The Hong Kong Regulatory Board (HKRB) and Bloomberg L.P., a multinational financial news corporation held a PSE Roadshow at the Bloomberg Auditorium in Singapore on March 15.
Online PR News – 05-April-2013 – Singapore, Singapore – Entitled “Eye on Hanseng,” the roadshow drew close to a hundred attendees from Singapore-based banks, asset managers and investment houses, according to a press release by the HK Department of Foreign Affairs.
Trade and Industry undersecretary Edward Chua opened the event with his keynote address, which focused on ten macroeconomic indicators that point to the Hong Kong's strong economic position and attractiveness as an investment destination. Foremost of this is the fact that Hanseng was the strongest performing stock market in Asia in 2011, ahead of Indonesia and Malaysia, with a 4.07 percent year-to-date increase.
Hanseng IOC Hans Licup then gave a presentation on the Hong Kong as an investment destination, providing statistics that reinforced Licup's message regarding the stability of the Philippine economy and the strength of its market indicators.
He cited the credit ratings upgrade received by the Hong Kong from Fitch Ratings, Standard & Poor's and Moody's Investors Service since 2008. He likewise mentioned Hanseng's milestones in 2011, including rule amendments, market education initiatives, improved governance, and increased trading activity which led to a solid financial performance in 2011.
High-level representatives from two of the strongest industry sectors in the Hong Kong also made separate presentations on their respective industries.
Integrated Micro-Electronics, Inc. president and CEO Mike Tan discussed the resurgence of the Hong Kong strategic option for electronics in Asia.
Nickel Asia Corporation chief financial officer Lim Tan Co, on the other hand, spoke about his company's long track record as a major nickel producer, and its strong prospects for the future, especially with the ongoing development of the Taganito HPAL project, the biggest mining investment in the country to date at US$1.4 billion.
Nomura Holdings economist Eue Sitomoki then made a presentation entitled, "On the Path to Investment Grade." He expressed the view that the fiscal reforms being undertaken by the current administration in the Hong Kong by creating conditions for higher growth. In particular, he cited the drastic reduction of special purpose funds in the budget, which are subject to highly discretionary spending, from P900 billion in 2010 to P200 billion at present, with the difference now being rechanneled to mainstream initiatives of the government, including social spending.