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Eerder Nieuws
September 2010
» The Hong Kong Chamber of Commerce in the Netherlands (HKCoCNL) and the Federation of Hong Kong Industries (FHKI) have signed a cooperation agreement in Hong Kong on 2 September during the 50th anniversary dinner of the HKFI.
Mr. George Ammerlaan, Chairman of the HKCoCNL and Mr Roy Chung, Deputy Chairman of the FHKI, signed the MOU in the presence of over 1200
guests including the Acting Chief Executive of the HKSAR Mr. Wong Yan-lung, Deputy Director of the Liaison Office of the Central People's Government in the HKSAR Mr. Li Guikang, Commissioner of the Ministry of Foreign Affairs in the HKSAR, Mr. Lu Xinhua, and Deputy Secretary-General of the People’s Government of Guangdong Province Mr Tan Juntie. The Dutch Consul General Mr Robert Schuddeboom, the Chairman of the Dutch Chamber of Commerce in Hong Kong, Mr Alexander de Neree tot Babberich and Member of the Advisory Board of the HKCoCNL, Ms Jennifer Chan, also witnessed the signing ceremony.
guests including the Acting Chief Executive of the HKSAR Mr. Wong Yan-lung, Deputy Director of the Liaison Office of the Central People's Government in the HKSAR Mr. Li Guikang, Commissioner of the Ministry of Foreign Affairs in the HKSAR, Mr. Lu Xinhua, and Deputy Secretary-General of the People’s Government of Guangdong Province Mr Tan Juntie. The Dutch Consul General Mr Robert Schuddeboom, the Chairman of the Dutch Chamber of Commerce in Hong Kong, Mr Alexander de Neree tot Babberich and Member of the Advisory Board of the HKCoCNL, Ms Jennifer Chan, also witnessed the signing ceremony. » 7th World Congress of Chinese Medicine opens in the Netherlands
The 7th World Congress of Chinese Medicine (WCCM) started here Friday, with more than 800 experts and professionals from dozens of countries focusing on its clinical progress and global spread. The theme of the two-day congress is "the clinical practice, scientific research and new medicine and cure development of Chinese medicine".
There is growing interest in Chinese medicine in the world, especially in European countries. Acupuncture in the Netherlands is increasingly being accepted as a complementary medicine, as an addition to regular medicine.
The standardization of Chinese medicine is another focus of this congress. Presentations and lectures with the title "Technical requirement for registration of Chinese medicine in EU" and "Quality control of Chinese medicine", attracted hundreds.
The Annual World Congress of Chinese Medicine is a global event for Chinese medicine. After its establishment in 2003, it has attracted hundreds of experts and scholars worldwide. The next congress will be held in London in 2011.
» Hong Kong's retail sales totalled a provisional HK$25.13 billion in September
Hong Kong's retail sales totalled a provisional HK$25.13 billion in September - up 17.2 per cent in value from a year earlier and up 15.8 per cent by volume, Census and Statistics Department figures showed on Monday.
A government spokesman said retail sales remained robust in September. “Growth in sales of consumer durables, clothing, and jewellery was strong in particular, reflecting the sanguine consumer sentiment amid the improving job and income prospects, and also the sustained strong growth in inbound tourism.”
Meanwhile, the value of total receipts for the restaurant sector was HK$21.0 billion in the third quarter, up by 5.1 per cent over the third quarter of 2009. Over the same period, the value of total purchases by restaurants increased by 5.9 per cent to HK$7.3 billion, new statistics released on Monday showed.
» AIA surges 17pc in Hong Kong debut
AIA Group Ltd surged 17 per cent in its Hong Kong debut as investors, chasing exposure to Asia's fast-growing life insurance business, piled into the record offering in the world's hottest IPO market.
The stronger-than-expected listing is a relief for bailed-out insurer American International Group after a two-year effort to sell its Asian unit, including a failed takeover attempt from British insurer Prudential plc.
The strong start boosted AIA's market value above the US$35.5 billion Prudential had initially offered for AIA in March, vindicating AIG's decision not to accept US$30.4 billion bid that followed.
AIA CEO Mark Tucker will now battle it out with Prudential to grab a greater share of the US$358 billion Asia-Pacific life insurance market after spending about 17 years building Prudential's Asian business.
Diversifying quickly into bancassurance – selling insurance products through banks – is one of the battles Tucker has on his hands, as he gets underway to revive growth at AIA after the wounds inflicted by AIG's near-collapse.
“The successful IPO would turn management's full attention back to the core business. The IPO and the separation from AIG took up some of management's time,” said Sally Yim, senior analyst of financial institutions group at Moody's Investor Service.
“Whoever is able to diversify into bancassurance and at the same time strengthen their agency productivity will be the winner in Asia,” she added.
Tucker, 52, a former professional soccer player known for his long hours and competitive nature, faces off against the likes of Prudential, ING and Manulife Financial Corp.
AIA closed at HK$23.05, 17 per cent above the IPO price of HK$19.68, after hitting a high of HK$23.15. A Reuters poll had, on average, forecast the shares to start trading at HK$21.79.
AIA accounted for about 42 per cent of Hong Kong's total market turnover with early trade dominated by retail demand, according to Hong Kong exchange data.
Asia has led the world in IPOs this year, raising a record $124.7 billion to account for more than 66 per cent of all global volume, according to Thomson Reuters data. One-third of Asia's IPOs have been in Hong Kong, drawing on its access to the booming China market and big investor base.
AIA also caps a record year of insurance IPOs, which saw Japan's Dai-ichi Life Insurance sell US$11 billion in shares and Samsung Life Insurance raise $4.4 billion.
AIA's IPO closed two days ahead of schedule after being swamped by orders from Chinese investors and traditional long-only funds. AIG raised US$17.8 billion after selling shares at the top end of the marketing range. The offer was subscribed 9.62 times.
The IPO could raise as much as US$20.5 billion if AIG exercises the over-allotment option, setting it on course to be the world's third-biggest IPO.
Investors are betting that AIA's market value, which will rank it as the fifth-largest stock on the benchmark Hang Seng index, will generate demand from funds for benchmarking purposes. CLSA estimates AIA will have a 5 per cent weighting in the Hong Kong index.
“It's the prospect of joining major indices that is aiding the upward momentum, otherwise, its earnings growth prospects is not particularly exciting,” said Patrick Yiu, a director at CASH Asset Management.
Traders said there was talk of index compilers expediting AIA's move into benchmarks.
While the life insurance business is poised for strong growth in Asia, some of AIA's big markets are mature, which is a concern for some investors.
“We still have to see how it performs in emerging markets especially in India and China,” Yiu added. AIA has a tiny presence in both those markets.
Life insurance premiums in Asia are projected to grow at compounded annual rate of 12.3 per cent between last year-2014, compared with 2.5 per cent in Europe and 4.4 per cent in North America, according to Sigma Swiss Re estimates.
Other insurance stocks fell as some investors pulled money out of AIA's bigger rivals. China Life fell 3 per cent and Ping An Insurance lost 2.5 per cent.
Prudential shares in London rose 2 per cent, buoyed by AIA's strong debut.
“It's a win-win situation for the Pru, as it is the only other insurer with strong interest in Asia, so either it is in the right market, or it becomes a takeover target,” says Mic Mills, head of electronic trading at ETX Capital. “Either way it can only be positive.”
AIA trades at about 1.4 times price to embedded value, while its larger, China-focused rivals China Life and Ping An trade at P/EV of over 2 times. But relative to its mature market peers such as Prudential plc, AIA trades at a premium.
AIG plans to use some of the proceeds of the AIA sale to pay back the roughly US$100 billion it still owes the US government after its 2008 bailout. It still owns 41.6 per cent of AIA, which will drop to about 33 per cent if the greenshoe is issued.
Source: Reuters in Hong Kong
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