Question 1: As a leading Hong Kong financial industry player, can you share with us the challenges that HK experts are facing, especially in exporting their services to overseas or mainland?
Answer: HKG is an international financial centre with many participants from all over the world. The international participants have overseas offices or were originally from overseas. The challenge that HK based financial services firms have to face is how to offer our services overseas. We can tie-up with an overseas firm or set up our own offices. In order to consider the most appropriate option, we need to spend substantial time and resources studying the overseas market, identifying potential partners, and negotiating the appropriate set-up. Many HK based firms do not have the resources to do this on our own.
Question 2: Would you share with us your experiences of joining HK Trade Development Council’s delegation to Moscow and St. Petersburg which led by the Financial Secretary in 2009 and Asian Financial Forum?
Answer: I have participated in many TDC delegations in China, Asia and Europe. Many HK based financial services firms have explored the markets in China and Asia but Europe has always been a little too far away both in terms of distances and time zones. The TDC’s delegation to Moscow and St. Petersburg was very useful to me personally as I was able to gauge the level of interest in the HK financial market from similar sized organisations in the Russian Federation, and from potential clients.
Many companies in Russia are looking at various financial centres for fund raising but have been disappointed in the European markets’ recent performance. They have come to realise that HKG is an important financial centre for China, and that many M&A deals can be done with Chinese entities through HKG. Russian financial advisors are also looking at tying up with partners in HKG in order to compete with the international banks.
I have attended every AFF since its inauguration. In addition to the high quality of the speakers, I have found it an excellent venue to meet potential partners. By coming to HKG to attend the AFF they already have interest in either investing in HKG or developing HKG tie ups. You might even say that they are more or less pre-qualified so we are talking to people with genuine intent.
Question 3: What is the contribution of HKTDC in promoting HK financial services to the world?
Answer: The problems faced by HK based financial services institutions are the same ones faced by HKG manufacturers and traders in the early years. How do we reach international markets with our services? How do we identify potential partners in international markets?
In the same way that TDC has helped the manufacturers and traders, it is now helping financial services firms. In addition to manufacturing and trading, HKG is now an international financial centre. The TDC has recognised this shift and has re focused itself to assist HKG financial services firms to tackle overseas markets.
The job is different and much harder. We do not have physical products to sell or show in exhibitions. What we have is our network, knowledge, expertise, and perhaps some physical infrastructure e.g.. internet trading etc. Without the leadership of TDC, I would not have been able to even consider overseas markets. The investment in time and efforts (not to mention costs) would have been too big.
In the same way that the TDC helped HKG become the premier trading centre of the world (with China as our work shop), it is now helping promote HKG as an international financial centre.
International financial institutions were successful in bringing foreign capital to China. Now that China has accumulated USD2.4 trillion of foreign currency reserves, HKG will become the fund raising centre for many international companies.
Answer: HKG is an international financial centre with many participants from all over the world. The international participants have overseas offices or were originally from overseas. The challenge that HK based financial services firms have to face is how to offer our services overseas. We can tie-up with an overseas firm or set up our own offices. In order to consider the most appropriate option, we need to spend substantial time and resources studying the overseas market, identifying potential partners, and negotiating the appropriate set-up. Many HK based firms do not have the resources to do this on our own.
Question 2: Would you share with us your experiences of joining HK Trade Development Council’s delegation to Moscow and St. Petersburg which led by the Financial Secretary in 2009 and Asian Financial Forum?
Answer: I have participated in many TDC delegations in China, Asia and Europe. Many HK based financial services firms have explored the markets in China and Asia but Europe has always been a little too far away both in terms of distances and time zones. The TDC’s delegation to Moscow and St. Petersburg was very useful to me personally as I was able to gauge the level of interest in the HK financial market from similar sized organisations in the Russian Federation, and from potential clients.
Many companies in Russia are looking at various financial centres for fund raising but have been disappointed in the European markets’ recent performance. They have come to realise that HKG is an important financial centre for China, and that many M&A deals can be done with Chinese entities through HKG. Russian financial advisors are also looking at tying up with partners in HKG in order to compete with the international banks.
I have attended every AFF since its inauguration. In addition to the high quality of the speakers, I have found it an excellent venue to meet potential partners. By coming to HKG to attend the AFF they already have interest in either investing in HKG or developing HKG tie ups. You might even say that they are more or less pre-qualified so we are talking to people with genuine intent.
Question 3: What is the contribution of HKTDC in promoting HK financial services to the world?
Answer: The problems faced by HK based financial services institutions are the same ones faced by HKG manufacturers and traders in the early years. How do we reach international markets with our services? How do we identify potential partners in international markets?
In the same way that TDC has helped the manufacturers and traders, it is now helping financial services firms. In addition to manufacturing and trading, HKG is now an international financial centre. The TDC has recognised this shift and has re focused itself to assist HKG financial services firms to tackle overseas markets.
The job is different and much harder. We do not have physical products to sell or show in exhibitions. What we have is our network, knowledge, expertise, and perhaps some physical infrastructure e.g.. internet trading etc. Without the leadership of TDC, I would not have been able to even consider overseas markets. The investment in time and efforts (not to mention costs) would have been too big.
In the same way that the TDC helped HKG become the premier trading centre of the world (with China as our work shop), it is now helping promote HKG as an international financial centre.
International financial institutions were successful in bringing foreign capital to China. Now that China has accumulated USD2.4 trillion of foreign currency reserves, HKG will become the fund raising centre for many international companies.
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