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GRAVITY GAME HUB ANNOUNCED THE GRAND LAUNCH OF RAGNAROK IDLE ADVENTURE PLUS

SINGAPORE, Feb. 28, 2025 /PRNewswire/ — Gravity Game Hub (GGH) PTE.LTD, a subsidiary of GRAVITY Co., Ltd. (NasdaqGM: GRVY), announced its brand new game, Ragnarok Idle Adventure Plus, has launched globally (except some countries and regions like Mainland China, South Korea, Japan, Taiwan, Hong Kong and Macao) which is available on Google Play Store, Apple App Store and Huawei App Gallery platforms following a successful Pre-Registration period. Over 1,000,000 other players ready to begin their adventure through time on February 20th, 2025.

Ragnarok Idle Adventure Plus Grand Launch
Ragnarok Idle Adventure Plus Grand Launch

Ragnarok Idle Adventure Plus was created based on the original Ragnarok Online lore and has been reimagined as an idle RPG. With an emphasis on guaranteeing simple gameplay, Ragnarok Idle Adventure Plus was developed as an RPG which can be compatible even in low spec mobile devices and provides easy playability.

President of Gravity Game Hub (GGH), Harry Choi said, “We received tons of positive response and succeed to reached 1 million of pre-registered players. This launch marks a major milestone, and we can’t wait for them to start their new journey“. “As an official continuation of Ragnarok IP, a game enjoyed by 230 million players globally, Ragnarok Idle Adventure Plus will be an exciting addition for Ragnarok fans to embark in a new adventure with a low time investment.” continued by Harry Choi.

Key Features

Ragnarok Idle Adventure Plus blends idle gameplay with deep strategy, ensuring a rewarding experience for both casual and hardcore players.

  • Seamless Idle Experience – Enjoy hands-free progression as your Heroes battle, level up, and collect rewards even while you’re offline.
  • Strategic Customization – Assemble and upgrade your ultimate team with a vast selection of characters, skills, and gear combinations.
  • Endless Replayability – Dive into diverse game modes, including MVP Raid (PvE), Hall of Valor (PvP), and an expansive world full of adventure.
  • Pet & Buddy System – Strengthen your journey with loyal companions who aid you in battle.

About Ragnarok Idle Adventure Plus

Genre: Idle RPG
Platform: Mobile (Android & IOS)
Website: https://roidle.gnjoy.asia
Facebook: https://www.facebook.com/ROIdleAdventure
Instagram: https://www.instagram.com/roidleadventureglobal
TikTok: https://www.tiktok.com/@roidleadventureplus
Discord: https://discord.gg/roidleadventureplus

About Gravity Game Hub

Established in 2021, Gravity Game Hub (GGH) Pte. Ltd. is a game publisher and developer focusing on online and mobile games. Gravity Game Hub is committed to delivering an interactive gaming experience and creating a dynamic community for all players in South East Asia.

VinFast signs MOU with Motech to expand service workshop network in the Philippines


HANOI, VIETNAM – Media OutReach Newswire – 28 February 2025 – VinFast and Motech Automotive Service Centers, through its franchisor and operator in the Philippines, officially signed a Memorandum of Understanding (MOU) on expanding the service network for VinFast electric vehicles in the market. The agreement aims to meet the increasing demand for electric vehicles among Filipino consumers, while affirming VinFast’s long-term commitment and determination to promote green transformation across the region.

VinFast Philippines Director of After-Sales Service, Margarita Olivia Cuena Delfinado (left) and Motech Automotive Philippines President and CEO, Johann Rommel Naguiat at the MOU signing ceremony.
VinFast Philippines Director of After-Sales Service, Margarita Olivia Cuena Delfinado (left) and Motech Automotive Philippines President and CEO, Johann Rommel Naguiat at the MOU signing ceremony.

Under the MOU, VinFast and Motech will actively work together toward the goal of accrediting 63 Motech service workshops as authorized VinFast service centers. These service centers will be authorized to perform repairs, warranties, and maintenance for VinFast electric vehicles in the Philippines.

As part of its commitment to enhancing customer experience, VinFast plans to establish more than 100 similar service workshops across the Philippines this year, and its recent agreement with Motech is part of the Vietnamese electric vehicle maker’s plan to expand its partner network in the Philippines.

Motech’s service workshops will meet VinFast’s standards for facilities, equipment, and personnel, with a priority on providing genuine services and parts to VinFast owners.

To facilitate the rapid expansion of Motech’s authorized VinFast service workshop system, VinFast will provide personnel training and technical advice. This support is especially important given the expected volume growth of VinFast electric vehicles in the Philippines.

Motech currently operates a chain of auto service centers with a variety of models and scales, encompassing hundreds of facilities throughout the Philippines, including locations from the tip of the Philippine archipelago in Tuguegarao, to the main cities of Metro Manila, and down south to the island of Mindanao.

Furthermore, the two parties will actively explore business cooperation opportunities, information sharing, and joint marketing activities related to electric vehicle after-sales services in Southeast Asia.

Johann Rommel Naguiat, President and CEO of Motech Automotive Philippines shared: “Motech is thrilled to partner with VinFast as an authorized service provider for their electric vehicles in the Philippines. Confident in VinFast’s potential within Southeast Asian market, Motech looks forward to this collaboration to support the growing EV market and to continue to deliver exceptional customer experience. Further, this partnership between VinFast and Motech, a first of its kind in the Philippines, helps the Philippine market embrace the change to greener mobility, by answering the issue of not only range anxiety, but that of the issue of service anxiety as well. With Motech’s network of stores and the reputation it has built in its communities, VinFast customers can drive with confidence, that their VinFast vehicle will be well cared for, anywhere at anytime.

Mr. Pham Sanh Chau, CEO of VinFast Asia, said: “Leveraging Motech’s strong reputation, experience, and extensive service network, we aim to provide Filipino customers with peace of mind and satisfaction, aligning with VinFast’s core principles of high quality vehicles, inclusive pricing, and outstanding after-sales policy. We are confident this partnership will simplify EV ownership and usage, empowering customers to join the global movement towards green transportation.

Since officially entering the Philippine market in 2024, alongside launching its green and smart car models, VinFast has strongly affirmed its long-term commitment through attractive sales policies and a continuously expanding after-sales network.

By partnering with leading, reputable after-sales service providers, VinFast has not only optimized its Philippine operations but also strengthened its brand recognition, demonstrating its “Customer-centric” philosophy throughout its global expansion.

In Southeast Asia, VinFast is actively pursuing its “For a Green Future” vision by developing a comprehensive and inclusive electric vehicle ecosystem, focusing on expanding the network of charging stations through collaborative efforts. This vision has achieved significant success in Vietnam and is expected to continue growing in other potential markets./.Hashtag: #vinfast

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

About VinFast

VinFast – a subsidiary of Vingroup JSC – is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufactures a portfolio of electric SUVs, e-scooters and e-buses in Vietnam and exports to the United States and Europe. Learn more at

About Motech

Motech Philippines, founded in 1977, is an after-warranty car service shop that started in Angeles City, Pampanga, Philippines. With education and service as its main thrust, Motech continues to train and produce top line mechanics, who are not only trained technically, but also places a high priority for excellence in customer service. Today, Motech has 63 outlets in key areas nationwide, with a database of over 300,000 and counting. Motech offers standard car repair services such as: Maintenance, Brakes, Suspension, Clutch, Batteries, and Tires Services.

‘Escaping Hell’: Myanmar Scam Center Workers Plead to Go Home

‘Escaping Hell’: Myanmar Scam Center Workers Plead to Go Home
In this photo taken on February 23, 2025 a man reads on his phone as alleged scam centre workers and victims rest during a crackdown operation by the Karen Border Guard Force (BGF) on illicit activity, at the border checkpoint with Thailand in Myanmar's eastern Myawaddy township. Hundreds of foreigners are being sent home from scam compounds in Myanmar that are run by criminal gangs, with many workers saying they were trafficked and forced to swindle people around the world in protracted internet scams. (Photo by AFP)

Hundreds of exhausted young men lie in an open-sided detention center in a seedy Myanmar border town, sweating through thick tropical heat by day and prey to clouds of mosquitoes by night.

Creating Homes, Supporting Lives: SONGMICS HOME Embeds Social Care in S-HOME Initiative

LOS ANGELES, Feb. 28, 2025 /PRNewswire/ — SONGMICS HOME, a global online furnishings brand serving 20 million families, today announced its social responsibility commitment with the S-HOME Initiative, a cross-border welfare program delivering positive impact through the principles of “Support. Share. Sustain.” Since its inception, the initiative has partnered with several local NGOs across the United States, Germany, and France to drive impact in social care, animal welfare, disaster relief, and sustainable development. Looking ahead, SONGMICS HOME aims to extend its ‘Complete Your Dream Home’ mission into broader societal frameworks through sustained S-HOME engagement.

 

S-HOME Initiative 2025 Video-By SONGMICS HOME

Social Care

Through multi-year partnerships, SONGMICS HOME empowered vulnerable groups across continents: In France, sustained donations to Emmaüs Défi (one of France’s leading charities supporting the underprivileged) provided home essentials for low-income families alongside annual charity events. U.S. collaborations with Rise Above Foundation (a U.S. non-profit organization dedicated to empowering foster youths to live independently) transformed transitional housing for foster care alumni, while Germany’s Jugendrotkreuz (Youth Red Cross) partnership enhanced youth emergency preparedness through sponsored offline training events.

Animal Welfare

The initiative delivered cross-species impact via strategic alliances—supporting Priceless Pets Rescue (a U.S.-based nonprofit animal welfare organization)’s adoption drives with product donations from 2022, while providing France’s Société Protectrice des Animaux (SPA, one of the oldest French animal welfare organizations) rescue centers supplies and medications from 2023 to 2024.

Disaster Aid

In response to the 2023 earthquakes in Turkey, SONGMICS HOME provided emergency supplies including camp beds and picnic mats to affected regions, delivering practical support during the crisis recovery phase.

Sustainable Development

SONGMICS HOME planted 18,000+ trees globally in 2023 through its partnership with One Tree Planted (a global non-profit organization dedicated to reforestation and environmental conservation), directly contributing to international reforestation projects.

“True sustainability thrives when business innovation intersects with community commitment. Through these cross-sector partnerships, we’re building a legacy where every product sold actively contributes to a brighter, sustainable, and thriving future.” Daisy Wei, Senior Brand Manager at SONGMICS HOME, emphasized the meaning of S-HOME Initiative.

About SONGMICS HOME

SONGMICS HOME was officially established in 2010. We own 3 major product brands including SONGMICS for home furnishings, VASAGLE for stylish furniture, and Feandrea for pet supplies. With the mission of “Complete Your Dream Home”, we strive to provide global consumers with stylish and valuable furnishing products. Together with an efficient experience, we are enabling everyone to effortlessly create their dream homes.

To date, our products have successfully entered more than 70 countries and regions, including Europe, North and Central America, and Asia, serving over 20 million families worldwide.

Media Contact:
pr@songmicshome.com

Fapon Biopharma Announces FDA Approval of IND for FP008, a First-in-Class Immunotherapy for Solid Tumors

DONGGUAN, China, Feb. 28, 2025 /PRNewswire/ — Fapon Biopharma, a biotech innovator in developing therapeutic antibodies and fusion proteins, is pleased to announce that the U.S. Food and Drug Administration (FDA) has approved the Investigational New Drug (IND) application for FP008, its first-in-class immunocytokine designed to address the unmet need in patients with solid tumors refractory to anti-PD-1 therapy.

FP008 is a novel anti-PD-1×IL-10M fusion protein with a unique mechanism of action (MOA) and therapeutic potential for anti-PD-1 naïve or resistant patients. IL-10 monomer (IL-10M) engineering significantly reduces its hematologic toxicity, while the anti-PD-1 antibody enhances IL-10M activity by PD-1 targeted enrichment and cis-activation.

PD1 targeted antibodies drive the differentiation of effector CD8(+) T cells into terminally exhausted status. In the latest pre-clinical experiment conducted by Fapon Biopharma, FP008 effectively counteracted this process through IL-10M, significantly reducing the anti-PD-1 antibody-mediated exhaustion of CD8(+) T cells. In mouse experiments, FP008 exhibited potent anti-tumor effects, significantly increased the infiltration of intratumoral CD8(+) T cells, reduced their terminal exhaustion differentiation and enhanced the ability of terminally exhausted CD8(+) T cells to produce and secrete IFN-γ and GZMB. In addition, FP008 showed encouraging safety and pharmacokinetics profile in cynomolgus monkey, and demonstrated favorable developability.

This breakthrough offers a new treatment choice for patients who have limited options and could potentially transform the treatment paradigm for solid tumors. Fapon Biopharma is actively seeking strategic partnerships with biopharmaceutical companies worldwide to co-develop FP008 through clinical trials or further commercialization.

“Global collaboration is central to our vision,” stated President Vincent Huo. “We invite partners to leverage our robust preclinical data and clinical-stage asset to jointly advance innovative products in tumor immunotherapy.”

About Fapon Biopharma

Fapon Biopharma specializes in discovering and developing biologics for treating cancers, autoimmune diseases and other diseases where there are unmet medical needs. Leveraging cutting-edge technologies, we have built advanced drug discovery platforms, including an antibody discovery platform based on the globally leading mammalian cell display technology, a platform for generating IL-10M fusion proteins, and a platform for developing multispecific antibodies using Fibody and nanobodies. With a differentiated pipeline of leading drug candidates, we have established capabilities that cover the entire drug development process from drug discovery, preclinical research, Chemistry, Manufacturing and Controls (CMC) to early clinical development. Committed to innovation, we strive to deliver safer, more efficacious, affordable, and accessible biologics for everyone.

For more information about FP008 and partnership opportunities, please visit our website (https://en.faponbiopharma.com/) or contact our Business Development team.
Max Wang: max.wang@fapon.com;
Liyan Gao:  liyan.gao@fapon.com

Centenary British Heritage Brand KENT&CURWEN Returns to London Fashion Week

LONDON, Feb. 28, 2025 /PRNewswire/ — For AW25, KENT&CURWEN explores the idea of crossing thresholds—the space between the familiar and the unknown. Inspired by C.S. Lewis’ childhood adventures in Northern Ireland, where dressing up and storytelling were gateways to imagined worlds, the collection captures the tension between adolescence and self-actualization. Much like stepping through the wardrobe into Narnia or crossing into the mythical Tír na nÓg, it’s about dressing for life’s transitions—outfitting ourselves for uncharted paths ahead.

KENT&CURWEN Autumn-Winter 2025 Collection Runway
KENT&CURWEN Autumn-Winter 2025 Collection Runway

Nostalgia offers comfort, with its familiar codes of dress acting as an anchor, using the known to shape something new. At its core, KENT&CURWEN remains rooted in quintessential British heritage—tailored blazers, trench coats, and sportswear—but questions what tradition is today. Silhouettes are intentionally undone: outerwear and suiting feature exaggerated shoulders for soft protection, and rugby hems extend into babydoll dresses, conjuring collegiate nostalgia and youthful innocence. Laminated tartans provide a tangible shield from the elements, while lion embroideries hidden in lace serve as quiet symbols for those who notice.

In an era of rapid reinvention, how do we define tradition? Is it a fixed idea, or does it reshape itself over time? Familiar patterns like herringbone, argyle, and sporting stripes are layered and disrupted, becoming touchstones—small acts of holding on as we venture into new territory.

Stories and fairytales often depict children stepping into adults’ shoes or oversized clothes—not just for play but to embody future selves or imagined identities. This sense of transformation runs through the collection, with clothing acting as a portal to fantasy, allowing wearers to envision those in-between moments and who they might become.

About KENT&CURWEN

KENT&CURWEN aims to capture the subversion and eccentricity of great British style: a spirit of dressing that can be adopted by a global community.

The brand first opened its doors in London, in 1926. It began as a maker of club and college ties for Oxford and Cambridge universities, helping to fashion a classic ideal of British collegiate style.

Before long, the brand was creating sports kits for rowers at Henley, rugby players at Eton, and cricketers just about everywhere. It made clothing for students and royals, boxing clubs and banks alike.

The world caught on. KENT&CURWEN became the official outfitter of the Hollywood Cricket Club, (which included actors Errol Flynn and Boris Karloff as members), and was favoured by the British royal family throughout the 20th Century. Diana, Princess of Wales – who used clothing to define her own sense of British style – was a customer.

Today, under its Chief Creative Officer Daniel Kearns, KENT&CURWEN stands for a modern, playful, and expressive version of Britishness: tailoring, sportswear, and fashion, brought together in unexpected combinations.

The three lions emblem, which was inspired by the Kent family crest, is the brand’s most recognisable symbol, universally associated with British sports.

Eric Kent and Dorothy Curwen founded the brand together as a creative partnership. In that spirit, today’s iteration of the brand is a genderless wardrobe, intended to be shared and borrowed: a very British kind of tradition.

www.kentandcurwen.com 

 

China as “enabler:” pursuing win-win cooperation and shared development

BEIJING, Feb. 28, 2025 /PRNewswire/ — A report from People’s Daily:

As of late January 2025, Peru’s Chancay Port had handled over 15,000 containers and 112,000 tons of bulk cargo, cementing its role as a pivotal hub for exports of blueberries, palm oil, and corn – products now defining Peru ‘ s trade identity.

Born from the Belt and Road Initiative (BRI), the port is reconfiguring Peru ‘ s economic footprint, underscoring a development model that contrasts sharply with historical precedents.

While past powers pursued modernization through expansionist strategies, often leaving developing nations burdened, China ‘ s approach emphasizes coexistence over zero-sum rivalry. By prioritizing shared growth and leveraging its own modernization to propel global progress, China has earned recognition as an “enabler.”

Australian scholar Warwick Powell observed that just as China seeks to achieve more even development domestically, the effects of its model of global integration via trade, capital exports, transfer and knowhow is also tackling decades of uneven global development.

China has solidified its role as an indispensable engine of the global economy, with its 2024 GDP growth of 5% propelling its economic output past 130 trillion yuan ($17.88 trillion). Accounting for over 30% of worldwide growth last year, the country continues to anchor international markets even as it navigates domestic structural reforms.

This sustained momentum, economists note, reflects China’s commitment to building an open world economy while modernizing its development paradigm.

Defying global trade headwinds, China recorded 486 billion R&D expenditure, maintaining its position as the world ‘ s second-largest innovation spender after the U.S.

The true paradigm shift emerges in green technology corridors. Chinese wind turbine shipments to emerging markets like Vietnam and Brazil exploded by 72% last year, while solar panel exports hit 200 billion threshold.

China ‘ s global economic influence is increasingly defined by its dual focus on domestic modernization and transnational collaboration. As the IMF noted in its 2024 World Economic Outlook, China ‘ s institutional innovations are creating “new public goods for global trade architecture” – a dynamic exemplified by recent industrial developments.

Tesla accelerated its energy storage ambitions this month with the operational launch of its Shanghai Gigafactory, the world ‘ s largest battery production facility. Across the manufacturing landscape, BMW ‘ s Shenyang Plant Lydia commenced full-scale production of its next-generation electric vehicles, while Siemens Healthineers broke ground on a $300 million R&D hub in Shenzhen ‘ s innovation corridor. Meanwhile, Lexus finalized plans for its first wholly owned Shanghai subsidiary, signaling deepening commitment to China ‘ s premium automotive market.

The outward ripple effects are equally measurable. Ministry of Commerce data reveals a 10.5% YoY surge in China ‘ s non-financial ODI to $143.85 billion in 2024, marking the third consecutive year of double-digit growth.

Chinese home appliance manufacturer Haier has set up a new air-conditioner plant in Thailand, with 85 percent of its production intended for export. Meanwhile, the battery plant of China’s leading battery maker Contemporary Amperex Technology Co., Ltd. (CATL) in Hungary is fostering a local industrial cluster, reshaping Europe’s new energy landscape.

Additionally, many Chinese companies are training local technical workers in Africa and incubating local enterprises within their industrial parks in Latin America, catalyzing industrialization and modernization in these regions with China’s industrial strength.

China’s enabling role in fostering global development is underscored by its dedication to addressing contemporary challenges through scientific and technological innovation.

Today, as economic globalization is encountering headwinds and the world stands at a new crossroads, it is more crucial than ever for countries to clear away confusion and adopt long-term, forward-looking development strategies.

China’s visions are increasingly enabling other countries in their development. China always champions diverse development paths, breaking away from a one-size-fits-all approach. African scholars said that the most important experience that African countries have learned from China is the importance of choosing development models in line with national conditions rather than blindly following the approaches of others.

China upholds a people-centered approach, proposing that on the path to modernization, no one, and no country, should be left behind , which has been hailed not just as an update of economic logic, but an elevation of human civilization. As China continues to pursue win-win cooperation and shared development, more and more people have come to understand that in today’s world, development is not an exclusive competition but mutual progress.

China has been actively promoting the exchange of governance experiences, sharing both macro theories and practical experience with the world, such as “coordinating the relationship between an efficient market and an effective government,” “helping poor people build the confidence and capacity to help themselves,” and “showing people how to fish instead of just giving them fish.” These ideas provide valuable insights for countries seeking to overcome development challenges.

By taking an open and inclusive approach to cooperation, China is creating global opportunities for common development as well as confidence and hope. As an “enabler,” China will continue to instill strong impetus in the global modernization.

KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth

Resilient response to challenges, highlighting AI and Northern Metropolis


HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – KPMG welcomes the Hong Kong Government’s Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness.

The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong’s fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG’s estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year’s forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public.

John Timpany, Head of Tax in Hong Kong, KPMG China, says: “In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong’s ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of ‘One Country, Two Systems’ to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport’s AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions.”

Stanley Ho, Tax Partner, KPMG China, says: “To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government’s commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong’s credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation.”

Alice Leung, Tax Partner, KPMG China, says: “We welcome the Financial Secretary’s proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government’s initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong’s role as an international financial centre.”

Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: “We support the government’s prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong’s economy and create better living and career prospects for citizens.”

In terms of nurturing and attracting talent, KPMG welcomes the government’s proposal to enhance the “New Capital Investment Entrant Scheme”. It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don’t anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive.

Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government’s commitment to prudent management of public finances.

In light of the fiscal deficit and the aging population, KPMG supports the government’s proposed optimisation of the “HKD 2 Public Transport Fare Concession Scheme.” The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future.

Hashtag: #KPMG

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

About KPMG

KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.

KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 142 countries and territories with more than 275, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

Celebrating 80 years in Hong Kong

In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.