The Young Reporter
Economic downturn fuels claw machine entrepreneurship
- 2025-02-24
- Society
- The Young Reporter
- By: CHENG Tsz Sen Sean、SIU Tsz HangEdited by: Wing Chi HO
- 2025-02-24
Claw machines, once a niche type of amusement, require minimal investment and management to operate, and now they are driving a new wave of entrepreneurship in Hong Kong’s bustling malls amid economic uncertainty. Claw machine arcades can stay open around the clock for which obsessed claw game lovers never have to stop. Recently, these machines have found their way into many shopping malls across Hong Kong, occupying previously vacant shop spaces and offering players a chance to win big prizes, such as a vacuum cleaner or a Nintendo Switch gaming console, for HK$5. The rental index of the Hong Kong retail property market has dropped by over 20 points after peaking in 2019, and the average rent for retail has been decreasing since then, according to the Rating and Valuation Department. Despite the fall, many commercial spaces remain vacant and claw machine arcades have become a short-term solution for both landlords and business starters. Anyone who can afford the rent, the machines and the prizes can open a claw machine arcade, as they require minimal staffing and maintenance. Alan Tang, 30, owner of a claw machine arcade in Yuen Long said all the machines in his shop were rented out in 2020, but only 60% of them are rented out now. His monthly income peaked at nearly HK$100,000 in 2020, but since then Tang has seen a 60% drop in revenue. As of the beginning of this year, machine rent ranges from HK$3,500 to HK$4,500, a 25% decrease from 2020. By comparison, fewer machines are being rented out. “Claw machines require little management, more people are joining this business as it brings a decent amount of profit,” Tang said. Tang added that the monthly rent for his store is about HK$50,000. Operating 24 …
Hong Kong’s IPO market signals recovery with new Tech-friendly listing rules
- 2025-02-02
- Business
- The Young Reporter
- By: ZHAO Runtong、Yichun Fang、XIA FanEdited by: Junzhe JIANG
- 2025-02-02
Hong Kong welcomed its largest tech sector IPO in three years in late October, when Horizon Robotics, a Chinese autonomous driving firm, succeeded in raising a total fund of HK$ 5.4 billion. The debut was similar to that of Midea, a Chinese home appliances manufacturing and retail company, which filed its initial public offering in late September, making it the city’s largest IPO since 2021. Despite these IPOs providing some much-needed momentum, Hong Kong’s sluggish stock market is experiencing one of its slowest years for listing in the past decade. KPMG reported that in the first quarter of 2024, only 12 new companies succeeded in listing in the local stock market, marking a 35% fall on a year-on-year basis, with a total annual fall of 30% to HK$ 4.7 billion raised. Proceeds from IPOs in the first quarter of 2024 were the lowest since 2009, as the city's worldwide ranking for IPOs fell outside the top five. Hong Kong stepped up its effort to boost the local stock market, aiming to regain its reputation as the world’s leading capital hub. Earlier in March, the HKEX amended its listing rules, easing specialist technology companies' access to go public, known as Chapter 18C. The regulators lowered the valuation threshold for listing in Hong Kong at the end of August. The measure responds to the big companies’ waning interests in the Hong Kong stock market. Giant tech companies such as e-commerce platforms Alibaba and electric vehicle manufacturer NIO Inc. all put listings in the US as their first choices. “Technology stocks are vital players and propelling powers in stock markets, as they are often at the forefront of innovation, offering promising growth to investors,” said Ju Wang, the head of greater China strategy at BNP Paribas. “The US is …
"Suede" Ignites Clockenflap Stage After Eight Years
- 2024-12-14
- Culture & Leisure
- By: MA Tsz Chiu OscarEdited by: Ben Rong Li、Xiya RUI
- 2024-12-14
One of Hong Kong’s favourite Britpop bands, Suede is back with a vengeance at this year’s Clockenflap. Brett Anderson, the main vocalist of Suede, showcased his famous microphone swinging during the show. Their performance even broke through the generations as numbers of young audiences were also attracted to have a glimpse of them. In 1999, thousands of fans packed into the Hong Kong Convention and Exhibition Centre to watch their show, resulting in several injuries. Suede’s performance on the second night this year included songs such as “Beautiful Ones”, “Animal Nitrate” and “Trash”. They joined French electronica duo Air, British rapper Central Cee, Japanese hip-hop duo Creepy Nuts and others at the popular music festival from November 29 to December 1 in Central Harbourfront. Benson Chiu, a longtime Suede fan was excited to see the band play in Hong Kong again. “It was a precious moment when they performed ‘Saturday Night’ on a Saturday night,” he said. “I hope they will come to Hong Kong again in the future.” Another highlight of the festival was the community singalong of “Seven Nation Army” during American guitarist Jack White’s performance. As the greatest hit by The White Stripes, created by Jack White, “Seven Nation Army” has since become a famous stadium chant. The crowd in Clockenflap continued chanting the song after the show ended. Apart from big names and headliners, Clockenflap also showcased many hidden gems. Gloria Chan, who was at the festival for the third time, said she was surprised to discover the Japanese group Turtle Island. “Their performance was so amazing that they seamlessly blended lots of instruments together without any dissonance,” said Chan. Clockenflap sold out twice in 2023, but sales weren’t as good this year. Many participants felt that this year's festival was much less crowded than in …
Engaging the Diaspora: Examining the Significance of Overseas Voting in Hong Kong for Korea's 22nd National Assembly Elections
- 2024-04-16
- Politics
- The Young Reporter
- By: KIM SeojoonEdited by: Kin Hou POON、Elif Lale AYHAN
- 2024-04-16
Ban Kyungmin, an exchange student at Hong Kong Baptist University, came to the Korean consulate with a friend on the first day of the election to vote. "I've always participated since I had the right to vote. I knew that I could vote overseas, so I applied in advance to participate in the overseas elections,” she said. South Korea is holding parliamentary elections on April 10th. Under the overseas election system, which was introduced after the amendment of the Public Offices Election Act in 2009, the Korean Central Election Commission announced that it would set up overseas voting stations in 178 diplomatic missions around the world, so Koreans living in Hong Kong will be able to vote at the Consulate General of the Republic of Korea in Hong Kong from March 27 to April 1 from 8 a.m. to 5 p.m. on each day. The Hong Kong Korean Association and other Korean student organizations in all Hong Kong universities and colleges have been eagerly anticipating the event and have been promoting it through their respective online communities and social media. Election officials are at the entrance to guide the election. “I think it's an opportunity for Koreans abroad to feel a sense of belonging to Korea and to unite with other Koreans living abroad," Ban Kyung-min added. Kyungmin Ban and her friend make a "vote-proof pose". The Korean Central Election Commission is responsible for preventing and cracking down on election crimes and supervising election administration. The Overseas Election Commission comprises two members nominated by the NEC, one nominated by each of the political parties that form a bargaining group in the National Assembly, and one nominated by the head of the diplomatic mission. Overseas missions and the Election Commission have recruited various personnel, including poll guides and election officials. …
Art Basel Hong Kong full-scale returns with an objective turnover
- 2024-04-01
- Culture & Leisure
- The Young Reporter
- By: YANG Haicen、WANG LudanEdited by: Lisheng CHENG
- 2024-04-01
The 11th edition of Art Basel Hong Kong was held from Mar. 28 to 30 at the Convention and Exhibition Center, with more than 80,000 visitors and totaling $39.4 million, recording a 4% increase in global turnover. Art Basel 2024 showcased the work from 242 of the world's leading galleries from 40 countries and territories. Lu Caiyun, Chairman of UBS Wealth Management Asia, said in a public address that art market sales in Mainland China and Hong Kong reached approximately US$12.2 billion, a 9% increase year-on-year. "While the cloud of high interest rates, inflation and political instability continues to slow down growth at the top end of the market, buyers are particularly active in the lower price points,” said Clare McAndrew, the founder of Arts Economics. This year, 23 galleries from Asia, Europe, Africa and the Americas exhibited in Hong Kong for the first time, with an increase of 65 galleries over 2023, according to Art Basel Hong Kong. “Our goal is to connect visitors from around the world with our home, Hong Kong, through the collaboration and innovation inspired by art and artists," said the director of Art Basel Hong Kong Sylvia Lok in public address.
Hong Kong Budget Unveils HK$ 1.09 billion to Boost Tourism, Reinventing the City's Brand Image
- 2024-02-29
- The Young Reporter
- By: Ben Rong LiEdited by: Kin Hou POON
- 2024-02-29
Financial Secretary Mr. Paul Chan released the budget proposal today. Photo source: Sing Tao Daily. Financial Secretary Paul Chan Mo-po said he would allocate an additional HK$1.09 billion to support the tourism industry, including monthly fireworks displays and drone performances on Victoria Harbour, revitalising the nightly harbour light show and promoting immersive and in-depth experiences such as "Citywalk." The plan aims to effectively use the city's waterfront resources and enhance local tourism activities to attract visitors and improve Hong Kong's economy while reshaping its brand image. The Tourism Board also intends to introduce dining, retail and entertainment facilities in suitable locations along the Victoria Harbour waterfront to provide convenience and enhance the visitor experience, Chan said. “We want to promote Hong Kong as a hospitable, people-focused city,” Chan said in the budget address. The government is also launching initiatives such as the Sai Kung Hoi Art Festival to "soft sell" Hong Kong. However, Tang Wing Tung, 20, a university student and hiking enthusiast, said, "As a hiking enthusiast, these projects already have some level of promotion within Hong Kong itself. I believe the government's so-called 'soft sell' approach will have little impact," she said. The budget highlights initiatives to promote arts, culture, and creative industries to boost tourism, including an East-meets-West Centre for International Cultural Exchange and introducing a blueprint for developing arts, culture, fashion and creative industries. Funding injections of around HK$1.4 billion and HK$2.9 billion will support film, arts and design projects, including the annual Hong Kong Fashion Design Week. Local vocational college VTC held a fashion show in West Kowloon in October 2023, though Christian Dior postponed its highly anticipated March fashion show on Feb 26. The government has also launched the Signature Performing Arts Programme Scheme to establish long-running, representative local performing arts programs. They aim …
Siamese fighting fish competition adds a punch to Hong Kong Pet Show
- 2024-01-27
- Society
- By: YANG Shuyi、NG Natasha Goa ShengEdited by: Yau To LUM
- 2024-01-27
The “Hong Kong Pet Show 2024" returns on Jan. 25 with Hong Kong’s first-ever “IBC International Betta Show 2024” organized by the International Betta Congress, a worldwide union of Betta-lovers and breeders. Over 600 Siamese rumble fish from different countries are displayed at this year’s Hong Kong Pet Show for the global competition. The event is supposed to raise awareness on the conservation of fighting fish, otherwise known as rumble fish or betta. Eddy, one of the staff members in charge of the “IBC International Betta Show 2024”, said that Betta competition in the world has changed. “Nowadays Betta competition is no longer the same as before. We are now focusing more on their appearance,” he said. Before the start of the competition, all fish are separated into different groups based on their fins, breed, and colour. Then, a demerit point system is used to grade their score. It is expected to have 600-700 competitors before the registration deadline. “We hope that through this competition people could be aware of the increase of Betta breeds now and more people will know about them,” he said. Hong Kong Pet Show 2024 is bigger than in previous years, with more than 650 booths and offering all kinds of products, pet food, and pet insurance. But Gary Chiu Wai-lam, the Management Director of one of the exhibitors, Kangaroo Pet Nutrition, thought there were 10 percent fewer visitors to this year’s pet show on day one compared with last year. “Since we are agents for other pet shops, joining the pet show gives us a channel to tell our customers what our products are about and the advantages of different products.” Daisy Pun, the director of 1363 Natural Pet Home, is an exhibitor who hasn’t joined the pet show before. “Big exhibitions can help …
Greater transparency needed as Hong Kong aims to transform into a green finance hub
- 2021-12-09
- Business
- The Young Reporter
- By: WANG Jingyan 王婧言Edited by: Vikki Cai Chuchu
- 2021-12-09
“Greenwashing” is a new buzzword featured at the COP26 climate summit in Glasgow. It’s part of the slogan of teeanger climate activist, Greta Thunberg. Greenwashing refers to a false impression or providing misleading information about how environmentally friendly a business of a product might be. Hong Kong has been trying to reposition itself as an international green financial hub since 2018. But the process finally stepped out this year as the government and industries seek to address disclosure issues in the green and sustainable investment market as a way to stamp out “greenwashing”. Stephen Phillips, director-general of investment promotion in InvestHK, a department of the government responsible for foreign investment in Hong Kong, told The Young Reporter that the city “has an important role to play as a green finance centre”. “A number of listed companies also, very strongly committed to both raising green capital, but also being compliant around bringing standards,” he said, “ and Hong Kong obviously serves not only Hong Kong and the rest of China, but also a place in which companies raise money from across the whole of Asia.” A report conducted by Standard Chartered Bank in 2020 found that among 1085 respondents from Hong Kong, Singapore, the United Arab Emirate and the United Kingdom, 59% of them who put money in sustainable investment said they would consider investing 5% to 10% in sustainable investing, and 75% said they would consider increasing their investment to 25% or more due to the pandemic. However, Alvin Li, Group Financial Consultant of TAL Group, said many investors may take a wait-and-see attitude towards green investment mainly because it is still under development. “The green bond market is still relatively new, still in the embryonic stage, and the secondary market is not fully developed. Investors have doubts …
13 years after Sichuan earthquake: looking back and moving on
- 2021-05-12
- Society
- The Young Reporter
- By: WANG Jingyan 王婧言、REN Ziyi DavidEdited by: Robin Ewing
- 2021-05-12
The Young Reporter looks back at the Sichuan earthquake 13 years ago today. The magnitude-8 quake devastated the region, killed nearly 70,000 and injured close to 375,00. Almost 18,000 people are still missing. People all over China as well as in Japan, Thailand and the Philippines reported tremors. Now, more than a decade later, the psychological effects are still being felt but China is more prepared. May 12, 2008 -- 2:28pm “I felt the sense of shaking but at first I didn’t care about it too much,” said Wang Zhangling, who was in primary school in Mianyang, Sichuan when the earthquake hit. “The whole building began to shake heavily, and teachers shouted at us to run,” he said. Now a 20-year-old university student, Mr Wang said he remembered many classmates were crying as they rushed to the playground. Close to 16,000 died, thousands of them schoolchildren, and more than 100,000 were injured in Mianyang. Seven schools in the city collapsed. Long Zhengyin, now 51, said he remembered clearly the landslide when the quake struck the rural college he worked in as a security guard in Wenchuan county in Aba prefecture. “Dust blotted out the sky, and it was very dark,” he said. “The first thought in my mind was ‘I’m definitely going to die’.” Peng Sien, now 19, experienced strong tremors in Chengdu, 80 kilometres away from the epicentre. “I’ll never forget that moment when I ran downstairs in our kindergarten, holding one shoe in my hand,” she said, explaining that it was nap time when the earthquake hit. The aftermath For a month, Mr Wang and his family lived in a temporary tent because of aftershocks that continued until June 1. Every night they placed an upturned beer bottle in front of the tent to alert them …
Hong Kong top cyclists eager to join next week’s Nations Cup ahead of the Olympics
- 2021-05-06
- The Young Reporter
- By: WANG Jingyan 王婧言Edited by: Robin Ewing
- 2021-05-06
Next week’s track cycling Nations Cup, the city’s biggest international sporting event since the outbreak of COVID-19, will be a good “warm-up match” for the Tokyo Olympics, Hong Kong cycling coach Shen Jinkang said in an online press conference today. In April, the government approved a COVID-19 safety plan from UCI, the worldwide governing body for cycling, for the event, which will be held in the Hong Kong Velodrome in Tseung Kwan O. The plan, which UCI calls a “life bubble,” includes no audience during the competition and no quarantine for the 100 athletes arriving from overseas, who are required to have a negative COVID-19 test before boarding. The Hong Kong team will send five cyclists to participate in the competition, including Sarah Lee Wai-sze and Jessica Lee Hoi-yan, who will join the Tokyo Olympics. “We are very eager to join this competition,” Mr Shen said at the conference, adding that this is the best chance for the Hong Kong team to learn about possible competitors before the Olympics, especially for Sarah Lee, who is competing for the first time in 14 months. Sarah Lee, who won Hong Kong’s first Olympic medal in cycling in 2012, will participate in sprint, keirin and team sprint in this competition. She set the goal to become the top three in individual competitions and help the team for the top eight. “In the past, there were crowds of audience in Hong Kong, and I remember their faces and cheers so this time I will know they are there for me,” she said in a recorded video at the press conference. Cyclist Jessica Lee said the “life bubble” is an advantage as it will help the team get familiar with a similar model for the Olympics. The first international athletes will arrive in Hong Kong …