Media OutReach
Response to the Budget 2026/2027 by Cushman & Wakefield
Response to the Budget 2026/2027 by KK Chiu, International Director, Chief Executive, Greater China, Cushman & Wakefield:
Enhancing Implementation Efficiency in the Northern Metropolis through Anchor Institutions and Clear Role Definition
In the Budget, the Government mentioned that it will further encourage developers holding land in the Northern Metropolis to collaborate with technology or advanced manufacturing enterprises in submitting joint development proposals. At C&W, we believe that introducing a public–private partnership model can enhance execution efficiency and help alleviate fiscal pressure, thereby accelerating the implementation of the Northern Metropolis development while leveraging market efficiency and innovation capabilities. However, the key lies in how clearly the Government defines public and commercial roles, and ensures transparency in long-term industry objectives, land use and return allocation, in order to attract private sector participation. Subject to clear planning, phased implementation and prudent regulation, the PPP model can become an important tool in advancing the industrialisation of the Northern Metropolis.
As noted in our earlier research, the Government may consider securing strategic “anchor institutions” and avoiding blurred industrial positioning across different precincts, so as to establish clear district identities and enhance overall attractiveness. We hope the Government will announce details of university and technology industry participation as soon as possible to strengthen developers’ confidence in advancing projects within the district. At the same time, we welcome the Government’s adoption of our earlier recommendation to introduce flexible arrangements for land premium payment in the Northern Metropolis. This will help alleviate cash flow pressures for enterprises undertaking land development, and enhance the feasibility and pace of public–private partnerships and industry introduction initiatives.
We support the Government’s proposal to increase the borrowing ceiling of the two bond programmes to HK$900 billion to finance the development of the Northern Metropolis, and to issue more longer-term bonds to better align with cash flow requirements and capital deployment for infrastructure works. Beyond direct bond issuance, we suggest that, from a broader asset allocation perspective, the Government could make better use of the sizeable Mandatory Provident Fund (MPF) asset pool. According to MPFA data, total MPF assets reached approximately HK$1.55 trillion as at end-December 2025, a record high. The Government may consider moderately relaxing MPF investment restrictions to allow a certain proportion of assets (for example, 10%) to be invested in long-term bonds issued for Northern Metropolis development. This would provide a stable source of funding for the Northern Metropolis while offering MPF members an additional investment option with relatively lower risk and stable returns, creating a win-win outcome.
Land and Housing Supply
The land sale programme for the coming year, together with the projected supply of first-hand private residential units in the next three to four years, indicates that land and housing supply is stabilising. We recommend that the Government streamline tender conditions and release sites to the market in an orderly manner to attract broader developer participation and revitalise market sentiment.
Suggest to Assist “Basic Housing Unit” Residents with Rehousing
The regulatory regime for “Basic Housing Units” is expected to take effect on 1 March this year, with a 48-month transitional period. Some units may fail to meet the new requirements, potentially resulting in tenant displacement. In addition, there are approximately 27,000 units in public rental housing estates aged over 50 years, creating significant rehousing pressure. We consider that the urban renewal strategy should be flexible and financially sustainable. The Government should establish clear rehousing priorities and allocate units reasonably among affected residents, tenants of old estates and applicants on the waiting list.
Under the Urban Renewal Authority’s prevailing acquisition approach, compensation based on prices comparable to first-hand residential properties (including owner-occupier allowances) has imposed substantial financial pressure. We therefore recommend further optimisation of the “flat-for-flat” mechanism to alleviate cash compensation burdens. Specifically, the Government could explore allocating land in new development areas, such as Tseung Kwan O, to the Urban Renewal Authority or related bodies for non-local rehousing under the “flat-for-flat” arrangement. While the current “seven-year-old flat” compensation benchmark has its basis, the Government may also consider offering more attractive exchange terms to older building owners as an incentive to expedite relocation and redevelopment progress.
We believe that such measures would not only reduce the substantial upfront cash outlay at the initial stage of redevelopment and ease liquidity pressure on the Urban Renewal Authority but also enable capital recycling upon project completion and sale, thereby establishing a financially sustainable urban renewal model with a virtuous funding cycle.
Response to the Budget 2026/2027 by John Siu, Managing Director, Hong Kong, Cushman & Wakefield:
We agree with the Government’s decision, having regard to prevailing market supply and demand conditions, to continue refraining from the sale of commercial sites in the coming year. As at the end of the fourth quarter last year, the overall availability rate of Grade A offices in Hong Kong stood at approximately 20.3%. The temporary suspension of commercial land sales will allow the market to gradually absorb existing vacant floor space and help stabilise the office market. Nevertheless, the Government should review market conditions regularly and resume the sale of commercial sites in a timely manner when appropriate.
Regarding collaboration between the Hong Kong Investment Corporation and market capital to guide funds towards quality commercial property projects aligned with Hong Kong’s industry positioning, and to facilitate matching between such projects and enterprises in target sectors, we consider the overall direction to be positive and consistent with market-oriented principles. This approach can enhance the efficiency of matching projects with enterprises, provide more suitable premises for emerging industries such as innovation and technology and medical research, and inject new demand into the commercial property sector.
Sandy Ridge data facility cluster to enhance Hong Kong’s data hub position
The Government has accelerated efforts to promote the industrialisation of artificial intelligence (AI), encouraging its wider adoption and deeper integration across industries. Over the longer term, this will substantially increase demand for computing power, thereby strengthening local absorption capacity for high-specification data centre facilities.
Regarding the proposed data facility cluster at Sandy Ridge, which will provide over 2.5 million square feet of gross floor area, this represents approximately 25% of Hong Kong’s existing data centre stock of around 10 million square feet, marking a rare large-scale supply in recent years. Should the project be successfully tendered, it will provide the high-power capacity and infrastructure necessary to support AI development, and in the longer term enhance Hong Kong’s position as a data hub within the Greater Bay Area and across Asia.
Strengthening Hong Kong’s Position as an International Maritime Hub and Responding Flexibly to Logistics Land Needs
The Government has proposed supporting the national maritime strategic development, advancing the elevation of Hong Kong’s status as an international maritime centre, and accelerating the smart transformation of the logistics industry as well as the expansion of cargo hinterland. The reservation of approximately 32 hectares of land in the Hung Shui Kiu/Ha Tsuen New Development Area for the development of a modern logistics hub will further help consolidate Hong Kong’s role as an international maritime centre. However, we consider that in developing a modern logistics industry park, the Government should adopt a market-oriented, enterprise-centred approach, in order to respond flexibly to the needs of businesses and offer appropriate incentives to attract enterprise participation.
Diversified Policies and Continuous Investment to Energise Retail Consumption and Leasing Market
We welcome the Government’s introduction of diversified initiatives and continued funding to promote Hong Kong’s exhibition industry, incentive travel, revitalisation of historic buildings, international cruise development, major sports events, harbourfront enhancement works and the “urban-rural integration” initiatives. Through these targeted and wide-ranging programmes, Hong Kong will be able to attract visitors of different segments and spending power, broaden its visitor base and enhance the overall competitiveness of the tourism industry. We believe these measures will drive the development of high value-added economic activities, further stimulate local retail consumption and invigorate the shop leasing market, thereby injecting additional momentum into the overall economy and delivering long-term benefits.
We remain optimistic about the medium- to long-term outlook for retail rents in Hong Kong. As the relevant policies are progressively implemented and tourism continues to strengthen, we expect retail rents to show more positive adjustments.
Response to the Budget 2026/2027 by Rosanna Tang, Executive Director, Head of Research, Hong Kong of Cushman & Wakefield:
With the implementation of various talent admission schemes, the planning of the Northern Metropolis University Town, and policies aimed at attracting outstanding students from around the world to study in Hong Kong, demand for residential accommodation and student hostels is expected to continue rising.
The Development Bureau earlier announced the rezoning of three commercial sites in Kai Tak, Siu Lek Yuen in Sha Tin and Tung Chung East for post-secondary student hostel use, which are expected to provide around 4,500 hostel places. The further implementation of relevant measures in this Budget will help alleviate the shortage of hostel places and, in the longer term, ease rental pressure in the residential market, supporting the healthy development of the property market.
However, as student hostel projects are not permitted for strata-title sale and typically involve a longer payback period, we recommend that the Government provide appropriate incentives in the land sale conditions. For example, priority could be given to sites located near post-secondary institutions, and greater flexibility could be offered in land premium arrangements or tender terms to encourage active participation by developers.
Northern Metropolis University Town
Regarding development of Northern Metropolis University Town, the Government has demonstrated its commitment to expediting the development of higher education and advancing the “Study in Hong Kong” initiative by granting three sites in the Hung Shui Kiu/Ha Tsuen New Development Area and earmarking HK$10 billion in loans to support campus construction. This will help further enhance Hong Kong’s overall attractiveness as a regional education hub.
We hope that, as student intake and campus sites are introduced into Hung Shui Kiu/Ha Tsuen, they will be closely aligned with the district’s industry positioning and functional roles, generating synergy. At the same time, a clear division of roles and complementary development should be established with future education sites to be launched in Ngau Tam Mei.
Response to the Budget 2026/2027 by Tom Ko, Executive Director, Head of Capital Markets, Hong Kong of Cushman & Wakefield:
We support the Government’s continued efforts to strengthen talent admission from both Mainland and overseas markets. However, this year’s Budget did not set out concrete measures to assist incoming talent in acquiring properties in Hong Kong. We recommend a calibrated adjustment of the investment threshold and an expansion of the categories of qualifying investment properties. Instead of restricting investment solely to non-residential assets, the Government could consider prudently incorporating selected residential properties into the scope.
At the same time, we propose a review of the banking and mortgage restrictions applied to non-local investors, with a view to enhancing flexibility in capital deployment and circulation. These refinements would help attract additional international capital and high‑calibre talent to establish a long‑term presence in Hong Kong.
Prudent Adjustment of Stamp Duty on Luxury Residential Properties
Regarding the Government’s increase in stamp duty on residential property transactions exceeding HK$100 million, and in line with the “affordable users pay” principle, we consider the adjustment to remain at a rational level. Nevertheless, in the short term, it may lead some potential buyers to defer their purchasing decisions. We believe that once the market has adjusted, transaction momentum in the luxury residential segment should remain resilient. We would encourage the Government to continue exercising prudence in adjusting stamp duty rates on luxury properties, so as not to undermine the overall attractiveness of Hong Kong’s property market.
Hashtag: #Cushman&Wakefield
The issuer is solely responsible for the content of this announcement.
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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