Umemura, member of Japan’s House of Councillors: The Muslim request for more cemeteries is DENIED. In Japan, cremation is the tradition. "The appropriate approach is to return the remains to their countries, bury them there."
A long-term policy push and modern regulation are propelling Hong Kong into the ranks of leading global fintech hubs
Nearly ten years after Hong Kong first set out to build a competitive fintech environment, the city is now seeing the results of a deliberate, long-term strategy that has transformed a small experimental sector into a central pillar of its financial economy.
What began as a fledgling gathering of a few hundred innovators has become a global showcase attracting tens of thousands of delegates, major institutions and a rapidly expanding field of digital-finance companies.
Fintech Week, once a modest industry meeting, now draws around 45,000 participants and has become a symbol of the city’s evolution.
Over the same period, Hong Kong’s fintech landscape has grown to more than 1,100 companies spanning digital banking, wealthtech, insurtech, payments, regtech and blockchain-based services.
The sector is forecast to exceed hundreds of billions of dollars in value over the coming decade as adoption accelerates across Asia.
This growth has been underpinned by a broad regulatory and policy framework designed to encourage innovation while preserving Hong Kong’s reputation for financial stability.
Initiatives introduced under Fintech 2025 and expanded through the new Fintech 2030 roadmap have prioritised data infrastructure, artificial intelligence, cybersecurity resilience and tokenisation.
At the same time, clear rules for virtual-asset platforms and stablecoins have provided structure for firms operating in digital markets that were once clouded by uncertainty.
Virtual banks such as ZA Bank and WeLab Bank, early beneficiaries of Hong Kong’s licensing framework, have become established players offering retail services, SME lending and cross-border digital products.
The city’s position within the Greater Bay Area has further strengthened its appeal, providing access to deep capital pools and regional customers seeking sophisticated financial technology.
Industry leaders acknowledge remaining challenges, including competition from neighbouring financial centres and the need to deepen the talent pipeline.
Yet the momentum suggests that Hong Kong’s carefully cultivated transformation is well positioned to continue.
A decade after planting the first seeds, the city is entering a phase in which fintech is no longer an aspirational project but a defining feature of its economic identity.
What began as a fledgling gathering of a few hundred innovators has become a global showcase attracting tens of thousands of delegates, major institutions and a rapidly expanding field of digital-finance companies.
Fintech Week, once a modest industry meeting, now draws around 45,000 participants and has become a symbol of the city’s evolution.
Over the same period, Hong Kong’s fintech landscape has grown to more than 1,100 companies spanning digital banking, wealthtech, insurtech, payments, regtech and blockchain-based services.
The sector is forecast to exceed hundreds of billions of dollars in value over the coming decade as adoption accelerates across Asia.
This growth has been underpinned by a broad regulatory and policy framework designed to encourage innovation while preserving Hong Kong’s reputation for financial stability.
Initiatives introduced under Fintech 2025 and expanded through the new Fintech 2030 roadmap have prioritised data infrastructure, artificial intelligence, cybersecurity resilience and tokenisation.
At the same time, clear rules for virtual-asset platforms and stablecoins have provided structure for firms operating in digital markets that were once clouded by uncertainty.
Virtual banks such as ZA Bank and WeLab Bank, early beneficiaries of Hong Kong’s licensing framework, have become established players offering retail services, SME lending and cross-border digital products.
The city’s position within the Greater Bay Area has further strengthened its appeal, providing access to deep capital pools and regional customers seeking sophisticated financial technology.
Industry leaders acknowledge remaining challenges, including competition from neighbouring financial centres and the need to deepen the talent pipeline.
Yet the momentum suggests that Hong Kong’s carefully cultivated transformation is well positioned to continue.
A decade after planting the first seeds, the city is entering a phase in which fintech is no longer an aspirational project but a defining feature of its economic identity.
Tech giant pledges donations as blaze at Wang Fuk Court kills at least 128 and leaves hundreds missing
Tim Cook, chief executive of Apple, has pledged company support for victims of the catastrophic fire at the Wang Fuk Court residential complex in Tai Po, Hong Kong, which has so far claimed at least 128 lives and left hundreds unaccounted for.
In a message posted on X, Cook said Apple is “heartbroken by the devastating fire in Hong Kong” and confirmed that the company will contribute to relief efforts on the ground.
Local authorities have declared the blaze the deadliest residential fire in decades after it swept through seven of eight high-rise blocks under renovation.
Emergency services concluded rescue operations Friday.
As investigations continue, police have arrested eight individuals connected to the renovation project over alleged negligence and safety breaches.
Numerous residents remain missing and dozens of bodies are still being identified amid widespread community grief and anger.
Apple’s pledged support joins a broader wave of corporate, civil-society and individual responses — including large-scale volunteer efforts, a government-backed relief fund and donations from numerous organisations — as Hong Kong seeks to care for survivors and rebuild trust in housing safety standards.
The disaster has sparked renewed scrutiny of construction regulations, fire-safety enforcement and the treatment of renovation works — issues that authorities now say they will review comprehensively across the city.
In a message posted on X, Cook said Apple is “heartbroken by the devastating fire in Hong Kong” and confirmed that the company will contribute to relief efforts on the ground.
Local authorities have declared the blaze the deadliest residential fire in decades after it swept through seven of eight high-rise blocks under renovation.
Emergency services concluded rescue operations Friday.
As investigations continue, police have arrested eight individuals connected to the renovation project over alleged negligence and safety breaches.
Numerous residents remain missing and dozens of bodies are still being identified amid widespread community grief and anger.
Apple’s pledged support joins a broader wave of corporate, civil-society and individual responses — including large-scale volunteer efforts, a government-backed relief fund and donations from numerous organisations — as Hong Kong seeks to care for survivors and rebuild trust in housing safety standards.
The disaster has sparked renewed scrutiny of construction regulations, fire-safety enforcement and the treatment of renovation works — issues that authorities now say they will review comprehensively across the city.
Retiree credits his pet dog’s timely walk for saving him as death toll reaches 128 at Wang Fuk Court
A 70-year-old retiree, known only by his surname Tsang, narrowly escaped the massive blaze that destroyed much of Hong Kong’s Wang Fuk Court housing estate, offering a harrowing but hopeful personal account amid widespread grief and chaos.
On Wednesday afternoon, Tsang and his small dog went out for a walk — later a decision he said “saved our lives.” While they were away, a fire erupted, engulfing seven of the eight high-rise towers wrapped in combustible scaffolding and renovation netting.
By the time Tsang returned, firefighters had sealed off the area, and the building was already threatened by smoke and flames.
The fire, which ignited around 2:51 p.m. local time on November 26 in one tower under renovation, spread with shocking speed across the complex, aided by bamboo scaffolding, flammable exterior materials and a failure of the internal fire-alarm systems.
As of Friday, authorities confirmed at least 128 deaths and dozens of injuries, with many residents still unaccounted for.
Among those rescued, Tsang’s story underscores the fragility of survival in the face of widespread negligence.
Investigators have arrested multiple individuals connected to the renovation project, charging them with manslaughter and negligence, while authorities and community groups have moved to create emergency shelters, establish support networks, and launch a full safety-code review of renovation practices across the city.
Many survivors describe an agonising scramble to evacuate — not alerted by alarms, but by smoke, shouting or neighbours’ warnings.
Fire services confirmed that alarms in the affected towers failed to operate, and that the external materials used in renovation drastically accelerated the fire’s spread.
On the streets of Tai Po, volunteers are operating supply stations, offering shelter, food and emotional support to displaced residents.
Data-sharing platforms have sprung up so that families can report missing loved ones, mark themselves as safe, or request help.
The government has pledged financial aid, but many affected families say what they need most now is accountability and systemic reform to prevent another catastrophe.
Tsang’s narrow escape — thanks, he says, to a simple walk — reminds many Hongkongers of how arbitrarily hope and tragedy can collide.
His story has become a small symbol of survival in a disaster that has already shattered hundreds of lives and exposed painful flaws in the city’s building-safety system.
On Wednesday afternoon, Tsang and his small dog went out for a walk — later a decision he said “saved our lives.” While they were away, a fire erupted, engulfing seven of the eight high-rise towers wrapped in combustible scaffolding and renovation netting.
By the time Tsang returned, firefighters had sealed off the area, and the building was already threatened by smoke and flames.
The fire, which ignited around 2:51 p.m. local time on November 26 in one tower under renovation, spread with shocking speed across the complex, aided by bamboo scaffolding, flammable exterior materials and a failure of the internal fire-alarm systems.
As of Friday, authorities confirmed at least 128 deaths and dozens of injuries, with many residents still unaccounted for.
Among those rescued, Tsang’s story underscores the fragility of survival in the face of widespread negligence.
Investigators have arrested multiple individuals connected to the renovation project, charging them with manslaughter and negligence, while authorities and community groups have moved to create emergency shelters, establish support networks, and launch a full safety-code review of renovation practices across the city.
Many survivors describe an agonising scramble to evacuate — not alerted by alarms, but by smoke, shouting or neighbours’ warnings.
Fire services confirmed that alarms in the affected towers failed to operate, and that the external materials used in renovation drastically accelerated the fire’s spread.
On the streets of Tai Po, volunteers are operating supply stations, offering shelter, food and emotional support to displaced residents.
Data-sharing platforms have sprung up so that families can report missing loved ones, mark themselves as safe, or request help.
The government has pledged financial aid, but many affected families say what they need most now is accountability and systemic reform to prevent another catastrophe.
Tsang’s narrow escape — thanks, he says, to a simple walk — reminds many Hongkongers of how arbitrarily hope and tragedy can collide.
His story has become a small symbol of survival in a disaster that has already shattered hundreds of lives and exposed painful flaws in the city’s building-safety system.
Music community pledges millions of Hong Kong dollars to support victims of the Wang Fuk Court blaze as relief efforts intensify
As Hong Kong reels from the devastation of the tower fire at the Wang Fuk Court estate in Tai Po — now confirmed to have killed at least 128 people and left hundreds missing — leading figures in the K-Pop industry, along with fan communities, have mobilised significant support for victims and their families.
South Korean labels and artists have donated millions of Hong Kong dollars to relief organisations and local charities within days of the disaster.
Among the largest contributions, one major entertainment group donated 2,654,216 HKD, while others contributed between 1 million and 500,000 HKD, directed to causes such as emergency aid, temporary housing and medical support through charities including Red Cross Hong Kong and World Vision Hong Kong.
Several idol groups and individual stars added their own donations, reaffirming solidarity with those affected.
Beyond corporate and artist-led giving, fan bases and community groups across Asia and beyond quickly organised grassroots fundraising.
Their efforts supplement government-led relief initiatives and local volunteer support, helping supply shelter, food, clothing and coordination for displaced residents.
Event organisers for the 2025 MAMA Awards — many of whose acts participated — responded by cancelling red carpet events and scaling back celebratory elements.
They announced they will deliver a public message of support for Hong Kong during the ceremony and contribute additional donations to ongoing relief funds.
The rapid and widespread response from the K-Pop world underscores the global entertainment community's capacity to mobilise in the face of tragedy.
As Hong Kong enters a period of mourning and rebuilding, such solidarity channels offer immediate relief while the full scope of the disaster’s human and material cost continues to emerge.
South Korean labels and artists have donated millions of Hong Kong dollars to relief organisations and local charities within days of the disaster.
Among the largest contributions, one major entertainment group donated 2,654,216 HKD, while others contributed between 1 million and 500,000 HKD, directed to causes such as emergency aid, temporary housing and medical support through charities including Red Cross Hong Kong and World Vision Hong Kong.
Several idol groups and individual stars added their own donations, reaffirming solidarity with those affected.
Beyond corporate and artist-led giving, fan bases and community groups across Asia and beyond quickly organised grassroots fundraising.
Their efforts supplement government-led relief initiatives and local volunteer support, helping supply shelter, food, clothing and coordination for displaced residents.
Event organisers for the 2025 MAMA Awards — many of whose acts participated — responded by cancelling red carpet events and scaling back celebratory elements.
They announced they will deliver a public message of support for Hong Kong during the ceremony and contribute additional donations to ongoing relief funds.
The rapid and widespread response from the K-Pop world underscores the global entertainment community's capacity to mobilise in the face of tragedy.
As Hong Kong enters a period of mourning and rebuilding, such solidarity channels offer immediate relief while the full scope of the disaster’s human and material cost continues to emerge.
At least ninety-four people have been confirmed dead and more than two hundred and fifty remain missing after a devastating fire in Hong Kong’s residential towers. Firefighting efforts have ended, but rescue teams continue door-to-door searches as investigations focus on alleged negligence by construction managers arrested in connection with unsafe renovation materials.
The death toll from the massive fire in the residential towers in Hong Kong rose overnight (between Thursday and Friday) to ninety-four people, and authorities reported that firefighting operations have concluded.
However, rescue teams on the ground continue searching in an effort to locate survivors in the ruins of the towers that went up in flames.
Nearly twenty-four hours after the disaster, teams rescued a man alive who was found in a stairwell on the sixteenth floor of one of the buildings.
The fire in the Hong Kong residential complex is the deadliest in the territory since nineteen forty-eight, when one hundred thirty-five people were killed.
One of the victims in the current fire is a firefighter.
Seventy-eight people were hospitalized, eleven of them firefighters.
Authorities reported yesterday that more than two hundred fifty people remain missing.
The complex, consisting of eight thirty-two-story towers, was home to about four thousand eight hundred residents—most of them elderly.
Among the residents who managed to flee, more than nine hundred are staying in temporary shelters.
Families of the missing are anxiously awaiting updates on the fate of their loved ones.
Derek Armstrong Chan, deputy head of the fire services, said firefighters found survivors in several towers—but as time passes, the likelihood of finding residents who survived the disaster diminishes.
Rescue teams in the disaster zone are moving with flashlights through the charred towers, going door to door in hopes of finding survivors.
“We expect to finish extinguishing the fire tonight,” Chan of the Hong Kong fire services said.
The fire broke out during renovation work taking place in the residential towers and spread rapidly due to bamboo scaffolding and plastic sheeting surrounding the buildings.
During the investigation, Hong Kong police arrested three managers from a construction company.
They are accused of manslaughter for failing to use safe materials in their work.
According to officials, the fire started in the scaffolding.
Police found the construction company’s name on flammable foam boards that were blocking several windows in the residential complex.
Officials added that they suspect other construction materials in the apartments, including safety netting, canvas fabric, and plastic coverings, did not meet safety standards.
Hong Kong is one of the last places in the world where bamboo scaffolding remains widely used.
In March this year, the government decided to begin phasing out the traditional scaffolding due to the safety risks it poses and announced that workers on at least fifty percent of public construction projects would be required to use metal scaffolding instead.
“We have reason to believe that the responsible parties at the company were severely negligent, which led to this accident and caused a fire that spread uncontrollably, resulting in many casualties,” Hong Kong police said.
About two thousand housing units are located in the eight towers.
Only one tower was not damaged by the fire.
Residents of the complex said they did not hear any fire alarms in the buildings.
“The fire spread so quickly,” one resident said.
“I saw how they tried to save several buildings with one hose—it was very slow.” He said that because no fire alarm sounded, residents leaving their apartments approached their neighbors.
“People rang doorbells, knocked on doors, warned neighbors, and told them to leave.”
Hong Kong, defined as a semi-autonomous region under its relationship with China, announced that Beijing would help it respond to the disaster in the Tai Po district in the northern part of the city and would provide, among other things, drones and medical supplies.
However, rescue teams on the ground continue searching in an effort to locate survivors in the ruins of the towers that went up in flames.
Nearly twenty-four hours after the disaster, teams rescued a man alive who was found in a stairwell on the sixteenth floor of one of the buildings.
The fire in the Hong Kong residential complex is the deadliest in the territory since nineteen forty-eight, when one hundred thirty-five people were killed.
One of the victims in the current fire is a firefighter.
Seventy-eight people were hospitalized, eleven of them firefighters.
Authorities reported yesterday that more than two hundred fifty people remain missing.
The complex, consisting of eight thirty-two-story towers, was home to about four thousand eight hundred residents—most of them elderly.
Among the residents who managed to flee, more than nine hundred are staying in temporary shelters.
Families of the missing are anxiously awaiting updates on the fate of their loved ones.
Derek Armstrong Chan, deputy head of the fire services, said firefighters found survivors in several towers—but as time passes, the likelihood of finding residents who survived the disaster diminishes.
Rescue teams in the disaster zone are moving with flashlights through the charred towers, going door to door in hopes of finding survivors.
“We expect to finish extinguishing the fire tonight,” Chan of the Hong Kong fire services said.
The fire broke out during renovation work taking place in the residential towers and spread rapidly due to bamboo scaffolding and plastic sheeting surrounding the buildings.
During the investigation, Hong Kong police arrested three managers from a construction company.
They are accused of manslaughter for failing to use safe materials in their work.
According to officials, the fire started in the scaffolding.
Police found the construction company’s name on flammable foam boards that were blocking several windows in the residential complex.
Officials added that they suspect other construction materials in the apartments, including safety netting, canvas fabric, and plastic coverings, did not meet safety standards.
Hong Kong is one of the last places in the world where bamboo scaffolding remains widely used.
In March this year, the government decided to begin phasing out the traditional scaffolding due to the safety risks it poses and announced that workers on at least fifty percent of public construction projects would be required to use metal scaffolding instead.
“We have reason to believe that the responsible parties at the company were severely negligent, which led to this accident and caused a fire that spread uncontrollably, resulting in many casualties,” Hong Kong police said.
About two thousand housing units are located in the eight towers.
Only one tower was not damaged by the fire.
Residents of the complex said they did not hear any fire alarms in the buildings.
“The fire spread so quickly,” one resident said.
“I saw how they tried to save several buildings with one hose—it was very slow.” He said that because no fire alarm sounded, residents leaving their apartments approached their neighbors.
“People rang doorbells, knocked on doors, warned neighbors, and told them to leave.”
Hong Kong, defined as a semi-autonomous region under its relationship with China, announced that Beijing would help it respond to the disaster in the Tai Po district in the northern part of the city and would provide, among other things, drones and medical supplies.
Issuance hits HK$331 billion as lower local rates and global diversification drive demand for HKD-denominated debt
Issuance of bonds denominated in Hong Kong dollar (HKD) soared to a record HK$331 billion (about US$42.6 billion) so far this year — nearly 37 percent more than the entire 2024 volume, as easing local rates and global demand converge to fuel a surge in HKD-denominated financing.
Market participants and analysts say the momentum is likely to carry into 2026 and beyond.
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Financial institutions such as Hong Kong Mortgage Corporation (HKMC) contributed to the boom: its latest public benchmark bond issuance — totalling HK$25.3 billion (US$3.3 billion equivalent) — marked the largest-ever single offering by the firm, including the biggest 30-year HKD bond tranche in the city’s history.
The deep order-book and broad investor participation underscore growing confidence in Hong Kong’s local-currency market.
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Analysts cite several structural factors behind the surge.
With interest rates on U.S. dollar borrowing remaining elevated, issuers have turned to HKD as a more cost-effective alternative.
At the same time, Hong Kong’s long-standing USD peg, combined with a deep, liquid bond market and a clear regulatory framework, has made HKD bonds an attractive diversification option for Asian and global investors.
One senior banker described the HKD bond market as a “logical choice” for borrowers with natural HKD funding needs or balance-sheet alignment.
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Macroeconomic conditions have also helped.
Lower local interbank rates — driven by a dip in liquidity costs — have enabled issuers to tap the debt market at more favourable yields.
Meanwhile, demand for long-dated bonds appears strong, driven by both institutional investors and pension funds seeking stable income streams and currency-hedged assets.
The recent wave of issuance includes a growing share of social and infrastructure bonds, reflecting investors’ appetite for yield and stable cash flow over extended horizons.
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Looking ahead, many market watchers expect the HKD bond market to continue expanding.
The combination of favourable financing costs, regulatory clarity, and increased demand for currency-diversified debt suggests that Hong Kong is likely to consolidate its role as a major international bond-issuance hub.
As companies and public institutions increasingly tap HKD funding, the market could further mature and deepen — offering an alternative to dollar-denominated debt in a shifting global financial landscape.
Market participants and analysts say the momentum is likely to carry into 2026 and beyond.
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Financial institutions such as Hong Kong Mortgage Corporation (HKMC) contributed to the boom: its latest public benchmark bond issuance — totalling HK$25.3 billion (US$3.3 billion equivalent) — marked the largest-ever single offering by the firm, including the biggest 30-year HKD bond tranche in the city’s history.
The deep order-book and broad investor participation underscore growing confidence in Hong Kong’s local-currency market.
([turn0search2])
Analysts cite several structural factors behind the surge.
With interest rates on U.S. dollar borrowing remaining elevated, issuers have turned to HKD as a more cost-effective alternative.
At the same time, Hong Kong’s long-standing USD peg, combined with a deep, liquid bond market and a clear regulatory framework, has made HKD bonds an attractive diversification option for Asian and global investors.
One senior banker described the HKD bond market as a “logical choice” for borrowers with natural HKD funding needs or balance-sheet alignment.
([turn0search0], [turn0search5])
Macroeconomic conditions have also helped.
Lower local interbank rates — driven by a dip in liquidity costs — have enabled issuers to tap the debt market at more favourable yields.
Meanwhile, demand for long-dated bonds appears strong, driven by both institutional investors and pension funds seeking stable income streams and currency-hedged assets.
The recent wave of issuance includes a growing share of social and infrastructure bonds, reflecting investors’ appetite for yield and stable cash flow over extended horizons.
([turn0search2], [turn0search5])
Looking ahead, many market watchers expect the HKD bond market to continue expanding.
The combination of favourable financing costs, regulatory clarity, and increased demand for currency-diversified debt suggests that Hong Kong is likely to consolidate its role as a major international bond-issuance hub.
As companies and public institutions increasingly tap HKD funding, the market could further mature and deepen — offering an alternative to dollar-denominated debt in a shifting global financial landscape.
Wang Fuk Court blaze highlights fire risk of traditional scaffolding as officials consider full switch to metal frameworks
A fire that swept through the Wang Fuk Court housing estate in Hong Kong this week has intensified scrutiny of the city’s longstanding use of bamboo scaffolding — a traditional construction method now under pressure to vanish.
The inferno, which has claimed at least 128 lives and left roughly 200 people missing, began on external bamboo scaffolding at one block and quickly spread to seven neighbouring towers, authorities said.
Flames raced across the exterior netting, plastic-mesh and other renovation materials, turning the scaffolding from structure into kindling under windy conditions.
Experts say that the combination of porous bamboo, flammable sheeting, and dense urban layout helped turn a renovation site into a disaster zone.
While bamboo has built much of Hong Kong’s skyline for centuries — prized for its light weight, affordability and flexibility — many now question whether its days are numbered.
Government officials had already announced a policy to phase out bamboo scaffolding in public construction projects earlier this year; the recent tragedy is likely to accelerate that transition.
Some safety experts argue that metal scaffolding — non-combustible though heavier and more costly — should become the standard for high-risk, occupied buildings, especially during major renovations.
As investigators pursue possible negligence charges against the contractors involved in the renovations, Hong Kong faces a reckoning over the balance between tradition, cost and safety in its built environment.
The inferno, which has claimed at least 128 lives and left roughly 200 people missing, began on external bamboo scaffolding at one block and quickly spread to seven neighbouring towers, authorities said.
Flames raced across the exterior netting, plastic-mesh and other renovation materials, turning the scaffolding from structure into kindling under windy conditions.
Experts say that the combination of porous bamboo, flammable sheeting, and dense urban layout helped turn a renovation site into a disaster zone.
While bamboo has built much of Hong Kong’s skyline for centuries — prized for its light weight, affordability and flexibility — many now question whether its days are numbered.
Government officials had already announced a policy to phase out bamboo scaffolding in public construction projects earlier this year; the recent tragedy is likely to accelerate that transition.
Some safety experts argue that metal scaffolding — non-combustible though heavier and more costly — should become the standard for high-risk, occupied buildings, especially during major renovations.
As investigators pursue possible negligence charges against the contractors involved in the renovations, Hong Kong faces a reckoning over the balance between tradition, cost and safety in its built environment.
Organisers cancel red carpet and adjust performances while the city mourns the Wang Fuk Court tragedy
Asia’s largest K-pop awards ceremony will proceed in a reduced format this weekend after the devastating fire at Hong Kong’s Wang Fuk Court estate prompted organisers to scale back festivities.
The 2025 MAMA Awards, scheduled for two nights at the 50,000-seat Kai Tak Stadium, will go ahead without the planned red-carpet event and with a programme adjusted to acknowledge the city’s deep mourning.
Mirror, Hong Kong’s leading boy band, announced their withdrawal on Friday through their management company, confirming earlier speculation that prominent performers and international guests might step back in the aftermath of the tragedy.
Their decision follows reports that other high-profile names had also reconsidered appearances as the scale of the disaster became clear.
The fire, which erupted on Wednesday at Wang Cheong House before rapidly spreading across seven additional towers, has resulted in significant loss of life and hundreds of injuries.
Rescue operations have entered their third day, and the city remains shaken by what has become its worst fire in decades.
Authorities continue to conduct building searches and provide updates as displaced families await news about missing loved ones.
A spokesman for the awards show said the event would include a moment of mourning, noting that the organisers wished to balance respect for those affected with their commitment to proceed with the long-planned ceremony.
The downsized format marks the first time in seven years that the MAMA Awards return to Hong Kong, and officials emphasised that the focus would be on solidarity rather than spectacle.
As the city confronts the aftermath of the disaster, the adjustments to the awards programme reflect a broader effort to maintain sensitivity while allowing the event to continue in a manner befitting the solemn mood.
The 2025 MAMA Awards, scheduled for two nights at the 50,000-seat Kai Tak Stadium, will go ahead without the planned red-carpet event and with a programme adjusted to acknowledge the city’s deep mourning.
Mirror, Hong Kong’s leading boy band, announced their withdrawal on Friday through their management company, confirming earlier speculation that prominent performers and international guests might step back in the aftermath of the tragedy.
Their decision follows reports that other high-profile names had also reconsidered appearances as the scale of the disaster became clear.
The fire, which erupted on Wednesday at Wang Cheong House before rapidly spreading across seven additional towers, has resulted in significant loss of life and hundreds of injuries.
Rescue operations have entered their third day, and the city remains shaken by what has become its worst fire in decades.
Authorities continue to conduct building searches and provide updates as displaced families await news about missing loved ones.
A spokesman for the awards show said the event would include a moment of mourning, noting that the organisers wished to balance respect for those affected with their commitment to proceed with the long-planned ceremony.
The downsized format marks the first time in seven years that the MAMA Awards return to Hong Kong, and officials emphasised that the focus would be on solidarity rather than spectacle.
As the city confronts the aftermath of the disaster, the adjustments to the awards programme reflect a broader effort to maintain sensitivity while allowing the event to continue in a manner befitting the solemn mood.
Limited profile data of some API users was leaked via analytics provider Mixpanel; no chat content, payment details, or passwords compromised.
OpenAI has confirmed that a security breach at Mixpanel, one of its external analytics providers, resulted in the exposure of limited profile information belonging to some users of its API services.
The incident occurred on November ninth when Mixpanel detected that an attacker had accessed its systems and exported data tied to OpenAI’s API analytics dashboard.
According to OpenAI, the compromised information included user names, email addresses, approximate geographic location, browser and operating-system details, referral information and internal account identifiers.
No chat content, payment data, API keys, passwords, or any sensitive authentication credentials were exposed, and regular ChatGPT users were not affected.
Upon confirmation of the breach, OpenAI immediately removed Mixpanel from its production environment, halted all data sharing with the service, and began notifying the affected API customers directly.
The company has also committed to tightening its vendor-security requirements and reviewing all third-party integrations.
While the leaked information is considered low-sensitivity, cybersecurity specialists warn that it could still enable targeted phishing or social-engineering campaigns.
OpenAI has advised API users to be alert for suspicious communications but stated that password resets are unnecessary, since no access credentials were stolen.
The incident highlights the broader risks that arise when major technology companies rely on external analytics providers.
As OpenAI continues its investigation, the company says it will strengthen oversight of its supply-chain partners and refine its internal data-sharing policies to prevent similar vulnerabilities in the future.
The incident occurred on November ninth when Mixpanel detected that an attacker had accessed its systems and exported data tied to OpenAI’s API analytics dashboard.
According to OpenAI, the compromised information included user names, email addresses, approximate geographic location, browser and operating-system details, referral information and internal account identifiers.
No chat content, payment data, API keys, passwords, or any sensitive authentication credentials were exposed, and regular ChatGPT users were not affected.
Upon confirmation of the breach, OpenAI immediately removed Mixpanel from its production environment, halted all data sharing with the service, and began notifying the affected API customers directly.
The company has also committed to tightening its vendor-security requirements and reviewing all third-party integrations.
While the leaked information is considered low-sensitivity, cybersecurity specialists warn that it could still enable targeted phishing or social-engineering campaigns.
OpenAI has advised API users to be alert for suspicious communications but stated that password resets are unnecessary, since no access credentials were stolen.
The incident highlights the broader risks that arise when major technology companies rely on external analytics providers.
As OpenAI continues its investigation, the company says it will strengthen oversight of its supply-chain partners and refine its internal data-sharing policies to prevent similar vulnerabilities in the future.
Company projects a 7% decrease in deliveries this year as focus shifts to robotics.
Tesla, the electric vehicle (EV) manufacturer, is facing mounting pressure on its global sales, with projections indicating a potential 7% decline in deliveries for the current year.
Analysts cite a growing concern regarding the company's product lineup, which they believe has become increasingly outdated.
This stagnation in innovation is juxtaposed with CEO Elon Musk's shift in focus towards robotics and other technological ventures.
As competition in the EV market intensifies, particularly from established automotive giants and emerging startups, Tesla's once-iconic models have come under scrutiny.
Industry observers have noted that the advancements in production and technology offered by rival companies may be outpacing Tesla's current offerings.
This situation is further exacerbated by fluctuating economic conditions and evolving consumer preferences, which are pushing for more diverse and innovative vehicle features.
Despite these challenges, Tesla has been working to expand its manufacturing capabilities and enhance its supply chain logistics.
The introduction of new models, such as the highly anticipated Cybertruck, has been part of the company's strategy to rejuvenate interest among consumers.
However, production delays and difficulties meeting demand have also raised concerns regarding the execution of these plans.
Moreover, as electric vehicle adoption increases globally, regulatory pressures and government incentives for green technology are influencing market dynamics.
Tesla's ability to adapt to these changes while maintaining its market share is critical as it navigates the current landscape.
As the company prepares for the remainder of the year, stakeholders are keenly observing how Tesla will address these challenges and what steps it will take to regain momentum in a rapidly evolving market.
Analysts cite a growing concern regarding the company's product lineup, which they believe has become increasingly outdated.
This stagnation in innovation is juxtaposed with CEO Elon Musk's shift in focus towards robotics and other technological ventures.
As competition in the EV market intensifies, particularly from established automotive giants and emerging startups, Tesla's once-iconic models have come under scrutiny.
Industry observers have noted that the advancements in production and technology offered by rival companies may be outpacing Tesla's current offerings.
This situation is further exacerbated by fluctuating economic conditions and evolving consumer preferences, which are pushing for more diverse and innovative vehicle features.
Despite these challenges, Tesla has been working to expand its manufacturing capabilities and enhance its supply chain logistics.
The introduction of new models, such as the highly anticipated Cybertruck, has been part of the company's strategy to rejuvenate interest among consumers.
However, production delays and difficulties meeting demand have also raised concerns regarding the execution of these plans.
Moreover, as electric vehicle adoption increases globally, regulatory pressures and government incentives for green technology are influencing market dynamics.
Tesla's ability to adapt to these changes while maintaining its market share is critical as it navigates the current landscape.
As the company prepares for the remainder of the year, stakeholders are keenly observing how Tesla will address these challenges and what steps it will take to regain momentum in a rapidly evolving market.
Washington is rolling back key financial safeguards, prompting global debate over whether other economies will match America’s new, looser regulatory course.
The United States has begun a significant shift in financial policy, advancing a broad rollback of banking regulations that were put in place after the 2008 crisis.
The initiative, supported by the current administration and approved by key U.S. regulatory agencies, eases capital requirements, relaxes leverage rules, and streamlines stress-testing obligations for major banks.
Together, these measures could free up an estimated two point six trillion dollars in additional lending and balance-sheet capacity, according to regulatory assessments.
Supporters of the changes argue that banks have long been constrained by excessive safeguards that depress lending, limit growth, and place U.S. institutions at a competitive disadvantage compared to global rivals.
With loan demand rising and markets seeking more liquidity, Washington’s new approach is framed as a way to expand credit, stimulate investment, and accelerate economic activity.
Many analysts believe that the reforms will bolster bank profitability and may revive activity in mergers, acquisitions and public-market financing.
But the shift has also triggered concern, both inside the United States and abroad.
Rating agencies warn that while the near-term effects are likely manageable, the long-term risks could be substantial.
By lowering the amount of capital banks must retain, regulators may be weakening the system’s resilience to shocks.
A loosening cycle, critics argue, often begins slowly and ends with an industry that has taken on more risk than regulators anticipated.
America’s deregulation drive, they say, carries echoes of earlier moments when market optimism overshadowed systemic vulnerabilities.
The international response has been cautious.
Financial authorities in Europe, especially within the European Central Bank, have shown little willingness to mirror the U.S. approach.
Officials in Frankfurt have signaled readiness to simplify red tape — particularly around internal-model approvals and issuance procedures — but they do not intend to dismantle key capital protections.
The prevailing view in Europe is that post-crisis frameworks, though cumbersome, remain essential to maintaining financial stability.
Europe’s political climate, more wary of market excess, makes a sweeping rollback unlikely.
The United Kingdom presents a more complex picture.
Some London-based banks and investors, already concerned about losing ground to more lightly regulated U.S. competitors, are urging regulators to adopt similar reforms.
Yet British supervisors remain divided: some see opportunity in matching America’s more permissive stance, while others fear that an aggressive loosening could undermine the financial system at a time of global economic fragility.
Emerging markets are watching carefully.
Countries in Southeast Asia, Latin America and Africa often adjust their regulatory frameworks in response to shifts by major financial powers, particularly the United States.
A deep divergence between U.S. rules and those of Europe could encourage regulatory arbitrage — with banks shifting activities to jurisdictions offering the lightest oversight.
Such moves, experts warn, could spread systemic risk across borders and weaken hard-won global safeguards.
For now, the U.S. stands nearly alone in its belief that the era of tight financial regulation has run its course.
Whether it ultimately sparks global imitation or global caution remains uncertain.
The effects of deregulation often take years to unfold, and the current economic environment — marked by inflation pressures, geopolitical instability and rising sovereign debt — adds layers of unpredictability.
What is clear is that Washington’s decision marks a turning point.
It signals a renewed confidence in market-driven growth and a willingness to accept higher levels of financial risk in the name of economic expansion.
The world’s regulators must now decide whether the U.S. is charting a bold, necessary course — or reopening vulnerabilities that the global system is not yet prepared to face.
The initiative, supported by the current administration and approved by key U.S. regulatory agencies, eases capital requirements, relaxes leverage rules, and streamlines stress-testing obligations for major banks.
Together, these measures could free up an estimated two point six trillion dollars in additional lending and balance-sheet capacity, according to regulatory assessments.
Supporters of the changes argue that banks have long been constrained by excessive safeguards that depress lending, limit growth, and place U.S. institutions at a competitive disadvantage compared to global rivals.
With loan demand rising and markets seeking more liquidity, Washington’s new approach is framed as a way to expand credit, stimulate investment, and accelerate economic activity.
Many analysts believe that the reforms will bolster bank profitability and may revive activity in mergers, acquisitions and public-market financing.
But the shift has also triggered concern, both inside the United States and abroad.
Rating agencies warn that while the near-term effects are likely manageable, the long-term risks could be substantial.
By lowering the amount of capital banks must retain, regulators may be weakening the system’s resilience to shocks.
A loosening cycle, critics argue, often begins slowly and ends with an industry that has taken on more risk than regulators anticipated.
America’s deregulation drive, they say, carries echoes of earlier moments when market optimism overshadowed systemic vulnerabilities.
The international response has been cautious.
Financial authorities in Europe, especially within the European Central Bank, have shown little willingness to mirror the U.S. approach.
Officials in Frankfurt have signaled readiness to simplify red tape — particularly around internal-model approvals and issuance procedures — but they do not intend to dismantle key capital protections.
The prevailing view in Europe is that post-crisis frameworks, though cumbersome, remain essential to maintaining financial stability.
Europe’s political climate, more wary of market excess, makes a sweeping rollback unlikely.
The United Kingdom presents a more complex picture.
Some London-based banks and investors, already concerned about losing ground to more lightly regulated U.S. competitors, are urging regulators to adopt similar reforms.
Yet British supervisors remain divided: some see opportunity in matching America’s more permissive stance, while others fear that an aggressive loosening could undermine the financial system at a time of global economic fragility.
Emerging markets are watching carefully.
Countries in Southeast Asia, Latin America and Africa often adjust their regulatory frameworks in response to shifts by major financial powers, particularly the United States.
A deep divergence between U.S. rules and those of Europe could encourage regulatory arbitrage — with banks shifting activities to jurisdictions offering the lightest oversight.
Such moves, experts warn, could spread systemic risk across borders and weaken hard-won global safeguards.
For now, the U.S. stands nearly alone in its belief that the era of tight financial regulation has run its course.
Whether it ultimately sparks global imitation or global caution remains uncertain.
The effects of deregulation often take years to unfold, and the current economic environment — marked by inflation pressures, geopolitical instability and rising sovereign debt — adds layers of unpredictability.
What is clear is that Washington’s decision marks a turning point.
It signals a renewed confidence in market-driven growth and a willingness to accept higher levels of financial risk in the name of economic expansion.
The world’s regulators must now decide whether the U.S. is charting a bold, necessary course — or reopening vulnerabilities that the global system is not yet prepared to face.
Company says vendor selection remains based on quality, not origin — even as it phases out Chinese parts in US-bound cars
Tesla has publicly reiterated its confidence in Chinese suppliers and rejected any blanket ban on China-based vendors, even as it works to reconfigure part of its global supply chain away from China for vehicles built in the United States.
On Wednesday, Tesla vice-president Grace Tao posted on Chinese social media that the company applies “the same rigorous and objective standards” when choosing suppliers in the U.S., China, or Europe.
She emphasised that geographic origin is not a criterion for exclusion, underscoring that the more than 400 suppliers serving the company’s Shanghai Gigafactory remain integral to Tesla’s global operations.
Her comments came in response to media reports — initially published by The Wall Street Journal — that Tesla had instructed its suppliers to remove China-made parts from cars destined for its U.S. factories.
According to those reports, the automaker plans to complete the transition within one to two years as it aims to mitigate geopolitical and tariff risks.
Tesla’s official statement clarifies that the company continues to source locally in China: more than 95 percent of components for China-made Model 3 and Model Y vehicles are sourced domestically, and over 60 of the Chinese suppliers also contribute to Tesla’s global supply chain.
The Shanghai-made Model 3, for instance, remains among the company’s most competitively priced offerings worldwide.
The contradictory signals illustrate the tension between two strategic realities: a push to insulate U.S. production from trade and geopolitical headwinds, and a need to preserve the efficiencies of a mature Chinese supply network that supports Tesla’s global manufacturing footprint.
By reaffirming its reliance on Chinese suppliers, Tesla appears keen to reassure partners and preserve supply-chain stability — at least for its non-U.S. operations.
The coming months will be decisive.
Whether Tesla can localise key components for its U.S. production without undermining global supply chain efficiency remains an open question — and the company’s reiterated faith in its Chinese partners may signal a dual-track supply strategy moving forward.
On Wednesday, Tesla vice-president Grace Tao posted on Chinese social media that the company applies “the same rigorous and objective standards” when choosing suppliers in the U.S., China, or Europe.
She emphasised that geographic origin is not a criterion for exclusion, underscoring that the more than 400 suppliers serving the company’s Shanghai Gigafactory remain integral to Tesla’s global operations.
Her comments came in response to media reports — initially published by The Wall Street Journal — that Tesla had instructed its suppliers to remove China-made parts from cars destined for its U.S. factories.
According to those reports, the automaker plans to complete the transition within one to two years as it aims to mitigate geopolitical and tariff risks.
Tesla’s official statement clarifies that the company continues to source locally in China: more than 95 percent of components for China-made Model 3 and Model Y vehicles are sourced domestically, and over 60 of the Chinese suppliers also contribute to Tesla’s global supply chain.
The Shanghai-made Model 3, for instance, remains among the company’s most competitively priced offerings worldwide.
The contradictory signals illustrate the tension between two strategic realities: a push to insulate U.S. production from trade and geopolitical headwinds, and a need to preserve the efficiencies of a mature Chinese supply network that supports Tesla’s global manufacturing footprint.
By reaffirming its reliance on Chinese suppliers, Tesla appears keen to reassure partners and preserve supply-chain stability — at least for its non-U.S. operations.
The coming months will be decisive.
Whether Tesla can localise key components for its U.S. production without undermining global supply chain efficiency remains an open question — and the company’s reiterated faith in its Chinese partners may signal a dual-track supply strategy moving forward.
Beijing signals travel warnings, seafood bans and cultural boycotts — yet experts say aggressive pressure may backfire amid intertwined economies
China is now weighing a calibrated economic response to Japan after a diplomatic rupture triggered by recent remarks from Japanese Prime Minister Sanae Takaichi about potential military action over Taiwan — but analysts caution that harsh measures could damage Beijing’s own economic interests.
Since Takaichi’s comments became public in early November, Beijing has suspended cultural imports, issued travel advisories to Chinese citizens, halted seafood and some food imports from Japan, and warned students and tourists to avoid Japan for now.
Screenings of Japanese films have been cancelled, and tour bookings have plunged.
The disruptions mark a sharp escalation in bilateral tensions.
([조선일보][1])
In sharp tone from Chinese state media and diplomacy, the government has described Takaichi’s remarks as crossing a red line.
After lodging a formal protest with the United Nations, China reiterated its sovereign claim over Taiwan and urged “strengthened measures” if Tokyo does not retract its language — signalling that further economic tools remain on the table.
([Reuters][2])
Still, experts warn Beijing is likely to tread cautiously.
China Real Estate Information Corporation (CRIC), a leading market-research firm, expects only a gradual escalation of countermeasures — mindful of the deep trade and investment ties linking the two economies.
“Leaning too heavily on economic countermeasures would undercut that strategy and unsettle foreign investors and partners,” said one analyst.
([Asia Times][3])
The immediate economic impact is already visible.
Tourist flows from China to Japan — once a pillar of post-pandemic recovery for Japan’s hotels, retailers and service sectors — have dropped sharply as much as a half-million reservations were reportedly cancelled in days.
Retail and tourism-related stocks in Japan have tumbled, and Okinawa, Hokkaido and regional prefectures reliant on Chinese visitors are bracing for a difficult winter season.
([The Adept Traveler][4])
In trade, China’s decision to suspend Japanese seafood imports and pause talks on beef reflects a recalibration of supply-chain dependence.
But with high-tech supply interdependence — especially in semiconductor parts, rare-earth materials, and manufacturing supply chains — cutting too many ties could end up hurting Chinese consumers and firms as well.
([The Economic Times][5])
Diplomatic analysts suggest Beijing may prefer a “slow squeeze” — using non-tariff, soft-power and administrative measures rather than sweeping trade bans.
The goal appears to be a protest that inflicts real pain on sensitive sectors while preserving long-term trade stability.
([The Economic Times][5])
For now, the Sino-Japanese standoff appears to be entering a drawn-out economic pressure campaign.
The choices China makes in coming weeks — whether to escalate or hold restraint — will test both nations’ ability to avoid a full-blown trade undoing, and set a precedent for how geopolitical conflicts may impact regional commerce in East Asia.
Since Takaichi’s comments became public in early November, Beijing has suspended cultural imports, issued travel advisories to Chinese citizens, halted seafood and some food imports from Japan, and warned students and tourists to avoid Japan for now.
Screenings of Japanese films have been cancelled, and tour bookings have plunged.
The disruptions mark a sharp escalation in bilateral tensions.
([조선일보][1])
In sharp tone from Chinese state media and diplomacy, the government has described Takaichi’s remarks as crossing a red line.
After lodging a formal protest with the United Nations, China reiterated its sovereign claim over Taiwan and urged “strengthened measures” if Tokyo does not retract its language — signalling that further economic tools remain on the table.
([Reuters][2])
Still, experts warn Beijing is likely to tread cautiously.
China Real Estate Information Corporation (CRIC), a leading market-research firm, expects only a gradual escalation of countermeasures — mindful of the deep trade and investment ties linking the two economies.
“Leaning too heavily on economic countermeasures would undercut that strategy and unsettle foreign investors and partners,” said one analyst.
([Asia Times][3])
The immediate economic impact is already visible.
Tourist flows from China to Japan — once a pillar of post-pandemic recovery for Japan’s hotels, retailers and service sectors — have dropped sharply as much as a half-million reservations were reportedly cancelled in days.
Retail and tourism-related stocks in Japan have tumbled, and Okinawa, Hokkaido and regional prefectures reliant on Chinese visitors are bracing for a difficult winter season.
([The Adept Traveler][4])
In trade, China’s decision to suspend Japanese seafood imports and pause talks on beef reflects a recalibration of supply-chain dependence.
But with high-tech supply interdependence — especially in semiconductor parts, rare-earth materials, and manufacturing supply chains — cutting too many ties could end up hurting Chinese consumers and firms as well.
([The Economic Times][5])
Diplomatic analysts suggest Beijing may prefer a “slow squeeze” — using non-tariff, soft-power and administrative measures rather than sweeping trade bans.
The goal appears to be a protest that inflicts real pain on sensitive sectors while preserving long-term trade stability.
([The Economic Times][5])
For now, the Sino-Japanese standoff appears to be entering a drawn-out economic pressure campaign.
The choices China makes in coming weeks — whether to escalate or hold restraint — will test both nations’ ability to avoid a full-blown trade undoing, and set a precedent for how geopolitical conflicts may impact regional commerce in East Asia.
Deadliest fire in decades consumes eight high-rises in Tai Po; three men arrested on suspicion of manslaughter
A devastating blaze tore through the public housing estate Wang Fuk Court in Tai Po, Hong Kong, on Wednesday afternoon, leaving at least 44 people dead and hundreds unaccounted for in what authorities say is the deadliest fire the city has seen in decades.
Rescue operations continued into the early hours of Thursday as firefighters struggled to reach residents trapped on upper floors.
([AP News][1])
The fire erupted around 2:50 p.m. local time, and within hours had engulfed seven of the estate’s eight 31-storey blocks, home to roughly 4,800 people.
The inferno was classified as a five-alarm fire, mobilising nearly 800 firefighters and 128 fire engines as authorities worked to contain the rapidly spreading flames.
([Reuters][2])
Police have arrested three men — two directors and an engineering consultant from the construction company responsible for recent renovation works — on suspicion of manslaughter.
Investigators believe highly flammable materials, including foam boards and bamboo scaffolding used during renovations, contributed to the speed and intensity of the blaze.
([AP News][1])
Among the dead is a firefighter, 37-year-old Ho Wai-ho, who lost his life battling the flames.
Dozens more are injured or in critical condition; at least 62 people were reported injured, and 279 remain missing pending contact, according to officials.
([AP News][1])
Hundreds of residents have been evacuated and are now sheltered in emergency shelters across Tai Po. Roads near the estate remain closed as fire and police crews continue clearing operations and debris removal amid ongoing safety concerns.
([Reuters][2])
The fire has reignited urgent debate over building safety standards in Hong Kong — particularly the use of bamboo scaffolding and combustible external renovation materials, which have been increasingly phased out but remain widespread across older housing estates.
The scale of the tragedy may prompt further regulatory scrutiny and accelerate the transition to safer renovation practices in the densely populated city.
([Reuters][2])
Rescue operations continued into the early hours of Thursday as firefighters struggled to reach residents trapped on upper floors.
([AP News][1])
The fire erupted around 2:50 p.m. local time, and within hours had engulfed seven of the estate’s eight 31-storey blocks, home to roughly 4,800 people.
The inferno was classified as a five-alarm fire, mobilising nearly 800 firefighters and 128 fire engines as authorities worked to contain the rapidly spreading flames.
([Reuters][2])
Police have arrested three men — two directors and an engineering consultant from the construction company responsible for recent renovation works — on suspicion of manslaughter.
Investigators believe highly flammable materials, including foam boards and bamboo scaffolding used during renovations, contributed to the speed and intensity of the blaze.
([AP News][1])
Among the dead is a firefighter, 37-year-old Ho Wai-ho, who lost his life battling the flames.
Dozens more are injured or in critical condition; at least 62 people were reported injured, and 279 remain missing pending contact, according to officials.
([AP News][1])
Hundreds of residents have been evacuated and are now sheltered in emergency shelters across Tai Po. Roads near the estate remain closed as fire and police crews continue clearing operations and debris removal amid ongoing safety concerns.
([Reuters][2])
The fire has reignited urgent debate over building safety standards in Hong Kong — particularly the use of bamboo scaffolding and combustible external renovation materials, which have been increasingly phased out but remain widespread across older housing estates.
The scale of the tragedy may prompt further regulatory scrutiny and accelerate the transition to safer renovation practices in the densely populated city.
([Reuters][2])
At only twenty-one, Arata Aunishiki has risen from refugee to one of Japan’s top sumo contenders, earning a historic tournament victory and a likely promotion to the sport’s second-highest rank.
He arrived in Japan with nothing, unable to speak the language but carrying a single, determined dream — to become a professional sumo wrestler.
At the age of twenty-one, with the support of a Japanese coach who took him in, Arata Aunishiki has climbed to the second-highest level in the sport.
And he has no intention of stopping.
“It doesn’t surprise me that I reached this point,” he said.
Aunishiki won the Kyushu Grand Tournament after defeating Mongolia’s grand champion Hoshoryu in a tiebreaker — one of only two wrestlers in Japan who currently hold sumo’s highest rank.
“I’m happy I managed to compete at my highest level,” he told viewers watching on television and the crowd inside Fukuoka Kokusai Center.
“And I’m happy I fulfilled one of my dreams”.
Following the victory, Japan’s Sumo Association will meet to promote him to the rank of Ozeki, just below Yokozuna, the grand champion.
His ascent has been meteoric, almost unprecedented — but that alone is not what makes his story remarkable.
Aunishiki was born twenty-one years ago in Vinnytsia, Ukraine, eight-thousand-five-hundred kilometers from where he celebrated his triumph.
Arata is his ring name; he was born Danilo Yavosyshyn.
Standing one-point-eight meters tall and weighing one-hundred-thirty kilograms, Yavosyshyn was not destined for muddy battlefields against Russian soldiers, but for the clean clay rings of sumo.
He and his family fled Ukraine after Russia’s violent invasion in February twenty-twenty-two.
They first escaped to Germany, but two months later he traveled alone to Japan to chase the dream he had carried since childhood.
He began practicing sumo at seven, became Ukraine’s national champion at seventeen, and competed in the Youth World Championships.
This was his path — no decree from Moscow was going to stop him.
He arrived in Japan with only a suitcase, no Japanese, and no financial support — a major hurdle in a country naturally cautious toward foreigners, especially in a national sport considered a source of deep pride.
Fortunately, he had met Japanese wrestler-coach Arata Yamanaka at the twenty-nineteen youth championships and stayed in touch.
“I had only met him once and didn’t speak a word of Japanese,” Yavosyshyn recalled.
“Still, he welcomed me warmly. If the situation were reversed, I’m not sure I would have agreed so easily”.
“I decided to host him and help him pursue his dream,” said Yamanaka, now twenty-five, who also trained him at a club in Kobe.
When Yavosyshyn entered the professional ranks in twenty-twenty-three, he became only the second Ukrainian in pro sumo, after Serhiy Sokolovsky, known in the ring as Shishi.
His recent tournament victory marked the first time a Ukrainian ever won a sumo competition in Japan.
By the time he won, Yavosyshyn — who adopted the ring name Arata as a tribute to his mentor — was already speaking fluent Japanese.
He dedicated the victory “to my big brother and my new family,” saying it was only the beginning of his journey.
At a press conference, he spoke of his longing for home and childhood friends, saying he has not returned to Ukraine since fleeing the war.
“I hope people in Ukraine can watch my matches or read about them so they can escape reality for a moment — or so I can give some hope to children and young people in a country where hope is hard to find right now”.
Although most professional wrestlers are Japanese, and others typically come from across Asia, Ukraine has a strong amateur tradition in sumo, rooted in the nation’s deep wrestling and judo culture.
The Japanese public embraced him warmly.
He learned the language, respected the culture, and honored the sport through discipline, talent, and fierce competitiveness.
His rapid rise is the fastest in modern sumo history — reaching the top division within a year and now approaching promotion to Ozeki.
Another reason the Japanese crowd admires him is the creativity of his fighting style.
His victories often come through inventive techniques.
He now begins a new chapter: the pursuit of becoming the first European in history to reach the rank of grand champion.
“I’ve always had the biggest dreams for how far I could go in sumo,” he said.
“I’m not surprised by where I am today, but I have to admit I surprised myself with how quickly it happened”.
“I don’t plan too far ahead. There’s a long road in front of me, with many difficult moments, and that’s the point. When you grow up in a place like Ukraine, you learn not to plan too far into the future. There are too many things you can’t control, and everything can turn upside down overnight”.
At the age of twenty-one, with the support of a Japanese coach who took him in, Arata Aunishiki has climbed to the second-highest level in the sport.
And he has no intention of stopping.
“It doesn’t surprise me that I reached this point,” he said.
Aunishiki won the Kyushu Grand Tournament after defeating Mongolia’s grand champion Hoshoryu in a tiebreaker — one of only two wrestlers in Japan who currently hold sumo’s highest rank.
“I’m happy I managed to compete at my highest level,” he told viewers watching on television and the crowd inside Fukuoka Kokusai Center.
“And I’m happy I fulfilled one of my dreams”.
Following the victory, Japan’s Sumo Association will meet to promote him to the rank of Ozeki, just below Yokozuna, the grand champion.
His ascent has been meteoric, almost unprecedented — but that alone is not what makes his story remarkable.
Aunishiki was born twenty-one years ago in Vinnytsia, Ukraine, eight-thousand-five-hundred kilometers from where he celebrated his triumph.
Arata is his ring name; he was born Danilo Yavosyshyn.
Standing one-point-eight meters tall and weighing one-hundred-thirty kilograms, Yavosyshyn was not destined for muddy battlefields against Russian soldiers, but for the clean clay rings of sumo.
He and his family fled Ukraine after Russia’s violent invasion in February twenty-twenty-two.
They first escaped to Germany, but two months later he traveled alone to Japan to chase the dream he had carried since childhood.
He began practicing sumo at seven, became Ukraine’s national champion at seventeen, and competed in the Youth World Championships.
This was his path — no decree from Moscow was going to stop him.
He arrived in Japan with only a suitcase, no Japanese, and no financial support — a major hurdle in a country naturally cautious toward foreigners, especially in a national sport considered a source of deep pride.
Fortunately, he had met Japanese wrestler-coach Arata Yamanaka at the twenty-nineteen youth championships and stayed in touch.
“I had only met him once and didn’t speak a word of Japanese,” Yavosyshyn recalled.
“Still, he welcomed me warmly. If the situation were reversed, I’m not sure I would have agreed so easily”.
“I decided to host him and help him pursue his dream,” said Yamanaka, now twenty-five, who also trained him at a club in Kobe.
When Yavosyshyn entered the professional ranks in twenty-twenty-three, he became only the second Ukrainian in pro sumo, after Serhiy Sokolovsky, known in the ring as Shishi.
His recent tournament victory marked the first time a Ukrainian ever won a sumo competition in Japan.
By the time he won, Yavosyshyn — who adopted the ring name Arata as a tribute to his mentor — was already speaking fluent Japanese.
He dedicated the victory “to my big brother and my new family,” saying it was only the beginning of his journey.
At a press conference, he spoke of his longing for home and childhood friends, saying he has not returned to Ukraine since fleeing the war.
“I hope people in Ukraine can watch my matches or read about them so they can escape reality for a moment — or so I can give some hope to children and young people in a country where hope is hard to find right now”.
Although most professional wrestlers are Japanese, and others typically come from across Asia, Ukraine has a strong amateur tradition in sumo, rooted in the nation’s deep wrestling and judo culture.
The Japanese public embraced him warmly.
He learned the language, respected the culture, and honored the sport through discipline, talent, and fierce competitiveness.
His rapid rise is the fastest in modern sumo history — reaching the top division within a year and now approaching promotion to Ozeki.
Another reason the Japanese crowd admires him is the creativity of his fighting style.
His victories often come through inventive techniques.
He now begins a new chapter: the pursuit of becoming the first European in history to reach the rank of grand champion.
“I’ve always had the biggest dreams for how far I could go in sumo,” he said.
“I’m not surprised by where I am today, but I have to admit I surprised myself with how quickly it happened”.
“I don’t plan too far ahead. There’s a long road in front of me, with many difficult moments, and that’s the point. When you grow up in a place like Ukraine, you learn not to plan too far into the future. There are too many things you can’t control, and everything can turn upside down overnight”.
Available listings show only a Japanese arts-and-crafts exhibition, not the full-scale festival described in the original report
A thorough review of publicly available event listings and cultural-venue calendars in Hong Kong reveals no trace of a festival under the name “A Journey into Japanese Craft Aesthetics” scheduled for PMQ in late December.
What does exist is a Japanese traditional-craft exhibition titled “Japanese Arts & Crafts Exhibition – Let’s the Crafts Bring Color to Your Life [Atelier DENSAN POP UP],” running from November 1 to December 31 at PMQ’s H401 gallery.
The existing exhibition features lacquerware, ceramics, textiles, metalwork, paper and wood crafts — typical artisan objects available for viewing and sale — but no public announcement mentions puppet theatre, martial-arts demonstrations, swordsmanship, or other performance-based activities described in the original story.
PMQ’s official “What’s On” listings show the arts-and-crafts exhibition alongside other design pop-ups, but no programme matching a 12-day Japanese-craft festival beginning December 24. The venue’s documented events for the period include design showcases, pop-up shops, and exhibitions — consistent with PMQ’s usual format as a creative-and-design hub rather than a theatre or festival centre.
Given the absence of tickets, promotional materials, media coverage, or listing in trusted public calendars, there is no verifiable evidence to substantiate that a private festival combining traditional Japanese puppet theatre, martial arts, and crafts demonstrations will take place at PMQ, as described in the source item.
As it stands, the only confirmed Japanese-craft event at PMQ is a standard exhibition, not a multi-artform festival.
What does exist is a Japanese traditional-craft exhibition titled “Japanese Arts & Crafts Exhibition – Let’s the Crafts Bring Color to Your Life [Atelier DENSAN POP UP],” running from November 1 to December 31 at PMQ’s H401 gallery.
The existing exhibition features lacquerware, ceramics, textiles, metalwork, paper and wood crafts — typical artisan objects available for viewing and sale — but no public announcement mentions puppet theatre, martial-arts demonstrations, swordsmanship, or other performance-based activities described in the original story.
PMQ’s official “What’s On” listings show the arts-and-crafts exhibition alongside other design pop-ups, but no programme matching a 12-day Japanese-craft festival beginning December 24. The venue’s documented events for the period include design showcases, pop-up shops, and exhibitions — consistent with PMQ’s usual format as a creative-and-design hub rather than a theatre or festival centre.
Given the absence of tickets, promotional materials, media coverage, or listing in trusted public calendars, there is no verifiable evidence to substantiate that a private festival combining traditional Japanese puppet theatre, martial arts, and crafts demonstrations will take place at PMQ, as described in the source item.
As it stands, the only confirmed Japanese-craft event at PMQ is a standard exhibition, not a multi-artform festival.
Hong Kong’s Water Supplies Department vows to restore supply in Kai Hang Tun by end of week after residents go without water since Nov. 14
Residents of Kai Hang Tun village in Hong Kong’s Sai Kung district have endured more than ten days without a stable fresh-water supply, amid a leak in the village’s supply mains.
The outage began on November 14 and, as of Wednesday, remained unresolved.
The city’s Water Supplies Department (WSD) has attributed the disruption to weakened water pressure caused by a leak in the mains network supplying eight village houses and several temporary structures.
WSD said that 60 percent of the affected water mains have already been replaced, and pledged to complete repairs by the end of the week.
Once works are finalised, the department expects normal supply pressure to resume.
In its response, the WSD acknowledged the hardship faced by villagers and stated it would “expedite the works to restore normal supply pressure as early as possible.” The repair effort involves replacing and re-pressurising the relevant section of mains to ensure stable delivery of fresh water.
The disruption comes at a time when Hong Kong’s broader water-supply network is under increased scrutiny, following recent incidents of contaminated water supplies and ongoing leak-prevention efforts across the territory.
Experts have noted that water loss through leaks remains a long-standing challenge, prompting calls for greater investment in infrastructure maintenance and upgrades.
For now, villagers in Kai Hang Tun continue to rely on temporary water arrangements until the WSD completes its remedial work.
The department’s commitment to restore normal supply by November 30 offers hope that the prolonged outage will soon come to an end.
The outage began on November 14 and, as of Wednesday, remained unresolved.
The city’s Water Supplies Department (WSD) has attributed the disruption to weakened water pressure caused by a leak in the mains network supplying eight village houses and several temporary structures.
WSD said that 60 percent of the affected water mains have already been replaced, and pledged to complete repairs by the end of the week.
Once works are finalised, the department expects normal supply pressure to resume.
In its response, the WSD acknowledged the hardship faced by villagers and stated it would “expedite the works to restore normal supply pressure as early as possible.” The repair effort involves replacing and re-pressurising the relevant section of mains to ensure stable delivery of fresh water.
The disruption comes at a time when Hong Kong’s broader water-supply network is under increased scrutiny, following recent incidents of contaminated water supplies and ongoing leak-prevention efforts across the territory.
Experts have noted that water loss through leaks remains a long-standing challenge, prompting calls for greater investment in infrastructure maintenance and upgrades.
For now, villagers in Kai Hang Tun continue to rely on temporary water arrangements until the WSD completes its remedial work.
The department’s commitment to restore normal supply by November 30 offers hope that the prolonged outage will soon come to an end.
Home-grown AI chatbot attracts around 90,000 users in its first week, raising expectations for local-language smart services
Hong Kong’s first locally developed artificial-intelligence chatbot, HKChat — known in Chinese as “港話通” — has drawn around 90,000 users in its debut week, positioning itself as a serious contender in the city’s emerging AI ecosystem.
The app, which officially launched in mid-November 2025, aims to provide Hong Kong residents with an AI-powered assistant tailored to local life.
([Wikipedia][1])
Built upon the locally developed large-language model HKGAI V1, HKChat supports Cantonese, Mandarin and English, enabling users to ask questions and receive responses in mixed-language Cantonese/English or Mandarin — a design intended to fit Hong Kong’s linguistic diversity.
It draws on local knowledge bases and government open data to deliver real-time information such as bus arrival times, weather updates, legal guidance, public transport routes and more.
([香港生成式人工智能研發中心（HKGAI）][2])
In the first days after launch, HKChat topped the free-app charts on Apple’s Hong Kong App Store, reflecting strong public interest.
([App Store][3]) The platform is operated by HKChat OmniServe Limited, which describes it as an AI “local assistant” built to serve everyday needs — not only as an information tool, but as an AI companion for residents.
([hkchat.org][4])
Officials involved in the project emphasise that HKChat is more than a novelty: it reflects a broader push to reposition Hong Kong as a technology hub.
The city’s authorities have supported development of the HKGAI model and encouraged adoption of generative-AI tools for public-service applications.
HKChat marks perhaps the first major step in bringing home-grown large-language-model technology to everyday users in Hong Kong.
([Dimsum Daily][5])
The initial user response underscores substantial demand for a Cantonese-friendly, locally grounded AI assistant — particularly one that understands the city’s language and context better than global alternatives.
As HKChat enters a trial phase, developers plan to refine the system with user feedback, aiming to improve reliability, deepen integration with local services, and expand its capabilities beyond basic information queries.
([香港 unwire.hk 玩生活．樂科技][6])
The success of HKChat so far highlights a growing appetite in Hong Kong for AI tools that reflect local realities — and may mark the beginning of a shift in how residents access public-service information, transport updates, and everyday advice, using a digital assistant built right for the city.
The app, which officially launched in mid-November 2025, aims to provide Hong Kong residents with an AI-powered assistant tailored to local life.
([Wikipedia][1])
Built upon the locally developed large-language model HKGAI V1, HKChat supports Cantonese, Mandarin and English, enabling users to ask questions and receive responses in mixed-language Cantonese/English or Mandarin — a design intended to fit Hong Kong’s linguistic diversity.
It draws on local knowledge bases and government open data to deliver real-time information such as bus arrival times, weather updates, legal guidance, public transport routes and more.
([香港生成式人工智能研發中心（HKGAI）][2])
In the first days after launch, HKChat topped the free-app charts on Apple’s Hong Kong App Store, reflecting strong public interest.
([App Store][3]) The platform is operated by HKChat OmniServe Limited, which describes it as an AI “local assistant” built to serve everyday needs — not only as an information tool, but as an AI companion for residents.
([hkchat.org][4])
Officials involved in the project emphasise that HKChat is more than a novelty: it reflects a broader push to reposition Hong Kong as a technology hub.
The city’s authorities have supported development of the HKGAI model and encouraged adoption of generative-AI tools for public-service applications.
HKChat marks perhaps the first major step in bringing home-grown large-language-model technology to everyday users in Hong Kong.
([Dimsum Daily][5])
The initial user response underscores substantial demand for a Cantonese-friendly, locally grounded AI assistant — particularly one that understands the city’s language and context better than global alternatives.
As HKChat enters a trial phase, developers plan to refine the system with user feedback, aiming to improve reliability, deepen integration with local services, and expand its capabilities beyond basic information queries.
([香港 unwire.hk 玩生活．樂科技][6])
The success of HKChat so far highlights a growing appetite in Hong Kong for AI tools that reflect local realities — and may mark the beginning of a shift in how residents access public-service information, transport updates, and everyday advice, using a digital assistant built right for the city.
Players donned costumes and rallied to support Operation Santa Claus, with funds still rising toward a HK$500,000 goal
Squash players in whimsical costumes helped raise HK$390,000 at the 27th edition of the Wing Ding Squash Charity Tournament — held at the courts of Hong Kong Football Club (HKFC) — to benefit Operation Santa Claus (OSC), the citywide annual fundraising drive.
The event, which brings together players of all ages and abilities, aims to reach a target of HK$500,000 for the campaign’s social-welfare projects.
Organisers report that 182 participants, forming 14 teams, took part in the fun, non-stop squash competition, with ages ranging from eight to eighty.
Players traded conventional squash attire for colourful costumes — including a life-size shark outfit, Santa Claus suits and a Ronald McDonald — combining athletic play with festive spirit.
Unlike typical squash matches, the Wing Ding format prioritises total point accumulation rather than games or sets.
Each session lasts three minutes, followed by a horn signalling a move to the next court.
Players continue rotating through opponents for the duration of the tournament.
In addition to rally points, teams can earn up to forty bonus points for creativity and difficulty of costumes, adding a playful edge to the competition.
All proceeds from team entry fees, donations and a lucky draw are directed to OSC.
Past editions have raised similar amounts — the 26th Wing Ding in 2024 delivered over HK$339,000 — highlighting the event’s consistency in supporting charity through sport.
According to organisers, the Wing Ding tournament remains a vibrant example of how sports and community leadership can come together to support vulnerable populations across Hong Kong.
With further donations expected, the final amount raised may exceed the current total and help fund multiple social-impact projects this year.
The event, which brings together players of all ages and abilities, aims to reach a target of HK$500,000 for the campaign’s social-welfare projects.
Organisers report that 182 participants, forming 14 teams, took part in the fun, non-stop squash competition, with ages ranging from eight to eighty.
Players traded conventional squash attire for colourful costumes — including a life-size shark outfit, Santa Claus suits and a Ronald McDonald — combining athletic play with festive spirit.
Unlike typical squash matches, the Wing Ding format prioritises total point accumulation rather than games or sets.
Each session lasts three minutes, followed by a horn signalling a move to the next court.
Players continue rotating through opponents for the duration of the tournament.
In addition to rally points, teams can earn up to forty bonus points for creativity and difficulty of costumes, adding a playful edge to the competition.
All proceeds from team entry fees, donations and a lucky draw are directed to OSC.
Past editions have raised similar amounts — the 26th Wing Ding in 2024 delivered over HK$339,000 — highlighting the event’s consistency in supporting charity through sport.
According to organisers, the Wing Ding tournament remains a vibrant example of how sports and community leadership can come together to support vulnerable populations across Hong Kong.
With further donations expected, the final amount raised may exceed the current total and help fund multiple social-impact projects this year.
Stablecoins offer a workaround to sanctions and banking restrictions, letting Chinese firms access foreign markets despite currency and capital-control constraints
Some Chinese exporters are increasingly turning to U.S. dollar-backed stablecoins to settle overseas trade — a shift that allows them to bypass regulatory hurdles, evade banking restrictions, and access foreign demand when traditional dollar payments are blocked.
Experts describe the trend as a growing adaptation to a changing global financial landscape dominated by digital assets.
According to recent analysis by researchers including Zou Chuanwei of the Jiangsu Jinke Research Institute, overseas buyers sometimes cannot pay via traditional U.S. dollar bank transfers due to sanctions, foreign exchange controls, or banking restrictions.
In those cases, buyers are offered the option to pay using dollar-pegged stablecoins (such as USDT or USDC).
Those coins are then converted onshore into yuan by licensed payment agencies, ensuring exporters still receive local currency without relying on cross-border banking.
In other instances, Chinese companies barred from direct dollar payments — perhaps due to sanction-related restrictions — can still complete transactions by routing payments through third-party intermediaries: stablecoin payment agencies send the coins to a licensed virtual-asset exchange (for example in Hong Kong), where they are converted into U.S. dollars or Hong Kong dollars before funds reach the exporter.
The exporter’s experience resembles a conventional trade deal, though the funds flow through a digital-asset intermediary rather than a bank.
Supporters argue that stablecoins offer significant practical benefits: they enable near-instantaneous cross-border settlement, lower transaction costs, and avoid delays that may arise from banking channel restrictions or sanctions.
For exporters facing uncertainty over foreign buyers’ access to U.S. dollar bank transfers, stablecoins provide a viable — and increasingly attractive — alternative.
But the growing use of dollar-backed stablecoins also raises strategic and political concerns for Beijing.
Senior Chinese financial figures have warned that widespread adoption of such tokens could further entrench U.S. dollar dominance and erode Chinese monetary sovereignty.
China’s central bank and policymakers view stablecoins as potentially threatening their control over capital flows and financial regulation.
As a response, Beijing is reportedly exploring infrastructure for yuan-pegged stablecoins, particularly offshore via hubs like Hong Kong, to counterbalance the influence of dollar-linked tokens.
At the same time, the rise of stablecoin-based trade settlement underlines broader global shifts: digital asset frameworks, tighter financial regulations, and increasingly fragmented trade relations are reshaping how goods and money move across borders.
For Chinese exporters navigating a complex geopolitical and regulatory environment, stablecoins are emerging as both a shield and a strategic tool.
Experts describe the trend as a growing adaptation to a changing global financial landscape dominated by digital assets.
According to recent analysis by researchers including Zou Chuanwei of the Jiangsu Jinke Research Institute, overseas buyers sometimes cannot pay via traditional U.S. dollar bank transfers due to sanctions, foreign exchange controls, or banking restrictions.
In those cases, buyers are offered the option to pay using dollar-pegged stablecoins (such as USDT or USDC).
Those coins are then converted onshore into yuan by licensed payment agencies, ensuring exporters still receive local currency without relying on cross-border banking.
In other instances, Chinese companies barred from direct dollar payments — perhaps due to sanction-related restrictions — can still complete transactions by routing payments through third-party intermediaries: stablecoin payment agencies send the coins to a licensed virtual-asset exchange (for example in Hong Kong), where they are converted into U.S. dollars or Hong Kong dollars before funds reach the exporter.
The exporter’s experience resembles a conventional trade deal, though the funds flow through a digital-asset intermediary rather than a bank.
Supporters argue that stablecoins offer significant practical benefits: they enable near-instantaneous cross-border settlement, lower transaction costs, and avoid delays that may arise from banking channel restrictions or sanctions.
For exporters facing uncertainty over foreign buyers’ access to U.S. dollar bank transfers, stablecoins provide a viable — and increasingly attractive — alternative.
But the growing use of dollar-backed stablecoins also raises strategic and political concerns for Beijing.
Senior Chinese financial figures have warned that widespread adoption of such tokens could further entrench U.S. dollar dominance and erode Chinese monetary sovereignty.
China’s central bank and policymakers view stablecoins as potentially threatening their control over capital flows and financial regulation.
As a response, Beijing is reportedly exploring infrastructure for yuan-pegged stablecoins, particularly offshore via hubs like Hong Kong, to counterbalance the influence of dollar-linked tokens.
At the same time, the rise of stablecoin-based trade settlement underlines broader global shifts: digital asset frameworks, tighter financial regulations, and increasingly fragmented trade relations are reshaping how goods and money move across borders.
For Chinese exporters navigating a complex geopolitical and regulatory environment, stablecoins are emerging as both a shield and a strategic tool.
PBOC’s firm midpoint, yuan rally and weak dollar fuel speculation on further yuan appreciation
The People's Bank of China (PBOC) has established the yuan’s daily reference rate, or “fix,” at 7.0796 per US dollar — the strongest level since October 2024 — signalling clear support for the Chinese currency as markets prepare for potential U.S. rate cuts. ([People's Bank of China][1])
The firm fixing comes after the offshore yuan briefly touched 7.0794 on Tuesday, an intraday high matching the on-shore midpoint. By midday Wednesday, the offshore rate strengthened further to around 7.078. ([Google][2])
Economists say this could mark the beginning of a gradual but sustained yuan appreciation cycle — especially if the Federal Reserve (Fed) lowers U.S. interest rates as expected at its December meeting. “In the absence of tangible improvements in China’s macro fundamentals, I tend to see this as a recognition of its geopolitical power,” said one senior economist. The combination of a firmer yuan fix and a weakening dollar could push the renminbi even higher. ([Reuters][3])
Analysts highlight that the strengthened fix and recent state-backed dollar-buying operations by Chinese banks signal a deliberate policy choice, not a market-driven move. This echoes previous episodes when China used exchange-rate management to stabilise the yuan under volatile global conditions. ([Reuters][3])
Despite sluggish domestic economic growth, depressed interest rates and persistent global uncertainty, the yuan looks increasingly attractive to international investors. Daily turnover in the USD/CNY pair has risen roughly 60 percent since 2022, reflecting growing global interest in the currency. ([Reuters][3])
The market now watches closely whether upcoming U.S. monetary policy moves — especially a potential Fed rate cut — will accelerate yuan gains, and if China will maintain its strong guidance amid capital-flow pressures. For the time being, the stronger fix suggests Chinese authorities are confident in the yuan’s rising status in global finance.
COFCO-owned Joy City ends 12-year HKEX stint via HK$2.9 billion buy-back, reflecting deepening shake-up in China’s commercial real estate market
After twelve years on the Hong Kong Stock Exchange, Joy City Property Limited will delist on November 27, 2025, following its recently approved share-buyback and privatisation plan.
The move marks the company’s exit from public markets as China’s real-estate sector undergoes broad consolidation and restructuring.
Under the privatisation deal, Joy City will repurchase about 4.73 billion shares at HK$0.62 per share — roughly a 67.5 percent premium over the pre-suspension market price — at a total cost of approximately HK$2.93 billion.
Once completed, the company will become nearly wholly owned by its parent COFCO Corporation via its real-estate arm.
Joy City cited persistently low trading liquidity and the inability to raise capital through its public listing as key reasons for the move.
The company’s complex governance structure and challenging financing environment in the commercial property sector have made its Hong Kong listing increasingly unattractive.
Industry analysts say Joy City’s case may foreshadow a wave of similar exits over the next two to three years as developers contend with weaker demand, tighter financing, and a broader shake-out in commercial real estate.
The shift away from public listings to private ownership reflects a strategic recalibration for companies seeking operational flexibility and reduced compliance burdens amid market headwinds.
Joy City’s delisting encapsulates the challenges confronting China’s broader property space — from falling consumer and investor confidence to shrinking funding channels — while underscoring a trend toward consolidation led by state-linked entities aiming to stabilise control and restructure legacy assets.
The company’s transformation into a private subsidiary suggests a new phase of real-estate business model evolution under changing economic conditions.
With Hong Kong’s capital markets losing a long-time commercial real-estate name, attention will turn to how remaining developers adapt — and whether new funding models like private real-estate investment trusts or asset sales will shape the sector’s next chapter.
The move marks the company’s exit from public markets as China’s real-estate sector undergoes broad consolidation and restructuring.
Under the privatisation deal, Joy City will repurchase about 4.73 billion shares at HK$0.62 per share — roughly a 67.5 percent premium over the pre-suspension market price — at a total cost of approximately HK$2.93 billion.
Once completed, the company will become nearly wholly owned by its parent COFCO Corporation via its real-estate arm.
Joy City cited persistently low trading liquidity and the inability to raise capital through its public listing as key reasons for the move.
The company’s complex governance structure and challenging financing environment in the commercial property sector have made its Hong Kong listing increasingly unattractive.
Industry analysts say Joy City’s case may foreshadow a wave of similar exits over the next two to three years as developers contend with weaker demand, tighter financing, and a broader shake-out in commercial real estate.
The shift away from public listings to private ownership reflects a strategic recalibration for companies seeking operational flexibility and reduced compliance burdens amid market headwinds.
Joy City’s delisting encapsulates the challenges confronting China’s broader property space — from falling consumer and investor confidence to shrinking funding channels — while underscoring a trend toward consolidation led by state-linked entities aiming to stabilise control and restructure legacy assets.
The company’s transformation into a private subsidiary suggests a new phase of real-estate business model evolution under changing economic conditions.
With Hong Kong’s capital markets losing a long-time commercial real-estate name, attention will turn to how remaining developers adapt — and whether new funding models like private real-estate investment trusts or asset sales will shape the sector’s next chapter.
New mission aims to deliver first continuous surveillance of lunar impacts ahead of China’s planned Moon base
Hong Kong’s Special Administrative Region will soon take a leading role in lunar safety research with the development of a dedicated orbiter mission named Yueshan — meaning “moon flashes.” Set for launch in 2028, Yueshan is designed to monitor meteoroid strikes on the Moon’s surface, a hazard that poses a serious risk to any future lunar infrastructure or crewed habitats.
The project was confirmed recently by University of Hong Kong (HKU)’s Laboratory for Space Research, signalling a step-up in Hong Kong’s contribution to China’s broader lunar programme.
([CGTN News][1]) Lunar impacts — dubbed “moon flashes” or transient lunar phenomena — occur when meteoroids collide with the airless lunar surface at high speed, producing brief but intense bursts of light.
Without atmospheric cushioning, even small rocks can hit with enough energy to damage surface structures.
Yueshan aims to provide the first long-duration, systematic tracking of such events, filling a critical observational gap ahead of planned lunar habitation.
([CGTN News][1]) The Yueshan orbiter’s optical telescope will be built entirely in Hong Kong, marking a milestone for the city’s aerospace and engineering community.
Manufacturing, testing and integration will draw on partnerships across mainland China and other institutions, while a launch vehicle is expected to be provided through collaboration with Chinese space agencies.
([CGTN News][1]) Yueshan is part of a broader surge in Hong Kong’s engagement in lunar and deep-space exploration.
In 2025 the city established the Hong Kong Space Robotics and Energy Centre under the InnoHK research clusters, which is leading development of a multifunctional lunar surface robot in collaboration with the Chang'e 8 mission.
That robotic vehicle, along with Yueshan’s impact-monitoring capabilities, underscores Hong Kong’s ambition to play a significant role in China’s evolving lunar infrastructure scheme.
([spacedaily.com][2]) Yueshan will not operate in isolation.
Its mission complements concurrent global efforts such as the LUMIO (Lunar Meteoroid Impact Observer) CubeSat from the European Space Agency, which aims to detect impact flashes on the Moon’s far side from a halo orbit around the Earth–Moon L2 point.
That mission is expected to launch as early as 2027. Scientists say combining datasets from multiple vantage points will improve understanding of meteoroid flux, impact frequency and spatial distribution across the lunar surface.
([European Space Agency][3]) As nations plan long-term lunar bases and sustained human presence on the Moon, missions like Yueshan are increasingly vital.
By delivering high-resolution data on how and when the Moon is struck by meteoroids, Hong Kong is positioning itself at the forefront of lunar safety research — a foundational step for future exploration and settlement beyond Earth.
The project was confirmed recently by University of Hong Kong (HKU)’s Laboratory for Space Research, signalling a step-up in Hong Kong’s contribution to China’s broader lunar programme.
([CGTN News][1]) Lunar impacts — dubbed “moon flashes” or transient lunar phenomena — occur when meteoroids collide with the airless lunar surface at high speed, producing brief but intense bursts of light.
Without atmospheric cushioning, even small rocks can hit with enough energy to damage surface structures.
Yueshan aims to provide the first long-duration, systematic tracking of such events, filling a critical observational gap ahead of planned lunar habitation.
([CGTN News][1]) The Yueshan orbiter’s optical telescope will be built entirely in Hong Kong, marking a milestone for the city’s aerospace and engineering community.
Manufacturing, testing and integration will draw on partnerships across mainland China and other institutions, while a launch vehicle is expected to be provided through collaboration with Chinese space agencies.
([CGTN News][1]) Yueshan is part of a broader surge in Hong Kong’s engagement in lunar and deep-space exploration.
In 2025 the city established the Hong Kong Space Robotics and Energy Centre under the InnoHK research clusters, which is leading development of a multifunctional lunar surface robot in collaboration with the Chang'e 8 mission.
That robotic vehicle, along with Yueshan’s impact-monitoring capabilities, underscores Hong Kong’s ambition to play a significant role in China’s evolving lunar infrastructure scheme.
([spacedaily.com][2]) Yueshan will not operate in isolation.
Its mission complements concurrent global efforts such as the LUMIO (Lunar Meteoroid Impact Observer) CubeSat from the European Space Agency, which aims to detect impact flashes on the Moon’s far side from a halo orbit around the Earth–Moon L2 point.
That mission is expected to launch as early as 2027. Scientists say combining datasets from multiple vantage points will improve understanding of meteoroid flux, impact frequency and spatial distribution across the lunar surface.
([European Space Agency][3]) As nations plan long-term lunar bases and sustained human presence on the Moon, missions like Yueshan are increasingly vital.
By delivering high-resolution data on how and when the Moon is struck by meteoroids, Hong Kong is positioning itself at the forefront of lunar safety research — a foundational step for future exploration and settlement beyond Earth.
After his coup-plot conviction became final, Brazil’s former president began serving his 27-year sentence amid divided public reaction and calls for clemency from supporters.
Former President Jair Bolsonaro of Brazil began serving his 27-year prison sentence yesterday, after his appeal was rejected and authorities confirmed his detention following an alleged attempt to remove his electronic ankle monitor.
The decision followed his conviction for planning a coup to remain in power after losing the 2022 election to Luiz Inácio Lula da Silva.
President Lula addressed the nation, saying Brazil had “given the world a lesson in democracy”.
He noted that never before in the country's history had a former president been sent to prison for plotting an armed coup.
The verdict marks a watershed moment — a formal assertion that democratic institutions take primacy over personal ambitions.
Bolsonaro, seventy years old, had been under house arrest since August.
On Saturday, authorities arrested him after he attempted to tamper with the ankle monitor — reportedly using a soldering iron.
He later told a judge the act resulted from a “psychotic episode,” induced by medication, claiming he believed the ankle tag was bugged.
A four-judge panel of the top court unanimously voted to keep him in custody, citing a clear risk of flight.
The original sentence, handed down in September, found Bolsonaro guilty on multiple counts including leading an armed criminal organisation, violent efforts to dismantle the democratic rule of law and a broader plot that included plans to eliminate top officials.
It was the first time in Brazil’s modern history that a former president received such a sentence on coup-related charges.
Supporters of Bolsonaro gathered outside the headquarters of the Federal Police in Brasília chanting for clemency, while others poured champagne and celebrated what they called “justice served”.
Some urged Congress to pass a pardon law; others insulted presiding Judge Alexandre de Moraes.
In preparing for prison, officials say Bolsonaro will be held in a private cell of roughly twelve square meters, with access to a bed, private bathroom, air conditioning, television and a writing desk.
He will have access to his doctors and lawyers, though any visit from outsiders will require special court approval.
His legal team has already announced plans to appeal again, arguing his fragile health — including ongoing effects from a 2018 stabbing and subsequent surgeries — merits house arrest rather than incarceration.
As of now, however, the Supreme Court appears resolute: the rule of law must prevail.
This moment underscores a deeper truth: in a world where public power and political myths too often eclipse institutions, Brazil has, for now, reaffirmed that no leader lies above the law.
Democracy, it seems, can still assert its authority — even at the highest level of governance.
The musician describes fifteen months of declining eyesight after a sudden eye infection, praising medical progress and the support surrounding him.
Elton John has spoken openly about the sharp deterioration in his eyesight, describing a year marked by physical strain, emotional adjustment, and a quiet determination to remain hopeful.
In an interview with Variety, the seventy-eight-year-old artist explained that a severe eye infection contracted during a holiday in France in the summer of twenty-twenty-four left him completely blind in his right eye and significantly weakened the vision in his left.
The experience, which he called “devastating,” forced him to confront the daily realities of partial blindness: he could not read, watch performances, or even fully see his own children.
Yet throughout the fifteen-month ordeal, Elton John has insisted on protecting both optimism and perspective.
He noted that his decades of work with his AIDS foundation often remind him how quickly self-pity evaporates when viewed alongside the struggles faced by others.
He stressed that medical science is advancing rapidly, and he believes that future treatments may eventually help restore the remaining function in his left eye.
His husband, David Furnish, said doctors are already observing slight improvement and that researchers worldwide have reached out because retinal injury remains a frontier where breakthroughs are emerging at a remarkable pace.
Despite the decline in eyesight, music continues to anchor John’s daily life.
He still plays, sings, and even returned to the stage recently for a performance with his band at the Singapore Grand Prix.
Social connection has also helped sustain him: Paul McCartney regularly checks on him through video calls, while musicians such as Pete Townshend, Mick Jagger, and Keith Richards send frequent messages of affection and support.
John joked that although he can no longer clearly see large concerts, he still managed to give Brandi Carlile lighting notes during one of her shows.
He now uses a screen with oversized text to read what little his left eye allows, driven partly by his love of following weekly music charts.
Walking through large venues, however, has become difficult, and he admits he can no longer fully take in live performances.
Even so, he returns again and again to a note of gratitude—toward his family, his friends, and the life he has lived.
In his words, he has had “an amazing life,” and while his vision may have dimmed, his sense of hope has not.
In an interview with Variety, the seventy-eight-year-old artist explained that a severe eye infection contracted during a holiday in France in the summer of twenty-twenty-four left him completely blind in his right eye and significantly weakened the vision in his left.
The experience, which he called “devastating,” forced him to confront the daily realities of partial blindness: he could not read, watch performances, or even fully see his own children.
Yet throughout the fifteen-month ordeal, Elton John has insisted on protecting both optimism and perspective.
He noted that his decades of work with his AIDS foundation often remind him how quickly self-pity evaporates when viewed alongside the struggles faced by others.
He stressed that medical science is advancing rapidly, and he believes that future treatments may eventually help restore the remaining function in his left eye.
His husband, David Furnish, said doctors are already observing slight improvement and that researchers worldwide have reached out because retinal injury remains a frontier where breakthroughs are emerging at a remarkable pace.
Despite the decline in eyesight, music continues to anchor John’s daily life.
He still plays, sings, and even returned to the stage recently for a performance with his band at the Singapore Grand Prix.
Social connection has also helped sustain him: Paul McCartney regularly checks on him through video calls, while musicians such as Pete Townshend, Mick Jagger, and Keith Richards send frequent messages of affection and support.
John joked that although he can no longer clearly see large concerts, he still managed to give Brandi Carlile lighting notes during one of her shows.
He now uses a screen with oversized text to read what little his left eye allows, driven partly by his love of following weekly music charts.
Walking through large venues, however, has become difficult, and he admits he can no longer fully take in live performances.
Even so, he returns again and again to a note of gratitude—toward his family, his friends, and the life he has lived.
In his words, he has had “an amazing life,” and while his vision may have dimmed, his sense of hope has not.
Hong Kong International Airport and Dongguan manufacturing region to be directly linked in an innovative cargo-handling park overseen by AECOM
AECOM has been selected as lead consultant for Phase 1 of the HKIA Dongguan Logistics Park, a pioneer sea-air intermodal transshipment facility connecting Hong Kong International Airport and the manufacturing hub of Dongguan in China’s Greater Bay Area.
The development was announced on 25 November 2025 by the airport’s developer and joint-venture partner, underscoring the project’s role in strengthening the cargo ecosystem between Hong Kong and mainland China.
The inaugural phase includes an air-cargo terminal complex, an adjacent barge terminal, freight-forwarder warehouses and highly automated facilities fitted with intelligent-guided vehicles and custom containers.
Export cargo will be security-screened and palletised in Dongguan, then shipped by dedicated vessel directly to the airside of Hong Kong International Airport for onward global air-lift.
This streamlined model is described as the world’s first sea-air intermodal hub built to such a specification.
According to the project website, the facility will eventually handle up to one million tonnes of cargo annually, positioning the airport as a major gateway for Asia-Pacific manufacturing flows.
In earlier announcements, the joint-venture between the Airport Authority Hong Kong and Dongguan Port Group projected savings of up to fifty per cent of costs and one-third of processing time compared with conventional multi-modal exports.
The full Phase 1 footprint spans approximately twenty hectares.
AECOM’s Asia regional chief executive, Ian Chung, said the company would leverage its expertise in complex logistics-infrastructure delivery and apply advanced automation and digital-technology systems to raise efficiency and resilience in trade flows.
The contract covers design, procurement and construction management of all major structural and systems components.
The development reflects Hong Kong’s wider strategic vision of anchoring its airport as a “double gateway” for the Greater Bay Area and connecting regional manufacturing with global aviation.
It also aligns with China’s emphasis on the Greater Bay Area logistics network as a trade corridor.
As manufacturing centres like Dongguan seek faster access to global airfreight markets, the hub aims to enhance cross-border supply-chain integration and reinforce Hong Kong’s logistics leadership.
Work on the permanent facility is expected to proceed through the remainder of the decade.
Subsequent phases may expand to accommodate cold-chain, e-commerce fulfilment and high-value cargo flows.
For now, the asset marks a significant step in redefining the logistics architecture between Hong Kong and the mainland’s manufacturing belt.
The development was announced on 25 November 2025 by the airport’s developer and joint-venture partner, underscoring the project’s role in strengthening the cargo ecosystem between Hong Kong and mainland China.
The inaugural phase includes an air-cargo terminal complex, an adjacent barge terminal, freight-forwarder warehouses and highly automated facilities fitted with intelligent-guided vehicles and custom containers.
Export cargo will be security-screened and palletised in Dongguan, then shipped by dedicated vessel directly to the airside of Hong Kong International Airport for onward global air-lift.
This streamlined model is described as the world’s first sea-air intermodal hub built to such a specification.
According to the project website, the facility will eventually handle up to one million tonnes of cargo annually, positioning the airport as a major gateway for Asia-Pacific manufacturing flows.
In earlier announcements, the joint-venture between the Airport Authority Hong Kong and Dongguan Port Group projected savings of up to fifty per cent of costs and one-third of processing time compared with conventional multi-modal exports.
The full Phase 1 footprint spans approximately twenty hectares.
AECOM’s Asia regional chief executive, Ian Chung, said the company would leverage its expertise in complex logistics-infrastructure delivery and apply advanced automation and digital-technology systems to raise efficiency and resilience in trade flows.
The contract covers design, procurement and construction management of all major structural and systems components.
The development reflects Hong Kong’s wider strategic vision of anchoring its airport as a “double gateway” for the Greater Bay Area and connecting regional manufacturing with global aviation.
It also aligns with China’s emphasis on the Greater Bay Area logistics network as a trade corridor.
As manufacturing centres like Dongguan seek faster access to global airfreight markets, the hub aims to enhance cross-border supply-chain integration and reinforce Hong Kong’s logistics leadership.
Work on the permanent facility is expected to proceed through the remainder of the decade.
Subsequent phases may expand to accommodate cold-chain, e-commerce fulfilment and high-value cargo flows.
For now, the asset marks a significant step in redefining the logistics architecture between Hong Kong and the mainland’s manufacturing belt.
Hong Kong suspends a youth exchange programme with Japan in support of China’s stance after Tokyo remarks on Taiwan
Hong Kong’s government has announced the withdrawal of its delegation from the Japan-East Asia Network of Exchange for Students and Youths (JENESYS) programme, citing safety concerns for Hong Kong teachers and students amid escalating tensions between Beijing and Tokyo.
The group of eighteen teachers and students was scheduled to visit Japan from 7 to 13 December but will no longer participate.
The decision follows remarks on 7 November by Japanese Prime Minister Sanae Takaichi hinting at the possibility of Japanese military involvement in the event of a Chinese attack on Taiwan.
Hong Kong’s Chief Executive John Lee Ka‑chiu publicly stated that the remarks had “significantly deteriorated the atmosphere for Sino-Japanese exchanges” and affirmed Hong Kong’s alignment with the central government’s diplomatic position.
The Hong Kong Education Bureau explained the withdrawal by pointing to a perceived rise in attacks against Chinese nationals in Japan, although Japanese authorities say there is no evidence of an increase.
Separately, Hong Kong’s Security Bureau revised the travel advisory for Japan on 15 November, encouraging residents to remain vigilant.
While economic ties remain intact — Hong Kong continues to be one of Japan’s largest importers of agricultural and food goods and bilateral travel flows remain substantial — the cultural and educational dimensions of the relationship are now under strain.
Analysts suggest that people-to-people exchanges are being used as a tool in diplomatic alignment and that Hong Kong’s decision may reflect Beijing’s broader effort to close ranks on Taiwan-related strategy.
Hong Kong’s withdrawal illustrates how education and youth-mobility mechanisms can be affected by geopolitical currents.
It also underscores the increasingly active role the Special Administrative Region plays in supporting the diplomatic posture of the central government, even in matters traditionally considered non-political.
The group of eighteen teachers and students was scheduled to visit Japan from 7 to 13 December but will no longer participate.
The decision follows remarks on 7 November by Japanese Prime Minister Sanae Takaichi hinting at the possibility of Japanese military involvement in the event of a Chinese attack on Taiwan.
Hong Kong’s Chief Executive John Lee Ka‑chiu publicly stated that the remarks had “significantly deteriorated the atmosphere for Sino-Japanese exchanges” and affirmed Hong Kong’s alignment with the central government’s diplomatic position.
The Hong Kong Education Bureau explained the withdrawal by pointing to a perceived rise in attacks against Chinese nationals in Japan, although Japanese authorities say there is no evidence of an increase.
Separately, Hong Kong’s Security Bureau revised the travel advisory for Japan on 15 November, encouraging residents to remain vigilant.
While economic ties remain intact — Hong Kong continues to be one of Japan’s largest importers of agricultural and food goods and bilateral travel flows remain substantial — the cultural and educational dimensions of the relationship are now under strain.
Analysts suggest that people-to-people exchanges are being used as a tool in diplomatic alignment and that Hong Kong’s decision may reflect Beijing’s broader effort to close ranks on Taiwan-related strategy.
Hong Kong’s withdrawal illustrates how education and youth-mobility mechanisms can be affected by geopolitical currents.
It also underscores the increasingly active role the Special Administrative Region plays in supporting the diplomatic posture of the central government, even in matters traditionally considered non-political.
Fitch Ratings warns that commercial-property exposure and narrowing margins will challenge Hong Kong’s banking sector next year
Hong Kong’s banking sector is poised to enter a challenging phase in 2026, as credit-rating agency Fitch Ratings highlights that interest-rate cuts and prolonged real-estate stress will dampen both profitability and asset quality.
The report underscores that while residential mortgage demand may rise moderately amid market stabilisation, overall loan growth is expected to remain subdued as banks pull back from risk-heavy sectors such as commercial real estate (CRE).
A central concern is the persistently weak office and retail segments in Hong Kong’s property market, where vacancy rates and falling asset values heighten the risk of impairments for banks.
Fitch notes that although lower interbank rates offer relief for borrowers, they do little to tackle the deeper structural issues in CRE, meaning the expected decline in net interest margins will further compress banks’ earnings.
Several local lenders have already taken steps to reduce exposure to high-risk property borrowers, particularly in mainland China.
One bank revealed its impaired Hong Kong CRE portfolio ratio has climbed to around 7.5 per cent from about 6 per cent at the end of 2024. The broader industry context shows that real-estate-loan concentrations at the territory’s five domestic systemically important banks increased to 25.75 per cent of total loans by end-2024, signaling higher vulnerability.
On the positive side, banks in Hong Kong are benefitting from fee-income opportunities.
Wealth-management services and cross-border investment flows have delivered robust momentum, as lenders expand private-clients centres and connect with mainland China’s investment channels.
These non-interest streams are viewed as key offsetting factors to margin pressure and property-related credit risks.
Fitch’s overarching outlook categorises the Asia-Pacific banking sector as broadly neutral for 2026, though it flags Hong Kong (alongside mainland China and Taiwan) as among the weaker markets due to concentrated risks.
The agency emphasises that the resilience of Hong Kong banks will hinge on maintaining capital buffers, diversifying beyond property-heavy lending, and leveraging non-loan revenue streams as the region navigates this next phase of financial-markets evolution in a trade-and-tariff-volatile era.
The report underscores that while residential mortgage demand may rise moderately amid market stabilisation, overall loan growth is expected to remain subdued as banks pull back from risk-heavy sectors such as commercial real estate (CRE).
A central concern is the persistently weak office and retail segments in Hong Kong’s property market, where vacancy rates and falling asset values heighten the risk of impairments for banks.
Fitch notes that although lower interbank rates offer relief for borrowers, they do little to tackle the deeper structural issues in CRE, meaning the expected decline in net interest margins will further compress banks’ earnings.
Several local lenders have already taken steps to reduce exposure to high-risk property borrowers, particularly in mainland China.
One bank revealed its impaired Hong Kong CRE portfolio ratio has climbed to around 7.5 per cent from about 6 per cent at the end of 2024. The broader industry context shows that real-estate-loan concentrations at the territory’s five domestic systemically important banks increased to 25.75 per cent of total loans by end-2024, signaling higher vulnerability.
On the positive side, banks in Hong Kong are benefitting from fee-income opportunities.
Wealth-management services and cross-border investment flows have delivered robust momentum, as lenders expand private-clients centres and connect with mainland China’s investment channels.
These non-interest streams are viewed as key offsetting factors to margin pressure and property-related credit risks.
Fitch’s overarching outlook categorises the Asia-Pacific banking sector as broadly neutral for 2026, though it flags Hong Kong (alongside mainland China and Taiwan) as among the weaker markets due to concentrated risks.
The agency emphasises that the resilience of Hong Kong banks will hinge on maintaining capital buffers, diversifying beyond property-heavy lending, and leveraging non-loan revenue streams as the region navigates this next phase of financial-markets evolution in a trade-and-tariff-volatile era.
Over four days, more than 400 international experts gather in Hong Kong to exchange ideas on smart housing and construction technology
The four-day HOUSING · I&T Summit, organised by the Housing Bureau and the Hong Kong Housing Authority, opened on 4 November 2025 in Hong Kong, under the theme “Pioneering Innovative Housing for a Sustainable Future”.
More than four hundred professionals from over fifteen countries and cities including Australia, Cambodia, the Czech Republic, France, Japan, Korea, Malaysia, the Netherlands, the Philippines, Portugal, Singapore, Switzerland, Turkey and the United Kingdom joined the event.
In her opening remarks, Secretary for Housing Winnie Ho said that Hong Kong would continue to serve as a “super-connector” and “super value-adder” in housing innovation, leveraging its position at the intersection of the Greater Bay Area and global markets.
The summit’s first two days featured symposium sessions and an exhibition of intelligent-housing technologies at the Sham Shui Po Leisure and Cultural Building, exploring topics such as smart housing, smart innovation, smart community and smart living.
The later days of the summit will include site visits in the Greater Bay Area and within Hong Kong itself.
On 6 November participants will tour a smart factory in Zhuhai to inspect modular-integrated-construction (MiC) production, and on 7 November they will visit two of Hong Kong’s Light Public Housing sites at Kai Tak and Ngau Tau Kok, where standardised designs, steel-structured MiC technology, and smart inspection systems are being applied.
The gathering comes amid the Housing Bureau’s broader “HOUSING·I&T Year 2025” campaign, which includes a robotics competition in May and a secondary-school housing-construction robotics design contest in September.
Organisers emphasise that rapid innovation in construction methods, component-based building systems and advanced materials will be vital to achieving Hong Kong’s public-housing supply targets while improving quality and sustainability.
As the summit draws to a close, Hong Kong aims to deepen international collaboration and consolidate its role as a global hub of housing-technology exchange.
More than four hundred professionals from over fifteen countries and cities including Australia, Cambodia, the Czech Republic, France, Japan, Korea, Malaysia, the Netherlands, the Philippines, Portugal, Singapore, Switzerland, Turkey and the United Kingdom joined the event.
In her opening remarks, Secretary for Housing Winnie Ho said that Hong Kong would continue to serve as a “super-connector” and “super value-adder” in housing innovation, leveraging its position at the intersection of the Greater Bay Area and global markets.
The summit’s first two days featured symposium sessions and an exhibition of intelligent-housing technologies at the Sham Shui Po Leisure and Cultural Building, exploring topics such as smart housing, smart innovation, smart community and smart living.
The later days of the summit will include site visits in the Greater Bay Area and within Hong Kong itself.
On 6 November participants will tour a smart factory in Zhuhai to inspect modular-integrated-construction (MiC) production, and on 7 November they will visit two of Hong Kong’s Light Public Housing sites at Kai Tak and Ngau Tau Kok, where standardised designs, steel-structured MiC technology, and smart inspection systems are being applied.
The gathering comes amid the Housing Bureau’s broader “HOUSING·I&T Year 2025” campaign, which includes a robotics competition in May and a secondary-school housing-construction robotics design contest in September.
Organisers emphasise that rapid innovation in construction methods, component-based building systems and advanced materials will be vital to achieving Hong Kong’s public-housing supply targets while improving quality and sustainability.
As the summit draws to a close, Hong Kong aims to deepen international collaboration and consolidate its role as a global hub of housing-technology exchange.
Hutchison Ports launches a 350-million-dollar expansion at Mexico’s key Pacific gateway to strengthen Asia–Americas trade flows
Hong Kong conglomerate CK Hutchison Holdings Limited is significantly increasing its footprint in Mexico by directing substantial investment through its port-division Hutchison Ports at the strategically located Port of Lázaro Cárdenas on the Mexican Pacific coast.
The move underscores the group’s confidence in the port’s role as a rising logistics hub for Asia–Americas trade.
According to recent company disclosures and industry sources, Hutchison Ports will embark on a third-phase expansion at Lázaro Cárdenas that involves the development of an additional 28 hectares of terminal space and the construction of a new 344-metre berth, part of a broader private-sector investment of 542 million dollars at the port.
Of that total, approximately 350 million dollars is attributable to Hutchison’s own terminal operations.
The expansion is designed to elevate the terminal’s handling capacity to an estimated 2 million twenty-foot equivalent units (TEUs) annually, up from around 1.3 million currently.
The upgraded infrastructure will include advanced quay cranes and eco-efficient rubber-tyred gantry cranes, along with enhanced on-dock rail connectivity, enabling faster transit times and deeper integration into global supply chains.
The Port of Lázaro Cárdenas occupies a privileged location on Mexico’s Pacific coastline and serves as an important gateway for Asian maritime flows into the Americas.
Hutchison’s augmented investment reflects the company’s strategy of expanding its network in high-growth trade corridors, particularly those tying Mexico into the Asia-Pacific region and leveraging the United States-Mexico-Canada Agreement (USMCA) framework.
From a commercial perspective, this investment signals strong confidence in near-shoring trends and Mexico’s role as a manufacturing and logistics base for multinational firms.
For Hutchison and its shareholders, the commitment at Lázaro Cárdenas reinforces its global port-portfolio strategy of capacity expansion and modernization in emerging maritime hubs.
Beyond pure business logic, the move also carries geopolitical resonance.
Analysts emphasise that the growing presence of Asian and Hong Kong-based infrastructure platforms in Latin America can influence global supply-chain alignments and logistics resilience.
By deepening its stake in Mexico, Hutchison Ports strengthens its position as a pivotal link between Asia, Latin America, and North America.
In executing this multi-year project, the group expects to navigate regulatory, infrastructure and rail-connection challenges.
However, the announced scale of investment and the development timeline — with works commencement in 2025 — mark a decisive step in reinforcing the Port of Lázaro Cárdenas as a West-Coast alternative to U.S. East-Coast gateways and an integral node in transcontinental trade flows.
The move underscores the group’s confidence in the port’s role as a rising logistics hub for Asia–Americas trade.
According to recent company disclosures and industry sources, Hutchison Ports will embark on a third-phase expansion at Lázaro Cárdenas that involves the development of an additional 28 hectares of terminal space and the construction of a new 344-metre berth, part of a broader private-sector investment of 542 million dollars at the port.
Of that total, approximately 350 million dollars is attributable to Hutchison’s own terminal operations.
The expansion is designed to elevate the terminal’s handling capacity to an estimated 2 million twenty-foot equivalent units (TEUs) annually, up from around 1.3 million currently.
The upgraded infrastructure will include advanced quay cranes and eco-efficient rubber-tyred gantry cranes, along with enhanced on-dock rail connectivity, enabling faster transit times and deeper integration into global supply chains.
The Port of Lázaro Cárdenas occupies a privileged location on Mexico’s Pacific coastline and serves as an important gateway for Asian maritime flows into the Americas.
Hutchison’s augmented investment reflects the company’s strategy of expanding its network in high-growth trade corridors, particularly those tying Mexico into the Asia-Pacific region and leveraging the United States-Mexico-Canada Agreement (USMCA) framework.
From a commercial perspective, this investment signals strong confidence in near-shoring trends and Mexico’s role as a manufacturing and logistics base for multinational firms.
For Hutchison and its shareholders, the commitment at Lázaro Cárdenas reinforces its global port-portfolio strategy of capacity expansion and modernization in emerging maritime hubs.
Beyond pure business logic, the move also carries geopolitical resonance.
Analysts emphasise that the growing presence of Asian and Hong Kong-based infrastructure platforms in Latin America can influence global supply-chain alignments and logistics resilience.
By deepening its stake in Mexico, Hutchison Ports strengthens its position as a pivotal link between Asia, Latin America, and North America.
In executing this multi-year project, the group expects to navigate regulatory, infrastructure and rail-connection challenges.
However, the announced scale of investment and the development timeline — with works commencement in 2025 — mark a decisive step in reinforcing the Port of Lázaro Cárdenas as a West-Coast alternative to U.S. East-Coast gateways and an integral node in transcontinental trade flows.
The company repurchased 230,000 ordinary shares at an average of US$6.32 and will cancel them, reducing issued capital
today announced that it has repurchased 230,000 of its ordinary shares in the market on 18 November 2025. The highest price paid was US$6.42 per share and the lowest was US$6.28 per share, resulting in a weighted average purchase price of US$6.3160 per share.
The shares that have been repurchased will be cancelled, thereby reducing the company’s issued share capital and corresponding voting rights.
Following this transaction, the company’s issued ordinary share capital stands at 2,165,278,926 shares carrying one vote each.
The company holds no treasury shares.
This repurchase follows the company’s previously disclosed buy-back of 235,000 ordinary shares in July at an average of US$6.2806 per share.
The current action reinforces the company’s ongoing commitment to returning value to shareholders through share consolidation.
The cancellation of these shares is expected to enhance the remaining shares’ potential value by increasing earnings per share and maintaining capital discipline.
Management highlighted that such repurchases reflect confidence in the company’s long-term outlook and signal that the board considers the shares undervalued at current levels.
The market will monitor how this reduction in share capital, combined with the company’s property portfolio performance in Asia’s key gateway cities, influences investor sentiment and share price dynamics.
The shares that have been repurchased will be cancelled, thereby reducing the company’s issued share capital and corresponding voting rights.
Following this transaction, the company’s issued ordinary share capital stands at 2,165,278,926 shares carrying one vote each.
The company holds no treasury shares.
This repurchase follows the company’s previously disclosed buy-back of 235,000 ordinary shares in July at an average of US$6.2806 per share.
The current action reinforces the company’s ongoing commitment to returning value to shareholders through share consolidation.
The cancellation of these shares is expected to enhance the remaining shares’ potential value by increasing earnings per share and maintaining capital discipline.
Management highlighted that such repurchases reflect confidence in the company’s long-term outlook and signal that the board considers the shares undervalued at current levels.
The market will monitor how this reduction in share capital, combined with the company’s property portfolio performance in Asia’s key gateway cities, influences investor sentiment and share price dynamics.
Retirees, homemakers and students make up a large share of BN(O) visa holders who may struggle under planned income and language requirements
A new survey of Hongkongers living in the United Kingdom under the British National (Overseas) visa pathway indicates that proposed immigration changes could impose significant obstacles for many who have already committed to long-term settlement.
The findings show that nearly one-third of respondents are retirees, homemakers or students, groups that may find it difficult to satisfy a potential income threshold currently under consideration by the government.
The survey, conducted by a community group in London and involving six hundred and ninety participants between October and November, also found that sixteen per cent of BN(O) holders with only secondary-school education may struggle to meet a stricter English-language requirement.
These concerns have emerged as the government reviews its broader immigration system and considers adding new conditions for those on established routes, including the BN(O) programme.
Richard Choi Ka-yuen, a councillor in the London Borough of Sutton and founder of the group behind the survey, urged the government to uphold the commitments made when the BN(O) pathway was launched.
He said trust depends on consistency, adding that many Hongkongers accepted the UK’s invitation based on clear assurances about their route to settlement.
Introducing new hurdles at this stage, he argued, would be unfair and create uncertainty for families already working toward the “five plus one” timeline for residency and citizenship.
The proposed rules have raised anxiety among some BN(O) migrants who rely on pensions, household roles or part-time study, and who fear that future restrictions could threaten their path toward permanent residence.
Community leaders are pressing for clarity and stability to ensure that those who began their lives in the UK under the original terms are not disadvantaged by policy adjustments made after their arrival.
The findings show that nearly one-third of respondents are retirees, homemakers or students, groups that may find it difficult to satisfy a potential income threshold currently under consideration by the government.
The survey, conducted by a community group in London and involving six hundred and ninety participants between October and November, also found that sixteen per cent of BN(O) holders with only secondary-school education may struggle to meet a stricter English-language requirement.
These concerns have emerged as the government reviews its broader immigration system and considers adding new conditions for those on established routes, including the BN(O) programme.
Richard Choi Ka-yuen, a councillor in the London Borough of Sutton and founder of the group behind the survey, urged the government to uphold the commitments made when the BN(O) pathway was launched.
He said trust depends on consistency, adding that many Hongkongers accepted the UK’s invitation based on clear assurances about their route to settlement.
Introducing new hurdles at this stage, he argued, would be unfair and create uncertainty for families already working toward the “five plus one” timeline for residency and citizenship.
The proposed rules have raised anxiety among some BN(O) migrants who rely on pensions, household roles or part-time study, and who fear that future restrictions could threaten their path toward permanent residence.
Community leaders are pressing for clarity and stability to ensure that those who began their lives in the UK under the original terms are not disadvantaged by policy adjustments made after their arrival.
Bruce Lee Club announces a monument at Lee’s former family residence in Jordan, Kowloon, to open in two to three years
Hong Kong’s tribute to martial-arts legend Bruce Lee will soon expand with a new monument built at the site of his family’s former residence, organisers announced on Tuesday.
The initiative — unveiled by the chairman of the Bruce Lee Club, Wong Yiu-keung — aims to enrich the existing memorial trail and deepen public connection with Lee’s early life in the city.
The planned monument will stand on the site of the former Katherine Building in Jordan, Kowloon, now occupied by the Prudential Hotel and Centre.
According to Wong, this new memorial will serve as the starting point for a fresh section of the trail, giving tourists and fans a clearer sense of Lee’s roots and upbringing.
The project is expected to be completed within the next two to three years.
The move builds on the original The Bruce Lee Way, established in 2013. That trail currently includes six key locations tied to Lee’s life and career — including his old school’s lavatory where his early fighting skills were first recognised, his alma maters, filming sites such as Tsing Shan Monastery, and a bronze statue along Avenue of Stars in Tsim Sha Tsui.
The statue, erected in 2005, remains the most prominent public monument to Lee in Hong Kong.
For decades, fans lamented the lack of tangible landmarks connected to Lee’s childhood and early years, as many sites linked to him have since been demolished or redeveloped.
The plan for the new monument reflects a renewed effort to preserve and honour Lee’s heritage in the city — offering a more immersive and historically grounded experience for visitors and generations to come.
The initiative — unveiled by the chairman of the Bruce Lee Club, Wong Yiu-keung — aims to enrich the existing memorial trail and deepen public connection with Lee’s early life in the city.
The planned monument will stand on the site of the former Katherine Building in Jordan, Kowloon, now occupied by the Prudential Hotel and Centre.
According to Wong, this new memorial will serve as the starting point for a fresh section of the trail, giving tourists and fans a clearer sense of Lee’s roots and upbringing.
The project is expected to be completed within the next two to three years.
The move builds on the original The Bruce Lee Way, established in 2013. That trail currently includes six key locations tied to Lee’s life and career — including his old school’s lavatory where his early fighting skills were first recognised, his alma maters, filming sites such as Tsing Shan Monastery, and a bronze statue along Avenue of Stars in Tsim Sha Tsui.
The statue, erected in 2005, remains the most prominent public monument to Lee in Hong Kong.
For decades, fans lamented the lack of tangible landmarks connected to Lee’s childhood and early years, as many sites linked to him have since been demolished or redeveloped.
The plan for the new monument reflects a renewed effort to preserve and honour Lee’s heritage in the city — offering a more immersive and historically grounded experience for visitors and generations to come.
HKMA calls for broader regional currency settlement and deeper local debt markets at ASEAN+3 forum
Hong Kong is stepping up efforts to promote the use of local currencies across the Asia-Pacific region, including developing a local-currency debt market, as part of a broader strategy to insulate regional economies from rising geopolitical and financial uncertainty.
The initiative was highlighted by Hong Kong Monetary Authority Chief Executive Eddie Yue Wai-man during the fourth edition of the ASEAN+3 Economic Cooperation and Financial Stability Forum held in Hong Kong.
Yue emphasised that Hong Kong and its neighbouring economies continue to face tariff shocks, supply-chain disruptions and greater market volatility.
While regional progress has been made, he noted that local currencies still account for only a small share of cross-border transactions and external financing, with most trade invoicing still dominated by foreign currencies.
Strengthening payments integration and enabling smoother local-currency settlement, he argued, will be key to improving efficiency and reinforcing the region’s economic resilience.
He underscored the need for continued investment in deepening local capital markets, expanding hedging tools and ensuring the interoperability of financial infrastructure across borders.
Hong Kong has taken concrete steps in recent years, including linking its Faster Payment System with counterparts in Thailand and mainland China to support more seamless cross-boundary transactions.
The regional effort also aligns with longer-term ambitions to build a stronger local-currency debt market under initiatives such as the Asian Bond Markets Initiative, launched to channel Asia’s large savings pool into regional investment and reduce reliance on foreign-currency financing.
These measures reflect a growing determination across Asia to enhance financial stability and mitigate exposure to global uncertainties by strengthening regional cooperation, improving market infrastructure and elevating the role of domestic currencies in trade and investment flows.
The initiative was highlighted by Hong Kong Monetary Authority Chief Executive Eddie Yue Wai-man during the fourth edition of the ASEAN+3 Economic Cooperation and Financial Stability Forum held in Hong Kong.
Yue emphasised that Hong Kong and its neighbouring economies continue to face tariff shocks, supply-chain disruptions and greater market volatility.
While regional progress has been made, he noted that local currencies still account for only a small share of cross-border transactions and external financing, with most trade invoicing still dominated by foreign currencies.
Strengthening payments integration and enabling smoother local-currency settlement, he argued, will be key to improving efficiency and reinforcing the region’s economic resilience.
He underscored the need for continued investment in deepening local capital markets, expanding hedging tools and ensuring the interoperability of financial infrastructure across borders.
Hong Kong has taken concrete steps in recent years, including linking its Faster Payment System with counterparts in Thailand and mainland China to support more seamless cross-boundary transactions.
The regional effort also aligns with longer-term ambitions to build a stronger local-currency debt market under initiatives such as the Asian Bond Markets Initiative, launched to channel Asia’s large savings pool into regional investment and reduce reliance on foreign-currency financing.
These measures reflect a growing determination across Asia to enhance financial stability and mitigate exposure to global uncertainties by strengthening regional cooperation, improving market infrastructure and elevating the role of domestic currencies in trade and investment flows.
Centre for Food Safety blocks poultry meat and eggs from affected EU regions after World Organisation for Animal Health warnings
Hong Kong’s Centre for Food Safety (CFS) has ordered an immediate suspension of poultry meat and product imports — including eggs — from parts of Belgium and Germany, following new reports of highly pathogenic H5N1 avian influenza.
The affected regions include Belgium’s Limburg Province, Germany’s District of Verden in Niedersachsen, and the District of Recklinghausen in Nordrhein-Westfalen.
The decision comes after the World Organisation for Animal Health (WOAH) notified Hong Kong authorities of confirmed H5N1 outbreaks in those regions.
The ban entered into force on November 21, 2025, with the CFS citing the need to “protect public health in Hong Kong.” A CFS spokesperson said the department has contacted Belgian and German authorities and will continue monitoring developments closely, ready to take further action if required.
Trade figures show that in the first nine months of 2025 Hong Kong imported approximately thirty tonnes of frozen poultry meat from Belgium and around sixty tonnes from Germany.
The suspension is part of a broader series of import curbs imposed by the CFS over recent months, which have included poultry consignments from Denmark, Sweden, Canada, the United States and other countries — all triggered by new or ongoing H5-bird flu alerts worldwide.
The H5N1 strain remains widespread among wild birds globally and continues to cause recurrent outbreaks in poultry farms.
While human cases remain rare, health authorities warn that contact with infected birds can pose serious risks, and that strict controls on poultry imports are a key preventive measure.
Hong Kong’s latest ban underscores its precautionary zero-tolerance approach amid renewed avian flu volatility across Europe and beyond.
The CFS said it will review the import ban once the WOAH confirms that the affected regions are free of H5N1 for a sustained period, but offered no immediate timeframe for lifting the suspension.
The affected regions include Belgium’s Limburg Province, Germany’s District of Verden in Niedersachsen, and the District of Recklinghausen in Nordrhein-Westfalen.
The decision comes after the World Organisation for Animal Health (WOAH) notified Hong Kong authorities of confirmed H5N1 outbreaks in those regions.
The ban entered into force on November 21, 2025, with the CFS citing the need to “protect public health in Hong Kong.” A CFS spokesperson said the department has contacted Belgian and German authorities and will continue monitoring developments closely, ready to take further action if required.
Trade figures show that in the first nine months of 2025 Hong Kong imported approximately thirty tonnes of frozen poultry meat from Belgium and around sixty tonnes from Germany.
The suspension is part of a broader series of import curbs imposed by the CFS over recent months, which have included poultry consignments from Denmark, Sweden, Canada, the United States and other countries — all triggered by new or ongoing H5-bird flu alerts worldwide.
The H5N1 strain remains widespread among wild birds globally and continues to cause recurrent outbreaks in poultry farms.
While human cases remain rare, health authorities warn that contact with infected birds can pose serious risks, and that strict controls on poultry imports are a key preventive measure.
Hong Kong’s latest ban underscores its precautionary zero-tolerance approach amid renewed avian flu volatility across Europe and beyond.
The CFS said it will review the import ban once the WOAH confirms that the affected regions are free of H5N1 for a sustained period, but offered no immediate timeframe for lifting the suspension.
Home Affairs Department reveals costs of flags, banners and lighting to mark the 76th founding anniversary of the People’s Republic of China
The Hong Kong Special Administrative Region government spent approximately HK$24.6 million on about 130,000 decorative items across the city to mark the 76th anniversary of the founding of the People’s Republic of China.
The expenditure was disclosed by the Home Affairs Department in response to an access-to-information request.
The largest portion of spending – about HK$8.5 million – went to the display of national flags and Hong Kong regional flags.
Banners cost roughly HK$4.9 million, lighting decorations consumed about HK$3.0 million, and lamppost bunting accounted for some HK$2.1 million.
Additional costs included stickers (HK$2.3 million), large installations (HK$2.4 million), flower displays (HK$1.1 million) and poster-based elements (HK$0.3 million).
According to the department, the decorations served a dual purpose: to create a “festive ambience” across Hong Kong and to mobilise community participation in celebrating National Day together, thereby promoting “the spirit of patriotism” and cultivating a sense of national identity among residents.
The department said that the costs were absorbed by various bureaux and departments within existing budgets.
The disclosure followed a two-month period after the event during which the department initially provided limited information on the number of items but not cost details.
The full cost breakdown came in response to an official access-to-information request which noted that the processing required consultations with multiple parties.
In comparison, previous reporting revealed that in 2023 Hong Kong spent HK$31.2 million to display over 120,000 items for the 75th anniversary celebrations.
The 2025 spending thus marks a lower total cost but still reflects the government’s sustained commitment to large-scale public decorations linked to National Day.
While the decorations were installed across government buildings, district offices, schools, major roads, footbridges and commercial premises, the Home Affairs Department emphasised that the impetus was territorial “mobilisation” of the city’s sectors rather than purely infrastructural display.
A government official involved in district-level event coordination noted that celebration activities ranged from carnivals and music performances to football matches—designed to coincide with the visual displays and engage citizens.
The disclosure has drawn public attention to the magnitude of spending on what critics may regard as ornamental, but the department emphasised that the investment was part of broader efforts to integrate Hong Kong’s civic identity with national development.
The government’s flag- and banner-heavy approach underscores the symbolic dimension of this year’s National Day festivities, amplifying the visual presence of national and regional flags across the cityscape.
According to the Home Affairs Department, the rollout involved more than 130,000 individual items installed across multiple districts and was accompanied by promotional events and media outreach to enhance public visibility.
Observers note that while the need to foster civic engagement and national identity may justify such efforts in official terms, the transparency and cost-effectiveness of the programme may attract further scrutiny as Hong Kong balances festive celebration with fiscal prudence in a tight budgetary environment.
The expenditure was disclosed by the Home Affairs Department in response to an access-to-information request.
The largest portion of spending – about HK$8.5 million – went to the display of national flags and Hong Kong regional flags.
Banners cost roughly HK$4.9 million, lighting decorations consumed about HK$3.0 million, and lamppost bunting accounted for some HK$2.1 million.
Additional costs included stickers (HK$2.3 million), large installations (HK$2.4 million), flower displays (HK$1.1 million) and poster-based elements (HK$0.3 million).
According to the department, the decorations served a dual purpose: to create a “festive ambience” across Hong Kong and to mobilise community participation in celebrating National Day together, thereby promoting “the spirit of patriotism” and cultivating a sense of national identity among residents.
The department said that the costs were absorbed by various bureaux and departments within existing budgets.
The disclosure followed a two-month period after the event during which the department initially provided limited information on the number of items but not cost details.
The full cost breakdown came in response to an official access-to-information request which noted that the processing required consultations with multiple parties.
In comparison, previous reporting revealed that in 2023 Hong Kong spent HK$31.2 million to display over 120,000 items for the 75th anniversary celebrations.
The 2025 spending thus marks a lower total cost but still reflects the government’s sustained commitment to large-scale public decorations linked to National Day.
While the decorations were installed across government buildings, district offices, schools, major roads, footbridges and commercial premises, the Home Affairs Department emphasised that the impetus was territorial “mobilisation” of the city’s sectors rather than purely infrastructural display.
A government official involved in district-level event coordination noted that celebration activities ranged from carnivals and music performances to football matches—designed to coincide with the visual displays and engage citizens.
The disclosure has drawn public attention to the magnitude of spending on what critics may regard as ornamental, but the department emphasised that the investment was part of broader efforts to integrate Hong Kong’s civic identity with national development.
The government’s flag- and banner-heavy approach underscores the symbolic dimension of this year’s National Day festivities, amplifying the visual presence of national and regional flags across the cityscape.
According to the Home Affairs Department, the rollout involved more than 130,000 individual items installed across multiple districts and was accompanied by promotional events and media outreach to enhance public visibility.
Observers note that while the need to foster civic engagement and national identity may justify such efforts in official terms, the transparency and cost-effectiveness of the programme may attract further scrutiny as Hong Kong balances festive celebration with fiscal prudence in a tight budgetary environment.
A curated guide for visitors to the city’s fashion-forward week of events from late November through early December
Global fashion insiders are converging on Hong Kong as the Hong Kong Fashion Fest unfolds between 22 November and 7 December 2025, offering a refined blend of runway shows, digital-fashion exhibits and immersive cultural experiences.
For those arriving in town, here is a refined selection of places to stay, shop and drink while the city pulses with style and creativity.
Accommodation first: For the ultimate luxury stay, the Rosewood Hong Kong in Tsim Sha Tsui offers sweeping harbour views, an infinity pool and the Asaya spa operated by the luxury brand Guerlain — an ideal retreat amid the festival bustle.
Alternatively, the newly-opened Kimpton Hong Kong brings design-driven accommodation, rooftop pool and five dining experiences to the heart of the action.
For drinks and nightlife, head to Central’s standout venues.
At Bar Leone, mixologist Lorenzo Antinori draws on Italian heritage and global flair for inventive cocktails; the bar has swiftly become one of Hong Kong’s most talked-about destinations.
On the 38th floor of The Henderson, the stylish Peridot offers striking interiors, expansive views and a drinks menu inspired by terroirs such as Japan’s Kagoshima.
For a more intimate setting, the latest venture by renowned bartender Shingo Gokan, GOKAN, presents a menu based on the five tastes of Japanese cuisine and hosts rotating guest-mixologist residencies.
When it comes to shopping and experiences, fashion-conscious visitors should not miss the flagship exhibition Play, Pose & Pixel Digital Fashion Exhibition running from 22 November to 2 December at the Airside Gate33 Gallery.
Curated by digital-fashion studio FabriX, it features augmented-reality try-ons and immersive displays from local talents Derek Chan, Brun Chan and Tiger Chung.
Simultaneously, the city-wide programme Fashion to Reconnect: A Tale of Two Style Capitals spans Hong Kong and Italy, featuring six large-scale art installations and a sustainability-focused exhibition showcasing 25 designers including Giorgio Armani, Ferragamo and Hong Kong-based names.
Beyond the official events, lifestyle travellers have access to Hong Kong’s fine-tuned cityscape.
From the Peak Tram ride that delivers panoramic views of Victoria Harbour to strolling the STAR FERRY across to Kowloon or browsing the lively stalls of the Mong Kok market, the city offers memorable contrasts of high-end and street-level flair.
With its new festival format, the Hong Kong Fashion Fest positions the city as a major fashion-and-lifestyle destination in Asia.
Visitors who align their itinerary around stay-drinks-shop circuits will experience not only the key programmed events but also the richer cultural and hospitality canvas that defines Hong Kong in late 2025.
For those arriving in town, here is a refined selection of places to stay, shop and drink while the city pulses with style and creativity.
Accommodation first: For the ultimate luxury stay, the Rosewood Hong Kong in Tsim Sha Tsui offers sweeping harbour views, an infinity pool and the Asaya spa operated by the luxury brand Guerlain — an ideal retreat amid the festival bustle.
Alternatively, the newly-opened Kimpton Hong Kong brings design-driven accommodation, rooftop pool and five dining experiences to the heart of the action.
For drinks and nightlife, head to Central’s standout venues.
At Bar Leone, mixologist Lorenzo Antinori draws on Italian heritage and global flair for inventive cocktails; the bar has swiftly become one of Hong Kong’s most talked-about destinations.
On the 38th floor of The Henderson, the stylish Peridot offers striking interiors, expansive views and a drinks menu inspired by terroirs such as Japan’s Kagoshima.
For a more intimate setting, the latest venture by renowned bartender Shingo Gokan, GOKAN, presents a menu based on the five tastes of Japanese cuisine and hosts rotating guest-mixologist residencies.
When it comes to shopping and experiences, fashion-conscious visitors should not miss the flagship exhibition Play, Pose & Pixel Digital Fashion Exhibition running from 22 November to 2 December at the Airside Gate33 Gallery.
Curated by digital-fashion studio FabriX, it features augmented-reality try-ons and immersive displays from local talents Derek Chan, Brun Chan and Tiger Chung.
Simultaneously, the city-wide programme Fashion to Reconnect: A Tale of Two Style Capitals spans Hong Kong and Italy, featuring six large-scale art installations and a sustainability-focused exhibition showcasing 25 designers including Giorgio Armani, Ferragamo and Hong Kong-based names.
Beyond the official events, lifestyle travellers have access to Hong Kong’s fine-tuned cityscape.
From the Peak Tram ride that delivers panoramic views of Victoria Harbour to strolling the STAR FERRY across to Kowloon or browsing the lively stalls of the Mong Kok market, the city offers memorable contrasts of high-end and street-level flair.
With its new festival format, the Hong Kong Fashion Fest positions the city as a major fashion-and-lifestyle destination in Asia.
Visitors who align their itinerary around stay-drinks-shop circuits will experience not only the key programmed events but also the richer cultural and hospitality canvas that defines Hong Kong in late 2025.
Thai cryptocurrency exchange Bitkub considers a listing in Hong Kong as part of its broader initial public offering strategy next year
Thailand’s leading digital-asset platform, Bitkub Capital Group Holdings, is intensifying preparations for an initial public offering in 2025 and is now exploring a potential listing in Hong Kong.
Company insiders say the move would boost Bitkub’s international profile and complement its planned float on the Stock Exchange of Thailand.
Founded in 2018, Bitkub quickly became the country’s largest crypto exchange by trading volume and holds a dominant market share in Thailand.
In filings and interviews, Chief Executive Officer Jirayut Srupsrisopa has indicated the upcoming IPO would raise fresh capital to expand operations, enhance compliance frameworks and reinforce Bitkub’s role in the digital-asset ecosystem.
At the same time, the firm has publicly signalled its interest in a Hong Kong listing to tap global investors and elevate its regional stature.
The exchange has already begun engaging financial advisers and has sold stakes in its subsidiary Bitkub Online, which contributes a substantial portion of its earnings.
The valuation of Bitkub Online was cited at approximately THB 6 billion (around US$165 million) in early breakout reports.
The broader backdrop underscores the company’s ambitions: Thailand’s crypto market is expanding even as the domestic stock market has struggled, with benchmark indices down around ten percent in 2025. By pursuing a dual listing strategy—initially at home and possibly in Hong Kong—Bitkub aims to position itself as a bridge between local retail enthusiasm and international capital flows.
Despite its strong local standing, Bitkub operates in a sector facing dynamic regulatory scrutiny across Southeast Asia and increased competition from both global exchanges and regional banks.
The planned IPO and potential Hong Kong listing are therefore not simply financing events but statements of intent about the company’s future as a regulated digital-asset infrastructure provider.
No official prospectus has yet been filed, and all listing plans remain subject to regulatory approvals in Thailand and potential host jurisdictions.
Nevertheless, the announcement marks a significant milestone for Thailand’s crypto industry and for Bitkub’s ambitions to scale diagonally across markets.
Company insiders say the move would boost Bitkub’s international profile and complement its planned float on the Stock Exchange of Thailand.
Founded in 2018, Bitkub quickly became the country’s largest crypto exchange by trading volume and holds a dominant market share in Thailand.
In filings and interviews, Chief Executive Officer Jirayut Srupsrisopa has indicated the upcoming IPO would raise fresh capital to expand operations, enhance compliance frameworks and reinforce Bitkub’s role in the digital-asset ecosystem.
At the same time, the firm has publicly signalled its interest in a Hong Kong listing to tap global investors and elevate its regional stature.
The exchange has already begun engaging financial advisers and has sold stakes in its subsidiary Bitkub Online, which contributes a substantial portion of its earnings.
The valuation of Bitkub Online was cited at approximately THB 6 billion (around US$165 million) in early breakout reports.
The broader backdrop underscores the company’s ambitions: Thailand’s crypto market is expanding even as the domestic stock market has struggled, with benchmark indices down around ten percent in 2025. By pursuing a dual listing strategy—initially at home and possibly in Hong Kong—Bitkub aims to position itself as a bridge between local retail enthusiasm and international capital flows.
Despite its strong local standing, Bitkub operates in a sector facing dynamic regulatory scrutiny across Southeast Asia and increased competition from both global exchanges and regional banks.
The planned IPO and potential Hong Kong listing are therefore not simply financing events but statements of intent about the company’s future as a regulated digital-asset infrastructure provider.
No official prospectus has yet been filed, and all listing plans remain subject to regulatory approvals in Thailand and potential host jurisdictions.
Nevertheless, the announcement marks a significant milestone for Thailand’s crypto industry and for Bitkub’s ambitions to scale diagonally across markets.
The Hong Kong WinterFest will run from mid-November to early January with eight landmark buildings hosting a 3D projection spectacle from November 28
The winter festival season in Hong Kong is entering a dazzling new phase as the city’s tourism authority unveils the flagship event of its annual WinterFest celebrations.
From 28 November 2025 through 4 January 2026, eight of Central district’s most iconic buildings will serve as a giant canvas for the “Immersive Light Show in Central”, offering timed 3D projections, animations and music every evening between 7:30 pm and 10:30 pm.
The participating structures include the Bank of China Building, Bank of China Tower, Court of Final Appeal Building, Hong Kong City Hall High Block, Hong Kong Club Building, HSBC Main Building, Prince’s Building and Standard Chartered Bank Building — grouped together for the first-time in a coordinated light display.
The broader WinterFest programme runs from 14 November 2025 until 4 January 2026. As part of the festivities, the South and North Squares of Statue Square Gardens in Central will be transformed into a “Christmas Town”.
Highlights include a towering twenty-metre Christmas tree, toy-themed decorations, and from 28 November a Christmas market of twelve chalets offering seasonal food, gifts and workshops.
Complementing the light show, the corridor of Chater Road will be turned into a “Starlight Boulevard” from the end of November into January, with more than thirty illuminated trees and transformed pedestrian footbridges.
The installation leads toward the LANDMARK Atrium at Chater House, where the annual “Noëlia at LANDMARK” installation adds large-scale interactive displays and an expansive photo zone.
Beginning 1 December, the festival’s city-wide “WinterFest Delights” campaign will launch, offering visitors and residents special deals across dining, shopping, attractions and transport through partnerships led by the tourism board, the Quality Tourism Services Association and the Hong Kong Retail Management Association.
A dedicated one-stop platform will aggregate offers and event information to help plan the holiday agenda.
According to the tourism authority, this edition of WinterFest features the most extensive line-up and richest array of event elements to date, with the aim of reinforcing Hong Kong’s appeal as Asia’s premier winter travel destination and supporting seasonal business engagement across hospitality, retail and entertainment.
Admission to the light show and festive installations is free, with crowd-control measures indicated during peak periods.
Visitors are advised to check official channels for up-to-date viewing information and recommended vantage points.
With the countdown to New Year’s Eve culminating the WinterFest period, the immersive light show in Central promises to be a focal spectacle of the holiday season in Hong Kong.
From 28 November 2025 through 4 January 2026, eight of Central district’s most iconic buildings will serve as a giant canvas for the “Immersive Light Show in Central”, offering timed 3D projections, animations and music every evening between 7:30 pm and 10:30 pm.
The participating structures include the Bank of China Building, Bank of China Tower, Court of Final Appeal Building, Hong Kong City Hall High Block, Hong Kong Club Building, HSBC Main Building, Prince’s Building and Standard Chartered Bank Building — grouped together for the first-time in a coordinated light display.
The broader WinterFest programme runs from 14 November 2025 until 4 January 2026. As part of the festivities, the South and North Squares of Statue Square Gardens in Central will be transformed into a “Christmas Town”.
Highlights include a towering twenty-metre Christmas tree, toy-themed decorations, and from 28 November a Christmas market of twelve chalets offering seasonal food, gifts and workshops.
Complementing the light show, the corridor of Chater Road will be turned into a “Starlight Boulevard” from the end of November into January, with more than thirty illuminated trees and transformed pedestrian footbridges.
The installation leads toward the LANDMARK Atrium at Chater House, where the annual “Noëlia at LANDMARK” installation adds large-scale interactive displays and an expansive photo zone.
Beginning 1 December, the festival’s city-wide “WinterFest Delights” campaign will launch, offering visitors and residents special deals across dining, shopping, attractions and transport through partnerships led by the tourism board, the Quality Tourism Services Association and the Hong Kong Retail Management Association.
A dedicated one-stop platform will aggregate offers and event information to help plan the holiday agenda.
According to the tourism authority, this edition of WinterFest features the most extensive line-up and richest array of event elements to date, with the aim of reinforcing Hong Kong’s appeal as Asia’s premier winter travel destination and supporting seasonal business engagement across hospitality, retail and entertainment.
Admission to the light show and festive installations is free, with crowd-control measures indicated during peak periods.
Visitors are advised to check official channels for up-to-date viewing information and recommended vantage points.
With the countdown to New Year’s Eve culminating the WinterFest period, the immersive light show in Central promises to be a focal spectacle of the holiday season in Hong Kong.
Modest November rise in prime rents reflects improving vacancy and landlord leverage in Hong Kong’s Central district
Prime office rents in Hong Kong’s Central business district recorded a modest increase in November, marking the first uptick in more than three-and-a-half years.
A leading commercial property consultancy reported that rents in Central edged up by 0.1 per cent to HK$72.90 (US$9.36) per square foot, from October, as the vacancy rate declined to 13.1 per cent from 13.4 per cent.
The last month in which rents in Central rose was May 2022.
The slight improvement in vacancy aided landlords’ negotiating position and supported rental stability, the consultancy said.
Tenant activity in the district has shifted somewhat: occupiers are increasingly using the soft rental environment to upgrade their space, prompting what the adviser described as a “flight to quality” by tenants expanding in prime locations.
Among recent transactions, the Hong Kong-listed fertiliser group Migao Group Holdings leased about 10,201 sq ft of office space at Cheung Kong Center II, relocating from Cofco Tower in Causeway Bay.
Also notable, Western investment manager Adams Street Partners opened its Hong Kong office at Nexxus Building on Connaught Road in Central last week, signalling renewed interest from international firms.
Despite the positive sign of a rent rise, the overall market remains under pressure owing to elevated vacancy and ample supply.
The uptick should be seen as a cautious signal of stabilisation rather than a full reversal of the long-term down-trend.
Analysts say the improvement in lease activity and slight upward movement in rents may herald a turning point—but note that structural headwinds remain.
Landlords and tenants alike will be watching forthcoming months closely to see if this modest momentum gathers pace and whether the Central district indeed moves into a sustained recovery phase.
A leading commercial property consultancy reported that rents in Central edged up by 0.1 per cent to HK$72.90 (US$9.36) per square foot, from October, as the vacancy rate declined to 13.1 per cent from 13.4 per cent.
The last month in which rents in Central rose was May 2022.
The slight improvement in vacancy aided landlords’ negotiating position and supported rental stability, the consultancy said.
Tenant activity in the district has shifted somewhat: occupiers are increasingly using the soft rental environment to upgrade their space, prompting what the adviser described as a “flight to quality” by tenants expanding in prime locations.
Among recent transactions, the Hong Kong-listed fertiliser group Migao Group Holdings leased about 10,201 sq ft of office space at Cheung Kong Center II, relocating from Cofco Tower in Causeway Bay.
Also notable, Western investment manager Adams Street Partners opened its Hong Kong office at Nexxus Building on Connaught Road in Central last week, signalling renewed interest from international firms.
Despite the positive sign of a rent rise, the overall market remains under pressure owing to elevated vacancy and ample supply.
The uptick should be seen as a cautious signal of stabilisation rather than a full reversal of the long-term down-trend.
Analysts say the improvement in lease activity and slight upward movement in rents may herald a turning point—but note that structural headwinds remain.
Landlords and tenants alike will be watching forthcoming months closely to see if this modest momentum gathers pace and whether the Central district indeed moves into a sustained recovery phase.
Step Out Studios unveils sensor-equipped tap shoes in a performance blending dance, technology and home-grown creativity
A Hong Kong-invented set of electronic tap shoes made its public debut in an imaginative performance titled The Next Movement, marking a new step forward for the city’s home-grown dance technology. Created by tap dance group Step Out Studios, the shoes replace traditional metal plates with built-in sensors that generate sound electronically, allowing performers to produce rhythms without relying on physical impact against the floor.
The concept was developed during the Covid-19 pandemic, when dancers confined to small homes struggled to practise without disturbing neighbours. In 2023, Step Out secured government support under a development programme known as The Future Step, enabling the group to refine the technology and prepare it for stage presentation.
The performance opens with a short film documenting the development process, followed by an introduction from Step Out’s Zoe Chan and Cal Tang. They explain how each step triggers digital sound output and guide the audience in using wireless headphones to experience the full range of audio textures generated by the new footwear.
Segments of the show, including the lively Playtime, highlight how the technology can reshape tap choreography by expanding the sound palette and freeing dancers from the constraints of traditional acoustic tap. The cast—mainly young dancers closely involved in the project—perform with an infectious enthusiasm that reflects the years of experimentation behind the invention.
The production also underscores the value of public investment in local arts innovation. With Hong Kong pushing to position itself as a hub for creative technology, Step Out’s achievement demonstrates how grassroots artistic ambition, combined with institutional support, can yield fresh cultural breakthroughs. The Next Movement ultimately serves as both a milestone for the troupe and an intriguing glimpse of how dance performance may evolve in the digital age.
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