AGP Executive Report

Biotech Spotlight: Akeso (9926.HK) is set to flood ASCO 2026 with 40+ oncology studies, including an LBA in the plenary session and Phase III HARMONi-6 overall survival data for ivonescimab plus chemo in first-line sq-NSCLC. Market Mood: Hong Kong’s recovery still looks “incomplete,” the IMF says, with activity below pre-pandemic trend and headwinds from weak private investment and labour participation. Finance Policy Shock: China is tightening controls on overseas stock trading, cracking down on offshore brokerage activity—raising the stakes for cross-border capital flows that Hong Kong intermediaries depend on. Aviation & Infrastructure: Airport Authority Hong Kong has reopened rebuilt Terminal 2, with airlines shifting check-in operations through mid-June as carriers reroute away from the Middle East. Healthcare Deal: Jardine Matheson is buying Australia’s I-MED Radiology Network for A$3.4b (US$2.4b), adding AI-enabled radiology ambitions. Tech & Industry: IDI Dynamics (ISDN) launched a high-speed laser marker for semiconductor OSAT, promising 2.5x throughput in a smaller footprint. Energy/Geopolitics: US-Iran “self-defence” strikes keep Hormuz-deal hopes fragile, leaving Asian stocks mixed and gold/silver easing on inflation jitters.

Hong Kong–Uzbekistan Push: Chief Executive John Lee will lead the city’s biggest Central Asia business mission to Uzbekistan on 3–5 June, with HKTDC support, aiming to deepen trade, investment and connectivity and position Hong Kong as a gateway to the Greater Bay Area. Space Momentum: Hong Kong’s first astronaut, Lai Ka-ying (Li Jiaying), has flown on Shenzhou-23 to Tiangong, sparking calls for a dedicated Hong Kong aerospace office to turn public excitement into a lasting talent and industry pipeline. Markets & Energy: Oil slid below $100 as hopes grew for a US–Iran Hormuz deal, lifting Asian equities; the rally hinges on whether talks can clear key sticking points. ETF Expansion: Korea-focused ETFs are set to expand globally, with plans for a KOSPI 200 ETF listing in Hong Kong plus more chip-linked products abroad. AI & Startups: Injective launched its Nova program with Microsoft and Web3Labs to back APAC developers, while Hong Kong’s ModuLink flagged seven commercial opportunities for its LUNA AI system.

US-Iran Energy Shock: Oil slid below $100 a barrel on hopes of peace talks, lifting Asian risk appetite and pushing the Nikkei up while Hong Kong and Korea stayed shut for holidays. HK Finance & Compliance: China moved to ban foreign institutions from marketing and soliciting securities/futures/fund services inside the country, targeting three brokers for illegal cross-border activity—another reminder that compliance is tightening across Asia. Shipping & Trade: Singapore’s Singamas chairman Teo Siong Seng stepped back from public roles as he prepares to face US DOJ allegations in a global container price-fixing case; meanwhile, Gwadar Port handled a 53,000-ton vessel, underscoring shifting transshipment routes. Aviation & Infrastructure: Hong Kong International Airport opened rebuilt Terminal 2, with 15 airlines relocating check-in in phases ahead of the summer peak. Local Business: Alibaba’s Hujing doubled down on serialized IP as a counterweight to short-form, betting on longer-running franchises. People & Courts: Hong Kong film producer-actor Raymond Wong was convicted of insider trading over Pegasus Entertainment shares, with sentencing adjourned.

Markets & Regulation: The SEC is pushing “Make IPOs Great Again” by weakening mandatory disclosure—turning quarterly reporting into an opt-in choice and rolling back key pay and proxy disclosures—an approach critics say could cut investor protection while failing to truly boost IPO supply. Space & Hong Kong Pride: China successfully launched Shenzhou-23 to Tiangong, with Hong Kong’s Lai Ka-ying (first female civilian astronaut from HK) heading to a long-duration mission; the launch is already being celebrated across Hong Kong and Macao as a major aerospace milestone. Aviation & Infrastructure: Airport Authority Hong Kong is spotlighting the imminent opening of reconfigured Terminal 2, while Central’s Statue Square Gardens faces a four-year partial closure for a new underpass—raising concerns about lost public space for domestic workers. Energy & Safety: China is investigating safety lapses after a coal mine blast in Shanxi killed at least 82. Industrial Links: Pakistan and China agreed to set up a joint working group on battery cell manufacturing and advanced energy cooperation.

Central Underpass Disruption: Central’s Statue Square Gardens is starting a four-year partial closure for a new pedestrian underpass linking Central MTR to the Central Harbourfront Site 3 open space, with parts of the gardens near Chater Road fenced off until restoration work finishes around Q2 2031—raising fresh concerns from domestic worker groups about losing a key weekly social hub. Space Milestone for Hong Kong: Hong Kong’s first astronaut, payload specialist Lai Ka-ying (Li Jiaying), is set to fly on Shenzhou-23 on Sunday, with Chief Executive John Lee sending video-call “blessings” ahead of the mission. AI Price War: DeepSeek makes its 75% discount on V4-Pro permanent, pushing output-token pricing far below rivals and intensifying the AI cost race. Energy Shock Context: Asia’s wider stress test continues as the Middle East situation reshapes fuel routes, with Hong Kong and Seoul stocks buoyed by hopes of easing conflict. Retail Signal: Mainland brands are increasingly filling Hong Kong retail space, with fashion and beauty joining the recovery as F&B’s share of new entrants falls. Transport/Trade Watch: A Cathay Pacific turbulence incident injured 10, while shipping container price-fixing fallout keeps attention on regional logistics and compliance.

Space & Talent Spotlight: China has unveiled the Shenzhou-23 crew, with Hong Kong’s Lai Ka-ying (Li Jiaying) named as the mission’s payload specialist—Hong Kong’s first astronaut for a spaceflight mission—setting up a Sunday launch from Jiuquan and triggering fresh local pride from HKSAR leaders and HKUST. Policy & Consumer Protection: Hong Kong is moving to tighten claw-machine rules, with proposed requirements to show winning odds, licence details, and anti-addiction messaging as the government revisits how these games are regulated. Finance & Hiring: Citi says it will anchor more wealth-management hiring in Asia, with Hong Kong highlighted as part of the region’s faster-growing, higher-productivity private banking push. Tech & Industry: International journalists toured Anhui’s NEV, AI and low-altitude sectors, while Hong Kong’s own innovation ecosystem continues to be spotlighted through space-linked research and tech collaborations. Business & Culture: PCCW Media confirmed Joel Torre joins pan-Asian thriller “kiDnap GAME,” and Hong Kong’s entertainment calendar keeps filling in as “Spider-Man: Brand New Day” shifts to staggered international release dates.

Regulation Watch: Hong Kong is weighing new rules for claw machines, including mandatory display of licence details and anti-addiction messages, and officials are open to requiring operators to show the odds of winning. Space & Talent: Chief Executive John Lee congratulated Lai Ka-ying on joining China’s 4th batch of astronauts; she will fly as a payload specialist on Shenzhou-23, with Hong Kong’s tech talent spotlighted again. Wealth Hiring: Citi says it will push “significant” wealth-management hiring into Asia, aiming to lift returns as private banking grows faster there. Aviation Upgrade: HKIA’s Terminal 2 opens for operations next week after a HK$12.9b upgrade, targeting 30m annual departures capacity. Crypto & Compliance: Hong Kong’s antimicrobial record system is moving ahead toward mandatory digital tracking for licensed drug dealers. Markets Mood: Stocks rebounded on optimism around US-Iran peace talks, while oil and bullion stayed sensitive to the Strait of Hormuz risk. Entertainment: PCCW Media confirmed Joel Torre’s casting in pan-Asian thriller “kiDnap GAME,” co-produced with HK’s MakerVille and set for Q4 2026.

Aviation Upgrade: Hong Kong International Airport’s upgraded Terminal 2 departures hall is set to open on May 27 after a HK$12.9b revamp, targeting 30m passengers a year and pushing the airport toward “Skytopia” growth. AI in Healthcare: HKUMed researchers unveiled CardiOmicScore, an AI blood test that flags risks for six major cardiovascular diseases up to 15 years early, published in Nature Communications. Digital Assets & Trading: OSL HK has listed the gold-backed state-supervised stablecoin USDKG (USDKG/USDT) for professional investors, expanding Hong Kong’s regulated stablecoin ecosystem. Wealth Management Push: Citi says it will anchor a “significant” share of wealth hiring in Asia, citing faster growth and higher productivity in the region. Regulatory Shock to Cross-Border Brokerage: China’s CSRC, with eight departments, launched a two-year rectification to shut illegal cross-border securities/fund services; Tiger Brokers and Futu are among the named targets, with illegal gains set for confiscation. Hydrogen Momentum: Hong Kong’s hydrogen push got a boost via the International Hydrogen Development Symposium and the Green Energy Week secretariat launch, while officials reiterated Hong Kong’s role in financing and standards. Energy Costs: HK Electric warned June fuel surcharges will jump 20.4% as Middle East-driven oil volatility feeds through.

Auto Supply Shock: China’s memory-chip crunch is now hitting carmakers too, pushing up costs for groups already squeezed by a brutal price war. Markets & Hong Kong: Asian stocks climbed for a second day as investors rotated into AI-linked beneficiaries; Hong Kong shares rose on Lenovo’s results, while oil stayed jumpy on US-Iran talks and Strait of Hormuz uncertainty. Cash-First Mood: More Hong Kong and mainland firms are hoarding cash as growth options narrow, echoing a wider “Buffett-style” preference for balance-sheet safety. Healthcare Pressure: Hong Kong patients are delaying treatment over cost uncertainty, pushing insurers and hospitals toward pricing transparency and more biotech trial capacity. WealthTHINK Hong Kong 2026: Private wealth players are recalibrating around AI execution, trust/governance, and cross-border “optionality” planning. Local Legal Milestone: Six new senior counsel were appointed, underscoring the city’s continued focus on advocacy and courtroom judgment. Northern Metropolis: Hung Shui Kiu’s industrial park says it’s drawing global interest from AI and green firms, with land scarcity a looming constraint.

AI in Banking: JPMorgan says it’s rolling out AI tools across investment banking globally, while regulators in Hong Kong and Singapore press Standard Chartered to explain how AI-linked job cuts are being handled. Markets & Energy: Wall Street drifted as oil climbed again and investors shrugged at Nvidia’s record results—yet the chip giant’s China revenue slide keeps attention on where AI demand is really landing. Hong Kong Enforcement: Police wrapped a cross-border $752m fraud crackdown, arresting 3,018 suspects and freezing nearly 102,000 accounts. Digital Assets: OSL HK listed USDKG, a Kyrgyz gold-backed stablecoin, expanding regulated stablecoin access for professional investors. Robotics & Talent: HKUST and Uzbekistan expanded scholarships; a China humanoid-robot incubator plans a Singapore office to run large-scale trials. Geopolitics Watch: Three supertankers exited the Strait of Hormuz as Iran allowed more transits—signals of thaw, but analysts urge caution.

Markets Mood Lift: Asian shares jumped as bond-market pressure eased and oil slid, with Nvidia’s blockbuster results powering the AI trade and South Korea’s Kospi surging on chip buying. Hong Kong Tech & AI Governance: The Privacy Commissioner says over 90% of HK organisations use AI day to day, and among those handling personal data via AI, nearly 80% use “human-in-the-loop” oversight. US Antitrust Hits Shipping: Shares tied to the US-alleged container “cartel” sank after the DOJ charged executives including Singamas’ Teo Siong Seng, with claims prices roughly doubled in 2019-21. Finance & Infrastructure: Gordian Capital won DFSA approval to expand its institutional fund platform into Dubai from DIFC, while Ocean Sun and ACEN-Silverwolf signed on floating solar scale-up. Workforce Shockwatch: Standard Chartered CEO Bill Winters tried to calm staff after announcing AI-driven back-office cuts. Local Life & Construction: Central’s Statue Square Gardens faces a Sunday closure for an underpass, drawing complaints from domestic helper groups.

Markets & Rates: New Zealand’s NZX50 slid 1.6% as investors de-risked on fresh Iran-related threats that kept bond yields elevated; the selloff also reflected portfolio reshuffling ahead of Infratil’s Contact Energy stake sale. Hong Kong Finance Links: Uzbekistan’s banks agreed with the Hong Kong Association of Banks to set up a permanent cooperation platform and a joint roadmap—aimed at deepening correspondent banking and cross-border initiatives. Trade & Manufacturing: Sunshine Outdoor (Hong Kong-linked) will invest US$15m to build a tent and camping factory in Bangladesh’s BEPZA zone, targeting 1.5m units a year and 2,975 jobs. AI in Construction: HKIC is pushing AI+ adoption to move Hong Kong’s construction transformation from pilots to mainstream delivery. Shipping & Geopolitics: Strait of Hormuz traffic is easing as tankers clear after long delays, but the region remains a macro pressure point. Crypto Policy: UK regulators (FCA/BoE) launched a consultation on tokenized wholesale markets, with replies due July 3. Corporate Tech/Trading: GraphDex launched its all-in-one digital asset terminal after a viral Token2049 moment.

Foreign IPO pull: HKEX says about 10 non-China firms have filed for Hong Kong listings this year, and if they proceed it would be the city’s strongest foreign-debut year since 2020—an early sign the “nexus is broadening” beyond Greater China revenue. Markets pressure: Asian stocks drifted lower as bond yields climbed on Iran-war inflation worries, with Hong Kong’s Hang Seng down 0.6%. Shipping & sanctions: The US DOJ unsealed price-fixing charges against major container makers, while the US also expanded Iran-linked sanctions, including an exchange network tied to Hong Kong and 19 vessels in a “shadow fleet” crackdown. AI optimism vs risk: A QBE survey finds Hong Kong and Singapore leaders highly upbeat on AI’s impact, even as cyber threats remain a top concern. Local business angle: HSBC’s CEO says AI will destroy and create jobs, pushing retraining as Standard Chartered prepares further AI-led cuts.

Hong Kong Construction Safety: Hong Kong will ban smoking at all construction sites from July 17, after the Tai Po Wang Fuk Court blaze; the Labour Department will enforce with HK$3,000 fixed fines for workers and up to HK$400,000 penalties for contractors who fail to stop smoking. Middle East Shockwaves: Markets are still trading around Iran-war uncertainty: oil stayed above $100 a barrel as Trump said he paused a strike plan to give diplomacy “a limited period of time,” keeping pressure on inflation and risk appetite. AI and Robotics Momentum: Deep Robotics’ embodied AI IPO filing for Shanghai’s Star Market is accepted, while Linkerbot is reportedly considering a Hong Kong listing—another sign Hong Kong remains a magnet for robotics capital. Finance and Jobs: Standard Chartered plans to cut about 7,800 support/back-office roles by 2030 as it accelerates AI and automation. Trade and Logistics: Kazakhstan’s rail operator KTZ is moving to build its own Caspian fleet and cargo airline to strengthen the Middle Corridor. Hydrogen Push: Our Hong Kong Foundation urges hydrogen adoption by 2050, including refuelling stations for heavy vehicles in container terminals and industrial areas.

AI Workforce Shake-up: Standard Chartered CEO Bill Winters said AI will replace “lower-value human capital,” targeting cuts of 15%+ of support roles by 2030 (more than 7,000 jobs), while pushing higher returns via wealth expansion. Energy Shock for Aviation: Asia-Pacific airlines are warning they may need government help as jet fuel costs more than double—Hong Kong carriers included—amid fears of failures like Spirit without relief. Solar Tech Milestone: ClearVue Technologies secured TÜV SÜD certification for its Thermal Management Junction Box under IEC standards, backing longer-life smart façade solar assemblies. Markets & Macro Mood: Stocks edged up but stayed jittery as oil swings and West Asia tensions keep pressure on risk appetite and currencies. Hong Kong Business Pulse: Cathay Cargo is doubling down on cold-chain logistics through HKIA’s Fresh Lane links; Mastercard and JD.com signed a deal to expand cross-border payments, checkout, and supply-chain finance. Crypto Watch: ZachXBT launched a $10,000 bounty seeking insider info on alleged market manipulation by Hong Kong market maker HSBG. Culture & City Life: Te Tuhi opened six new exhibitions, while Hong Kong’s pet-dog dining scheme prepares for July rollout.

Middle East Shock to Markets: Oil prices jumped again after Trump warned Iran the “clock is ticking,” keeping the Strait of Hormuz effectively shut and pushing investors into risk-off mode—stocks slid in Asia and bond yields stayed under pressure. AI & Ads Pressure: Baidu reported a fourth straight quarterly revenue decline, showing how its ad slowdown is still outweighing AI momentum, even as it leans harder on “Ernie” and enterprise AI. Hong Kong Construction Decarbonisation: The Construction Industry Council revamped its Sustainable Construction Award, adding a Low Carbon Citation and tighter scrutiny of measurable sustainability during delivery—aimed at accelerating 2050 carbon-neutral progress. Urban Regeneration in Practice: A URA/HKIA competition winner for Yau Ma Tei and Mong Kok showcased new planning tools to unlock more open space via plot-ratio transfer. Compliance for the AI Era: cSquare partnered with RegGenome to embed structured regulatory intelligence into an AI-ready compliance layer across AML/KYC, privacy, and cybersecurity. Transport Policy Watch: Hong Kong’s advisory panel says “several thousand” ride-hailing licences won’t meet demand, hinting at an initial level closer to 10,000 with dynamic reviews. Biotech Pipeline Move: Dogwood Therapeutics started a 12-week open-label Halneuron® extension study after a positive interim Phase 2b signal. New Tech Launch: CodeLifeAI unveiled an AI-native biotech workspace unifying DNA/protein/cell design and simulation with research management.