Michael Cheng Ming-git, president of the Hong Kong, China Tennis Association, has called for local tennis players to enhance their fitness levels and increase their competitive participation, aiming for 80 to 100 matches annually [1f5b10ef]. Notably, Eudice Chong and Cody Wong have played 40 and 51 matches, respectively, in 2024, while Coleman Wong has participated in 64 matches [1f5b10ef]. Cheng emphasizes that clearer pathways in player development and coaching are essential for fostering talent in Hong Kong's tennis scene [1f5b10ef].
In light of these developments, Cheng advocates for hosting more tournaments, such as the Prudential Hong Kong Tennis 125 and ATP 250 events, which are crucial for player development [1f5b10ef]. He cites the growth of the China Open as a successful model that could inspire local participation and generate economic benefits for the region [1f5b10ef].
Industry players in Hong Kong are also advocating for increased funding for esports, arguing that it could significantly boost the local economy and foster technological development [be5270bc]. Cheng Yip-kai, a 16-year-old prodigy, recently made headlines by becoming the first Hongkonger to win the Pokemon World Championships in Honolulu, Hawaii, on August 18, 2024 [be5270bc]. Eric Yeung Chuen-sing, president of the Esports Association of Hong Kong, highlighted the potential of local players, despite the limited resources available to them [be5270bc]. A Hong Kong team also showcased their talent by winning a silver medal at the Asian Games held in Hangzhou in September 2023 [be5270bc].
The Hong Kong government had previously allocated HK$100 million for esports development in 2018, but this funding was depleted by 2023 [be5270bc]. The Covid-19 pandemic severely impacted the esports sector, leading to a drastic reduction in competitions, with fewer than 10 events held annually during the peak of the crisis [be5270bc]. As the industry looks to recover, leaders are hopeful for new funding to be announced in the upcoming October policy address [be5270bc]. They emphasize that local players require financial support to compete on the international stage, as many are balancing their esports aspirations with full-time jobs [be5270bc].
In addition to the esports funding discussions, lawmaker Kenneth Fok Kai-kong has emphasized the need for Hong Kong to redefine its approach to 'mega events' and improve sports infrastructure [232164e3]. Fok criticized most events as being regional rather than top-tier and called for a clear government blueprint for developing the mega-event economy [232164e3]. Authorities plan to host over 210 mega events in 2024, expecting to attract 1.7 million travelers and generate HK$4.3 billion (US$551 million) in economic contributions [232164e3]. Michael Cheng of the Hong Kong China Tennis Association and Chung Chi-lok of the Hong Kong China Dragon Boat Association echoed Fok's concerns about the need for improved venue standards and resources [232164e3].
The New Capital Investment Entrant Scheme (CIES) in Hong Kong has attracted over HK$10 billion (US$1.3 billion) in investments since its launch on March 1, with 346 applications received [a58a9d35]. The scheme has cleared 214 applications and granted temporary visas to 117 applicants, with four applicants already receiving residency visas after investing HK$30 million each [a58a9d35]. The majority of applicants are from mainland China, Guinea-Bissau, and Vanuatu [a58a9d35]. The popularity of the CIES is expected to boost Hong Kong's role as a hub for family offices [a58a9d35].
The Hong Kong government aims to have at least 200 large family offices set up in the city, with the goal of attracting ultra-high-net-worth individuals [a58a9d35]. To support this, the government has introduced tax incentives for family offices and established the Hong Kong Academy for Wealth Legacy [a58a9d35]. InvestHK has assisted 89 family offices in setting up operations in Hong Kong, with another 130 planning to do so [a58a9d35]. The city had over HK$31 trillion (US$4 trillion) of assets under management at the end of last year [a58a9d35].
Meanwhile, Tony Choi Yuk-kwan, chief executive of the Hong Kong Sports Institute (HKSI), is urging businesses to leverage athletes' star power to help develop the sports sector in Hong Kong [259db434]. He believes that government subsidies for athletes should not be seen as salaries but that commercial sponsorships can play a crucial role in developing the industry [259db434]. Vincent Cheng Wing-shun, vice-chairman of the HKSI, suggests tax exemptions for private institutions that sponsor athletes' celebrity endorsements [259db434]. There are concerns that low subsidies may force promising athletes to give up their dreams, and badminton player Lee Cheuk-yiu has called for subsidies to be at least on par with the city's minimum wage [259db434]. The HKSI plans to review the training grant in September and increase subsidies to provide comprehensive support to full-time athletes, covering training, food, accommodation, medical expenses, and school fees [259db434].