The Ontario Chamber of Commerce (OCC) just returned from their first trade mission to Hong Kong. The mission leader was the OCC’s very own President and CEO Len Crispino. Organized in partnership with the Hong Kong Trade Development Council (HKTDC), Consulate General of Canada in Hong Kong, and the Hong Kong-Canada Business Association (HKCBA), the mission focused on the life sciences and neutraceuticals sectors.

In total, nine Ontario companies were showcased ranging from a manufacturer of vitamin D supplements, a company specializing in needle free acupuncture and nanometer technology, to manufacturers of natural health supplements including natural and herbal varieties. The mission began with a briefing, networking reception and luncheon that seamlessly transformed into one-on-one business matching sessions. Later that day, the mission delegates had an opportunity to connect with interested parties on Mainland China though a virtual trade mission organized by the Canadian consulate general in Hong Kong. Mission delegates spoke directly with people in Beijing, Shanghai, Nanjing, Chongqing, and Shenzhen. The mission also included another networking luncheon at the China Club (the Old Bank of

China Building, a venue which has a history all its own).
From the OCC’s standpoint, we felt this is just the beginning of getting directly involved with bringing Ontario companies to global arenas. We are pleased to see Ontario businesses getting out there and seeking new export markets. Our funding program Export Market Access (EMA) also had a presence as some companies benefited from our funding to attend the mission. In case you are not aware, EMA is a 50/50 grant program assisting companies with their goals to export.

All in all, the mission was a success. The most important takeaways are that if you are going on a trade mission, no matter who is the organizing it, as a business you must do your own research, line up some meetings on your own, take advantage of every opportunity to network and showcase your company, its products and what makes them unique.

The  Ontario Chamber of Commerce (OCC), in partnership with the Consulate General of Canada in Hong Kong, Hong Kong-Canada Business Association (HKCBA), and the Hong Kong Trade Development Council (HKTDC) would like to invite Ontario companies to join the  Canadian Life Sciences & Nutraceuticals Trade Mission to Hong Kong & China August 10 – 18, 2010.
 

This mission is designed for participation by those Ontario companies which are involved in natural health products, life sciences, and nutraceuticals that are interested in expanding their business to China and Hong Kong. 
 

Co-organized by the Consulate General of Canada in Hong Kong, the Ontario Chamber of Commerce (OCC), the Hong Kong Trade Development Council (HKTDC), and the Hong Kong Economic and Trade Office (HKETO), this mission aims at assisting participants to find potential business and partnership opportunities, access to targeted business networks and first-hand market intelligence. 

Highlights of the programmes include: A special programme consisting of briefing session, roundtable discussion, pre-arranged one-on-one business meetings, and networking activities on August 11, 2010, and participation in the International Conference & Exhibition of the Modernization of Chinese Medicine & Health Products (ICMCM) starting on Aug 12, a networking dinner for Ontario companies on Aug 13, and an optional side trip to China (Aug 15-18).  
There is no registration fee required for joining this mission. 
Funding Opportunities:

Delegates can apply for an Export Market Access (EMA) grant offered by the OCC. EMA is designed to assist small to medium size organizations (SMEs) to access and expand their growth in new foreign markets. If your company has 5 or more employees and annual sales of $500,000 or more, you may qualify for a grant covering up to 50% of eligible costs incurred to develop export sales. To find out if your company qualifies, please visit: www.exportaccess.ca.  For further details, please contact Lesley Cole by email:(lesleycole@occ.on.ca) or by Tel: 416-482-5222 x 239.  EMA is an initiative of the Ontario Chamber of Commerce, with support and funding from the Government of Ontario and the Government of Canada.

For the full announcement, and to register for this mission, please contact Adrian Cheng of HKTDC Toronto Office at Tel. No: (416) 366-3594 or email: adrian.ch.cheng@hktdc.org.

The full announcement of the mission and registration form can be downloaded from the following website: 

http://202.64.102.92/hktdc/download.php?fid=_phpkx43Kx

Following the listing of the world’s biggest aluminum firm, Rusal, and Mongolian coal miner SouthGobi Energy Resources in Hong Kong earlier this year, the Hong Kong Stock Exchange (HKEx) is looking to attract South American and African companies to list on the Hong Kong bourse.

According to the HKEx Chairman Ronald Arculli, it is part of HKEx’s three-year strategic plan to have more international companies to list in Hong Kong and establish the city as an international financial centre. He said mining and resource companies from South America and Africa like Brazil and Nigeria could benefit from proposed improvements in the HKEx rules to make it easier for them to list in Hong Kong. Meanwhile, companies come to list in Hong Kong can tap funds from Asian investors through HKEx, and get closer to the Mainland China and Asian markets, which are the fastest-growing in the world. Since 1993, more than 300 Mainland China firms have listed in Hong Kong, representing 58 per cent of the bourse’s market capitalization.

After a fantastic year for IPO’s on the Hong Kong Stock Exchange (HKEx), it was not at all surprising that a standing-room only crowd at the Prospectus and Developers Association of Canada (PDAC 2010) Convention in Toronto was eager to hear from visiting Secretary for Financial Services and the Treasury, Professor K.C. Chan, and HKEx Chairman, Ronald Arculli, about Hong Kong and on how HKEx has become one of the most active markets in the world.

HKEx ranked Number 1 globally in 2009 for IPO fundraising (US$31.3 billion), and Number 4 globally in terms of total fund raised, including post-IPO, of US$81.4 billion. A total of 73 companies were newly listed on HKEx and they included overseas companies which have listed their Greater China related business operations in Hong Kong. “Companies are attracted to list in Hong Kong to benefit from our market’s liquidity, attractive valuations and access to investors in Asia,” said Professor Chan.

2010 has already started off well, Professor Chan said at the PDAC Seminar in March on “Listing and Capital Raising in Hong Kong for Mining and Natural Resources Companies”, with SouthGobi Energy Resources, owned by Canada’s Ivanhoe Mines, raising USD$439 million through a secondary listing on the HKEx, just days after Russia’s UC Rusal, the world’s largest aluminium producer and the first ever non-Asian company to have a primary listing in Hong Kong, raised USD$2.24 billion.

It is expected that at least nine other foreign mining companies will be listing in HKEx this year, said the Secretary, some of which are from Canada. Professor Chan encouraged Canadian natural resources companies in particular to list on the HKEx so as to take advantage of China’s seemingly insatiable appetite for raw materials, as well as the liquidity afforded by the Mainland’s wealthy, upper and middle-class who are very active investors on the HKEx. He pointed out that companies incorporated in British Columbia and Ontario are acceptable for listing in Hong Kong and that HKEx has adopted international standards and practices to facilitate dual listings, with no capital controls and no capital reporting requirements. Continue reading ‘Hong Kong – A Global Centre for Raising Capital’

China replaces the US as the leading investor in renewable energy technology.  This is according to Pew Charitable Trusts’ new study that ranks China investing $34.6 billion in 2009.  This is almost two times the investment amount as US.  Rounding off the top five spots for clean tech investment include the UK, Spain and Brazil, respectively.  Pew does note that even despite the global recession, global investment in renewable technology has more than doubled over the last five years.  South Korea alone posted a 250 per cent increase in this period. 

An article from BBC news quotes Phyllis Cuttino, director of Pew’s climate change movement as saying,   “They know that investing in clean energy can renew manufacturing bases, and create export opportunities, jobs and businesses.” 

To read more about China’s energy diversification needs/aims head over to the article. 

Photo by Sebastiano Pitruzzello (aka gorillaradio)

China is gaining increasing influence on the global economy and it is time for Hong Kong and Canada to strengthen co-operation by collaborating and complementing each other to make the most of these opportunities, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Professor K C Chan, said in Toronto on March 8 at a mining convention.

Speaking at a seminar on “Listing and Capital Raising in Hong Kong for Mining and Natural Resources Companies” of the Prospectors and Developers Association of Canada Convention (PDAC 2010), Professor Chan said Hong Kong could serve as the financial gateway for Canadian companies to reach the Asian market in the same way that Canada served as a gateway for Hong Kong companies to invest in the North American market.
 
He called on Canadian companies to consider listing in Hong Kong to tap the local liquidity pool, quoting the examples of British Columbia and Ontario of Canada which are overseas jurisdictions already accepted by the Hong Kong Exchanges and Clearing Limited (HKEx).

“At the same time, companies listed in Hong Kong and other Asian markets can also consider a listing on the Canadian exchange to tap the liquidity there. We would also welcome Canadian fund management companies to market their services to Asia through Hong Kong,” he added.
     
Turning to market regulation, he said Hong Kong believed in being predictable and consistent in regulation, and had been careful in striking a balance between the goals of having a quality market and being market friendly.

Using the HKEx as an illustration, he said listing decisions were made by a committee of market professionals who applied their expertise in reviewing listing applications in a dual filing system overseen by the securities regulator.

He described such regulatory environment in the listing process as  working well.  “The HKEx has full control over its development strategy, and it has responded to market needs. The efficiency and quality of the listing process are further ensured with the regulatory oversight,” he added.

In 2009, Hong Kong was the most active market for IPO funds raised globally.  Hong Kong ranked number one globally in IPO fund raised for 2009 (US$31.3 billion), and number four in the world in 2009 in terms of total fund raised (including post-IPO) of US$81.4 billion.  A total of 73 companies were newly listed on HKEx and they included overseas companies which have listed their Greater China related business operations in Hong Kong.

“Earlier this year, we saw the first Russian company listed on our stock market, and I am confident that more foreign based companies will be looking to list on the Hong Kong stock exchange in the near future,” he added.

In the afternoon, Professor Chan also spoke at the Rotman School of Management, University of Toronto, on “China’s Rise as an Economic Power – Implications for HK, Canada and the Rest of the World”.

He told his audience that the new wave of financial globalisation has brought a new wave of financial talent to Asia, and to Hong Kong, and that as countries in the West continued to grapple with the aftermath of the financial tsunami, Asia was rebuilding, refocusing and rebounding. 

He said financial and trade experts not only looked to Hong Kong for future growth potential these days, they were also based right in Hong Kong which was a vantage point and actually the best available platform for seeking out the best opportunities in China and throughout Asia.

Hong Kong’s Chief  Secretary Mr  Henry Tang  says the  Government is determined to make Hong Kong Asia’s cultural hub, and the West Kowloon Cultural District will have enormous potential to become the cultural focus for the Pearl River Delta.

Addressing at a reception held in New York City on January 12, Mr Tang said the West Kowloon project will transform Victoria Harbour into “Asia’s West End” with a Broadway skyline making Hong Kong the cultural hub of Asia.

“People who have visited the two cities, New York and Hong Kong, often draw a number of comparisons. They are both cities that never sleep. We each have shimmering skyscrapers, great shopping, wonderful food and a spectacular harbour. We are both international business and financial centres and melting pots for culture.” Continue reading ‘Hong Kong’s West Kowloon to be Pearl River cultural focus’

Hong Kong-based global consumer goods exporter Li & Fung Limited  and the Hudson’s Bay Trading Company  announced a global sourcing strategic partnership for Hudson’s Bay Trading Company’s four main retail banners, the Bay, Zellers, Home Outfitters and Lord & Taylor.

According to Jeff Sherman, Chief Executive Officer, Hudson’s Bay Trading Company, the consolidation of the company’s global sourcing requirements and activities into one North American shared services group with a best-in-class partner will accelerate the company’s overall business strategy to integrate and improve operating effectiveness of each of the retail brand merchandising entities.

“The signing of buying agency agreement with Li & Fung complements our shared services strategy to consolidate and align global sourcing needs into one group for all of our banners. By partnering with the world’s leading consumer goods sourcing company, we will be able to leverage Li & Fung’s scale and expertise,” said Mr. Sherman.

Mr. Bruce Rockowitz, President of Li & Fung (Trading) Company, said, “We are delighted to see the execution of this outsourcing deal with one of the oldest companies and one of the leading retail groups in North America. We are very excited about this strategic relationship as the four main retail banners are well-established and we see great potential in them. With our strong network of offices in over 40 economies, we are confident that we will be able to contribute to the long term success of Hudson’s Bay Trading Company in North America.”

The new buying agency arrangement with Li & Fung will go into effect in 2010.

The Hong Kong Special Administrative Region (HKSAR) Government invited expressions of interest (EOI) from overseas parties, including Canadian, in developing private hospitals at sites in Wong Chuk Hang, Tseung Kwan O, Tai Po and Lantau.  Deadline for submitting EOI is March 31, 2010.

The Secretary for Food and Health, Dr York Chow, of the HKSAR Government said: “Promoting private hospital development is one of the initiatives under the healthcare reform and a major government policy announced by the Chief Executive in his 2009-10 Policy Address.

“The Hong Kong Government aims to increase the overall capacity of the healthcare system of Hong Kong through the promotion of private hospital development, so as to address the imbalance between the public and private sectors in hospital services and to ensure our healthcare system can continue to provide quality healthcare services to the public, and to cope with the increasing service demand.

“Besides, Hong Kong is renowned for its high standard of professional healthcare as well as advancement in medical technology and equipment, and we have the advantages and potential in further developing our medical services.

“Through developing private hospitals, it is hoped that our medical industry can turn into one of the industries crucial to the development of Hong Kong’s economy,”  Dr Chow added.

To achieve the goal, the Food and Health bureau has proposed a set of special requirements for development of the four sites that have been identified and reserved for private hospital development. The special requirements cover aspects of restriction on land use, date of commencement of operation of the new hospital, bed capacity, service scope, price transparency, service standard and remedy for non-compliance.

“We will work out the appropriate land disposal arrangements for the four reserved hospital sites, including the means and timing for land disposal, the detailed special requirements and the land premium for the four sites, after considering all the responses and feedback received in the EOI exercise,” Dr Chow said.

The EOI exercise is conducted on a non-committal basis and does not form part of the process for acquiring the sites by interested parties.

Details of the EOI requirements and relevant information are available at the website of the bureau.   An advertisement on the “Private Hospital Development” was published in the December 15 edition of the Globe and Mail.

Interested parties should submit the EOI in English in accordance with the instructions given in the EOI document before 5pm on March 31, 2010, Hong Kong time (GMT +8 hours).

For enquiries, please email EOIenquiry@fhb.gov.hk.

International companies, including those in Canada, engaging in the field of architecture, planning and engineering, as well as general public, are invited to submit their innovative ideas and concepts for the design and construction of the Hong Kong Boundary Crossing Facilities (HKBCF) of the Hong Kong-Zhuhai-Macao Bridge (HZMB).

At the launching ceremony on the commencement of detailed ground investigation works for the HKBCF of the HZMB held recently, Secretary for Transport and Housing of the Hong Kong Special Administrative Region (HKSAR) Government, Ms Eva Cheng, said the HKBCF was a very important part of the HZMB’s construction works within Hong Kong territory – it will fit in with the Hong Kong Link Road, Tuen Mun-Chek Lap Kok Link and Tuen Mun Western Bypass to form a strategic road network, which would further enhance Hong Kong’s status as an international transportation and aviation hub.

To cope with the schedule of the HZMB project and allow detailed design of the HKBCF to begin next year, a design ideas competition was launched.  Interested parties are invited to submit their innovative designs to either the Professional Group or the Open Group. 

Headed by renowned architect Mr Richard Hawkins of Foster + Partners, the jury comprises six other professionals and celebrities from the Mainland China, Hong Kong and overseas. The jury will assess the entries based on five criteria, which are:  innovation and creativity; aesthetics and identity/icon; environmental friendliness; functionality, effectiveness and buildability; and harmony with the neighbourhood.

The competition is now open for entries.  Closing date for registration is February 8, 2010. 

Details of the competition are available on the website.  The winning list will be announced in May 2010 and the winning design ideas will be the reference for the future detailed design of the HKBCF.