Latest news with #MainlandChinese
Fashion Network
8 hours ago
- Business
- Fashion Network
Jewelry and fashion sales slide in Hong Kong's April retail data
Hong Kong's retail sales fell for a 14th straight month in April, government data showed on Monday, as local consumers remained cautious and visitors from mainland China spent less, although the decline was smaller than in March. Retail sales by value fell by 2.3% in April from a year earlier to HK$28.9 billion ($3.68 billion), after a 3.5% fall in March. In volume terms, sales slipped 3.3% from a year earlier, compared with a revised 4.7% decline in March. While the territory saw a jump in visitors from mainland China, many came just for the day and did not spend much. In contrast, local residents spent more across the border, taking advantage of the Hong Kong dollar's relative strength against the Chinese yuan. A Hong Kong government spokesman said 'ongoing changes in consumption patterns and competition among businesses amid the uncertain macroeconomic environment will still pose challenges' to the retail sector. However, the spokesman added that the Hong Kong government's promotion of tourism, big events, and steady growth of the mainland economy will bolster consumer sentiment. The data from the Hong Kong Tourism Board showed that April visitor arrivals stood at 3.85 million, up 13.5% from the same month a year ago. That compared with 3.82 million in March, 3.67 million in February, and 4.74 million in January. Mainland Chinese visitors stood at 2.81 million in April, up 13.3% from a year ago. That compares with 2.75 million in March, 2.77 million in February, and 3.73 million in January. Sales of jewelry, watches, clocks and valuable gifts fell 1.7% year-on-year in April after a 3.4% drop in March. Sales of clothing, footwear and allied products declined 5.5% year-on-year in April after a 10.4% plunge in March. ($1 = 7.8438 Hong Kong dollars)
Fashion Network
8 hours ago
- Business
- Fashion Network
Jewelry and fashion sales slide in Hong Kong's April retail data
Hong Kong's retail sales fell for a 14th straight month in April, government data showed on Monday, as local consumers remained cautious and visitors from mainland China spent less, although the decline was smaller than in March. Retail sales by value fell by 2.3% in April from a year earlier to HK$28.9 billion ($3.68 billion), after a 3.5% fall in March. In volume terms, sales slipped 3.3% from a year earlier, compared with a revised 4.7% decline in March. While the territory saw a jump in visitors from mainland China, many came just for the day and did not spend much. In contrast, local residents spent more across the border, taking advantage of the Hong Kong dollar's relative strength against the Chinese yuan. A Hong Kong government spokesman said 'ongoing changes in consumption patterns and competition among businesses amid the uncertain macroeconomic environment will still pose challenges' to the retail sector. However, the spokesman added that the Hong Kong government's promotion of tourism, big events, and steady growth of the mainland economy will bolster consumer sentiment. The data from the Hong Kong Tourism Board showed that April visitor arrivals stood at 3.85 million, up 13.5% from the same month a year ago. That compared with 3.82 million in March, 3.67 million in February, and 4.74 million in January. Mainland Chinese visitors stood at 2.81 million in April, up 13.3% from a year ago. That compares with 2.75 million in March, 2.77 million in February, and 3.73 million in January. Sales of jewelry, watches, clocks and valuable gifts fell 1.7% year-on-year in April after a 3.4% drop in March. Sales of clothing, footwear and allied products declined 5.5% year-on-year in April after a 10.4% plunge in March.
Arab Times
07-05-2025
- Business
- Arab Times
Business delegation led by Hong Kong Chief Executive visiting Kuwait to foster strategic cooperation in business & investment
KUWAIT CITY, May 7: A high-level business delegation led by John KC Lee, Chief Executive of the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR), and organised by the Hong Kong Trade Development Council (HKTDC) will visit the State of Kuwait from 13 to 15 May, 2025 to promote Hong Kong as a two-way platform between Mainland China and the world and to explore new avenues of cooperation aligned with the Belt and Road Initiative and Kuwait Vision 2035. This landmark visit, the first to involve representatives from Mainland China, underscores Hong Kong's role as a global hub for finance, trade, investment, and cultural exchange. The delegation – consisting of over 50 senior representatives from Hong Kong and the mainland – will engage with local chambers of commerce and key corporations to explore collaboration, investment, and mutual growth opportunities. The highlight of the visit will be the signing of several Memoranda of Understanding (MoUs). This three-day visit reflects Hong Kong's efforts to promote cooperation between Hong Kong, the Mainland, and the Middle East. Additionally, the visit aims to deepen economic and trade relations and enhance cultural exchange while exploring opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through mutually beneficial collaboration. Delegates will explore emerging sectors such as innovation and technology, transportation, new energy, and sustainable development, in addition to traditional industries like finance, trade, logistics, and professional services. In 2024, as part of its efforts to strengthen bilateral trade, investment opportunities, and strategic alliances, Hong Kong deepened its ties with Kuwait, which ranked as its sixth-largest Middle East trading partner, and its fifth-largest export market and seventh-largest import market in the region. Dr. Peter K N Lam, Chairman of the Hong Kong Trade Development Council, remarked: 'The inclusion of Mainland Chinese enterprise delegates in this Mission marks a new chapter in our global outreach strategy. It underscores Hong Kong's unique role as a bridge between the mainland and the Middle East. Through this mission, we aim to unlock new avenues of cooperation with local partners under the ambitious framework of Kuwait Vision 2035, leveraging Hong Kong's world-class strengths in financial and professional services. At the same time, we are committed to fostering cross-regional collaboration not only in traditional sectors such as finance, trade, logistics, and professional services, but also in emerging fields, ranging from innovation and smart city development to sustainability, new energy, green buildings, and waste reduction. We believe this visit lays a strong foundation for a deeper, future-focused partnership between Hong Kong, the mainland, and the Middle East.' This mission represents a significant step in strengthening economic ties between Hong Kong and Kuwait, reinforcing shared interests and laying the groundwork for long-term strategic cooperation in alignment with global development initiatives.
Associated Press
02-05-2025
- Business
- Associated Press
FWD Group Reports Exceptionally Strong First Quarter New Business Update
HONG KONG - May 2, 2025 ( NEWMEDIAWIRE ) - FWD Group Holdings Limited ('FWD Group' or 'FWD') today announced exceptionally strong first quarter new business highlights for the three months ended 31 March 2025. - New business contractual service margin ('New business CSM') growth of 55 percent year-on-year, to US$465 million. This adds to the company's overall CSM balance, which is released over time to its income statement under IFRS 17. - New business sales ('APE') growth of 46 percent, compared to the same corresponding period last year, to US$679 million. - Extended FWD Group's partnership with JA Worldwide in April for a further three years to help primary school students in Asia develop financial literacy, through the award-winning programme, JA SparktheDream. Huynh Thanh Phong, Group Chief Executive Officer and Executive Director of FWD Group, said, 'FWD Group had a very strong start to the year, with our customer-led strategy driving some incredible new business results. We continued to respond to rapidly evolving customer needs for protection, health, and savings, with 10 new products introduced in the quarter, including FWD Private's first high-net-worth indexed universal life proposition.' 'FWD Group had a terrific quarter and maintained a strong balance sheet, however, we're keeping a close watch on the volatility in global financial markets and the uncertain global macro-economic outlook. Risk management is always a top priority and FWD Group is taking a prudent approach in preparing for a range of possible scenarios and outcomes,' added Huynh Thanh Phong. The growth in new business indicators was driven by most of the 10 markets FWD operates in. In Hong Kong SAR & Macau SAR, the particularly strong trajectory of growth in new business sales and new business CSM continued, reflecting demand from both local and Mainland Chinese visitor customers. In the Thailand & Cambodia reporting segment, new business indicators were impacted by weaker economic conditions as well as lower interest rates. Double digit growth in new business sales in the company's Emerging Markets segment was broad-based, while Japan posted steady new business indicators. About FWD Group FWD Group is a pan-Asian life and health insurance business that serves approximately 30 million customers across 10 markets, including BRI Life in Indonesia. FWD's customer-led and digitally enabled approach aims to deliver innovative propositions, easy-to-understand products and a simpler insurance experience. Established in 2013, the company operates in some of the fastest-growing insurance markets in the world with a vision of changing the way people feel about insurance. For more information, please visit For media inquiries, please contact: [email protected] Source: FWD Group Holdings Limited ^The unaudited results are for the three months ended 31 March 2025 and are compared to the same period in 2024. Growth rates are represented on a constant exchange rate (CER) basis. New business sales are calculated on an annual premium equivalent (APE) basis, based on 100 percent annual premiums and 10 percent single premiums. New business CSM excludes the impact of one-off reinsurance contracts on in-force business. View the original release on
The Sun
02-05-2025
- Business
- The Sun
Capital A exploring dual listing on Hong Kong Exchange
PETALING JAYA: Capital A Bhd is actively exploring a potential listing on the Hong Kong Exchange (HKEX), as part of its strategy to broaden access to global capital markets and position its digital and aviation services businesses for the next phase of growth. The initiative follows a high-level meeting with HKEX, where Capital A was invited to explore a Hong Kong listing to access deeper global and mainland Chinese investor pools that are increasingly drawn to Asean growth stories with strong China ties. In a statement today, the company said discussions are ongoing, and Capital A is close to appointing an international investment bank to advise on the listing structure and timeline. Plans to initiate the formal process are subject to internal assessments and regulatory approvals. Capital A CEO Tan Sri Tony Fernandes said the company is proudly rooted in Asean but built for the world. He said with over 20 destinations across Greater China and significant business exposure in the region, Capital A see Hong Kong as a natural capital markets gateway. 'A dual listing would allow us to tell our story on a global stage and connect with a broader investor base that values digital-first, asset-light business models. 'Teleport, ADE (Asia Digital Engineering), and digital travel platform AirAsia MOVE have received great recognition, and this is an exciting opportunity that aligns with our ambition to accelerate growth, attract new strategic investors, and maximise long-term shareholder value,' he said. The potential HKEX listing is seen as a natural next step following Capital A's ongoing PN17 regularisation plan, which is targeted for completion by mid-2025. Upon exiting PN17 status, the group intends to pursue strategic initiatives that will further strengthen its capital structure and global presence. Hong Kong's deep capital markets, enhanced listing regime, and strong connectivity with both international and Mainland Chinese investors continue to attract high-growth, internationally exposed businesses. The HKEX remains a preferred venue for Asean companies seeking to scale globally, bolstered by rising Southbound Stock Connect trading and an increasingly diversified investor base. Capital A said it will provide further updates as the evaluation progresses.
