June 1 - 8, 2018

Innovation & Technology

Biotech opportunities abound

Attendees of the Boston International BIO Convention have expressed great interest in the new listing opportunities in Hong Kong at a HKETONY-hosted luncheon (Jun 5). In the talk, SVP of HKEX Michael Chan fielded many questions on how pre-revenue biotech companies could benefit to bring their research to the next stage. George Tee, Chief Technology Officer of HK Science Park; Professor Ken Yung, Vice Chairman of HK Biotechnology Organisation and Charles Ng, Associate Director-General of InvestHK, gave an overview on funding support and the evolving biotech landscape. After the luncheon, Director Joanne Chu had a brief chat with Massachusetts Governor Charlie Baker on Hong Kong’s update during a BIO leadership forum. 

Seeking Biotech partnerships

Representatives from Chinese University of Hong Kong, Healthcare Technology International, Hong Kong Baptist University, Hong Kong Biotechnology Organisation, Hong Kong Polytechnic University, Lee’s Pharmaceutical, participated in the three-day convention at the Hong Kong Pavilion, to showcase their research and to seek partnership with US counterparts in clinical trials and commercialization. These include such areas as therapeutics, diagnostics and wearables, medical robotics and technology transfer.

Legal

Asia’s arbitration hub

The most senior executive of Hong Kong International Arbitration Centre was in New York to speak on the latest development of the city as a regional arbitration hub (Jun 5). In a HKETONY-hosted seminar for US investors and legal professionals, Secretary-General Sarah Grimmer highlighted the advantages for corporations to seek cross-border dispute resolution in the city. With its highly cost-effective services and stellar record of global awards enforcement, Hong Kong is the ideal arbitration hub in Asia while arbitration has become the premier dispute resolution mechanism in the region.  

Business & Finance

US business upbeat about Hong Kong

According to the first annual Business Sentiment Survey by the American Chamber of Commerce in Hong Kong, the respondents cited factors such as strong legal institutions and freedoms for the city to remain unmatched as an international business hub. AmCham Chairman Jack Lange said the city’s traditional advantages are still soundly in place, and there is ample opportunity for it to evolve further as a global super-connector. President Tara Joseph said that respondents see Hong Kong as a strong base to take part in Greater Bay Area economic activities thanks to new transport links. Some respondents expressed concerns about whether the Hong Kong Government can adapt to the pace and scope of innovation required for success in the current business environment. Photo: AmCham

Asian private equity center

Hong Kong offers a wealth of advantages for businesses looking into opportunities in China, said Secretary for Financial Services and the Treasury James Lau at a private equity summit (Jun 5).  As the second largest private equity hub in Asia, just behind Mainland China, Hong Kong has extended profits tax exemptions for private equity funds and is looking to introduce a limited partnership regime. The recent listing reforms will also make Hong Kong an attractive location for private equity funds.

Ideal corporate treasury centers

Hong Kong is the premier location for businesses to set up corporate treasury centers, said Secretary for Financial Services and the Treasury James Lau at a finance conference (Jun 5). He pointed out that newly introduced tax concessions (taxing corporate treasury centers at only 8.25% of their qualifying profits), world-class financial infrastructure and a deep pool of talent as some of the major attractions for companies to seeking to expand in economies along the Belt and Road as well as in the Greater Bay Area. 

HKETONY Events

Collegiate rugby showdown

Hong Kong colors were flying at the 2018 Penn Mutual Collegiate Rugby Championship in Philadelphia (Jun 1-3). To kick off the tournament, Director of HKETONY Joanne Chu hosted a welcome reception for athletes from the 24 men’s and 16 women’s teams and encouraged them to visit the famed Hong Kong Sevens.  Over 27,000 excited fans at Talen Energy Stadium cheered as teams from across the US battled it out in the world’s largest college rugby tournament. The Lindenwood Lions accomplished a historic first, sweeping the men’s and women’s titles. Thousands of rugby fans also got a taste of Asia’s world city at the HKETONY festival booth. 

First dragon boat race of the season

More than 90 teams took part in the HKETONY-sponsored Philadelphia dragon boat races (June 2). The athletes came from as far as Texas to compete at Fairmount Park’s Schuylkill River. At the Hong Kong booth, visitors enjoyed interactive games and activities and took home souvenirs with a strong HK flavor. The race in Philadelphia kicks off an action-packed summer - next stop is the Boston Hong Kong Dragon Boat Festival this weekend (June 9-10).

Basic Law

Hong Kong and its Basic Law

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems". 

Q: What does the Basic Law say about democratic development in Hong Kong?

A: The Basic Law sets out the blueprint for the democratic development of the HKSAR. The method for selecting the Chief Executive and forming the Legislative Council shall be specified in the light of the actual situation in the HKSAR and in accordance with the principle of gradual and orderly progress. The ultimate aim is the election of the Chief Executive and all the members of the Legislative Council by universal suffrage. In this regard, the NPC Standing Committee made a decision on 29 December 2007, which has made clear the timetable for implementing universal suffrage in Hong Kong: universal suffrage may be implemented for electing the Chief Executive in 2017 and following that, all the members of the Legislative Council may be returned by universal suffrage. On 31 August 2014, the NPC Standing Committee further adopted a decision which formally determined that universal suffrage for the Chief Executive election through “one person, one vote” could be implemented starting from 2017, and sets out a clear framework on the specific method for selecting the Chief Executive by universal suffrage.(BL Articles 45; 68; Annexes I and II)

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