Media OutReach
KGI: 2025 Market Outlook
Balancing Global Dynamics
HONG KONG SAR – Media OutReach Newswire – 4 December 2024 – Today, KGI has released its 2025 Market Outlook, covering regions including Mainland China, Hong Kong, Taiwan, the U.S., Singapore, and Indonesia.
Reflecting on this year, the cooling of inflation and the labor market in the United States has brought the economy to a roughly balanced risk between employment and inflation. With Trump re-entering the White House, his policy propositions are poised to impact global economic development and shape the trend of medium and long-term interest rates. In China, domestic investment confidence remains weak. With the potential risk of the United States significantly increasing tariffs, Chinese exports may be affected. In response, China will introduce relevant measures to address these challenges.
Under this backdrop, we recommend the “ACE” strategy for 2025:
- Alternatives: Gold and cryptocurrencies — assets with lower correlation to traditional stocks and bonds.
- Credit Selection: Prioritize high-rated bonds, focusing on opportunities in corporate bonds.
- Elite Stocks: Prefer U.S. and Japanese stocks, maintain a preference for large-cap over small-cap, and pay attention to sector rotation.
Kenny Wen, Head of Investment Strategy at KGI, says: “Regarding asset allocation, based on our assessment of the global economy and geopolitical factors for 2025, investors can consider the ACE strategy: A is for Alternatives, which refers to diversifying into alternative assets to reduce portfolio volatility, with gold being a viable option. C is for Credit Selection, meaning carefully selecting investment-grade bonds to enhance potential income. Lastly, E is for Elite Stocks, where we prefer large-cap stocks, particularly from the U.S. and Japan.”
Macro and the U.S. Market
Within developed markets, the U.S. economy may slow down more significantly than the current market consensus estimate. In other regions, the recovery in the Eurozone and the UK was weaker than expected, but the trend of year-on-year growth is still improving. It is expected that the overall performance will still lag behind the U.S., but the gap is narrowing. In China, the market is currently focused on whether the Central Economic Work Conference in December can propose effective fiscal “stimulus” policies; otherwise, achieving 5% economic growth in the future remains challenging.
In the U.S., the manufacturing recovery has been weak, mainly due to overall weak capital expenditure. On the other hand, for the service sector, has shown unexpectedly strong performance, which has been key to the U.S. economy outperforming other mature markets over the past six months. However, with declining savings rates and increasing financial burdens, credit consumption momentum will weaken, potentially dragging on the U.S. economy in 2025.
Trump’s four major policies—tax cuts, increased tariffs, immigration restrictions, and financial deregulation—have an uncertain execution order, which may adversely affect inflation. Starting with restrictions on immigration and the implementation of tariffs, these policies are visible. Therefore, throughout the year, the four policies mentioned above may be announced in the first half, increasing the volatility of financial markets. However, higher economic risk for the United States is still in the second half of the year, and whether there will be improvement in the fourth quarter depends on the policy changes at that time.
The U.S. has returned to a roughly balanced dual-risk target of employment and inflation, with core inflation expected to continue declining in 2025. However, Trump’s increased tariffs and anti-immigration policies could lead to a resurgence in goods and services inflation, posing a risk of rising inflation again in 2026. The U.S. has returned to a state of full employment, with the unemployment rate for non-temporary jobs slowly rising, which may negatively affect the consumer spending.
In terms of U.S. stock investment, after two consecutive years driven by the AI wave, the overall U.S. stock market is no longer cheap. However, we see opportunities for sector rotation in the future, mainly reflected in estimated earnings improvements, particularly in finance, materials, industrial, and healthcare sectors. From a timing perspective, we believe the positive post-election stance can be maintained in the first quarter, but starting in the second quarter, the risks of Trump’s policies and economic downturn expectations will be reflected; risks will further increase in the second half, with the first half overall better than the second half.
As for bond investment, under Republican full control, bond investment may be adversely affected. For example, worsening fiscal deficits will increase bond issuance costs, rising inflation will lead to higher yields on medium- and long-term bonds, and poor fiscal discipline and long-term inflation risks will push up neutral interest rates and bond term premiums. Therefore, medium- and long-term government bonds are less favored in 2025, while some short-term government bonds or high-credit-quality corporate bonds, with relatively higher yields, can provide good interest income. Overall, 2025, with increased inflation risk and potential monetary policy reversal, is not favorable for bond investment.
James Chu, Chairman at KGI Securities Investment Advisory, says: “The global economy’s overall growth in 2025 is expected to be similar to that of 2024. Although the U.S. economy is showing a downward trend, it remains relatively strong among developed markets. The biggest variable for economic performance in 2025 remains the implementation of policies following Trump’s return to office; the impact of these policies on the economy might be difficult to assess immediately, but they are certainly unfavorable for inflation. The Federal Reserve is expected to cut interest rates by 75-100 basis points, potentially reaching a low of 3.75-4.0% in 2025, with rate hikes possibly resuming in 2026. In terms of investment, after being driven by the AI wave for two consecutive years, U.S. stocks are no longer cheaply valued, but there are opportunities for sector rotation. It is expected that in 2025, the S&P 500 will still see mid to high single-digit profit growth, with annual returns estimated between 6-12%, which is a decline compared to the previous two years. In terms of timing, we believe the first quarter should maintain the current post-election bullish trend. Starting in the second quarter, the market is expected to reflect the risks associated with Trump’s policies and the anticipated economic downturn, which may lead to market volatility. Risks are expected to increase further in the second half of the year, with overall performance anticipated to be better in the first half than in the second half.”
Mainland China and Hong Kong Markets
Looking back at the first three quarters of the year, the Chinese economy grew 5.3% YoY in Q1, beating the expected 4.8%, but the momentum slowed down afterwards. In Q2 and Q3, the growth rates came in at 4.7% and 4.6% respectively. This brought GDP growth for the first three quarters to 4.8%, below the government’s target of around 5%. China’s economic growth has been trending down quarter by quarter, indicating strong downward pressure on its economy. Hence the Chinese government has introduced a package of counter-cyclical policies in recent months, which include not only monetary policies such as reducing reserve requirement ratios (RRRs) and interest rates cut, but also a relatively large-scale debt-swap program to ease the stress on local governments’ budgets, to release the resources for supporting the economy.
5% GDP growth for 2025 facing lingering challenges
In fact, although the debt relief program looks sizable, but fiscal “stimulus” is lacking. China needs fiscal policy along with stimulus measures that are large and direct enough to make a difference in the medium to long term. We are expecting that China will continue to advance its medium-term policy stimulus (more rate cuts and other individual measures are possible by year-end; any large-scale incremental fiscal program might have to wait until after next year’s Two Sessions). Moreover, the upcoming focus will be December’s Central Economic Work Conference (CEWC), at which the policy setting for next year will be determined. Investors are more concerned about the impact of Donald Trump’s retaking the White House on China-U.S. relations and the Mainland economy. Tariffs have moved to the center stage while foreign affairs, finance and technology, etc. have receded slightly. If Trump insists on raising tariffs on all Chinese imports to 60%, the impact on China’s trade and economy will be significant. In short, China’s economy next year will be driven by two opposing forces: U.S. policy and stimulus efforts of the Central Government.
Overall, as confidence is yet to be restored, might have to do with China’s not-yet-returned animal spirits. In addition, the continued sluggish employment performance has led to the limited growth in wages (especially for new employees). All this is making people reluctant to spend like they did in the past. Given such stubborn structural problems, we believe that achieving a 5% economic growth rate in China in 2025 will be challenging.
Target price for the HSI in 2025: 23,200 points
Looking ahead to 2025, While the China-U.S. relationship is poised to be the primary risk factor for the Hong Kong stock market in 2025, from an optimistic perspective, the declaration by President Trump regarding a potential 60% tariff on Chinese imports may serve as a part of bargaining strategy, leaving the final tariff rates and their scope uncertain. Additionally, considering that the Ministry of Finance has indicated that further economic stimulus measures are yet to be introduced, our outlook for the market remains cautiously positive. Considering the unusually exuberant market sentiment during the HSI’s recent decline from the peak, when daily trading turnover exceeded HK$600bn at once, we believe that the index has the potential to return to the 23,200 points in 2025. In terms of market valuation, the market forecasts EPS of HK$2,210 for 2025, reflecting a YoY growth of 5.1%. Thus, the forwarded P/E corresponding to the 23,200-point level would be 10.50x, slightly above the 10-year average of 10.26x. Should the index close at 19,700 points by year-end, this would indicate a potential upside of approximately 17.8%.
This scenario is based on the following key assumptions: (1) the scale of economic stimulus measures aligns with expectations and focuses on private consumption, (2) EPS growth for the HSI maintains above 5%, and (3) the China-U.S. conflict is confined to trade-related issues only.
Three investment themes for 2025
- Benefiting from new policies
- Low geopolitical sensitivity
- Actively expanding business overseas
Top Picks
| Name | Target Price |
| Benefiting from new policies | |
| CMB (3968) | 43.0 |
| PAI (2318) | 57.5 |
| Low geopolitical sensitivity | |
| CSCI (3311) | 11.9 |
| Tencent (700) | 507.0 |
| China Mobile (941) | 80.9 |
| Actively expanding business overseas | |
| Trip.com (9961) | 625.3 |
| BYD (1211) | 319.1 |
Prepared by KGI
Kenny Wen, Head of Investment Strategy at KGI, says: “In light of various external uncertainties, such as the recent escalation in the Russia-Ukraine situation and Trump’s threats to significantly increase tariffs, there are potential negative impacts on China’s economy. Coupled with insufficient domestic demand, achieving a 5% economic growth rate next year may be challenging. We should closely monitor the Central Economic Work Conference in December and the Two Sessions in March next year, by then to gain more insights on, how would central government’s assess economic performance and the timeline for introducing stimulus policies. Regarding the Hong Kong stock market, while the economic and corporate earnings growth prospects in mainland China remain conversative, the Hang Seng Index’s attractive valuation and the underweight positions of foreign institutional investors suggest that the market may continue to experience significant fluctuations. Once investor confidence returns and capital flows into the market, the Hang Seng Index could potentially break through the 23,200 level seen in October this year. We recommend focusing on three main themes: (1) benefiting from new policies, (2) low geopolitical sensitivity, and (3) actively expanding business overseas.”
Taiwan Market
We are optimistic that Taiwan’s stock market in 2025 will continue the bullish trend observed in 2023 and 2024. This optimism is primarily based on the steady global economic expansion and the AI arms race, which is expected to sustain strong momentum in technology stock earnings.
While we remain optimistic about the continuation of the bullish trend in Taiwan’s stock market in 2025, the annual gains may not surpass the impressive performances of the past two years. The current AI-driven surge has already resulted in a significant increase of over 90% for the TAIEX, with the forward price-to-earnings ratio reaching as high as 21 times. Compared to previous bull markets driven by technological paradigm shifts, the current gains and valuations are approaching historical peaks. Following a 28% increase in 2023, Taiwan’s stock market once reached a maximum gain of nearly 30% so far in 2024.
We expect Taiwan’s stock market in 2025 to generally follow a U-shaped trend, with a bullish bias in the first and fourth quarters and potential corrections in the second and third quarters.
James Chu, Chairman at KGI Securities Investment Advisory, says: “Under a scenario where the U.S. economy achieves a soft landing, interest rate cuts are expected to boost risk assets. This, combined with China’s economic stimulus measures and the steady trend of artificial intelligence, supports a bullish outlook for Taiwan’s stock market in 2025. The tech industry continues to thrive, primarily driven by AI, with Taiwan maintaining its leading position in the global semiconductor sector and a comprehensive AI supply chain, which is expected to drive significant earnings growth in 2025. However, following Taiwan’s stock market with a maximum gain of nearly 30% in 2023 and 2024, and with earnings growth projected to slow from 36% in 2024 to 18% in 2025, the potential for sustained index gains may be limited. Instead, the focus may shift to individual stock performance. Domestic investors have effectively countered foreign selling pressure in recent years, providing continued support against downside risks in 2025. Meanwhile, the Trump administration’s aggressive economic and trade policies could increase market volatility but also present strategic buying opportunities.”
Singapore Market
Looking ahead to 2025, significant changes are anticipated in the global macroeconomic landscape, with the U.S. expected to overhaul key policies related to international trade, foreign affairs, immigration, and more under Trump’s administration. Rising tensions among major economies are likely. However, Singapore, with its strategic position as a trade, logistics, and wealth hub, is well-positioned to navigate these shifts. Since the onset of the trade war in 2017, Singapore has leveraged its strengths and geographical advantages to achieve consistent growth. As we move into the coming year, Singapore is poised to face both new challenges and fresh opportunities. Chen Guangzhi, Head of Research at KGI Singapore, says: “We believe Singapore will capture growth opportunities amidst the backdrop of the new round of global trade tensions and ensuing rising geopolitical risks in 2025”
Indonesia Market
We are optimistic about 2025, targeting higher economic growth of 5.5%, which is above the 10-year average of 5.1%. This growth will be driven by increased consumption and investment, a rise in civil servant salaries, infrastructure development in the Nusantara Capital City (IKN), and downstream exports, contingent on robust global commodity prices. Yuganur Wijanarko, Senior Analyst at KGI Indonesia, says: “We maintain a positive outlook for 2025, and despite upcoming challenges, anticipate significant improvements in consumer confidence and domestic demand.”
DISCLAIMER
All the information contained in this document is not intended for use by persons or entities located in or residing in jurisdictions which restrict the distribution of this document by KGI Asia Limited (“KGI”), or any other affiliates of KGI. Such information shall not constitute investment advice, or an offer to sell, or an invitation, solicitation or recommendation to subscribe for or invest in any securities, insurance or other investment products or services nor a distribution of information for any such purpose in any jurisdiction. In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America, or to or for the benefit of United States persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof). All the information contained in this document is for general information and reference purpose only without taking into account of any particular investor’s objectives, financial situation or needs and may not be redistributed, reproduced or published (in whole or in part) by any means or for any purpose without the prior written consent of KGI. Such information is not intended to provide any legal, financial, tax or other professional advice and should not be relied upon in that regard.
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Hashtag: #KGI #MarketOutlook
The issuer is solely responsible for the content of this announcement.
KGI
KGI is one of the region’s leading financial institutions since 1997. Our scope of business encompasses wealth management, brokerage, fixed income, and asset management. We are committed to offering a broad range of financial products and services to corporate, institutional, and individual clients throughout Asia. Backed by KGI Financial Group, we have a robust Asia footprint covering Taiwan, Hong Kong, Singapore, Indonesia, and Thailand.
High-Quality Growth with Improved Gross Profit Margin, increasing R&D Investment and Strategic Focus on Trustworthy Agents Ecosystem
HONG KONG SAR – Media OutReach Newswire – 27 March 2026 – Voicecomm Technology Co., Ltd. (“Voicecomm Technology” or the “Company“, Stock Code: 2495.HK), a core technology provider and ecosystem operator of trustworthy conversational AI in China, announced its annual results for the year ended December 31, 2025. Leveraging its deep technological expertise and forward-looking strategic initiatives in trustworthy conversational AI, the Company achieved steady revenue growth, continuous improvement in profitability, and a significant enhancement in operating cash flow, further strengthening its competitive edge in the enterprise-level trustworthy Agent sector.
Gross Profit Margin Steadily Improves, Operating Cash Flow Turns Strongly Positive
In 2025, the Company’s total revenue successfully exceeded the RMB1 billion mark, reaching RMB1,006.9 million, representing a year-on-year increase of 7.0%. Gross profit amounted to RMB551.2 million, increased by 8.0% from the previous year, while the gross profit margin increased by 0.5 percentage point to 54.7% from 54.2% in the same period last year, reflecting the high-value-added products and technical services of the Company, as well as effective cost control.
Notably, the Company’s net cash generated from operating activities turned strongly positive, reaching a net inflow of RMB212.5 million, compared to a net outflow of RMB129.2 million in the same period last year. This improvement underscores enhanced operational efficiency and reflects strengthened receivables management, which accelerated cash collection.
Profit for the year amounted to RMB140.2 million. The significant increase in net profit compared to the same period last year was mainly attributable to eliminating the impacts of changes in carrying amount of redeemable capital contributions, an accounting adjustment arising from financing agreements entered into with shareholders prior to the Listing and completion of the Global Offering.
Increasing R&D Investment to Strengthen the Trustworthy Agent Technology Foundations
As a technology-centric product company, Voicecomm Technology remains committed to the independent R&D and innovation of underlying technologies. In 2025, the Company’s research and development expenses reached RMB224.3 million, representing a substantial year-on-year increase of 67.7%. The investment was primarily directed towards developing Agents with continuous learning capabilities and a technical framework for Multi-agent collaboration, aiming to enhance technological capabilities and elevate the level of product innovation. This reinforces our trustworthy Agent technical architecture composed of three layers: “Multimodal Perception + Multi-model Thinking + Multi-agent Collaboration”.
This architecture takes the “meta-model” as the core to effectively alleviate the common pain points of in enterprise-level implementation, such as hallucinations, controllability and data security, by integrating the generalization capabilities of large language models with the precision of vertical domain knowledge. On this basis, the Company have formed a deliverable and operable trustworthy Agent product system, to ensure that the Agents are usable, manageable, and controllable in enterprise environments, thereby powering the intelligent upgrade of six core application scenarios: City management and administration, Automotive and transportation, Telecommunications, Finance, Healthcare, and Energy management.
Productization Strategy Drives Deep Application across Six Core Scenarios
Voicecomm Technology focuses on empowering various industries through superior products and technologies. In 2025, leveraging its mature product matrix, the Company successfully established replicable benchmark standards across multiple application scenarios.
City Management and Administration: As a leading solution provider in the smart government sector in China, the Company’s business has covered more than 130 prefecture-level cities. The “Smart Government Agent” deeply integrates the capacities of large language models, enabling more intelligent and automated government services with standardized and intelligent applications in scenarios such as government hotlines and city governance.
Automotive and Transportation: The Company successfully established benchmark autonomous driving projects in cities such as Mianyang, Zibo, and Ezhou, building a successful and replicable “Smart Transportation Agent” solution. For the Mianyang Science and Technology New City project, a total of 96 autonomous vehicles have been deployed, and the project was successfully selected as a National AI Application Pilot Testing Base in the transportation sector. In January 2026, the Company newly won the bid for the “Ezhou Huahu Airport Smart Port” autonomous driving bus procurement and operation project, further expanding its application boundaries.
Healthcare: In January 2026, the Company successfully won the bid for the “Chuannan Smart Valley AI Vertical Large Model Innovation Platform – Silver Economy Construction and Operation Project” in Neijiang City, Sichuan Province, with a total contract value of nearly RMB300 million. This project represents the Company’s first “AI + Elderly Care” city-level benchmark demonstration project. It adopts a closed-loop collaborative model of “online platform + offline service network + home terminals,” integrating Agents capabilities with the Company’s “vertical small model microservices” system in areas such as Health Early Warning, Cognitive Ability Assessment, and emotional companionship into a productized solution, thereby establishing rapidly replicable city-level smart elderly care operational benchmark.
Telecommunications, Finance, and Energy Management: The Company continues to deepen collaborations with leading enterprises in the telecommunications and finance sectors, leveraging the “Telecommunication Service Agent” and “Financial Service Agent” to enhance service efficiency and user service value. Meanwhile, its AI-powered smart charging solution has been progressively integrating charging pile networks in China and across several Southeast Asian countries.
Benefiting from the successful implementation of the Company’s productization strategy and the high level of market recognition for its trustworthy Agent solutions, as of December 31, 2025, the Group’s project pipeline and orders in hand saw significant growth. The number of ongoing projects at year-end increased to 320, representing a year-on-year increase of 41.6%, while the outstanding contract sum at year-end rose to RMB1,048.9 million, a year-on-year increase of 57.4%, reflecting the continued expansion of the Company’s business.
Future Outlook: Focusing on the Trustworthy Agents Ecosystem with Four Strategic Priorities
Looking ahead, the Company will firmly focus on its goal of “building a trustworthy conversational AI ecosystem” and will advance the following strategic priorities:
Overall and Technology Strategy: Continue to focus on R&D and innovation in frontier technologies such as multi-modal fusion and trustworthy intelligence, promoting the deployment of trustworthy agents across more application scenarios. By creating open technology platforms and standards, the Company will attract more developers and partners to jointly build a prosperous and win-win industrial ecosystem.
Market Strategy: Establish benchmarks for quality and innovation within the industry and deepening partnerships with various service channels. At the same time, the Company will actively expand into the C-end market, extending cutting-edge technologies to a wider user base, thereby expanding the influence and commercial value of the ecosystem.
Regional Strategy: Domestically, the Company will continue to deepen its partnerships with major cooperating cities to create smart city benchmark cases. Internationally, the Company will actively respond to the “Belt and Road” initiative, grasp the tremendous potential of emerging markets, and promote the Company’s trustworthy Agent products and services globally to enhance its international brand image.
Investment Strategy: Through prudent strategic investments and M&A, the Company will optimize the layout of the upstream and downstream industry chains and consolidate the stability and competitiveness of the ecosystem.
DR.Tang Jinghua, Chairman ofVoicecomm Technology Co., Ltd., said: ” 2025 was a landmark year for Voicecomm Technology. We not only achieved a strong turnaround in operating cash flow and a steady increase in gross profit margin financially, but we also completed a strategic leap at the technological and business level towards becoming a ‘a core technology provider and ecosystem operator of trustworthy conversational AI.’ We deeply understand that the essence of enterprise-grade AI lies in creating replicable and reliable products and technology foundations. During the year, we significantly increased R&D investment and successfully applied our trustworthy Agents across six core scenarios, particularly in city-level benchmark projects in emerging fields like smart elderly care, showing the strong competitiveness of our productization strategy. Looking to the future, we will continue to pursue the goal of ‘building a trustworthy conversational AI ecosystem,’ leveraging an open platform to gather ecosystem partners and empowering diverse industries with innovative technology, thereby creating long-term sustainable value for our shareholders and society. ”
Hashtag: #Voicecomm
The issuer is solely responsible for the content of this announcement.
Voicecomm Technology Co., Ltd.
Founded in 2005 and headquartered in Wuhan, Voicecomm Technology is one of the leading core technology providers and ecosystem operators of trustworthy conversational AI listed on the Main Board of the Hong Kong Stock Exchange, and obtained the qualification as National-level SRDI, Technology Little Giant and High-Tech Enterprise. Leveraging its proprietary trustworthy Agent，the Company overcomes pain points in the commercialization of large language models, such as hallucinations and compliance issues, ensuring AI is usable, manageable, and controllable in enterprise environments. For enterprise-level customers, the Company provides AI services covering the entire process of “communication –decision – execution”. Its trustworthy Agent solutions have been widely deployed across multiple scenarios, including City management and administration, Automotive and transportation, Telecommunications, Finance, Healthcare, and Energy management, and it is dedicated to empowering the intelligent transformation of diverse industries.
City Chamber Orchestra of Hong Kong
HONG KONG SAR – Media OutReach Newswire – 27 March 2026 – On 21 April 2026 at Hong Kong City Hall Concert Hall, 8:00pm, the City Chamber Orchestra of Hong Kong (CCOHK) presents Bassoon & Baton, a rare showcase of the bassoon’s lyrical voice and virtuosic brilliance. Held as part of the French May Arts Festival 2026, the programme features the Hong Kong debut of Sophie Dervaux, the internationally acclaimed French bassoonist and principal bassoonist of the Vienna Philharmonic Orchestra. She performs bassoon concertos by Vivaldi, Mozart and Hummel and takes up the baton to conduct orchestral works by French composers Lully, Guy Ropartz and Gossec, thereby highlighting her dual artistry as both soloist and conductor.
City Chamber Orchestra of Hong Kong
Bassoon & Baton — French May Arts Festival 2026
Sophie Dervaux bassoon/guest conductor
21 APR 2026 (Tue)
Hong Kong City Hall Concert Hall, 8:00pm
PROGRAMME
Lully I Marche pour la Cérémonie des Turcs, LWV43
VivaldiI Concerto for Bassoon in G major, RV493
Guy Ropartz I Serenade for Strings
Mozart I Concerto for Bassoon in B-flat major, K.191
GossecI Symphony in C minor Op. 6 No. 3, RH24
Hummel I Grand Concerto in F major, S.63, WoO.23
Sophie Dervaux will also contribute to community activities in Hong Kong by holding two Bassoon masterclasses open to the public. On 18 April 2026, 10:30am–1:00pm, at Sing Music Academy, Room 901, On Lok Yuen Building 25-27A Des Voeux Road, Central, Hong Kong, and on 19 April 2026, 2:30pm–5:00pm, at CR2, 7/F Hong Kong Cultural Centre Concert Hall Backstage.
Sophie Dervaux’s outstanding career as a solo bassoonist, orchestral musician, conductor and recording artist includes her engagements with the Vienna Philharmonic Orchestra (since 2015), the Vienna State Opera Orchestra and the Berlin Philharmonic Orchestra. She is a prize-winner of the prestigious ARD International Music Competition Munich (2013) and the Beethoven Ring Bonn (2014). Born in France, Sophie Dervaux studied at the Music Conservatory of Versailles, the Conservatoire de Paris in Lyon, the Hanns Eisler Academy of Music in Berlin and at the Karajan Academy. She has performed at the Philharmonie de Paris, Berlin Philharmonie, Suntory Hall Tokyo, New York’s Carnegie Hall and the Royal Albert Hall in London. Her solo engagements include the Konzerthausorchester Berlin, the Bavarian Radio Orchestra and the Vienna Philharmonic Orchestra. On CD she has collaborated with Daniel Barenboim and Emmanuel Pahud. In 2021 she received the German Record Critics’ Award for her debut solo album on the Berlin Classics label. She is currently working on a project to record all 39 of Vivaldi’s bassoon concertos with La Folia Barockorchester. In addition to performing, Sophie Dervaux works internationally as a guest conductor and has appeared with the Mozarteumorchester Salzburg, the Vienna Chamber Orchestra, the Ensemble Kanazawa, the Prague Philharmonic Orchestra and the KBS Symphony Orchestra in Seoul. She teaches bassoon at the Music and Arts University of The City of Vienna and plays on a Püchner bassoon.
Tickets priced at $450, $300 and $220 (with50% off for full-time students, senior citizens, Comprehensive Social Security Assistance (CSSA) recipients, people with disabilities and their accompanying minder), are available from all URBTIX outlets. For internet booking, visit www.urbtix.hk; for programme or other enquiries, call 2864 2156 or email in**@***hk.com.
BASSOON MASTERCLASS by SOPHIE DERVAUX
18 Apr (Sat) 10:30am-1:00pm, Sing Music Academy, Room 901, On Lok Yuen Building, 25-27A Des Voeux Road, Central, Hong Kong
19 Apr (Sun) 2:30pm-5:00pm, CR2, 7/F Hong Kong Cultural Centre Concert Hall Backstage
The masterclasses are open to observers at $100 per person.
Register Now (in**@***hk.com/2864 2156)
PHOTOS Link to: Sophie Dervaux
MEDIA ENQUIRIES (including artist interviews/photos): in**@***hk.com/2864 2154
WEBSITE:www.ccohk.com
Hashtag: #CityChamberOrchestraofHongKong #Bassoon&Baton
The issuer is solely responsible for the content of this announcement.
City Chamber Orchestra of Hong Kong
City Chamber Orchestra of Hong Kong (CCOHK) holds a unique position as one of Asia’s leading chamber orchestras. Founded by oboist Leanne Nicholls in 1999, CCOHK has performed with many of the world’s most celebrated artists and composers including Sir James Galway, Dame Evelyn Glennie, Dame Emma Kirkby, Sir Thomas Allen, Sir Neville Marriner, Michala Petri, Christian Lindberg, Sarah Chang, Julian Lloyd Webber, Barry Douglas, Edgar Meyer, Branford Marsalis, Sir Karl Jenkins, Ney Rosauro, Richard Galliano and Alma Deutscher. The orchestra has also collaborated with celebrities including Dame Edna Everage, Hayley Westenra, Richard Clayderman, Robin Gibb and Canto-pop stars Sandy Lam, Hacken Lee, Hins Cheung, Ivana Wong and Jacky Cheung. Additional highlights include concerts with the Vienna Boys’ Choir, the Warsaw Boys’ Choir, The American Boychoir, the Swedish Voices Chamber Choir, the King’s Singers and The Swingle Singers. CCOHK’s progressive programming has been internationally recognized with tour invitations to festivals in London, L’Aquila, Taipei, Beijing, Chengdu and Shanghai. At home CCOHK has performed for French May Arts Festival, Hong Kong Ballet, RTHK’s televised Christmas Concerts in the Park, the 2017 World Harp Congress, The Hong Kong Composers’ Guild and The Hong Kong International Piano Competition. Cinema and anime performances include Howard Blake’s The Snowman & The Bear, the Harry Potter series, Final Fantasy, Attack on Titan and One Piece Music Symphony. CCOHK is also a keen supporter of contemporary music and has commissioned works by Mao Yuan, Samson Young, Joyce Tang, Dobrinka Tabakova and Richard Harvey. The orchestra’s CDs include world premiere recordings on the NAXOS, Orchid Classics and OUR Recordings labels with Michala Petri, Dame Evelyn Glennie and bandoneón/piano duo Binelli-Ferman. CCOHK’s passion for building young audiences for music has inspired the creation of several award-winning productions and musicals. Credits include Magnificent Mozart, The Star Bach, The Bonn Man, Haydn & The Prince, Bug Symphony (winner of the Public Choice Award at the YAMawards in Portugal 2017), WILD (The Musical) (winner of the Public Choice Award at the YAMawards in Belgium 2022) and Shark Symphony. In 2023 CCOHK garnered five-star reviews for the London premiere of WILD (The Musical), and in the same year was voted into RTHK Radio 4’s Top Ten Music Headlines. Armenian French piano virtuoso Vahan Mardirossian serves as chief conductor (since 2019), succeeding French conductor Jean Thorel (2008 to 2016). CCOHK is currently a Venue Partner of Tsuen Wan Town Hall (since 2026) and the recipient of HKADC’s Eminent Arts Group Scheme (since 2024).
- Innomotics wins several orders to provide motor and drive technology for turbine replacement projects, totaling a volume in the higher double-digit million EUR range
- Environmental, operational and financial benefits for many industries and industrial applications
- Geographic diversity underlines market potential
NUREMBERG, GERMANY – Newsaktuell – 26 March 2026 – Innomotics, a globally leading supplier of electric motor and large drive systems, has won several major orders for turbine replacement projects on nearly every continent. The total volume for all orders is in the higher double-digit million EUR range.
With increased electrification of industrial applications, significant operational cost efficiency and CO₂ reduction can be gained by changing existing turbines with an electric drive system, the so-called Turbine Replacement Technology. This can be used for high-speed pump applications (centrifugal pumps) as well as for high-power compressor systems in refineries, petrochemicals, or oil and gas.
Especially the need for supplying large-scale turbine driven boiler feed pump applications in power plants with high voltage motors becomes increasingly important, as it significantly saves energy consumption, CO₂ and operational costs.
The transition to electric drive technology for rotating equipment is an important part of the overall plant electrification and decarbonization pathway, reducing the use of costly and environmentally harmful carbon fuels.
By sourcing the power from a renewable source such as wind, solar or hydro, CO₂ emissions can be practically eliminated. This is especially relevant for energy-intensive industries and industrial applications. Beyond ecological aspects, the use of high-speed motor systems offers significant benefits to customers, such as increasing efficiency, reducing operational costs and maintenance requirements as well as easy construction and start-up.
“Replacing existing gas and steam turbines with electrical motor and drive systems is a complex task. Thanks to our highly motivated and skilled team, Innomotics is thought leader and pace setter for turbine replacement technology for more than 25 years now and with more than 70 Turbine Replacement projects globally realized. Our outstanding portfolio sets standards: The reliability and availability of our advanced High-speed High Voltage Motor system technology is unrivaled in the field, due to our unique rotor design. Additionally, our Medium Voltage Drive technology includes extended redundancy measures such as cell by-pass systems for maximum uptime”, says Michael Reichle, CEO of Innomotics.
Operators of turbine-driven systems currently face high operational costs, which can be significantly reduced or even eliminated through turbine replacement technology. For example, in a project with Repsol in Spain, Innomotics helped avoid 68,000 tons of CO₂ emissions per year and reduce energy consumption by around 25 percent.
Recently awarded Turbine Replacement Projects
Electric Drive Upgrade for INA Refinery in Croatia:
INA is modernizing its refinery in Rijeka to improve efficiency and reduce emissions. As part of this transformation, steam turbines used to operate compressors are being replaced with electric drive systems. This reduces reliance on fossil fuels, lowers maintenance requirements, and increases overall energy efficiency.
To implement this upgrade within an operating refinery, INA partnered with Innomotics and Siemens Energy. The project includes four electric drive train systems, combining HV and HS-Modyn motors ranging from 1.8 MW to 6 MW with Innomotics Perfect Harmony GH180 variable frequency drives.
The solution ensures high reliability through redundant system design and enables fast installation on existing foundations with minimal construction effort. As a result, INA reduced significantly CO₂ emissions by 96,000 tons, reduced operating costs, total high-pressure steam production reduced by around 25%, and improved availability.
Turbine Replacement Technology for Repsol Industrial Complex in Spain:
Repsol has electrified a gas compressor at its Puertollano Industrial Complex by replacing a steam turbine with an electric motor solution from Innomotics. This upgrade improves energy efficiency by 25 percent and reduces CO₂ emissions by approximately 68,000 tons per year. The solution includes a High Voltage Motor combined with a Perfect Harmony GH180 Medium Voltage Drive, delivering 8.25 MW at 5,800 rpm. Designed for high reliability and continuous operation, the system enables maintenance intervals of up to five years. With this electrification project, Repsol strengthens its commitment to achieving net zero emissions by 2050 while significantly improving operational efficiency and system availability.
Turbine Replacement Technology for Chemicals Park in the Netherlands:
The owner and operator of a chemicals park in the Netherlands aims to accelerate the energy transition of the Dutch chemical industry. One of their three major goals is to achieve net zero emissions within ten years. Therefore, Innomotics was awarded for a turbine replacement project in a propylene plant. The order amounts a considerable value for Innomotics and includes a 25MW as well as an 8.6MW high-speed induction motor together with two Innomotics Medium Voltage GH150 drives. The order also includes comprehensive services.
Turbine Replacement Technology for Power Plants in Republic of Korea:
A Korean energy producer and provider awarded Innomotics an order to replace the previous turbine technology with a 12.5MW electric Innomotics High-speed High Voltage Motor and Medium Voltage Drives. With that replacement the company benefits from higher energy efficiency of at least 20 percent and the associated energy savings as well as reduced CO₂ emissions. The Innomotics solution therefore contributes directly to the customer’s net zero carbon strategy. The parallel operation of three Medium Voltage Drives ensures a particularly uninterrupted and stable power supply.
Turbine Replacement for a propane dehydrogenation (PDH) plant in Spain:
At the top of its agenda, a German chemicals and plastics giant, has placed the motto: “Net Zero Emissions by 2050”. One measure the company takes accordingly is replacing steam production at co-generation plants with heat pumps and e-driven compressors. Therefore, the Spanish site, has started a turbine replacement project in their propylene production at a propane dehydrogenation (PDH) plant. The order for Innomotics amounts to a double digit million Euros and includes a 23.3MW High-speed High Voltage induction motor, together with a Medium Voltage Drives and a converter transformer.
Turbine Replacement for Indian natural gas company:
Furthermore, Innomotics has won a pilot order to replace one out of eight installed gas turbines for a state-owned energy corporation in the state of Madhya Pradesh (India). This order creates a new benchmark in the gas turbine replacement market to the extent that the proposed solution will consist of an Innomotics High Voltage HV-M Motor, together with a gearbox and an Innomotics Medium Voltage Drive instead of a High-speed High Voltage Motor system.
Additional Turbine Replacement materials:
Whitepaper on Turbine Replacement
Expert Video concerning Turbine Replacement
Operational savings calculator, reference projects and success stories
Podcast episode on Spotify
Explore the 3D visualization in our virtual world: Innomotics Electrosphere
For more information, visit https://www.innomotics.com/hub/en/applications/turbine-replacement
Follow us on LinkedIn: www.linkedin.com/company/innomotics
For more information, visit www.innomotics.com.
Hashtag: #Innomotics
The issuer is solely responsible for the content of this announcement.
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