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AFTEC Distils 16 Years of Arts Education Leadership into New Book, Offering a Roadmap for Hong Kong’s Creative Future
Igniting a Creative Renaissance, New Book Evolving Creative Mindsets Provides the Roadmap to Transform Hong Kong Schools
HONG KONG SAR – Media OutReach Newswire – 28 October 2025 – AFTEC today hosted the official book launch for Evolving Creative Mindsets: Thinking Through the Arts, where leading experts from academia and policy research called for a systemic shift in education to secure Hong Kong’s future. The event, held at the Fringe Club, brought together educators, policymakers, and cultural leaders to discuss the critical role of creative learning in an era of global uncertainty.
Authored by Ms Lynn Yau, AFTEC’s Chief Executive Officer, and published by Hong Kong University Press, the book arrives at a pivotal moment. The latest OECD PISA creative thinking assessment has highlighted a global need to strengthen creative skills, and this book offers a timely roadmap for Hong Kong to address this challenge and cultivate a more innovative generation.
A Call to Action: Nurturing ‘First-Class Humans, Not Second-Class Robots’
Speaking at the launch, author Ms Yau said: “For too long, the arts have been perceived as peripheral—for entertainment or school portfolios, but not as a core driver of learning and innovation. This book is a call to action, built on 16 years of frontline work with AFTEC. It demonstrates through real-world case studies how we can bridge the gap between the arts and education. We need to move away from siloed thinking and build a true ecosystem where creative mindsets can flourish. This is not just about creating artists; it’s about nurturing what Andreas Schleicher, Director for Education and Skills at the OECD, calls ‘first-class humans, not second-class robots.'”
Although the arts have been firmly planted in the Hong Kong school system since the 1950s, they are often sacrificed in place of core subjects and preparation for examinations. Drawing on over 16 years of exploration and experience, Yau makes the case that arts are critical to cultivating creative mindsets, which are our best resource for innovating and responding to challenges in this complex world of sudden changes. Through case studies and conversations with practising artists and educators, the book demonstrates why arts and education, two normally discrete disciplines, should be broadly integrated into the local Hong Kong curriculum, and how this can be—and has been—achieved.
The book launch began with a guided exhibition tour led by the AFTEC team, followed by a dynamic panel discussion. Experts including Mr Victor Kwok, Deputy Director of Research at Our Hong Kong Foundation; Professor Anna Hui of City University of Hong Kong; and independent evaluator Mr Robert Li explored the policy barriers, the economic case for investing in creativity, and the practical steps needed to foster a more innovative education system.
Inside the Book: A Blueprint for Transforming Hong Kong’s Schools
Evolving Creative Mindsets: Thinking Through the Arts is a comprehensive guide that deconstructs the challenges and opportunities facing Hong Kong. It explores:
- The “Poverty of Imagination”: An analysis of how economic and educational constraints can limit the cognitive and emotional growth of young people, and how the arts can redress this imbalance.
- A Proven Pedagogical Model: Detailed case studies from AFTEC’s programmes, such as the Sm-ART Youth and Bravo! Hong Kong Youth Theatre Awards, which showcase practical methods for fostering creativity, critical thinking, and resilience.
- A Blueprint for Policy: A proposal for a phased, 10-year human resources plan designed to cultivate a new generation of “Creative Practitioners” and build a more sophisticated, engaged audience.
- The Future of Learning: An examination of how skills nurtured through the arts—such as abstract thinking, emotional intelligence, and collaboration—are precisely the competencies demanded by a future global economy where 47% of jobs may be automated.
The book challenges the status quo, urging a move from short-term, “copy-and-paste” collaborations to deep, sustainable partnerships. It critiques the current “service provider” model, where arts groups are hired for one-off school performances, and instead advocates for embedding creative practitioners within the educational fabric. The work has already received high praise from international and local leaders in arts education, policy, and culture (see appendix II).
In her closing remarks, Ms Yau reiterated the book’s central message: “The core question we must ask is how to empower our youth to navigate a world of increasing complexity and ambiguity. The answer lies in evolving our mindsets. This book is an invitation to our entire community—educators, artists, policymakers, and parents—to sit side-by-side and build a truly creative city together. The future starts now.”
This book is intended for policymakers, teaching and learning professionals at K-12 and tertiary levels, visual and performing arts establishments, and arts institutions that nurture educators and artists. The volume will also appeal to readers curious about how and why the arts should be foundational to education and capacity building in the twenty-first century.
The copy is available on https://hkupress.hku.hk/Evolving_Creative_Mindsets
Appendix I: Synopsis
| Chapter | Synopsis | Selected Quote |
| Introduction | The introduction establishes the book’s central thesis: Hong Kong’s education system sacrifices the arts, hindering the development of creative mindsets crucial for the 21st century. It defines key terms like “arts-in-education” and presents a roadmap for integrating the arts and education, framing the book as a call to action for policymakers, educators, and artists. | “Our best resource is our creative mindset, hence the cultivation of our people.” |
| Part A: Origin | ||
| Chapter 1: Cracking the Creativity Code: The Future Starts Now | This chapter traces two decades of Hong Kong’s education reforms, revealing a persistent gap between policy aspirations for creativity and classroom reality. It makes a powerful economic case for change, citing global reports on the future of work to argue that creative and social intelligence—skills honed by the arts—are essential for the jobs of tomorrow. | “Rote learning cannot save jobs. Adaptability and flexibility to deal with suddenness are crucial.” |
| Chapter 2: The Power of Imagination: Redressing Poverty? | The author introduces the concept of a “poverty of imagination” as a direct consequence of a deficit-based education system focused on rote learning. The chapter argues that redressing this requires a shift to an asset-based model that uses the arts to release the imagination, making empathy and a belief in alternative futures possible. | “As dismal as economic poverty is the poverty of the imagination. In the end, these children may not see alternative ways of living, ways to gain a better quality of being because they are not exposed to, nor do they understand, possibilities and probabilities.” |
| Part B: Passage | ||
| Chapter 3: In Praise of Gaps: Programming with Voids | This chapter details AFTEC’s core strategy: identifying and filling “gaps” in the arts and education ecosystem. Instead of routine programming, the organisation creates targeted projects—from theatre productions that embed learning to cross-sector collaborations with medical schools—that serve as proven models for change and capacity-building. | “Gaps need not be ascribed as failings; they can be opportunities to create something of substance to fill the void.” |
| Chapter 4: Passivity to Engagement: Sm-ART Youth Case Study | Through a detailed case study of the seminal Sm-ART Youth project, this chapter provides a practical roadmap for transforming passive students into engaged learners. It demonstrates how to cultivate a creative classroom by rethinking the physical environment, building trust, and integrating cultural outings and parent collaboration to foster autonomy and self-expression. | “Cookie-cutter activities in which the standardised requirement of the teacher reigning as the sole source of information and students producing the same answers were replaced by authentic experiences that engaged the child’s own experiences, thoughts, and feelings.” |
| Chapter 5: Reflections as Assessment: Acknowledging Considered Thinking | This chapter challenges the traditional view of assessment in the arts, moving “from measurement to judgement.” It champions reflective practice—through journals, dialogues, and guided questioning—as a powerful tool to assess and document qualitative growth. Using case studies, it shows how this approach makes intangible changes in students’ confidence and critical thinking visible and valuable. | “Assessment and evaluation are about storytelling, that through narratives, we can tell how we are doing what we are doing, thereby giving confirmation to why we should continue (or not) doing it.” |
| Chapter 6: Those COVID Days: The Arts and Well-Being | Using the disruption of the COVID-19 pandemic as a backdrop, this chapter explores the critical link between the arts and well-being. It documents how AFTEC adapted through a “growth mindset” and presents compelling case studies and international research showing how arts engagement promotes mental health, resilience, and social-emotional learning, especially for the vulnerable youth. | “It took a global pandemic to start this conversation.” |
| Part C: Bearing | ||
| Chapter 7: Creative Mindsets, Creative City: OECD PISA Creative Thinking Test | This chapter analyses Hong Kong’s lacklustre performance in the landmark 2022 PISA creative thinking assessment, contrasting it with top-performing economies like Singapore. It argues that the results are a direct reflection of a school system that, despite policy rhetoric, does not systematically cultivate the creative habits of mind needed for a truly innovative city. | “If we are indeed to be the East-West Centre for International Cultural Exchange, then the degree of contentment, or complacency, should be a driving force.” |
| Chapter 8: Museums and Performing Spaces: Sites of Creative Learning | The author reimagines museums and performance venues not just as places for consumption but as dynamic “Sites of Creative Learning.” The chapter argues that by moving beyond chronological displays and passive viewing, these spaces can become powerful environments for fostering inquiry, critical thinking, and deeper audience engagement. | “The tightness of space need not hamper the expanse of the mind. Their evolution as sites of creative learning has immense possibilities.” |
| Chapter 9: Contextualising Human Resource Planning: A Triumvirate Concept | This chapter presents a strategic blueprint for developing Hong Kong into an East-West cultural hub by strengthening the “triumvirate” of audience, schools, and creative practitioners. It argues that the current supply-demand imbalance in the arts can be rectified by investing in a recognised, professionalised corps of “Creative Practitioners” who can elevate both arts education and audience sophistication. | “Quantity may be good as long as funding lasts; quality delivers higher sustainability through investing in current and future generations.” |
| Chapter 10: Myths and Misunderstandings: Musings and Replies | In this concluding chapter, the author directly confronts and debunks common myths about the arts—from the idea that they are merely peripheral to education, to the belief that creativity is only for artists. It serves as a final, passionate plea for a more nuanced and accurate understanding of the value of the arts in society. | “The arts have everything to do with everyone if only we manage to open up, through creative learning, to create curiosity and subsequent inquisitiveness.” |
| Epilogue: First-Class Humans | The epilogue serves as a powerful concluding call to action. It poses a critical question for Hong Kong’s future: “How can we ensure our young people become first-class humans and not second-class robots?” The answer, the author concludes, lies in systemically embedding creative learning at the heart of education and society. | “In space-constrained Hong Kong, physical limitations can inspire the growth of mental capacity when we nurture creative thinking and artistic expression.” |
Appendix II: Testimonial
‘Our schools and professional communities increasingly need creatively vibrant learners to succeed. Evolving Creative Mindsets hits the bull’s-eye exactly, showing creative practitioners how the AFTEC approach, proven by research and by similar best practices around the world, effectively develops the innovative learners and active creators we want and need. Bravo.’
– Eric Booth, co-founder of International Teaching Artist Collaborative (ITAC) and author of Making Change: Teaching Artists and Their Role in Shaping a Better World
‘Lynn’s lived experiences are painstakingly distilled into a book that advocates the imminence of creative thinking as a top future skill set and how to cultivate it. This book speaks to those in education, culture and creativity, policy and grant-making, community NGOs, youth development, and even healthcare. Most importantly, this is one for all the parents in the city.’
– Helen So, board member of the Hong Kong Palace Museum
‘Evolving Creative Mindsets is an eloquent, evidence-rich treasure. Lynn Yau weaves Hong Kong’s vivid case studies with universal insights – uniting policy, assessment, well-being, and creative thinking in one compelling narrative. A practical handbook and visionary manifesto, it will inspire educators, policymakers, and artists striving for sustainable, globally resonant arts learning.’
– Anne Bamford, OBE, director of International Research Agency and former Strategic Education, Skills, and Culture Director for the City of London
Hashtag: #AFTEC
The issuer is solely responsible for the content of this announcement.
About AFTEC
Advancing creative learning and arts education in Hong Kong
Creativity allows us to recognise potential within ourselves and the world around us. It promotes problem-solving, nurtures relationships, cultivates resilience, and can transform lives in countless ways. At AFTEC, we work with students, educators, and creative practitioners to plant the seeds of creativity in our community—seeds we have seen yield season after season.
As a proudly homegrown Hong Kong organisation, we nurture the city’s greatest natural resource — its people. Through co-designed, collaborative, and inclusive bilingual educational programmes, we create supportive environments where young minds are free to explore, express, and flourish. We spark imagination, build confidence, and foster a sense of growth and belonging together.
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FLAsia 2026, Asia’s Leading Franchising and Licensing Show, Returns with New Vision at the Helm
Organised by MP Singapore, and presented by the Franchising & Licensing Association (Singapore), FLAsia 2026 marks a new chapter for the long-running industry event as it enters its 21st edition under a new organiser partnership. The appointment of MP Singapore brings expanded regional reach, deeper industry engagement and a strengthened focus on business outcomes for exhibitors and visitors across Asia.
FLAsia 2026 is expected to welcome more than 7,000 trade visitors and over 250 exhibiting brands from franchising, licensing, character IP, retail concepts and emerging business models. The event will continue to serve as a central marketplace for brand owners, franchisors, licensors, investors and entrepreneurs to connect, explore partnerships and identify expansion opportunities across regional and international markets.
Building on the momentum from previous edition, the Brand Licensing Village will return in 2026. The dedicated zone will spotlight locally developed intellectual property that has already been successfully commercialised, offering visitors a focused platform to discover market-ready IP, connect with licensing experts and explore collaboration opportunities across categories. The Licensing Village reinforces FLAsia’s role in supporting IP growth and brand extension within the region’s licensing ecosystem.
On the franchising front, the Chinese Franchise Conference will make a return, reflecting continued interest from Chinese brands and investors seeking expansion opportunities across Southeast Asia and beyond. Curated in collaboration with key industry stakeholders, the conference will provide targeted insights, market perspectives and networking opportunities for Chinese franchise brands and regional partners.
FLAsia 2026 will also feature international pavilions and brand participation from key markets, with brands from Korea, Thailand and other regional economies expected to be present, further strengthening the show’s international profile. Alongside the exhibition showcase, the event will include curated business sessions, industry sharing, talent and career touchpoints, and dedicated zones highlighting innovation, IP development and brand growth, reinforcing FLAsia’s position as a leading gateway for franchising and licensing opportunities in Asia.
“Partnering with MP Singapore marks a dynamic leap forward for FLAsia. Together, we’re amplifying the event’s influence and reach, ensuring the franchising and licensing community thrives as the industry surges across Asia.” Mr Gan Shee Wen, President, Franchising & Licensing Association (Singapore).
“FLAsia is a well-established platform with strong industry trust, and we are pleased to be organising the event for the first time. By leveraging on MP’s global network, we will connect brands, partners and stakeholders in a way that will foster an environment that encourages collaboration, supports quality participation and drives tangible outcomes for both exhibitors and visitors. We are excited to grow FLAsia alongside the industry in the years ahead.” Jason Ng, Managing Director of MP Group.
Franchising & Licensing Asia has, over the years, established itself as a key business platform for brands seeking growth, market entry and partnership opportunities in Asia. With Singapore as its springboard, the event continues to attract regional and international participation, reinforcing its role as a gateway to Asian markets.
More information about FLAsia 2026 can be found at www.franchiselicenseasia.com.
Hashtag: #FLAsia2026 #Franchising #Licensing #BrandExpansion #TradeShowAsia #BusinessNetworking
The issuer is solely responsible for the content of this announcement.
About FLAsia
Franchising & Licensing Asia (FLAsia) – 21st Edition – Asia’s leading marketplace for franchising and licensing, FLAsia brings together reputable brand owners, business leaders, investors, and entrepreneurs to create a dynamic platform for accelerating business growth, expanding professional networks, and increasing brand visibility across the vibrant Asian market. FLAsia provides the chance for exhibitors to showcase unique business concepts, engage in face-to-face meetings with high quality visitors and create meaningful business connections. Visitors get to connect directly with brand owners, franchisors, licensors, industry experts, and like-minded leaders, attend insightful conferences, and access high quality business opportunities.
About Franchising and Licensing Association (Singapore)
Franchising and Licensing Association (FLA Singapore), one of the founding members of the World Franchise Council, was established in 1993 with the mission to nurture and develop Singapore’s franchising industry. An essential component of Singapore’s knowledge-based economy, FLA Singapore promotes and facilitates the use of franchising, licensing and branding as a growth strategy for Singapore enterprises, thus contributing to turning Singapore into a regional franchise and license hub.
Through its partnership with Singapore government agencies and international franchise and license bodies, FLA Singapore also assists its members in their international development programmes. With an active growing membership of close to 150 companies, representing more than 250 strong brands, FLA (Singapore) is led and managed by a dedicated team of advisors, committee members and a full-time secretariat with the goal of supporting Singapore companies to expand internationally.
About MP Singapore
The MP Singapore (MP) is a global full-service agency that specialises in connecting and building eco-systems, industry engagement, events management and marketing. Established since 1987, MP embodies more than a quarter century of event building, marketing and management experience in both Eastern and Western cultures, practices, and business philosophies. We bring world-class talent, industry expertise, and incredible enthusiasm into the design and management of extraordinary online-to-offline experiences for your organisation.
MP is part of Pico Group, a global group of agencies specialising in engaging people, creating experiences and activating brands for businesses, institutions and governments. As part of the Pico group, MP has unlimited access to a wide network of industry contacts and resources. Pico Far East Holdings has been listed on the Hong Kong Stock Exchange since 1992.
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Gaw Capital Acquires Korea’s Leading Waste Management Firm Koentec as First Waste Management Infrastructure Investment
Koentec is the number one operator in waste incineration and steam production (by single-site capacity) with sizable landfill capacity in South Korea. Strategically located in the Ulsan Industrial Complex Zone, the country’s hub for automotive, shipbuilding, and petrochemical industries, Koentec operates a highly efficient, end-to-end waste management platform from a single site. The company boasts industry-leading EBITDA margins with significant potential for organic growth through capacity expansion and bolt-on acquisitions.
Founded in 1993 through a joint investment by 85 companies operating in the Ulsan/Mipo Industrial Complex, Koentec has established long-standing relationships with a roster of blue-chip customers. These relationships are anchored by B2B contracts, many of which span over 20 years.
This acquisition underscores Gaw Capital’s strategic commitment to expanding its presence in the infrastructure sector and leveraging Koentec’s strong market position to capitalize on future growth opportunities in the waste management industry in Korea and across Asia-Pacific.
Kenneth Gaw, President & Managing Principal at Gaw Capital Partners, said, “We are excited to see our first waste management infrastructure investment in Asia, a quality addition to our portfolio. Waste management is an essential public service with inelastic demand regardless of economic conditions, providing predictable revenue streams that appeal to institutional investors. This acquisition aligns perfectly with our strategy of diversifying the asset classes we invest in, reinforcing Gaw Capital’s position as a leading multi-asset investment manager. Korea is also a key focus market for our firm, and we continue to look for opportunities to expand our presence there.”
Hyun-Chan Cho, Head of Infrastructure and Head of Korea at Gaw Capital, said, “Koentec holds a strong position in the region, supported by attractive long-term growth potential and a robust financial profile. With high regulatory and capital barriers, proven private-sector operators play a critical role in Korea’s waste industry. We are pleased to invest in a business that advances the circular economy and provides carbon credits to its steam customers, and we look forward to growing the company in partnership with a broad range of stakeholders.”
Korea’s waste management industry is one of the most advanced in the world, with significant barriers to entry. Strict government oversight has resulted in a recycling rate of over 80% and a landfill diversion rate of over 90%, both ranking among the highest in OECD nations.
Hashtag: #GawCapital
The issuer is solely responsible for the content of this announcement.
About Gaw Capital Partners
Based in Asia, Gaw Capital Partners is a multi-asset investment management firm focusing on real estate, growth equity, private credit and infrastructure markets globally.
Since its inception in 2005, the firm has raised seven commingled funds targeting Asia Pacific, alongside value-add /opportunistic funds in the U.S., a Pan-Asia Hospitality Fund, a European Hospitality Fund, a Growth Equity Fund and a Credit Fund. It also manages credit strategies and separate account direct investments globally.
Gaw Capital has consistently generated high yields by revitalizing underperforming assets, enhancing value through creative financing solutions and leveraging deep expertise in capital allocation.
Since 2005, the firm has managed US$34.3 billion in assets and raised US$24.6 billion in equity as of Q3 2025.
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Hong Kong Economic Policy Green Paper 2026 by HKU Business School Focuses on New Opportunities for Hong Kong’s Economy
This is the fifth edition of the Hong Kong Economic Policy Green Paper, released by HKU Business School, with the aim of providing recommendations on how Hong Kong can effectively tackle these challenges.
HKU Business School today unveils the Hong Kong Economic Policy Green Paper 2026. From left: Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management of HKU Business School, Prof. Dragon Tang, Professor in Finance in HKU Business School, Professor Hongbin CAI, Dean and Chair of Economics of HKU Business School, Prof. Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong and Director, Hong Kong Institute of Economics and Business Strategy, Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, and Dr. Tingting Fan, Principal Lecturer in Marketing of HKU Business School.
Prof. Richard Wong, Provost and Deputy Vice-Chancellor of The University of Hong Kong and Director, Hong Kong Institute of Economics and Business Strategy said, “This Green Paper was released after months of rigorous research by the scholars from HKU Business School. Grounded in an academic perspective and guided by a pragmatic, problem-solving approach, we have conducted objective analyses and in-depth investigations into core issues and real-world challenges currently facing Hong Kong’s development in political and economic operations, people’s livelihood, and industrial upgrading. Our aim is to provide the Government and relevant authorities with valuable insights and actionable policy recommendations.”
Professor Hongbin Cai, Dean and Chair of Economics of HKU Business School, said, “As a ‘super-connector’ bridging China and the world, Hong Kong’s unique role remains indispensable. Looking ahead, Hong Kong must deeply integrate into China’s national development plans, and also take a more prominent role on the international stage, with an in-depth understanding of the global market and active engagement with its international collaborators.
With campuses in Beijing, Shanghai, and Shenzhen, and an expanding presence in Vietnam and Europe, HKU Business School embodies our unique proposition: deeply rooted in Hong Kong, fully engaged with the Chinese Mainland, and truly international. This year’s Green Paper reflects our dedication to inspiring solutions based on rigorous research. As a world-class institute of higher education, we are committed to enabling Hong Kong to further unleash its core values and usher in a new era of high-quality development.”
Prof. Heiwai Tang, Associate Vice-President of The University of Hong Kong and Associate Dean of HKU Business School, added, “This Green Paper features research papers from ten teams of scholars with diverse backgrounds and varied expertise. Based on profound insights into Hong Kong’s development, they offer unique and targeted policy recommendations, building a rich and multifaceted framework of issues for the Green Paper. At the same time, behind these research achievements lies the scholars’ deep affection for and sense of responsibility toward Hong Kong.”
Regarding how digital technology can boost Hong Kong’s trade finance, he emphasised: “Both data and industry feedback clearly demonstrate the core value of trade finance. However, we need more synergy in the trade finance ecosystem and to catch up in digitisation. To address this, we must strengthen the governance and standard promotion of digital trade platforms and tools, deepen the cross-border interoperability of trade data, expand the functions of the Hong Kong Export Credit Insurance Corporation, focus on high-value-added trade enterprises, extend the coverage of Free Trade and Double Taxation Avoidance agreements, and promote responsible stablecoin adoption and Renminbi internationalisation.”
Prof. Dragon Tang, Professor in Finance at HKU Business School, stated, “Hong Kong is uniquely positioned to lead in the integration of blockchain technology within green finance, exemplified by our pioneering issuance of the world’s first tokenised green bonds, totalling HKD 6 billion in February 2024. With green finance representing a critical avenue for sustainable development, the global market is projected to grow significantly, emphasising the importance of transparency and trust. To capitalise on this opportunity, we must enhance our blockchain infrastructure, establish clear regulatory standards, and promote cross-border integration with initiatives like Core Climate. By leveraging blockchain’s capabilities, we can significantly reduce costs, improve transparency, and engage a broader investor base, ultimately driving our transition to a sustainable finance future.”
Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management, HKU Business School, commented on her study, saying, “Two weeks post-implementation of the hospital fee reform, the media reported no significant change in emergency department crowding, which aligns with what our analysis predicted. Overcrowding isn’t simply about patient behaviour – it’s a structural issue. Demographics are shifting, capacity is constrained, and alternative treatment options remain limited. What we now need is a careful, systematic evaluation of the fee changes. Where are vulnerable patients going for care? Are some patients delaying treatment? What unintended effects are emerging? Effective reform requires pairing fee adjustments with expanded primary care access. We can’t solve a capacity problem with pricing alone.”
Dr. Tingting Fan, Principal Lecturer in Marketing at HKU Business School, presented as well, spoke on her study and asked, “Why did Pop Mart go public in Hong Kong but register IP in Singapore? Or why was Molly ‘born’ in Hong Kong but did not go viral from Hong Kong? Why have local companies not managed to turn these homegrown IPs into major business triumphs? Learning from the past and looking forward, Hong Kong can leverage its financial market, legal system, as well as talents to build a comprehensive IP industry infrastructure and become an IP hub.”
The Green Paper includes ten articles; the key points are as follows:
Empowering Merchandise Trade Finance with Digital Technology in Hong Kong
Author: Prof. Heiwai Tang, Associate Vice-President (Global), The University of Hong Kong; Associate Dean (External Relations), HKU Business School; Associate Director, Hong Kong Institute of Economics and Business Strategy; Victor and William Fung Professor in Economics
- Trade is an essential lifeline for Hong Kong; its total merchandise trade was three times the city’s HKD3.2 trillion GDP in 2024. Trade finance is thus equally important, yet research shows that the total loans extended for trade finance have been declining.
- As geopolitical and technological shifts reshape trade, Hong Kong must upgrade its trade finance services. With consumer-goods trade shifting to smaller, more frequent orders and shorter cycles, financial institutions need to streamline approvals and develop flexible products for e-commerce and logistics-driven cash cycles. Banks also need to digitise core processes in fund settlement. The article cautions that platforms directly connecting mainland manufacturers with overseas buyers disintermediate Hong Kong’s traditional hub-and-spoke role.
- To address this, the article suggests the government leverage digital technologies to elevate the adoption of Hong Kong’s digital trade platforms through unifying core digital trade functions. Moreover, speeding up interoperability of trade data platforms with the Chinese Mainland and other economies will enable seamless data exchange.
Rebuilding Hong Kong as the Catalyst to the Greater Bay Area (GBA) Startup Ecosystem
Prof. Alberto Moel, Professor of Practice in Finance, HKU Business School
Prof. Joseph Chan, Associate Professor of Practice in Management and Strategy, HKU Business School; Associate Director, Centre for Innovation and Entrepreneurship
- Offering a quantitative analysis of the evolution of Hong Kong’s startup landscape, the article found that post-2019 activity has slowed, mirroring global venture capital trends, with most failing to grow beyond 50 employees due to scarce late-stage capital despite early-stage availability. While fintech and logistics dominate and AI/blockchain grow quickly, deep tech lags—authors view this as temporary and highlight Hong Kong’s alignment in financial innovation, regtech, and GBA supply chains to attract investment and support corporate transformation.
- To strengthen Hong Kong as the GBA’s premier startup hub and international financial centre, the article recommends nine policies—including fixing funding gaps, closing academia-market divides through industry-focused research for tech transfer, attracting/retaining talent, integrating Northern Metropolis with GBA supply chains, pivoting to high-value services, and drawing large tech platforms to incubate local startups.
The Applications of Blockchain in Green Finance: Hong Kong’s Experience and Opportunities
Author: Prof. Dragon Tang, Professor in Finance, HKU Business School; Associate Director, Centre for Financial Innovation and Development
- The green finance market has entered an important new phase. Hong Kong became the world’s first issuer of sovereign tokenised green bond when it priced an HKD800 million one-year note in February 2023. Despite this, Hong Kong faces several challenges in the practical implementation of using blockchain to advance green finance. This is due to the limited interoperability between blockchain platforms and existing financial infrastructure, which hinders cross-market transactions. Real-time settlement for tokenised assets is also difficult because of scalability constraints.
- The article argues that the future success of blockchain development in green finance will depend on progress in three areas: standardisation, scalability, and security. Clear regulatory frameworks and common technical protocols are needed to provide legal certainty and interoperability across platforms. While collaboration among regulators, technology providers, and energy-market participants can align rules for tokenisation. Blockchain can also connect Hong Kong’s Core Climate platform with overseas counterparts, as cross-border integration is crucial to the inherently international nature of climate finance.
Can Hong Kong be an IP hub for Future Labubu? An Overview of Hong Kong’s IP Industry
Dr. Tingting Fan, Principal Lecturer in Marketing, HKU Business School
Prof. Heiwai Tang, Associate Vice-President (Global), The University of Hong Kong; Associate Dean (External Relations), HKU Business School; Associate Director, Hong Kong Institute of Economics and Business Strategy; Victor and William Fung Professor in Economics
- As Labubu’s success turns the spotlight on the growing importance of the IP industry, the authors propose that this can inspire more creators and businesses to invest in branding, licensing, and cross-border collaborations. This can also attract policymakers’ attention to the emerging IP sector as a key driver of innovation and economic growth.
- To position Hong Kong as a leading regional IP trading centre, the authors recommend that stakeholders—including IP developers, entrepreneurs, and government agencies—coordinate efforts across key areas. These include building a robust IP financing ecosystem, such as through government-issued IP bonds replicating the green finance model; enhancing infrastructure and platforms to support IP development; developing specialised talent and professional services in the IP sector; promoting IP initiatives throughout the Greater Bay Area; and strengthening IP protection alongside a solid legal framework.
Thematic Research: Maximisation of Social Value and Shareholder Value – Insights from Hong Kong-listed Companies Across Sectors
Author: Prof. Sean Chang, Associate Professor of Practice in Finance, HKU Business School
- Through a triangulation research approach, the article examines how social policies, international frameworks, and corporate social responsibility influence a company’s valuation and capital budgeting decisions. Using insights from major Hong Kong-listed companies across nine sectors—spanning transport, utilities, financials, banking, conglomerates, technology, real estate, consumer, and hotel servicing—the research highlights CSR’s role in enhancing long-term firm performance.
- Key findings show that corporate risk assessment, company valuation, and stock performance are significantly influenced by CSR-linked socially responsible investing (SRI) factors. Hong Kong-specific social values, such as equality and sustainability, shape investor preferences, guiding finance managers to tailor solutions and adapt regulatory standards. While conventional metrics remain dominant, incorporating social value boosts long-term firm value by building shareholder trust and mitigating risks; companies can pursue CSR projects financed via SRI bonds to create dual economic and societal benefits.
- The study recommends embedding core values like equality and sustainability into corporate strategies, aligning budgeting processes with social objectives to pinpoint investments yielding both returns and positive impacts, and urging Hong Kong-listed firms to sustain capital budgeting aligned with enduring societal values.
Housing Affordability and Homeownership in Hong Kong, 1985-2023
Mr. Allen W. Huang, Student Researcher, Hong Kong Future Economy Institute
Mr. Alex Ngau, Research Associate, Hong Kong Future Economy Institute
Prof. Michael B. Wong, Assistant Professor in Economics, Management and Strategy, HKU Business School
- Hong Kong’s housing market has grown increasingly unaffordable, hindering upward mobility for younger generations. Main findings from the research reveal that since the 2002 suspension of the Home Ownership Scheme (HOS), homeownership has declined sharply, rendering private housing “impossibly unaffordable” for median-income households. A wide public-private rent gap drives young people to accept lower-paying or part-time jobs to qualify for public rental housing (PRH), distorting labour supply, stifling human capital investment, and fuelling a surge in adult co-living with parents; younger cohorts (born 1980-1999) face far lower access to public housing and ownership than prior generations at the same age.
- Taking Hong Kong Island as an example, between 2003 and 2024, the rent-to-income ratio for a typical 400-sq-ft private unit jumped from 35% to 60% of median household income, peaking at 65% in 2015 and 2019—far exceeding the UN-Habitat and World Bank’s 30% affordability threshold. Public housing rents stayed dramatically lower at just 7%–11% of median household income from 1985 to 2024. For home purchases, it now takes 18.2 years of median income to buy a 500-sq-ft private unit (up from 7.4 years in 2003), placing it in the “impossibly unaffordable” zone per the Demographia International Housing Affordability report, where ≤3.0 years is considered affordable and 9.0+ years is impossibly unaffordable. After the 2002 Home Ownership Scheme suspension, even subsidised HOS units now require 15.8 years of income on Hong Kong Island (up from 7.4 years in 2007), shifting them from moderately unaffordable to severely or impossibly unaffordable in urban cores.
- To reverse these trends, the authors recommend ramping up production of high-quality ownership units, easing resale and leasing restrictions on existing subsidised sale flats to boost residential mobility and enable “trading up” the housing ladder, setting housing price and affordability targets over mere supply goals, and adopting responsive mechanisms to balance demand and supply.
Beyond Crisis Management: Structural Reform for the Overcrowding in Hong Kong’s Emergency Departments
Prof. Huiyin Ouyang, Associate Professor in Innovation and Information Management, HKU Business School
Ms. Yiran Zhang, PhD student, HKU Business School
- Hong Kong’s public emergency departments (EDs) handle over 2.14 million annual attendances. This crisis, exacerbated by an ageing population, results from a structural mismatch: the majority of the attendances are for non-emergency conditions, leading to staff burnout and compromised care.
- The article proposes three comprehensive structural reforms. First, improving operational efficiency with accurate wait time information systems is crucial. Second, increasing the ED fee (categories III–V) aims to divert non-critical patients. Success for this hinges on assumptions about patient responses, particularly how varied population segments will react to the price signal. International evidence raises concerns, showing that higher ED fees can reduce overall utilisation, but with the decrease primarily occurring among price-sensitive groups who may risk delays in receiving serious care. Therefore, for this reform to succeed, the public must have genuine access to alternative care pathways that can accommodate acute but non-emergency needs outside regular business hours, with pricing acceptable to price-sensitive populations. Third, AI can augment the workforce and manage demand (e.g., through telemedicine).
- Ultimately, sustainable reform demands robust evaluation, political courage, and a commitment to address root causes, not just symptoms.
Initial Efforts to Empirically Measure AI Activity and Its Impacts on Hong Kong’s Labour Market
Prof. Alan Kwan, Associate Professor in Finance, HKU Business School
Prof. Mingzhu Tai, Associate Professor in Finance, HKU Business School; Associate Director, Institute of Behavioural and Decision Science
Mr. Zihan Wang, Master student, HKU Business School
- In an effort to empirically measure the impact of AI on Hong Kong’s labour force, the researchers observe that firms with a higher adoption of AI experience lower headcount growth. However, the scale of impact appears small in the city, which could be due to several potential reasons. One of these is the different composition of Hong Kong’s labour force compared with other countries. For instance, Hong Kong has a high proportion of finance or managerial talent, which is harder to displace; the city also features older or more elite workers. On the other hand, much of the impact of AI, particularly generative AI, is on the less elite and younger populations.
- As such, the authors recommend policymakers produce more labour market statistics that track the impact of AI, particularly by occupation. On the rate of AI adoption in Hong Kong through innovation, the authors find that the city is heavily skewed towards research, but not commercialisation. This means that the quality and quantity of academic research is not translating to commercial use. To address this decoupling, the authors propose that the government tweak its existing early-stage startup funding platforms to encourage streamlining and higher utilisation of existing government resources.
The Impact of Generative Artificial Intelligence on Cybersecurity in Hong Kong
Author: Prof. Michael Chau, Professor in Innovation and Information Management, HKU Business School
- As GenAI can produce human-like text, code, images, and audio, cybersecurity crimes have become easier and faster to perpetrate. Not only have data leaks and hacks into security systems led to significant financial losses in Hong Kong, but they also hurt confidence in the city’s digital infrastructure.
- The article recommends using AI to fortify Hong Kong’s cyber defence, such as using biometric verification and deepfake detection technologies, especially in areas involving critical infrastructure and high financial stakes. It is also important to prevent data leakage and other threats in using GenAI.
Hong Kong’s Next Growth: Pioneering the Web 3.0 Ecosystem
Prof. Yulin Fang, Professor in Innovation and Information Management, HKU Business School; Director, Institute of Digital Economy and Innovation
Mr. Yangchen Mou, PhD student, HKU Business School
- Given the inherent risks in Web 3.0 operational models—most notably within Decentralised Finance (DeFi) systems—striking a balance between fostering the development of the Web 3.0 ecosystem and implementing appropriate regulation to maintain financial stability is and should be a key priority for Hong Kong authorities. To support this, the article categorises the industry into three distinct systems—Centralised Finance (CeFi), the integration of Traditional Finance and Centralised Finance (TradFi-CeFi), and Decentralised Finance (DeFi)—and put forward targeted policy recommendations for each.
- For the CeFi system, the authors recommend creating a more conducive environment for development by refining specialised auditing frameworks, promoting a local Web 3.0 talent certification system, and introducing global leading CeFi institutions to the local market. For the TradFi-CeFi system, they suggest upgrading audit standards for traditional firms holding digital assets and upskilling traditional finance professionals with Web 3.0 expertise. In contrast, for the DeFi system, which carries higher inherent risks and poses greater regulatory challenges, the authors advise authorities to adopt a prudent stance while keeping monitoring its latest technological developments.
The full version of the Green Paper can be accessed here. Hi-res photos are available here.
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About HKU Business School
Established in 2001, HKU Business School is one of the youngest and most dynamic members of The University of Hong Kong (HKU). The School strives to nurture first-class business leaders and foster academic and relevant research that serves the needs of Hong Kong, China and the rest of the world in the new Asia-led economy. As a top international business school, the School has established its place as a globally impactful institution that leads the way through timely thought leadership, pioneering research, and educational excellence. Deeply rooted in Hong Kong and fully engaged with China, the School’s world-class faculty equip students with global knowledge and perspectives.
HKU Business School offers business education across a full range of disciplines, while achieving remarkable growth in faculty strength and research capabilities. The School ranks Asia’s No.1 in Financial Times’ Aggregated Research Ranking for two consecutive years, 2024 and 2025, while the University of Hong Kong ranked 11th in the world and No. 1 in Asia according to the QS World University Rankings 2026. The School has strategic partnerships with world-renowned universities and corporate partners, providing market-oriented content, superior learning, and instrumental resources.
To better serve our students and alumni in various cities and regions, and to facilitate collaboration opportunities with business communities around the globe, HKU Business School has established a unique international network that extends to Beijing, Shanghai, Shenzhen and Ho Chi Minh City.
HKU Business School is fully accredited by the European Quality Improvement Systems (EQUIS) and the Association to Advance Collegiate Schools of Business (AACSB).
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