June 01, 2023. HANGZHOU, China The alliance will focus on organizing and developing the extended value chain, strengthening key links, and filling gaps within the industrial ecosystems of the Internet of Things, biomedicine, high-end equipment, new materials, and green energy. The Hangzhou Future Sci-Tech City Innovation Alliance, a collaborative effort comprising major research institutes, technology transfer platforms, concept validation centers, incubators, industrial capital, and enterprises in the Yuhang district of Hangzhou, was officially launched on May 30. The alliance will focus on organizing and developing the extended value chain, strengthening key links, and filling gaps within the industrial ecosystems of the Internet of Things, biomedicine, high-end equipment, new materials, and green energy. The Hangzhou Future Sci-Tech City Innovation Alliance is launched on May 30. [Photo/Hangzhou Daily] The core objective of the alliance is to promote the on-site transformation of scientific and technological achievements, with the involvement of leading scientific scholars, innovative talent, technological entrepreneurs, and professional technicians. It aims to construct a hub and aggregation platform for the transformation of scientific and technological achievements and industrial innovation services. After more than a decade of development, Hangzhou Future Sci-Tech City has amassed numerous innovative elements. Its total population has exceeded 400,000, with four provincial laboratories and 1,140 national high-tech enterprises. There are over 60 scientific and technological innovation parks and incubators in the area, creating a thriving environment for innovation. The launch of the Hangzhou Future Sci-Tech City Innovation Alliance helps position Hangzhou as a leading hub for technological advancement and industrial innovation, contributing to the city's overall growth and competitiveness in the global innovation landscape. Source Link: https://www.ehangzhou.gov.cn/2023-06/02/c_285035.htm

November 18, 2024. HONG KONG. Hong Kong Exchanges and Clearing Limited (HKEX) today (Monday) welcomed over 400 distinguished guests at HKEX Connect Hall to commemorate the 10th anniversary of Connect, the landmark mutual access programme that has transformed the region’s financial markets and facilitated two-way capital flows between Mainland China and the world. Hong Kong Exchanges and Clearing Limited (HKEX) today (Monday) welcomed over 400 distinguished guests at HKEX Connect Hall to commemorate the 10th anniversary of Connect, the landmark mutual access programme that has transformed the region’s financial markets and facilitated two-way capital flows between Mainland China and the world. At the first-ever HKEX Connect Summit, HKEX Chairman Carlson Tong and Chief Executive Officer Bonnie Y Chan hosted a celebration ceremony alongside guests of honour that included Acting Hong Kong Chief Executive Eric Chan, Financial Secretary Paul Chan, China Securities Regulatory Commission Vice Chairman Li Ming, the Director-General of the Economic Affairs Department of the Liaison Office of the Central People's Government in the HKSAR Xu Weigang, Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the PRC in the HKSAR Li Yongsheng,  Securities and Futures Commission Chairman Kelvin Wong, Hong Kong Monetary Authority Chief Executive Eddie Yue, Shanghai Stock Exchange President Cai Jianchun, Shenzhen Stock Exchange President Li Jizun, and China Securities Depository and Clearing Corporation Chairman Yu Wenqiang.  The event was also attended by other officials, regulators and distinguished guests from the financial community in Hong Kong and Mainland China. These individuals played a crucial role in driving the success of the programme, which began in 2014 with Stock Connect, a trading link between HKEX and the Shanghai Stock Exchange (SSE) that was expanded two years later to also include the Shenzhen Stock Exchange (SZSE). This initiative kickstarted a decade of market connectivity, cementing Hong Kong’s role as a global superconnector. HKEX Chairman, Carlson Tong, said: “Today we celebrate a milestone that marks a decade of collaboration between HKEX, Mainland exchanges, regulators, clearing houses, and market participants from around the globe. Over the past 10 years, our partnership has not only helped strengthen our market infrastructure, but also created new opportunities and facilitated a remarkable surge in two-way capital flows. I am honoured to have played an active role in the launch of the Connect programme back in 2014, and I look forward to the continued collaboration and innovation with our partners in the next 10 years and beyond.” HKEX Chief Executive Officer, Bonnie Y Chan, said: “Over the past decade, the Connect programme has pioneered greater accessibility and provided unprecedented opportunities for international investors interested in the world's second-largest economy, and for Mainland China investors seeking to diversify their portfolios through Hong Kong, fostering greater liquidity and diversity in our markets. It has evolved beyond equities to include bonds, ETFs and interest rate swaps. From these to the recent record volumes in turnover, the Connect story is much more than just an investment channel. It is a story of continuous breakthroughs, innovations and enhancements. The future holds immense potential, and we at HKEX are committed to working alongside our regulators, our partners and market participants, to take the Connect story to even greater heights.” Since the launch of Shanghai-Hong Kong Stock Connect on 17 November 2014, and Shenzhen-Hong Kong Stock Connect on 5 December 2016, total Stock Connect turnover has continued to hit new records, with strong participation from both Mainland and international investors. Northbound and Southbound Stock Connect average daily turnover (ADT) reached RMB136.3 billion and HK$43.9 billion respectively in the first 10 months of 2024, accounting for 7.3 per cent and 17.2 per cent of the total turnover of the Mainland China and Hong Kong markets. As of September 2024, the market capitalisation of securities portfolios held in Hong Kong by Mainland Chinese investors through Stock Connect was over HK$3.3 trillion, more than 200 times that at the end of 2014. As Stock Connect enlarged its scope and benefited from significant enhancements to its infrastructure, the Connect programme also expanded into other asset classes, with the launch of Bond Connect in 2017, ETF Connect in 2022, and Swap Connect in 2023. More enhancements are underway, including block trading for Stock Connect, the inclusion of Real Estate Investment Trusts (REITs) to Connect, and RMB-denominated stocks in Southbound Connect, additions that will give international and Mainland investors even more opportunity and choice in allocating their investment portfolios.     To learn more about HKEX’s Connect programmes, please read the newly-published paper, Ten Years of Connect . [Hong Kong Chief Executive Eric Chan] [Hong Kong Financial Secretary Paul Chan] [China Securities Regulatory Commission Vice Chairman Li Ming] [HKEX Chairman Carlson Tang] [HKEX CEO Bonnie Y Chan] [Guests from Mainland Hong Kong and China toasted and celebrated the 10th anniversary of Connect] About HKEX Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code: 388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metal Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of the world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all. www.hkexgroup.com Source Link: https://www.hkex.com.hk/News/News-Release/2024/241118news?sc_lang=en

November 01, 2024. KUALA LUMPUR, Malaysia. Our investment rationale was anchored on the theme of Offline-to-Online e-commerce, as well as a commitment to support Malaysian entrepreneurs and promising early-stage companies. Khazanah Nasional (“Khazanah”) had invested RM27m to acquire a 9% stake in FashionValet (“Company”) in 2018. At the time, the Company was a promising homegrown e-commerce fashion platform with more than 400 brands and 15,000 products on its platform and expecting revenue growth of ~60% annually. Our investment rationale was anchored on the theme of Offline-to-Online e-commerce, as well as a commitment to support Malaysian entrepreneurs and promising early-stage companies. Over the years, the Company faced challenges, most of which were exacerbated by COVID-19, including in expanding its platform. This required FashionValet, under the guidance of its Board of Directors and shareholders, to shift focus from being an ecommerce platform for Southeast Asian brands to growing its wholly-owned in-house brands, Duck and Lilit, in order to preserve the Company’s operating margins and cashflow. The Company also took measures to rationalise costs and streamline operations, but continued to face challenges, including in securing capital during the difficult fundraising environment in 2022-2023. In late 2023, NXBT Partners, led by a seasoned Malaysian entrepreneur, offered to acquire existing shareholders’ stakes and inject capital into the Company. In view of the Company’s urgent need for funds to continue operations, and the fact that the investment had reached the end of its targeted holding period, Khazanah considered and accepted the offer. The divestment represented a responsible exit to transfer ownership to a party who could help guide the Company to a new growth trajectory. As the sovereign wealth fund of the nation, Khazanah will continue to invest responsibly and manage assets towards sustainable multigenerational returns for the country. As part of Khazanah’s Advancing Malaysia strategy anchored on “A Nation that Creates” framework, we remain committed to transforming Malaysian firms of all sizes to increase national productivity and competitiveness, aligned with the GEAR-uP programme, led by the Ministry of Finance. We believe that the start-up ecosystem is a vital engine for innovation, economic growth and job creation in Malaysia. Despite the higher inherent investment risks and challenges with early-stage companies, Khazanah is fully dedicated to supporting local start-ups and will continue to promote their success and expansion. We appreciate the continued trust and support from our stakeholders as we work towards the nation’s economic objectives in line with the government’s Ekonomi MADANI aspirations. TAMAT Source Link: https://www.khazanah.com.my/news_press_releases/khazanah-nasional-clarifies-its-divestment-in-fashionvalet/