Economy
Hypefest Hong Kong 2024: An Unforgettable Weekend of Music, Art, and Community
Hong Kong’s first two-day outdoor music and cultural festival hosted by Hypebeast, featured 24 musical acts alongside a multitude of brand activations, art installations and interactive experiences.
HONG KONG SAR – Media OutReach Newswire – 3 December 2024 – Hypebeast, the leading global platform for contemporary culture and lifestyle, concluded Hypefest Hong Kong 2024 on November 9-10. Financially supported by the Mega Arts and Cultural Events (Mega ACE) Fund under the Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government and supported by iMe Entertainment Group, Hypefest Hong Kong 2024 marked Hypebeast’s largest event in Hong Kong to date. Despite the impact of Typhoon Signal No. 3 and rain, the 2-day weekend event attracted over 28,000 festival-goers gathering at the Central Harbourfront Event Space – the city’s largest outdoor venue – to soak in the spectrum of contemporary and diversified cultures that Hypebeast had to offer.
“Hypefest Hong Kong 2024 is the largest initiative we’ve ever done in Hong Kong. We are excited to welcome all visitors from around the world to celebrate fashion, art, music, culture, and community over one amazing weekend. At Hypebeast, our mission is simple – to bring people together in meaningful ways. We are here to create authentic experiences that inspire everyone. And most importantly, we are here to give everyone an opportunity to express their creativity, passions, and dreams. Hypefest Hong Kong 2024 is truly the perfect venue to make this all happen,” said Mr. Kevin Ma, Executive Director and Chief Executive Officer of the Hypebeast Group.
“We are thrilled to support Hypefest Hong Kong 2024, a pivotal event that aligns perfectly with our vision for growth. Our commitment to expanding regional showcases, including music festivals, reflects our dedication to fostering vibrant cultural experiences. Together with Hypebeast, we aim to create unforgettable moments that celebrate creativity and community,” stated Mr. Brian Chow, Chief Executive Officer of the iMe Entertainment Group.
Over the course of the two-day event, Hypefest Hong Kong hosted 24 musical acts headlined by internationally recognized South Korean-born DJ Peggy Gou on the first day, and French electronic music duo, JUSTICE, who concluded the second day of the festival. Apart from the closing performances by the headliners, the music stage showcased a diverse combination of genres that featured a carefully-curated mix of international and regional performers such as ADOY, Awich, ONE OR EIGHT, Rich The Kid, sunkis and more.
In addition to the live performances, the festival was jam-packed with unprecedented and unconventional experiences. Exclusive collaborations stood out as a major highlight with limited edition “Sun Bleach” items with Jiyong Kim, PIET x Oakley and Prodip Leung collaborations, Wing Shya’s capsule, BE@RBRICK Audio’s Hypefest-exclusive speaker and music line-up merch by Peggy Gou’s PEGGY GOODS, as well as JUSTICE available at the flea market.
The festival was nothing short of things to see and do, with Coin Parking Delivery’s larger-than-life inflatable art installation, SIMON’s live-art painting, ASICS SportStyle’ pop-up experience where guests were welcomed with an immersive digital installation, Timberland’s “TIMBS it YOURSELF” customization workshop with Hypefest-exclusive shoe accessories, Mercedes-Benz’ G-Class display and more. Brand pop-ups featuring 432hz, LeeeeeeToy, PabePabe, Raw Emotions, Ballaholic and COSTS were reimagined through interactive carnival games, keeping festival-goers entertained and inspired throughout the weekend. Additionally, the majority of limited-edition collaborative products, including JUSTICE’s T-shirts, Hypefest-exclusive PEGGY GOODS collection by Peggy Gou, and the LABUBU figure created by Kasing Lung in collaboration with 432hz, quickly sold out within two days.
The food village also impressed the visitors with tantalising treats exclusively available at Hypefest Hong Kong 2024. Participating vendors including BaseHall presents: Draftland, Bengal Brothers, Devil’s Tea, Dionysus & Loong, Honbo, Jeonpo Meat Shop, Snack Baby and SONNY’s, who all presented their signature dishes and exclusive menus, making sure festival-goers were replenished and energised.
Hypefest Hong Kong 2024 was made possible by the financial support from the Mega ACE Fund under the Culture, Sports and Tourism Bureau of the Hong Kong Special Administrative Region Government. Supported by iMe Entertainment Group, the leading entertainment company in Asia, the event offered a memorable and innovative experience to all attendees, while celebrating the vibrant fusion of cultures in Hong Kong.
For more information about Hypefest Hong Kong 2024, visit hypebeast.com and follow its social media channels for more.
Instagram:@hypebeast @hypefest
Hashtag: #hypefest #hypefesthongkong2024
The issuer is solely responsible for the content of this announcement.
About Hypebeast
Founded in 2005, Hypebeast is a leading platform for contemporary fashion and culture that highlights curated brands and emerging lifestyles through editorially-driven news and features. Its devotion to discovery has made it one of the premier online destinations for fashion and lifestyle editorial and news. Currently operating in over 15 markets, readers can stay up to date with the latest culturally-relevant news and developments on men’s fashion. For more information, visit Hypebeast.com.
About Mega Arts and Cultural Events (Mega ACE) Fund
The Mega ACE Fund set up by the Culture, Sports and Tourism Bureau aims to attract and support international and large-scale arts and cultural events to anchor in Hong Kong. It targets mega arts and cultural events in Hong Kong organised by the private sector or non-governmental organisations, with a view to developing Hong Kong into an arts and cultural metropolis, providing opportunities for the arts and cultural sector to flourish, as well as fostering Hong Kong’s development as an East-meets-West centre for international cultural exchange.
Project Grant
The Government of the Hong Kong Special Administrative Region provides funding support to Hypefest Hong Kong 2024 only, but does not otherwise take part in it. Any opinions, findings, conclusions or recommendations expressed in the materials/activities (or by members of the Grantee’s team) are those of the organisers of Hypefest Hong Kong 2024 only and do not reflect the views of the Government of the Hong Kong Special Administrative Region.
About iMe Entertainment Group
iMe Entertainment Group, the current leading entertainment company in Asia. Established in 2006 as a concert promoter and artist management company, iMe has since expanded to 10 countries, organized major events in more than 50 major cities in Asia- Pacific region.
Over the past 16 years, iMe has gradually developed entertainment contents consist of concert/live events, artist management, promotion & marketing, and fan base interaction platform, as being the key business elements. iMe committed to grow its scale with producing effective strategies of developing management teams, aiming to deliver innovative and best results for all business partners.
Economy
CSCS Depletes NASD OTC Bourse by 0.05%
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent slide on Monday, December 9 after Central Securities Clearing System (CSCS) Plc lost 25 Kobo at the close of business to trade at N23.24 per unit compared with last Friday’s price of N23.49 per unit.
When trading activities ended for the session, the market capitalisation of the bourse declined by N570 billion to remain relatively unchanged at N1.056 trillion as the NASD Unlisted Security Index (NSI) slid by 1.64 points to wrap the session at 3,013.27 points compared with 3,014.91 points recorded in the previous session.
Yesterday, the price of UBN Property Plc increased by 12 Kobo to settle at N1.79 per share, in contrast to the preceding trading day’s price of N1.67 per share.
Data showed that the volume of securities traded in the session by investors went up by 508.1 per cent to 1.2 million units from the 199,577 units recorded last Friday, the value of shares transacted yesterday jumped by 252.1 per cent to N5.07 million from the N1.4 million achieved in the preceding trading session, and the number of deals grew by 83.3 per cent to 11 deals from the six deals carried out in the preceding session.
At the close of transactions, Geo-Fluids Plc was the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc followed with 297.4 million units worth N5.3 million.
Similarly, Aradel Holdings Plc, which is no longer on the platform, remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.4 million units sold for N5.3 billion.
Economy
Naira Now N1,552/$1 at NAFEM FX Pressure Cools
By Adedapo Adesanya
The Naira recorded a 3.3 per cent or N52.80 appreciation on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, December 9 to close at N1,552.50/$1 compared with the preceding session’s rate of N1,605.30/$1.
However, on the Pound Sterling, the local currency depreciated during the trading day by N1.32 to wrap the session at N1,961.93/£1 compared with last Friday’s value of N1,960.61/£1 and against the Euro, the Nigerian currency slumped by 57 Kobo to trade at N1,623.84/€1, in contrast to the preceding session’s rate of N1,624.41/€1.
The mixed outcome occurred amid a decline in the value of FX transactions in the spot by 35.9 per cent or $62.83 million to $112.32 million from the $175.15 million recorded last Friday, according to data from the FMDQ Securities Exchange.
Last week, the Central Bank of Nigeria (CBN) launched the Electronic Foreign Exchange Matching System (EFEMS), an electronic platform introduced to tackle speculation and improve transparency in Nigeria’s foreign exchange market.
In a circular announcing the EFEMS platform, the apex bank explained that it facilitates spot foreign exchange transactions between the Naira and the US Dollar.
The platform, operated through Bloomberg’s BMatch system, requires a minimum trade value of $100,000, with incremental trade sizes of $50,000.
CBN stated that the platform automatically matches buy and sell orders, promoting fairness and efficiency in FX trading.
But in the parallel market, the Nigerian Naira weakened against the Dollar yesterday by N40 to quote at N1,620/$1, in contrast to the previous trading day’s value of N1,580/$1.
In the cryptocurrency market, the bears took control as analysts and traders warned of short-term selling pressure amid an overheated market after a November rally.
Also, internet giant, Google, announced benchmark tests on its new Willow quantum computing chip — which led to market concerns about what it meant for crypto privacy and wallet security.
Cardano slumped by 12.3 per cent to trade at $1.01, Litecoin (LTC) depreciated by 11.1 per cent to sell at $113.77, Ripple (XRP) dropped 9.9 per cent to $2.21, Dogecoin (DOGE) slid by 7.7 per cent to $0.4099, and Solana (SOL) depreciated by 5.6 per cent to sell at $217.45.
Further, Ethereum (ETH) decreased by 4.5 per cent to $3,731.16, Binance Coin (BNB) dipped by 3.2 per cent to sell for $694.82, and Bitcoin (BTC) went down by 3.7 per cent to quote at $97,243.61, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
Economy
Oil Prices Jump on Syrian Development, Chinese Monetary Policy Move
By Adedapo Adesanya
Oil prices climbed more than 1 per cent on Monday due to fresh geopolitical risk after the fall of Syrian President Bashar al-Assad over the weekend, while China moved towards a different monetary policy stance.
During the session, Brent crude futures appreciated by $1.02 or 1.4 per cent to finish at $72.14 per barrel and the US West Texas Intermediate (WTI) crude futures went up by $1.17 or 1.7 per cent to quote at $68.37 per barrel.
The rebel-led Salvation Government rebels seized the Syrian capital of Damascus and President Assad fled to Russia over the weekend ending a 50-year rule of the Assad family in the Middle East country.
The Prime Minister of the country, Mr Mohammed Jalali, agreed to hand power to the main rebel commander, Mr Ahmed al-Sharaa, better known as Abu Mohammed al-Golani, who met overnight with Mr Jalali and Vice President Faisal Mekdad to discuss a transitional government.
Market analysts noted that this could impact the crude market and increase the geopolitical risk premium on oil prices in the weeks and months to come amid yet more instability in the Middle East region.
The imminent transfer of power follows 13 years of civil war and the end to more than 50 years of brutal rule by the Assad family, leaving Syrians at home and millions of refugees abroad hopeful yet deeply uncertain about their country’s future.
Although Syria is not a major oil producer, it holds geopolitical clout due to its location and ties with top oil producers- Russia and Iran.
Reuters reported that a tanker carrying Iranian oil to Syria turned around in the Red Sea.
Meanwhile, China will adopt an “appropriately loose” monetary policy next year, the first easing of its stance in 14 years.
China’s economy has struggled this year which has affected oil demand.
This development has prompted policymakers to act with the central bank unveiling its most aggressive monetary easing since the pandemic in September.
The world’s largest oil producer also cut interest rates and injected 1 trillion Yuan ($140 billion) into the financial system, among other steps.
The country is also preparing for the return of US President-elect Donald Trump to the White House in January, after threatening tariffs of 60 per cent or more on Chinese imports.
Traders also remained focused on US inflation data expected later this week that could make a case for a December interest-rate cut by the Federal Reserve next week.
Lower interest rates decrease the cost of borrowing, which can boost economic activity and spur oil demand.
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