NewzIntel.com

Category: Asia Pacific

  • MIL-OSI New Zealand: PM announces major upgrade to relationship with Viet Nam

    Source: New Zealand Government

    Prime Minister Christopher Luxon and his Vietnamese counterpart, His Excellency Prime Minister Pham Minh Chinh, have today announced the elevation of the New Zealand-Viet Nam relationship to a Comprehensive Strategic Partnership. 

    This upgrade was announced during the Prime Minister’s visit to Viet Nam as the two countries mark 50 years of diplomatic relations. 

    Both leaders discussed opportunities to further grow and deepen the relationship between New Zealand and Viet Nam across economics, trade and investment, defence and security, education, and people-to-people connections under the new partnership. 

    “Strengthening our relationship with Viet Nam is incredibly important to New Zealand’s economic future, with more opportunities for businesses at home to access this crucial market. I am delighted that Prime Minister Chinh and I today agreed to take the relationship between our countries to the next level,” Mr Luxon says.

    “A Comprehensive Strategic Partnership is the highest level of partnership with Viet Nam and is a fitting way to commence our 2025 anniversary year.

    “This significant upgrade in the relationship is a major milestone and demonstrates the high level of trust, ambition, and strategic alignment between our countries. Viet Nam is the rising star of Asia, and the opportunities to work together on common goals are enormous.

    “Today, Prime Minister Chinh and I reflected on the flourishing relationship between New Zealand and Viet Nam, and the shared ambition to expand cooperation and to do more together across a wide range of priorities.

    “The agreement also shows the priority my Government is placing on relationships with Southeast Asia – a region crucial to our plan to grow our economy, create jobs and lift incomes.” 

    Prime Minister Luxon’s visit to Viet Nam continues tomorrow with a range of business and political engagements in both Ha Noi and Ho Chi Minh City. 

    Editor’s notes:

    New Zealand and Viet Nam agreed a Strategic Partnership in 2020. 

    The agreement to elevate to a Comprehensive Strategic Partnership will place New Zealand at the top tier of Viet Nam’s international relationships. 

    Over the next year, New Zealand and Viet Nam will agree a Plan of Action to outline joint initiatives under five pillars: (i) political engagement, (ii) defence, security and oceans, (iii) economics, trade and investment, (iv) climate change, science and technology; and (v) education and people to people links. 

    This is Viet Nam’s 10th Comprehensive Strategic Partnership.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Opening remarks in meeting with China Foreign Minister

    Source: New Zealand Government

    Opening remarks by New Zealand Foreign Minister Winston Peters in meeting with China Foreign Minister Wang Yi, in Beijing on 26 February 2025:
     
    Thank you, Minister, for your warm welcome tonight.   
     
    It is a pleasure to return to Beijing, after our last visit in 2018. And thank you for your hospitality then, as now, and to a number of people on your side whose faces we recognise across many, many years.   
     
    This reciprocates your visit to Wellington last year. Our personal connection, built over many years, enables us to exchange candid perspectives on developments in our long-standing bilateral relationship and to continue to build our mutual understanding.   
     
    The New Zealand-China relationship continues to benefit, as you said, from our mutually beneficial and significant trade and economic relationship and the comprehensive, regular two-way exchanges by our people, which are again growing following the COVID-19 pandemic.   
     
    Our relationship also benefits from a resilient bilateral architecture that has been built up over many years of hard work and commitment by both sides, from regular high-level political exchanges to technical dialogues covering issues from trade and agriculture, to education, science and innovation, and indeed the environment.    
     
    Our long-standing connection enables our frank and comprehensive discussions on areas of disagreement, including those that stem from our different histories and different systems. Indeed, it is a sign of healthy relationships that we can and do express disagreement on important issues.   
     
    For New Zealand, you will be well aware of our ambition for the Pacific region to be peaceful, prosperous, and focused on Pacific-led institutions and solutions. Our connections to the Pacific are deep, particularly in the Realm of New Zealand which includes the Cook Islands, Niue and Tokelau. Indeed, it’s in the name: Pacific.   
     
    Alongside this, our deep and abiding support for the rules-based international order and stable security, defence, and political engagement in the Indo-Pacific region are fundamental to our interests.   
     
    Turning to the global picture, we are meeting at a time of great uncertainty and strain, with the conflict in Ukraine having just entered its fourth year, and the Middle East turning to rebuild and addressing the immense humanitarian need on the ground.    
     
    Our dialogue with China on bilateral, regional and international issues is more important than ever. We encourage China to use its influence, weight and role as a permanent member of the United Nations Security Council to work towards resolution of global issues.    
     
    We look forward to discussing these matters further with you this evening and in the following years. 
     
    Thank you.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Land supply meets demand: FS

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today said the potential land supply for 2025-26 is expected to provide about 13,700 units, similar to the annual demand projected in the Long Term Housing Strategy.

    Mr Chan made his remarks while outlining land and housing measures in the Budget this morning. He noted that the 2025-26 Land Sale Programme will cover a total of eight residential sites.

    Together with railway property development, private development and redevelopment projects, and the Urban Renewal Authority projects, the potential land supply for the year is expected to be similar to the projected annual demand, providing about 13,700 units.

    Mr Chan said the Government will not roll out any commercial sites for sale in the coming year. It will also consider rezoning some of the commercial sites for residential use and allowing greater flexibility of land use. Moreover, it will extend the deadline for completing in-situ land exchanges for commercial sites in the town centre of Hung Shui Kiu/Ha Tsuen New Development Area.

    The Government will prepare land for the production of about 80,000 private housing units in the coming five years. About 65% of the land will come from the Northern Metropolis and the Tung Chung New Town Extension.

    Housing supply

    On public housing supply, the Government has identified sufficient land to meet its supply target of 308,000 public housing units over the next 10 years.

    Coupled with Light Public Housing, the total public housing supply in the coming five years will reach 190,000 units, which is about 80% higher than that for the first five‑year period from when the current‑term Government took office.

    On private housing supply, it is estimated that the completion of private residential units will average more than 17,000 units annually in the coming five years, representing a decrease of about 8% over the annual average of the past five years. The potential supply of first‑hand private residential units for the next three to four years will be around 107,000 units.

    Transport infrastructure

    The Government will strive to commence detailed planning and design for the South Island Line (West) project this year.

    Construction works for the remaining sections of Route 6, namely the Central Kowloon Route, Trunk Road T2, and the Cha Kwo Ling Tunnel, are entering the final stages. The Central Kowloon Route project is expected to be completed by the end of this year, and Route 6 will be fully commissioned next year.

    Professional development

    The Financial Secretary said $15 million has been set aside over the next two years for the Centre of Excellence for Major Project Leaders and its work to enhance professionalism, innovation capabilities and cost management in the construction industry.

    To attract more young people to join the industry, the Government and the Construction Industry Council (CIC) will jointly allocate funding totalling about $95 million to continue the provision of on-the-job training subsidies to trainees enrolling in part-time construction-related degree programmes over the next two academic years.

    The CIC will allocate around $150 million to subsidise the construction industry to provide on‑the‑job training for graduates of degree programmes in engineering, architecture, surveying, planning and landscape architecture.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Co-operation with GBA cities secured

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today outlined a series of measures in the Budget concerning Hong Kong’s collaboration with other cities of the Guangdong – Hong Kong – Macao Greater Bay Area (GBA) on various fronts, including youth development.

    As from this year, the requirements for joining the GBA Youth Employment Scheme has been relaxed so that youngsters aged 29 or below with sub-degree or higher qualifications can join, while the limit of allowance for enterprises has been increased to $12,000 per month per person for up to 18 months.

    With regard to medical co-operation, the Government is seeking to establish the Real-World Study & Application Centre for the GBA Clinical Trial Collaboration Platform by Hong Kong and Shenzhen by the end of this year.

    With the data from the special measure of using Hong Kong registered drugs and medical devices used in Hong Kong public hospitals in the GBA, Mr Chan explained that the aim is to accelerate approval for the registration of new drugs in Hong Kong, the Mainland and overseas, fostering research and development, clinical trials and the application of advanced biomedical technology in Hong Kong.

    On the financial front, following the signing of the Memorandum of Understanding on Cross-Boundary Credit Referencing Pilots between the Monetary Authority and the People’s Bank of China, the Government will progressively expand the pilot coverage to further facilitate cross-boundary financing for enterprises.

    Concerning transport and logistics, Mr Chan pointed out that 21 airlines and 125 logistics companies have participated in the sea air intermodal cargo transshipment mode under the co-operation of Hong Kong and Dongguan.

    It is expected that the first phase construction of the permanent facility for the Phase 1 development of the logistics park in Dongguan will be completed within this year and the preliminary study of Phase 2 development will commence shortly.

    The co-operation with GBA cities covers the construction industry as well. Mr Chan pointed out that in collaboration with Guangdong Province, the Government has successfully established the “Professional Title” evaluation mechanism for the first batch of Hong Kong engineering professionals, with the mechanism to be extended to other construction related professions with the right conditions. 

    The Government will collaborate with Guangdong Province and Macau to formulate GBA standards on the skill levels for skilled workers and technicians of the construction sector, and take forward the “One Examination, Multiple Certification” arrangement.

    The Financial Secretary also mentioned the development of Qianhai, saying that the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone is one of the major co-operation platforms in the bay area.

    “For example, the turnover of Qianhai Mercantile Exchange, a subsidiary of Hong Kong Exchanges & Clearing, exceeded RMB100 billion over the year. It operates our country’s only offshore spot trading platform for soybeans.”

    He added that the Department of Justice collaborated with the relevant Mainland authorities and achieved the extension of the measures, including the one of “allowing Hong Kong invested enterprises to choose Hong Kong as the arbitration place” to other pilot cities in the bay area, thereby providing Hong Kong investors with a more facilitative business environment.

    “Hong Kong will continue to support Qianhai in trying out new policies on a pilot basis and pursuing more policy innovation and breakthroughs, with a view to promoting the successful policies to the rest of the GBA and even the entire country.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Govt to foster inclusive society

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan announced today that the Government will increase by 1,000 the number of vouchers under two elderly care service schemes in the next fiscal year.

    Delivering his 2025-26 Budget, Mr Chan said the number of vouchers under the Residential Care Service Voucher Scheme for the Elderly will increase to 6,000 in total, while the total number of vouchers under the Community Care Service Voucher Scheme for the Elderly will rise to 12,000.

    The two schemes will involve annual expenditure of about $1,710 million and $900 million respectively.

    Noting that the Mandatory Reporting of Child Abuse Ordinance will come into effect next January, Mr Chan said the Government will provide an additional $186 million annually to increase emergency places for residential childcare and strengthen professional support for child abuse victims and their families.

    The Government will also support people with disabilities by setting up 14 Integrated Community Rehabilitation Centres across the city in phases to provide those who require medium to high level care with flexible and integrated community support services through a case management approach.

    In addition, 1,280 additional day community rehabilitation and home care service places will be provided for people with disabilities, involving about $160 million in additional annual expenditure.

    Mr Chan added that starting from the third quarter, the Government will regularise the Pilot Project on Enhancing Vocational Rehabilitation Services to provide training to people with disabilities, with an annual expenditure of about $100 million, benefitting some 10,000 people.

    On women’s development, the finance chief said a two‑year pilot mentorship programme will be launched, pairing female university students with female mentors to promote women’s workplace development.

    Mr Chan also outlined that the Government is progressively implementing and completing the 16 works projects, entailing total expenditure of about $190 billion, under the First Hospital Development Plan.

    He said the Government will review the distribution, scale and priority of projects under the Second Hospital Development Plan.

    Furthermore, the outcome of a review on the structure and levels of subsidisation for public healthcare will be announced this year.

    Separately, the Financial Secretary acknowledged public concerns about the problem of illegal basketball betting in Hong Kong in recent years, adding the that turnover of illegal basketball betting reached $70 to $90 billion last year according to the Jockey Club’s latest assessment.

    He said the Government will explore regulating basketball betting activities and invite the Jockey Club to submit a proposal.

    MIL OSI Asia Pacific News –

  • MIL-OSI: ACM Research Reports Fourth Quarter and Fiscal Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced packaging applications, today reported financial results for its fourth quarter and fiscal year ended December 31, 2024.

    “2024 was a year of strong execution for ACM. We expanded our product portfolio and broadened the addressable markets we serve,” said ACM’s President and Chief Executive Officer, Dr. David Wang. “We grew revenue by 40% and total shipments by 63%. We gained additional market share by capitalizing on product cycles and deepening engagements with key customers, demonstrating the strength of our multi-product portfolio. Our operating profit increased by 57.6%, and we generated $152 million in cash flow from operations.”

    Dr. Wang continued, “In the fourth quarter, we achieved two major operational milestones. First, we achieved process qualification of our Thermal and Plasma-Enhanced ALD furnace tools at two semiconductor customers in mainland China. Second, we commenced initial operations at our Lingang production facility, and we are on track to transition additional capacity to Lingang as we progress through the year.”

    Dr. Wang concluded, “Looking ahead to 2025, we remain focused on expanding our business with incremental revenue contribution from Tahoe, SPM, and Furnace, additional customer evaluations for both Track and PECVD, increasing localization in China, and contributions from our expanding global footprint. Regarding the addition of our subsidiaries to the U.S. Entity List, we believe the impact on the ability of ACM Research (Shanghai) to produce tools will be manageable, and that we can continue to support our global customer base.”

      Three Months Ended December 31,
      GAAP   Non-GAAP(1)
        2024       2023       2024       2023  
      (dollars in thousands, except EPS)
    Revenue $ 223,471     $ 170,321     $ 223,471     $ 170,321  
    Gross margin   49.6 %     46.4 %     49.8 %     46.8 %
    Income from operations $ 43,989     $ 23,374     $ 52,773     $ 36,046  
    Net income attributable to ACM Research, Inc. $ 31,080     $ 17,700     $ 37,740     $ 28,681  
    Basic EPS $ 0.49     $ 0.29     $ 0.60     $ 0.47  
    Diluted EPS $ 0.46     $ 0.26     $ 0.56     $ 0.43  
      Twelve Months Ended December 31,
      GAAP   Non-GAAP(1)
        2024       2023       2024       2023  
      (dollars in thousands, except EPS)
    Revenue $ 782,118     $ 557,723     $ 782,118     $ 557,723  
    Gross margin   50.1 %     49.5 %     50.4 %     49.8 %
    Income from operations $ 150,998     $ 95,839     $ 200,574     $ 123,177  
    Net income attributable to ACM Research, Inc. $ 103,627     $ 77,349     $ 152,230     $ 107,424  
    Basic EPS $ 1.67     $ 1.29     $ 2.45     $ 1.79  
    Diluted EPS $ 1.53     $ 1.16     $ 2.26     $ 1.63  
                                   
    (1)   Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income (loss) attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain (loss) on short-term investments.


    Outlook

    ACM is maintaining its revenue guidance range of $850 million to $950 million for fiscal year 2025. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors. We have updated our long-term business model to a gross margin target range of 42% to 48%, versus the prior range of 40% to 45%.

    Operating Highlights and Recent Announcements

    • Shipments. Total shipments in 2024 were $973 million, up 63.1%. Total shipments in the fourth quarter of 2024 were $264 million, versus $140 million in the fourth quarter of 2023. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.
    • Thermal and Plasma-Enhanced ALD furnace tools achieved process qualification. ACM announced the achievement of process qualification of its Ultra Fn A Plasma-Enhanced Atomic Layer Deposition (PEALD) and Thermal Atomic Layer Deposition (Thermal ALD) Furnace tools at two mainland China semiconductor customers.

    Full Year 2024 Financial Summary

    Unless otherwise noted, the following figures refer to the full year of 2024 and comparisons are with the full year of 2023.

    • Revenue was $782.1 million, up 40.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies, along with steady growth of advanced packaging (excluding ECP), services & spares.
    • Gross margin was 50.1% versus 49.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 50.4% versus 49.8%. Gross margin exceeded ACM’s updated long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
    • Operating expenses were $240.6 million, an increase of 33.4%. Operating expenses as a percentage of revenue decreased to 30.8% from 32.3%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $193.4 million, up 25.2%. Non-GAAP operating expenses as a percentage of revenue were 24.7% compared to 27.7%.
    • Operating income was $151.0 million, up 57.6% compared to $95.8 million. Operating margin increased from 17.2% to 19.3%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $200.6 million, up 62.8% compared to 123.2 million. Non-GAAP operating margin, which excludes stock-based compensation, was 25.6% compared to 22.1%.
    • Unrealized gain (loss) on short-term investments was $1.0 million, compared to an unrealized gain (loss) of $(2.7) million. Unrealized gain (loss) reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
    • Income tax expense was $35.0 million, compared to $19.4 million.
    • Net income attributable to ACM Research, Inc. was $103.6 million, compared to $77.3 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain (loss) on short-term investments, was $152.2 million, compared to $107.4 million.
    • Net income per diluted share attributable to ACM Research, Inc. was $1.53, compared to $1.16. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain (loss) on short-term investments, was $2.26, compared to $1.63.
    • Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits were $441.9 million at December 31, 2024, compared to $369.1 million at September 30, 2024.

    Fourth Quarter 2024 Financial Summary

    Unless otherwise noted, the following figures refer to the fourth quarter of 2024 and comparisons are with the fourth quarter of 2023.

    • Revenue was $223.5 million, up 31.2%, reflecting higher sales of single wafer cleaning, Tahoe and semi-critical cleaning equipment and ECP (front-end and packaging), furnace and other technologies, along with steady sales growth of advanced packaging (excluding ECP), services & spares.
    • Gross margin was 49.6% versus 46.4%. Non-GAAP gross margin, which excludes stock-based compensation, was 49.8% versus 46.8%. Gross margin was at the upper end of ACM’s updated long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.
    • Operating expenses were $66.8 million, an increase of 20.0%. Operating expenses as a percentage of revenue decreased to 29.9% from 32.7%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $58.4 million, up 34.0%. Non-GAAP operating expenses as a percentage of revenue increased to 26.1% from 25.6%.
    • Operating income was $44.0 million, up 88.2% compared to $23.4 million. Operating margin was 19.7% compared to 13.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $52.8 million, up 46.4% compared to $36.0 million. Non-GAAP operating margin, which excludes stock-based compensation, was 23.6% compared to 21.2%.
    • Unrealized gain on short-term investments was $2.1 million, compared to an unrealized gain of $1.7 million. Unrealized gain reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
    • Income tax expense was $17.3 million, compared to $8.1 million.
    • Net income attributable to ACM Research, Inc. was $31.1 million, compared to $17.7 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $37.7 million, compared to $28.7 million.
    • Net income per diluted share attributable to ACM Research, Inc. was $0.46, compared to $0.26. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.56, compared to $0.43.

    Conference Call Details

    A conference call to discuss results will be held on Wednesday, February 26, 2025, at 8:00 a.m. Eastern Time (9:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

    Online Registration: https://register.vevent.com/register/BI70ae79d80e0348a880269ad7a9dec2f9

    Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.

    A live and archived webcast will be available on the Investors section of the ACM website at www.acmrcsh.com.

    Use of Non-GAAP Financial Measures

    ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

    ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

    While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

    Forward-Looking Statements

    Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

    About ACM Research, Inc.

    ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmrcsh.com.

    © ACM Research, Inc. ULTRA Fn and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

    For investor and media inquiries, please contact:

    In the United States: The Blueshirt Group
      Steven C. Pelayo, CFA
      (360)808-5154
      steven@blueshirtgroup.co
       
    In China: The Blueshirt Group Asia
      Gary Dvorchak, CFA
      +86 (138) 1079-1480
      gary@blueshirtgroup.co
    ACM RESEARCH, INC.
    Condensed Consolidated Balance Sheets
     
      December 31, 2024   December 31, 2023
      (Unaudited)    
      (In thousands)
    Assets      
    Current assets:      
    Cash and cash equivalents $ 407,445     $ 182,090  
    Restricted cash   3,865       1,083  
    Short-term time deposits   17,277       80,524  
    Short-term investment   19,373       21,312  
    Accounts receivable, net   387,045       283,186  
    Other receivables   41,859       40,065  
    Inventories, net   597,984       545,395  
    Advances to related party   1,024       2,432  
    Prepaid expenses   7,507       20,023  
    Total current assets   1,483,379       1,176,110  
    Property, plant and equipment, net   269,272       201,848  
    Operating lease right-of-use assets, net   14,038       15,393  
    Intangible assets, net   3,461       2,538  
    Long-term time deposits   13,275       40,818  
    Deferred tax assets   14,781       20,271  
    Long-term investments   37,063       27,880  
    Other long-term assets   20,452       6,050  
    Total assets $ 1,855,721     $ 1,490,908  
    Liabilities and Equity      
    Current liabilities:      
    Short-term borrowings $ 32,814     $ 31,335  
    Current portion of long-term borrowings   44,472       6,783  
    Related party accounts payable   16,133       11,407  
    Accounts payable   139,294       141,814  
    Advances from customers   243,949       181,368  
    Deferred revenue   8,537       3,687  
    Income taxes payable   12,779       6,401  
    FIN-48 payable   19,466       12,149  
    Other payables and accrued expenses   121,657       102,951  
    Current portion of operating lease liability   2,132       2,764  
    Total current liabilities   641,233       500,659  
    Long-term borrowings   105,525       53,952  
    Long-term operating lease liability   3,840       4,262  
    Other long-term liabilities   9,217       5,873  
    Total liabilities   759,815       564,746  
    Commitments and contingencies      
    Equity:      
    Stockholders’ equity:      
    Class A Common stock   6       6  
    Class B Common stock   1       1  
    Additional paid-in capital   677,476       629,845  
    Retained earnings   260,000       156,827  
    Statutory surplus reserve   30,514       30,060  
    Accumulated other comprehensive loss   (63,372 )     (49,349 )
    Total ACM Research, Inc. stockholders’ equity   904,625       767,390  
    Non-controlling interests   191,281       158,772  
    Total equity   1,095,906       926,162  
    Total liabilities and equity $ 1,855,721     $ 1,490,908  
    ACM RESEARCH, INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income
     
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
      (Unaudited)
      ( In thousands, except share and per share data)
    Revenue $ 223,471     $ 170,321     $ 782,118     $ 557,723  
    Cost of revenue   112,656       91,245       390,564       281,508  
    Gross profit   110,815       79,076       391,554       276,215  
    Operating expenses:              
    Sales and marketing   18,380       9,440       65,447       47,019  
    Research and development   27,750       32,465       105,473       92,709  
    General and administrative   20,696       13,797       69,636       40,648  
    Total operating expenses   66,826       55,702       240,556       180,376  
    Income from operations   43,989       23,374       150,998       95,839  
    Interest income   2,813       2,071       9,935       8,354  
    Interest expense   (1,228 )     (697 )     (4,151 )     (2,681 )
    Realized gain from sale of short-term investments   1,344       478       1,788       9,047  
    Unrealized gain (loss) on short-term investments   2,124       1,691       973       (2,737 )
    Other income (expense), net   7,061       (1,714 )     6,334       (1,558 )
    Income from equity method investments   322       6,224       423       9,952  
    Income before income taxes   56,425       31,427       166,300       116,216  
    Income tax expense   (17,319 )     (8,129 )     (35,031 )     (19,364 )
    Net income   39,106       23,298       131,269       96,852  
    Less: Net income attributable to non-controlling interests   8,026       5,598       27,642       19,503  
    Net income attributable to ACM Research, Inc. $ 31,080     $ 17,700     $ 103,627     $ 77,349  
    Comprehensive income (loss):              
    Net income   39,106       23,298       131,269       96,852  
    Foreign currency translation adjustment, net of tax   (26,104 )     11,214       (15,728 )     (10,617 )
    Unrealized gain on available-for-sale investments, net of tax   428       –       428       –  
    Comprehensive Income   13,430       34,512       115,969       86,235  
    Less: Comprehensive income attributable to non-controlling interests $ 4,909     $ 5,807     $ 26,365     $ 17,689  
    Comprehensive income (loss) attributable to ACM Research Inc. $ 8,521     $ 28,705     $ 89,604     $ 68,546  
                   
    Basic $ 0.49     $ 0.29     $ 1.67     $ 1.29  
    Diluted $ 0.46     $ 0.26     $ 1.53     $ 1.16  
                   
    Weighted average common shares outstanding used in computing per share amounts:              
    Basic   62,794,259       60,792,349       62,212,569       60,164,670  
    Diluted   66,518,704       65,911,901       66,237,424       64,870,543  
    ACM RESEARCH, INC.
    Total Revenue by Product Category and by Region
     
      Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
      (Unaudited)
      ($ in thousand)
    Single wafer cleaning, Tahoe and semi-critical cleaning equipment $ 155,211   $ 122,292   $ 578,887   $ 403,851
    ECP (front-end and packaging), furnace and other technologies   51,695     32,133     151,057     103,356
    Advanced packaging (excluding ECP), services & spares   16,565     15,896     52,174     50,516
    Total Revenue By Product Category $ 223,471   $ 170,321   $ 782,118   $ 557,723
      Three Months Ended December 31,   Year Ended December 31,
        2024     2023     2024     2023
    Mainland China $ 223,110   $ 165,441   $ 775,752   $ 540,969
    Other Regions   361     4,880     6,366     16,754
    Total Revenue By Region $ 223,471   $ 170,321   $ 782,118   $ 557,723

    ACM RESEARCH, INC.
    Reconciliation of GAAP to Non-GAAP Financial Measures

    As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

      Three Months Ended December 31,
        2024       2023  
      Actual
    (GAAP)    		   SBC   Other non-
    operating adjustments    		   Adjusted
    (Non-GAAP)    		   Actual
    (GAAP)    		   SBC   Other non-
    operating adjustments    		   Adjusted
    (Non-GAAP)
      (In thousands)
    Revenue $ 223,471     $ –     $ –   $ 223,471     $ 170,321     $ –     $ –   $ 170,321  
    Cost of revenue   (112,656 )     (365 )     –     (112,291 )     (91,245 )     (568 )     –     (90,677 )
    Gross profit   110,815       (365 )     –     111,180       79,076       (568 )     –     79,644  
    Gross margin   49.6 %     0.2 %     –     49.8 %     46.4 %     0.3 %     –     46.8 %
    Operating expenses:                              
    Sales and marketing   (18,380 )     (1,907 )     –     (16,473 )     (9,440 )     (2,279 )     –     (7,161 )
    Research and development   (27,750 )     (2,030 )     –     (25,720 )     (32,465 )     (3,628 )     –     (28,837 )
    General and administrative   (20,696 )     (4,482 )     –     (16,214 )     (13,797 )     (6,197 )     –     (7,600 )
    Total operating expenses   (66,826 )     (8,419 )     –     (58,407 )     (55,702 )     (12,104 )     –     (43,598 )
    Income (loss) from operations $ 43,989     $ (8,784 )   $ –   $ 52,773     $ 23,374     $ (12,672 )   $ –   $ 36,046  
    Unrealized gain on short-term investments   2,124       –       2,124     –       1,691       –       1,691     –  
    Net income (loss) attributable to ACM Research, Inc. $ 31,080     $ (8,784 )   $ 2,124   $ 37,740     $ 17,700     $ (12,672 )   $ 1,691   $ 28,681  
    Basic EPS $ 0.49             $ 0.60     $ 0.29             $ 0.47  
    Diluted EPS $ 0.46             $ 0.56     $ 0.26             $ 0.43  
      Year Ended December 31,
        2024       2023  
      Actual
    (GAAP)    		   SBC   Other non-
    operating adjustments    		   Adjusted
    (Non-GAAP)    		   Actual
    (GAAP)    		   SBC   Other non-
    operating adjustments    		   Adjusted
    (Non-GAAP)
      (In thousands)
    Revenue $ 782,118     $ –     $ –   $ 782,118     $ 557,723     $ –     $ –     $ 557,723  
    Cost of revenue   (390,564 )     (2,385 )     –     (388,179 )     (281,508 )     (1,406 )     –       (280,102 )
    Gross profit   391,554       (2,385 )     –     393,939       276,215       (1,406 )     –       277,621  
    Gross margin   50.1 %     0.3 %     –     50.4 %     49.5 %     0.3 %     –       49.8 %
    Operating expenses:                              
    Sales and marketing   (65,447 )     (10,552 )     –     (54,895 )     (47,019 )     (5,684 )     –       (41,335 )
    Research and development   (105,473 )     (14,112 )     –     (91,361 )     (92,709 )     (8,459 )     –       (84,250 )
    General and administrative   (69,636 )     (22,527 )     –     (47,109 )     (40,648 )     (11,789 )     –       (28,859 )
    Total operating expenses   (240,556 )     (47,191 )     –     (193,365 )     (180,376 )     (25,932 )     –       (154,444 )
    Income (loss) from operations $ 150,998     $ (49,576 )   $ –   $ 200,574     $ 95,839     $ (27,338 )   $ –     $ 123,177  
    Unrealized gain (loss) on short-term investments   973       –       973     –       (2,737 )     –       (2,737 )     –  
    Net income (loss) attributable to ACM Research, Inc. $ 103,627     $ (49,576 )   $ 973   $ 152,230     $ 77,349     $ (27,338 )   $ (2,737 )   $ 107,424  
    Basic EPS $ 1.67             $ 2.45     $ 1.29             $ 1.79  
    Diluted EPS $ 1.53             $ 2.26     $ 1.16             $ 1.63  

    The MIL Network –

  • MIL-OSI United Kingdom: More than £100 million in Indian investment creating UK jobs

    Source: United Kingdom – Executive Government & Departments

    Press release

    More than £100 million in Indian investment creating UK jobs

    New Indian investment deals worth over £100 million demonstrate investors’ confidence in the UK.

    • UK welcomes latest Indian investments, demonstrating investors’ confidence in doing business 

    • New deals will create jobs as the government continues to focus on delivering economic growth under the Plan for Change 

    • Recent Indian budget drives more opportunity for UK insurance companies to expand presence in India 

    Recent investment wins for the UK worth over £100 million from Indian companies are being celebrated as proof the government’s Plan for Change is providing global investors with the confidence they need to do business in the UK. 

    Trade Secretary Jonathan Reynolds has been in New Delhi this week, as the UK Government relaunched talks on a trade deal with India to bring more opportunity to UK businesses and deliver on its core mission to grow the economy, as part of the Plan for Change.  

    UK Investment Minister Poppy Gustafsson is in Bangaluru on the second leg of a two-city visit to India to bang the drum for Britain, champion free trade and promote exciting investment opportunities in the UK economy.   

    Recent Indian investments in the UK cover a range of sectors including AI, professional services and textiles and are expected to create hundreds of new jobs over the next three years. 

    This continues the trend of strong Indian investment into the UK in recent years, with the last year-on-year change showing the value of inward FDI stock from India having increased 28% at the end of 2023. India has remained the second largest investor in terms of number of projects into the UK for five consecutive years. 

    The deals come as UK insurance companies gain more potential to expand in India thanks to the recent Indian budget which increased the amount of FDI permitted in the insurance sector from 74% to 100%. 

    Business and Trade Secretary Jonathan Reynolds said: 

    “These investment deals will deliver more than £100 million for the UK economy, creating jobs, strengthening growth, and helping working people.  

    “They prove that the government’s Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain.  

    “Now the UK will strive to be more ambitious and collaborative than ever before as we show the world why the UK is the best place to invest.” 

    The investment announcements include: 

    • Aaseya Technologies, professional services company specialising in digital transformation through automation, is growing its presence in London and creating up to 250 new jobs over three years with a £25 million investment.  

    • Sastra Robotics is investing £8 million in Manchester over three years, creating 75 new jobs. The investment aims to expand the company’s robotics innovation and development. This is the first time a robotics company from South India has invested in the UK. 

    • AI CyberIntel company Deepcytes has set up its global headquarters in London, investing £5 million and creating 80 jobs in the next three years to combat problems of anti-bullying and cyber frauds.  

    • University Living, a global student housing managed marketplace, plan to open a new UK office, investing £10 million and creating 50 jobs over three years. 

    • One of the largest producers of hand-knotted rugs in India, Jaipur Rugs have opened a store in London and are looking to create 75 jobs through a £5 million investment over the next three years.  

    • Time Cinemas have established their global headquarters in the UK, introducing The Black Box by Time, an innovative, patent applied, cloud platform solution that empowers filmmakers, content creators, producers, and distributors to reach out to a much wider cinema audience across geographies. This expansion will create 75 new jobs in London over the next three years, supported by a capital expenditure of £20 million. 

    • Novigo solutions, a technology-focused organisation specialising in end-to-end IT services, technology consulting, business consulting, analytics, and robotic process automation, has started its operation in Warwick by investing £12 million and creating 75 jobs over three years.  

    • Test Yantra, one of India’s largest testing and training services companies, is investing £10 million and creating 100 jobs over the next three years.  

    • Zoondia software, a leading provider of technology solutions, AI solutions, custom software development, IOT, data analytics and resource augmentation areas, is investing £10 million and creating 60 jobs over three years.   

    Notes to editors 

    Updates to this page

    Published 26 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK firms rake in ‘tens of millions’ in exports to India

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK firms rake in ‘tens of millions’ in exports to India

    Companies in the UK’s tech and life sciences sectors have announced expansions in India which will amount to tens of millions of pounds for the UK economy.

    • Over 600 UK companies, including in cutting-edge tech and life sciences sectors, are already based in India  

    • UK businesses exported a total of £17 billion goods and services to India in the 12 months to September 2024 

    • A trade deal which brings down barriers could make selling to this huge market easier and cheaper for businesses, delivering on the government’s Plan for Change 

    Companies in the UK’s tech and life sciences sectors are making huge strides in global markets and going for growth by announcing expansions in India. 

    UK tech and science firms are thriving thanks to deals and partnerships valued at tens of millions of pounds, involving everything from supplying internet-based learning to pupils in disadvantaged communities to helping improve outcomes for patients undergoing complex surgery in hospitals. 

    Trade Secretary Jonathan Reynolds has been in New Delhi this week, as the UK Government relaunched talks on a trade deal with India to bring more opportunity to UK businesses and deliver on its core mission to grow the economy, as part of the Plan for Change. 

    Already an economic heavyweight, India is expected to become the fourth largest importer by 2035, presenting new opportunities for UK businesses. In the year to September 2024, UK businesses exported a total of £17 billion goods and services to India. 

    Business and Trade Secretary Jonathan Reynolds said:  

    “Tech and life sciences are two huge growth sectors for the UK economy that feature at the heart of our Industrial Strategy.  

    “I’m proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market. 

    “It’s great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy, which will see living standards improve, and put money in people’s pockets.” 

    UK businesses expanding their exports into India include: 

    • Manufacturer of RF solutions to mobile networks, defence, and aerospace markets Radio Design, headquartered in Shipley, has expanded its global operations with a manufacturing facility in India.   

    • Global Tech operations for Marcus Evans Group, London-based specialists in high-impact and bespoke events, are now established in Mumbai.  

    • Appliansys, an innovative tech company based in Coventry whose internet-based education supports students in low or no internet areas, has worked with Tata Motors and developed a pilot which will be used across almost 5,000 Indian schools.   

    • Leicester-based chemicals company Microfresh has now rolled out its smart antimicrobial technology across multiple Indian textile and leather players. 

    • A digital health tech business headquartered in London, Novocuris has begun operating in multiple Indian hospitals. 

    • Keele-based Biocomposites is supplying hospitals in India with its medical devices for use in complex bone, joint, and musculoskeletal infections. 

    • York business Optibiotix Health has entered into a long-term partnership with Morepen Laboratories with its brand “Light life” containing its patented, award-winning and clinically tested SlimBiome, used as a pre-meal and on-the-go meal product.  

    • REM3DY Health, a Birmingham based advanced manufacturing business has partnered with a leading Indian pharmacy giant to bring its innovative gummy vitamin products to India with discussions ongoing to expand into even more personalised solutions in the future.  

    Notes to editors: 

    Updates to this page

    Published 26 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: FS unveils rates, tax cuts

    Source: Hong Kong Information Services

    In his 2025-26 Budget Speech, Financial Secretary Paul Chan this morning announced measures to provide rates concessions, reduce salaries and profits taxes, and pay an extra allowance to eligible social security recipients.

    Mr Chan said the measures had been devised in light of the economic pressures faced by some industries and people, and of the Government’s fiscal position.

    In the first quarter of the next financial year, rates concessions for domestic and non-domestic properties will be provided, subject to a ceiling of $500 for each rateable property.

    The measure is estimated to involve 3.12 million domestic properties and 430,000 non-domestic properties, and a reduction in government revenue of $1.5 billion from the former and of $200 million from the latter.

    Meanwhile, salaries tax and tax under personal assessment for the 2024-25 tax year will be reduced by 100%, subject to a ceiling of $1,500, with the reduction being reflected in the final tax payable for the year of assessment. The same reduction, also subject to a ceiling of $1,500, will be applied to profits tax for the 2024-25 year of assessment.

    With regard to salaries tax and tax under personal assessment, the reduction will benefit 2.14 million taxpayers and reduce government revenue by $2.9 billion. The profits tax cut will benefit 165,400 businesses and reduce government revenue by $200 million.

    In addition, the Government will provide an extra allowance to eligible social security recipients that is equal to half a month of the standard-rate Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance or Disability Allowance. Similar arrangements will apply to recipients of the Working Family Allowance.

    Altogether, the extra allowance payments will involve an additional expenditure of about $3.1 billion.

    Furthermore, to ease the burden on buyers of residential and non-residential properties at lower values, the maximum value of properties chargeable to a $100 stamp duty will be raised from $3 million to $4 million with immediate effect. 

    This concession will benefit about 15% of property transactions and reduce government revenue by about $400 million annually.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Govt forecasts $67b deficit

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan revealed in today’s Budget that total government revenue for 2025-26 is projected to be $659.4 billion, while total government expenditure will be $822.3 billion.

    Taking into account bond issuance of about $150 billion and repayments of about $54.1 billion, a deficit of $67 billion is expected.

    The fiscal reserve will decrease to $580.3 billion.

    Public finances

    Expounding on the Government’s fiscal position in his Budget speech, Mr Chan said government revenue and government expenditure are broadly reflected in the Operating Account and the Capital Account.

    Revenue in the Operating Account mainly comes from tax revenue, investment income, and government fees and charges. Meanwhile, expenditure is largely attributable to the Government’s daily expenses.

    The Capital Account’s revenue is mainly land-related, while its expenditure largely involves infrastructure works projects and land acquisition.

    The finance chief stressed that the Operating Account should be managed on the basis of keeping expenditure within the limits of revenues, with the target of achieving a surplus.

    “As for the Capital Account, expenditure on infrastructure works is our investment for the future. For instance, the Northern Metropolis development, which will bring economic and social benefits upon completion, has to be taken forward to meet the needs for social and economic development.

    “However, as revenue is susceptible to economic cycles, there may be a shortfall between revenue and expenditure. Under such circumstances, we can utilise the surplus in the Operating Account or our fiscal reserves as support, or make flexible use of market resources, including various forms of public private partnership and bond issuance.”

    Revised estimates for 2024-25

    The Financial Secretary reported that the 2024-25 revised estimate of total government revenue is $559.6 billion, lower than the original estimate by 11.6%.

    Revenues from profits tax and salaries tax remained stable at $177.7 billion and $88 billion respectively, with these figures comparable to the original estimates.

    Mr Chan emphasised that the incomes from profits tax and salaries tax demonstrate the strong resilience of Hong Kong’s economy.

    However, as the asset market is under pressure, government revenues from land premiums and stamp duties have declined. Revenue from land premiums is $13.5 billion, substantially lower than the original estimate by $19.5 billion. Revenue from stamp duties of $58 billion is lower than the original estimate by $13 billion.

    The revised estimate of total government expenditure for 2024-25 is $754.8 billion, lower than the original estimate by $22.1 billion. Of this, recurrent expenditure is $562.5 billion, lower than the original estimate by $17.7 billion.

    Taking into account the issuance of government bonds of $130 billion and repayments of $22.1 billion, the finance chief expects that there will be a consolidated deficit of $87.2 billion for 2024-25.

    Fiscal reserves are expected to be $647.3 billion by 31 March.

    Estimates for 2025-26

    Looking ahead to 2025-26, the Financial Secretary outlined that the Government will continue to allocate resources towards consolidating momentum on economic growth, promoting the accelerated development of the information and technology industries, and enhancing public services.

    “We will also increase capital works expenditure to cater for the Northern Metropolis and other public works projects relating to the economy and people’s livelihood, so as to support the sustained economic development of Hong Kong.”

    In his Budget speech, Mr Chan announced that total government expenditure for 2025-26 will grow by 8.9% to $822.3 billion, with its ratio to nominal gross domestic product projected to be 24.4%.

    Recurrent expenditure for 2025-26 will rise 4.5% to $588.1 billion.

    “Of this, substantial resources will still be allocated to livelihood-related policy areas including healthcare, social welfare and education, involving a total of $348.6 billion, representing about 60% of recurrent expenditure.”

    Non-recurrent expenditure will decrease by 3.4% to $36.1 billion.

    He also announced that total government revenue for 2025-26 is estimated to be $659.4 billion, while revenue from earnings and profits tax are estimated to be $301.2 billion, an increase of 8.4% over the revised estimate for 2024-25.

    Revenue from land premiums is estimated to be $21 billion, a 55.3% jump over the revised estimate for 2024-25. Revenue from stamp duties is estimated to be $67.6 billion, a 16.5% increase over the revised estimate for 2024-25. In addition, the Government will bring back about $62 billion from six endowment funds established outside the government accounts.

    Looking ahead, Mr Chan said: “We forecast that the Operating Account will largely achieve balance in 2025-26, and return to a surplus starting from 2026-27.”

    The Capital Account is estimated to record a deficit in the Medium Range Forecast period due to the Northern Metropolis’ accelerated development and other public works projects, he added.

    “Nevertheless, the level of deficit will decline year on year from 2026-27 onwards.”

    MIL OSI Asia Pacific News –

  • MIL-OSI: Waterfall Network Code Moves to Linux Foundation Decentralized Trust Labs

    Source: GlobeNewswire (MIL-OSI)

    Zug, Switzerland, Feb. 26, 2025 (GLOBE NEWSWIRE) — Blue Wave, developers of Waterfall Network, the world’s most innovative Layer One (L1) decentralized and scalable ledger, today announced it is contributing core protocols from the network to LF Decentralized Trust Labs. Linux Foundation Decentralized Trust is the open-source foundation for the collaborative development of technologies that are powering the global transformation to decentralized systems and applications. Moving the innovative protocols driving the Waterfall Network to a neutral host, LF Decentralized Trust,  will increase visibility and peer support for this code and open the door to valuable feedback that will contribute to the network’s overall improvement. 

    Dr. Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research, has been selected by the IEEE TEMS TC on Blockchain and DLT-NTU Centre in Computational Technologies to receive an award for Outstanding Ph.D. Dissertation. The Waterfall Network, based on Grybniak’s doctoral research, embodies the innovative principles and technological advancements explored in his work. The prestigious award highlights the research team’s groundbreaking contributions to decentralized ledger technology. This distinguished award will be presented at the 2025 Nanyang Blockchain Conference (formerly NTU Blockchain Symposium), to be held in Singapore on August 16-17, 2025.

    “We are pleased that the LF Decentralized Trust community has responded positively to our proposal to bring our technology into the labs,” said Dr.Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research. “The community support will be indispensable to us as we continue to improve and expand Waterfall Network.”

    The acceptance of these protocols into the LF Decentralized Trust Labs comes on the heels of the network’s groundbreaking milestone of achieving 12,778 transactions per second (TPS) on its mainnet, immediately positioning the platform as the most scalable mainnet for any layer-1 EVM blockchain protocol. Testing of the Waterfall Network protocols has consistently achieved loads of 10,000+ transactions per second.

    The new LF Decentralized Trust lab incorporates Waterfall’s unique next-generation Directed AcyclicGraph (DAG) technology that allows for virtually unlimited scalability and portability of decentralized applications (dAPPs). As validators sign onto the Waterfall Network, grants and rewards will be distributed to researchers and developers who assist with community-driven security auditing activities, such as completing bug bounties. To learn more about the Waterfall Network, and to run your own node, please visit https://waterfall.network/ or follow us on https://t.me/waterfall_network, https://twitter.com/waterfall_dag or https://discord.gg/Nwb8aR2XvR.  

    About Waterfall Network
    Waterfall Network is a leading layer one (L1) ledger that provides an innovative solution for security, scalability and decentralization, helping dAPP developers to change the world.  Waterfall Network is built atop a Directed Acyclic Graph (DAG) architecture that enables users to run a validator node from any device, including low-cost laptops and, in the near future, mobile phones. Waterfall Network is compatible with Ethereum Virtual Machine (EVM), allowing for portability of decentralized applications (dAPPs), with minimal  hardware requirements for participants who want to become validators.

    The MIL Network –

  • MIL-Evening Report: Jewish Council slams Australian universities’ ‘dangerous, politicised’ antisemitism definition

    Asia Pacific Report

    An independent Jewish body has condemned the move by Australia’s 39 universities to endorse a “dangerous and politicised” definition of antisemitism which threatens academic freedom.

    The Jewish Council of Australia, a diverse coalition of Jewish academics, lawyers, writers and teachers, said in a statement that the move would have a “chilling effect” on legitimate criticism of Israel, and risked institutionalising anti-Palestinian racism.

    The council also criticised the fact that the universities had done so “without meaningful consultation” with Palestinian groups or diverse Jewish groups which were critical of Israel.

    The definition was developed by the Group of Eight (Go8) universities and adopted by Universities Australia.

    “By categorising Palestinian political expression as inherently antisemitic, it will be unworkable and unenforceable, and stifle critical political debate, which is at the heart of any democratic society,” the Jewish Council of Australia said.

    “The definition dangerously conflates Jewish identities with support for the state of Israel and the political ideology of Zionism.”

    The council statement said that it highlighted two key concerns:

    Mischaracterisation of criticism of Israel
     The definition states: “Criticism of Israel can be antisemitic when it is grounded in harmful tropes, stereotypes or assumptions and when it calls for the elimination of the State of Israel or all Jews or when it holds Jewish individuals or communities responsible for Israel’s actions.”

    The definition’s inclusion of “calls for the elimination of the State of Israel” would mean, for instance, that calls for a single binational democratic state, where Palestinians and Israelis had equal rights, could be labelled antisemitic.

    Moreover, the wording around “harmful tropes” was dangerously vague, failing to distinguish between tropes about Jewish people, which were antisemitic, and criticism of the state of Israel, which was not, the statement said.

    Misrepresentation of Zionism as core to Jewish identity
     The definition states that for most Jewish people “Zionism is a core part of their Jewish identity”.

    The council said it was deeply concerned that by adopting this definition, universities would be taking and promoting a view that a national political ideology was a core part of Judaism.

    “This is not only inaccurate, but is also dangerous,” said the statement.

    “Zionism is a political ideology of Jewish nationalism, not an intrinsic part of Jewish identity.

    “There is a long history of Jewish opposition to Zionism, from the beginning of its emergence in the late-19th century, to the present day. Many, if not the majority, of people who hold Zionist views today are not Jewish.”

    In contrast to Zionism and the state of Israel, said the council, Jewish identities traced back more than 3000 years and spanned different cultures and traditions.

    Jewish identities were a rightly protected category under all racial discrimination laws, whereas political ideologies such as Zionism and support for Israel were not, the council said.

    Growing numbers of dissenting Jews
    “While many Jewish people identify as Zionist, many do not. There are a growing number of Jewish people worldwide, including in Australia, who disagree with the actions of the state of Israel and do not support Zionism.

    “Australian polling in this area is not definitive, but some polls suggest that 30 percent of Australian Jews do not identify as Zionists.

    “A recent Canadian poll found half of Canadian Jews do not identify as Zionist. In the United States, more and more Jewish people are turning away from Zionist beliefs and support for the state of Israel.”

    Sarah Schwartz, a human rights lawyer and the Jewish Council of Australia’s executive officer, said: “It degrades the very real fight against antisemitism for it to be weaponised to silence legitimate criticism of the Israeli state and Palestinian political expressions.

    “It also risks fomenting division between communities and institutionalising anti-Palestinian racism.”

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: $1.23b for boosting tourism

    Source: Hong Kong Information Services

    Given that cultural and creative industries are among the most dynamic sectors in Hong Kong, Paul Chan highlighted in his Budget speech this year that the Government is dedicated to advancing several vital projects.

    “A cumulative total of over 780 projects, some of which with potential for industrialisation, have been approved under the CreateSmart Initiative, involving a total funding of about $3.4 billion and benefitting more than 30,000 SMEs (small and medium-sized enterprises).

    “To foster the vibrant development of the local creative industry chain, OASES (Office for Attracting Strategic Enterprises) will strategically attract to Hong Kong more cultural and creative enterprises that integrate I&T (innovation and technology) into their work.”

    With regard to large-scale art events, Mr Chan pointed to the success of the inaugural Hong Kong Performing Arts Expo, which concluded in October last year. It featured over 1,600 arts leaders and practitioners from more than 60 countries and regions.

    “We will organise the second edition of the Expo next year, transforming the event into a flagship of our arts and cultural industries.”

    He also explained how the Government will further facilitate the creation and production of cultural intellectual property (IP).

    “The Government will support cultural IP creators and producers to propel more than 30 cultural IP projects cumulatively in the coming five years. We are fostering more cross-sectoral collaboration within the cultural and creative sectors so as to enhance the communication power and sales value of cultural IP products.”

    Emphasising the fact that tourism boosts local economic development and creates employment opportunities, Mr Chan pointed out that the Government will step up its efforts to uncover more attractions with local characteristics.

    “To pursue the concept of ‘tourism is everywhere’ and implement the Development Blueprint for Hong Kong’s Tourism Industry 2.0, I will allocate $1,235 million to the Hong Kong Tourism Board (HKTB) in the coming year.

    “The HKTB will collaborate with more international brands to tell the good stories of Hong Kong’s tourism. For example, the HKTB signed a three-year global strategic partnership agreement with Art Basel to establish immersive experience zones of Hong Kong culture in all four annual Art Basel shows around the world, strengthening Hong Kong’s connection with the global art scene.”

    Mr Chan revealed that he earmarked resources to strengthen support to the cruise industry, encouraging cruise lines to increase their number of ship calls to Hong Kong, make overnight calls and use Hong Kong as the homeport.

    “We will provide cruise lines with more concessions to attract cruise ships to berth at the Kai Tak Cruise Terminal during the low season.”

    The Government remains steadfast in promoting and publicising Hong Kong as a mega events capital globally in an effort to attract more tourists to the city and enhance their tourism experience.

    Hong Kong can do just that, the Financial Secretary said, via the Kai Tak Sports Park, which is the largest‑ever sports infrastructure in Hong Kong with its 50,000-seat stadium.

    Additionally, he emphasised that the Government has been supporting the staging of major international sports events in Hong Kong through “M” Mark System. 

    “We will adopt a more strategic approach in continuously attracting sports events which can bring significant economic benefits to Hong Kong, and are in discussion with LIV Golf which has been held in Hong Kong for two consecutive years to explore long-term partnership.”

    Mr Chan made it a point in his Budget speech to underscore the importance of developing visitor sources from the Middle East and the Association of Southeast Asian Nations (ASEAN).

    “In collaboration with the HKTB, the Government will make extra efforts to develop markets in the Middle East and ASEAN to attract more high‑end visitors.

    “The Government is encouraging various sectors of the community to enhance tourism‑support facilities, such as providing worship facilities in hotels and stepping up staff training to strengthen the industry’s understanding of the visitors’ different cultural backgrounds.”

    Leveraging harbourfront resources is equally crucial, Mr Chan asserted, adding that the Government is making every effort to enhance the harbourfront on both sides of the Victoria Harbour.

    “The recently opened western section of the East Coast Boardwalk in North Point has been popular among the public. The eastern section of the Boardwalk, the Hung Hom Urban Park (Phase 2) and the open space at Eastern Street North in Sai Ying Pun will also be completed this year. 

    “We will set up refreshment stalls at harbourfront locations in Central, Wan Chai, North Point and Tsim Sha Tsui this year to enrich visitor experience.”

    Furthermore, he gave an update on a key tourism-boosting study.

    “The Government has invited the Mass Transit Railway Corporation to conduct a study to develop the waterfront and former pier sites to the south of Hung Hom Station into a new harbourfront landmark. 

    “It will include iconic commercial and residential developments, retail, dining and entertainment facilities, as well as yacht club for promoting yacht tourism. We will put forward land use proposals in the middle of this year.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Bond issuance for infra. investment

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan today announced that the Government will raise capital by issuing bonds to ensure the progress of infrastructure works projects crucial to the future development of Hong Kong can proceed on schedule.

    While delivering the 2025-26 Budget this morning, Mr Chan said that the capital works expenditure will increase from the previously estimated $90 billion to about $120 billion per annum on average in the future.

    Apart from public-private partnerships, in-situ land exchanges and pilot areas for large-scale land disposal, government bonds will be issued as part of the Government’s efforts to leverage market resources more flexibly for the infrastructure works projects to proceed on schedule and deliver early benefits to the economy and the people, he added.

    In the five-year period from 2025-26 to 2029-30, a total of about $150 billion to $195 billion worth of bonds will be issued under the Government Sustainable Bond Programme and the Infrastructure Bond Programme annually. About 56% of the bonds issued will be used for refinancing short-term debts.

    Noting that the borrowing ceiling of these two bond programmes is expected to increase from the existing level of $500 billion to $700 billion in the Medium Range Forecast (MRF), Mr Chan explained that the ratio of government debt to Gross Domestic Product (GDP) will stay at a prudent and manageable level of 12 to 16.5%, well below most of the advanced economies.

    He emphasised that the proceeds from the bond issuance will be used to invest in infrastructure, and not to fund government recurrent expenditure, in strict adherence to the Government’s fiscal discipline.

    “As long as the amount of bonds issuance is contained at a level that ensures fiscal prudence, capital can be utilised flexibly and for investing in future economic development, bringing greater returns and benefits to the society.”

    The Financial Secretary also stated that in the MRF, the ratio of total government expenditure to GDP will gradually fall from about 24.4% for 2025-26 to about 20.9% for 2029-30.

    For 2026-27 and onwards, revenue from land premium is assumed to be progressively rising to 2% of GDP, which is lower than the 20-year average ratio of 3.3%. The growth rate of revenue from profits tax and other taxes will correspond to the economic growth rate in the next few years. 

    The ratio of government revenue to GDP will maintain at about 20% starting from 2025-26 as a whole, Mr Chan said, adding that the MRF reflects the proceeds from the annual issuance of government sustainable bonds and infrastructure bonds.

    “Based on the above assumptions and arrangements, the deficits in the Operating Account and Capital Account in the next five years will gradually reduce every year.”

    The Operating Account may return to a surplus from 2026-27 onwards, while the deficit in the Capital Account will fall progressively from $159.8 billion in 2025-26 to $87.6 billion in 2029-30, Mr Chan pointed out.

    After taking account of net proceeds from the issuance of bonds, the Consolidated Account will return to a surplus starting from 2028-29. The aforesaid forecast has not taken into account any tax concessions or relief measures that may be implemented after 2025-26, he noted.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Govt in all-out effort to attract talent

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan announced in his Budget speech today that the Government will enhance its talent-related schemes and promote the “Study in Hong Kong” brand by holding more global education conferences to trawl for talent.

    Mr Chan said that top talent will be invited to Hong Kong under the Quality Migrant Admission Scheme for development and both the Admission Scheme for Mainland Talents & Professionals and the General Employment Policy will be enhanced to allow young non-degree talent with professional and technical qualifications and experience to join skilled trades that face manpower shortages in the city.

    The Government will also launch enhancement measures to provide greater flexibility for the New Capital Investment Entrant Scheme, which has so far received more than 880 applications, with an expected investment of over $26 billion.

    In addition to planning the second “Global Talent Summit ˙ Hong Kong” that is scheduled to be held early next year, the Government will attract more students to study in Hong Kong via various measures including the Belt & Road Scholarship.

    To stimulate primary and secondary school students’ interest in innovation and technology, technology-related bodies including Cyberport have been invited to co-ordinate the efforts of more than 100 technology enterprises to engage in exchanges with the students to share frontier exploration and startup experience in technology through product displays and site visits in the coming year.

    On the post-secondary education front, Mr Chan highlighted that the Government will launch a new round of the Research Matching Grant Scheme, totalling $1.5 billion, to attract more organisations to support research endeavours and raise the quota of the Hong Kong PhD Fellowship Scheme to 400 places per year.

    As the self-financing post-secondary institutions complement publicly-funded ones in providing diversified articulation pathways, the Government has launched a new round of the Land Grant Scheme and the Start-up Loan Scheme, under which land sites are granted at a nominal premium with interest-free loans to support capacity expansion and quality enhancement of self-financing institutions.

    On the medical front, the Financial Secretary pointed out that the Task Group on New Medical School has invited local universities interested in setting up the third medical school to submit proposals. The task force expects to complete its assessment and formulate recommendations later this year. 

    He added that the Government will set aside resources to support universities in the development of the new medical school on a matching basis.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Business Leaders Sound Alarm on Global Economic Uncertainty, Call for Unified APEC Action Brisbane, Australia | 26 February 2025 APEC Business Advisory Council

    Source: APEC – Asia Pacific Economic Cooperation

    Amidst rising global economic tensions, the APEC Business Advisory Council (ABAC) met in Brisbane this week to reaffirm its support for the value of trade and cooperation, and the original APEC commitment to free, fair, open and rules-based trade.

    Members expressed alarm at the escalating challenges posed by rising protectionism, regulatory complexity and other challenges including climate change, aging populations, declining growth rates for member economies and the business environment. Global uncertainty impacts trade flows, business planning and investment decision-making. Now more than ever, business and government must come together for the benefit of all.

    Economies must remain alert to emerging and disruptive technologies, including advancements in artificial intelligence and quantum computing, which offer both enormous promise and challenge to our economic development.

    “We must also redouble our efforts to put in place tangible enabling solutions like paperless trade, trade facilitation, resilient supply chains and other tangible items that ABAC 2025 aims for,” said ABAC Chair 2025 H.S. Cho.

    ABAC underscored the need for robust trade architecture, emphasising that a strengthened WTO and the APEC vision for a Free Trade Area of the Asia-Pacific (FTAAP) are vital counterweights to economic fragmentation. ABAC believes that this is the way to ensure fair, mutually beneficial trade as economies navigate the challenges of digital transformation and the climate crisis. 

    ABAC has adopted an ambitious theme for the year: “Bridge. Business. Beyond.” The 2025 work program emphasizes the role of business in connecting policymakers and stakeholders across the region, driving innovative growth, and shared prosperity.

    The ABAC work program is both visionary and practical.  For example, ABAC is looking at how to use digital tools like AI to promote small-business formalisation, create smart health systems, and tackle the carbon transition, including energy.  Economies must also urgently address gaps in infrastructure investment for energy security, energy transition, and digital transformation.

    ABAC wants to use the FTAAP process to drive quick progress on safer and more resilient supply chains, advance digital trade interoperability, and unlock green trade. ABAC remains committed to breaking down the barriers to women’s economic success, including by being able to tap into the venture capital they need and by closing the gender pay gap.

    ABAC will also develop recommendations to narrow the digital divide by using digital tools including AI, to support MSMEs to transition to the formal economy and access global markets.

    On meeting the challenges posed by aging populations, rising healthcare costs, and inequities in accessing medical services, ABAC will be developing recommendations for innovative, inclusive and smart health care systems. This will incorporate sustainable financing mechanisms, advanced health care models and the integration of digital health tools to enhance accessibility, efficiency and resilience of healthcare systems.

    To meet decarbonization goals amid rising electricity demand, ABAC will also develop recommendations to achieve a realistic and ambitious energy transition by utilizing advanced technologies to increase low carbon investments and expanding transition finance, supported by international cooperation and the development of low-carbon roadmaps.

    In a series of dynamic discussions with APEC Senior Officials, ABAC members sought to align priorities to produce actionable recommendations for leaders. “These discussions are the first of many interactions that we will have with policymakers and ministers this year.  We are keen to ensure that the business perspective is woven into key policy decisions,” the Chair added.

    The Chair expressed ABAC’s deep gratitude to the Australian government, particularly to the Department of Foreign Affairs and Trade, for their support in hosting this meeting.

    ABAC will reconvene in late April in Toronto, Canada, as it continues to develop its recommendations to achieve APEC’s goals, for presentation to APEC Leaders during their meeting in October in Korea.

     

    For further information please contact:

    Hyungkon Park (Mr), ABAC Executive Director 2025  at +82 2 6050 3686 and [email protected]

    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

     

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Leicester’s communities take the spotlight at Light Up Leicester

    Source: City of Leicester

    LEICESTER’S vibrant communities are taking centre stage for Light Up Leicester as the festival returns to the city.

    Light Up Leicester 2025 will focus on the power of creative collaboration, with an incredible programme of community-driven activities accompanying stunning light installations, dazzling performances and colourful festival parades to make the event truly unique.

    The festival takes place from 12 to 15 March, and is free to attend.

    From young people creating artwork for the festival, to parades featuring hundreds of local participants, Leicester’s communities are at the heart of making the 2025 event happen.

    One installation, ‘The Roots of Our Tree’, is being created with the help of over 300 local young people. Working with Leicester-based arts charity Inspirate, participants have crafted metallic oak leaves, each inscribed with symbols representing their roots, heritage and culture.

    The Children’s Parade will showcase these leaves on the opening day of the festival, as  hundreds of young people process through Leicester’s streets at 11am. The leaves will then form part of an installation which will be on display throughout the rest of the festival.

    Shop windows across Leicester city centre will also be transformed into a dazzling art trail as part of ‘My Leicester: Future Stories’, created by Urban Canvas and Light Up Leicester founding partner, Art Reach. Local schools and community groups have worked together to produce vibrant light-painting photographs that celebrate ambition, hope and their visions of Leicester’s future.

    Juliet Martin, resident engagement manager at YMCA Leicestershire, said of one of the workshops: “Having Urban Canvas visit us and deliver light drawing workshops with some of our residents was a fantastic opportunity. We work with young people who are often excluded and who don’t get the opportunity to engage in creative workshops, so this was a really great offer and they loved it! They are excited about the festival and can’t wait to visit the city centre to see their artwork on display.”

    There are lots of other ways to get involved too – from ‘blinging up’ your bike and joining in with the Illuminated Bike Parade (Thursday 13 March, 6:30pm, register on the Light Up Leicester website), to enjoying interactive performances such as The Holi Experience by Nupur Arts (Friday 14 March, 6:30pm & 7:30pm), an exciting dance event filled with colour throwing and energy.

    Other highlights include:

    • Radiant Routes Opening Parade (Wednesday 12 March, 6pm): A luminous parade featuring dancers in glowing costumes, celebrating Leicester’s South Asian culture. To get involved in the parade please contact Nupur Arts at info@nupurarts.org.uk.
    • FierS à Cheval Festival Finale (Saturday 15 March, 7pm): A magical performance by French street theatre company Compagnie des Quidams, where glowing horses take to the streets.
    • Pop-Up Performances (Friday 14 and Saturday 15 March): Keep an eye out for captivating walkabout acts including The Pixel Project, Dry Bones, and Aquanauts Adrift as they bring spontaneous magic to the festival.
    • It’s (Lit)erati (Friday 14 and Saturday 15 March, 7pm & 9pm): A vibrant poetry experience curated by Literati Arts at St Martin’s Square.
    • Guided tour group walks (Wednesday 12 March at 6:45pm and Friday 15 March at 6:30pm): Bookable through the Light Up Leicester website events & activities page.

    Leicester’s businesses are also playing their part, offering tantalising discounts on dining during the festival. Diners can enjoy 25% off the total bill at Kayal, Herb, and Merchant of Venice, 20% off at the Queen of Bradgate, Middleton’s and Restaurant 1573, or enjoy three courses for £20 at Turtle Bay. There are lots more offers and deals available throughout the festival, full details can be found on the Light Up Leicester website offers page.

    “As a presenting partner and major sponsor of Light Up Leicester, BID Leicester is proud to be leading the festival’s marketing campaign and ensuring city centre businesses can make the most of this fantastic event”, said Simon Jenner, BID Leicester director.

    “With tens of thousands of visitors expected over four nights, it’s a brilliant opportunity for businesses to get involved, whether through special offers, themed events, or participating in the city-wide photographic window trail. Light Up Leicester brings an incredible buzz to the city, and we’re excited to see Leicester’s streets and businesses illuminated once again.”

    Leicester City Mayor, Sir Peter Soulsby said: “Light Up Leicester is a shining example of how communities and creativity can come together to make something truly special. This year’s festival showcases not only world-class light installations, but also the talents, stories and contributions of the people of Leicester. We look forward to welcoming people to our city for this spectacular event.”

    Light Up Leicester is also committed to making the festival accessible to everyone. There will be a dedicated Access Support Hub open every evening from 6pm to 10pm at the Visit Leicester Information Centre, and friendly staff will be ready to assist. Accessible tours are available to help support mobility around the festival for those with additional access needs, including rickshaws, box bikes and gazelles which can carry children and wheelchairs.

    From community-led parades to mesmerising light installations, Light Up Leicester 2025 promises something for everyone. Full details of the festival programme and participation opportunities can be found at lightupleicester.com

    Light Up Leicester is proudly presented by Leicester City Council, BID Leicester, Leicester Cathedral, and Art Reach, with the generous support of Arts Council England, the National Lottery Heritage Fund, Global Streets, PPL PRS, and headline sponsor Highcross.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Financial hub status gets boost

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan this morning pledged that the Government will consolidate and enhance Hong Kong’s strengths as an international financial centre (IFC) to create more new growth areas.

    In his 2025 Budget Speech, Mr Chan said the key to consolidating and enhancing the strengths of Hong Kong as an IFC lies in institutional innovation, product innovation, a critical mass of enterprises and financial connectivity.

    To dovetail with the latest economic trends and corporate needs, Mr Chan said the Government will review listing requirements and post-listing ongoing obligations, evaluate listing-related regulations and arrangements to improve the vetting process, optimise the thresholds for dual primary listing and secondary listing, and review the market structure, including exploring the establishment of a post-delisting over-the-counter trading mechanism.

    Riding on the reduction in minimum price spreads to be implemented in the middle of this year, Hong Kong Exchanges & Clearing is reviewing with the Securities & Futures Commission (SFC) the trading unit system or the so-called “board lot” system.

    They will put forward proposed enhancements this year so that trading arrangements can better meet liquidity characteristics of shares of different sizes and investment needs as well as facilitate trading and improve efficiency.

    To meet the risk management needs of investors, the SFC will consult the market on the proposal to increase the position limits for key index derivatives, so as to enhance flexibility for investors to use the relevant derivatives while safeguarding financial safety.

    On product innovation, Mr Chan noted that the Government will soon promulgate a second policy statement on the development of virtual assets and conduct a consultation on the licensing regimes of virtual asset over-the-counter trading services and custodian services this year.

    It will also propose measures to promote gold market development this year.

    Additionally, the Government will explore enhancement measures to the legal and regulatory regime related to the issuance and transactions of digital bonds to promote the wider adoption of tokenisation in Hong Kong’s bond market.

    The finance chief said the Government will organise a flagship forum in the second half of this year to promote Hong Kong’s strengths in fixed income and currencies.

    Noting that the industry responded favourably to a pilot scheme on insurance-linked securities, with the issuance of six catastrophe bonds facilitated in Hong Kong and an issuance amount totalling over $5.8 billion, Mr Chan said the pilot scheme will be extended for three years.

    On fostering the development of the asset and wealth management industries, Mr Chan said the Government will formulate proposals on the preferential tax regimes for funds, single family offices and carried interest this year.

    He outlined that the proposals will include expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single family offices, enhancing the tax concession arrangement on the distribution of carried interest by private equity funds.

    To keep attracting global capital to Hong Kong, the Government will be hosting the third edition of the Wealth for Good in Hong Kong Summit shortly under the theme “Hong Kong of the world, for the world”, showcasing Hong Kong’s strengths as a global hub for family offices.

    In addition, the inaugural Hong Kong Global Financial & Industry Summit will also be held to pool together global enterprises, funds and technologies through financial empowerment, thereby elevating the level of international co-operation of industries.

    Revealing that the People’s Bank of China and the Hong Kong Monetary Authority are working closely to implement the linkage of faster payment systems of both places, Mr Chan said he expected the round-the-clock real-time, small-value cross-boundary remittance service for residents in both places to be launched in the middle of this year at the soonest.

    The finance chief added that a public consultation on specific proposals of Mandatory Provident Fund “full portability” will be held this year.

    MIL OSI Asia Pacific News –

  • MIL-OSI: HTX DAO Solidifies Leadership at Consensus Hong Kong 2025, Justin Sun Unveils Strategic Growth Initiatives

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 26, 2025 (GLOBE NEWSWIRE) — HTX DAO recently hosted a series of impactful events during Consensus Hong Kong 2025, highlighting its expanding influence within the Web3 and blockchain space. The events, including the Jinse Salon, co-hosted with Jinse Finance, Twinkle, HTX DAO, and OpenZK; the Justin Sun’s Meetup and the HTX DAO Victoria Harbour Night – Confidence Journey in Hong Kong, fostered critical discussions on industry trends, regulatory developments, and the evolving digital asset landscape. These events attracted significant participation from Web3 builders and crypto-native communities. Justin Sun, Global Advisor of HTX and founder of TRON DAO, alongside HTX Spokesperson and HTX DAO Ambassador Molly (@HTX_Molly), delivered speeches addressing platform growth, industry outlook, and security infrastructure.

    These events cemented HTX DAO’s leadership in the crypto industry while reinforcing its commitment to compliance, innovation, and sustainable ecosystem development.

    HTX Expands CIS Market, Prioritizes AI Integration

    At the HTX DAO Victoria Harbour Night, Sun highlighted HTX’s strong performance over the past year, noting exponential growth in user acquisition, market share, asset listings, and security enhancements.

    In 2024, HTX’s global registered users surpassed 49 million, surpassing the 50 million milestone in January 2025. The trading volume of major cryptocurrencies surged by 473%, P2P trading volume soared 452%, and market share climbed 471%. Levering its robust crypto screening mechanism, HTX listed 218 premium assets, with 171 debuting exclusively on the platform. Futures products—a key growth driver—saw $900 billion in trading volume, marking a 70% year-over-year increase. On the security front, HTX published Merkle Tree Proof of Reserves (PoR) for 28 consecutive months, maintaining reserve ratios exceeding 100%.

    Additionally, Sun shared his view that AI has great potential in the crypto space, particularly in the creation of expert models. HTX is actively developing AI-powered products based on DeepSeek, aiming to transform AI interaction within cryptocurrency markets.

    Sun further confirmed his collaboration with the Trump family-backed World Liberty Financial (WLFI), citing synergies between WLFI’s mission to bridge traditional finance and crypto and Trump’s pro-crypto stance. This partnership will enable exclusive asset listings on HTX and capitalize on the “Trump Effect” to capture emerging market trends.

    $HTX Utility and Governance Enhancements

    During the HTX DAO Victoria Harbour Night, Sun reiterated his commitment to enhancing the utility and liquidity of $HTX, revealing that the token will soon be listed on a major regulated exchange, expanding its use cases and increasing market adoption.

    Molly, speaking at the Jinse Salon, highlighted HTX DAO’s role as a crypto builder, boosting the industry’s long-term viability. She emphasized the DAO’s community-first approach, leveraging HTX’s strengths in asset curation, liquidity, content development, product innovation, and security. HTX DAO, in collaboration with its governance committee, will continue fostering decentralized governance, user autonomy, and ecosystem expansion. Additionally, the DAO will also empower ecosystem contributors, providing funding and strategic support to create a more transparent and inclusive crypto landscape.

    Security: The Bedrock of a Sustainable Crypto Ecosystem

    Security remains a top priority for HTX, with Sun repeatedly stressing its importance across multiple panel discussions. “Every business decision and product development must be security-first. Protecting user assets is not just a responsibility—it’s the foundation of a sustainable crypto ecosystem,” he stated.

    At the Justin Sun’s Meetup on February 21, Sun outlined HTX’s next-phase security strategy, calling for enhanced multi-signature support, stronger security alerts, and anti-scam mechanisms to protect users from phishing and fraud.

    He also elaborated on the launch of USDD 2.0, a next-gen stablecoin designed for long-term viability, risk mitigation, and technology robustness. He emphasized that USDD’s long-term success hinges on a strong team and leadership, robust technology, and effective community governance. He further stressed the importance of steady progress and preventing sudden project failure due to security or other issues, thereby ensuring sustainable growth.

    As Hong Kong advances as a global fintech and digital asset hub, HTX DAO’s engagements at the Consensus 2025 aligned with the city’s growing commitment to blockchain innovation and regulatory clarity while bridging global tech innovations and ecosystem growth. Through ongoing collaboration with the global crypto community, HTX DAO aims to unlock new opportunities in the digital asset space, driving the next wave of Web3 adoption and financial transformation.

    About HTX DAO

    As a multi-chain deployed decentralized autonomous organization (DAO), HTX DAO demonstrates an innovative governance approach. Unlike traditional corporate structures, it adopts a decentralized governance structure composed of a diversified group, jointly committed to the success of this organization. This unique ecosystem advocates openness and encourages all DAO participants to propose ideas that can promote the development of HTX DAO.

    Contact Information
    Website: www.htxdao.com
    Email Address: media@htxdao.com

    HTX
    Ruder Finn Asia
    htx@ruderfinn.com/
    contact@htx.com

    Disclaimer: This press release is provided by HTX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ee2ca648-fcc8-4098-b0d5-598b24b60465

    https://www.globenewswire.com/NewsRoom/AttachmentNg/461ca8a0-e346-4012-97bc-14702cc8fc01

    The MIL Network –

  • MIL-OSI: Lantronix Selects Redtree Solutions Ltd to Serve as a Manufacturer’s Rep for Its Open-Q Family of Embedded Compute Solutions in EMEA

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced a strategic partnership with Redtree Solutions, the largest manufacturer representative in EMEA, to represent its Open-Q™ embedded compute System-on-Module (SOM) and Development Kit solutions throughout Europe, the Middle East and Africa (EMEA).

    Designed to broaden Lantronix’s market presence in EMEA, this relationship expands access to Lantronix’s advanced SOMs and Development kits, which provide the fastest, easiest and most cost-effective path for developers to create ground-breaking products.

    “In response to the growing demand for cost-effective embedded compute development solutions, we are delighted to add Redtree Solutions to our network of trusted partners and are excited about growing our business with them in EMEA,” said Kurt Hoff, VP of Global Sales & Marketing at Lantronix.

    “By leveraging Redtree Solutions’ embedded connect expertise and expansive customer relationships, this alliance is poised to accelerate the adoption of Lantronix’s Open-Q solutions across EMEA,” Hoff added. “This relationship represents a significant milestone in Lantronix’s ongoing commitment to deliver innovative solutions throughout EMEA and the world at large.”

    “We are pleased to partner with Lantronix and add the immense value in offering Lantronix’s world-class embedded compute solutions to our mutual customers,” said Steve Judge, president of Redtree Solutions. “This collaboration aligns perfectly with our mission to deliver leading-edge technologies that enable our customers to innovate, differentiate and speed breakthrough solutions to market.”

    About Redtree Solutions Ltd.

    Redtree Solutions, founded in 2006 and now a group company within Crest Holding BV, is the largest Pan-European representative company in the Semiconductor Industry. It has greater than 48 people at your service, speak local languages, and cover more than 20 countries across EMEA, with more than 500 active customers from the Electronic Industry. Redtree invests in next-generation technologies for the benefit of its customers’ success. Its application team is devoted to helping customers find the most optimized architecture for their electronic systems use cases, with the help of our partners’ solutions and expertise.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties about which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI Economics: Shaping a Brighter Future for Asia and the Pacific: ADB President Asakawa’s Legacy

    Source: Asia Development Bank

    Transcript

    In January 2020, President Masatsugu Asakawa took the helm of the Asian Development Bank with a vision for sustainable growth and regional cooperation. Little did he know that two months later, the world would face an unprecedented crisis—the COVID-19 pandemic. As the pandemic swept across countries, President Asakawa recognized the urgency and mobilized ADB’s resources to respond swiftly.

    Masatsugu Asakawa
    President
    Asian Development Bank
    2020-2025

    “In a crisis, every moment counts. I’m proud that ADB acted decisively when our members needed us most.”

    Under his leadership, ADB launched a $20 billion assistance package, including the COVID-19 Pandemic Response Option (CPRO) and a $9-billion Asia Pacific Access Facility (APVAX) to help countries procure and distribute drugs.

    Amidst the global health crisis, another pressing challenge demanded attention—climate change. At COP26 in Glasgow, President Asakawa reaffirmed ADB’s climate leadership.

    “We can’t afford to wait on climate action. That’s why we pledged at least $100 billion in climate financing by 2030 and pioneered innovative tools like the Energy Transition Mechanism and IF-CAP to drive real change.”

    Under his guidance, ADB became the region’s “climate bank,” promoting sustainable, inclusive growth while addressing environmental challenges. President Asakawa advocated action to help developing member countries become more resilient against climate change impacts, such as extreme heat and accelerated glacial melt.

    “Climate action has been a top priority for ADB, and for me personally. Throughout my presidency, ADB has intensified efforts to address the climate crisis— with initiatives focused on protecting vulnerable areas like the Hindu Kush-Himalaya region.”

    Alongside these initiatives, President Asakawa never lost sight of the people behind ADB’s success—its staff. In response to the COVID-19 pandemic, he introduced flexible work arrangements and prioritized safety measures.

    “Our people are the heart of ADB. Their safety and well-being come above all else. By fostering a supportive and inclusive environment, we empower our staff to deliver their best for the communities we serve.”

    In a critical moment, President Asakawa orchestrated the evacuation of 120 ADB staff and their families from Afghanistan. His actions not only safeguarded lives but reinforced a culture of care within the ADB community.

    Looking beyond immediate crises, President Asakawa also focused on building stronger foundations for the future. He championed domestic resource mobilization, helping countries strengthen their financial resilience.

    “True progress is when countries stand on their own feet. Our role is to help them build that foundation, strengthening their ability to create sustainable growth and resilience for future generations.”

    Through initiatives like the creation of the Asia Pacific Tax Hub,  ADB has helped strengthen tax systems, improve governance, and secure social safety nets for people across the region.

    Understanding that the region’s prosperity depends on cooperation, President Asakawa reinforced the importance of robust partnerships to rejuvenate trade and improve supply chains.

    “Asia and the Pacific has benefited immensely from globalization. With the looming threat of protectionism, our region must continue to champion connectivity and collaboration.”

    To support his ambitious goals, President Asakawa also spearheaded significant transformation within ADB. A review of the Capital Adequacy Framework unlocked an additional $100 billion in lending capacity over the next decade.

    Meanwhile, the new operating model introduced strategic shifts to expand private sector operations, intensify climate action, drive innovation, and locate staff closer to clients to strengthen support and responsiveness.

    These initiatives align with the MDB evolution agenda, ensuring ADB remains a key player in global development.

    “To meet tomorrow’s challenges, we must evolve today. Innovation isn’t just an option. It’s an imperative.”

    As his tenure comes to a close, President Asakawa leaves a strengthened, future-focused ADB.

    His vision encourages ADB to stay invested in the region’s success and responsive to emerging challenges. And he reminds us that building trusted, long-term partnerships is key to driving meaningful change.

    “ADB’s strength lies in being a trusted development partner- a reliable friend and partner of choice for Asia and the Pacific. This close relationship is our legacy. And it’s vital we preserve it.”

    President Asakawa has guided ADB through challenging times with transformative leadership that has left an indelible mark on the organization and region. As we look to the future, his legacy sets the foundation for a prosperous, resilient, inclusive, and sustainable Asia and the Pacific.

    “I want to extend my heartfelt gratitude to ADB’s staff, Board of Directors, member governments, and our many partners. Together, we have achieved milestones that will continue to shape a brighter future for Asia and the Pacific.”

    MIL OSI Economics –

  • MIL-OSI Economics: Bridging Gaps for Noncommunicable Diseases and Mental Health: Leveraging Technology Innovations for Impact

    Source: Asia Development Bank

    The Manila knowledge-sharing event heard how innovative technologies could be used to better screen, diagnose, and manage NCDs and mental health conditions in various health settings. Sessions considered country case studies, regulations, and financing, and looked at ways digital health and improved early detection could help save lives and support sustainable and equitable regional growth.

    MIL OSI Economics –

  • MIL-OSI Economics: Securing Health in Southeast Asia

    Source: Asia Development Bank

    Drawing on interviews with leading public health practitioners, the publication details the experiences of Cambodia, Indonesia, the Lao People’s Democratic Republic, the Philippines, Thailand, Timor-Leste, and Viet Nam. Its recommendations include making sustained investments in health, driving strong stakeholder partnerships, and building robust digital infrastructure to help countries both prepare for future pandemics and strengthen overall regional health security.

    MIL OSI Economics –

  • MIL-OSI Economics: Lexus Brings Immersive “A-Un” Exhibit to Milan Design Week 2025

    Source: Toyota

    Headline: Lexus Brings Immersive “A-Un” Exhibit to Milan Design Week 2025

    Lexus will showcase A-Un, an interactive installation that connects intuitively with its experiencers, from April 8 to April 13, 2025, at Superstudio Piu (Daylight Hall) during Milan Design Week. The famed design week, a key event for global creatives, is the biggest of its kind and brings together furniture makers and fashions brands to showcase their latest wares. This year, alongside A-Un, Lexus will display the Discover Together, an exhibition of interactive works from three creators. Lexus has continuously challenged the status quo in the luxury automotive space, pushing boundaries in both products and services to create new experiences that respect every moment of a customer’s time. During Milan Design Week 2024, Lexus displayed its “Time” installation which took inspiration from the next-generation Lexus electric vehicle, LF-ZC. The showcase demonstrated Lexus’s vision of endless possibilities for future technologies and communicated how software will continue its evolution to better individuals’ experience through cars. Produced in collaboration with Lexus and Tokyo-based creative agency, SIX, and design studio, STUDEO, A-Un is inspired by the traditional Japanese concept of Aun no Kokyu (the synchrony of breathing) showing a new dimension of seamless communication between humans and mobility and captures the spirit of mutual understanding through perfectly synchronized interactions.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Green sector a growth area: FS

    Source: Hong Kong Information Services

    In his 2025-26 Budget speech, Financial Secretary delivered an update on initiatives to harness green industries in Hong Kong, stressing that green finance and green technology are accelerating the build-up of multi-faceted industry clusters and creating huge business opportunities.

    In terms of green finance, Mr Chan iterated that Hong Kong last year launched the Sustainable Finance Action Agenda, setting out goals for the banking industry to achieve net zero, and committed to becoming one of the first jurisdictions to align local requirements on sustainability disclosure standards with those outlined in the International Financial Reporting Standards.

    He said that to support local green-finance talent training, the Pilot Green and Sustainable Finance Capacity Building Support Scheme will be extended to 2028. 

    The finance chief also reported that the Hong Kong Science and Technology Parks Corporation (HKSTPC) will develop its InnoCentre in Kowloon Tong into a green technology hub, to be named “GreenTech Hub”. The hub will bring together more than 200 green technology companies, with the HKSTPC inviting partners such as financial and business institutions and universities to support the companies by providing training, business matching, and more.

    With regard to shipping, the Government plans to develop Hong Kong as a green maritime fuel bunkering centre by the implementing the Action Plan on Green Maritime Fuel Bunkering. Mr Chan said the Government will provide tax exemptions on green methanol used for bunkering. In the aviation sector, meanwhile, a Sustainable Aviation Fuel consumption target will be announced this year.

    In terms of waste reduction, the Government will allocate additional funding of $180 million to increase the number of residential food waste smart recycling bins and food waste collection facilities across the city. I·PARK1, Hong Kong’s first waste-to-energy facility for treating municipal solid waste, is expected to commence operation this year, and an open tender has been invited for I·PARK2, which will have an expected treatment capacity of 6,000 tonnes per day. 

    Mr Chan announced that the Government will launch a $300 million electric vehicle subsidy scheme in the middle of the year, adding that the scheme is expected to provide impetus to for the industry to install 3,000 fast chargers across Hong Kong by 2030.

    In relation to public transport, the finance chief remarked that the Government recently launched a “Green Transformation Roadmap of Public Buses and Taxis” and earmarked $470 million under the New Energy Transport Fund to subsidise franchised bus operators in purchasing about 600 electric buses.  A further $135 million was earmarked to subsidise the taxi trade in purchasing 3,000 electric taxis.  In addition, the “Funding Scheme to Trial of Hydrogen Fuel Cell Heavy Vehicles” is now open for application.

    The Government intends to invite tenders for a smart and green mass transit system project in Kai Tak this year, and for similar projects in East Kowloon and the Hung Shui Kiu/Ha Tsuen and Yuen Long South New Development Areas next year. 

    Mr Chan also reported that the Government has reserved a site in Sheung Shui for the agriculture sector to set up the city’s first multi-storey, environment-friendly livestock farm.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Europe, Ukraine, multilateralism, BRICS: Federal Council approves Foreign Policy Report 2024

    Source: Switzerland – Federal Council in English

    On 26 February 2025, the Federal Council approved the Foreign Policy Report 2024. The report sets out the progress that has been made in achieving the 28 objectives of the Foreign Policy Strategy 2024–27. A special thematic focus section examines the influence of the BRICS group of states (including Brazil, Russia, India, China and South Africa) on the world order and outlines Switzerland’s strategy for relations with those states.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Budget promotes reform: CS

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki today said the 2024-25 Budget, through comprehensive and pragmatic measures, strives to promote reform and innovation with an appropriate focus on controlling government expenditure and increasing government revenue.

    Speaking at a media session after the Financial Secretary delivered the Budget, Mr Chan said the Government had worked closely with the community to strive for economic growth and development over the past year, actively seizing national and international opportunities to drive the economy forward.

    He added that Hong Kong, as a small and externally oriented economy, has inevitably encountered various challenges in the face of a complicated, volatile external environment, but emphasised that the Government’s latest Budget had pragmatism at its heart.

    “This year’s Budget is comprehensive, well balanced and pragmatic, while promoting development, reform and innovation. It also focuses on controlling government expenditure and increasing government revenue where appropriate.”

    The Chief Secretary called on Legislative Councillors to support the corresponding bill.

    “I fully support this year’s Budget and hope the Legislative Council will promptly scrutinise and approve the appropriation bill.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: FS revs up city’s trade engine

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan said today that the Government will strive to bolster Hong Kong’s status as an international trade centre, supply chain management centre, and transportation and logistics hub.

    In his 2025-26 Budget speech, he said efforts will be made to expand the city’s trade network, reinforce its connectivity and attract more inward investment, while also strengthening support for local enterprises.

    As regards Hong Kong’s supply chain management capabilities, Mr Chan iterated that the Hong Kong Trade Development Council and InvestHK jointly provide assistance to Mainland enterprises in using Hong Kong as a base to manage their offshore trading and supply chain activities.

    In terms of trade financing, he said the Trade Financing Liquidity Facility recently introduced by Monetary Authority (HKMA) and the People’s Bank of China provides greater flexibility for RMB financing. In addition, the Hong Kong Export Credit Insurance Corporation offers credit insurance to support enterprises seeking to go global.

    Mr Chan said the Government is considering making legislative amendments to facilitate digitalisation of trade documents, and will submit proposals to the Legislative Council next year.

    In efforts to expand Hong Kong’s trade network and attract more inward investment, the Financial Secretary said the Government is liaising with the governments of Malaysia and Saudi Arabia with a view to establishing Economic & Trade Offices in those countries. In addition, InvestHK has established consultant offices in Egypt and Türkiye, while the HKTDC has set up a consultant office in Cambodia.

    Moreover, the Government is exploring investment agreements with Saudi Arabia, Bangladesh, Egypt and Peru, and is conducting negotiations with 17 countries on establishing Comprehensive Avoidance of Double Taxation Agreements.

    Mr Chan outlined that Hong Kong will continue to cultivate markets in the Association of Southeast Asian Nations (ASEAN) and the Middle East, besides exploring opportunities in Central Asia, South Asia and North Africa. With regard to the Belt & Road (B&R) Initiative, he added that the HKTDC will strengthen project matching, particularly in relation to green development and innovation and technology (I&T).

    Meanwhile, to support the development of local enterprises and help them to go global, the finance chief said the Government will inject a total of $1.5 billion into two funds: the Dedicated Fund on Branding, Upgrading and Domestic Sales and the Export Marketing and Trade and Industrial Organisation Support Fund. Application arrangements will also be streamlined.

    In terms of support for Small and Medium Enterprises (SMEs), Mr Chan also highlighted that numerous banks have joined the Taskforce on SME Lending jointly established by the HKMA and the Hong Kong Association of Banks. He said that the funds dedicated for SME financing in the participating banks’ loan portfolios recently increased to over $390 billion.

    In collaboration with large-scale e-commerce platforms, the HKTDC will also launch “E-Commerce Express”, in order to provide Hong Kong enterprises with one-to-one consultation services and thematic seminars. In addition, it will enhance the mentorship scheme it operates in collaboration with the Trade & Industry Department, and will organise a second edition of the Hong Kong Shopping Festival.

    Turning to Hong Kong’s maritime industry, Mr Chan said the Government will adopt an “innovative spirit” with regard to its development.

    He revealed that a Hong Kong Maritime & Port Development Board will be established this year to support research, industry promotion and manpower training. In addition, he said a half-rate tax concession for eligible commodity traders will be introduced.

    With regard to logistics development, the finance chief said the Government has initiated a study on developing modern logistics sites in the Northern Metropolis and expects that its findings will be announced this year.

    Meanwhile, with a view to developing a smart port, $215 million has been allocated to installing a port community system that will encourage the flow of data among stakeholders in the maritime, port and logistics industries. 

    In relation to the Government’s plans to bolster Hong Kong’s reputation as an international aviation hub, Mr Chan said the Three-Runway System at Hong Kong International Airport was commissioned at the end of last year and that related passenger facilities will become operational in phases from the end of this year.

    He also highlighted that the Airport Authority (AA) recently promulgated a development plan for the expansion of Airport City, and revealed that the Hong Kong International Aviation Academy will expand its training programmes to cover C919 aircraft following their official deployment in scheduled flights between Hong Kong and Shanghai in January.

    Mr Chan added that the AA has signed a Memorandum of Understanding with a leading overseas professional aeronautic services company to explore the possibility of providing professional services such as aircraft dismantling, parts recycling and related training in Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Tech park development expedited

    Source: Hong Kong Information Services

    Outlining the industries and spatial distribution of the Northern Metropolis, Financial Secretary Paul Chan said in the 2025-26 Budget that the four major trades there include information and technology (I&T); high-end professional services and modern logistics; tertiary education; and culture, sports and tourism.

    As for the Northern Metropolis’ development approach, Mr Chan said the Government is piloting a “large-scale land disposal”.

    “We are inviting the market to submit expressions of interest for three pilot areas under ‘large-scale land disposal’, with the target of commencing tendering progressively from the second half of this year.”

    The Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, a highlight of the Northern Metropolis, will have its Hong Kong Park entering into the operation phase in 2025, Mr Chan noted.

    Specifically, the first three buildings of Phase 1 are about to be completed, and the first batch of tenants from life and health technology, artificial intelligence, data science and other pillar industries will begin to move in this year.

    In this connection, the finance chief announced that the Government has earmarked $3.7 billion to expedite the provision of infrastructure and public facilities of the Phase 1 development of the Hong Kong Park. Moreover, the Government will identify suitable land parcels for invitation of private development proposals this year, with a view to expediting the development by leveraging market forces.

    “Upon completion of the whole Hong Kong Park, its annual contribution to Hong Kong’s economy is expected to reach $52 billion, and about 52,000 job opportunities will be created.”

    Mr Chan remarked that the Hong Kong Park of the Hetao co-operation zone, together with San Tin Technopole, will provide large tracts of I&T land. In the San Tin Technopole, 20 hectares of land will be delivered in phases, starting from 2026-27, for development and operation by the Hong Kong Science & Technology Parks Corporation. The corporation is carrying out a master planning study, which is expected to be completed in the third quarter of this year.

    In addition, the Government has commenced the procedures to re-zone a 10-hectare site at Sandy Ridge in the North District for use as data centres. The re-zoning procedures are expected to finish in mid-2025, and the Government is actively making preparations for land disposal.

    The Budget also mentioned that there will be considerable output in residential units and industrial land in the Northern Metropolis over the next few years.

    Recalling that the Government has started  three major projects on second phase development for the Hung Shui Kiu/Ha Tsuen New Development Area, the remaining phase development of Kwu Tung North/Fanling North New Development Area, and the site formation and engineering infrastructure works for the first batch of land in the San Tin Technopole, Mr Chan further updated the land development progress in the Northern Metropolis in this year’s Budget.

    “This year, we will start the works of Yuen Long South New Development Area second phase development, complete the re-zoning procedures for a data park site in Sandy Ridge, and finalise land use proposals for Ngau Tam Mei as well as New Territories North New Town and Ma Tso Lung this year for commencing the environmental impact assessments and other statutory procedures.”

    The Government will also identify suitable sites in the Northern Metropolis for constructing facilities to meet conference and exhibition needs.

    As regards railway development in relation to the Northern Metropolis, the finance chief said the construction works of Phase 1 of the Northern Link, ie Kwu Tung Station, have begun for target completion in 2027.

    Meanwhile, the advance works for Phase 2 have also commenced, in order to tie in with the Northern Link Main Line’s target completion in 2034.

    Mr Chan stated that Hong Kong is also working with the Shenzhen authorities to take forward two cross boundary railway projects.

    “The investigation and design study of the Hong Kong Shenzhen Western Rail Link (Hung Shui Kiu – Qianhai) project and the detailed planning and design of the Northern Link Spur Line are expected to commence this year,” he added.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA and MOHW jointly form Taiwan public healthcare team to boost export of smart medical care

    Source: Republic of China Taiwan 3

    February 14, 2025  
    No. 039  

    Minister of Foreign Affairs Lin Chia-lung and Minister of Health and Welfare Chiu Tai-yuan convened a meeting at the Ministry of Foreign Affairs on February 14. A decision was made to form a cross-ministerial consultation task force and to invite medical institutions, healthcare businesses, industrial associations, and other experts that often participate in international cooperation projects to organize a Taiwan public healthcare team in conjunction with staff of the Ministry of Foreign Affairs (MOFA) and the Ministry of Health and Welfare (MOHW). By integrating public and private sector resources and harnessing the spirit of integrated diplomacy, the team will jointly implement a flagship initiative on smart medicine and healthcare as part of the Diplomatic Allies Prosperity Project, deepening Taiwan’s public health and medical cooperation with allies and other friendly countries.
     
    As the first leader of Taiwan to hail from the field of medicine, President Lai Ching-te has drawn on his medical expertise and background to commit to growing Taiwan’s leading status in global healthcare. During his 2024 tour of the South Pacific, entitled “Smart and Sustainable Development for a Prosperous Austronesian Region,” President Lai bolstered cooperation with other countries through medical diplomacy, highlighting Taiwan’s contributions to global healthcare development.
     
    Minister Lin and Minister Chiu expressed their hope of leveraging Taiwan’s competitiveness in public health and medical care to further enhance partnerships with diplomatic allies and other friendly countries. This would involve combining the strengths that Taiwan had developed in biotechnology, medicine, pharmaceuticals, and ICT over the years under the Five Plus Two Innovative Industries and Six Core Strategic Industries programs implemented by former President Tsai Ing-wen. The ministers said they wanted the healthy Taiwan envisioned by President Lai to benefit the world while also assisting related Taiwanese industries to expand into overseas markets.
     
    Minister Lin invited Minister Chiu and MOHW staff to attend today’s meeting at MOFA to discuss ways of sharing Taiwan’s public health experience and smart medical solutions with allies and other friendly countries through a smart healthcare cooperation program. Both parties agreed that human resources, technology, and capital should serve together as the three pillars for expediting the export of comprehensive smart medical care and health systems. They said that this would effectively assist allies in increasing healthcare capacity, as well as raise the efficiency of public health management, enhance people’s well-being, and advance local prosperity. They also said that by employing a model that uses medicine to steer a path for industry, they looked forward to helping create business opportunities for Taiwan’s smart healthcare sector and promoting further development in the global healthcare industry.
     
    In addition, the ministers reviewed the highlights and successful results of Taiwan’s public health and medical care cooperation projects. One example was an initiative to enhance Paraguay’s health information management system, which had successfully laid the foundation for healthcare digitalization and would continue to be optimized and serve as a demonstration point for Taiwan’s smart healthcare projects in South America. Elsewhere, they said, a smart healthcare collaboration project between Taiwan and Belau National Hospital in Palau would continue to expand so as to increase Palau’s public health capacity. Views were also exchanged as to strengthening business participation mechanisms and improving the outcome of Taiwan’s joint endeavors with Guatemala, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Eswatini, and other allies.
     
    During the meeting, Minister Lin pointed out that Taiwan’s medical assistance to allies could also benefit Taiwanese people. Citing his delegation’s involvement in a car accident that took place during his recent trip to Palau as President Lai’s special envoy, Minister Lin said that injured MOFA colleagues had been able to receive timely professional care and return safely to Taiwan due to the medical services provided in Palau by Shin Kong Wu Ho-Su Memorial Hospital. He said this amply demonstrated the common good and value inherent in international medical cooperation.
     
    In the future, MOFA and the MOHW will continue to work hand in hand with partners worldwide to deepen healthcare cooperation and make greater contributions to global public health and smart healthcare development based on the vision of a healthy Taiwan. They will also take joint steps to expand the presence of related Taiwanese industries in the international market and transform Taiwan into an economy on which the sun never sets. (E)

    MIL OSI Asia Pacific News –