logo
Firms 'need to return HK$88m for unspent upgrades'

Firms 'need to return HK$88m for unspent upgrades'

RTHK30-04-2025
Firms 'need to return HK$88m for unspent upgrades'
The Audit Commission says the government needs to recover HK$88 million in unspent aid for firms to upgrade, a huge jump from under HK$1 million five years ago. Image courtesy of the fund's website
The Director of Audit said on Wednesday that some HK$88 million in public monies needs to be recovered from companies that had used the funding to try and upgrade themselves to enter the mainland and other markets.
In one extreme case, he noted, a project had been terminated for nine years but the sum involved, HK$125,000, has still not been recouped.
The latest audit report dedicates a chapter to such allocations made under the BUD fund, which stands for Branding, Upgrading and Domestic Sales.
The auditor noted that when companies terminated or completed their upgrading, they're supposed to return unused amounts to the government.
As of the end of last year, he noted, there were 212 projects with outstanding funds to be recouped.
The periods for which the funding returns were delinquent ranged from four days to the most extreme case of nine years.
Around a third of the outstanding terminated cases have been more than three years, and the auditor said such a wait is too long.
The HK$88 million that is outstanding compares with just under HK$1 million five years ago.
Moreover, the auditor noted that, from 2021 to last year, it took officials between two and 446 days to collect information and seek clarifications from the companies for general applications.
He said officials need to speed up the handling of applications and look for ways to enhance public understanding of application requirements.
That's because in the past seven years, more than half of some 18,000 applications weren't successful and a lack of understanding was identified as one of the reasons.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

DSE candidates face 4pc rise in fees for 2026 exams
DSE candidates face 4pc rise in fees for 2026 exams

RTHK

time3 days ago

  • RTHK

DSE candidates face 4pc rise in fees for 2026 exams

DSE candidates face 4pc rise in fees for 2026 exams The HKEAA says fees and charges are going up to optimise use of resources and maintain its long-term stability. File photo: RTHK The exams body on Friday announced a 4 percent increase in fees for the 2026 Hong Kong Diploma of Secondary Education (HKDSE) exams and the introduction of a new fees structure for private candidates. According to the Hong Kong Examinations and Assessment Authority (HKEAA), the fees for school candidates for key language and other subjects have been raised by HK$30 and HK$20 each respectively. For a candidate taking six subjects – two language and four other subjects – the total fees will amount to HK3,630. The HKEAA stated that the hike is similar to previous years and remains at a relatively moderate level, with the adjustment taking into account various factors. For private candidates, a flat fee of HK$595 will be charged and there will be a new two-tier fees structure depending on their residency status. Candidates who are non-Hong Kong permanent residents are required to pay HK$1,377 for each language subject and HK$1,119 for each additional subject, HK$600 more when compared with that for local residents. For non-permanent residents who are under 18 years old and sitting the exam for the first time, there will be a new special entry fee of HK$2,000 per person. That would mean examination fees of more than HK$9,800 for those taking four core subjects and two electives. The HKEAA said the fees and charges had been revised to optimise the use of resources and maintain the long-term financial stability of the body. "There has been a notable increase in the number of private candidates in recent years. Some of these candidates, holding non-HKDSE qualifications, are required to submit Special Entry applications, which necessitate substantial manpower and resources from the authority to carefully vet each case," it said. "Additional examination centres and personnel have also been arranged to accommodate the growing number of private candidates, further increasing the operational costs of the HKDSE."

Pfizer, Chinese biotech firm 3SBio complete worldwide licensing deal for cancer drug
Pfizer, Chinese biotech firm 3SBio complete worldwide licensing deal for cancer drug

South China Morning Post

time3 days ago

  • South China Morning Post

Pfizer, Chinese biotech firm 3SBio complete worldwide licensing deal for cancer drug

First announced in May, the deal will see 3SBio – based in Shenyang, capital of northeastern Liaoning province – receive a US$1.25 billion upfront payment from Pfizer for the exclusive right to sell its cancer drug, SSGJ-707, outside China. Under the terms of their agreement, Pfizer will also pay 3SBio up to US$150 million to solely develop and commercialise SSGJ-707 within the mainland, the two companies said on Thursday. Pfizer also agreed to buy 31.1 million new shares in S3Bio, or a 1.3 per cent equity stake, for HK$785 million, according to a stock exchange filing. The deal at HK$25.2055 per share represents a 17 per cent discount to its market price on Thursday. 3SBio's shares fell 6.41 per cent to HK$28.45 on Friday. The transaction reflected the strong momentum of Chinese biotech firms in the field of drugs research and the increased interest from major foreign pharmaceutical companies to license their intellectual property.

Hong Kong life insurance sales jump 43% to record high in first quarter
Hong Kong life insurance sales jump 43% to record high in first quarter

South China Morning Post

time3 days ago

  • South China Morning Post

Hong Kong life insurance sales jump 43% to record high in first quarter

Life insurance sales in Hong Kong rose 43 per cent in the first quarter to a record high on demand for protection and estate planning from high-net-worth customers and visitors from mainland China, as the city seeks to become a wealth management hub to rival global leaders like Switzerland. The industry wrote HK$93.4 billion (US$12 billion) worth of new life policies in the first quarter, up from HK$65.3 billion a year earlier, the Insurance Authority said on Friday. It was the highest first-quarter sales tally since the authority was established in 2016. Hong Kong had a record year in 2024, when insurers posted a 21.4 per cent jump in sales to HK$219.8 billion, courtesy of a world-record policy sold by HSBC Life. 'Hong Kong's insurance industry continued its strong momentum in early 2025, supported by sustained demand for savings, health, and protection products from both local customers and mainland Chinese visitors,' said Patrick Graham, CEO of Manulife Hong Kong and Macau. The regulator did not disclose policy sales to mainland visitors, having earlier decided to release such statistics after a review about the disclosures of non-local buyers.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store