// Hong Kong-based on-demand logistics startup Lalatech Holdings Limited, backed by Hillhouse and Sequoia Capital, has submitted an application to the Hong Kong stock exchange for an initial public offering (IPO). Lalatech, which operates in more than 400 cities in 11 markets globally and aims to promotes the digitisation of freight transactions, turned profitable in 2022 for the first time since its inception, with adjusted profit of $53.2 million. https://www.reuters.com/markets/deals/logistics-startup-lalatech-files-application-hong-kong-ipo-2023-03-29/ //

// Founded in 2021, Hong Kong-based Micro Connect facilitates global institutional investments in micro and small businesses across mainland China. Its exchange will give investors around the world access to over 2,900 brick-and-mortar stores in 169 Chinese cities, spanning industries such as retail, food and beverages, services, and culture and sports. https://www.forbes.com/sites/catherinewang/2023/03/24/exclusive-hong-kong-billionaire-backed-fintech-unveils-exchange-platform-for-the-little-guy/ //

// Aden Financial provides a cross-border OTC assets E-trading platform for RMB assets, covering bonds, derivatives and funds. The company has one-stop E-trading services for investors, including UHNW, family offices and funds. Aden holds No. 1, 2, 4 and 9 licenses issued by HKSFC and obtained multiple cross-border investment qualifications such as bond connect and CIBM Direct, approved by mainland China regulators. https://www.finsmes.com/2023/03/aden-financial-raises-multi-million-dollar-in-series-a-funding.html //

// Hong Kong has a relatively low tax policy on businesses: corporate tax rate for the first 2 million Hong Kong dollars ($254,930) of assessable profit is at 8.25%, while any profit above that amount is taxed at 16.5%.

But compared to other crypto hubs like Dubai, which charges a flat rate of 9%, and Switzerland — with a 8.5% corporate rate, “it’s still not that competitive,” he said. https://www.cnbc.com/2023/03/20/hong-kongs-crypto-hub-ambitions-in-spite-of-chinas-crackdown.html //

// The changes include lowering the required market capitalization for listing on the Hong Kong Main Board to HK$6 billion (a hair below US$765 million) from around HK$8 billion (around US$1.02 billion) in an original proposal.

The requirement applies to commercial companies – specialist firms involved in R&D and the commercialization of tech like AI and computer chips – with revenue worth at least US$31.8 million in their most recent financial year reports. https://www.techinasia.com/hong-kong-exchange-eases-rules-tech-listing-applicants //

// 早年投資 OpenAI 的微軟，在全球陸續推出企業級 GPT 功能，而香港亦會在 4 月推出 Azure OpenAI 服務，屆時企業用戶可率先使用。香港微軟昨日舉行「Microsoft AI Day」，展示其合作夥伴以 GPT 技術建立的企業方案。微軟香港及澳門區總經理陳珊珊指，AI 已無處不在，企業應視 AI 為人類副手；企業可透過 Azure 提供的 OpenAI 服務，微調 GPT 模型，以實際配合其業務需要。 https://unwire.hk/2023/03/24/azure-openai-hong-kong/fun-tech/?utm_source=rss&utm_medium=rss&utm_campaign=azure-openai-hong-kong //

// Cowell Health, a Chinese drugstore chain backed by Hillhouse Capital, has selected banks for its Hong Kong initial public offering that could raise more than $500 million, according to people familiar with the matter. https://finance.yahoo.com/news/hillhouse-backed-cowell-picks-banks-014619156.html //

// 香港科技大學昨天獲體操王子李寧【圖右】旗下的非凡集團（08032）捐款2000萬港元，資助大學於6個重點前沿科學領域招聘30位資深學者，並為他們的研究項目或設立研究中心等計劃提供創始資金。科大亦會利用今次捐款申請香港特區政府的「研究配對補助金計劃」，所得配對款項將全數用於發展運動科學相關研究項目 http://startupbeat.hkej.com/?p=132119 //

// The new vaccine, which was developed by the CSPC Pharmaceutical Group Ltd in the northern city of Shijiazhuang, was approved by Chinese regulators on Wednesday (March 22), according to a statement by the company. https://qz.com/china-vaccine-mrna-covid-zero-biotech-1850253492 //