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Budget to maintain Hong Kong’s competitiveness amid fiscal consolidation


HONG KONG SAR – Media OutReach Newswire – 27 February 2025 – Hong Kong SAR’s Financial Secretary Paul Chan delivered his 2025-26 Budget yesterday (February 26), with clear path and initiatives to rein in the deficit, while accelerating the city’s development and maintaining its competitive edge of a low and simple tax regime.

“The key is managing expenditure growth, making good use of the Government’s fiscal resources, and identifying new revenue resources,” Mr Chan said.

Hong Kong SAR’s Financial Secretary, Paul Chan (second left), at a press conference on the 2025-26 Budget
Hong Kong SAR’s Financial Secretary, Paul Chan (second left), at a press conference on the 2025-26 Budget

He forecast a consolidated deficit of $87.2 billion for 2024/25 with the Operating Account returning to surplus within two years.

The deficit, Mr Chan said, was largely due to the impact of counter-cyclical measures launched in response to the COVID-19 pandemic as well as challenges such as the geopolitical landscape and related disruptions to trade, supply chain, cash flow and sentiment in the investment market.

Under a proposed “reinforced version” of the fiscal consolidation programme, Mr Chan announced a range of measures, including a cumulative reduction of 7% in government expenditure by 2027-28, compared to the level in 2024-25.

The Government has also put forward that the executive authorities, the legislature, the judiciary and members of the District Councils take a pay freeze for 2025-26. That includes, among others, the Chief Executive and all politically appointed officials, and all civil servants.

The civil service establishment will be reduced by 2% each in 2026-27 and 2027-28, with about 10,000 posts expected to be deleted within the next two years.

“The Government has all along endeavoured to deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services,” Mr Chan said.

The Budget proposes a reinforced version of fiscal consolidation programme to restore fiscal balance in the Operating Account within the current term of Government
The Budget proposes a reinforced version of fiscal consolidation programme to restore fiscal balance in the Operating Account within the current term of Government

Meanwhile, the conditions of the two public transport fare subsidy schemes will be adjusted, with expected saving of $6.2 billion in the next five years.

Alongside controls on government expenditure, the Financial Secretary proposed a raft of measures to boost revenue, notably by adjusting some government fees and charges under the “user pays” and “affordable users pay” principle.

These include, for example, reviewing government fees and charges for road users in relation to some tunnel tolls, trunk roads, licences and parking charges, and increasing the rate of air passenger departure tax from $120 to $200 per passenger starting from October 2025.

The Financial Secretary noted that issuing bonds to support infrastructure development is a common practice worldwide.

To take forward major infrastructure projects, particularly the Northern Metropolis development, Mr Chan said “Hong Kong has the prerequisite and capability to suitably increase bond issuance, thereby effectively utilising market resources.”

“With the increase in capital works expenditure, I will expand the scale of bond issuance accordingly. It is expected that during 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 every year.” He remarked that bonds will not be issued to fund government recurrent expenditure; instead, they will be used to invest in infrastructure only.

The ratio of Hong Kong SAR Government debt to GDP will stay at 12 to 16.5 per cent, which is a prudent and manageable level, and is much lower than most of the advanced economies, Mr Chan emphasised.

Hashtag: #hongkong #brandhongkong #asiasworldcity #budget





The issuer is solely responsible for the content of this announcement.

Expanding Global Partnerships: CIIE Promotional Events in Australia, New Zealand, and Malaysia

SHANGHAI, Feb. 27, 2025 /PRNewswire/ — To strategically deepen the cross-border collaborative ties with global enterprises and encourage broader participation, the CIIE promotional team embarked on an influential global promotion to Australia, New Zealand, and Malaysia from February 16 to 24. This promotional itinerary was designed to advance the recruitment process for the 8th CIIE, scheduled for November 2025 in Shanghai. The initiative sought to highlight the CIIE’s role as a premier platform, enabling multinational corporations to tap into China’s expansive consumer market and to capitalize on its robust supply chain ecosystem.

Premium Platform for Cooperation Opportunities

Australia and New Zealand, both longstanding partners in China’s agricultural and resource sectors, boast strong economic complementarity and hold significant potential for future cooperation. At the 7th CIIE, Australia participated with more than 250 companies, marking the highest attendance in its history. Various Australian products, including meat, seafood, wine, dairy products, health supplements, agricultural products, and consumer goods were well-received by the Chinese market. Meanwhile, New Zealand, represented by industry giants like Theland, have long benefited from the trade connections fostered by the CIIE. Theland, a leading dairy company from New Zealand, has gained significant popularity among Chinese consumers. At each edition of the CIIE, Theland introduces global debut products, leveraging the CIIE as a testing ground and a springboard for expansion.

A Bridge for Enhanced Partnership

In celebration of the 50th anniversary of diplomatic relations between Malaysia and China, the CIIE further solidifies the friendly cooperative ties between the two countries, a relationship highlighted by Malaysia’s status as one of the guest countries of honor at the 7th CIIE. Through its active participation, Malaysia showcased its diverse range of high-quality products and services, including electrical and electronics, agricultural goods, healthcare products, and innovative services such as ICT, e-commerce, and logistics. This engagement underscored Malaysia’s strategic importance as a key partner in China’s global trade network.

Following the tremendous success of the 7th CIIE, preparations for the 8th CIIE are well underway, focused on continuing to create valuable cooperation opportunities for global enterprises. The CIIE remains an unparalleled platform for companies to explore market opportunities and strengthen cross-border trade relations.

Join the 8th CIIE to unlock new opportunities in the Chinese market. Visit the official CIIE website for more information: https://www.ciie.org/zbh/en/?from=prnewswire

Contact: Ms. Cui Yan Tel.: 0086-21-968888 Email: exhibition@ciie.org 

Arrow Home’s First Store in Vietnam Opens, Leading China’s Smart Manufacturing to Global Markets with Smart Home Solutions

HO CHI MINH CITY, Vietnam, Feb. 27, 2025 /PRNewswire/ — On February 26, Arrow, a leading Chinese smart home brand, officially entered the Southeast Asian market, launching its flagship store in Ho Chi Minh City, Vietnam, covering over 1,000 square meters. Under the theme “Smart Choice, Global Quality,” the store showcases smart bathroom products in immersive settings, offering consumers intelligent home solutions. This milestone marks a new phase in Arrow’s global strategy, not only achieving a milestone breakthrough of international expansion but also demonstrating China’s smart manufacturing capabilities through localized innovation.

Exhibition Hall of Arrow Vietnam Flagship Store
Exhibition Hall of Arrow Vietnam Flagship Store

With a strategy of “integrating global R&D, manufacturing, and sales”, Arrow is accelerating its global development. Backed by 8 R&D centers and 10 major manufacturing bases, the company has established an efficient supply chain and plans to set up regional headquarters in Vietnam, Thailand, and key markets across Europe and North America. Strengthening its “Belt and Road Initiative” market presence, Arrow is expanding its network of exclusive stores in emerging markets. The company strategically focuses on the smart home ecosystem, developing technologies for smart toilets and ergonomic products, and driving localized innovation to develop products as required by local markets. In collaboration with DASH Group and other local partners, Arrow aims to offer immersive shopping experiences and one-stop service solutions, transitioning from merely exporting products to globalizing brand value, technical standards, and service systems.

Looking ahead, Arrow will continue to develop with innovation, offering intelligent and comfortable home experiences to consumers worldwide while setting a new benchmark for China’s smart manufacturing and leading the rapid development of the global smart home industry.

Samitivej International Children’s Hospital Expands, Advancing Pediatric Healthcare in Asia-Pacific

A 2 Billion THB Investment in Pediatric Excellence and Smart Hospital Innovation


BANGKOK, THAILAND – Media OutReach Newswire – 27 February 2025 – Samitivej Hospital, a leader in pediatric care, unveils its newly expanded standalone Samitivej International Children’s Hospital at Samitivej Srinakarin Hospital. Backed by a 2 billion THB investment, the expansion strengthens Samitivej’s commitment to becoming Asia-Pacific’s Leading Pediatric Referral Hub, providing specialized care, innovative treatments, and seamless medical coordination.

Samitivej International Children’s Hospital Expands, Advancing Pediatric Healthcare in Asia-Pacific
Samitivej International Children’s Hospital Expands, Advancing Pediatric Healthcare in Asia-Pacific

The upgraded facility serves patients from Thailand and beyond, earning a strong reputation in Vietnam, Laos, Cambodia, Indonesia, Brunei, Saudi Arabia, the UAE, Kuwait, Oman, and Qatar, reinforcing its global healthcare role.

Revolutionizing Pediatric Care with Advanced Treatments

Samitivej International Children’s Hospital redefines pediatric excellence, offering cutting-edge treatments for complex and rare conditions:

  • Open-Heart Surgery to Minimally Invasive Catheterization – Complete heart care from birth, ensuring advanced treatment and faster recovery.
  • Haploidentical Bone Marrow Transplant (BMT) to CAR-T Cell Therapy – Advanced treatments for blood disorders and cancer.
  • Comprehensive Pediatric and Newborn Surgery – Expertise in performing procedures from head to toe, led by specialized doctors.
  • Epilepsy Treatment with Medication to Vagus Nerve Stimulation (VNS) Implants – Solutions for drug-resistant epilepsy.

Advancing Pediatric Excellence with Cutting-Edge Facilities

The new eight-floor hospital features 111 beds, including 12 for critically ill children and 8 neonatal intensive care beds. It integrates Smart Hospital technology for efficiency and patient-centered care. Key features include:

  • Hybrid Operating Room: Precision-driven newborn and pediatric surgical procedures using biplane imaging technology.
  • World-Class Pediatric Specialties: Multidisciplinary teams treating complex and rare conditions.
  • Advanced Neonatal & Pediatric Intensive Care: Specialized care for premature infants under 500 grams.
  • Cutting-Edge Rehabilitation Center: Robotic-assisted gait training, Hybrid Assistive Limb (HAL) therapy, and Redcord NEURAC systems.
  • Comprehensive International Patient Services: Pre-arrival teleconsultations, aeromedical transport, multilingual care teams, follow-up appointments, and medical evacuation and repatriation.

Global Partnerships & Medical Expertise

Samitivej collaborates with Doernbecher Children’s Hospital (OHSU, USA) to enhance care for critically ill children, newborns, and trauma patients. A partnership with Takatsuki General Hospital (Japan) ensures specialized neonatal and allergy treatments, providing access to the latest pediatric advancements.

Pioneering Smart Hospital Innovations

Samitivej leads in digital healthcare, integrating technology to enhance efficiency and care:

  • Well Kidz App: Manages medical records, appointments, and remote consultations.
  • Smart ER & Smart Ambulance Services: Real-time monitoring ensures rapid emergency response.
  • Smart OPD & Smart IPD: AI-powered cost estimation, queue tracking, and seamless patient-medical team communication.
  • D-Discharge System: Streamlined hospital discharge for greater convenience.

Exceptional Pediatric Outcomes & Achievements

Samitivej delivers outstanding results:

  • 7,000+ critical pediatric cases treated annually
  • 1,000+ newborn and pediatric surgeries performed, including minimally invasive procedures
  • 92% one-year survival rate for bone marrow transplants, surpassing global benchmarks
  • 400+ newborns with heart conditions successfully treated through surgical correction
  • Specialized care provided for premature infants with birth weights below 500 grams
  • 98% trust rating from families

A Commitment to a Healthier Future for Every Child

Dr. Surangkana Techapaitoon, Deputy CEO of Samitivej and BNH Hospitals and Director of Samitivej International Children’s Hospital, stated:

We want to see a healthier future for every child by integrating innovation, world-class expertise, and compassionate care. This facility strengthens our role as a leading pediatric referral hub, expanding access to specialized treatment and ensuring children everywhere receive the best care from infancy through adolescence.”

For more details, please visit: https://smtvj.com/3F5dPKC

Hashtag: #SamitivejInternationalChildrensHospital

The issuer is solely responsible for the content of this announcement.

About Samitivej Hospital

Samitivej is a JCI-accredited hospital group, offering world-class care since 1979. With seven hospitals, it is a leading provider of healthcare in Thailand and Southeast Asia, serving both locals and expatriates.

ASUS “Design You Can Feel” at Milan Design Week 2025

MILAN, Feb. 27, 2025 /PRNewswire/ — Following last year’s success at London Design Festival, ASUS brings Design You Can Feel to Milan Design Week 2025. Set in a historic 1920s gallery, the exhibition will explore materiality, craftsmanship, and AI, the driving forces behind ASUS’ design philosophy and latest innovations, including the new Zenbook lineup.

Image credit: ASUS
Image credit: ASUS

Studio INI’s Bespoke Installation

These themes will be encapsulated by a specially commissioned installation by Studio INI, founded by Nassia Inglessis. Known for its dynamic, sensory-driven public artworks, Studio INI will present an installation that will combine design, technology and engineering with artistic expression to create a kinetic, biomimetic sculpture that reacts to visitors’ presence.

The piece will encourage touch, allowing guests to experience the unique tactility of ASUS’ proprietary Ceraluminum™ material. Sensors will track interactions, translating them into AI-generated visual representations of movement and engagement.

Exhibition to showcase design approach behind ASUS laptop

Blending advanced engineering with artistic expression, the exhibition will showcase the design thinking behind ASUS laptops. Visitors can explore interactive exhibits featuring the latest Zenbook models; sleek, AI-powered devices encased in ASUS’ proprietary Ceraluminum™ material, which combines the lightness of metal with the durability of ceramics. The exhibition will also highlight other ASUS laptop series, including ProArt, Adol, Vivobook, and ROG ACRONYM, with a hands-on experience area for attendees to test them firsthand.

ASUS Zenbook Ceraluminum™ Limited Edition: A Tribute to Nature

For the first time, the exhibition will unveil four exclusive limited-edition ASUS Zenbook S models. These four exclusive Ceraluminum™ designs take cues from Earth’s most striking landscapes, translating their textures and tones into a refined, modern aesthetic. Ceraluminum™, a fusion of metal’s strength and ceramic’s resilience, offers a balance of durability, longevity, and exquisite craftsmanship. More than just a material, Ceraluminum™ embodies ASUS’ commitment to innovation, where technology and nature exist in perfect harmony.

Design You Can Feel Global Tour

Following its Shanghai and London stops, the Milan edition expands on these themes at the world’s most influential design event.

Event Details

Date: 8–13 April 2025

Location: Galleria Meravigli, Milan

Media Contact:
Joy Yu, joy1_yu@asus.com 

SUNHOME Expands Globally with Thailand Launch, Bringing Smart Residential Energy System to Households Worldwide

BANGKOK, Feb. 27, 2025 /PRNewswire/ — SUNHOME, a global pioneer in smart residential energy systems, has officially launched its international expansion from Thailand under the theme “Bright Tomorrow Starts Today.” This milestone event gathered industry experts and key stakeholders, reinforcing SUNHOME’s commitment to making sustainable, intelligent energy systems accessible worldwide.

Smarter, Greener Energy System for Every Home

SUNHOME’s innovative Smart Energy System—featuring Oasis Home, Woods Home, and Moss Home—seamlessly combines Photovoltaic (PV) technology, Energy Storage, EV Charging, and Energy Management to optimize solar energy usage. Designed for various residences, from villas to apartments, it supports both rooftop and balcony solar installations, catering to diverse household energy needs.

At its core lies SUNHOME’s proprietary ‘Power-Magic Cube’ Renewable Energy Power Plant Technology Platform, engineered to reduce electricity costs and enable up to 100% renewable energy self-consumption. This platform is built on three core pillars: Ultimate Cube focuses on efficient power generation and utilization; Agile Cube incorporates digital intelligent optimization technology; Harmonious Cube brings in scene-based integration technology.

To ensure a seamless user experience, SUNHOME offers comprehensive lifecycle services, encompassing design, financing, installation, maintenance, and upgrades.

Global Ecosystem, Localized Vision

“Families are the foundation of society, and home energy plays a pivotal role in achieving global carbon neutrality,” said Winson Jiao, President of SUNHOME Global. “At SUNHOME, we are committed to pushing the boundaries of home energy technology and empowering households with greater energy independence and efficiency.”

To accelerate the transition to sustainable energy worldwide, the company has built a strong strategic partnership ecosystem, including an MOU with ICBC (Thai) as a financial partner, along with key sales partners, expanding access to smart energy solutions through innovative financing, localized market expertise, and a comprehensive service network on a global scale.

About SUNHOME

Founded in 2013, SUNHOME is a technology brand in global residential smart energy sector, offering residential smart energy system integrating photovoltaic, energy storage, EV charger, and energy management.

As a pioneer with over a decade of expertise in home energy field, we focus on full-stack self-developed power station technology as our core innovation. This enables us to build a comprehensive service system covering solar power generation, smart energy storage, efficient charging, and energy management, empowering households worldwide to seamlessly embrace a green and smart energy lifestyle.

For more information, visit www.sunhomeplant.com or contact: marketing@sunhome.com 

 

Educational CSR Initiatives: APP Group Fosters Sustainability Awareness Among Japanese Students

JAKARTA, Indonesia, Feb. 27, 2025 /PRNewswire/ — In August 2024, students from Sakado University of Tsukuba High School and Ehime University High School in Japan made a study visit to APP Group’s operations in Riau, Indonesia. This initiative is part of an ongoing collaboration aimed at providing Japanese youth with a comprehensive understanding of sustainable practices in the forestry and pulp & paper industries.

During their visit, the students observed key stages of production, from planting to papermaking, gaining firsthand insight into APP Group’s sustainable operations. They also actively participated in tree-planting activities and learned about APP Group’s social programs, which reinforce the company’s commitment to environmental stewardship and community engagement.

This annual educational initiative reflects APP Group’s dedication to fostering sustainability education and environmental awareness among younger generations. The collaboration with educational institutions such as Sakado University and Ehime University aligns with Japan’s emphasis on responsible industry practices and environmental education.

Yu Yamazaki, Manager of Sustainability and Corporate Communications for APP Japan, remarked, “These students are the leaders of tomorrow. I believe this experience will enable them to drive positive impacts in the relationship between Japan and Indonesia, particularly in fostering sustainable business practices.”

The students expressed enthusiasm and gratitude, noting that the visit broadened their perspectives on the paper industry and highlighted the importance of forest conservation. For many, the hands-on experience reinforced the critical role of sustainability in shaping the future of global industries.

This initiative reflects the long-term collaboration between APP Group and key stakeholders in Japan, aimed at fostering deeper understanding and connections through immersive learning experiences. By championing environmental education and sustainable practices, APP Group continues to build meaningful bridges between nations.

Through programs like these, APP Group reinforces its position as a leader in sustainability, empowering future generations with the knowledge and inspiration needed to drive positive change toward a greener and more responsible world.

About APP Group

APP is a leading pulp, paper, and forestry company based in Indonesia, supplying high-quality tissue, packaging, and paper to over 150 countries. With operations in Indonesia and China, we prioritize sustainability, ethical practices, and the well-being of our employees, society, and the environment. Our Sustainability Roadmap Vision 2030, aligned with ESG principles, guides our efforts in environmental protection, community support, biodiversity preservation, and carbon neutrality.

So-Young Receives Approval to Transfer to Nasdaq Capital Market and Extension of Minimum Bid Price Compliance Period

BEIJING, Feb. 27, 2025 /PRNewswire/ — So-Young International Inc. (NASDAQ: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that on February 25, 2025, the Listing Qualifications department of the Nasdaq Stock Market LLC (“Nasdaq”) approved the Company’s request to transfer the listing of the Company’s American depositary shares (ADSs), with every 13 ADSs representing 10 Class A ordinary shares, from The Nasdaq Global Market to The Nasdaq Capital Market. The transfer is expected to take effect at the opening of business on February 27, 2025. The transfer of the Company’s listing to the Nasdaq Capital Market is not expected to have any impact on trading in the Company’s ADSs. The Company’s ADSs will continue to trade uninterruptedly under the symbol “SY.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and companies on the Nasdaq Capital Market must meet certain financial and corporate governance requirements to qualify for continued listing.

As previously disclosed, on August 29, 2024, the Company received a notification letter from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1), as the closing bid price of the ADSs had been below US$1.00 per ADS for the previous 30 consecutive business days. The Company was given a period of 180 calendar days, or until February 24, 2025, to regain compliance with the minimum bid price requirement. In response, the Company submitted an application to transfer the listing of its ADSs from The Nasdaq Global Market to The Nasdaq Capital Market.

In conjunction with the transfer approval to the Nasdaq Capital Market, Nasdaq also granted the Company an additional period of 180 calendar days, or until August 25, 2025, to regain compliance with the minimum bid price requirement for continued listing. To regain compliance, the closing bid price of the Company’s ADSs must meet or exceed US$1.00 per ADS for a minimum of 10 consecutive business days.

The Company intends to continue actively monitoring the closing bid price of its ADSs and will consider other options to cure the deficiency and regain compliance.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com

Christensen

In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com 

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com