Amilian SERVICES DEVELOPMENT COUNCIL 香港金融發展局 KHU 助力初創公司成功之路: 吸引並深耕本地另類投資基金 2025年6月 FSDC Paper No.69 ($) 助力初創公司成功之路：吸引並深耕本地另類投資基金 | 報告摘要 2017年10月11日 11:00:00 1 | | --- | | 기 늘 | | 培育初創公司生態圈的重要性與策略價值.創新與社會變革的催化劑. | | 以現代視角詮釋「本地」初創公司與基金… | | 全球變革的催化力量 . | | 私募市場與另類資產崛起. | | 多元化另類投資策略在不同融資階段的作用 www.bangsware.com.www.wwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww.10 | | 私募股權與創業投資：為初創公司發展注入動力 | | 私募信貸 : 市場效率與另類融資的催化劑 | | 另類融資：化解初創公司的嚴峻挑戰… | | 聚焦亞太與香港格局 - | | 初創公司與另類投資生態圈面臨的挑戰 | | 融資版圖失衡與初創生態的多元化需求 | | 商業化及其對香港生態圈的啟示 . | | 監 ...

Summary of the Conference Call Company Overview - The conference call is held by Hong Kong Central Media in 2024, indicating the company's ongoing operations and engagement with analysts and investors [1]. Key Points and Arguments - The conference is conducted in both Mandarin and English, reflecting the company's commitment to inclusivity and accessibility for a diverse audience [1]. - The presence of management staff, specifically Executive Director Mr. Wang Wei-yi, suggests a structured approach to communication and transparency with stakeholders [1]. Other Important Content - The reminder for attendees to silence their phones indicates a professional environment aimed at minimizing distractions during the call [1].

Investment Rating - The report emphasizes the importance of Hong Kong as a leading global insurance hub and suggests a positive outlook for the industry, highlighting the need for sustainable development and innovation to maintain this status [6][10]. Core Insights - Hong Kong's insurance market is characterized by strong growth potential, robust profitability, and a favorable regulatory environment, making it an attractive location for international insurance companies [6][10]. - Despite challenges from the pandemic and interest rate fluctuations, the insurance sector in Hong Kong has shown resilience, with a notable recovery in 2022 [6][10]. - The report identifies key areas for development, including diversification across markets and business lines, increasing long-term asset supply, and exploring new growth areas to strengthen Hong Kong's position as a risk management center [7][10][20]. Summary by Sections Strengthening Hong Kong's Position as a Leading Global Insurance Hub - Hong Kong hosts 158 licensed insurance companies, including six of the world's top ten insurers, and the insurance sector contributes 3.5% to the local GDP in 2023 [10][12]. - The total gross premium in 2023 reached HKD 542.1 billion, ranking 15th globally [12]. Exploring Development Opportunities Amid Industry Challenges - The insurance industry in Hong Kong is heavily concentrated in life insurance and the mainland visitor market, which poses risks during market fluctuations [16][20]. - The demand for life insurance products, particularly from mainland visitors, is expected to continue growing post-pandemic [20]. Increasing Long-Term Asset Supply - In 2023, the effective premium for personal life insurance reached HKD 426.5 billion, accounting for 89.8% of the total effective long-term business premiums [25]. - There is a call for more diversified long-term bond issuance to support the insurance sector's investment strategies [26]. Exploring New Growth Areas - The report highlights the potential of insurance-linked securities and reinsurance as key areas for market diversification and growth [27][34]. - The development of insurance-linked securities is seen as a way to provide alternative capital sources and enhance risk management capabilities [28][31]. Policy Recommendations - Recommendations include creating a comprehensive roadmap for digital transformation, enhancing local stakeholders' capabilities in sustainable development reporting, and issuing more long-term bonds to optimize investment strategies [8][20].

Industry and Company Overview * **Industry**: Tobacco and related products * **Company**: Central Hong Kong, a subsidiary of China Tobacco International * **Role**: Capital operation platform and international business expansion for China Tobacco Key Points Business Segments 1. **Tobacco Imports**: * High margin Brazilian tobacco imports contribute to increased gross margins. * Brazil's impact on gross margins due to cost and price increases. * Tobacco imports are planned and dependent on annual quotas. * Gross margins for tobacco imports increased by 6% due to cost plus pricing model. * [10][11][12][13] 2. **Tobacco Exports**: * Exports to Hong Kong, Macau, Taiwan, and Southeast Asia. * Sales volume and margins increased due to higher prices and improved product mix. * Sales volume and margins are expected to grow in the next few years. * [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 3. **New Tobacco Products**: * Sales in four core regions: Russia, Eastern Europe, the Middle East, and North Africa. * Focus on deepening market penetration and improving profitability. * Gross margins increased from 2.3% to 4.4% in the first half of 2024. * [39][40][41][42][43] 4. **H&B Products**: * Strategic focus for China Tobacco. * Price optimization, cost reduction, and product innovation. * Expansion into new markets based on market maturity. * [41][42][43] Financial Performance 1. **2024 Mid-Year Results**: * Revenue, gross margins, and scale all recorded normal growth. * Profitability continued to strengthen. * [5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 2. **Associated Party Transactions**: * Renewal of agreements with six overseas associated parties. * Approval of new three-year associated transaction amount limits. * [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] Future Outlook 1. **Tobacco Imports**: * Gross margins expected to remain stable. * Focus on maintaining cost competitiveness and optimizing product mix. * [10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 2. **Tobacco Exports**: * Continued growth in sales volume and margins. * Expansion into new markets and product categories. * [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43] 3. **New Tobacco Products**: * Deepening market penetration in core regions. * Continuous improvement in profitability. * [39][40][41][42][43] 4. **H&B Products**: * Strategic focus for China Tobacco. * Continuous innovation and expansion into new markets. * [41][42][43]

Investment Rating - The report emphasizes the importance of Hong Kong's role in the internationalization of the mainland carbon market, suggesting a positive outlook for investment opportunities in this sector [26][27]. Core Insights - The report highlights the rapid development of the global carbon market, particularly the voluntary carbon market, and the urgent need for Hong Kong to become a major carbon trading center [27][28]. - It outlines the potential growth of the mainland carbon market, which is expected to expand significantly, with the mandatory carbon market projected to reach RMB 14.7 trillion (approximately USD 2.06 trillion) by 2030 [37][39]. - The report identifies key challenges facing the internationalization of the mainland carbon market, including low international recognition and lack of cross-border trading channels [55][61]. - It proposes several policy recommendations to enhance Hong Kong's role, including stimulating demand for carbon credits, establishing a cross-border trading mechanism named "Carbon City Link," and creating a non-governmental carbon registry system [80][81][82]. Summary by Sections Introduction - The introduction discusses the critical role of carbon markets in achieving sustainability and the potential for financing transitions to greener economies [33][34]. Importance of Internationalizing the Mainland Carbon Market - The mainland carbon market consists of a mandatory carbon market and a voluntary carbon market, with the former being the largest globally [37][39]. - The report notes that the mainland's carbon market is essential for achieving national decarbonization goals aligned with the Paris Agreement [27][28]. Challenges Facing Internationalization - Key challenges include low international recognition of CCER (China Certified Emission Reduction) and the need for improved cross-border trading mechanisms [55][61]. Unique Role of Hong Kong - Hong Kong is positioned to enhance the credibility of CCER and facilitate cross-border trading due to its unique advantages as an international financial center [68][69]. Policy Recommendations - Recommendations include stimulating market demand for carbon credits, establishing "Carbon City Link" for cross-border trading, creating a non-governmental carbon registry, providing legal certainty for carbon credits, and developing a vibrant carbon market ecosystem [80][81][82]. Conclusion - The report concludes that Hong Kong must take decisive actions to support the internationalization of the mainland carbon market, thereby reinforcing its position as a leading green finance center in Asia [143][144].

Investment Rating - The report emphasizes the importance of transition finance in guiding global investments towards a sustainable future, highlighting Hong Kong's strategic position in this evolving landscape [3][4][10]. Core Insights - The development of green and sustainable finance has become a global priority, with Hong Kong aiming to establish itself as a key player in sustainable economic practices [7][9]. - Transition finance is crucial for bridging the gap between traditional and sustainable finance, particularly for high-emission sectors that require financial tools and support for gradual transformation [9][10]. - The report outlines several strategic recommendations for Hong Kong to enhance its role as a transition finance hub, including adopting a "three-pillar" model and fostering public-private partnerships [10][19]. Summary by Sections Report Summary - The report discusses the evolution of sustainable finance in Hong Kong, noting significant progress since the first report in 2016, and emphasizes the need for continued efforts to address climate-related challenges [7][9]. Introduction - Transition finance is defined as a means to support high-emission sectors in their decarbonization efforts, recognizing the complexity of achieving net-zero emissions [12][14]. Exploring the Frontiers of Transition Finance - The report highlights the necessity of a comprehensive transition finance framework to facilitate effective regulation and mobilize necessary financial resources for sustainable development [23][24]. Policy Recommendations - Recommendations include establishing guiding principles for diverse global pathways, promoting collaboration to enhance transition impact, and clarifying Hong Kong's strategic vision through tailored financing solutions [10][19][29]. Recent Global Initiatives - The report notes the significant investment needs to achieve climate goals, with an estimated $150 trillion required by 2050, emphasizing the critical role of transition finance in directing global investments [19][20]. Analysis of Transition Finance Scope - Transition finance is characterized by its focus on funding high-emission activities to support their decarbonization, acknowledging the importance of gradual progress towards climate goals [28][30]. Global Efforts in Transition Planning Disclosure - The report discusses the establishment of standardized frameworks for transition planning and disclosure, which are essential for effective implementation and assessment of transition finance initiatives [36][37].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the need for a supportive regulatory framework to foster innovation in the financial sector, particularly in the context of Web3 and fintech developments [3][4][19]. Summary by Sections Introduction to Web3 - Web3 represents a significant advancement in the digital realm, enhancing machine readability of web content and fostering a more intelligent, interconnected, and decentralized internet structure. This evolution is expected to transform the financial services landscape, particularly through decentralized finance (DeFi) [4][11]. Challenges in Designing an Enabling Regulatory Framework - The emergence of decentralized finance and Web3 technologies poses challenges to existing regulatory models, necessitating adjustments in regulatory strategies to ensure effective oversight in a low-centralized control environment [5][19]. Common Regulatory Tools and Techniques - Various countries employ structured approaches to regulate fintech and Web3 entities, including formal restrictions, laissez-faire methods, special authorizations, and regulatory sandboxes to facilitate innovation while ensuring safety [6][7]. Regulatory Considerations – Hong Kong Perspective - Hong Kong's approach to regulating Web3 and fintech offers valuable insights for the global community, highlighting the importance of balancing regulation with innovation to maintain competitiveness [8][9]. Global Connectivity - Hong Kong's regulatory experience in Web3 serves as a case study for other regions, emphasizing the need for clear regulatory frameworks that reduce policy uncertainty and support strategic growth in diverse financial environments [9][10]. Observations on Building an Enabling Regulatory Framework - The report outlines key characteristics of an effective regulatory framework, including transparency, supervision, clarity, complementarity, comprehensiveness, outward orientation, and flexibility [20][21]. Effective Regulatory Agency Characteristics - Effective regulatory agencies foster trust in the financial system by ensuring clear communication, understanding regulatory scope, and maintaining predictability in regulatory outcomes [21][24]. Web3's Potential Impact on Financial Services - Web3's core features, such as decentralization and trustlessness, are expected to enhance financial inclusion by providing faster transaction speeds and lower costs, potentially serving the unbanked population globally [17][19]. Enabling Regulatory Framework for Financial Innovation - The stability of national and global financial systems relies on effective regulation of financial institutions, with a focus on prudential regulation, conduct regulation, and systemic regulation to mitigate risks [19][20].

Investment Rating - The semiconductor production equipment industry in Japan is rated as Attractive [2]. Core Insights - Expectations for the wafer fab equipment (WFE) market in 2025 are declining, with a consensus view suggesting that 5% growth would be the best-case scenario, and potential for negative growth exists due to various factors including China's domestic production of frontend equipment, concerns over HBM oversupply, and weak smartphone sales [2][3]. - Demand for AI semiconductors remains robust, leading to a shift in capital expenditure (capex) from frontend to backend equipment, with a notable change in the semiconductor value chain [3]. - The focus of advanced technology development is transitioning from advanced lithography to advanced packaging solutions [3]. Summary by Company Advantest (6857.T) - The tester market is bottoming out, with potential growth expected to match that of the WFE market due to increased demand for devices requiring long test times, such as edge AI and generative AI [11]. - Target price is set at ¥7,700 based on a P/E of 20.0x and an EPS estimate of ¥382.6 for F3/27 [11]. Disco (6146.T) - Target P/E is set at 25.1x, with an EPS estimate of ¥2,472.5 for F3/27, when earnings are expected to peak [5]. - The company is recommended as a focus name due to its strong position in backend equipment [2][4]. Ulvac (6728.T) - Target price is ¥12,100, based on an EPS estimate of ¥856.4 and a P/E of 14.2x, reflecting lower market growth in FPD equipment [8]. Lasertec (6920.T) - Target price applies a P/E of 20.0x to an EPS estimate of ¥1,628.4, with expectations for steady earnings growth despite the current correction phase in the SPE market [14]. Tokyo Electron (8035.T) - Target price of ¥44,100 is calculated using a 20.0x average forward P/E based on next-FY estimates, with an EPS estimate of ¥1,545.5 for F3/27 [17].

Investment Rating - The industry view is rated as Attractive [6][20]. Core Insights - The growth in Gross Written Premiums (GWP) for both Life and Property & Casualty (P&C) insurance sectors remains healthy, with significant year-on-year increases noted in September [2][5]. - Life insurance GWP growth was robust, with Ping An Life reporting a 23% increase year-on-year, while PICC Life and CPIC Life reported increases of 9% and 13% respectively [3][4]. - New sales in the third quarter of 2024 showed strong expansion, with PICC Life's first-year premium (FYP) increasing by 122% year-on-year, driven by a 221% increase in regular premiums [4]. - The P&C sector also continued its growth trend, with major players like Ping An P&C, PICC P&C, and CPIC P&C reporting GWP growth rates of 10.9%, 6.7%, and 6.6% respectively in September [5][11]. Summary by Sections Life Insurance - Life GWP growth in September was slower compared to August but remained healthy overall, with year-to-date growth for most insurers between 5-10% [3]. - The demand for insurance products is expected to remain strong in the long term due to guaranteed principles and increasing needs for elderly care and healthcare [3]. New Sales Performance - The third quarter of 2024 saw significant new sales growth, with Ping An Life achieving a 66% increase in new business [4]. - The overall expectation is for strong Value of New Business (VNB) growth across the industry, with projections of over 50% year-on-year growth in the third quarter [4]. Property & Casualty Insurance - The P&C sector's GWP growth continued, with notable increases in non-auto lines, particularly in Accident & Health (A&H) and Credit insurance [5]. - Online insurer ZhongAn reported a return to double-digit GWP growth, achieving 10.9% year-to-date growth [5].

Investment Ratings - Airlines: Industry View Attractive [2] - Marine Transportation: Industry View Cautious [2] - Diversified Services: Industry View No Rating [2] - Logistics: Industry View Attractive [2] - Tourism: Industry View In-Line [2] - Railways: Industry View In-Line [2] Core Insights - There is a strong interest from overseas institutional investors in railways and tourism, while airlines, logistics, and marine transportation attract relatively low interest [5][6] - Specific stocks such as JR Kyushu, JR East, Seibu HD, and Keisei Electric Railway are highlighted for their strong appeal among overseas investors [6] - Concerns regarding the performance of Fuji Kyuko and the potential for a rebound in tourism demand are discussed, indicating a cautious outlook [7] - Yamato HD and SG HD are noted for their underperformance, with no immediate catalysts for price recovery identified [8] Summary by Industry Airlines - The report indicates a rising certainty of yen appreciation and low oil prices, which could enhance investment appeal, but it is noted that this scenario is not yet priced in [11] Marine Transportation - Companies such as Kawasaki Kisen, Mitsui O.S.K. Lines, and Nippon Yusen are rated Underweight, indicating a cautious outlook for the sector [33] Diversified Services - Japan Post Holdings is rated Overweight, suggesting a positive outlook for the company [34] Logistics - Companies like Fukuyama Transporting and Yamato Holdings are rated Underweight and Equal-weight respectively, indicating mixed sentiments in the logistics sector [35] Tourism - Fuji Kyuko is rated Overweight, reflecting optimism about its potential for growth, while other companies like Oriental Land are rated Underweight [36] Railways - Central Japan Railway is rated Underweight, while Kyushu Railway and Tokyu are rated Overweight, indicating varied expectations across different railway companies [37]