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South China Morning Post
16-07-2025
- Business
- South China Morning Post
Hong Kong's asset management industry hits near-record US$4.5 trillion on massive inflows
Hong Kong strengthened its position as a leading global wealth management hub after investors committed major capital to the city last year, lifting assets under management to HK$35.14 trillion (US$4.5 trillion), just shy of an all-time high, before stocks and other instruments delivered hefty gains. Assets under management in the city grew almost HK$4 trillion in 2024, or 13 per cent from a year earlier, the Securities and Futures Commission said in an annual survey published on Wednesday, thanks to an 81 per cent surge in net fund inflows of HK$705 billion, it added. The record of HK$35.55 trillion was set in 2021. Inflows for the asset management and fund advisory business soared 571 per cent to HK$321 billion, while the private banking and private wealth management business recorded a 15 per cent increase in assets under management to HK$10.4 trillion, the survey showed. 'Hong Kong is gaining more clout than ever as a leading international hub for asset and wealth management, propelled by strong fund inflows, financial innovation and a growing talent pool,' said Christina Choi, executive director of investment products at the SFC. Hong Kong is gaining more clout than ever as a global hub for asset and wealth management, the Securities and Futures Commission says. Photo: Shutterstock Images The inflows preceded a robust year for investors in Hong Kong's financial markets. The Hang Seng Index has rallied 25 per cent so far this year to rank among the world's best-performing stock benchmarks. A stock market re-rating fuelled risk appetite and boosted demand for initial public offerings (IPOs), helping the city rise to the top of the global league table, according to industry data.
South China Morning Post
10-04-2025
- South China Morning Post
Seoul palace installs spy-cam detection in public toilet to combat illegal ‘molka' filming
South Korean authorities have installed a restroom equipped with a spy-cam detection system at a tourist hotspot, in a bid to address the rampant issue of illegal filming, which has become a growing concern in the country. Advertisement The toilet is located in Changgyeonggung Palace in central Seoul, which attracts more than a million visitors annually. It features ceiling-mounted thermal sensors that can detect hidden cameras in real time, as well as monitors designed to identify attempts to film over partition walls, creating what officials called a highly secure monitoring set-up, JoongAng Daily reported on Tuesday. We plan to create a safer environment for visitors by gradually expanding the installation Kim Eung-rye, Changgyeonggung Palace Office head To deter illegal recording, warning stickers have been placed inside and outside the restroom. 'We plan to create a safer environment for visitors by gradually expanding the installation of these permanent illegal filming detection systems to other public restrooms within the palace,' Kim Eung-rye, head of the Changgyeonggung Palace Office, told JoongAng Daily. The installation highlights South Korea's ongoing struggle with illegal filming, a pervasive issue fuelled by the widespread availability of small, easily concealed cameras known as molka. The Changgyeonggung Palace in Seoul, South Korea, has taken steps to stop illegal filming in public restrooms. Shutterstock Images Images captured by these hidden cameras – often placed in public restrooms, changing rooms, and hotels – primarily target women and are frequently uploaded to websites where men pay to access them.
South China Morning Post
27-02-2025
- Business
- South China Morning Post
Mainland China launches latest incentive drive to tempt Taiwanese to work, invest
Mainland China's Fujian province has rolled out another round of preferential policies in a bid to encourage Taiwanese to work in sectors such as EV batteries, medical instruments and broadcasting. Advertisement A policy document released on Thursday laid out 17 measures that aim to support cross-strait exchanges, state broadcaster CCTV reported, as the southeastern coastal province – which has close geographical and cultural links to Taiwan – continues to act as a test bed for the mainland's push for economic, social and political integration with the island. In the Fujian city of Ningde, at least 100 positions will be created annually over the next three years for Taiwanese to work in the lithium battery industry. People with bachelor's degrees or above will be eligible for an annual subsidy of 50,000 yuan (US$6,900) for up to three years, according to the document. The city of Putian, one of Beijing's test beds for Taiwan integration. Photo: Shutterstock Images In the city of Putian, incentives will be provided to entice Taiwanese biopharmaceutical enterprises to establish operations in a designated industrial estate that could include access to free research and development and trial production sites. Under the policy, individuals who accept offers to work in the medical industry could qualify for rent subsidies of up to 50 per cent at state-owned housing in two districts. A pilot project has also been designed to incentivise Taiwanese businesses to invest in and set up radio and television production companies. According to the document, applications will be simplified and approval waiting times shortened. Advertisement More than a decade ago, in an effort to foster deep cross-strait economic ties or political loyalty, Beijing started introducing preferential policies for Taiwanese people who seek to study or work in Fujian, which was declared as a 'model zone for integrated development' in 2023.
