In September, the value of total exports of goods rose by 4.7 percent over a year earlier to HK$398.1 billion, after a year-on-year increase by 6.4 percent in August, according to data released by the Census and Statistics Department. The value of imports of goods increased by 1.4 percent over a year earlier to HK$451.3 billion. Despite global economic uncertainties, the government believes improved Mainland economic prospects should support Hong Kong’s export performance.
30
The number of Hong Kong-listed companies that comply with Sharia standards that investors in Saudi Arabia can tap into through the Albilad CSOP MSCI Hong Kong China Equity ETF, the first ETF in Saudi Arabia to track the Hong Kong equity market. The ETF, which was scheduled to list on 30 October on the Saudi Stock Exchange, makes its debut with an initial size exceeding US$ 1.2 billion, according to Albilad Capital and its partner Hong Kong-based CSOP Asset Management.
6 months
The length of time PwC ZhongTian has been suspended from conducting audit work in Mainland China over its work on the collapsed Chinese property giant Evergrande. The firm was also fined US$62.2 million. Other PwC operations providing non-audit services in China are not affected. “It is not representative of what we stand for as a network and there is no room for this at PwC,” the firm’s global chair Mohamed Kande said.
87%
The percentage of workers who see human skills like adaptability, leadership, and communications as integral to their career advancement, while 52 percent think their company values employees with human skills more than those with technical skills, according to Deloitte’s Workplace Skills Survey. The report highlights a possible imbalance in corporate learning and development programmes.
Mark Koziel
The incoming Chief Executive Officer of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants. Koziel, who will begin his role on 1 January 2025, will succeed Barry Melancon, who retires at the end of this year. Koziel is President and CEO of Allinial Global, the world’s second-largest accounting association.
1.2 million
World Bank predicts the global supply of oil will exceed demand by an average of 1.2 million barrels per day next year, pushing down prices from an average of US$80 a barrel for Brent crude this year to US$73 a barrel in 2025 and US$72 in 2026. Its new Commodity Markets Outlook report published in October also finds that gold prices are likely to remain elevated in 2025, buoyed in part by strong central bank demand.
“The listing of Synagistics via a successful de-SPAC transaction is a milestone for Hong Kong to introduce a new way for a company to go public other than normal initial public offerings. This will strengthen Hong Kong’s role as a listing venue and international financial centre.”
– Norman Chan, Chairman of Hong Kong Acquisition, a special-purpose acquisition company (SPAC). Singapore-based Synagistics, which provides digital commerce solutions, became the first overseas company to go public on the Hong Kong Stock Exchange through a merger with the SPAC on 30 October.
1,200+
The number of start-ups Hong Kong Science and Technology Parks (HKSTP) will introduce to Beta Lab, Saudi Arabia’s start-up incubator, for investment decisions, according to HKSTP CEO Albert Wong. On 29 October, both parties signed an agreement in Riyadh to collaborate, giving HKSTP’s park companies potential access to financing from Beta Lab’s new US$300 million investment fund.
