Hana Financial Group Chairman and CEO Ham Young-joo met with overseas investors in Hong Kong to promote the banking group's strategies to elevate its corporate and shareholder values. Ham highlighted the market value increase of the financial group after the announcement of the capital management and shareholder return plan in early 2023. He also introduced the group's visions and mid- and long-term plan to increase profitability and emphasized its sound asset quality. The government measures released in February involve increasing shareholder returns of listed companies to boost Korea's undervalued stock market. Following the announcement, local banking shares saw a boost in their prices. Hana Financial's share price rose by around 35 percent from December 28, 2023. Ham stated that Hana's efforts to strengthen corporate worth for the value-up of the Korean finance industry is a long-term plan. He will continue to proactively communicate with global investors to lead the value-up of Korea's banking shares. Ham will also visit Sydney for one-on-one meetings with institutional investors. Hana Financial is enhancing communication with foreign investors and has recently incorporated video features to its quarterly conference calls to strengthen communication with its investors. [e44221ac]
Hong Kong Chief Executive John Lee has defended the city's position as an international financial center (IFC) and shipping center, stating that its status is solid and advantageous. Lee acknowledges that the biggest challenge for an IFC is political rather than economic or financial. He mentions that some capital has fled Hong Kong as a political gesture, but wise investors understand the long-term nature of investments. Lee emphasizes that an IFC should facilitate easier access to international financing, banking activity, insurance density, and currency flows. Hong Kong ranks first in Asia in terms of bond issuance and has 75% of the world's top 100 banks operating there. It also ranks first in the world in terms of insurance density and accounts for 80% of offshore Renminbi transactions.
Hong Kong's finance chief, Paul Chan, has called for more open interactions and collaborative innovation between China and America's bay areas. During his visit to San Francisco and Berkeley, Chan emphasized the importance of pragmatic topics such as carbon markets, sustainable finance, and talent development as starting points for cooperation. He highlighted the interest from local and US companies in exploring potential clients in each other's markets. Chan mentioned the signing of cooperation agreements and memorandums of understanding between US and Chinese partners in various areas, promoting mutual investment in tech and climate solutions. He also noted the inspiration and enrichment that the two bay areas provide to each other in terms of green development and problem-solving approaches. The visit is part of a joint delegation composed of senior officials from Hong Kong, Macau, and Guangdong province to promote the Greater Bay Area as a tech powerhouse to rival Silicon Valley by 2035. During his meetings with US businesspeople and politicians, Chan stated that no one expressed concern about Hong Kong's national security law, as their focus was primarily on business-related issues.
Hong Kong's finance chief, Paul Chan, emphasized the city's advantages over Singapore in terms of entrepreneurship, innovation, openness, diversity, and lifestyle. Speaking to US business leaders, Chan highlighted Hong Kong's entrepreneurial spirit and its status as a more diverse and open city compared to Singapore. He also emphasized Hong Kong's connectivity, making it an ideal destination for businesses planning to expand into North Asia and the mainland. Chan mentioned the strengths of Hong Kong's stock market, including its depth and breadth compared to Singapore's. He assured attendees that the 'one country, two systems' governing principle is still alive and working well. The visit is part of a joint delegation composed of senior officials from Hong Kong, Macau, and Guangdong province to promote business opportunities in the Greater Bay Area. The delegation will attend the US-China High-Level Event on Subnational Climate Action and participate in the Bay to Bay Dialogue event with Californian businesses.
During his visit to San Francisco, Chan witnessed the signing of an agreement between a US business association and the Hong Kong government's investment-attracting arm to advance bilateral trade. This agreement aims to strengthen trade ties between the US and Hong Kong. The visit comes as Beijing plans to transform Hong Kong, Macau, and nine Guangdong cities into a hi-tech economic powerhouse by 2025. The joint delegation of senior officials from Hong Kong, Macau, and Guangdong is also attending the US-China High-Level Event on Subnational Climate Action in California. Chan's emphasis on Hong Kong's advantages over Singapore in terms of entrepreneurship, diversity, and openness highlights the city's competitiveness in the global business landscape.
Hong Kong's finance minister, Paul Chan Mo-po, has acknowledged that investment from the US could decrease due to the threat of sanctions. However, he remains confident in American investment interest in the Greater Bay Area and the development of China. US foreign direct investment in Hong Kong was $89.4 billion in 2022, a 3.3% decrease from 2021. Chan made these comments during a media tour to promote the Greater Bay Area, following a delegation to France and California to attract investment. Despite geopolitical tensions, Chan believes that US investors are still interested in the region. [26ee92cc]
Clara Chan, CEO of Hong Kong Investment Corporation (HKIC), believes that Hong Kong has the right mix to attract innovative global start-ups. Overseas start-ups and entrepreneurs are attracted to Hong Kong due to the depth of the city's financial market, availability of capital, and its international status. Hong Kong's low taxes, free flow of data, capital, and talent, as well as its robust financial system, are helping businesses to grow. The HKIC manages HK$62 billion of funds allocated to boost Hong Kong as an innovation and technology hub through investments and partnerships with start-ups. The HKIC has formed partnerships with home-grown artificial intelligence (AI) unicorn SmartMore and Beijing-based biotech firm Biomap. Chan is also keeping an eye on international start-ups for potential investments and partnerships. Hong Kong is regarded highly by international start-ups, investors, and entrepreneurs as it is seen as a safe and vibrant city that is a melting pot of cultures from the East and the West. Manulife, the biggest insurance company in Canada, sees Hong Kong as an attractive destination for international firms to develop, citing its strengths in finance, trade, and connectivity. Hong Kong is also seen as an essential component of China's international engagement. Manulife is particularly excited about Beijing's new five-year travel permit for Hong Kong's permanent residents holding foreign passports, which will improve convenience for non-Chinese residents visiting the mainland. [ee4ba4df]