year-to-date figures remain slightly negative
Hong Kong’s retail sales grew by 5.9 per cent year-on-year in September 2025, the fifth consecutive month of expansion, driven by stronger tourism and improving domestic sentiment.

Government data released on Friday showed retail sales by value rose to HK$31.3 billion (about US$4 billion), while sales by volume climbed 4.8 per cent compared with a revised 3.4 per cent gain in August.

The recovery is being fuelled by a steady return of visitors, with total arrivals reaching 3.29 million in September, up 8 per cent from a year earlier.

Of these, 2.46 million came from mainland China, representing a 7 per cent increase.

Tourism spending remains a central driver of Hong Kong’s retail performance, particularly in luxury and leisure goods.

Sales of jewellery, watches, clocks and valuable gifts rose 9.1 per cent year-on-year in September after a 16.4 per cent increase in August, reflecting sustained demand among high-spending travellers.

By contrast, clothing, footwear and allied products recorded a 10.2 per cent decline, reversing a modest 2.8 per cent rise in the previous month.

Despite the September gains, total retail sales value over the first nine months of 2025 remained down 1.0 per cent compared with the same period last year, while sales volume fell 2.3 per cent.

The government said that improving local sentiment, combined with sustained growth in inbound tourism, should continue to support retail businesses into the year’s final quarter.

Economists note that the data indicate a gradual stabilisation in consumer activity, aided by a recovery in cross-border travel and easing cost pressures, though structural challenges—such as cautious local spending and global economic headwinds—remain significant.
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US and China Agree One-Year Trade Truce After Trump-Xi Talks

Leaders commit to pause key trade hostilities and delay export-controls as a fresh diplomatic reset begins
United States President Donald Trump and Chinese President Xi Jinping formalised a one-year trade truce following their meeting on the sidelines of the Asia-Pacific Economic Cooperation summit in Busan, South Korea.

The accord delays several planned trade escalations, including Beijing’s export restrictions on rare earth minerals and Washington’s threatened increase in tariffs on Chinese goods.

Under the agreement, China will hold off on implementing new export controls for up to twelve months, while the U.S. will suspend immediate additional punitive tariffs—representing a strategic de-escalation in the world’s largest bilateral economic rivalry.

According to U.S. officials, the deal also includes commitments from China to boost imports of American agricultural goods, particularly soybeans, and to enhance cooperation on controlling the flow of fentanyl precursors.

President Trump praised the arrangement as a “deal done”, calling the summit a “twelve out of ten” success, and asserted that markets had reacted positively to the renewed stability in global trade relations.

Chinese state media offered guarded confirmation, saying the two nations had reached a “basic consensus” and pledged to maintain channels for economic coordination.

Despite the breakthrough, analysts caution that the agreement represents a tactical pause rather than a comprehensive settlement: core disputes such as semiconductor export controls, Taiwanese supply-chain access, and Chinese industrial subsidies remain unresolved.

Officials emphasised that a detailed framework is still under negotiation, and both sides will hold senior-level follow-up talks in the coming weeks.

From Washington’s perspective, the truce validates Trump’s approach of pressing for reciprocal trade terms while offering flexibility in pursuit of de-risking supply-chain dependencies and restoring U.S. industrial leadership.

Beijing, meanwhile, views the hiatus as an opportunity to stabilise foreign investment flows and preserve access to critical export markets.

With tensions temporarily subdued, attention now turns to implementation: companies and investors will assess whether the pause heralds a durable shift or simply a breathing space before further confrontation.
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U.S. Treasury Secretary Scott Bessent Says China Made 'a Real Mistake' by Threatening Rare-Earth Exports

Bessent warns that Beijing’s rare-earth export restrictions have backfired, accelerating global diversification and reducing China’s leverage
U.S. Treasury Secretary Scott Bessent said China had “made a real mistake” by threatening to restrict exports of rare-earth minerals, arguing the move has undermined Beijing’s own influence over global supply chains.

In a recent interview, Bessent said that while relations between Washington and Beijing have stabilised somewhat, China’s decision to use rare earths as a geopolitical tool has triggered an international effort to secure alternative sources.

Bessent explained that China’s tightening of export licenses for rare earths and other critical minerals alarmed industries and governments worldwide, prompting a rapid shift to new suppliers in countries such as Australia, Canada, and the United States.

He predicted that within two years, China’s dominance in the rare-earth market would lose its coercive edge.

“They fired the first shot—and it’s going to cost them,” Bessent said.

The Treasury Secretary described the current balance between the two powers as an “equilibrium,” achieved through measured diplomacy between President Donald Trump and President Xi Jinping.

He credited Trump’s economic and industrial strategy for reinforcing U.S. resilience, noting that the United States remains “the world’s premier military power and the strongest economy,” while regaining its competitive edge in technology and manufacturing.

China has defended its export controls, insisting they are consistent with international trade rules and designed to ensure responsible resource management.

However, Washington and its allies view the move as a strategic misstep that accelerates diversification away from Chinese supply chains.

Bessent said the United States remains open to cooperation with Beijing but warned that “coercive trade practices will only isolate China further.”
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Hong Kong’s International Students Should Leave With More Than an Education

An examination of shifts in U.S. higher-education policy and its implications for global student mobility from Hong Kong
The recent emergence of a sweeping U.S. policy initiative suggests that international students and their families must look beyond mere academic credentials when choosing higher-education destinations.

Under the so-called “Compact for Academic Excellence in Higher Education” introduced by the administration of Donald Trump, American institutions would commit to ideological and institutional reforms in exchange for privileged federal funding access.

Proposals include limits on international undergraduate enrolment, mandatory standardised testing, and a freeze on tuition for five years for participating institutions.

While the compact was initially extended to nine major U.S. universities, subsequent data indicates most have declined to endorse it.

For students from Hong Kong and other international markets, this development alters the calculus of choosing the United States for tertiary study.

Institutions may increasingly emphasise domestic regulatory alignment and funding priorities over international recruitment.

In parallel, U.S. visa rules now face more restrictions: students may encounter fixed enrollment terms, tighter social-media screening, expanded fees and policy changes designed to curb enrolment from specific nationalities — particularly Chinese students in science and technology fields.

The strategy reflects a broader erosion of the open U.S. higher-education model, as tuition-dependant universities confront federal leverage over admissions, faculty hiring, curriculum design and international-student quotas.

Hong Kong students, who once viewed U.S. campuses as global launchpads, must now factor in shifting policy landscapes and institutional stability.

Meanwhile, the push for diversification of study destinations is gaining traction.

Countries in Asia, Europe and the Pacific are stepping up recruitment efforts, offering more predictable visa regimes and growing international student services.

For Hong Kong’s student community, this presents an opportunity to evaluate new pathways where academic quality is complemented by institutional autonomy, visa reliability and meaningful post-graduation support.

Ultimately, the decision to study abroad might hinge less on institutional prestige and more on how well universities adapt to evolving geopolitical and regulatory realities.
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Land-Sale Freeze Hits Hong Kong’s Fiscal Strategy as Property Market Stirs

Government suspension of commercial site auctions raises concerns over revenue and development-pipeline timing
The Hong Kong government’s decision to pause commercial land sales for a second consecutive year has raised alarms about the city’s fiscal resilience and planning of major development projects.

The Development Secretary Bernadette Linn Hon-ho confirmed that due to weak demand, no further commercial sites will be offered this year, even as residential prices show tentative signs of recovery.

Recent data indicate the residential market may have reached a floor: the government’s index of lived-in home prices rose 1.3 per cent in September, the highest monthly gain in over a year, and up-market first-hand transactions between HK$30 million and HK$49.99 million reached a ten-month high in the first twenty days of October.

Yet the commercial sector tells a different story.

Analysts highlight that office vacancy rates remain elevated and demand sluggish, prompting the government to delay land-sales tenders and defer public-revenue expectations tied to land premiums.

Land sales have been a core revenue stream for the city, helping to underpin its low-tax regime and infrastructure agenda.

With the freeze in place, the risk is that funding for major developments may become strained or protracted.

The editorial perspective argues that while caution is warranted given market conditions, the government cannot wait indefinitely for a full market rebound before re-engaging with land auctions.

Delayed supply and stagnant tenders could hinder timely investment decisions and inflate costs on schemes already in motion.

To maintain fiscal balance, some suggest the government should reassess site-release timing, repurpose under-demand commercial stock into residential or modern-industry uses, and coordinate policy flexibly.

Meanwhile, the property market’s improvement offers a window for a phased return to sales, but the broader concern remains whether investor confidence and institutional demand will follow.

With land-sale revenue sharply diminished and the economy still navigating uncertainty, Hong Kong’s status as a business and development hub may depend on the pace at which the government realigns supply-side strategy with emerging market realities.
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Hong Kong Schools Embrace Holistic Student Assessment Beyond Grades

International and local institutions increasingly evaluate cognitive and social-emotional skills alongside academic achievement
As admissions season gathers pace in Hong Kong, many schools are moving beyond grades and formal exams to assess broader student competencies such as cognitive reasoning, social-emotional development and interpersonal skills.

This shift reflects a growing view that academic results alone cannot capture a young learner’s full potential.

Admissions directors at leading international schools in the city say they review indicators like numerical and non-verbal reasoning, an ability to engage in community, and behaviours that suggest a student is a “whole-learner”.

“These are ways of describing observable learning behaviours, rather than just focusing on test scores,” says Joanne Stanley, director of admissions at a French international school.

She emphasises that the terms may sound opaque but refer to clear competencies schools observe in interview settings or interactive tasks.

At the Canadian International School Hong Kong, the admissions director Emily Pong highlights that non-exam formats allow educators to evaluate how a student thinks, collaborates and adapts in varied settings.

“This ensures that we’re not just looking at isolated data points, but rather understanding the child as a whole learner and community member,” she explains.

Schools often include short essays, on-campus tasks, group activities and interviews that probe student curiosity, resilience and social awareness in practice.

International-school observers say the shift is driven by evolving university expectations and a more competitive admissions environment.

A recent survey of 327 Hong Kong secondary schools found that parental demand for “whole-person development” is rising alongside academic performance.

Scholars note the transition remains complex in a system long shaped by exam-dominated culture, though reforms to the curriculum have aimed to promote student-centred learning and lifelong skills.

Parents navigating this change are advised to explore schools’ philosophies rather than simply chasing grades.

Admissions professionals recommend letting children talk about their interests, try out tasks that require reasoning or collaboration beyond lessons, and practise articulating what they enjoy and how they work with others.

Rather than trying to decipher every buzzword, one admissions director suggests: “Focus on whether a school truly values who your child is, and how they will grow in that environment.”
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Victoria Mboko Edges Past Alexandra Eala in Hong Kong, Eyes Top-20 Debut

Canadian star battles back from 4-1 deficit in final set to defeat longtime friend and reach quarter-finals
Canadian 19-year-old Victoria Mboko produced a gritty comeback to defeat her close friend and travelling companion Alexandra Eala of the Philippines 3-6, 6-3, 6-4 at the 2025 Hong Kong Tennis Open, moving her in striking distance of a Top-20 Women’s Tennis Association ranking.

The third seed found herself trailing 1-4 in the deciding set before rattling off five consecutive games to clinch the victory.

“I’ve known her for such a long time, so that made it a little emotional,” Mboko admitted in her on-court interview.

“I really had to fight for every single point.

I think it was just an unbelievable match.” The pair embraced after Eala’s loss, underlining their friendship off-court and competitive drive on the surface.

Mboko, who captured her first WTA 1000 title in Montréal in August, continues a breakthrough season and stands at a career-high ranking of world No. 21. With a win over sixth seed Anna Kalinskaya looming in the quarter-finals, she could ascend into the Top-20 for the first time.

Eala, ranked No. 51, also enjoyed a strong 2025 season and remains a trailblazer for Philippine tennis.

Although she could not complete the turnaround, she pushed Mboko deep and will regroup for the remainder of the Asian swing.

The match ends one chapter of their friendly rivalry but opens another for Mboko’s pursuit of higher ranking and consistent major-tournament results.
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Hong Kong Warned of Elevated Chikungunya Risk During National Games Amid Nearby Outbreak

Expert cautions surge in Guangdong cases could lead to transmission in Hong Kong as regional travel rises ahead of major sporting event
Hong Kong’s public-health authorities have been urged to prepare for heightened risk of transmission of Chikungunya fever during the upcoming National Games of the People’s Republic of China (Nov 9-21) co-hosted by the city, Guangdong Province and Macau, as the viral outbreak in Guangdong remains unchecked, a leading academic said.

Jasper Chan, professor of microbiology at The University of Hong Kong, noted that while case numbers in Guangdong have eased from earlier highs, transmission has not been fully contained.

“There was a period when the situation was very serious, with hundreds or even more cases reported every day,” he said, adding that the University of Hong Kong-Shenzhen Hospital “frequently received cases … including locally acquired ones and those infected elsewhere.”

He highlighted that the elevated risk stems from increased mobility between Hong Kong and mainland-city participants, spectators and service staff entering the region for the National Games.

“With the increased traffic flow between the mainland cities of the Greater Bay Area and Hong Kong and more frequent trips of Hongkongers to other cities within the Bay Area, the risks will inevitably become higher,” he warned.

Despite the potential threat, Hong Kong’s health authorities say no locally transmitted case has yet been confirmed in the city this year; all known cases have been imported.

However, the central vector of transmission—Aedes albopictus mosquitoes—is present across urban and suburban areas, and conditions such as rainfall and temperature are considered conducive to breeding.

The government has responded by reviewing surveillance strategies, enhancing mosquito-control measures at boundary control points and stepping up public-education campaigns.

The professor urged travellers entering or returning from mainland-China cities to remain vigilant, apply insect repellent regularly and seek medical attention if symptoms such as fever, rash or joint pain develop.

The unfolding situation places the city on alert as it readies itself for one of the largest sporting gatherings it has hosted in years and underscores the challenge of managing cross-border public-health risks in the region.
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Hong Kong Rate Cut Mirrors U.S. Move as Finance Chief Signals Relief for Borrowers

Hong Kong banks lower rates following U.S. cut, with Financial Secretary highlighting support for mortgages and consumer spending
Hong Kong’s major banks have slashed their prime lending rates — some to a record low of five per cent — following the Federal Reserve’s reduction of its benchmark rate, a move the city’s finance chief said will ease pressure on borrowers and bolster sentiment in the territory.

Financial Secretary Paul Chan Mo‑po told reporters in Riyadh that “I welcome the rate cut, as it could lower the pressure on residents and businesspeople paying their mortgages.” He noted that the city’s rate-setting is closely tied to U.S. monetary policy through the linked-exchange-rate system, prompting the Hong Kong Monetary Authority to cut its base rate to 4.25 per cent on Thursday, in lock-step with the U.S. cut to a range of 3.75 to 4.00 per cent.

Chan said the economy was “doing okay”, pointing to stabilising activity in retail, catering and property sectors, and said that a clearer path to rate relief was improving confidence: “When people see a clearer prospect of the rate-cut cycle and feel confident, the lived-in home market will be revitalised.

The market sentiment will improve.” Industry analysts welcomed the move as timely for households carrying Hong Kong dollar mortgages tied to prime.

Despite the rate relief, the finance chief reiterated a measured growth forecast for the year at two to three per cent, citing a challenging external environment.

He emphasised that although rates were easing, external variables such as trade tensions and global inflation still required vigilance.

Chan added that authorities will continue monitoring the property and consumer landscapes closely and that the latest cut should be seen as part of a broader support effort rather than immediate relief alone.

The rate-cut cycle begins at a time when Hong Kong is seeking to bolster its economic recovery, drawing on tourism rebounds and commercial inflows while managing its role as an international financial hub amid global volatility.

With borrowing costs set to moderate, homeowners and businesses alike may find renewed breathing space as local markets absorb the policy shift.
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MKS PAMP Expands Hong Kong Footprint Amid Gold Trading Boom

Swiss precious-metals firm doubles staff in Hong Kong to tap rising demand as the city pivots to become an Asian bullion hub
Swiss precious-metals refiner and trader MKS PAMP SA is accelerating its growth in Hong Kong, doubling its local headcount over the past year to 16 and planning to expand to 20-30 staff next year, according to Chief Executive James Emmett.

The move is timed to capitalise on a surge in investor appetite for bullion and the city’s strategic push to deepen its role in the regional gold market.

“We’re expanding because there’s just so much demand at the moment,” Mr Emmett said in an interview.

He highlighted Hong Kong’s attractiveness as a gateway to the Asia-Pacific region, its proximity to mainland China – the world’s largest gold consumer – and its evolving infrastructure for bullion trading and storage.

MKS PAMP has already strengthened its position in the city.

In June the firm participated in the launch of the Shanghai Gold Exchange’s Hong Kong-based products, and in October it appointed Damien Han as Head of Sales for Asia-Pacific, based in Hong Kong, underscoring its commitment to the region.

Industry observers note that Hong Kong is actively building out its gold ecosystem, with the city leader recently announcing plans to increase storage capacity to over 2,000 tonnes within three years, and new contracts denominated in renminbi being introduced.

The expansion comes as globally gold prices rally amid macro-economic uncertainty and geopolitical risk, contributing to heightened demand for safe-haven assets and bullion-related services.

By anchoring its Asia-Pac regional headquarters in Hong Kong, MKS PAMP aims to serve institutional and private-wealth clients, deepen its secondary-market trading and leverage the territory’s ambitions to become a leading bullion trading venue.

As Hong Kong competes with Singapore and other regional hubs for gold-trading business, MKS PAMP’s move reflects a strategic realignment of the precious-metals industry towards Asia’s growing markets and the shifting centre of liquidity in the global bullion trade.
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Tycoon Peter Law’s Daughter Acquires US$45.7 Million Flat in Mid-Levels West

Property deal follows father's record-setting mansion sale as luxury market shows resilience in Hong Kong
Winnie Law Wing-yin, daughter of Hong Kong businessman Peter Law Kin-sang, has purchased a 4,710 sq ft (438 m²) flat at Tower 2, Phase 1 of The Legacy in Mid-Levels West for HK$355 million (US$45.7 million), according to Land Registry records.

The transaction completed on Tuesday.

The high-end development at 8 Castle Road is a joint venture between Henderson Land Development and New World Development and opened for sales in September.

The project features 172 units including a three-storey penthouse exceeding 12,000 sq ft — the largest newly-launched flat in Hong Kong since 2013 — and smaller units from around 834 sq ft.

The purchase follows Peter Law’s August sale of his mansion at 1 Gough Hill Road for HK$1.088 billion, which set the city’s highest price per square foot this year at approximately HK$95,018 and marked the most expensive property transaction recorded so far in 2025. The Peak-area house spans 11,451 sq ft and includes a substantial garden and rooftop terrace.

Market watchers point to the Mid-Levels transaction as a sign of select demand returning in Hong Kong’s luxury property sector, despite broader market headwinds.

In the first 20 days of October, there were 78 first-hand residential sales priced between HK$30 million and HK$49.99 million, the highest count in ten months, reflecting renewed activity at the top end.

While the broader residential market remains uneven, this acquisition underscores the continued presence of deeply cash-rich buyers and the willingness of leading developers to launch prestige projects underpinned by strong branding and ultra-prime positioning.
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Hong Kong Considers Issuing Islamic Bonds to Fund Northern Metropolis Megaproject

Financial Secretary Paul Chan says Sharia-compliant bond issuance is on the table if cost-effective as government eye infrastructure-financing innovation
Hong Kong’s finance chief, Paul Chan Mo-po, signalled that the city is open to issuing Islamic bonds, also known as sukuk, to help fund the Northern Metropolis megaproject — provided that the costs and yields prove advantageous.

The comments were delivered as Mr Chan concluded a visit to Riyadh where his trade delegation secured five memoranda of understanding (MOUs) with Saudi-linked parties.

“The legal and regulatory framework for issuing Islamic bonds is mature.

We can proceed at any time [for the Northern Metropolis], provided the market reflects that issuing these instruments is cheaper and yields better results,” he told the media.

The Northern Metropolis initiative aims to transform 30,000 hectares (about 74,000 acres) of land into a new economic hub and housing zone in the New Territories, and the government has previously committed to issuing HK$95 billion (approximately US $12.2 billion) to HK$135 billion in bonds annually over the next five years to support it and other infrastructure schemes.

Mr Chan noted that Islamic finance has always been a component of the government’s planning for the funding of major projects.

He emphasised Hong Kong’s established rules for Sharia-compliant funding, pointing to past sukuk issuances of around US$3 billion since 2014 and a solid legal, tax and regulatory foundation for such transactions.

“What matters is the cost-effectiveness and whether it enhances financing diversity,” he said.

By exploring halal finance instruments, the government seeks to tap new pools of investment from Middle Eastern and global investors and align infrastructure-financing strategy with the city’s ambition to deepen its status as an international financial centre.

Analysts say that issuing Islamic bonds could widen the investor base, reduce borrowing costs and enhance Hong Kong’s appeal as a regional funding hub.

Yet they caution that implementation will depend on market demand, structural alignment with conventional debt frameworks and ensuring that the sukuk proceed solely fund infrastructure rather than recurrent spending.

If the government proceeds, the sukuk could be framed alongside existing green or infrastructure bond programmes and marketed to sovereign wealth funds, insurance firms and institutional investors in the Gulf and Asia.

This would enable the Northern Metropolis project to harness global capital flows while reinforcing the city’s dual identity as a bridge between East and West and between conventional and Sharia-compliant finance.
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European Private Equity Firm Ardian Opens Hong Kong Office to Accelerate Asia Growth

Paris-headquartered Ardian launches its fifth Asian base in Hong Kong, aiming to expand secondary deals and client reach across the region
Paris-based private equity firm Ardian is expanding its Asian presence with a new office in Hong Kong’s Two International Finance Centre, supporting its ambition to grow its approximately US $3 billion Greater China platform within its US $200 billion global assets under management.

The move marks Ardian’s fifth dedicated Asian office—joining Seoul, Tokyo, Beijing and Singapore—and represents a strategic effort to deepen access to regional insurers, sovereign wealth funds, private wealth investors and fund-secondaries intermediaries.

Jason Yao, head of Greater China at Ardian, said the Hong Kong office will initially comprise eight permanent staff, focusing on investor relations, fund-secondaries operations and deal origination.

“The reason we have an office here is to be close to our investors,” he said.

“Private wealth is also a big topic in our industry as a source of capital.

Investment-wise it is very important for the secondary business in the region.”

Ardian is known globally for its leadership in the secondary private-markets segment—acquiring existing stakes in private-equity funds—and this expansion signals the firm’s commitment to capturing growth opportunities across Asia.

The new headquarters in Hong Kong positions Ardian to tap into the region’s rising allocations to private markets, leverage its global platform and serve a growing clientele of Chinese family offices and regional institutional investors.

The timing of the move also aligns with Hong Kong’s efforts to reaffirm its status as a leading financial hub in Asia, attracting outbound capital, supporting funds-management activity and deepening private-markets infrastructure.

For Ardian, the establishment of the Hong Kong base underscores the continuing importance of Asia within its global strategy and sets the firm for new origination and growth from the heart of the Greater China nexus.
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Hong Kong to Host 17th International Wine & Spirits Fair in November

Trade Development Council event gathers over 620 exhibitors across 21 regions to spotlight global beverages, low-alcohol alternatives and the rising baijiu market
Hong Kong’s 17th International Wine & Spirits Fair will run from 6 to 8 November 2025 at the Hong Kong Convention & Exhibition Centre, organised by the Hong Kong Trade Development Council (HKTDC).

According to the event’s latest briefing, more than 620 exhibitors from 21 countries and regions will present a broad selection of wines, spirits, low- and no-alcohol beverages, beer, sake and related accessories.

A key feature this year is the new “World of Spirits” zone, which will showcase products from 13 regions including Australia, Ireland, Russia and the Chinese Mainland — with Chinese baijiu brands such as Kweichow Moutai, Luzhou Laojiao and Wuliangye among the headline participants.

The expansion of this zone aligns with last year’s reduction in liquor duty, a policy move that has encouraged exhibitors to explore the Hong Kong market and beyond.

In addition to beverage tastings, the fair will host seminars, masterclasses and blind-tasting sessions led by recognised industry figures.

The “Friends of Wine” zone will present gourmet foods and snacks to accompany beverages, and the final day will allow wine and spirits enthusiasts from the public to attend a designated section of the fair.

Trade-only access applies for the first two days.

Exhibitors from the Chinese Mainland include firms from Fujian, Guizhou, Hubei, Sichuan, Jiangsu, Xinjiang and Zhejiang, reflecting the diversity of supply-chain origins.

International participants stretch from Argentina, Brazil and Chile to France, Germany, India, Israel, Italy, Japan, the United States and more.

By serving as a staging ground for both high-end imports and local brand innovation, the event underscores Hong Kong’s ongoing role as a regional hub for fine beverages and international trade.

Attendees will have early next month to engage with global beverage trends, investment-grade spirits and the latest in low-alcohol lifestyle products.
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Acquitted Bomb-Plot Defendant Arrested in Latest Hong Kong Rioting and Sedition Sweep

Five people detained in Hong Kong, including one recently cleared of a bomb-plot case, amid fresh rioting and sedition allegations tied to 2019 unrest
Five individuals were arrested in Hong Kong on Tuesday under charges of rioting and sedition linked to the 2019 anti-government protests, with the city’s police force confirming the detentions.

Superintendent Simon Cheung Pak-kit of the National Security Department stated that two men and three women were apprehended in Kowloon Bay and the New Territories, and HK$250,000 (approximately US$32,200) was seized in connection with the case.

A source familiar with the matter identified one suspect as 32-year-old Ng Tsz-lok, who was acquitted last month of conspiracy to bomb prescribed objects—charges arising from an alleged plot to trigger explosions at three public locations to force the government to close city borders during the Covid-19 pandemic.

Police emphasised that the current investigation is separate from the earlier bomb-plot trial and is grounded in newly developed evidence.

The charges centre on alleged involvement in rioting and acts with seditious intent tied to the events of 2019 and the imposition of the Hong Kong National Security Law.

Observers regard this move as the latest in a sustained campaign by Hong Kong authorities to pursue cases arising from the large-scale protests, with some critics pointing to a broad interpretation of sedition provisions.

Legal experts note that sedition and related charges carry rising importance in Hong Kong’s policing of protest-related activity, given the overhaul of the city’s security legal framework in recent years.

The arrest of one individual recently cleared of serious charges adds complexity to the case and raises questions about the criteria for targeting suspects.

The development comes as the city remains on high alert for unrest ahead of politically sensitive anniversaries and as authorities reinforce a message of deterrence.

The five detainees are in custody and formal charges have yet to be filed publicly.

Police did not disclose further identities or details of the alleged activities.

The case underscores the continuing legal and political fallout from the 2019 movement and the evolving use of colonial-era and new security statutes in addressing public disorder and political dissent in Hong Kong.
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Hong Kong Actor Benz Hui’s Ancestor Was a 19th-Century Salt Merchant Championing China’s Coast

Late veteran star Hui Shiu-hung was descended from Xu Baiting, a leader among Guangzhou’s four major salt merchants during the Qing dynasty
Veteran Hong Kong actor Hui Shiu-hung—widely known by his nickname “Benz Hui”—passed away at the age of 76 on 28 October 2025 from multiple organ failure caused by cancer.

While he is best remembered for his esteemed five-decade career in film and television, Hui’s family heritage reveals deep roots in China’s merchant and official class.

In a 2024 interview, Hui disclosed that his ancestor, Xu Baiting (Cantonese: Hui Bai-ting), was ranked among the four major salt merchants of nineteenth-century Guangzhou.

Salt, a vital industrial and strategic commodity in imperial China, was included under state monopolies and contributed substantially to the Qing dynasty’s revenues.

Xu built considerable wealth through salt trading and maintained a private naval force to suppress piracy—actions that earned him official recognition from provincial authorities.

Hui’s ancestors also held high-ranking positions during the late Qing era: one served as aide to Empress Dowager Cixi and was regarded as a trusted imperial official; other branches of the family were involved in revolutionary-era politics and education reform in southern China.

Hui himself was born in Hong Kong in 1948, spent parts of his childhood in Guangzhou, and later became one of the territory’s most respected character actors.

His revelation of merchant ancestry offers insight into how business and official networks intertwined in Guangdong’s reform era and highlights the social mobility of merchant families who bridged commerce, governance and diplomacy.

Hui’s own legacy in the arts now joins that lineage of enterprise and public service, underscoring the family’s longstanding engagement with Hong Kong’s cultural and economic sphere.
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Hong Kong’s Universities Surge in Global Standing as Non-Local Student Enrollment Doubles

The city’s tertiary institutions expand their reach and real-estate footprint amid rising postgraduate demand and student-housing pressure
Hong Kong’s major universities are reporting a sharp rise in non-local student enrolments—nearly doubling since 2021—with the influx driven chiefly by postgraduate study entrants from the Chinese mainland and beyond.

That growth is helping offset local demographic decline and is already affecting the city’s economy through rising rental demand and institutional property acquisitions.

The government announced in September that from the 2026-27 academic year, publicly funded universities will be permitted to admit non-local undergraduates—on a self-financing basis—up to fifty per cent of the local-student intake, up from the current forty-per-cent ceiling.

The over-enrolment ceiling for self-financing places in funded research postgraduate programmes will also rise from one hundred to one hundred and twenty per cent.

Institutions such as the University of Hong Kong (HKU) admitted more than twelve hundred first-year non-local undergraduates in autumn 2024—about a fifty-per-cent increase year-on-year—with half of that number hailing from the mainland.

The Hong Kong University of Science and Technology (HKUST) lists over forty-per-cent of its undergraduates and postgraduate students as non-local.

Universities are drawing strength from this shift.

HKU recently climbed to eleventh in the QS World University Rankings, out-ranking elite institutions such as Yale and Princeton, and surpassing Tsinghua and Peking Universities.

Observers attribute part of the leap to international diversification and aggressive global recruitment.

Institutions are simultaneously turning to property acquisition to accommodate the rising student numbers—amid a broader backdrop of rental-market pressure in the city.

Developers and universities alike are converting hotels and residential blocks into dormitories and student housing to meet demand.

This expansion comes at a time when Hong Kong’s wider economy is subdued, with the property market in long-term downturn and consumer sentiment weak.

The higher-education surge is providing a boost—though institutions caution that the accommodation challenge remains acute.

The government’s strategy aligns with its ambition to position Hong Kong as a global education hub.

A “Study in Hong Kong: Your World-class Campus” campaign and the creation of a “Task Force on Study in Hong Kong” accompany the regulatory changes, all aimed at attracting top global talent.

While questions about local student displacement and rising housing costs persist, the record numbers and improved ranking performance demonstrate that Hong Kong’s universities are not just holding steady—they are overtaking some mainland rivals and repositioning themselves as global players.
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Patrick Reed Eyes Rare Back-to-Back Win at Link Hong Kong Open After Historic 59

Defending champion Reed feels his game is strong as he returns to Fanling seeking to become first player in 12 years to defend the title
American golfer Patrick Reed is poised to attempt a defence of his title at the Link Hong Kong Open this week, aiming to become the first player in 12 years to win successive editions of the event.

Reed, the 2018 Masters champion and member of the LIV Golf League, highlighted that his game “feels pretty good” as he prepares to tee off at the Hong Kong Golf Club.

Last year’s victory came in spectacular fashion when Reed carded an 11-under-par 59 in the third round, culminating in a three-shot victory at 22-under.

This year he arrives with momentum after a top-20 finish at last week’s International Series Philippines event and is confident he can replicate the form that produced his record round.

As Reed put it: “I feel like the difference now … is I was making putts.

And when you win golf tournaments … they seem to lip in.”

The stakes this year are unusually high.

The 2025 edition of the tournament, part of The International Series on the Asian Tour, offers the champion invitations to both the 2026 Masters and the 154th Open Championship alongside vital points in the race to the LIV Golf League.

Reed will be paired in the early rounds with England’s Paul Casey and Filipino winner Miguel Tabuena.

Reed emphasised that the key to success at Fanling lies in discipline rather than aggression.

He said: “The biggest thing for me is not to get ahead of myself … You have little pockets throughout that golf course that you can really attack … The biggest thing is just kind of going out there and executing, rather than trying to press and push on.” With a strong field assembled—including Bubba Watson, Louis Oosthuizen and other major winners—Reed’s bid to defend hangs on delivering when it matters most.

If successful, Reed will emulate only a handful of players who have achieved consecutive wins at this tournament—Madrid the feat last done by Spain’s Miguel Ángel Jiménez in 2013. And for Reed, the legacy boost is clear.

“It would mean everything to me to win again at Fanling … especially as defending champion,” he said.

As the tournament tees off on October 30, all eyes will be on whether Reed can once again light up the leaderboard on the Fanling course.
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Eala and Mboko Set for First-Ever WTA Clash in Hong Kong Round of 16

Philippine rising star Alexandra Eala meets Canada’s Victoria Mboko in their debut professional encounter at the WTA 250 Hong Kong Tennis Open
Philippine star Alexandra Eala and Canada’s Victoria Mboko are poised to meet for the first time on the Women’s Tennis Association tour when they face off in the round of 16 at the WTA 250 Hong Kong Tennis Open.

The match is scheduled for Thursday, October 30, not before 18:30 local time (HKT, GMT+8).

Though the pair have never met on the pro circuit, they crossed paths at the junior level in 2022, where Eala claimed a straight-sets victory over Mboko at the US Open girls’ singles semi-final.

Eala then went on to lift the title that year, becoming the first Filipina to win a girls’ singles Grand Slam.

At 20 years old, Eala has broken into the world’s top 50 for the first time in her career and is aiming to build on that momentum.

Her 19-year-old opponent Mboko is enjoying a breakthrough season and has risen to world No. 20, with the potential to move even higher this week.

Their contrasting trajectories make this matchup one to watch.

For broadcast information, fans in the Philippines can tune in via TapDMV, while Canadian viewers may watch on DAZN and TVA.

In the United States, Tennis Channel holds the rights, with Sky Sports covering the UK and beIN Sports in Australia.

With no professional head-to-head history between them, the outcome remains open.

Eala brings her strong junior pedigree and newfound pro success into the match, while Mboko arrives as a top-20 seed with more WTA experience and consistent form.

Observers will pay particular attention to how Eala handles the pressure of a higher-ranked opponent and whether Mboko can assert her status and avoid any upset.

Given the stakes and the contrasting styles, this second-round clash promises to deliver a showcase of emerging talent and may indicate which player is poised to make a deeper run in the event.
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Hong Kong Leader John Lee Heads to South Korea for APEC to Showcase City’s AI and Investment Strategy

Chief Executive arrives in Gyeongju ahead of the Asia-Pacific Economic Cooperation summit to promote Hong Kong’s innovation agenda and bilateral ties
Chief Executive John Lee Ka-chiu of Hong Kong arrived in Gyeongju, South Korea on Wednesday to attend the forthcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting.

He said that during the engagements he intends to present Hong Kong's policies and experience in investment promotion and artificial-intelligence application to government and business leaders from other economies.

Lee emphasised that he would use the visit to hold bilateral meetings with other leaders, aiming to "strengthen friendships, enhance practical cooperation and create more development opportunities and collaborative space for Hong Kong." His remarks were carried in a social-media post ahead of his participation in an informal APEC dialogue and a business advisory council meeting this week.

The trip underlines Hong Kong’s ambition to reposition itself as a regional hub for technology, innovation and capital under Lee’s leadership.

In his recent policy address, he pledged to develop emerging sectors including AI, pharmaceuticals and education, beyond the city’s traditional financial-services strength.

Lee’s presence at APEC also signals an active diplomatic posture, with the Hong Kong delegation expected to engage in networking and trade promotion on the sidelines of one of the Asia-Pacific region’s most important economic forums.

The city’s government has published supporting materials highlighting Hong Kong’s AI initiatives and investment attraction efforts in the context of the APEC agenda.

With the summit in Gyeongju set to start in full this week, Lee’s contributions will be watched as a measure of Hong Kong’s global economic engagement strategy.

Delegates note that Hong Kong is seeking to leverage its international links to renew growth momentum amid regional competition among tech hubs and shifting geopolitical dynamics.

Lee’s agenda includes championing Hong Kong’s role in cross-border innovation and capital flows, while reinforcing its integration with regional supply chains and digital economies.
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China’s AMOLED Specialist EverDisplay Files for Hong Kong IPO Amid Mounting Losses

EverDisplay (Hehui Optoelectronics) seeks Hong Kong listing to raise fresh capital and expand globally despite enduring losses since its 2021 A-share debut
China-based AMOLED display-panel maker EverDisplay Optoelectronics (also known as Hehui Optoelectronics) has formally submitted a prospectus for an initial public offering on the Hong Kong Stock Exchange main board, marking its second attempt this year.

The company, already listed on the Shanghai Science and Technology Innovation Board (ticker 688538), said the move is designed to bolster international financing access, expand high-end panel capacity and support global business development.

Since its Shanghai listing in May 2021, the firm has reported significant cumulative losses while operating in a capital-intensive segment of the display industry.

According to recent disclosures, revenues rose to approximately RMB 4.96 billion in 2024—a year-on-year increase of about 63 percent—but the company still recorded a net loss of RMB 2.514 billion.

Previous years posted similarly deep losses, reaching RMB 3.244 billion in 2023.

EverDisplay’s production footprint concentrates on 4.5-generation and 6-generation flexible and rigid AMOLED lines in Shanghai, serving smartphones, wearables, laptops, automotive and aviation displays.

Industry consultancy figures show that between 2022 and 2024 the company ranked second globally—and first in China—by cumulative shipments of medium-to-large-size AMOLED panels.

Its clients include major Chinese device brands and two of five leading domestic automakers.

In its filing, the company emphasised that proceeds from the Hong Kong listing will be used for upgrading production capacity of high-end AMOLED panels, research-and-development investment and working-capital replenishment.

The application is sponsored by China International Capital Corporation and reflects the growing interest of mainland tech firms in “A+H” dual-listing strategies to diversify funding sources.

Nevertheless, analysts highlight the challenges ahead: the display-panel industry remains cyclical and margin-sensitive, and EverDisplay’s extended loss-making record will require operational turnaround and steady order growth to justify investor valuations.

With the IPO underway, market participants will closely monitor how the company navigates competition and execution risk in the coming quarters.
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Jarvis Cocker’s Stairfall Sparks Vinyl Boom at Hong Kong Listening Room

Singer’s injury in Tsim Sha Tsui record shop drives foot-traffic and sales at The Listening Room amid local vinyl revival
A tumble down the stairs by Britpop legend Jarvis Cocker in a Hong Kong record store has unexpectedly boosted interest in vinyl culture.

The descent occurred earlier this year at The Listening Room in Tsim Sha Tsui—where the former Pulp frontman slipped while browsing records, broke two ribs, and still went on to headline the Clockenflap festival the next day.

The store’s owner, Rob Deal, revealed that the incident brought widespread attention: fans flocked to the staircase to take selfies and explore the shop where Cocker fell.

“It gave us a boost,” he said, noting that the shop installed a humorous “Jarvis-Cocker-warning” hazard sign to mark the spot.

More than a quirky celebrity moment, the incident showcased a deeper trend: the expanding appetite for vinyl in Hong Kong.

Since its opening in 2022, The Listening Room has offered a sprawling space with listening stations, hi-fi equipment, and a mix of new and second-hand LPs.

Industry commentary suggests vinyl sales in the city are entering a revival phase, spurred by younger buyers seeking tactile and analogue music experiences.

One review noted the shop is “serious about promoting music and vinyl culture in a city that hasn’t always treated it as a priority.”

Visitors in their twenties, such as couples testing out turntables together, say they prefer the ritual of flipping records and ageing their headphones rather than streaming.

The shop’s social-media-savvy marketing, particularly on RedNote, has played a key role in driving younger traffic and enabling the owners to launch their own hi-fi-brand speakers and headphones.

Retail experts point out that vinyl’s resurgence aligns with global patterns: tactile media is seeing revival as music lovers seek deeper connections with sound and analog formats.

In Hong Kong, where rental prices remain high and commercial real-estate tight, the growth of record-store listening lounges also reflects adaptation of retail spaces toward experiential offerings.

The Cocker incident, while minor, helped cement the store’s profile and emphasise the larger movement at play: an independent retail destination functioning as both shop and community hub.

For the local vinyl ecosystem, it underlines a shift from nostalgic niche to participatory cultural space—one where staircases, celebrity blunders and vinyl crates all collide in service of analogue revival.
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Report Warns Beijing Uses Hong Kong’s Special Status to Undermine Autonomy and Aid Chinese Interests

New analysis by Hong Kong Watch highlights how the city’s high-degree-of-autonomy label is exploited by China in international institutions, urging US and allies to close arising loopholes

A new comprehensive report by Hong Kong Watch argues that Beijing is exploiting Hong Kong’s “special status” under the “one country, two systems” framework to advance Chinese diplomatic and economic interests at the expense of the city’s promised autonomy. Entitled The Limits of Autonomy: a review of Hong Kong’s special status under ‘one country, two systems’, the study details how Hong Kong has been treated differently from mainland China in international bodies and global markets and how that differential treatment is increasingly being leveraged by Beijing.

The report traces the legal foundation of Hong Kong’s autonomy under the Sino-British Joint Declaration and the Basic Law, and shows that since 2020 the Chinese government has actively aligned the city’s institutions with mainland policy while preserving its preferential status abroad. It documents, for example, how Hong Kong representatives have supported China’s position in blocking Taiwan’s participation in international agencies and how Hong Kong bodies have used their international standing to advance China’s foreign-policy goals.

While acknowledging the erosion of political freedom within Hong Kong, the authors emphasise that the focus must shift to how the unique status of Hong Kong is being instrumentalised. As one researcher wrote: "Hong Kong’s autonomy brings diplomatic and economic benefits which the People’s Republic of China is loath to lose … the new security era is not simply about dismantling freedoms but about exploiting Hong Kong’s status as a ‘highly autonomous’ region for diplomatic and economic gain."

The report makes several policy recommendations for the United Kingdom, United States, Canada and the European Union. Key among them: the United States should review legislation and policy documents that still treat Hong Kong as autonomous; governments should reassess consular privileges and immunities of Hong Kong Economic and Trade Offices; and a coordinated effort should be made to establish a United Nations special envoy to monitor developments in Hong Kong’s autonomy.

In the context of intensifying Sino-U.S. competition, the analysis argues that policymakers must recognise that preferential treatment of Hong Kong may inadvertently further Chinese state interests rather than protect the city’s freedoms. The timing comes as Washington has already sanctioned six Chinese and Hong Kong officials for eroding Hong Kong’s autonomy and declared that Hong Kong no longer warrants differential treatment under U.S. law. The report underscores that aligning legal status and actual governance is crucial to preserve both international norms and Hong Kong’s distinct role.

For governments committed to supporting Hong Kong’s original promises, the study stresses that closing legal and institutional loopholes is now as important as monitoring political repression. Without that, the city’s special status may continue to be repurposed by Beijing, undermining the autonomy it was designed to uphold.

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Over Thirty U.S. Senators Urge President Trump to Press China for Jimmy Lai’s Release

Bipartisan group appeals to Trump ahead of meeting with Xi Jinping, highlighting deteriorating health of Hong Kong activist
A bipartisan group of more than thirty U.S. senators has sent a formal letter to President Donald Trump urging him to raise the case of Hong Kong pro-democracy activist Jimmy Lai Chee-ying directly with Chinese President Xi Jinping during their upcoming meeting.

The lawmakers highlighted Lai’s nearly five years in solitary confinement under Hong Kong’s national security law, his deteriorating health at age seventy-eight, and the imminent end of his trial as reasons for urgent intervention.

The letter, dated 23 October, warns that if Lai remains imprisoned— or dies in custody— he “would become a martyr; a powerful and enduring symbol of opposition.” It states that his representatives have said that, if released, Lai would voluntarily leave Hong Kong and cease public activism.

The group said the humanitarian case is “stronger and more dire than ever” and emphasised that the matter should be addressed “at the highest possible level.”

President Trump has already indicated he will raise Lai’s case with Xi, saying in remarks on 24 October: “It’s on my list.

I’m going to ask.” The timing comes as Trump prepares to meet Xi in South Korea on the sidelines of the Asia-Pacific Economic Cooperation summit, amid a broader agenda that includes trade, artificial-intelligence issues and geopolitical tensions.

Lai, a British citizen and founder of the Apple Daily newspaper in Hong Kong, has been detained since 2020 and faces charges under the national security law that carry the possibility of life imprisonment.

His family and international advocates say his health is failing and that the case remains a key flashpoint in tensions over the autonomy of Hong Kong, press freedom and human rights.

By urging the president to personally take up the issue, the senators attach greater visibility to the case and seek to align it with the broader U.S.–China strategic agenda.

How the Chinese leadership responds—and whether Lai’s future is negotiated as part of wider diplomacy—remains closely watched.
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United States and South Korea Conclude Major Trade Accord Worth $350 Billion

Washington and Seoul agree detailed terms covering tariffs, investment and ship-building as part of broader economic partnership.
The United States and South Korea reached a detailed agreement on October 29, 2025, following a bilateral meeting between President Donald Trump and South Korean President Lee Jae Myung in Gyeongju.

Under the arrangement, South Korea committed to investing a total of $350 billion in the United States, while the US will reduce tariffs on South Korean auto and auto-parts exports from 25 per cent to 15 per cent.

Of the investment package, $200 billion will be delivered in cash over multiple years — capped at $20 billion annually — and $150 billion will be channelled through a bilateral ship-building cooperation programme.

In return, the US pledged not to impose semiconductor tariffs that place South Korean chip exports at a disadvantage relative to those from Taiwan.

In terms of trade policy, the 15 per cent tariff level aligns South Korea with Japan’s earlier deal with the US and marks a significant lowering from the previously threatened 25 per cent rate.

Additionally, South Korean exports of wood-products and pharmaceuticals to the US will incur lower tariffs, while aircraft-parts and generic drugs will face zero tariffs.

The accord advances President Trump’s broader strategy of forging reciprocal investment-and-trade frameworks with key allies, reinforcing American economic leadership.

For South Korea, President Lee described the deal as a chance to further strengthen economic cooperation and the security alliance with the United States.

While many of the high-level terms are now public, both sides acknowledged that detailed implementation—especially of the investment framework and profit-sharing mechanisms—will be outlined in a forthcoming non-binding memorandum of understanding.

South Korean policy adviser Kim Yong-beom said the two governments would establish a joint task-force to finalise those steps.

The agreement comes amid a shifting global economic environment in which defence, technology and trade are increasingly interlinked.

The US–South Korea partnership now encompasses not only cars and chips, but also strategic sectors including batteries, semiconductors, ship-building and artificial intelligence.

President Trump called the meeting “a tremendous session” and affirmed that the deal had “been pretty much finalised,” while President Lee expressed optimism about the “golden future” of the alliance.

With the trade framework reached, attention now turns to a high-stakes meeting between President Trump and Chinese President Xi Jinping, expected to bring further developments in the US’s Asia-Pacific trade architecture.
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Thailand’s ‘Vijit Chao Phraya 2025’ Festival Set for 1 Nov – 15 Dec Amid Royal Mourning

Bangkok’s riverside light festival will run for 45 nights, with no fireworks and adjusted tone in respect of Queen Mother Sirikit
Thailand is preparing to host the 45-night “Vijit Chao Phraya 2025” festival along the banks of the Chao Phraya River in Bangkok from 1 November to 15 December, according to the Tourism Authority of Thailand (TAT).

The event is intended to transform the riverfront into a “world-class stage of light, colour and sound” and to draw more than 1.5 million visitors while generating upwards of 500 million baht in tourism revenue during Thailand’s peak season.

Organisers emphasise that the festival will proceed in a subdued, respectful manner in line with the national mourning period for Queen Mother Sirikit.

The usual fireworks displays – previously a central feature – will be replaced by drone-light shows and other lower-impact formats designed to honour the solemnity of the moment.

The schedule centres on evening performances from 18:00 to 22:00 each night at 15 landmark locations on both sides of the river, including Rama VIII Bridge, Wat Arun and ICONSIAM.

The programming includes projection-mapping, drone sequences and cultural installations.

Hotels, river-cruise operators and riverside businesses are collaborating closely, with the event geared to highlight both Thai culture and modern innovation.

Government and TAT officials stress that no cancellation is planned, given the economic importance of year-end tourism and the substantial bookings already made by Thai and foreign travellers.

According to TAT Governor Thapanee Kiatphaibool, the adjustment to tone – not the removal of the event – enables Thailand to uphold its domestic and international hospitality while showing respect for the late Queen Mother’s legacy.

For visitors, the festival reinforces Bangkok’s role as a vibrant riverside destination.

The event offers enhanced experiences for stay-over guests, including themed photo and video contests, specialised cruise packages and curated riverside vantage points.

Transport and security agencies are coordinating to ensure safe and orderly viewing zones along the riverbank.

While major festivities will proceed, authorities emphasise that the content has been crafted to reflect “light of honour, not spectacle” in deference to the national mood.

This balancing act aims to preserve Thailand’s high-season tourism offerings while aligning with the cultural moment for national reflection.
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Unpredictability Clouds Trump-Xi Meeting and Risks Undermining Deal Confidence

Analysts warn that mixed signals from Washington may hamper trust with Beijing as Presidents prepare to meet
As U.S. President Donald Trump and China’s President Xi Jinping prepare to meet in South Korea this week, analysts are raising serious concerns that erratic signalling from Washington could undermine any breakthrough.

While the meeting is meant to stabilise U.S.–China trade relations, observers say the lack of consistent messaging from the Trump administration has already eroded confidence in its negotiating commitment.

Concern centres on how internal U.S. coordination appears weak.

One former U.S. official described the pattern bluntly: “Nobody knows what the policy will be from day to day, what’s true today will not be true tomorrow.” The unpredictability is seen as a significant barrier to making credible commitments, especially for Beijing, which requires assurances that a deal will be adhered to.

President Trump’s decision-making style also figures prominently.

He has displayed a preference for instinctive positions and rough-edged diplomacy over structured joint agreements.

Analysts note that his broad running agenda and rapid policy reversals create a wide margin for differing approaches across his team, some of whom favour a hardline approach to China.

From China’s perspective, the risks are acute: exposing President Xi to a summit in which the U.S. position may shift mid-course risks reputational cost and puts the two-nation relationship at greater vulnerability.

Some Chinese experts say that the absence of a firm, consistent U.S. position makes Beijing cautious about committing to substantive concession.

The meeting itself remains unsecured, with both sides signalling flexibility on format and outcomes.

Some analysts suggest that the best realistic outcome may be a reaffirmation of dialogue and procedural cooperation, rather than a sweeping accord.

The deeper structural tensions — from rare-earth export controls, semiconductor restrictions, to broader strategic rivalry — remain largely unresolved.

As the summit approaches, the broader framing is clear: the U.S. aims to advance its agenda of trade rebalancing and strategic leverage, while China is seeking respect, stability and continuity.

Whether the meeting can deliver more than symbolism will depend on whether Washington can present a unified, credible position and Beijing can secure assurances of predictability.

The central risk now is that what appears as a high-profile meeting becomes a backdrop to further uncertainty if trust cannot be rebuilt.
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