Manulife's Hong Kong unit to redomicile from Bermuda thanks to new law
Manulife (International), the biggest pension provider in the city, plans to redomicile to Hong Kong from Bermuda in November, indicating its confidence in the city as an international financial centre, according to a notice it sent to customers on Friday.
Advertisement
This makes Manulife (International), the Hong Kong and Macau unit of Toronto-headquartered Manulife Financial, the second insurer to incorporate in Hong Kong after a
new 'game changer' law easing the redomiciliation process came into effect on May 23. Rival AXA announced a similar move soon after the change.
The legislation allows companies to establish themselves in the city while retaining their legal identity and business continuity. Previously, a redomiciling company had to wind up its existing entity and shift all assets and transactions to Hong Kong.
Manulife said in a customer notice that its decision reflected confidence in Hong Kong as a premier international financial hub.
'Redomiciling to Hong Kong allows us to better align with the city's robust financial and regulatory environment, strengthening our ability to meet local market needs,' said Patrick Graham, CEO of Manulife Hong Kong and Macau.
Advertisement
The decision came shortly after Secretary for Financial Services and the Treasury Christopher Hui Ching-yu conducted a roadshow to several Canadian cities last week to promote Hong Kong, including the new regulatory regime.
The simplified process would attract more local insurers and other companies incorporated in Bermuda or other tax havens to redomicile to Hong Kong, said Karina Wong, Greater China divisional president of CPA Australia, an accounting industry body.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
As Japan clamours for new fighter jets, UK-Italy GCAP delays test Tokyo's patience
At an airbase outside Tokyo, engineers inspect the ageing F-2 fighters that have patrolled the Japanese skies for decades. But with China's newest stealth jets roaming ever closer, and the promised future of air defence still years away, Japan is growing restless. Its partnership with Britain and Italy to build a next-generation fighter has hit turbulence – and Tokyo may no longer be willing to wait. The sixth-generation fighter, part of the Global Combat Air Programme (GCAP), is slated to enter service with all three nations by 2035. But development is reportedly lagging, with the first demonstrator flight now delayed until 2027 – a setback that has alarmed Japanese officials and defence analysts. An artist's impression of the GCAP fighter released in 2022. Photo: UK Prime Minister's Office / AFP Unlike the UK and Italy, which can continue to rely on the Eurofighter Typhoon well into the 2040s, Japan faces a far more immediate need to modernise its fleet, according to experts.
South China Morning Post
3 hours ago
- South China Morning Post
Cooperation with new liaison office chief key in challenging times
A good relationship with the central government is of paramount importance as Hong Kong charts a new direction under the governance model of 'one country, two systems'. The appointment of Zhou Ji as the latest director of the liaison office marks another stage for both sides to cultivate closer communication and cooperation in accordance with principles laid out under the Basic Law, which is essential if the city is to maximise its potential and achieve more under the new national development framework. Zhou is the third Beijing envoy in five years. The former executive deputy director of the Hong Kong and Macau Affairs Office (HKMAO) has replaced Zheng Yanxiong, who succeeded Luo Huining after the former provincial party leader of Shanxi finished his three-year stint at the liaison office in 2023. Chief Executive John Lee Ka-chiu said he was confident the new director would lead the liaison office in its continued cooperation with the Hong Kong government on promoting the city's proactive alignment with national strategies, creating fresh momentum and advantages for economic development, encouraging transition from stability to prosperity through innovation and invention, and making a further contribution to the great rejuvenation of the Chinese nation. Lee also praised Zheng for upholding the one country, two systems principle in safeguarding national security and maintaining constitutional order. Zhou wasted no time in his new role, having met Lee twice and reached out to local groups and residents over the past few days. Lee said the district visits underlined the importance attached to people's livelihoods and the revamped district administration. His exchange with Zhou had also helped maintain good communication with Beijing and formulate good policies. For his part, Zhou stressed the chief executive and his team bear primary responsibility for the city's governance, in a welcome assurance over its 'high degree of autonomy' and the principle of 'Hong Kong people administering Hong Kong'. Zhou had rich experience in handling economic and livelihood issues when he served in Hubei and Henan. His connections with the HKMAO and knowledge of city affairs also make him an ideal choice.
South China Morning Post
3 hours ago
- South China Morning Post
China's officials scramble to comply with Xi's austerity rules as inspectors come knocking
As Elon Musk 's so-called Department of Government Efficiency was shaking up federal agencies in America with deep spending cuts, bureaucrats in China were also feeling the heat. Since mid-March, thousands of Chinese officials have been scrambling to comply with President Xi Jinping 's austerity orders – making sure their offices are modest, their meal receipts are in order and returning any lavish gifts – as inspectors carry out checks. The campaign has been running since 2012 and takes aim at overspending among Communist Party and government bodies. It covers spending and protocol in areas ranging from official events to buildings and travel, with the goals of improving the ruling party's image, stamping out corruption and cutting wasteful spending. Analysts say it also has to do with making sure 'every cent' is spent wisely so that China can prevail in its rivalry with the United States. It is also seen as a way to find promising cadres who follow the rules and show political loyalty, and could be candidates for promotion. But questions have been raised over the effectiveness of the campaign given the strict control over the media in China and with no independent watchdog, as well as the difficulty of enforcing its detailed rules on a vast scale.
